The life insurance protection gap remains an issue in the United States. Swiss Re research estimates the gap between the life coverage families should have for income protection, versus what they actually have, at $20 trillion in aggregate in 2010. This is up from $18 trillion in 2001 after adjusting for inflation. The average family has a gap of $378,000, up from $347,000.
Private long-term care insurance (LTCI) is now in its fourth decade - the last, in the view of some, in which it will be sold widely across America. Before we observe the obsequies, it may be well to take stock of where we actually are, because sales of stand-alone LTCI products - not to mention linked or combination products, chronic illness coverage, and short-term care insurance - do take place each day, suggesting that private LTCI is filling a need.
As more governments liberalize cannabis regulations, the mortality and morbidity impacts of this drug as well as its potential benefits when used for medicinal purposes will be of great interest to the insurance industry. This research presents statistics on marijuana use and the results of several studies on its effects.
The individual life marketplace continues to be hyper-competitive with technology playing an ever larger role in insurers’ ability to attract, retain and profitably serve clients. With the release of our new Business & Technology Trends: Individual Life report, it is an ideal time to highlight six technology priorities in this area.
Buffeted by economic, social and demographic changes of recent decades, life insurers and their agents and brokers are being challenged as never before. If the industry is to surmount competitive threats, then it will have to thoroughly revamp long-standing business practices.
John Hancock earlier this month released with great fanfare a “whole new approach to life insurance” that lowers premiums for customers who live healthier lives by agreeing to submit data to a wellness company.