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How insurers will serve personalized solutions across generations
As we step into 2024 and consider the impact of what may be on the horizon, a more personal paradigm shift is on my mind – a trend that affects everyone. In 2021, one in 10 people worldwide were 65 or...
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New MDRT study sheds light on Americans’ employee benefits patchwork
PARK RIDGE, Ill. (January 30, 2024) – As the new year begins, tens of millions of Americans have a new array of employee benefits options they selected in last year’s open enrollment period. These...
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Royal Neighbors launches final expense product
Rock Island, Ill., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Royal Neighbors of America today announced a life insurance product aimed at addressing the needs of the uninsured and those facing coverage...
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Rates on the move as Fed vows to slash interest rates
While the Federal Reserve left interest rates unchanged during its most recent meeting, the cuts are coming. And life insurers are getting ahead of the coming cuts by slashing rates on popular...
View ArticleNationwide offers new VUL product
Columbus, OH – Nationwide recently announced a new variable universal life product that offers a flexible solution for long-term financial goals with guaranteed death benefit protection, plus cash...
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Insurance outlook for 2024 is positive, despite uncertain environment
Despite an overall positive outlook, four factors will contribute to an uncertain environment for the insurance industry in 2024, according to a pair of Conning researchers. Those factors are:...
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Regulators look to tighten the reins on reinsurance deals
Support is growing among some state insurance regulators to tighten the rules for life insurers entering into reinsurance agreements. The goal is to better protect policyholders, said David Wolf,...
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Life settlements and taxes: Navigating the complexities
At this time of the year, seniors, life insurance agents, financial advisors and accounting professionals find themselves immersed in the intricacies of tax preparation. Amid this financial journey,...
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NAIC group to fire up dormant work on accelerated underwriting guidance
A panel of state insurance regulators is getting back to work on accelerated underwriting guidance for states to consider. Created during the National Association of Insurance Commissioners' 2019...
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LIMRA: Life insurance new premium set a 2023 record for third straight year
Life insurance new premium rose to $15.6 billion in 2023, LIMRA reported today, setting a record for the third straight year. Better still, the year ended on a high note, with all lines recording...
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Wells Fargo, Ameritas reach tentative settlement on STOLI lawsuit
Wells Fargo tentatively settled another federal lawsuit over what plaintiffs are calling a stranger-originated life insurance (STOLI) policy. U.S. District Judge Zahid N. Quraishi signed a 60-day order...
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Life insurers report improved mortality; actuaries say nothing’s changed
Several life insurers cited mortality improvements in the fourth quarter for helping to improve life insurance earnings at the end of 2023. At Globe Life, for example, positive mortality and...
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BGAs and IMOs plan to expand their efforts to recruit female financial...
WINDSOR, Conn. and Fairfax, Virginia, Feb. 27, 2024 — A new study finds more than 4 in 10 intermediaries — brokerage general agencies and independent marketing organizations — already have or plan to...
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How AI and information tech are disrupting life insurance advisors
Artificial intelligence has been a hot topic recently. You may be familiar with ChatGPT, a sophisticated language model created by OpenAI. It is intended to provide conversational text responses that...
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(What’s so funny ‘bout) embracing the future with women, wealth and...
Aren’t we all looking for a little bit of understanding? Elvis Costello & the Attractions may have had it right in their 1979 release of “(What’s So Funny ‘Bout) Peace, Love and Understanding,” as...
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NAIFA names financial services leaders to new Industry Leadership Board
WASHINGTON – The National Association of Insurance and Financial Advisors announced the formation of its Industry Leadership Board comprised of distinguished leaders within the insurance and financial...
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Planning for end-of-life expenses amid soaring costs
In the realm of financial planning, agents and advisors diligently guide their clients through the complexities of retirement savings, investments, and insurance. Yet, there's a critical aspect that...
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NC appeals court deals another blow to Greg Lindberg’s crippled empire
A North Carolina appeals court partially reversed a lower-court ruling today and affirmed liquidation proceedings against insurers once owned by embattled investor Greg Lindberg. In a unanimous...
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Layin' It on the Line: Life insurance in retirement — Wait, I still need...
You've put in the work, saved diligently and finally reached that golden age of life: retirement. Time to relax, right? Well, yes, but there are still some financial loose ends that need tying up....
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AI, novel data sources move underwriting into the 21st century
With the advent of AI, insurance carriers have begun tapping into novel data sources like social media, GPS records, smart devices and other forms of technology for their underwriting. Cutting-edge...
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Greg Lindberg ponders appeal as policyholders await June funds release
Embattled entrepreneur Greg Lindberg is weighing options after a North Carolina Court of Appeals decision this week clears the way for his former insurance companies to be liquidated. His adversary,...
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Underwriters must guard against bias and discrimination, speaker says
Data scientists know that artificial intelligence and predictive modeling leads to some bias in underwriting. What they don't always know are the ways and the extent of the negative impact. More...
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ACLI’s Susan Neely retiring from association leadership
WASHINGTON – American Council of Life Insurers president & CEO Susan Neely announced today that she will retire from association leadership at the end of 2024. “Susan brought vision, strength, and...
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Western & Southern announces record 2023 financial results
CINCINNATI – March 12, 2024 – Western & Southern Financial Group’s 2023 financial results showcase several records and growth in strategic areas. The company generated $753.8 million of net income...
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Indexed life sales break records in fourth quarter, Wink reports
Life insurance sales closed 2023 with a very strong fourth quarter, according to Wink’s Sales & Market Report. Non-variable universal life sales for the fourth quarter totaled $894.5 million, up...
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Life insurance premium growth sets another record in 2023, LIMRA finds
For the third consecutive year, total life insurance new annualized premium set a new sales record, rising 1% to $15.7 billion, according to LIMRA’s U.S. Life Insurance Sales Survey. Life insurers have...
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One-third of consumers unaware of life insurance tax benefits, says study
Nearly a third of Americans do not realize that they can save on taxes through life insurance, according to a new study by Assurance IQ. Experts suggest this can be a missed opportunity to save money,...
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Survey: Life insurers want to be better at meeting technology challenges
Life insurers know that technology is one of their biggest challenges to capitalizing on the enormous market appetite for life insurance and annuities. And they don't feel ready to meet that challenge....
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Estate planning and life insurance for the 99%
Ultra-wealthy people use life insurance products to mitigate and defer taxes. The rest of us use life insurance as a safety net to take care of the people we love and worry about the most. Patricia De...
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Financial downsizing for a more comfortable retirement
As individuals transition into retirement, particularly those on fixed incomes or concerned about their financial sustainability, the concept of downsizing emerges as a critical strategy for...
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How can the industry inspire the next generation of women in insurance?
As more women ascend to executive positions within corporate hierarchies, leadership dynamics in traditionally male-dominated sectors are evolving. However, the presence of women in the C-suite doesn't...
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Supreme Court takes on life insurance as a corporate asset
Should the proceeds of a life insurance policy taken out by a corporation on a shareholder be considered a corporate asset that raises the value of the company for calculating estate taxes? Or are they...
View ArticleNeuGen sues MassMutual over alleged $3M retirement fund loss
NeuGen, a Madison-based spinoff of WEA Trust, on Wednesday sued Massachusetts-based MassMutual, alleging nearly 300 former NeuGen employees lost $3 million when MassMutual terminated a retirement fund...
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3 ways AI could transform your insurance policy
(NerdWallet) - Your insurance company may know more about you than you realize. The technology that saturates today's world — smart-home devices, drone images, fitness trackers, social media posts and...
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The Standard completes acquisition of Elevance Health life and disability...
PORTLAND, Ore. — April 1, 2024 — StanCorp Financial Group, Inc., also known as “The Standard,” today announced the closing of the acquisition of Elevance Health’s life and disability insurance business...
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Commentary: NAIC should not allow Europe to write our insurance rules
Should U.S. state insurance regulators cede regulatory authority to foreign regulators outside our borders? Doug Dean That is not how any regulatory environment should operate. But today, many of the...
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Life insurers struggling to meet claims-handling obligations
Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Code Compliance Committee (Life CCC). Despite the total breaches...
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Help women retire with confidence and dignity
As a father of three grown daughters and a husband of 38 years, I recognize the unique challenges that women face when it comes to retirement planning. The reality is that women often experience...
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Protective Life to acquire ShelterPoint Group
Protective Life Corporation, a U.S. subsidiary of Dai-ichi Life Holdings, announced that its principal subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint...
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Globe Life accused of rampant insurance fraud by short-seller report
Globe Life is reeling after a report Thursday accused brokers at subsidiary American Income Life of widespread insurance fraud, including writing policies for dead and fictitious people, and an alleged...
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Woman’s Life Insurance Society to merge with Trusted Fraternal Life
The Next Step in Building a Family of Brands MILWAUKEE, April 17, 2024 /PRNewswire/ -- Trusted Fraternal Life is thrilled to announce Woman's Life Insurance Society, headquartered in Port Huron,...
View ArticleFitch monitoring Globe Life following short seller’s allegations
Fitch Ratings continues to monitor the impact to Globe Life’s (GL) financial and operational performance following last week’s short seller report that included allegations of insurance fraud and...
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NY lawsuit over premium financing tests oversight promised by Reg 187
A premium financing deal gone bad in New York State is generating a new round of criticism from those say the practice is often misused with troubling results. Filed in New York State Supreme Court,...
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$80M verdict for 3 workers fired for taking ‘off the record’ time off in...
Three former workers in a Northern California office of the Zurich American Insurance Co. who were fired after taking “off-the-record” paid time off were awarded more than $80 million in damages by a...
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MassMutual partnership with Insurify enables advisors to help clients...
MassMutual financial professionals can now offer their clients and prospects property/casualty insurance, thanks to a partnership between MassMutual and Insurify. Insurify is an insurance comparison...
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State genetic information bans not necessary, life insurance lobbyists say
Fallout from a 2020 Florida law banning life insurers from using genetic information is a classic good-news, bad-news situation for the industry. The good: no additional states adopted similar laws in...
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Pacific Life brings new indexed universal life product to market
Pacific Life Insurance Co. describes its new flagship indexed universal life insurance offering as "aimed at affluent clients who need competitively priced life insurance protection and significant...
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NAIFA revises LUTCF program
The Life Underwriter Training Council Fellow designation has been in existence since 1984 and more than 70,000 insurance professionals have earned that designation since then. Now the LUTCF designation...
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How insurance companies can speak their customers’ language
The process of filing an insurance claim can be daunting—and even more so for the 1 in 5 U.S. residents who speak a language other than English at home. Language barriers make it difficult for people...
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Term vs. Perm: Which is right for your clients?
If you've been thinking about life insurance, especially if you have family, loved ones, or anyone who depends on you financially, you might be curious about the different kinds of policies available....
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