The Life Insurance Review
Where Life Insurance is Talked About
Life Insurance Providers – We’re hanging on… for now
Apr 10th
That is what industry leaders are saying and it might be true for though sales are low, there are enough current policies that keeps the cash flowing in the industry that they have managed to stay put. The health insurance industry has managed to shrug off the effects of the sub prime market’s tumble with tough resilience and they aim to keep it that way. The companies that have been adversely affected by the downward spiral are those that have the most exposure in terms of cash flow and investments in the many firms associated with the sub-prime crisis. Good for the industry, those affected were not too noticeable and those who were hit took only slight damage. They have ended up with enough capital and cash that they are one of the industries which can manage to pour money into new opportunities opposing current trends.
Financial Problems Worrying
Oct 25th
Providers are worried at the current trend that the area of commercial and personal insurance is concerned for they are forecast to flat out this year. The main issue is responsive pricing which would allow more people to get insurance as the prices fluctuate. There is no definite way of saying when the problems that are plaguing the financial sector would at least level off but if the current trend continues, the forecast is not good. The decline in the prices of commercial policies also affects the ability of health insurers to come up with innovative prices that are within reach of the ordinary office worker. Many in America are now left without ample insurance due to problems within the troubled economy. As people get displaced either by the massive lay offs that are expected to come as the troubles worsen, the need for insurance increases and many will surely face uncertainty when the industry is forced again to raise prices.
Life Insurance Sector – Doing Good in Europe
Sep 29th
Thanks to the rise in ageing people in Europe, that corner of the world sees growth in the life insurance industry. The study, form the Comite Europeen des Assurances (CEA) saw the growth trend this year as opposed to last year when the market was greatly affected by the sub-prime market woes in the US. The rise is also attributed to demography meaning more people get offers from more providers allowing better choices for the public. Health and Life insurance many Americans now have to forego due to rising food and fuel prices as opposed to Europe which has mostly stable economies allowing stable growth throughout the industry.
Jan and Feb Sales, Low
Aug 29th
As expected, the figures for the month of Jan and February are pretty much low which has many puckering their lips as the first quarter earnings reports await release. The industry is suffering greatly as more and more people that are hit by the financial crisis tend to put off their policies for now. The current economic outlook also has lower applications and sales of policies in the health insurance avenue of their businesses in North America and Canada alike. Another effect on the industry is that the many commercial policies that are getting lower and lower in terms of figures as employers trim down their ranks to lower costs. The many lay-off’s we are seeing is having more than an impact on the housing industry for how can a family get insurance if they don’t even have a home to live in?
Consumer Confidence Hits 26 Year low
Jul 25th
As expected, the confidence of consumers has hit the lowest ever in 26 years which is not good and a good indicator of worsening economic conditions. The coming tax rebates are to be put into payments for debts and savings as food and fuel prices hit all time highs which also makes the entry of a full blown recession a reality. Analysts have long been saying the country is already in recession but many still fail to accept the fact that it is still going to get worse. The worsening economy will affect most Americans who fall in the middle to lower levels and the government’s efforts to help ease the pain are only proving to be temporary but necessary.
What is Long-Term Health Insurance?
Aug 22nd
Image source: www.howtoguides365.com
Many people believes that long-term care provides the assistance you greatly need to achieve dealings of daily living—such as bathing and dressing yourself. Or, you may need supervision because of dementia or another form of cognitive injury. In addition to this custodial care, some people also require expert nursing services due to severe illness.
You can acquire long-term care in a nursing home, assisted living capacity, or in your own home. The need for long-term care can occur at any time, in spite of your age. Older citizens use the most longterm care, but younger and middle-aged people seldom need long-term care as well. You may need long-term care because of a chronic illness or disability that leaves you incapable to care for yourself for an extensive period of time.
Long-term care is usually not covered by health insurance except in a very limited way whether the person is inside a nursing home, assisted living facility or even at their own home.
First Quarter Earnings
Apr 21st
The insurance industry holds its breath as they await first quarter earnings reports. Forecasts for the year are not at all good but many still manage to hold their own weight with more attentive focus on adapting to current financial industry trends. The lower prices have enticed just enough customers to get health insurance along with the introduction of many personalized packages that are made available for the different needs that exist in the various levels of policy holders. The suspense continues as they await financial reports from the industry leaders who are key in the overall health of the industry. Many have been experiencing a slump in sales but have been able to maintain stability and keep existing policies even getting a few new ones to shore up the statistics.
FINRA Delays Rule 2821(c) Implementation
Apr 17th
The Financial Industry Regulatory Authority has agreed to move the enactment into law new proposals for changes to the insurance industry. The move would have accredited firms conduct principal reviews for the suitability of such deferred VA applications within only a few days before it is submitted to the insurance company. The amount of time they have specified has been contested by several providers may not be enough to allow them proper review and evaluation. Key representatives of the industry also asked for a different approach to the enforcement of the said rule instead of having a fixed date giving clue to a gradual implementation. The rule has been approved by the US Securities and Exchange Commission last September and has already undergone several revisions to further refine the said rule. The FINRA has also said that they would allow firms time to comply with the rule and they would be handling them in a case to case basis.
Mini Med’s and Health
Apr 9th
Mini packages have been around for quite sometime and they are now becoming the hot product for the industry due to their low price and limited coverage periods. These packages were initially designed for the seasonal worker market which allows these people to get the necessary insurance when they need it most, when they’re working. Many industries in the manufacturing field have the ability to raise or lower employees on demand and when the industry offered them, many were delighted. These workers were not qualified under old policies due to the short length of their tenure with firms, giving them the flexibility to choose the most appropriate schedule allows flexibility and competitive prices to low income workers who can now have coverage where there was traditionally none.
New Federal Government Oversight Agency in the works
Apr 5th
Hearing in the House Financial Services Committee’s Capital Market’s Sub-Committee has received a proposal for the creation of an oversight agency that would work with state legislators by providing timely information about the industry as a whole. The move is being opposed by many providers for they see a lot of loopholes citing the meddling of too many people in a previously self-regulated industry. The amount of influence this agency would have would be so grave that any misinformation or interpretation of the industry can mean the difference between making the cut or not in the field. This has long been opposed by providers and state legislators alike due to the many loopholes such an agency would create, the agency’s actions will dictate the overall health of the industry with recommendations to state legislators on the current health/status of the industry from their standpoint. State governments have been opposing this and want to maintain self-regulation of the industry within state walls which allows a more localized analyses of the industry.