Superintendent Russel Toal From the Office of Superintendent of Insurance: ALBUQUERQUE – As of July 19, 571 New Mexicans have lost their lives to COVID-19. We grieve with every New Mexican who has lost a friend or family member to this horrible virus. When someone passes, in addition to the emotional toll, it can have serious economic consequences for their family, who often have continuing costs even as household income decreases. Life insurance can help provide stability during these difficult times. The New Mexico Office of Superintendent of Insurance (OSI) has received calls from individuals who aren’t able to find information about the life insurance policy of someone who has passed...
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The recent research report on the global Life Insurance Market market presents the latest industry data and future trends, allowing you to recognize the products and end users driving Revenue growth and profitability of the market. The report offers an extensive analysis of key drivers, leading market players, key segments, and regions. Besides this, the experts have deeply studied different geographical areas and presented a competitive scenario to assist new entrants, leading market players, and investors determine emerging economies. These insights offered in the report would benefit market players to formulate strategies for the future and gain a strong position in the global market....
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Looking for affordable, temporary financial protection for the people who depend on you? Term life insurance might be the answer. Think life insurance isn’t for you? You may want to think again. Whether you’re married, single, childless or a parent, if there are people in your life who rely on you and could face financial hardship without you, you may want to help protect them with life insurance. But what about the price for that protection? Generally speaking, there are three basic types of life insurance: Term, permanent (or whole life) and universal life (which is a kind of permanent insurance that also includes an investment component). Let’s talk about term. If you’re looking for...
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Insurance Giant AIA Wins License for China’s First Wholly Offshore-Owned Life Insurer What’s new: Insurance giant AIA Co. Ltd. has received approval from China’s top insurance regulator to set up the first wholly offshore-owned life insurance company on the Chinese mainland, according to a government announcement (link in Chinese) on Friday. The announcement said that AIA will convert its Shanghai branch into a wholly-owned subsidiary. AIA is a subsidiary of Hong Kong-listed AIA Group Ltd., which is one of the largest life insurance groups in Asia. Why it’s important: The approval marks the latest development in the mainland’s broader drive to grant overseas investors wider access to...
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Think back, if you can, to early February of this year. January’s resolutions were either still going strong or long forgotten. The stock market was at all-time highs and unemployment was at its lowest point in half a century. Maybe you were planning to take a trip, buy a home or send your child to college. Then the novel coronavirus hit American shores, and the country went into lockdown. Effectively overnight, huge swaths of the economy were turned off. The S&P 500, typically seen to represent the broader stock market, fell by 34 percent in little more than a month. By the end of May, nearly 40 million people had lost their jobs. Overnight, each and every one of us was forced to take...
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Many doctors and healthcare workers will be reviewing their arrangements for life insurance and/or income protection, or making new applications mindful of the impact that the COVID-19 pandemic is having on the healthcare profession. Some doctors will understandably be concerned about the impact of COVID-19 on their application and how insurers are taking into account the results of antibody and antigen tests for the virus. You may also have heard reports about doctors having their applications for insurance policies deferred as a result of COVID. The BMA is clear that doctors and healthcare workers should not be disadvantaged compared to other workers when being considered for insurance...
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By adding permanent life insurance to your financial plan, you’ve taken a major step toward financial security. That’s because permanent life insurance can become one of the most flexible financial assets that you own. At a minimum, as long as you keep your policy in place, your beneficiaries are guaranteed to get a death benefit someday. But you have also added a tax-advantaged asset to your financial plan that can help you weather market downturns in retirement, pay for college or other goals, or just give you peace of mind that once cash value has built up, you’ll have an easy way to access cash should you ever need it. Protecting your family today, growing funds for the future and...
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Changes to changes: Financial planning after the CARES Act and the SECURE Act Change is something we now very much face with the coronavirus pandemic. This is exemplified by how the CARES Act has modified the SECURE Act, which itself caused sweeping changes to retirement planning For decades, the individual retirement account has been a key element for retirement planning, and for those who did not need the money, they could take advantage of the Stretch IRA, which allowed non-spouse beneficiaries to take required minimum distributions over their lifetimes, as determined by the Uniform Lifetime Table, and to thereby leave a financial legacy for their descendants. For example, a six-year-...
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Choosing the right life insurance for you is no easy task. To make this process a bit easier, let’s look at each of the different areas of your life: these elements will reveal a lot about you. Your family life The most important thing is to choose the insurance product that works the best for your family. There are many factors that affect your insurance needs, like your family situation, work situation, loans and debts, age, health condition and your plans for the future. Life insurance is important, whether you are single or in a relationship, a home-owner or a tenant. In any situation, your family will have to take on certain responsibilities in the event of your death: your...
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You live in a progressive world with infinite possibilities and equal amounts of uncertainties. There is always the temptation to create more wealth, given the increase in consumerism and inflation, and also the inherent need to secure your family's financial wellbeing, in case you are not around anymore. This is the reason you must make wise financial decisions, such as life insurance plans, as early as possible to ensure that you and your family remain protected from life's eventualities. With a wide range of investment options from numerous providers, it is crucial to choose your financial portfolio only after careful assessment of your needs and lifestyle. Since life is erratic and the...
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