MetLife has introduced a program that shortens application and underwriting procedures for its Whole Life Select 10 life insurance product. This is a move designed to appeal to applicants as well as advisors looking to sell more policies.
There are a number of health and lifestyle factors - obesity, smoking, air pollution - that are known to be risk factors for early mortality and receive considerable attention. New research has suggested that social connections should be added to this list, with a study finding loneliness and social isolation to be risk factors for all ages.
Key challenges in 2015 include rising competition, generally soft pricing conditions and tight profit margins. To effectively surmount these problems, many insurers are investing technological solutions that improve front-end sales, distribution and customer service, and enhance back-end operational efficiency and expense management.
The thyroid is a physically insignificant endocrine gland located in the neck anterior to the trachea. Cancer of the thyroid has historically been uncommon, yet incidence rates have been increasing dramatically worldwide over the past 20 years. A corresponding increase in thyroid cancer claims has also been observed in Critical Illness (CI) insurance over the past decade.
Individual life insurance new annualized premium grew 11 percent in the fourth quarter 2014; resulting in a 2 percent increase for the year, according to LIMRA’s Retail Individual Life Insurance Survey.
The range of infectious diseases that cause distress, illness and death remains truly staggering. Malaria, pneumonia, HIV, meningitis, plague, yellow fever, cholera, influenza and most recently Ebola continue to influence not only individuals but the economic and social life within large regions of the world. Most countries have experienced epidemics of one form or another over the past decade. The majority has been contained, but the H1N1 influenza outbreak of 2009 briefly demonstrated the potential for global reach.
Most life insurers underwrite adult marijuana use as if it conferred the same relative mortality risk as cigarette smoking. Is this approach based on credible evidence or rather driven by long-standing misperceptions of the risk implications of marijuana consumption?
Insurance blood testing for most, if not all, insurers includes a PSA (prostate specific antigen) test in males above a certain age range. Unlike testing for diabetes or kidney or liver disease, however, the PSA test is more controversial. It allows insurers to price more aggressively with a favorable result and requires more investigation with a questionable one.
Ron Herrmann, CFP, executive vice president, distribution and sales at Prudential Individual Life in Newark, New Jersey, says that roughly 75 percent of buyers are doing online research prior to purchasing; almost half of that research is being conducted on mobile devices.