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Curtains on highest NAV guarantee cover plans - Business Standard
In a move that may further dent sales of unit-linked life insurance plans (Ulips), the Insurance Regulatory and Development Authority (Irda) is set to scrap the highest Net Asset Value (NAV) guarantee products.
Highest NAV guarantee products accounted for a fifth of Ulip sales after pension plan sales dried up following the stringent norms on Ulips from September 2010. Under the highest NAV guarantee products, customers are guaranteed returns based on the highest NAV a policy has achieved during the entire term of the insurance plan.
According to insurance industry sources, the insurance regulator is wary of a “systemic risk” associated with the way the funds are managed. Such products lay more emphasis on debt instruments and run the risk of a heavy sell-off in equities in case of a stock market fall.
CHANGE OF COURSE * Notification by month-end * Irda not renewing any such products * Irda won’t approve new schemes based on highest NAV guarantee * Highest NAV products comprise 20% Ulip sales * MF players not allowed to have such schemes “For instance, in the case of highest NAV products, insurers protect the guarantee by appropriately apportioning money in debts. When the market falls, the exposure in debt instruments increases and insurers try to sell equities at marginal profits. If there is too much concentration of such products in the market, a large number of insurers might sell equities at the same time to protect the guarantee, leading to a further market fall,” an Irda official explained.
Curtains on highest NAV guarantee cover plans - Business Standard
Aflac Incorporated to Present at the Raymond James 7th Annual European … - MarketWatch (press release)
AFL -3.09% announced today that it will make a presentation at the Raymond James 7th Annual European Investors North American Equities Conference. Aflac Incorporated President and Chief Financial Officer Kriss Cloninger III will represent the company, and he is scheduled to make a presentation on September 13, 2011, at 4:25 a.m. EDT (9:25 a.m. BST London Time). The Aflac Incorporated presentation will cover the company's outlook and its strategy for growth in the U.S. and Japanese insurance markets.
When a policyholder gets sick or hurt, Aflac pays cash benefits fast. For more than 55 years, Aflac insurance policies have helped provide a safety net and given policyholders the opportunity to focus on recovery, not financial stress. In the United States, Aflac is the number one provider of guaranteed-renewable insurance. In Japan, Aflac is the number one life insurance company in terms of individual policies in force. Aflac insurance products provide protection to more than 50 million people worldwide. For five consecutive years, Aflac has been recognized by Ethisphere magazine as one of the World's Most Ethical Companies and by Forbes magazine as one of America's Best-Managed Companies in the Insurance category. In 2011, Fortune magazine recognized Aflac as one of the 100 Best Companies to Work For in America for the 13th consecutive year. Also, Fortune magazine included Aflac on its list of Most Admired Companies for the 10th time in 2011. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com or aflacenespanol.com.
Mitt Romney's choice of top economic advisers harkens back to his failed presidential run in 2008, and to the George W. Bush White House.
As dark as the political picture is for President Obama, Republicans should be worried too, as voter anger against incumbents takes a new turn.
Aflac Incorporated to Present at the Raymond James 7th Annual European ... - MarketWatch (press release)
CNinsure Announces Acquisition of Two Insurance Agencies - MarketWatch (press release)
CISG +4.34% (the "Company" or "CNinsure"), a leading independent insurance intermediary company operating in China, today announced that it has entered into definitive agreements to acquire 100% equity interests in Guangzhou Huajie Insurance Agency Co., Ltd.("Huajie") and Dongguan Zhongxin Insurance Agency Co., Ltd.("Zhongxin") from Chengdu Jingshi Investment Co., Ltd. ("Chengdu Jingshi" or "Selling Shareholder"). The transactions are expected to close in September 2011, subject to certain consents, authorizations and other customary closing conditions.
Both of the acquisition considerations for Huajie and Zhongxin are RMB25 million, representing a PE multiple of ten times based on their guaranteed net profits in 2012. Meanwhile, the Selling Shareholder agrees to provide 50% of the considerations to CNinsure as security deposits to guarantee the performance of Huajie and Zhongxin in 2012 and 2013. It also agrees to return certain portion of the considerations to CNinsure if Huajie and Zhongxin fail to achieve the performance targets in 2012 and 2013.
Founded by Chengdu Jingshi in June 2009, Huajie is based in Guangzhou, primarily engaged in the distribution of property and casualty insurance products.
The predecessor of Zhongxin was Dongguan Hongsheng Automobile Service Co., Ltd., which was founded in 2003 and distributed insurance products on an ancillary basis. The company was acquired by Chengdu Jingshi and subsequently restructured into a professional insurance agency in January 2010 to focus on the distribution of property and casualty insurance products.
CNinsure Announces Acquisition of Two Insurance Agencies - MarketWatch (press release)
Annuities Provide Safety, at a Price - Wall Street Journal
Given the market mayhem of the last couple of weeks, you would expect that financial planners have been juggling calls at all hours from worried clients. But Matthew Edelstein says his phone has hardly rung. The reason: The vast majority of his clients have bought annuity contracts, which promise guaranteed payments during retirement, in good times and bad. "I have no horror stories," says the Grayslake, Ill., adviser.
After three years of falling sales, the $220 billion annuity business is expected to get a boost from the recent market turmoil, analysts say. The Hartford Financial Services Group is rolling out a campaign this week based on the recent volatility. Some insurers saw jumps even before they had time to prepare new promotions: Sales of New York Life Insurance Co.'s flagship fixed immediate annuity are up 62% this month from the same time a year ago. "The dicier the markets get, the stronger our story becomes," says Chris Blunt, an executive vice president at New York Life.
Annuities are investment contracts that a customer buys and then pays back over several years. Fixed annuities guarantee a particular rate, while variable annuities are a tax-advantaged form of investing in the stock market; for a fee, investors can receive guaranteed lifetime payments even if the market goes down. In June, the Government Accountability Office, the investigative arm of Congress, suggested that some investors might be better off buying annuities from insurance companies that guarantee income rather than trying to manage their money themselves.
Sales for annuities, a staple of many insurance companies, were already rising this year – up more than 16% to $60 billion in the first quarter of 2011, according to LIMRA, an industry-backed research group. "If you want to continue market exposure, yet you need to have certain level of income, now would be an appropriate time to put assets in an income annuity," says Drew Denning, vice president of retiree services at Principal Financial Group .
Annuities Provide Safety, at a Price - Wall Street Journal
Don’t gamble with your golden years - Journal & Topics Newspapers Online
0 comments (ARA) - Will you have enough money for retirement? That question may keep you up at night. Or you may avoid thinking about it altogether.
One possible solution? Annuities - contracts sold by life insurance companies that offer a guaranteed stream of income for those golden years.
Fixed savings annuities , also known as deferred annuities, have guaranteed interest rates and tax-deferred benefits. And immediate income annuities offer guaranteed income for life. Most important, they both promise peace of mind. Both are popular during market downturns. At USAA Life Insurance Co. , one of five life insurers that is AAA rated, total annuity sales grew 26 percent from 2008 to 2009. And the company says it anticipates annuity growth will increase as baby boomers get further into retirement.
Fixed savings annuities , also known as deferred annuities, have guaranteed interest rates and tax-deferred benefits. And immediate income annuities offer guaranteed income for life. Most important, they both promise peace of mind. Both are popular during market downturns. At USAA Life Insurance Co. , one of five life insurers that is AAA rated, total annuity sales grew 26 percent from 2008 to 2009. And the company says it anticipates annuity growth will increase as baby boomers get further into retirement. "Annuities come up in conversation when people are concerned about market turmoil, or when they do a retirement income plan and are worried about running out of money," says J.J. Montanaro, a certified financial planner practitioner with USAA.
Don't gamble with your golden years - Journal & Topics Newspapers Online
Irda proposes to alter guarantees on ULPPs - Livemint
Last year, the Insurance Regulatory and Development Authority (Irda) put in place a mandatory minimum guarantee clause for all unit-linked pension plans (ULPPs). But the response to the product that emerged was tepid due to certain inherent problems. To address this, Irda now proposes to alter the nature of guarantees offered on pension products.
In a “draft exposure on pension plans”, issued on 1 August, Irda proposes to drop the guaranteed rate of return of 4.5% per annum on ULPPs and has instead given insurers three options to offer guarantees in different forms.
According to the draft guidelines, insurers will need to offer at least one of the three guarantees on all pension products: a minimum positive return, absolute value of maturity corpus and a guaranteed rate of annuity. Annuities are pension products that give you regular income against payment of a lump sum.
The regulator had earlier mandated all ULPPs to give a minimum guaranteed rate of 4.5%, which was indexed to the Reserve Bank of India’s (RBI) reverse repo rate at which RBI borrows from banks.
Irda proposes to alter guarantees on ULPPs - Livemint
How to get health insurance - UVU Review
Everyone needs some form of health insurance for themselves and/or their families. It is estimated that about 60% of bankruptcies are due to medical bills and over a six-year period approximately 137,000 American died from lack of health insurance. So, if you don’t want to be just another statistic there are a few things you should know.
The insurance company must supply coverage for all applicants whose employment qualifies them for coverage. The insurance company also cannot raise the cost for an applicant who has a pre-existing condition. Group health plans are guaranteed issue.
If you, or a spouse, attend a university that offers a health insurance plan, that could be the right plan for you. Make sure you do your research as a basic coverage plan may not cover everything life throws at you. For example, BYU health insurance doesn’t include maternity coverage. You have to pay more for maternity coverage.
Also as part of the new health care reform law, all young adults between the ages of 19-26 will have the option to stay on their parents’ health care plan.
How to get health insurance - UVU Review
Choosing between agents, brokers - Sowetan
I AM often asked what the main difference is between brokers and insurance company agents. The reason people ask the question can be translated into their belief that brokers are independent - and can offer the investor products from numerous insurance companies - whereas agents from insurance companies can only offer products marketed by that company.
This is not about agents not selling you the best products, or not giving good advice. They certainly do. But the reality is that no single life office offers a full spectrum of top-performing products.
Some agency-driven companies do have arrangements with other assurers whereby their agents may be permitted to offer other companies' products.
For the one-year period ended May 31 2011, the top general equity unit trust achieved 24,35percent, while the worst performing dropped 3percent.
Choosing between agents, brokers - Sowetan
Tata AIG launches 2nd InvestAssure Apex Supreme ULIP series - Economic Times
MUMBAI: Private insurer Tata AIG Life Insurance today announced the launch of the second series of its 'Tata AIG Life Insurance InvestAssure Apex Supreme' unit-linked insurance scheme.
MUMBAI: Private insurer Tata AIG Life Insurance today announced the launch of the second series of its 'Tata AIG Life Insurance InvestAssure Apex Supreme' unit-linked insurance scheme. "The introduction of the Series II of funds for Tata AIG Life Insurance InvestAssure Apex Supreme will once again give our customers the opportunity to invest in this unique product that is targeted at customers with medium to low risk appetite, who want to gain from the upside potential of the market whilst safeguarding their investments," Tata AIG Life Managing Director and CEO Suresh Mahalingam said in a release issue here.
Tata AIG Life Insurance InvestAssure Apex Supreme is a five-year limited pay plan with a policy term of 10 years and comes with the benefit of a guaranteed maturity unit price ( GMUP ) achieved under the product during the 100 reset dates.
Tata AIG launches 2nd InvestAssure Apex Supreme ULIP series - Economic Times
GM retirees sue MetLife after life insurance cuts - Detroit Free Press
GM retirees sue MetLife after life insurance cuts - Detroit Free Press