Life insurance news

Here are some recent life insurance news and updates:

Industry Trends

  1. Increased demand for term life insurance: According to a report by LIMRA, term life insurance sales have increased by 10% in the past year, driven by consumers seeking affordable coverage for a specific period.
  2. Growing importance of digital channels: A survey by Celent found that 70% of life insurance consumers prefer to purchase policies online, highlighting the need for insurers to invest in digital platforms.
  3. Rise of whole life insurance: Whole life insurance sales have increased by 15% in the past year, driven by consumers seeking permanent coverage and cash value accumulation.

Company News

  1. Prudential Financial acquires Assurance IQ: Prudential Financial has acquired Assurance IQ, a digital insurance agency, to expand its online presence and offer more personalized insurance solutions.
  2. State Farm launches new life insurance product: State Farm has introduced a new term life insurance product, offering coverage up to $1 million and a range of riders and add-ons.
  3. MassMutual acquires CBR International: MassMutual has acquired CBR International, a provider of life insurance and annuity products, to expand its presence in the international market.

Regulatory Updates

  1. DOL fiduciary rule update: The Department of Labor (DOL) has issued a final rule updating the fiduciary rule, which requires insurance professionals to act in the best interests of their clients when providing retirement advice.
  2. NAIC updates life insurance data reporting: The National Association of Insurance Commissioners (NAIC) has updated its life insurance data reporting requirements, aimed at improving data accuracy and transparency.
  3. SEC proposes new insurance company capital requirements: The Securities and Exchange Commission (SEC) has proposed new capital requirements for insurance companies, aimed at ensuring they have sufficient capital to meet their obligations.

Product Innovations

  1. Guaranteed issue life insurance: Some insurers have introduced guaranteed issue life insurance products, which offer coverage to individuals with pre-existing medical conditions.
  2. Term life insurance with a twist: Some insurers have introduced term life insurance products with unique features, such as the ability to convert to permanent coverage or increase coverage amounts.
  3. Life insurance with a wellness component: Some insurers have introduced life insurance products that offer rewards or discounts for healthy behaviors, such as exercise or healthy eating.

These are just a few examples of recent life insurance news and updates. If you have any specific questions or would like more information on a particular topic, feel free to ask!