Premium for individual life insurance dropped 7% in Q1, LIMRA says A LIMRA report says total new annualized premiums for individual life policies decreased 7% in the first quarter. The drop was largely because of a decline in sales of universal life insurance, namely guaranteed universal life, which experienced a…
People don’t have enough life insurance to meet expectations, poll finds A New York Life Insurance survey says about 20% of people have sufficient coverage to meet their expectations for life insurance. Respondents said they want to cover 14 years’ worth of expenses beyond their death, whereas their coverage likely…
Expert: Popularity of indexed universal life insurance is rising Carriers are seeing greater appeal in indexed universal life insurance than in secondary-guarantee and traditional fixed universal life policies, said Rob Stone, a consulting actuary with Milliman. One reason is that indexed universal life lends itself better to illustrations in a…
Life insurers pursue technology to sell to middle class Some major life insurance companies say they are using technological solutions to attract more middle-class clients. Those solutions include mobile-phone applications that allow people to apply for insurance. But with product sales through the digital channel, “you reach a roof on…
Commentary: Life insurers should focus on 4 areas to maximize growth Life insurers that maximize their growth in the coming decade will have four key areas of focus, write Vivek Agrawal, Guillaume de Gantes and Peter Walker of McKinsey. The areas are improving management of risk and capital, harnessing data…
Advisers: Insurance-only business model has advantages Many advisers say that focusing on life and health insurance is the best way to run their business. Among the advantages they cite are developing expertise in the areas in which they work, facing fewer compliance-related difficulties and getting referrals from noncompetitors. National Underwriter…
LTCI loss-ratio proposal draws flak from insurance groups The American Council of Life Insurers and America’s Health Insurance Plans are joining forces to oppose the National Association of Insurance Commissioners’ proposed changes that would not allow long-term-care insurers to increase rates unless they have a 100% loss ratio. National Underwriter…
Commentary: Scholarship program illustrates life insurance’s importance Applicants for the LIFE Lessons Scholarship Program, who write about financial difficulties stemming from the untimely death of a parent, show the importance of life insurance, Emily Holbrook writes. National Underwriter Life & Health (3/19)
Commentary: Marital status should influence life-expectancy predictions Financial planners need to adjust client life-expectancy projections to account for factors such as the likelihood that at least one member of a married couple will live longer than the expected lifespan for a single person, Michael Kitces writes. Nerd’s Eye View blog…
NAIFA-sponsored studies show expected shifts for advisory industry Two studies sponsored by NAIFA and presented by the GAMA Foundation show top trends that insurance and financial advisers are expected to see by 2020. Among the most important: increased diversity of clients, growth in demand for nonfinancial services and more opportunities…
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