A white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.' The US life insurance industry lost $50 billion in the first quarter of 2020, but the cheapest type of life insurance should also be the least affected Three evenly spaced dots forming an ellipsis: "...". Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Damian Gadal/Shutterstock Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and...
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Nominees have first right over life insurance claims, not legal heirs 2 min read . Updated: 06 Aug 2020, 10:49 PM IST Disha Sanghvi If an immediate family member is made the nominee, then the proceeds will go to the intended person Insurance policy is treated as an estate of the deceased policyholder. Legal heirs have a right over the policy as long as the assets of the deceased policyholder devolve upon her. However, in life insurance, there is a concept known as beneficial nominee. This provision was introduced in the Insurance Laws (Amendment) Act, 2015. If an immediate family member (parents, or spouse, or children) is made the nominee, then the proceeds will go to the intended...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of Kansas City Life Insurance Company (Kansas City Life). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Grange Life Insurance Company (Grange Life) (Columbus, OH). The outlook of these Credit Ratings (ratings) is negative. In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Sunset Life Insurance Company of America (Sunset Life), as well as Kansas City Life’s final expense life insurance subsidiary, Old American Insurance Company (...
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Same-Sex Couples After decades of persistent effort, same-sex marriages were granted full legal recognition in the United States in 2015. But laws can change. It’s not a guarantee that that the Marriage Equality Act won’t come under review in the future. However, purchasing a life insurance policy insures that, regardless of your spouse’s rights under state, local, or federal law in the future, you can financially protect each other. Depending on your age, a term life insurance policy can last as long as 40 years. If you want coverage longer than that, look into permanent life insurance. If you are not married, there’s an extra step when applying for life insurance. Unmarried same-sex...
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HSBC to buy out life insurance joint venture partner in China HSBC Insurance (Asia) Limited, an indirect wholly-owned subsidiary of HSBC, has announced it has entered into an agreement to acquire the remaining 50% equity interest in HSBC Life Insurance Company Limited (“HSBC Life China”), its life insurance joint venture in China, from The National Trust Limited (“NT”). The transaction is in line with the removal of foreign ownership restrictions on foreign-funded life insurance companies in China, which became effective on 1 January 2020. The transaction will be structured as a transfer of equity interest and is subject to regulatory approvals, including from the China Banking and...
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HONG KONG (Reuters) - HSBC Holdings PLC <HSBA.L> said on Monday its insurance unit had agreed to acquire its China life insurance venture partner's 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January. The move will allow London-headquartered HSBC, which gets the bulk of its revenue from Asia, to further expand its footprint in the world's second-largest economy, where it has deployed billions of dollars as part its Asia "pivot" strategy. Financial details of the transaction were not disclosed. The transaction to buy the stake in HSBC Life Insurance Co Ltd (HSBC Life China) from joint venture partner the National Trust Ltd will...
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Top News HONG KONG (Reuters) - HSBC Holdings PLC said on Monday its insurance unit had agreed to acquire its China life insurance venture partner's 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January. The move will allow London-headquartered HSBC, which gets the bulk of its revenue from Asia, to further expand its footprint in the world's second-largest economy, where it has deployed billions of dollars as part its Asia "pivot" strategy. Financial details of the transaction were not disclosed. The transaction to buy the stake in HSBC Life Insurance Co Ltd (HSBC Life China) from joint venture partner the National Trust Ltd will be...
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latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/aggregate-us-life-insurance-premiums-grew-by-4-5-in-2019-58385238 content Aggregate US life insurance premiums grew by 4.5% in 2019 U.S. life insurers saw aggregate 2019 life insurance premiums grow by 4.5% year over year. The industry's ordinary life, or individual, and group life insurance premiums totaled $177.95 billion in 2019. Individual life premiums rose 4.4% to $138.36 billion, while group life premiums were up 4.9% to $39.59 billion. Among the largest underwriters of life insurance in the U.S., only three — MetLife Inc., Nationwide Mutual Group, and Voya Financial Inc. — recorded...
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Rolando Ledesma Macasaet, President and General Manager of the Government Service Insurance System (GSIS), announced on April 23 that the state pension fund will provide additional life insurance coverage to a total of 27,682 frontline workers of the government nationwide who are putting their lives at risk in the fight against Covid-19. Macasaet said the GSIS Board of Trustees approved the establishment of the Bayanihan Fund for Frontliners (BFF), which entitles the survivors of government frontliners who died of the coronavirus disease 2019 (Covid-19) to receive an additional P500,000 in insurance benefits. “This is on top of the P1-million death benefit to be provided by the government...
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Financial advisors have been busy amid the COVID-19 pandemic addressing investors’ growing list of concerns, including one that often ends up on the back-burner during normal times: life insurance. “In times of crisis, it’s a natural reaction to think about insurance,” says Patrick O’Connor, president of Blackwood Family Enterprise Services, a fee-based boutique financial planning firm in Winnipeg that assists affluent families. COVID-19 has pushed the often less pressing issue of managing financial risks of morbidity and mortality to the forefront, he says. In fact, many Canadians are facing unprecedented anxiety about their finances, their physical health and their loved ones’ well-being...
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