MoMo Productions/Getty Images Life insurance is a financial product sold through insurance companies. In exchange for paying regular premiums, designated beneficiaries receive a death benefit upon the death of the covered individual. While many financial professionals agree that life insurance is an integral part of financial planning, the average person might not be clear on how life insurance can benefit them or whether they even need it. Let’s take a closer look at what you need to know about life insurance and how it might fit into your financial plans. What Is Life Insurance? At its core, life insurance is a contract drawn up between an insurance company and a policyholder. The...
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Policyholder Information Company Overview American Chambers Life Insurance Company was a life and health insurance company based in Cleveland, Ohio, with its main office in Illinois. The company sold primarily association and small-group health insurance, with a small amount of life insurance and annuity business as well. The company was placed in receivership in March 2000 and was declared insolvent and ordered liquidated in May of the same year. State life and health insurance guaranty associations helped arrange for the transfer of some of the company’s policies to assuming insurers thereafter, with the remainder of the business serviced on behalf of the associations. Policy...
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Policyholder Information Company Overview First National Life Insurance Company of America was a Mississippi-based company that was acquired by the Thunor Trust (the Trust also acquired Family Guaranty Life Insurance Company, Farmer and Ranchers Life Insurance Company, Franklin American Life Insurance Company, Franklin Protective Life Insurance Company, International Financial Services Life, and Old Southwest Life Insurance Company). In 1999, all the companies were placed in rehabilitation. First National Life was ordered liquidated in the same year, and state life and health insurance guaranty associations helped arrange for its policies to be moved to Madison National Life Insurance...
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If an insurance company is not making profits, it means it is getting more business. (Photo: Reuters) Beyond the net profit fall, SBI Life gives more bang for the buck in Q2 2 min read . Updated: 16 Oct 2019, 11:55 PM IST Aparna Iyer The winning point was that margin-friendly protection biz continued to grow at a fast pace The share of protection and annuity products in the total portfolio is now 18% for SBI Life So what explains the fact that SBI Life Insurance Co. Ltd’s stock gained nearly 5% on Wednesday despite the insurer reporting a 48% year-on-year drop in net profit for the September quarter? There are a handful of reasons. First off, if an insurance firm is not making profits,...
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Why should life insurance companies care about millennials? Marketers have been trying to crack the code of how millennials purchase products. They’re perceived to be a baffling group of individuals whose purchasing decisions are uncanny and random. For life insurance providers, distributing products to a more tech-savvy and younger audience, such as the millennials, has become a significant challenge. The importance of attracting millennials to the life insurance industry is based on two factors – risk pools and an ageing population. Life insurance is an industry built on factoring the probability of death and illnesses to help a customer organise his/her finances to keep a buffer if and...
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Policyholder Information Company Overview Summit National Life Insurance Company was an insurer domiciled in Pennsylvania that was licensed to operate in 44 states and the District of Columbia. The company marketed a portfolio consisting of whole life, universal life, term, and interest-sensitive products along with individual annuity products. The company was placed into rehabilitation in May 1994 with a subsequent order of liquidation issued in November 1994. The state life and health guaranty associations helped arrange for Midland National Life Insurance Company to assume all of Summit National's policies. Policy...
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Expert review What types of life insurance coverage does MassMutual offer? MassMutual offers term and permanent life insurance policies. Rates are competitive, but depend on your overall health and specific needs. Coverage that guarantees protection for a period between 10 and 30 years. After the policy’s term, your premiums will substantially increase or you can convert some or all of it into a permanent whole life policy without an additional medical exam. This permanent policy allows you to build cash value to tap into for college tuition, retirement or unexpected emergencies if needed. You’re also eligible for dividends. These flexible plans allow for permanent coverage...
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Will the Insurance Company Actually Pay Your Family When the Time Comes? That’s a fair question. Companies go out of business. They go bankrupt. They merge. Sometimes, it seems, customers get forgotten. So it’s reasonable to ask yourself, “What guarantee do I have that the insurance company will actually pay the death benefit to my family when the time comes?” Actually, there are guarantees. Good ones, at that. But before we talk about why the company will pay, let’s talk about the two reasons why a life insurance company wouldn’t pay the death benefit. The two reasons the company wouldn’t pay First, if you commit suicide during the first year or two of your policy (the contestability...
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Policyholder Information Company Overview The Universe Life Insurance Company was an insurer domicilied in Idaho and licensed to operate in 24 states. The company offered non-participating ordinary life (including term and group) and group and individual hospitalization insurance; long term care; accident and health; and disability policies. The company was ordered into liquidation in December 1998. The following year, the state life and health insurance guaranty associations helped arrange for a number of companies to assume the policies of Universe Life (see below). Policy...
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These are two of the most frequently asked questions when it comes to purchasing life insurance coverage. Life insurance is an important financial purchase. With literally hundreds of life insurance companies out there competing for your business, how do you know you’re picking the right one? The best life insurance company will be the one that will offer you the best life insurance coverage based on your health, lifestyle and overall insurance needs. In order to find the perfect life insurance coverage, it often requires working with an experienced and knowledgeable life insurance agent that can help aid in the process. Top Quote Life Insurance works with several of the most popular and...
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