16 Commonly Misunderstood Insurance Words

7 Jun

Underwriting, premiums, contestability period—terms like these can make insurance words seem like a foreign language.

Fortunately, a good insurance professional can help you make sense of it all. So can the definitions below. We explained them in recognition of Financial Literacy Month. Read on to understand some commonly misunderstood insurance words. More>>

The Time is Right to Close the Life Insurance Gap

19 May

In 2010, 63% of Americans had life insurance, according to LIMRA. By last year, that number had dropped to just 54%. LIMRA’s research also revealed that 30 million American families lack life insurance, and another 30 million more are underinsured. That is a tremendous gap that leaves far too many families at risk. More>>

How to Find Opportunities During Difficult Times

21 Apr

No one would say going through a pandemic is easy or recommend it as a best business practice. Yet, it happened. To everyone. Our world changed, and it didn’t always feel like “we’re all in this together” as we sheltered in place and clients wouldn’t step foot in your office or in your seminars.

Yet despite everyone’s collective and individual struggles, many MDRT members found spaces to rebuild and realign. They saw areas for improvement or revision that may have always been there but could now be seen better. To help you see some opportunities in your business, read what MDRT members from around the world had to say about how they changed their business during the pandemic. More>>

Awareness of Simplified Underwriting Boosts Chances People Will Buy Life Insurance

14 Apr
While already underway prior to the COVID-19 pandemic, many life insurance policies are now underwritten through “simplified” or “streamlined” processes, which are less reliant on physical data (e.g., blood, urine, examination) and more reliant on readily available datasets (e.g., medical, financial, personal). More>>

Life Insurance Industry Says More Americans Today are Inadequately Insured

31 Mar

Many Americans do not have nearly enough life insurance to support their families’ needs. In fact, about 44% of families say they would face financial hardship in six months if the primary wage earner were to die, noted David Levenson, president and CEO of LL Global, in a recent video presentation. Now, a group of life insurance organizations is aiming to change that. More>>

Life Insurers Fight Social Media Vaccine Disinformation

24 Mar

To combat a negative social media campaign against the COVID-19 vaccination program, the American Council of Life Insurers (ACLI) is pushing the message: Getting a COVID-19 vaccine will have no bearing on whether a U.S. life insurance company will pay a policyholder’s life insurance claims. More>>

American Council of Life Insurers (ACLI) Responds to Social Media Misinformation About COVID-19 Vaccine

22 Mar

American Council of Life Insurers (ACLI) Senior Vice President, Policy Development Paul Graham issued the following statement on social media misinformation relating to COVID-19 vaccines:

“A social media post appears to be behind the spread of entirely false information, suggesting a COVID-19 vaccine could be a factor a life insurer considers in the claims-paying process.

“The fact is that life insurers do not consider whether or not a policyholder has received a COVID vaccine when deciding whether to pay a claim.” More>>

7 Reasons Why Single People Need Life Insurance

15 Mar

Many people wonder if single people need life insurance.

It’s easy to believe the answer is “no.” After all, the main purpose of life insurance is to provide cash to your family if you were to pass away. So, it seems logical to think you don’t need life insurance if a spouse or kids aren’t depending on your earnings.

However, there are definite times when single people need life insurance. Here are some of the most common reasons to consider life insurance if you’re flying solo. More>>