My Insurance Super Market

Slightly more people applied for life insurance in October

November 24th, 2011

The number of individually underwritten life insurance applications filed rose 1.6% in October, compared to the same period last year, according to the monthly MIB Life Index.

Researchers said the increase was better than reported, given that this past October had fewer business days than the same month in 2010.

For the year, application activity is off 0.4%.

“At a time when the U.S. economy is struggling to define direction, the pipeline for new life

insurance business appears to be holding its own,” said Lee Oliphant, MIB’s CEO, in a statement.

The increase was for all ages combined, but was fueled mostly by those age 60 and above, who marked a 10.9% increase in October over the same month last year, according to the index.

Other age groups didnt do as well. Appli

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Tags: Life Insurance, October

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Life Insurance Company Sues Twitter Imposter

June 18th, 2011

Coventry First is suing an anonymous critic who posted fake tweets, making the company appear to cheer for the death of policyholders. The Fort Washington, Pa.-based secondary life insurance firm filed a lawsuit on Tuesday in Philadelphia federal court, accusing the critic of unfair competition and trademark infringement.

Anonymous Critic Sends Damaging Tweets

Coventry First, which is considered a leading player in the secondary life insurance marketa market in which investors pay individuals for the right to collect on their policiessays the anonymous critic has set up the Twitter account @coventryfirst and is breaking the law by sending damaging tweets.

The tweets consist of messages like horrible weekend no plane crashes and natural disasters are good for business!

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Tags: Company, Life Insurance

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California to Investigate 10 Largest Life Insurance Providers

May 29th, 2011

Dave Jones, Californias Insurance Commissioner, has stepped up his effort to investigate top life insurance companies. The top 10 companies in the industry, the commissioner says, have been accused of not properly paying death benefits to family members after policyholders have died, which is illegal.

Companies Accused of Not Paying Benefits

Similar to an investigation against John Hancock Life Insurance Co., Jones wants to take a look at the top 10 life insurance companies under the accusation that these companies are not ensuring the beneficiaries of deceased policyholders get paid.

The fact that these companies allegedly have not been contacting beneficiaries for payout is heightened by the fact that the companies are said to make an active effort to find deceased annuity customers so that they can stop making annuity payments.

In addition to John Hancock, the states facing investigations are MetLife, Prudential, Nationwide, New York Life, Lincoln National, Sun Life Financial, The Hartford, Pacific Life and Aegon Group.

Jones intends to push for so-called market conduct examinations in 35 states, which will probe violations of the law by these companies. If

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Tags: Insurance, Life Insurance

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Should I Get Term or Permanent Life Insurance?

May 1st, 2011

Deciding what type of life insurance to purchase can be challenging to those who want to make sure they buy the very best coverage for their family. The two main types of coverage to purchase are term and permanent. Which is the best choice for you? Since making the right choice depends on your circumstances, lets take a closer look at how you might decide.

The Difference between Term and Permanent Insurance

First lets take a look the two types of coverage. Term life insurance is a predetermined sum of money people pay to cover their death if occurs during the specified period of time.

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Tags: Insurance, Life Insurance

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