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27% of Parents Pay for Their Adult Children’s Vacations

27% of parents pay for their adult children’s vacations, according to a recent article “Sharing Later is Caring” from Round the Table, the monthly magazine of Million Dollar Roundtable. If that seems surprising, consider that 49% of parents also pay for their adult children’s everyday living costs– to the detriment…

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More millennials working with advisors, study finds

Three-quarters of millennials said they had a financial advisor in 2020, up from 50% in 2016, according to a study from the Nationwide Retirement Institute. The study also found that more than 80% of millennials said they had a plan to guard against outliving their savings. Full Story: BenefitsPRO

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Whole life insurance can strengthen a financial plan

Whole life insurance can improve financial planning by providing a level of certainty and stability, write Ross Junge and Michael Finke. The guaranteed death benefit and tax-deferred cash value provide financial security, as well as planning flexibility, they write. Full Story: ThinkAdvisor

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Life insurance may be required in divorce settlement

One party in a divorce settlement may be required to get life insurance to insure alimony or child support obligations, writes attorney Jennifer Weisberg Millner. Among the things to consider are how much life insurance is needed, how long it will need to be in effect and who the beneficiary…

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Life insurance application activity up 4% in 2020

Last year was a strong year for life insurance application activity, which was up 4%, according to MIB Group, marking the largest increase since 2011. The pandemic highlighted the need for life insurance and many companies streamlined the application process, MIB Group said. Full Story: ThinkAdvisor

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Pillars suggest regulatory commission

Pandemic spurred interest in life insurance, wills

The coronavirus pandemic prompted more young people to buy life insurance and prepare wills and trusts last year. MIB Group found life insurance applications from people under age 44 grew 7% in 2020, while 32% of people 18-34 drafted wills because of the coronavirus pandemic, according to a LegalZoom.com survey….

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Term life policies evolving to meet consumer needs

Term life insurance is evolving to meet consumers’ changing needs, especially those of millennials, writes Greg Faux of Guardian Life. Among the features some policies have added include the ability to convert to a permanent policy with a long-term care rider and a charitable benefit rider to allow some death…

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Life insurers sold 7% more policies in Q3

Life insurance policy sales grew 7% in the third quarter compared with a year ago, while overall premium was up 2%, according to LIMRA. Indexed universal life, term life and whole life insurance all saw sales gains, but fixed universal life sales declined 8%. Full Story: ThinkAdvisor

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Variable universal life can help with taxes, volatility

Accumulation-focused variable universal life policies can help clients diversify their tax risk and offer some downside market protection, according to Andrew Bucklee of Lincoln Financial Distributors. The policies are best suited for people who have a long time horizon for taking distributions, he writes. Full Story: ThinkAdvisor

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Survey: Accelerated underwriting use growing rapidly

A survey from LIMRA and Munich Re found that 64% of insurance companies were using accelerated underwriting in 2019, a big increase from 2017. Mary Lesch, LIMRA associate research director, said she expects to see changes to carriers’ accelerated underwriting requirements, such as changes to face amounts and age requirements….

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