The life insurance

Life insurance: keeping up to date with the changing market, Financial Institutions Legal Snapshot

According to a recent report, growth in the life insurance market globally has lagged behind the banking and manufacturing sectors and insurers are losing share to industry players not traditionally involved in life insurance. For example, asset management is being done by third party capital providers, marketing is being taken over by search engines like Google and the success of a product is often affected by online reviews. Whereas ‘cumbersome consumer interactions’ did not necessarily hamper success in the past, consumers increasingly require transparency, speed and flexibility. The disintegrating value chain in the life insurance industry means that life insurers need to compete...

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What Do InsurTech and Pending Tech Revolutions Mean for the Life Insurance Product?

What Do InsurTech and Pending Tech Revolutions Mean for the Life Insurance Product? The insurance industry has long had a well-deserved reputation for being slow to innovate. For the past few years, however, outsiders have taken a keen interest in InsurTech as the means to disrupt the industry’s traditional business model. According to venture capital (VC) database CB Insights, in 2014 alone, VCs invested $740 million in InsurTech startups. A year later, that figure jumped to $2.7 billion. Let that sink in: In just one year, almost $3 billion were invested in InsurTech — in de novo technology and in the brains driving it. One only has to do a quick scan of the industry to...

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Arvind Kejriwal makes electricity cheaper for lawyers; announces medical, life insurance for advocates

Delhi CM Arvind Kejriwal on Wednesday announced that domestic electricity charges would apply at courts' chambers. Kejriwal said there were some longstanding demands of lawyers that the party had promised to fulfil. "We had set aside Rs 50 crore for their welfare, and a committee was set up to decide how to spend it. Committee has made four demands, and the cabinet has accepted all of them," he added. The Delhi CM said all the lawyers, who are voters in Delhi, would also get medical insurance of up to Rs 5 lakh and life insurance of up to Rs 10 lakh. Besides, e-libraries and creches will be started in all court premises. Polls to the 70-member Delhi Assembly are due early next year. While...

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Midland National Life Insurance Company Announces Strategic Protector Indexed Universal Life Product

Newest innovation provides customers with lifetime guaranteed death benefit coverage plus cash value potential WEST DES MOINES, Iowa, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Midland National Life Insurance Company (Midland National), a member of Sammons Financial Group, Inc. (SFG) and one of America’s leading insurance companies, today announced the launch of its Strategic Protector Indexed Universal Life (IUL) insurance product. The product combines guaranteed death benefit protection ; cash value growth potential; an accelerated death benefit endorsement for a qualifying critical, chronic, or terminal illness; and a premium recovery endorsement— all for the price of a guaranteed death benefit...

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TTABlog Test: Are ACCELETERM And LINCOLN TERMACCEL Confusable For Life Insurance Services? - Intellectual Property - United States

Lincoln National Life opposed an application to register ACCELETERM for "insurance services, namely, underwriting, issuance, and administration of life insurance policies, claiming a likelihood of confusion with its registered mark LINCOLN TERMACCEL for essentially the same services. So it boiled down to the issue of the similarity of the marks. How do you think this came out? The Lincoln National Life Insurance Company v. Kansas City Life Insurance Company , Opposition No. 91236982 (November 6, 2019) [not precedential] (Opinion by Judge Lorelei Ritchie). As we know, when the involved services are identical, a lesser degree of similarity between the marks is needed to support a finding of...

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Understand and claim a life insurance death benefit,

If you’re familiar with life insurance, you might know that beneficiaries receive a payout when the policyholder passes away. This is known as the death benefit — and if you’re a beneficiary, you’ll need to take steps to claim it. What is a death benefit? A death benefit is the payout to the beneficiary of a life insurance policy when the policyholder dies. It’s typically paid in a lump sum, but the policyholder can instruct the insurer to pay the death benefit in instalments. In most cases, the death benefit is equal to the face value of the policy. For example, if you take out a $250,000 life insurance policy, your beneficiaries will receive $250,000 when you...

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What is supplemental life insurance? It's coverage you can sometimes get for free at work, Business Insider - Business Insider Singapore

Supplemental life insurance may cover things like burial costs. Supplemental life insurance is a type of coverage you can purchase in addition to a whole or term life insurance policy. If you’re a full-time employee, your company may offer supplemental life insurance for free or a very low cost. It may cover things such as burial costs or accidental death and dismemberment. When it comes to different types of insurance, of which there are many, you likely already know the importance of things like health, car, and homeowner’s insurance. In general, these insurance policies act as protection should anything happen in those particular areas of your life. They provide financial...

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Life insurance and trusts Lake County Record-Bee

Death benefits payable from a life insurance policy on the death of the insured can be considerable. Such benefits can either be paid directly to one or more individual beneficiaries or be paid to a trust administered for their benefit. A trust can own and/or be the death beneficiary on a life insurance policy. Unlike retirement plans, there is no income tax disadvantage to naming a trust as the death beneficiary of a life insurance policy. Moreover, for very high net worth persons, having an irrevocable life insurance trust purchase and own the life insurance policy is a way to keep a considerable asset outside of their estate and so minimize federal estate taxes. Nowadays, however, with...

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Income Tax Return Filing 2019: Things to consider by life insurance agents while filing ITR - The Financial Express

Income Tax Return 2019: If a person is engaged in the commission business, then the income from commission business shall be offered to tax under the head Income from business and profession. Income Tax Return 2019-20: The last date for filing the income tax return (ITR) for the assessment year 2019-20 is August 31, 2019. Selecting the right ITR Form based on one’s income sources is an important step before filing the returns. For the life insurance agents earning commissions by selling life insurance policies, it is important that they choose the right ITR form and avail income tax deductions available to them under the Income Tax Act, 1961. Here are a few things to consider by life...

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Half of Irish parents don t have life insurance

A study carried out by a life insurance provider in Ireland showed that a large number of parents don’t have life cover, raising concerns about the financial security of Irish families and their dependents across the country. The study, which was carried out in 2017 by an Irish Life insurance provider, showed that over 300,000 parents (almost half of all parents) with dependent children had no life insurance whatsoever. When viewed in comparison to life insurance rates in other developed countries, this figure shows that Ireland has one of the lowest life insurance rates. For example, in the US, only around 37% - or 1 in 3 - parents with dependents under 18 have no life insurance at all....

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