The adage that “life insurance is sold, not bought” may have met its match in the one-two punch of the COVID-19 pandemic and a federal tax code change that makes it possible for policyholders to build more cash value in their plans. According to the J.D. Power 2021 U.S. Individual Life Insurance Study, released today, an increase in customers’ awareness of their own mortality, combined with the ability to park assets in a tax-advantaged plan, is helping drive increased interest of—and customer satisfaction with—life insurance plans. "Life insurance ownership has been declining for the past 30 years and overall customer satisfaction with life insurance has historically deteriorated...
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Why are life insurance credit ratings important Many people shop for life insurance based on the amount of coverage they want and the cost of the monthly premium they will pay. But an important element to consider when shopping around is the financial strength ratings of a life insurance company. After all, life insurance coverage is a legal contract between you and the insurance company. You want to be sure that the company you’re entrusting to protect your family is financially strong and will be around to pay the full value of your coverage to your beneficiary when you’re gone. Rating agencies – why should I trust these sources? Insurance companies are rated by independent agencies,...
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LONDON--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” of Life Insurance Corporation (International) B.S.C. (c) (LICI) (Bahrain). The outlook of these Credit Ratings (ratings) is negative. The ratings reflect LICI’s balance sheet strength, which AM Best categorises as adequate, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM). The negative outlooks principally reflect the pressures on LICI’s balance sheet strength and ERM assessments, primarily stemming from the ongoing breach of the company’s regulatory solvency requirement in the United...
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AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb+" from "bbb" and affirmed the Financial Strength Rating (FSR) of B++ (Good) of United National Life Insurance Company of America (UNL). The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of "a-" of UNL’s affiliate, Guarantee Trust Life Insurance Company (GTL). The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Glenview, IL. The ratings of UNL reflect its balance sheet strength, which AM Best categorizes as very strong, as well as...
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Fitch Ratings has revised the rating outlook for the life insurance industry in Asia-Pacific, including the major markets of China, Japan and South Korea, to negative from stable. This, the ratings agency said, follows the coronavirus outbreak and the related impact on the credit quality of life insurers in the region. According to a report by Fitch, uncertainties facing life insurers have increased significantly in the recent months. It cited material disruption in the financial markets, which may last for an extended period of time, and a potential spike in mortality risk, the severity of which is highly uncertain at this point. Deterioration in global equity markets and the decline in...
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AM Best affirms ratings for Sagicor subsidiaries Insurance ratings agency AM Best last Friday affirmed an “excellent” credit rating for Barbados-based Sagicor Life Inc and a “good” rating for its sister company Sagicor Life Insurance Jamaica Limited, while maintaining a steady outlook for both. “AM Besthas affirmed the financial strength ratings (FSR) of A- (Excellent) and the long-term issuer credit ratings (Long-Term ICR) of “a-” of Sagicor Life Inc (St. Michael, Barbados)…” a release from the agency said in part. “Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” of Sagicor Life Jamaica Limited (Kingston, Jamaica,” the release continued. The US-...
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Transamerica Life Insurance Review 2020 © kohei_hara/Getty Images Asian father sits with his young son on his lap in the kitchen, working out his bills and finances. Transamerica was founded in 1904 with the idea that "financial security should be available to everyone." In 1999, Transamerica became part of Aegon N.V., an international financial organization. For the last 20 years, Transamerica and Aegon have served 13 million customers in the United States. Transamerica offers a number of different investment and retirement products, including life insurance. The company has impressive financial strength ratings and was ranked in J.D. Power's 2018 U.S. Life Insurance Study. In this...
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AM Best Affirms Credit Ratings of State Farm Mutual Automobile Insurance Company and Most of Its Subsidiaries AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa+" of State Farm Mutual Automobile Insurance Company (State Farm Mutual) and its affiliates, State Farm Fire and Casualty Company and State Farm County Mutual Insurance Company of Texas (Richardson, TX). In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of "a-" of HiRoad Assurance Company (HiRoad). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of "a" of Dover Bay Specialty Insurance...
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Country Financial COUNTRY Financial is a group of US insurance and financial services companies with customers in 19 states. The group of companies offers a range of insurance and financial products and services, including auto, home, life, commercial insurance, retirement planning, investment management and trust services. The COUNTRY Financial group is ranked 671st on the 2019 Fortune 1000 list, which lists American companies by revenue. History [ edit ] The company was founded in 1925 when a group of Illinois Agricultural Association members developed an organization to provide fire and lightning insurance for farmers. In the company's first year of operation, more than 385 Illinois...
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If you are shopping for life insurance, you may be puzzled to hear your insurance agent use the word “tables” when describing how rates are determined. While the term may not apply to you if you are in good health and don’t work in an especially high-risk field, if you are subject to risk factors that could put you in the table rating category it is helpful to understand life insurance table ratings in the context of life insurance premiums. This article will take a deep dive into how life insurance companies use tables to rate potential policy purchasers and what it means if you fall into a table risk category. Basic Life Insurance Ratings Life insurance premiums, the price you pay on a...
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