Life of insurance

Life Insurance: Expense Or Investment? - Insurance - Canada

Life insurance is often thought of as something you buy to protect loved ones in the event of your death. Viewed through this lens, the premiums you pay seem more like an expense than an investment. On the other hand, an insurance policy that will take care of your family members and your business partners could let you spend more of your money guilt-free as you age and ease into retirement. From this perspective, life insurance is a great investment and well worth the cost. Here's why. "The goal of leaving a big inheritance to your children, a faith group, or a favourite charity can discourage a lot of people from tapping into their wealth and enjoying the rewards of their hard work,"...

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Life insurance claims: All you need to know about Section 45 of Insurance Act

According to Section 45, a life insurance company cannot reject an insurer's claim after three years. Photo: iStock Life insurance claims: All you need to know about Section 45 of Insurance Act 2 min read . Updated: 01 Aug 2020, 02:14 PM IST Avneet Kaur An insurer cannot question any life insurance policy on any grounds after three years According to Section 45 of the Insurance Act, an insurer cannot question any life insurance policy on any grounds after three years from: a. the date of issuance of Policy, or b. the date of commencement of risk or c. the date of revival of Policy, in case the policy had lapsed due to non payment of premium, or d. the date of rider to the Policy,...

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SBI Life Insurance Q1 net profit up 5% - The Hindu BusinessLine

SBI Life Insurance reported a 5.1 per cent jump in net profit at ₹390.89 crore in the first quarter of of FY21 against ₹371.90 crore a year ago. Its net premium income increased by 14 per cent in the quarter ended June 30to ₹7,588.09 crore when compared to ₹6,655.02 crore in the same period a year ago. “Increase in gross written premium by 14 per cent to ₹7,640 crore in the first quarter of the fiscal was mainly due to strong growth in renewal premium by 30 per cent to ₹4,580 crore in the first quarter of the fiscal,” it said in a statement on Tuesday. It also noted that it has achieved market leadership in total new business premium at ₹3,060 crore, with 23.9 per cent private market share...

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AMP seals sale of life insurance business, Insurance Business

After receiving all of the regulatory green lights in late June, AMP has now sealed the sale of its life insurance business to Resolution Life. The sale, worth a total of AU$3.0 billion, consists of AU$2.5 billion in cash and a AU$500 million equity interest in Resolution Life Australia, a new holding company that now owns AMP Life. While the final cash proceeds will be determined by a number of post completion adjustments, AMP states that it expects net proceeds to increase its capital in excess of target surplus by AU$1.1 billion. According to AMP, any capital in excess will first be used to fund the delivery of its new AMP strategy, and then from there it will assess capital management...

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Nassau Financial Group Completes Acquisition of Foresters Life Insurance and Annuity Company, Business Wire

HARTFORD, Conn.--( BUSINESS WIRE )--Nassau Financial Group, L.P. (“Nassau”) today announced that it has completed the acquisition of Foresters Life Insurance and Annuity Company (“FLIAC”) from The Independent Order of Foresters. Nassau is headquartered in Hartford, CT, and offers a suite of insurance and fixed annuity products, along with reinsurance, insurance distribution and asset management capabilities across its four segments. After this transaction, Nassau has combined assets of approximately $27 billion and capital of approximately $1.2 billion. “The closing of the FLIAC acquisition marks an exciting milestone for Nassau, as we continue to grow across our platform, including through...

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Managing environmental, social and governance risks in non-life insurance business United Nations Environment Finance Initiative

As risk managers, insurers and investors, the insurance industry plays an important role in promoting economic, social and environmental sustainability—or sustainable development. With the adoption of the UN Sustainable Development Goals (SDGs), Paris Agreement on Climate Change, and Sendai Framework for Disaster Risk Reduction in 2015, and the upcoming Post-2020 Global Biodiversity Framework, there is growing pressure and urgency across all sectors of society to respond and find solutions to sustainability challenges the world is facing. Environmental, social and governance (ESG) issues—also known as sustainability issues pose a shared risk to insurers, communities, businesses, cities,...

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Consider A Loan Against Your Life Insurance Policy If You Need Quick Cash

Kolkata, June 19: We are living through the worst pandemic. The lockdown and the economic slowdown have affected jobs and salaries severely. While we can expect the situation to limp back to normal, many of us are in urgent need of cash to tide over these uncertain times. Sources of cash like personal loans are easy to avail but come with very high interest rates. In such a situation, you can take a loan against some of your assets. When we think of life insurance policies, we think of protection, but you can also get a loan against a life insurance policy. First, you need to understand that loans are available only against certain types of life insurance policies. You can take a loan...

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Can I take from my life insurance without penalties and taxes? -

Q. I have a universal life policy for $100,000. I pay $387 a month and I have 16 more years. I am 61 yrs old. Can I close it out and take the cash value and put it towards a pre-paid funeral plan without getting screwed by penalties or taxes? A. Universal life insurance is a type of whole life insurance. Whole life insurance has two parts: a death benefit plus a cash value account. When you pay your monthly insurance premium, part of it goes to cover the cost of the insurance and part goes into the cash value account, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. Periodically, Kiely said, the insurance company...

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Update on gifts of life insurance policies to charities in British Columbia, Canada, Global law firm, Norton Rose Fulbright

British Columbia’s Financial Services Authority has clarified that the solicitation of donations of life insurance policies by charities is not generally prohibited by the Insurance Act. This clarification addresses concerns raised in our November 2019 publication describing communications from the BC Financial Services Authority (BCFSA) indicating that charities could not solicit or accept gifts of life insurance policies in British Columbia from BC residents as it constituted trafficking in insurance policies contrary to the Insurance Act of British Columbia. We are pleased to report that on May 1, the BCFSA published Bulletin INS-20-003 on its website that clarifies its position...

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Why Insurance

Why Insurance Insurance is one of the most important financial topics in today’s complex world. Failure to have sufficient insurance coverage is the quickest and easiest way to accrue mass debt. Nothing will make your business, car, house, family, or self more vulnerable or susceptible to financial strain than a lack of adequate insurance. However, paying too much for insurance can be a financial strain in itself. And paying for insurance that is not needed is just money down the drain. Many people have a preconceived notion that insurance is just a waste of money, something that is not necessary. This is not true. Almost everyone needs insurance. How do you know? If you own anything that...

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