Avoiding Fraud – ILIT Trustee and Trust Beneficiary Situations

Companies have a variety of approaches for handling life insurance applications with an Irrevocable Life Insurance Trust (ILIT) listed as owner and/or beneficiary. Some companies don’t ask for anything other than the trust’s tax identification number; some ask for a trust certification; others just ask for limited pages from the trust; and still others ask for a copy of the entire trust and utilize a committee review approach, often involving associates from advanced marketing/legal, agency, actuarial and underwriting departments.

Underwriting Children

Underwriting younger ages can be one of the most difficult tasks of an underwriter. Besides the obvious task of determining insurable interest on individuals with no employment, no immediate financial need, little track record on health and few clues on the medical end, most underwriters have the least experience working on this age group.

New Life Insurance Product Provides Incentive for Cigarette Smokers to Quit

Sentry Life Insurance Company and the National Association of Insurance Marketers (NAIM) announced today a joint marketing agreement to offer Commit to Quit, a new term life insurance product designed specifically for cigarette smokers who want to live smoke-free.

Global Update: Another Challenging Year (LOMA Resource)

Insurers everywhere are carefully monitoring developments in the global economy, regulatory oversight, promising markets, and more—then positioning themselves for success in a post-financial crisis world.

Insurance Models That Appeal to Millennials

Millennials have shown a clear shift in interests and priorities from other generations. They are willing to pay more for a product so long as they perceive its added value.

Life Carriers Lag Behind In Customer Tech Support

These days, people can bank through their smartphone, trade stocks online and instantly view their investments – all thanks to the latest Internet and mobile technology.

Unfortunately, the same can’t be said about life insurance.

Weed Users Avoid Smoker Penalties at 29% of U.S. Life Insurers

Marijuana users, who can now buy weed without fear of arrest in some U.S. states, can also get life insurance without facing a smoker penalty -- if they shop carefully.

Avoiding Material Misrepresentation and Fraud in Life Insurance

We traveled a great deal this past year, visiting clients, potential clients and attending industry meetings. Along the way, the topic of fraud in the Life insurance industry came up quite a bit.

Lincoln Financial Taps Third-Party Data for Faster Underwriting

Many prospects for life insurance are turned off by the perception that the application process is long and invasive. Lincoln Financial Group is using big data to make it a little easier.

What is the Future of Straight Through Processing?

As you read all the latest statistics in life insurance, annuities and long term care insurance from sources like LIMRA1, they all point to four key trends.

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