Life insurance. Only shouting “Fire!” can empty a room more quickly. No one wants to think about life insurance. Many people don’t think about it - ever. One consequence is millions of uninsured Americans. Even more are underinsured. Another consequence: Many overpay for the life insurance they have. This column is your five-minute primer for […]
WORCESTER — Severing ties to a 159-year history in the life insurance business, Allmerica Financial Corp. said yesterday it would close down its broker-dealer operation, a decision that will trigger the elimination of 335 jobs.In announcing its third-quarter results last night, Allmerica said it would abandon a yearlong effort to sell other companies’ life and […]
Oct. 21 New York Life Insurance is poised to inject new capital into Siam Commercial New York Life Insurance to drive its local joint venture into the top five local life insurers. “We (New York Life) currently have over US$10 billion in net capital surplus and are ready to inject new capital into the local […]
Oct. 16 In more than a century of business in downtown Durham, N.C. Mutual Life Insurance Co. has survived wars, recessions and the Great Depression to become America’s largest black-owned insurance company. The latest challenge: sick and injured college students.The landmark firm posted a $5 million loss last year on $112.4 million in revenue. It […]
The years change, but banks’ life insurance gospel seemingly never does: They believe they will solve the puzzle and become big sellers of the product.Executives interviewed at the American Bankers Insurance Association conference here last week admitted they are nowhere near where they need to be in life insurance sales and that true success is […]
Policy filings by 48 insurers drew disapprovals, instructions or requests for more information last week from the State Insurance Commissioner’s Life, Accident and Health Division. The following gives the names of the companies submitting the filings, a description of the filing and the reasons for disapproval. Notes: “Sec.” refers to 36 O.S. 2001; “OAC” denotes […]
Securities regulators have contacted some Northwestern Mutual Life Insurance Co. customers who hold variable life insurance policies as part of an investigation into how agents pitched the market-sensitive policies, a newspaper reported.Northwestern Mutual confirmed to the Milwaukee Journal Sentinel that it has turned over policy holders names to the National Association of Securities Dealers. The […]
Through four names changes, three locations and the Upstate economic meat grinder, Unity Mutual Life Insurance Co. has persisted in Syracuse and celebrates its 100th anniversary this year.Since the company began in 1903 as the Imperial Order Tycoons, which provided financial security to families after the death of a breadwinner, other local companies have come […]
With four children under the age of 6, Lisa Dressner of East Brunswick recently decided she needed to double the amount of insurance on her life, to $1 million. To her surprise, her annual premiums rose only about $150, from $578 to $730.”I got a lot more coverage for not that much more money,” said […]
Oct. 7 A Colorado Springs life insurance agent now heads a top trade group for agents who sell life and health insurance and act as financial advisers. Randy Kilgore, an agent for New England Life Insurance Co. and owner of Randy R. Kilgore Co., last month became president of the Falls Church, Va.-based National Association […]