The Premium income of the country’s term life insurance sector has doubled in five years between 2000 and 2004. With the private sector players gaining their strong foothold in the life insurance business, the private sector life-insurers maintained their dominance with 33 per cent growth in 2004. The annual report of the term life insurance company said that the rise in premium income of private sector life insurers was the result of expansion of life insurance business in the country through introduction of micro insurance.
January 20, 2006
Term Life Insurance – Private Insurers Dominate with 33%.
January 16, 2006
Term life insurance to take on mortgage repayment??
The answer to the question whether one must opt for a term life insurance cover that will take care of the mortgage payment in case of untimely death is one that has to be answered on the basis of the individual facts and circumstances.
The biggest advantage of doing so is to provide financial security to the survivors after one’s death.
If only the mortgage has to be covered, it is best to opt for a term life insurance policy where death benefit decreases as mortgage is repaid.
January 9, 2006
Launch of a new insurance!
It was on the 5th of January that the savings bank life insurance company of Massachusetts launched certain life insurance terms. It helps those who already have an insurance and the once who desire to have in the future keeping in mind the terms so listed. It mentioned about the term being extended. It held a special stand for the yearly renewal, annuities, whole life insurance, and so on. It also liberated the interests and tried making it a bit flexible. For further details click Term life insurance.
January 5, 2006
What is in the name?? Good service needs no name
The Savings Bank Life Insurance Company of Massachusetts has declared its intention to establish its presence in Connecticut. It intends to do so in the name of Centrian Life Insurance. The decision to use a different brand name is to avoid the confusion of having two companies with similar sounding names operating in the life insurance market. The company intends to offer a wide variety of life insurance services.
January 5, 2006
Paperless system to propel growth in term life insurance market.
Zebraquote.com has announced plans to manage term life insurance information by making use of an automated insurance sales system. The objective behind this move is to streamline operations, improve customer service and cut time used for underwriting.
The shift is also due to the realization that paper based system will not allow rapid growth in the term life insurance market. The company plans to reduce the time taken to underwrite term life insurance policies
November 29, 2005
South Africa Offers Affordable Term Life Insurance to HIV Positive People
HIV positive people have been greatly discriminated against worldwide by insurance agents. Many people living with HIV or AIDS have been unable to get home loans because they could not get life insurance or were offered life insurance at nosebleed prices.
Some companies in South Africa have came up with innovative ways to offer life insurance at an affordable rate, based largely upon the risk factors associated with how well the policy holders adhere to therapy. Moneyweb reports:
A key component of AllLife’s innovative model is the direct offering to consumers. Products include Term life insurance (duration of cover varies, with premiums remaining fixed for the duration of the policy - Level cover for ten years and twenty years is available); Whole Life “standard” life insurance, similar to life insurance policies available to non-HIV+ individuals that provides level cover for as long as premiums are paid, and is available on a fixed monthly premium or increasing monthly premium basis. This product is a pure risk life insurance policy and not a funeral policy; and Home Loan Protection insurance providing cover for the amount outstanding on the individual’s home loan. Central to the calculation of premiums is the prospective policy holder’s health profile and commitment to adherence to appropriate therapy. Cover is extended up to R1 million.
Read more: First ever broad based life insurance for HIV+ individuals to revolutionise industry
November 28, 2005
Refinance Your Term Life Insurance Policy & Save
Over the last 5 years term life insurance rates have dropped sharply, and they are expected to drop another 3% in 2006. One of the nice things about term life insurance is that it does not cost anything to shop for a new and better contract.
Buying a new policy while rates are low allows you to lock in the same price you are currently paying or pay a cheaper rate for the remainder of your current contract. Those who recently got a policy may not save much by shopping around, but if you bought one before 1999 it may well be worth a look. Keep in mind that rates can vary by vendor and do not drop your old policy until after the new one is active.
The Chicago Tribune reports:
A term policy that in 1994 cost $1,300 will cost just $641 next year, according to AccuQuote.com, an online rate comparison service. The biggest savings will come for people who have term policies started before 1999, when rates were significantly higher. Do the math. If you didn't refinance a 1994 rate and kept paying premiums for another 20 years, you would have wasted $13,180. "It's been a remarkable drop," said Byron Udell, founder and chief executive of AccuQuote. "If you bought your policy before 1999, you should be looking at it."
