Obesity and Life Insurance

Being overweight is usually a cause of concern when applying for a life insurance policy. Some people who have challenging health issues related to being overweight think they cannot get any insurance at all and therefore, may not even try applying for life insurance coverage. Some have tried and have been declined by the few life insurance companies they have applied to. The fact is, even if you are overweight or obese, you may still be able to find an affordable insurance coverage policy that meets your needs. You may just have to try harder and shop around for the most affordable life insurance coverage.

Shed a few pounds before you apply for life insurance
If you are 10 lbs over your “ideal” weight, and have a good medical history with no existing medical conditions, many life insurance carriers may overlook the weight. Since being overweight or obese is a modifiable factor, one sure way to get cheaper life insurance premiums is by making sure you are the “ideal” weight for your age and height at the time you apply for a life insurance policy!

http://www.2articles.com/story/obesity-and-life-insurance

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Rest of the article at the link as usual. With weight and “bad living” continuing to rise this is going to become more and more of  topic. The life insurance companies will probably happily use topics such as this as an excuse to use the predictive modelling which is going to be such a controversy in 2011.

Estate Planning Life Insurance Finally Has Some Direction!

As of yesterday it appears that the President and Congress have reached a deal on a wide variety of tax issues. For the purposes of life insurance and estate tax the latest and most important news is the end to the repeal of estate tax and clear guidelines moving forward.

I’ve been following this closely for the last two years, watching, waiting, wondering how it would all shake out. My personal opinion is that no matter what party you belong to or believe in, this agreement is good news.

http://hinermangroup.com/blog/insurance/estate-planning-life-insurance-finally-has-some-direction/

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Death Tax/Estate planning is always a massive issue that galvanises both Democrat and Republican foot soldiers in America for reason I don’t really understand, and it’s all started again. I swear Obama trying not to get re-elected sometimes, the only way that will happen I sometimes think is if Sarah Palin becomes the Republican nominee.

Have life insurance? Is it enough or maybe too much?

Most parents know that they need life insurance. But many would rather have a root canal than shop for the best life insurance policy.

"People don't think about, 'What will my family do if I am gone and not earning a living?' " says Peter Katt, a fee-only life insurance adviser. "The whole point of this kind of planning is to provide the family with maximum flexibility so they're not stuck."

Planning for your death is not a cheerful topic. Too often, parents make a quick decision, ignoring important considerations. Among their mistakes:

http://www.usatoday.com/money/perfi/insurance/2010-12-10-personalfinance10_ST_N.htm

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USA Today do Life insurance advice! It’s the usual advice we all know, but it’s been awhile since we’ve posted anything on it, so we might as well have a refresher and it’s a not a bad one to be honest.

China Taiping's life insurance premiums up 51.22% in Jan-Nov

Dec. 10, 2010 (China Knowledge) - China Taiping Insurance Holdings Co Ltd<0966>, which was formerly known as China Insurance International Holdings Co Ltd, announced yesterday that its life insurance unit, Taiping Life Insurance Co, realized RMB 30.61 billion in premium income in the first eleven months of this year, sources reported.

The figure was 51.22% more than the RMB 20.24 billion the life insurer recorded in the same period of last year.

http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&cat=CMP&NewsID=%2039427

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AIG Recovers From 'Disgraced' to Pay Back Fed's Loan: Timeline

American International Group Inc., once the world’s largest insurer, struck a deal to repay the Federal Reserve as the company works toward independence, less than two years after the bailed-out firm’s then-leader said the AIG name was “disgraced.”

“This company is not going away, it’s here to stay,” Robert Haines, an analyst at CreditSights Inc., said in an interview yesterday after the insurer announced the agreement. “There’s a lot of interest in AIG again, and AIG as a franchise.” The following is a timeline of the rescue of New York-based AIG and the company’s efforts to repay taxpayers.

http://www.bloomberg.com/news/2010-12-09/aig-recovers-from-disgraced-to-pay-back-fed-s-loan-timeline.html

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A bit too much crowing by Tom Haines I think, like Newcastle United fans, you think he would have learned from his fall, but from those comments it doesn’t sound it. A comprehensive timeline can be found on this sight of all AIG’s actions for followers of this soap opera, do take a look, it shows how far along they have come in just two years.

Life insurers in de-risking mode

The macro environment for life insurance companies in Asia has begun to stabilize, but during the height of the crisis of 2008 and early 2009, the life insurance industry in Asia was severely battered, in particular in markets such as Japan and Taiwan, where insurers had been aggressively pushing high-yield guaranteed products and had been heavily exposed to equities.

“During the crisis, it dawned on numerous major life insurance companies, especially in Japan, that it pays not to be overexposed to equities,” says Jeffrey Liew, senior director at the Asia-Pacific insurance team of Fitch Ratings. “They started delving deeper into asset/liability management (ALM) and wanted to hedge some of the investment risks that they were exposed to previously.”

 http://www.theasset.com/article/18777.html

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A fantastic analysis of the Asian market, what happened and where it is going. Must read stuff for people in that market area.

Two Frontrunners Emerge in Bidding for Nan Shan Life Insurance

Taipei, Dec. 9, 2010 (CENS)--Two consortiums, one consisting of Ruentex Group and Pou Chen Group and the other of Primus Financial Holding and Goldsun Group, have emerged as frontrunners in the renewed bidding for Nan Shan Life Insurance, according to the Chinese-language Economic Daily News (EDN), sister publication of Taiwan Economic News (TEN).

Citing inside sources, EDN reports that three other contenders, Chinaturst Holding, Fubon Holding, and Cathay Holding, have been assigned to backseats by AIG Group, parent firm of Nan Shan, during its screening of the bids tendered by the prospective buyers. It, however, may be more difficult for the two front-running consortiums to win the approval of the Financial Supervisory Commission (FSC), due to their lack of financial background.

http://news.cens.com/cens/html/en/news/news_inner_34568.html

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Sounds like AIG does not want to sell to a competitor, no matter how small they are now as by buying such an established Asian company will help them grow rapidly. Whether the local Financial supervisor will stand for it, which the article suggest they might not, AIG might have no choice but to sell grudgingly to a rival.

AIG Files Recapitalization Plan

By Miriam Gottfried

American International Group (AIG) released a statement saying it has filed a master agreement with regulators regarding its recapitalization plan with the Securities and Exchange Commission and confirming that trading was halted because of it.

The company’s filing outlines a plan to repay its Federal Reserve credit line using proceeds from sales of two non-U.S. life insurance units, AIA Group and American Life Insurance Company (ALICO).

AIG owes about $21 billion on the line, which was set up during the financial crisis when regulators determined the company was too big to fail. The insurer said in September that a preferred stake worth $49 billion and held by Treasury would be converted into common stock for sale to investors.

“Our filing today that we have signed the definitive recapitalization agreement

with the government marks an important step forward in our progress toward

completely repaying taxpayers. We remain committed to executing the steps and

meeting all conditions in the agreement as soon as possible.”

“Our filing today that we have signed the definitive recapitalization agreement with the government marks an important step forward in our progress toward  completely repaying taxpayers,” the company said in a statement. “We remain committed to executing the steps and meeting all conditions in the agreement as soon as possible.”

AIG shares closed down $1.73, or 3.9%, at $42.22.

http://blogs.barrons.com/stockstowatchtoday/2010/12/08/aig-files-recapitalization-plan/?mod=rss_BOLBlog

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Well, well, well, the next phase of the AIG saga begins. It’s final plan to get off the US taxpayers hooks begins and much quicker than I or many others believed would happen methinks. Let’s see what else we can find on this one to post about, it has been quiet the last week or two on AIG, now there back on the charge.

Britons continue to shun life insurance

More than half (54%) of adults in the UK are likely to be without life insurance, despite two-thirds of those surveyed having dependants.

New research from Barclays supports estimates of a UK protection gap amounting to £2.4 trillion, with respondents demonstrating a “natural blindspot” around life insurance.

http://www.insurancedaily.co.uk/2010/12/08/britons-continue-to-shun-life-insurance/

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....or maybe it won’t long continue, talk about attracting opposites. Life insurance companies must be highly efficient and squeezing as much money out of current premiums as is possible.

Life insurance industry in the UK shows positive growth

Insurance giant Swiss Re has predicted a strong period of growth for life insurance in both the UK and globally, and say this will continue to accelerate in 2011, it has emerged.

Swiss Re argue that the both the life and health insurance industry in the UK is set to recover from the downturn brought about by the financial crisis, and although there are potential problems such as increased debt in some European countries, it was argued that they were unlikely to have a major impact on the general upswing.

http://www.lifeinsurance.co.uk/news/2010/Dec/life-insurance-industry-in-the-uk-shows-positive-growth-97210890.html

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Here’s hoping! The only part of the economy that’s not all doom and gloom, long may it continue!

Swiss Re Sees Risk That European Debt Crisis May Derail Economic Rebound

Swiss Reinsurance Co., the world’s second-biggest reinsurer, said the economic recovery may be “derailed” by a deterioration in Europe’s debt crisis.

“There are still concerns as to whether Greece and Ireland can cope with the problems they face,” Kurt Karl, Swiss Re’s chief U.S. economist, said in an e-mailed statement today. “Instability continues in several important real estate markets including the U.S., Ireland and Spain.”

That instability has the potential to “stress” the banking industry, according to the Zurich-based reinsurer, which is presenting its global economic outlook today.

http://www.bloomberg.com/news/2010-12-07/swiss-re-sees-risk-that-european-debt-crisis-may-derail-economic-rebound.html

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With Swiss Re’s predictions, comes a stark warning as well (of course). The Euro Debt crisis is such a wildcard it’ll be the number one warning on every prediction and forecast for every sector. With the stakes so high it’s a massive cloud over the economy and what havoc it could wreak. The question is when will it end with the Euro’s destruction? Could be anytime seems to be the general consenus.

TOP 5 COMPANIES IN THE LIFE & HEALTH INSURANCE INDUSTRY WITH THE HIGHEST RETURN ON EQUITY (AFL, PRU, TMK, PL, SFG)

Dec 07, 2010 (SmarTrend(R) News Watch via COMTEX) -- Below are the top five companies in the Life & Health Insurance industry as measured by return on equity (ROE). The ROE is a general indication of the company's efficiency; Investors usually look for companies with ROEs that are high and are growing.

Aflac (NYSE:AFL) ranks first with an ROE of 22.7%; Prudential Financial (NYSE:PRU) ranks second with an ROE of 16.9%; and Torchmark (NYSE:TMK) ranks third with an ROE of 12.5%.

Protective Life (NYSE:PL) follows with an ROE of 10.6% and StanCorp Financial Group (NYSE:SFG) rounds out the top five with an ROE of 10.4%.

SmarTrend currently has shares of Protective Life in an Uptrend and issued the Uptrend alert on September 13, 2010 at $21.04. The stock has risen 19.2% since the Uptrend alert was issued.

Write to Chip Brian at cbrian@tradethetrend.com

http://www.zacks.com/research/get_news.php?id=341l1739

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Stock Market stat porn for anyone who wants here, the usual movers and shakers are on there. After today’s Met Life news you could probably add them onto the list also, or they’ll be on next weeks.

Outlook positive for UK and global life insurance - Swiss Re

Swiss Re's predicts growth in the insurance and reinsurance industry will continue to accelerate next year and expects moderate expansion in the European and US economies.

The reinsurer's outlook for the UK life and health insurance industry is positive having recovered from the financial crisis but shows signs of slower growth than in 2010.

It further noted there were many economic risks, such as the debt crisis currently affecting some eurozone countries, but suggested they were unlikely to derail the recovery with only a 10% probability of doing so.

Read more: http://www.ifaonline.co.uk/cover/news/1930533/outlook-positive-uk-global-life-insurance-swiss#ixzz17WNUx4WV

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Very positive outlook here from Swiss Re, such a swing as well. They expect 4.4% growth after 20.4% and 28.9% contraction in 2008 and 2009. Along way to go and a few years then before it reaches the market reaches the heights pre credit crunch, but when the economy as a whole is only expected to grow 2.2%, the insurance market doubling that cannot be sniffed at all. Let’s just hope the forecast turns out to be accurate, even 1% off would still be good and welcome news.

Irish Chooses Cheapest Life Insurance

The current situation wherein car, home and life insurances rate rises made many of the Irish people to be choosier to cheapest life insurance.

Insurance companies admitted that today’s time were in fact dissimilar to previous years wherein these individuals just let them get into different insurances whatever the price it has. Nowadays, Irish people as what they have said were more knowledgeable and more particular to where the better plans and cheapest of all insurances came from.

http://www.dailyrosetta.com/irish-chooses-cheapest-life-insurance/3559.html

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Irish choose cheaper option, can you blame really? It’s a miracle there have not been mass lapses of premiums, although that’s probably coming in 2011.

Research and Markets: Latvia Insurance Report 2011

Latvia Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Latvia's insurance industry.

Latvia provides a fairly chilling example of what can happen to demand for insurance in a country where external imbalances and a fixed exchange rate regime bring about a depression. Premiums in the underdeveloped life segment, which had been growing strongly in the years up to and including 2007, slumped by over a quarter in 2008 and stabilised in 2009

Read more: http://www.bradenton.com/2010/12/07/2794257/research-and-markets-latvia-insurance.html#ixzz17WMCleex

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Some great intelligence reports from this site over the last few months which I’ve posted at some point. France and Australia were two recently done off the top of my head, this one shows they’ll do any country, no matter how “unimportant” they seem in geopolitics. A vital resource for anyone in the life insurance industry I believe.

MetLife Projects Income, Revenue Gains

Metropolitan Life Insurance Co. anticipates gains in net income and revenue for the fourth quarter and fiscal year, the company has announced.

For the fourth quarter of 2010, MetLife (NYSE: MET), New York, expects net income to be between $170 million and $570 million, compared with $289 million in the fourth quarter of 2009.

It projects full-year 2010 net income to be between $2.8 billion and $3.2 billion. In 2009, MetLife reported a net loss of $2.4 billion, which included $3.3 billion in derivative losses, after taxes.

-Warren Hersch

http://www.lifeandhealthinsurancenews.com/News/2010/12/Pages/MetLife-Projects-Income-Revenue-Gains.aspx

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Again, expected as most, if not all insurance companies have been looking at some sort of profit this year, it has been one of the strongest economic sectors in the global economy, on every continent and no matter the conditions of the market in that area.

China Life Joins IGP For Greater Multinational Service

December 8 – China Life Insurance Company Limited (China Life) (601628, 2628. HK) has joined International Group Program, a leading network of international insurance companies, reports China Securities Journal, citing a company filing. China Life will therefore be able to offer its group insurance services, including casualty insurance, medical insurances and disability insurances, to multinational companies.

The move will strengthen the company's competitiveness among firms serving multinationals and will boost its brand image, according to China Life vice president Li Dairen.

IGP operates in 65 countries and serves over 830 multinational companies.

http://www.capitalvue.com/home/CE-news/inset/@10063/post/1260211

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The march of the Chinese life insurance companies onto the world stage and market begins, this could be an incredible game changer for the insurance markets and put China in a new waters as it economy marches on to overtake the US in the middle of this century.

Life insurance applications decline for sixth straight month

U.S life insurance application activity fell slightly in November, marking the sixth straight month of declines.

The monthly MIB Life Index found that application activity for individually underwritten life insurance declined 1.6% in November compared to the same month in 2009.

So far this year, declining months have outnumbered gainers, 8-3, with the last gains coming last January and March.

http://ifawebnews.com/2010/12/07/life-insurance-applications-decline-for-sixth-straight-month/

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Not good news, not to be unexpected either as people put life insurance low down the list of priorities during a recession. Though is the trend of last year continues there should be some good months coming the insurance companies way.

Where there's a will there's a war

There are many routes to challenging a will - but 'it's not fair' and 'I deserve more' just won't do.

The law generally gives us freedom to dispose of our property after death however we wish. But it also allows those we have slighted in our wills the right to challenge those choices. Disputes over wills and inheritances are nothing new - Dickens's fictional case of Jarndyce v Jarndyce in Bleak House only ended when the entire estate of the deceased had been swallowed up by legal costs.

To judge by the column inches they attract, this is the new divorce. The cases have all the elements of human drama - money, family feuds, long-buried grudges, painful rejection, often mistresses and dark secrets - and are all the more intriguing because the key witness is, by definition, unavailable.

http://www.guardian.co.uk/law/2010/dec/07/neil-rose-will-disputes

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Will’s are there to stop these sort of thing, though that was the ideal, it seems so long ago now that it doesn’t seem that way at all. From Property to Life Insurance Trusts every word and letter is increasingly being disputed by family causing strife and rifts that can’t be healed. It’s best to sit down and have a honest and frank discussion with family when a will is being drawn up. It seems this is the only way now to keep the courts free of such contests, hopefully gone will be the days of the clichéd shock and anger you see on bad soap operas of the will reading.

Take caution before you cancel life insurance policies

By Grant Hicks

Before you cancel life insurance make sure you’ve covered all the angles because you have one chance to make the right decision.

Once you cancel, it’s really tough to get it back and in many cases, you may not be able to get it back.

Here are some important things to think about before you cancel your life insurance policy.

http://www.bclocalnews.com/vancouver_island_central/parksville_qualicumbeachnews/business/111417629.html

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It’s something that is not talked about very often, but cancelling a life insurance policy for most people would be one of the first things to see the chop in fiscally tight times. The article in the link above discusses the consequences and what you should prepare to do and think about before cancelling your life insurance policy. Read and absorb it is my advice.

Insurance commissioner orders ban of clause he calls "unjust"

By Tim Eaton | Monday, December 6, 2010, 02:40 PM

Texas Insurance Commissioner Mike Geeslin has adopted a rule change that prohibits discretionary clauses in insurance policies.

The order was signed Friday but made public today.

Discretionary clauses — which are found in disability, health and life policies — are contract provisions that provide insurers with sole discretion in deciding if, when, and what benefits are due under the insurance policy

http://www.statesman.com/blogs/content/shared-gen/blogs/austin/politics/entries/2010/12/06/insurance_commissioner_orders.html?cxntfid=blogs_postcards

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Hmmmmmm, A state matter, but will it stay a state matter or spread? That’s the thing with American Federalism, the smallest acts in the smallest states can snowball into country and federal wide issues, could this be one? We’ll probably have to wait for the Insurance industries inevitable court case against the Texas insurance commissioner.

FSC gets tough on foreign insurer pullouts

Taiwan's financial regulator is applying stricter standards to the sales of domestic insurers by their foreign parent companies after three European financial institutions unexpectedly sold their Taiwan units between 2008 and 2009.

Though the global financial crisis was one of the main reasons behind the pullouts, which began with Netherlands-based ING Group in October 2008, the exodus has cast a shadow over Taiwan's insurance sector and alarmed the Financial Supervisory Commission (FSC).

http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?ID=201012070010&Type=aMAG

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Can you blame them in all honesty? The Asian market has been the first market, particularly Taiwan, Japan and South Korea, that has been cut back on by insurance companies downsizing or bailed out by their national governments. Again this all comes down to building up national companies and giving them an advantage on the international stage, the AIG vacuum is having so many ripple effects it’s beginning to be hard to keep track of them.

Warren Buffett, Robber Baron?

Did you know that the life insurance lobby is actively lobbying to restore the estate tax? 

Why would the life insurance industry care about that? It turns out that ten percent of life insurance industry revenue is related to the estate tax. Wealthy people take out life insurance in order to reduce estate taxes because when you die, your life insurance payout doesn't count as part of your estate.

Did you know that Warren Buffett owns six life insurance companies? Did you know he supports the estate tax? You do now.

http://www.americanthinker.com/2010/12/warren_buffett_robber_baron.html

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I don’t think you can call Buffett a Robber Baron, anyone who knows anything about robber barons knows they don’t exist anymore. The closet you come is probably Rupert Murdoch and that’s really stretching the definition (though he’s probably just as hated as a baron was/is). If you want a classic portrayal of a Robber Baron, watch Deadwood, especially the third season, with William Hearst portrayed brilliantly series, THAT’s a robber baron. The Estate Tax (or Death Tax/ Inheritance Tax wherever you live) we talked about in a post yesterday is a majorly contentious issue in the States, if Buffett is actively supporting it, who knows? He owns so many companies I wouldn’t be surprised if he doesn’t realise he owns six insurance companies!

Standard Life to pay 42m for Focus Solutions

Financial services software and consulting company Focus Solutions Group plc has agreed to a 140p per share recommended cash offer by life insurance major Standard Life plc.

The offer values Focus at around 42m and represents a premium of 33.3% to the closing price on November 8, before talks were announced.

http://uk.ibtimes.com/articles/20101207/standard-life-to-pay-42m-for-focus-solutions.htm

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A good move for Standard Life? Who knows, it’s a relatively small price and acquisition for the insurance market, even in these recession hit times.

Daughter tells of heartache of missing mum as charity aims to help people whose relatives disappear

A CHARITY are asking the Government to give families of missing people the same basic rights as victims of crime.

Families whose loved ones disappear have no automatic access to emotional or practical support. They also face a legal and financial minefield without access to bank accounts or, in some cases, life insurance.

They don't know whether the vanished are dead or alive, if they disappeared voluntarily or have been taken.

Missing People want every region to have a missing persons co-ordinator, counsellors to be made available by local authorities, every family to have a single point of contact in the police force, all unidentified bodies to be cross-matched with missing persons reports and every family of a missing person to be signposted by the police to Missing People's free emotional, practical and legal support services.

http://www.dailyrecord.co.uk/news/real-life/2010/12/07/we-miss-you-mum-wherever-you-are-86908-22767307/

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This is a good idea, and in some ways a good off shoot life insurance companies could get into. Not to sound opportunist, ok it does and I’m sorry about that, but it’s gap in the market, people need help in this area. Not everyone are the McCanns who can raise millions looking for a missing person. It’s  sector that needs help and insurance companies I believe have the expertise to deal with this sensitive subject and emotional state of those involved.

Taiwanese Companies Confirm Bids for AIG's Nan Shan

TAIPEI, Taiwan, Dec 06, 2010 (A. M. Best via COMTEX) --

American International Group Inc. has attracted four Taiwanese financial and business conglomerates for a new round of acquisition bids for its life insurance unit, Nan Shan Life Insurance Co. Ltd., in Taiwan.

The four companies expressing interest in Nan Shan are Chinatrust Financial Holding Co., Cathay Financial Holding Co., Ruentex Group and Fubon Financial Holding Co. Ltd.

http://www.tradingmarkets.com/news/stock-alert/aig_chyyy_taiwanese-companies-confirm-bids-for-aig-s-nan-shan-1350075.html

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The scramble to fill AIG’s Asian market vacuum continues, this could be quite a fierce battle to take over Nan Shane, seeming Pru have already failed. AIG might be desperate to sell, but they won’t sell for a penny less than they think Nan Shan is worth.

Life Insurance Quotes - What is Separation Option?

http://video.justlifeinsurance.com/vod/jlivideo.justfinanceleads/life-insurance-quote-what-is-seperation-option.mp4

In this life insurance advice video, life insurance expert Peter O’Grady explains exactly what a separation option is.

Peter goes on to explain that a separation option on a joint life insurance policy covering two people, means that if the couple were to separate then they could separate the policy into individual plans in their own names. This would be to the same level of cover as previously provided, without any further medical underwriting.

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In case the link above did not work here is the link: http://justlifeinsurance.com/life-insurance-advice-videos/separation-option/

There is hardly anything on the net talking about separation options on the Internet, believe me I’ve looked, not one thing bar this video, even this is only 40 seconds long but it’s the best you’re going to get for a while so enjoy it. It seems if you want more information, talking to an IFA is your only option at present.

UK Pru's Asia plan strengthens CEO's grip on power

(Reuters) - The boss of Britain's biggest insurer Prudential Plc outlined a plan to double Asian premiums by 2013, a move seen as bolstering his grip on the top job after a bungled takeover in the high-growth region.

Prudential, facing shareholder pressure after the failed multi-billion-dollar attempt to buy AIA this year, also said it was targeting a doubling of last year's life insurance and asset management pre-tax profits by 2013.

"This is a very positive statement and I think that Prudential can deliver," said Shore Capital analyst Eamonn Flanagan, who listened to the company's presentation.

http://www.reuters.com/article/idUSTRE6B01TT20101201

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Following on from the last post, Pru’s plans for Asia show themselves in this article from last week. It’s ambitious to say the least but for some reason I can see them succeeding and then some. It seems some internal politics were at play here to save the top brass jobs, they now need to deliver or they will be chucked out of Pru. It’s a golden opportunity with no AIG in the market and Pru are moving aggressively to fill that gap, what their competitors moves are will be interesting to see, though I doubt we’ll learn of them till New Year.

Sector movers: Insurance gets Pru boost

LONDON (SHARECAST) - The life insurance sector is one of today’s strong performers, helped by a bullish update from Prudential.

Pru chief Tidjane Thiam has made Asia the cornerstone of a plan to drive the life insurance group's profits strongly forward over the next two years.

Thiam, who failed to conclude a deal to buy the Asian business of US firm AIG earlier in the year, has projected the Pru's Asian arm will double its 2009 pre-tax operating profit of £465m by 2013.

Asian new business profits are also being slated to double by 2013 from the £713m made in 2009.

With equities advancing on the back of optimism that the eurozone crisis will be resolved, only one sector is in the red – the defensively-oriented utility sector.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=3872009

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The battle to fill the void left by AIG continues, Pru, Aviva and their friends are really scrambling to get a strong hold in the rest of Asia so they are perfectly placed to make sure the Chinese companies don’t become established in Asia and then the rest of the world. It also gives these companies strength to muscle into China and give them a powerful hand and when bargaining with the Chinese authorites.

When Life Insurance Is Suddenly Canceled

Tucked into the fine print of all life insurance policies is what's known as the "Contestable Period," which usually gives the insurance company within two years of the insured's death to cancel payment of a life insurance claim -- they are not obligated to pay if a material misrepresentation is found in the application. Often the insurance company will argue that the deceased purposely hid information about a pre existing condition such as cancer. Also, if there's a question about whether the deceased committed suicide, the policy's beneficiaries may not get paid.

http://www.walletpop.com/blog/2010/12/02/when-life-insurance-is-suddenly-canceled/

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It’s not surprising, as the article states it’s rare but some life insurance companies will try and weasel out of paying money owed to the companies. It’s a fact since the dawn of time that that all insurance companies will do what they can not to pay out, that is why it ‘s so important to read the fine print of any agreement and/or have a Independent Financial Advisor take a look at the insurance papers before signing into an agreement.

NFU Mutual scoops life insurance award

NFU Mutual has won ‘Best Life Insurance Provider' at this year's Personal Finance Awards 2010/2011 by readers of themoneypages.com.

The insurance, pensions and investment specialist received an overwhelming number of nominations from readers and won over the judging panel with its record of excellent customer service.  

themoneypages.com has been reviewing products and offering advice to consumers on personal finance issues since 1994. The 2010 survey canvassed the opinions of more than 6,000 website readers on financial services organisations, ranging from mortgage to life insurance providers.

http://www.easier.com/81292-nfu-mutual-life-insurance-award.html

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Congratulations to NFU Mutual, no doubt well deserved in a tough and competitive market.

Why are so many Kiwis underinsured?

It’s a pretty sobering thought –based on gambling revenue data published by The Department of Internal Affairs, in 2009 New Zealand households spent almost twice as much on gambling than they did on life, trauma and disability insurance premiums yet it would seem that the amount of claims paid by life insurance companies is double that of the value of prizes paid in gambling.

According to recent statements from the Investment, Savings and Insurance Association, life insurance companies are paying out an average of $2 million a day in claims.

http://www.stuff.co.nz/business/money/4421009/Why-are-so-many-Kiwis-underinsured

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Wow, who knew the Kiwi’s were such gamblers, good job Las Vegas is a long way away. It’s the same story in all western countries, UK, US, Australia, France, Germany etc. Life Insurance is seen as a luxury payment in these fiscally tight times, quite wrongly of course, but what are you going to do? It’ll take years to change people’s mind and I wouldn’t be surprised to see life insurance rates rise as the economy starts to pick up again.

Life Insurance Companies Used to Love Republicans, Now Love the Estate Tax More

On January 1, the estate tax—now at zero—comes roaring back. Assuming congressional inaction, the tax kicks in at 55 percent for all estates over $1 million. In fact, it's unlikely that the tax will be back in full; this is one of the issues the lame ducks are supposed to be dealing with right now. But where and how new rates are fixed means there's a lot of cash at stake, which means there's a lot of cash being spent on the Hill.

Life insurance is a good way to work around a system of high estate taxes—payouts are untaxed, and likely to remain that way. This means the life insurance industry has a lot to gain in a world with high estate taxes. From a nice little paper [PDF] for the American Family Business Foundation by Tim Carney and Dick Patten:

http://reason.com/blog/2010/12/02/life-insurance-companies-love

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Life Insurance companies have had a good year, one of, if not the strongest sector in the world economy in the last year. If the Estate Tax comes back in the US (Inheritance Tax as it’s known this side of the pond) it could be an even bumper year for insurance companies in the US. Another reason Zurich is moving back into the US Insurance market perhaps?

Could your Facebook profile lead to higher insurance premium? Insurers snooping on online activity to calculate costs

Posting pictures of yourself partying on Facebook or bragging about your lazy Sundays could result in a more expensive insurance premium, it has emerged.

Insurers are planning to introduce 'predictive modelling' schemes - which monitor online data about people's social life and spending - in the UK after studying the results of U.S. trials.

While the firms claim the analysis provides valuable information about customer's health and life expectancy, civil liberties organisations are likely to be concerned about its implication for people's privacy.

Read more: http://www.dailymail.co.uk/sciencetech/article-1335852/Facebook-profile-lead-higher-insurance-premium-snoop-online.html#ixzz17LDP04YY

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The MSM finally catch up to what was reported in the industry papers almost a month ago about Aviva’s modelling trials. What makes this delicious is the usual added Daily Mail disgust and furore added into the article, it makes the comments always fun to read at the end of the article. This is the first crack in the dam before it comes tumbling into the open and the civil liberty start stirring the pot. It will make waves next year I’m predicting, especially if the model and trials are a success.

Life insurance under the Christmas tree?

Of the millions of possible gifts you might consider putting under the Christmas tree this season, life insurance just might be the most unexpected and unwanted.

Of the millions of possible gifts you might consider putting under the Christmas tree this season, life insurance just might be the most unexpected and unwanted. It's neither fun nor exciting. You can't plug it in. You can't drive it around the block. You can't wear it for an evening out.

So why even consider giving your spouse and children a gift guaranteed not to elicit squeals of delight? Because this gift, more than others, provides your loved ones a measure of security and stability when everything else in their life is being shaken.

http://www.echopress.com/event/article/id/80307/group/News/

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Not the worst idea I’ve heard, just make sure you don’t make it the main or only present under the Xmas tree or you’ll be worried you’ve married a gold digger! Besides, if the annual family argument at the end of Xmas dinner is going to be about anything, might as well make it a productive one on the future and worst case scenarios’ and not what Uncle Steve said  years ago about you or some other inane %$£&.

Death tax - bad for customers, 'cash cow' for insurers

A new study reveals the life insurance industry spends millions of dollars lobbying for the death tax, despite the negative impact it has on customers.

According to a new report from the American Family Business Foundation, the life insurance lobby spent $10 million a month in the first half of 2010 to bring back the Federal Estate Tax, also known as the "death tax." Only three industries -- pharmaceuticals, electric utilities, and oil and gas -- spent more over the same period.

Dick Patten, president of the American Family Business Institute (AFBI) and co-author of the report, says the death tax is a "cash cow" for life insurers.

http://www.onenewsnow.com/Business/Default.aspx?id=1245916

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This line is the killer line: “In 2009, the federal government collected $19 billion in death taxes, but the life insurance industry brought in about $15 billion in premiums to what's called second-to-die life insurance policies," which is policy that is "custom-designed" just for death taxes.”

I had no idea about this and I’m sure many others don’t either, the power lobbyists have the US Government is always worrying and disgusting. Not that the UK is immune, they just manage to keep a lower profile and spend nowhere near the amount that is spent in America. Besides, if they fail at the sovereign parliaments, they move to the usurper parliament in Brussels.