Life Actuarial Task Force members voted 15-2 in a “straw poll” to proceed with language put forth by the American Council of Life Insurers. The language is designed to shore up Actuarial Guideline 49 and bring IUL illustrations more in line with actual returns. The post ACLI Version Wins In IUL Illustration Fight appeared first on InsuranceNewsNet.

Term life insurance premium increased 8% in the first quarter, the highest since the second quarter 2007, according to LIMRA’s First Quarter 2020 U.S. Individual Life Insurance Sales Survey. Sixty percent of term life writers reported positive growth. The post Term Life Premium Up 8%, Offsetting Tough 1Q: LIMRA appeared first on InsuranceNewsNet.

A $500,000 term life policy lasting 20 years would cost an average of $30 per month for a 35- year-old nonsmoker in good health. "Ultimately, the amount of coverage you have should be enough to meet all of your future financial obligations, minus the assets that would be liquidated on your passing," said Chris Moon, Insurance Product Manager at ValuePenguin.com. The post 83M Americans Say COVID-19 Has Them More Likely To Buy Life Insurance appeared first on InsuranceNewsNet.

Three industry organizations are partnering on a joint mortality experience study that will compare individual life mortality involving COVID-19 now and into the near future. LIMRA, the Society of Actuaries (SOA) and TAI are working on an inaugural report to release later this summer. The post COVID-19 Individual Life Mortality To Be Examined In New Study appeared first on InsuranceNewsNet.

People do not always understand why they need to insure their life. For example, you don't think that if you have a fire extinguisher in your house, a fire will definitely start. The company does not ask for residency or citizenship, but you must legally reside in the United States and have a Social Security number. The post Why Americans Need To Know Their Life Insurance Facts appeared first on InsuranceNewsNet.

The over-60 age group had been the largest group of life insurance applicants, but carriers have had to restrict new coverage for older consumers because of COVID-19. The post Carriers Cut Age Groups From Coverage appeared first on InsuranceNewsNet.

U.S. life insurance application activity was down 3% year-over-year in April, according to the MIB Life Index -- the second consecutive month of decline. The post Life Insurance Activity Down 3% In April: MIB Reports appeared first on InsuranceNewsNet.

The pandemic is forcing everyone to take stock of what needs to change and what needs to stay the same, said the CEO of the American Council of Life Insurers. As for the life insurance industry, the biggest change coming from COVID-19 will be a more sophisticated use of technology. The post Life Insurance ‘Will Still Be A People Business’ Despite Greater Tech appeared first on InsuranceNewsNet.

All of the companies surveyed by LIMRA recently are still recruiting agents. Despite the challenges with getting newer agents licensed, 65% of companies are not focusing on more experienced agents. The post Agent Recruiting Continues During Pandemic, LIMRA Finds appeared first on InsuranceNewsNet.

--Today, The Guardian Life Insurance Company of America ® unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider 1. The term insurance product offers level pricing for the duration of the policy that helps create protection for families and the ability to create a charitable giving legacy. "Guardian Level Term... The post Guardian Life’s Term Life Insurance Has Built-in Benefit For Charity appeared first on InsuranceNewsNet.