Covéa Life launches with exciting new life insurtech Bequest 30 June 2021 Covéa Life is delighted to announce a new exciting Life partnership with Insurtech start-up Bequest. Bequest is a Life and End-of-Life estate management provider for the digital generation. The start-up has reimagined life insurance, using a digital platform to bring together a person’s life administration, family planning, wealth management and end-of-life requests, all under one ‘roof’. This bespoke life product has been launched with families in mind, it covers them for just what they need, no matter the size or shape of their family and no matter how much that changes over time. The proposition plugs many of...
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Max Life launches new life insurance product, Smart Capital Guarantee Solution Max Life Insurance Company Ltd. has launched Smart Capital Guarantee Solution, a life insurance product solution. (Photo: iStock) “As per the latest India Protection Quotient survey, over 46% of consumers prefer financial products as a mix of guaranteed and market-linked instruments. While the consumers want to get the upside of the market-linked products, there is a latent need to ensure the protection of the invested capital, along with additional financial protection. With this insight, we have designed the Smart Capital Guarantee Solution," said V Viswanand, deputy managing director, Max Life. Key features of...
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The Financial Services Council (FSC) has published the new Life Insurance Code of Practice (the Life Code) following the recently proposed formation of a life insurance association. The new Life Code – which will take effect starting from July 1, 2023 – will introduce over 50 additional consumer protection to ensure Australians get fair treatment and higher standards from their life insurer. It will include greater support for vulnerable consumers by defining gratuitous concurrence, ensuring consent is genuine for First Nationals people, and banning blanket mental health exclusions in the standard terms and conditions on all newly designed contracts. “The Life Code is the...
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“This means now the life insurance companies can also launch these products without prior approval of Irdai,” the regulator added. Insurance watchdog Irdai on Friday extended the ‘use and file’ procedure for most life insurance products, thereby allowing insurers to launch new products without the regulator’s prior approval. However, the ‘use and file’ system will not be allowed in individual savings, individual pensions and annuity schemes. The Insurance Regulatory and Development Authority of India (Irdai) had earlier extended similar relaxations to health insurance products as well as general insurance covers. Irdai said it has extended the ‘use and file’ procedure for most of the life...
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New Delhi: People who have recovered from coronavirus infection will have to wait for up to three months before they can take a new life insurance policy, with insurers making the waiting period requirement applicable for coronavirus cases like other ailments. As a standard practice, all life and health insurance companies require people to wait for a specific period with respect to certain ailments and diseases to gauge the risk before selling a policy. This condition of waiting period for people who have recovered from coronavirus infection will be applicable only for life insurance policies. Industry experts said the waiting period for individuals, who have recovered from coronavirus...
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For new life insurance policy, Covid-recovered have to wait for 3 months Covid-19: People who have recovered from coronavirus infection will have to wait for up to three months before they can take a new life insurance policy Until now insurance companies had the waiting period requirement for various ailments and coronavirus infection is one more ailment they have added to that list. Industry experts told the PTI news agency that they have implemented the waiting period against the backdrop of a high mortality rate related to coronavirus infection. Reinsurers have asked insurance companies to bring coronavirus infection cases also under the standard waiting period norms as high mortality...
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Can I switch life insurance companies? Anyone is entitled to change their life insurance provider at any time, though of course there is no guarantee that your new application would be accepted by a new provider. As such, you’ll want to ensure that changing your life insurance policy is right for you, and make sure you've got your new policy set up before cancelling your existing one. If you're sure you want to proceed with changing life insurance provider, you can choose to either take out a new ‘top-up’ policy with another company, or replace your existing policy altogether. Why should I change life insurance policies? While ‘sticking with what we know’...
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RADNOR, Pa. ( BUSINESS WIRE ), November 16, 2020 - In a time when nearly half of consumers surveyed say they would be more likely to purchase life insurance if the benefits could be used while they’re alive , Lincoln Financial Group is introducing new life insurance products that focus on the ‘living benefits’ for needs such as retirement income and long-term care in addition to the protection life insurance provides. “While traditional protections of life insurance are as important as ever, consumers are increasingly interested in policies that give them the flexibility to reap the benefits while they’re alive,” said Stafford Thompson, Jr., head of Life Product Management for Lincoln. “...
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Legislative supervisory requirements for new life insurance agents and trainees The province is the location where the new life insurance agent (trainee in Quebec) is licensed to do business. The new life insurance agent must be supervised for 24 months by an individual who has held an active licence for a minimum of five of the last seven years. A new life insurance agent must only conduct insurance activities under the supervision of a life insurance agent supervisor. The supervisor is an individual who has held an active licence for a minimum of five of the last seven years and must review all of the applications and ensure that the needs analysis is completed and documented. The new...
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Life Insurance Life insurance can be the foundation of your financial security and can provide comfort and stability for your family. The purpose of life insurance is to help provide your loved ones with financial protection after you die, in exchange for the premiums you pay to your insurer during your lifetime. Some life insurance policies can provide you with financial protection for a specific duration, while others accumulate cash value, offering a living benefit that can be used for any purpose such as to help supplement retirement income, funding for a child’s education, or cash for emergencies. Term life insurance provides coverage for a set period of time at a generally lower...
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