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☆ Life Insurers Boosted Premiums, Now They Are Paying Refunds
▼ + stars: | 2023-03-03 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Approximately 43,000 refund checks totaling $69 million were issued in recent weeks to Voya Financial policyholders. When interest rates fell to near zero after the financial crisis, dozens of life insurers boosted costs for longtime policyholders, seeking to improve results as their investment income fell. Now they are giving partial refunds to tens of thousands of these customers to settle a wave of lawsuits spurred by the increases. Raising rates on people who bought their policies years in the past had historically been taboo. But facing potential losses, many U.S. insurers scoured the contractual language of their policies to identify ways to raise the amounts billed to customers.

This is where having an adequate life insurance policy can make all the difference. Even if you're only interested in a cheap funeral life insurance policy, the price is inevitably lower when you buy early. When I asked Gura about life insurance in the early days after death, he said, "Whole life and universal life insurance used in planning is very, very impactful. For example, let's look at a modest $300,000 whole life insurance policy. Even if you're not ready to have the discussion about end-of-life arrangements, life insurance is also made for the living.

☆ Greg Lindberg, Insurance Entrepreneur, Faces New Criminal Charges
▼ + stars: | 2023-02-24 | by ( Jennifer S. Forsyth | Mark Maremont | ) www.wsj.com time to read: 1 min

Greg Lindberg, pictured in 2018, was sent to federal prison in 2020 before an appeals court in June overturned his conviction and ordered a new trial. A federal grand jury indicted North Carolina insurance entrepreneur Greg Lindberg , alleging that he directed a criminal scheme to defraud policyholders of hundreds of millions of dollars in part to finance his lavish lifestyle. The new charges, handed up in the Western District of North Carolina, are the latest salvo in a roller-coaster legal fight that has lasted for several years. Mr. Lindberg was sent to federal prison in 2020 on charges related to the bribing of a public official before a federal appeals court in June overturned his conviction and ordered a new trial. The additional charges revealed Friday are separate from that coming trial.

☆ Australia's Medibank posts profit, policyholder growth; shares jump
▼ + stars: | 2023-02-23 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

The loss of confidence following the hack led to Medibank losing 13,000 customers between October and December, curbing the growth in policyholders for the July-December period to 0.1%. However, the rate of losses slowed in January and reversed to a net addition of 200 policyholders this month through Feb. 18, Medibank said. Medibank stock recovering Medibank stock recoveringMedibank reported that its net profit after tax rose 5.9% to A$233.3 million ($159.4 million) in the six months ended Dec. 31, which, according to brokerage firm UBS, beat the consensus estimate of A$211 million. The 17% jump in policyholders in that business came as more international students, visitors and workers return to the country as the pandemic waned. Medibank also declared an interim dividend of 6.3 cents per share, up from 6.1 cents last year.

☆ Australia's Medibank beats profit view, says customer losses slow
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

However, Medibank said it still recorded a 0.1% growth in policyholders for the six months that ended on Dec. 31. The rate at which it lost customers slowed in January and it has even recorded a net growth of 200 policyholders this month through Feb. 18, Medibank said. Medibank's net profit after tax rose 5.9% to A$233.3 million ($159.4 million) in the six months ended Dec. 31, beating the consensus estimate of A$211 million, according to brokerage firm UBS. The company's shares were up 6.5% to A$3.28 by 0426 GMT, set for their best session in nearly three years. Since Medibank first reported the cyber incident on Oct. 13, its stock had declined nearly 13% as of last close.

Life insurance is more diverse than ever, with some companies offering a full range of life insurance products. Haven Life focuses on term life insurance policies for buyers who want quick approval. Life Insurance Plans from Haven LifeHaven Life's website offers a library on the benefits of term life insurance. Read our review Read Our Review A looong arrow, pointing rightHaven Life focuses on quick and easy term life insurance policies. Read our review Read Our Review A looong arrow, pointing rightMutual of Omaha and Haven Life offer affordable term life insurance policies with high limits for qualified buyers.

☆ Insurers Avoid Picking Up Businesses’ Covid-19 Pandemic Costs
▼ + stars: | 2023-02-03 | by ( Richard Vanderford | ) www.wsj.com time to read: +6 min

“If they assumed incorrectly, the mom-and-pop restaurants shouldn’t be penalized.”Federal appeals courts so far have rejected cases like Consolidated Restaurant’s. In January, the federal appeals court in Philadelphia ruled against a range of businesses. With that decision, businesses had seen losses in 11 federal appeals courts, whose jurisdictions span nearly the entire country. Business interruption insurance policies are typically written to address harm to property: For instance, if a water-main break floods a sales floor, or a fire forces a business to close. In June, a Boston federal appeals court rejected a Covid insurance claim by a group of restaurants.

☆ Best Car Insurance Companies for Young Drivers
▼ + stars: | 2023-02-01 | by ( ) www.wsj.com time to read: +14 min

By Kat TretinaWhether you’re a parent adding a child to your car insurance or a recent college grad purchasing your own policy for the first time, you may experience sticker shock when you see how expensive car insurance premiums can be. Geico also has useful options for young drivers who have made serious mistakes in the past. For young drivers looking for personalized help choosing the right policy, the lack of local agents can be a significant downside. Best Car Insurance with TelematicsState FarmWhy We Chose It: Usage-based insurance, also known as pay-as-you-drive, uses smartphones or telematic-technology to track driver behavior and is increasingly popular. How We Picked the Top CompaniesTo identify the top car insurance companies for young drivers, we researched the 22 insurers ranked in the 2022 J.D.

Permanent life insurance can build cash value. Beyond that, how do I use life insurance to build wealth? Financial planners and life insurance agents can help you create a budget to determine how much you can afford. Financial planners and life insurance agents can help you create a budget to determine how much you can afford. Before purchasing any life insurance policy, we recommend meeting with a financial planner or experienced life insurance agent.

☆ Some Kia and Hyundai models get stolen so often that State Farm and Progressive said they'll no longer insure them in some cities
▼ + stars: | 2023-01-30 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

State Farm and Progressive are temporarily not writing new policies for some Hyundai and Kia cars, per reports. Since 2018, car thefts in Colorado rose by 160%, with Kia and Hyundai cars making up most of the thefts, Denver7 reported. Stolen car claims were almost twice as high for Kia and Hyundai models from 2015 to 2019, according to a report from the Highway Loss Data Institute. Some of the car models use traditional keys and don't have electronic immobilizers in them, meaning people can start the car without a key present. During the pandemic, a trend on TikTok and YouTube went viral teaching people how to hijack some Kia and Hyundai models with a screwdriver and USB charging cord.

☆ China's Covid wave drives up consumer interest in insurance after health system shortfalls
▼ + stars: | 2023-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

For people planning to spend more on that health category, 47% said in December they intend to spend more on health insurance. "This experience is also driving increased interest in commercial health insurance which could cover access to premium private providers," Lipson said. Anecdotes depict a public health system overwhelmed with people at the height of the wave, and long wait times for ambulances. Some of the players in China's health insurance industry include Ping An , PICC and AIA . Hospital fundingHowever, one of the barriers to improving China's public health system is its fragmented financing system, according to Qingyue Meng, executive director at Peking University's China Center for Health Development Studies.

We need to stop thinking of life insurance as insurance. Unfortunately, we continue to see well-intentioned life insurance agents who don't sell more comprehensive policies to buyers they deem "too poor" for good life insurance. Common reasons people think they don't need life insuranceThe first and most important thing we want to address is the misconceptions about who doesn't need life insurance. If you buy a more comprehensive permanent life insurance policy, you can also use it as an investment vehicle for yourself. Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Some insurance companies will allow you to reinstate a lapsed life insurance policy with a new medical exam. For some recently laid-off workers, this is an opportunity to think strategically and ask yourself:Are there options for converting term life insurance to permanent life insurance for your policy? Stop thinking of life insurance as just the death benefitIn the long term, policyholders with savings should consider life insurance an issue of redistributing assets. When you think of it this way, redistributing other savings to maintain and grow your life insurance savings is easier. Policyholders can reinstate a typical life insurance plan without a new medical exam or other complications within 30 days.

LONDON, Jan 16 (Reuters) - Britain's proposed changes to capital rules for insurers could lead to the government having to bail out policyholders, as happened 20 years ago after the near-collapse of life assurance company Equitable Life, the Bank of England said on Monday. "I will mention Equitable Life ... it can happen," Bailey added . Equitable Life, established in 1762, closed to new customers in 2000 and almost collapsed after making unsustainable guarantees to policyholders. The government, however, had made its decision on insurance reform and there was a need to move forward now, Woods said. The BoE wanted to be "very closely engaged" on the detail of those reforms, Woods said.

With the tax-advantaged investing component of a permanent life insurance policy, life insurance is the gift that keeps giving. Life insurance is more affordable than you may thinkPerceived cost is one factor that deters people of color from buying adequate life insurance. Unfortunately, we've seen licensed life insurance agents who still tell buyers term to whole conversions are "guaranteed," or rates will stay the same in those life insurance conversions. Life insurance doesn't have to cost a pretty penny, and life insurance is constantly changing. Permanent life insurance is generally more expensive than a term life insurance policy and can vary highly based on various factors.

☆ Indonesian businessman fined over $370 mln for stock manipulation
▼ + stars: | 2023-01-13 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

[1/3] Benny Tjokrosaputro walks after a hearing on the allegation of manipulating investment decisions at a state insurance firm Asabri, at the court in Jakarta, Indonesia, January 12, 2023. REUTERS/Ajeng Dinar UlfianaJAKARTA, Jan 12 (Reuters) - An Indonesian corruption court on Thursday found businessman Benny Tjokrosaputro guilty in a stock manipulation case involving state insurance firm Asabri and fined him 5.7 trillion rupiah ($371.67 million). His fine was one of the largest in an Indonesian graft case and the judges said the state could seize Tjokrosaputro's assets if he did not pay. Indonesian media dubbed the cases Tjokrosaputro was implicated in some of the worst corruption scandals in Southeast Asia's biggest economy. Last year, Indonesia passed a financial law calling for the Indonesia Deposit Insurance Corporation to protect policyholders if an insurance firm becomes insolvent, a measure intended to shore up public trust in the sector.

When purchasing a traditional life insurance policy, you ensure their financial well-being once you're gone. Buyers also choose between permanent life insurance policies, which are projected to last the entire lifespan of the person's life, and term life insurance policies which last a certain number of years. You may also pay penalties begging the question: When is it appropriate to draw from the cash value of a life insurance policy? Understanding how cash value worksPermanent life insurance policies, sometimes called cash-value life insurance, can be whole, variable, or universal life insurance. Bob Gaydos, CEO of Pendella, a life insurance company offering individual coverage to employees entirely online, puts it this way: "Permanent life insurance can be a vehicle to build wealth.

☆ Here are key things you need to know if you’re eyeing a Medigap policy alongside basic Medicare
▼ + stars: | 2023-01-06 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +7 min

For about 23% of Medicare's 65.1 million beneficiaries, the solution for covering those outlays is a so-called Medigap plan. The reasons that some beneficiaries instead choose Medigap alongside basic Medicare vary from person to person, according to Elizabeth Gavino, founder of Lewin & Gavino and an independent broker and general agent for Medicare plans. watch nowHere's what to know about Medigap policies if you're considering purchasing one. There's huge variation in costDespite Medigap policies' standardization, the premiums can vary greatly. The way a Medigap plan is 'rated' also mattersAnother difference in Medigap premiums can come from how the plans are "rated."

Pros Check mark icon A check mark. Covers loss of ski, sports and golf equipment Check mark icon A check mark. Pros Check mark icon A check mark. Pros Check mark icon A check mark. Good option for frequent travelers thanks to its annual multi-trip policies Check mark icon A check mark.

Any conversion to a whole life insurance product goes through the same application as a new life insurance policy. Simplified Term Life Insurance: Enjoy quick and easy application (no medical exam life insurance) and approval (subject to health history) with this no-nonsense option. Whole Life Insurance: A whole life policy delivers life insurance coverage for an individual's entire life. A licensed life insurance agent is always the best resource for purchasing an appropriate life insurance plan. Seeing the limits on American Family life insurance policies, you might buy multiple life policies.

☆ Cyber Insurers Turn Attention to Catastrophic Hacks
▼ + stars: | 2022-11-28 | by ( James Rundle | ) www.wsj.com time to read: +5 min

While cyber insurance has evolved significantly in recent years, insurers say they might still be unprepared for the fallout from a catastrophic cyberattack. “I think it’s important we stress that the insurance industry has not had a catastrophic event,” said John Coletti, head of cyber reinsurance at Swiss Re. “We have hundreds of years of history of understanding that risk,” Mr. Tiernan said. Part of the challenge for modeling cyber catastrophes is that historical data simply doesn’t exist to produce accurate models, Mr. Tiernan said. “We probably need to pay a little more attention to the assumptions that underpin them.”Write to James Rundle at james.rundle@wsj.com

☆ A record $100 billion was paid out in life insurance benefits last year
▼ + stars: | 2022-11-28 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

US life insurers paid out a record $100 billion in benefits in 2021, according to new data released Monday by the American Council of Life Insurers. “For the second year in a row, life insurance benefit payments increased by double-digit percentages,” said Andrew Melnyk, ACLI Vice President, Research & Chief Economist. The ACLI data doesn’t break out the causes of death of life insurance policyholders. When a breadwinner in a family dies, life insurance can go a long way toward alleviating any immediate financial stress their spouse and children might experience. Many people have some life insurance coverage that their employer provides.

☆ Pacific Life Insurance Names New Tech Chief From USAA
▼ + stars: | 2022-11-16 | by ( Belle Lin | ) www.wsj.com time to read: +3 min

She replaces Mike Shadler, who has served as CIO since 2018 and plans to retire at the end of the year, a spokesperson for the life insurance company said. She will report directly to Pacific Life Chief Executive Darryl Button. Still, many life insurers aren’t meeting customer expectations in terms of speed of service and method of communication, said Ted Epps, Global Life Insurance Technology Leader at Ernst & Young. Insurance technology is “the convergence of modern digital experiences and advice with proven products,” Mr. Epps said. Prudential Financial Inc. is using more digital and cloud-based tools for managing expenses and financial planning, chief financial officer Ken Tanji told The Wall Street Journal in February.

LONDON, Nov 16 (Reuters) - The British government and the Bank of England are reforming insurers' capital rules, seen as a post-Brexit test of UK willingness to "unshackle" the City of London after leaving the European Union. The EU's Solvency II rules were introduced for insurers in 2016, after years of debate, when Britain was still an EU member. They are designed to ensure insurers hold enough capital to remain stable and can make payouts on policies. The Bank has already consulted on potential changes it says would release 45-90 billion pounds ($53.65-$107.30 billion) of investment capital. The second element involves easing reporting requirements, widening the range of assets insurers can invest in, and tweaks to how insurers' internal capital models are approved.

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