Same Cheap Car Insurance Quotes, New Owner.

Chicago (PRWEB) December 19, 2008 -- Internet start-up, Tomarro Media, recently acquired Insure-Net.com to provide users with a quick and easy way to compare insurance quotes. Insure-Net.com was originally created in the early 1990's along with many other dot-com hopefuls, but never got off the ground. The site was purchased and redesigned by Tomarro Media in the fourth quarter of 2008. It has already become a fierce competitor in the market by gaining top search engine rankings and helping thousands of users get free insurance quotes.

Insure-Net.com offers users an efficient and simple way to get free insurance quotes for home, health, life and auto insurance. This site serves as a connection between people shopping for insurance quotes and insurance agents offering great rates. Site visitors simply fill out a short, basic form. Then, they will be contacted by up to five top insurance agents in their area who will offer the most complete coverage at the lowest possible price. All the site visitor has to do is pick the plan is right for them. Many save hundreds of dollars a year when they are shopping for more affordable home, health, life and cheap car insurance.

With more and more companies offering similar services, this model for searching for insurance quotes is not unique. However, Insure-Net.com will continue to grow and maintain it's presence by offering the top-notch customer service, a consistently updated library of insurance articles of interest and by connecting users with top agents who can offer the most personalized plans at the lowest possible prices.

Source:http://www.prweb.com/release

Life Insurance Patent Issued for Future System Advisors, LLC

BATON ROUGE, La.,Future System Advisors, LLC (FSA) is pleased to announce that on November 18, 2008 the U.S. Patent and Trademark Office issued a patent based on the FutureSystem(TM) Life Model (FSLM). The patent had been pending since 1999.

The FSLM is an entirely new form of life insurance that solves many of the problems caused by traditional product chassis, such as U.L. and V.U.L. RGA Financial Group, an affiliate of Reinsurance Group of America (RGA) licensed the intellectual property of the FutureSystem(TM) actuarial model, built a pricing prototype based on the model, and is offering to insurance companies a turn-key service to develop for them a line of FutureSystem(TM) Life products.

RGA has already built two FSLM products that are on the market through a major life insurance company and is currently in discussions with other companies. FSA also has a patent application pending for the FutureSystem(TM) Planning Process, which helps to position the use of FutureSystem(TM) Life Model policies and is available to be licensed by advisors. To learn more, visit the FSA website at www.futuresystem.com.

Source:http://www.marketwatch.com/news/story

QBE Insurance Raises A$2 Billion in Share Sale

QBE Insurance Group Ltd., Australia’s biggest property and casualty insurer, raised A$2 billion ($1.3 billion) to shore up its capital and pay for acquisitions abroad.

QBE, also the biggest manager in the Lloyds of London market, sold 97.6 million new shares at A$20.50 apiece, the company said in a statement to the stock exchange today.

The company said yesterday it would spend $695 million on acquisitions, including U.S. insurer ZC Sterling Corp., to stem slowing profit growth. QBE will also buy two U.S. underwriting agencies and one in Europe.

Chief Executive Officer Frank O’Halloran has made 12 acquisitions this year after a failed A$8.7 billion bid for Insurance Australia Group Ltd.

QBE shares fell 2.2 percent to A$22.50 at the close in Sydney. They were at A$23 yesterday before being halted from trading ahead of the capital raising. QBE has dropped 33 percent this year, compared with a 40 percent slump in the six-company S&P/ASX 200 Insurance Index.

In addition to the A$2 billion share sale to institutions, QBE also plans to swap new five-year senior notes for Tier 1 perpetual securities with a face value of A$1.25 billion at a discount, it said.

Source: http://www.bloomberg.com/apps/news

Life insurance benefits

With the stock market in turmoil, Frank Woodruff, CEO of Sapient Financial Group, finds himself fielding calls from clients worried about their investments daily. Those who have whole life insurance in their mix are relieved that they purchased the high-priced product.

Now clients that shunned whole life years ago because other products offered better returns are looking at the product as stable and predictable — although costs haven’t come down.

“Whole life insurance is an incredibly solid investment,” says Woodruff. “But, back in the ’90s, when the tech stocks were going through the roof, whole life was the whipping boy, because it wasn’t providing as high of a return on investment as some of the riskier investments. Now, whole life is the ‘golden nugget,’” he adds.

Whole life is an insurance policy designed to be a cash reserve that builds up against the death benefit. Policy owners can even borrow against the cash value to help with temporary needs — such as college expenses. The policy’s cash value increases regardless of the performance of the insurance company. The policy also credits interest to the cash value of the account — sometimes resulting in dividends paid to the policy owner. Whole life insurance policies are tax-deferred, and upon maturity of the whole-life policy contract (usually at age 95 or 100), the cash value equals the death benefit.


Source: http://www.bizjournals.com/sanantonio/stories

AIG Injects NT$45.11 Billion Capital Into Taiwan Life Insurance Unit

TAIPEI -(Dow Jones)- U.S. insurance company American International Group Inc. (AIG) has injected NT$45.11 billion (US$1.36 billion) in fresh capital into its 95%-owned Nan Shan Life Insurance Co. as planned, the Taiwanese life insurer said late Friday.

The capital injection by AIG, in proportion to its ownership in the Taiwan unit, is part of Nan Shan's NT$47.22 billion fund raising approved by its board in October, Taipei-based Nan Shan said in an emailed statement.

Nan Shan is Taiwan's second largest life insurer by gross premiums, after Cathay Life Insurance Co.

-By Perris Lee Choon Siong, Dow Jones Newswires; +8862-2502-2557; perris.lee@ dowjones.com

Source: http://money.cnn.com/news/newsfeeds/articles/

insurers reject government bailout help

WASHINGTON (AP) — Two insurance companies have said they will not participate in the government's rescue program to directly invest billions in financial companies.

Some insurers likely would be eligible under the Treasury Department's expanding plan or could apply to acquire thrifts to become so.

Massachusetts Mutual Life Insurance Co. and New York Life Insurance Co., in separate announcements in recent days, said they are financially strong and have sufficient capital to meet their goals without government aid.

As part of the financial rescue plan, the Treasury Department is spending $250 billion to directly buy shares in U.S. banks and other financial companies. Other industries, notably automakers, have been clamoring for a piece of the bailout pie, and the program could be significantly widened in scope.

As things now stand, insurance companies that own thrifts — which are federally regulated — are eligible to apply for the Treasury Department funds.

A spokesman for the Office of Thrift Supervision, William Ruberry, said Friday that several insurers had informally expressed interest in possibly acquiring thrifts since the Treasury aid program was announced in mid-October.

At least a dozen insurers currently own thrifts.

The insurance industry appears to be split between life insurers, some of whom have asked to participate in the program, and property-casualty companies — which have said they aren't interested.

Chubb Corp., a major property-casualty insurer, told Treasury Secretary Henry Paulson in an Oct. 28 letter that "we do not believe that allowing property and casualty insurance companies to participate in the (Treasury program) is consistent with the stated purpose" of the law creating it. That purpose is "to restore liquidity and stability" to the U.S. financial system, Chubb noted in the letter.

In its announcement Friday, Springfield, Mass.-based MassMutual said "we have no intention of participating" in the program.

"MassMutual is well positioned, and has the financial strength and capital necessary to meet the needs of our policyholders and customers despite the current economic environment," the company's statement said.

New York Life said Thursday that it is has "more capital than is required to maintain our Triple-A ratings."

"The company can meet all of its strategic objectives without government capital, its businesses are strong and profitable, and it is committed to remaining a mutual company operating for the sole benefit of its policyholders," New York Life said in a news release.

Source:http://ap.google.com/article/ALeqM5gp6bNR1rr

Economy batters KC Life Insurance

Kansas City Life Insurance Co. reported a $15.2 million third-quarter loss and a 28 percent revenue decrease compared with the same period last year, which it attributed to “the broad and deep economic downturn” and the “recent default and regulatory takeover of high-profile federal agencies and financial institutions.”

In a release late Thursday, the Kansas City-based company (Nasdaq: KCLI) reported a per-share loss of $1.30 for the quarter. Last year, the company reported earnings of $9.1 million, or 77 cents a share.

Revenue for the quarter was $78.1 million, down from $108.8 million last year.

The company said it wrote down $32.5 million in securities during the quarter, resulting in a net impact of $20 million on earnings after taxes and the effect on deferred acquisition costs.

Total new premiums increased 21 percent for the quarter, including a 9 percent increase in individual life sales, a 41 percent increase in immediate annuity premiums, a 19 percent increase in group life insurance sales and a 22 percent increase in new group accident and health premiums.

New deposits for universal life and variable universal life products increased 4 percent. Deposits from fixed deferred annuities decreased 25 percent, and variable annuities decreased 15 percent.

Kansas City Life Insurance ranks No. 21 on the Kansas City Business Journal’s list of area public companies.


Source:http://www.bizjournals.com/kansascity

Insurance firms buffeted by strong economic headwinds

The insurance industry has nowhere to go but up

Ukraine’s life insurance market is still in its infancy, with less than 5 percent of the population buying such policies – very low by Western standards. The low rates may be rooted in a general lack of trust among Ukrainians in financial institutions and in cultural attitudes that are more accepting of risk.

So the industry has had almost nowhere to go but up, which is exactly the direction it has gone in recent years, spurred on by a booming economy. Insurers enjoyed 70 percent annual growth rates in recent years, said Oksana Golenshyna, chairman of Ukrainian insurance group Life.

While the spreading global financial hurricane has snarled the market in the near-term, optimism remains for long-term growth prospects.

According to the State Commission on Financial Market Regulation, the life insurance business is still miniscule, but it has grown three-fold in the past seven years.

In 2001, there were only 24 life insurance companies in Ukraine. Today, there are more than 70 companies.

The insurance sector in Ukraine has a symbiotic relationship with commercial banks. The lion’s share of domestic companies’ portfolios is mortgage insurance policies on a borrower’s life, Golenshyna said.

When the credit crunch started to hit the country in May and banks tightened lending to a trickle, the revenue from easy premiums dried up.

Still, with several years of fast growth under their belts, the life insurance business is looking ahead past the world financial crisis and pending economic slowdown. They see lots of sharp growth as experienced in recent years still ahead.

From 2006 to 2007, the amount of premiums collected by life insurers more than doubled from $64 million to almost $157 million.

“Some of the younger companies’ portfolios are about 90 percent bank loan policies, because this is the first product line companies entering the market tap into,” Golenshyna said.

Mature companies were not immune to the impact, despite having somewhat more diversified portfolios. They, too, are heavily reliant on government mandated loan insurance policies.

“In our company, a borrowers’ life insurance is about 60 percent of the total amount of payments,” Golenshyna said. Meanwhile, classic life insurance products, such as retirement insurance, are slowly catching on with the public.

“Most Ukrainians still don’t see the value of insurance, but the trends are positive,” Golenshyna said.

“The industry is young. At this stage, companies are only collecting premiums, and there is suspicion among a population where people have not seen policies pay out. When the public starts the see the payouts, they will begin to trust the industry,” she added.

The country’s ongoing political soap opera is among the trouble spots on the horizon. The chaos might frighten off potential international insurance companies. According to industry statistics, foreign capital makes up less than 26 percent of the insurance market.

“From my observations, I can tell that many foreign investors are looking to establish their life insurance business in Ukraine or to buy a local insurer,” said Ludmyla Kosar, an insurance consultant.

“But by their very nature, insurance companies also seek to reduce risk as much as possible.”

“Coupled with Ukrainian disinterest in life insurance, the political situation could make potential investors turn to more stable countries,” Kosar added. “Ukraine’s leaders need to stop their squabbling.”

Source:http://www.kyivpost.com/business

Insure.com: No Better Time to Buy Life Insurance to Protect Your Family Financially

DARIEN, today announced that term life insurance rates have again fallen to all-time lows. Insure.com tracks the rates of 35 leading life insurance companies and provides an instant quote service for consumers.
Despite widespread turmoil in the financial services markets, life insurance buyers can be confident that they are still getting lower-than-ever rates. In fact, there's no better time than now to protect your family financially through life insurance protection.

"We are still seeing term life premiums being driven down by competition in the marketplace," said Phil Young, Market Reporter for Insure.com. In the last several months, several highly rated companies such as Transamerica, Genworth and Savings Bank Life of Massachusetts have effected rate reductions. In addition to lowered prices, some companies now also offer forgiving rates for certain health problems, and you have a mix that makes for some of the best opportunities in history for life insurance shoppers."

When buying life insurance, consumers are cautioned to pay close attention to the financial stability ratings. "Life insurers are closely watched by state regulators, who monitor their ability to pay claims," said Amy Danise, Editor of Insure.com. "Consumers who receive price quotes from high-rated companies can buy with confidence because the current system of state regulation of life insurers is working well."
Insure.com gives you instant quotes from up to 35 leading life insurance companies and includes the latest financial stability ratings from A.M. Best, Fitch, Moody's, Standard & Poor's and TheStreet.com with every life insurance illustration. Life insurance shoppers wanting free quotes or advice based upon their own criteria can call 1-800-556-9393 or visit http://www.insure.com.

Most common health conditions among life insurance buyers
All-time low term life insurance rates are available not just to healthy applicants but also to buyers with common health conditions. Insure.com research reveals that the most common health conditions among life insurance shoppers are:
-- Cholesterol. Almost every life insurer we track allows their best rates even if you receive treatment for elevated cholesterol, so long as your HDL ratio and total cholesterol levels are within range of their limits.
-- Blood Pressure. Today, many leading companies won't exclude you from preferred rates solely for having blood pressure that requires treatment, but they will require evidence of good, stable control and you must meet their systolic and diastolic blood pressure limits.

-- Height/Weight Ratio. Allowable maximum weight for a 6' male wanting to pay the lowest possible life insurance rates are a reasonable 207 pounds with Savings Bank Life of Massachusetts. If you take that weight up, say, to 215 pounds, expect to pay about 1/3 more.

Source:http://www.marketwatch.com/newsi

Newcomers to life insurance trim costs to break even faster

New Delhi: Unlike existing life insurers, who have failed to break even even after being in business for eight years, new entrants say they are confident of making profits within seven years by trimming costs from the get-go. In 2008 alone, four life insurers started operations in India: IDBI Fortis Life Insurance Co. Ltd, Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd, Aegon Religare Life Insurance Co. Ltd and Future Generali India Life Insurance Co. Ltd. (LOWER COSTS QUICKER GAINS) A comparison of cost structure of these four firms shows a focus on lower allocation and distribution costs. In India, expenses for both a life insurer and the insured are front-loaded, with a big chunk of premium in the first year going as allocation charges towards writing off distribution costs such as an agent’s commission.

“Low premium allocation charges is the beginning of a new trend among new entrants. Even if their distribution commissions are low but services and products are good, low commissions can never be a hindrance to sell the product,” said Rajiv Deep Bajaj, chairman of Bajaj Capital Ltd, a New Delhi-based financial services provider. “We are looking forward to break even within seven years of our operation,” said Amish Tripathi, national head of marketing and product management, IDBI Fortis. “The allocation charges of our Wealthsurance plan, a unit-linked insurance plan, or Ulip, is kept as low as 3.5%. Low charges makes the policy more saleable and you don’t need to pay distributors such a high commission to sell the policy, and therefore control your cost too.” This differentiated approach spells benefits to policy holders too, who can invest more. Some of the existing policies have allocation charges as high as 60%. This means out of every Rs100, only Rs40 is invested, in the first year of the policy.

Aegon Religare also announced that all its branches will break even within three years of their operation so that soaring sales do not impact their profitability. “The company as a whole will break even within seven years of its operation but all our branches will break even within three years,” said Rajiv Jamkhedhar, CEO of Aegon Religare. To keep costs low, Future Generali started the concept of mall assurance, an initiative to sell insurance policies at malls, resulting in low distribution costs. Fresh business, or first-year premiums, in the sector as a whole grew by 23.31% to Rs92,989 crore in 2007-08 from a year ago. In the two preceding fiscals, business had grown even faster at 94.96% and 47.94%, respectively, according to a report by the Insurance Regulatory and Development Authority.

Other life insurers have not been able to break even yet, except SBI Life Insurance Co. Ltd and Shriram Life Insurance Co. Ltd, because of soaring policy sales. The high growth rate is forcing insurers to dig deeper into their pockets to boost capital so they can cover related costs and underwriting risk, delaying their payback period.

news source : http://www.livemint.com/

Birla Sun Life to pump in Rs 1,300 crore, looks to rank among top three by ’10

MUMBAI: Having regained its position as one of the top five life insurance companies, Birla Sun Life Insurance has lined up Rs 1,300 crore of investment into the company. The company has been the fastest growing life insurer in the current fiscal, with a 187% growth in new business during the first quarter.

Speaking to ET, Birla Sun Life Insurance president and CEO Vikram Mehmi said that the company would start publishing its valuation numbers from next year which would give an idea of how much the company is worth.

The company has set for itself a target of being among the top three by 2010, by which time it is also expected to break-even. “We are already among the top three if you see the premium in terms of individual business,” said Mr Mehmi.

The company’s assets under management stand at Rs 6,800 crore and is expected to cross Rs 10,000 crore by the end of the current fiscal. “Our current aim is to maintain our momentum and grow faster than the market and get to the top three slot as early as possible,” he said. The company has managed to grow because of a renewed thrust in distribution which resulted in an almost three-fold growth in branch network to 600 branches and a doubling of the agency force to close to two lakh agents.

“We are not worried about the equity market because we see this downtrend as a short-term thing. Also, there is so much under insurance and under penetration, there is a huge opportunity to grow,” said Mr Mehmi. According to data released by the insurance regulator, Birla Sun Life has seen its new business premium grow from Rs 174 crore in the first quarter last year to Rs 501 crore in the first quarter of the current fiscal.

Close to half the premium in the current fiscal has come in June 2008, which saw premium collections top Rs 241 crore. This has given the company an overall market share of 3.5% in the life insurance industry. Along with growing its agency force, the company is also taking measures to ensure that the productivity of this channel remains high. “Our most important parameter is how early the agent gets activated. We have a multi-pronged strategy for training agents, which includes tying up with schools and bringing in senior advisors to train new agents,” said Mr Mehmi. He added that the company’s premium income was sustainable considering that less than 1% of new business came from single-premium policies and group insurance was limited to 8-10% of total premium.

news source : http://economictimes.indiatimes.com/

Life insurance key part of plan

Most financial experts would argue that, for a typical Canadian family, a comprehensive financial plan should include some degree of life-insurance coverage, either through group plans at work or individual policies. But how much is appropriate for an individual, and how assured is the benefit? The Gazette addressed these and other questions to Frank Swedlove, president of the Canadian Life and Health InsuranceAssociation. Here are his responses.

Q: When should people consider life insurance?

A: It depends on an individual's circumstances. Obvious times to consider it are when you assume new financial obligations like a mortgage or need to provide income security for dependents such as a spouse or children.

In later life, it can be used to create a significant charitable gift, pay taxes on death or for more complex estate planning purposes. Any time you need to create, or preserve, financial value, life insurance can be a very cost-effective option. And like most financial arrangements that rely on investment growth, time can be on your side if you start early. You should also keep in mind that the price you will pay for life insurance reflects your medical history. Life insurers review that history when you apply for your policy, but can't ask for new medical evidence later on, unless you request certain changes to the policy. provide "guaranteed purchase" options, which will allow you to purchase additional coverage at specified intervals, without new medical evidence.

Q: What are the main types of life insurance and their distinctive features?

A: Most people think of three main types: term life, whole life and universal life.

Term insurance is intended to provide coverage for a period of temporary need. It is relatively inexpensive, so it is often the best way to maximize coverage for people on a tight budget. Premiums can be the same throughout the period you own the policy, or increase at five or 10-year intervals. It typically has no savings value, which means the premiums in later years can actually be higher than if you had originally bought whole life or universal life insurance.

Whole life is what your parents probably bought - permanent coverage with a level premium that includes a savings portion. This cash value can be paid out to you if you decide you no longer need coverage, although it may be partially taxable. "Participating" whole-life policies pay annual dividends that can be used to pay premiums, increase coverage, held on deposit earning interest, or paid out to you. You can also typically take a loan against the cash value and the value of any dividends held in the policy, or use the policy as collateral for a loan.

Universal life is more flexible, bridging the difference between whole life and term and separating the cost of coverage each year from the contributions to the investment portion of the policy. These policies typically have several investment options you can mix and match. Life-insurance companies also provide group-life insurance through employers, unions or even clubs or associations to which you may belong.

news source : http://www.canada.com/

Life insurance may cost more

SAGICOR POLICY HOLDERS may pay more for new life insurance coverage come next year due to the 2008 Budget imposition of a one per cent increase in insurance premium tax. The good news is the company is likely to absorb that cost in its general insurance line of business. In a statement to BARBADOS BUSINESS AUTHORITY last Friday evening, Sagicor Life Inc. chief financial officer Anthony Chandler said: "The recent Budget proposal for an increase in premium tax will result in an additional tax burden to life insurance companies writing premiums in Barbados.

"The premium tax increase is likely to result in an increase in insurance premiums to the consumer for new policies sold after the tax comes into effect." Prime Minister David Thompson has proposed an increase in insurance premium tax from January 1, 2009, that would raise $6.6 million for the year. Insurance companies would also pay a $20 000 yearly licence fee, up from $5 000, but Sagicor General Insurance Inc. chief executive officer David Deane said that "increased premium tax and increased licensed fees might not be punitive in themselves. . . . "I don't think that will cause companies to automatically say we will increase general insurance premiums."

"Life insurance policies sell long-term contracts; you contract for a premium which you expect to pay for a lifetime and the opportunity to change premiums does not really exist. "You have the ability to price new contracts appropriately and they can reflect the additional taxes," he said. Chandler emphasised that industry stakeholders needed full interpretation of legislation that would impose

news source : http://www.nationnews.com/

Hasa supports health insurance plans

The Hospital Association of SA on Thursday welcomed government's initiative to establish a National Health Insurance (NHI) system to provide health care cover for all South Africans. This proposal was put to Cabinet on Wednesday by Health Minister Manto Tshabalala-Msimang. "The private hospital sector fully supports the concept of a National Health Insurance," said HASA board member Biren Valodia in a statement.

"We believe that universal health cover for all South Africans, if properly designed and implemented, is one of the measures that can help increase affordability and access to health care in this country." Valodia attended the Board of Healthcare Funders (BHF) annual conference in Durban this week, where the NHI proposal was discussed and supported. He said the private hospital sector had a positive contribution to make, and looked forward to engaging the government and other health care stakeholders in this process.

However, Valodia reiterated the association's opposition to a draft legislation imposing a process of price regulation on the private health-care sector. He said HASA had not changed their view that the process set out in the draft National Health Amendment Bill amounted to price regulation and that the legislation be withdrawn. "The bill would result in the National Health Reference Price List, currently a recommended price guide, becoming the mandatory default price in the event that negotiations between hospitals and funders reach a stalemate. This is price regulation." The private hospital sector remained disappointed at the level of consultation and negotiation over the draft health legislation,

news source : http://www.int.iol.co.za/

Health insurance scheme launched

Dow University of Health Sciences (DUHS) launched the Health Insurance Scheme from July 15, 2008 for its faculty members and employees in agreement with the New Jubilee Insurance (NJI).

Addressing to the ceremony, Professor, Masood Hameed Khan, Vice Chancellor, DUHS, said that the University employees including their spouses and children are covered for treatment if they get hospitalised.

The employees will be issued a Health Insurance Card from NJI containing the employee’s name and family details. They would have to produce this card at the time of admission in the hospital, he added.

According to him, an employee who fails to fill the form will have to contact the concerned department at the DUHS.

The representative from NJI Company also addressed the faculty members and employees of DUHS. He explained the working details of the insurance policy to the audience.

The Vice Chancellor, along with Tahir Ahmed, Managing Director, NJI, distributed the health insurance cards to the departmental heads of 25 institutions working under the DUHS, Karachi.

news source : http://www.thenews.com.pk/

CATHAY LIFE INSURANCE OPENS IN VIETNAM

Cathay Life Insurance formally entered the local life insurance market yesterday with a total investment capital of US$60 million. Cathay Life, a subsidiary of the Cathay Financial Holdings Group (TAIEX:2882) of Taiwan, officially obtained its business licence in Vietnam in December 2007, and plans to maintain offices in both Hanoi and Ho Chi Minh City.

Cathay will provide insurance products for customers such as life, accident, annuity, health and risk-linked investments.

news source : http://www.tradingmarkets.com/

ING receives approval to start life insurance in Ukraine

ING announced today that is has received approval from the relevant authorities to start life insurance operations in the Ukraine. This will allow ING to enter the fast growing life insurance market in a country with over 46 million inhabitants and a rapidly growing middle class. ING considers Ukraine to be an attractive emerging market, with strong growth indicators and a huge potential.

Jacques de Vaucleroy, member of the Executive Board of ING Group, responsible for Insurance Europe said: "Starting this life insurance greenfield is in line with ING's sharpened strategic focus on banking, investments, life insurance and retirement services. Our aim is to build a leading position in the fast growing Ukrainian life insurance market. I am confident that by utilizing our experience in setting up successful operations in other countries in Central and Eastern Europe we will be able to make a swift and efficient start."

ING expects to launch its activities in the first half of 2009. The head office of the new life insurance company will be located in Kiev and will be headed by Veronika Korolev as Chief Executive Officer. ING has been present in the Ukrainian market since 1994 and offers leasing and wholesale banking services. Last month ING started with the rollout of a retail banking network, aiming to become one of the top 5 retail banks in Ukraine by expanding to a nationwide distribution network of over 250 outlets.

news source : http://www.euronext.com/

Term life insurance is the low-cost best bet for most people

Q I'm a married homeowner in my late 20s, contemplating life insurance. We want to make sure that if something happens to one of us the other would have some time to figure things out instead of selling the house and moving back in with parents. What do you recommend -- the more expensive comprehensive lifeinsurance that we can take money out of later or term insurance?

MELISSA

A There's really only one reason to buy life insurance: To financially protect loved ones from an untimely death. Some insurance agents will try to sell you a policy as a way to save for retirement or for children's college education. Forget it. The financial world offers far better and cheaper ways to salt away long-term savings, such as a 401(k), a Roth IRA or a 529 college savings plan.

I'm a big fan of term life insurance for most people, especially in circumstances such as yours. Term is a pure death benefit. Premiums are cheap if you're in good health, although the cost of the policy increases as you get older. It's a simple product and it allows for comparison shopping. You'll want a low-cost, plain-vanilla policy from a blue chip, financially stronginsurance company.

Permanent or "cash value" insurance comes with a tax-sheltered savings component, as well as life insurance. The investment returns are difficult to analyze. Types of policies include whole life, universal life, variable life and variable-universal. In general, these policies are expensive, with steep fees and commissions. Cash value insurance makes sense for some people, but for most of us, term is the way to go.

news source : http://www.startribune.com/

Survey: Health insurance, fuel costs among top small biz burdens

The rising cost of health insurance, fuel and energy and inflation are the top worries among small business owners, according to a survey done every four years by the National Federation of Independent Business and Wells Fargo.

The new Small Business Problems and Priorities survey shows 42.3 percent of American small business owners rank the cost of natural gas, propane, gasoline, diesel and fuel oil as a "critical" concern. That's up from 26.1 percent on the previous survey conducted in 2004. Both surveys rank the cost of health insurance as the No. 1 issue facing small business owners.

Half of the top 10 problems worrying small business owners deal with costs, with the price of health insurance continuing its 20-year reign as the number one problem for small business owners. More than 56 percent say it is a "critical problem." Other cost issues in the top 10 include fuels and electricity, supplies, inventories and worker's compensation insurance.

The remaining top 10 problems relate to taxes -- federal taxes on business income, property tax (real, inventory or personal property), tax complexity and state taxes on business income. Tax complexity, a new problem on this year's survey, ranks fifth on the survey and is a "critical" problem for 23 percent of business owners.

"For four years, the economy provided a good, stable foundation for small business owners to do business, but as it started to take a negative turn over the last several months, they felt the effects of rising costs of doing business as reflected by these results," said Bruce D. Phillips, senior fellow at the NFIB Research Foundation and co-author of the report. "As the economic outcome remains uncertain, small business owners are searching for innovative ways to reduce expenses and increase sales."

The survey results are based on 3,530 small business owner responses to a mail survey circulated in the first three months of this year.

news source : http://www.bizjournals.com/

India could repeat the telecom success in insurance: Kidwai

Bangalore (PTI): India had the potential of repeating the success witnessed in the telecom sector in the insurance sector as well, Naina Lal Kidwai, Group General Manager and Country Head, India, HSBC, said on Monday. India had among the least insurance penetration in the world, especially in the rural sector, which indicated the vast potential that the country held in this field,she said on the sidelines of the launch of the Canara HSBC Oriental Bank of Commerce LifeInsurance Company.

The steps taken by the telecom industry helped in transforming the story in India, she said adding "we must see the success witnessed in the Telecom industry repeated in theinsurance sector", she said. Welcoming the entry of more players in the insurance sector, she said this would only enhance competition thereby improving quality of service."Both the customers and players would benefit from competition", she said. The entry of more players had helped to grow the market. There has been no shrinking scale", she said. "Everyone is growing", she observed.

Health insurance products was one of the potential areas that could be developed. Nearly 60 percent of household savings in India go to meet health related issues. The new company currently would offer standard products, but the market for health products would be examined, she added. She said unlike other countries, India did not have a social welfare scheme in place to care of the aged. Hence the importance of healthinsurance could not be undermined.

news source : http://www.hindu.com/

Insurance - Homeowners begin to opt out for life insurance as the credit crunch hits

According to broker, My Mortgage Direct, borrowers are trying to hold onto their cash by abandoning their life insurance cover. Concerns arise as only 20% of new borrowers are taking out a life insurance policy to protect their mortgage while others sacrifice the insurance cover as a means to save more. As the credit crunch continues, people will need to reduce their outgoings cutting back on luxuries and non-essential goods. Research conducted by Prudential reveals that one in ten people would give up their life insurance policy due to personal budgets. My Mortgage Direct believes that life insurance cover is regarded as non-essentials by borrowers as it acts as an easy target.

Cath Hearnden of Mortgage Direct highlights the importance of life insurance and warns that passing up life insurance cover is a false economy. She said, “Considering the huge financial commitment of a mortgage and what it represents to borrowers lives, trying to save a few pounds by going without life cover is a big mistake.” Although it may be difficult to make ends meet in the current financial status, Hearnden added that it will be significantly harder for one to manage mortgage repayments should their partner die. She assured that premiums have in fact been revised and life insurance is not an expensive commitment. My Mortgage Direct encourages people to take out life insurance instead of opting out and insists that cover can now cost less than what borrowers may think.

news source : http://www.onlyfinance.com/

Cathay Life Insurance to Raise NT$15 B. in 2008

Taipei, June 10, 2008 (CENS)--Cathay Life Insurance Co., Taiwan`s largest life insurer, said that it will issue NT$2 billion (US$66.22 at US$1:NT$30.2) in new shares at NT$75 (US$2.48) per share this year, enabling the firm to raise NT$15 billion (US$496.68 million) in new capital. The capital-increase project will be the largest of ever launched by Cathay Life in its 46-year history. The Cathay Life`s move to increase capital has jolted domestic life-insurance sector as the company already has the strongest financial structure in the domestic life sector, with an insider expecting such capital raising to put increasing pressure on other life insurers to do the same. Domestic life insurers are pressured to increase capital due impact from the U.S. subprime mortgage crisis, loss from currency exchange, and revision to the risk-based capital (RBC) regulation for the insurance industry.

Taking into account suggestions from domestic life insurers, the Cabinet-level Financial Supervisory Commission will review the revision of the RBC regulations as necessary. Cathay Life`s parent Cathay Financial Holding Co. holds NT$20 billion (US$662.25 million) in cash, enough to meet the capital-increase project without resorting to more fund raising. Two other two large-sized life insurers, including Shin Kong Life Insurance Co. and Taiwan Life Insurance Co., have also decided to follow in Cathay`s footsteps. Cathay Life will, after capital increase is complete, see its capitalization rise to NT$52.6 billion (US$1.74 billion) from present NT$50.6 billion (US$1.67 billion).

news source : http://news.cens.com/

Take a SIP of Reliance life plan

RELIANCE CAPITAL ASSET Management Ltd, the investment manager of Reliance Mutual Fund, will offer life insurance cover to its investors. Investors opting for systematic investment plan (SIP) in any of the fund’s 11 equity-linked schemes will be offered a Life Insurance cover of up to Rs 10 lakh. Upon the premature death of an investor opting for an SIP between three and 15 years, Reliance Mutual Fund will pay the outstanding unpaid SIP installments. The scheme came into effect on May 12. An SIP allows an investor to invest a fixed sum of money every month in a fund on a pre-determined date. This regular investment in a particular plan helps an investor in averaging out highs and lows of the markets.

In 2005, the fund house had offered a personal accident cover with its equity-linked saving scheme. The personal accident death cover was for a maximum sum of Rs 5 lakh and was linked to the investment made by an individual and not with the capital appreciation of the investment. For an investment of Rs 10,000 or less, the level of cover was Rs 50,000. For an investment of Rs 10,001-25,000, the insurance cover was Rs 2 lakh and for investments between Rs 25,001 and Rs 50,000, the cover was Rs 3,00,000. The fund house had capped the level of cover at Rs 5 lakh for an investment amount greater than Rs 50,001. The life insurance scheme being offered now will serve as an incentive for investors to go for the systematic investment plan.

The fund house, however, has not elaborated on whether the life cover will be free of cost or investors will have to pay a premium for theinsurance. However, even if investors have to pay a premium, it won’t be much considering that it would be a group life cover. Investors will find it beneficial to go for a long-term SIP, say for more than five years. Over the long term, it is seen that equity investments give higher return than any other assets with a comparatively lower risk.

news source : http://www.telegraphindia.com/

IDBI Fortis Life Insurance to use Mastek's Elixir System

Mastek Ltd, a leading IT solutions player with global operations in providing new technology and IP-led enterprise solutions to insurance, government and financial service organizations worldwide, and IDBI Fortis Life Insurance Co Ltd, a joint venture between three leading financial conglomerates - IDBI, Federal Bank and Fortis, each of which enjoys a significant status in their respective business segments, have jointly announced the launch of theirInsurance business in India on Mastek's Elixir Policy administration system.

After the successful launch, both companies which are headquartered in Mumbai also announced the signing of the contract for the second phase, which would enhance the scope of Mastek to provide additional modules of Elixir covering Channel Management, Claims, Re-Insurance etc. in addition to basic policy administration.

Mastek's Elixir, is a component-based solution for policy administration specifically targeted to insurance companies that want to launch hybrid products and improve the efficiency of their distribution networks. This single solution is designed to support all product lines including traditional life, health, unit linked, annuities and pension products. It is an end-to-end policy administration platform that integrates the front and back office.

Commenting on the contract, Mr. Sudhakar Ram, Chairman, Group CEO & Managing Director, Mastek, said: "At Mastek, it has been our constant endeavor to provide our customers with high value propositions. We are proud to partner with IDBI Fortis and create value for their customers.

Mastek has consistently demonstrated its capability to address and comprehend insurance sector requirements across the world. Having implemented similar projects successfully across geographies we are confident that through our capabilities and experience we will be able to support the aggressive growth plans of IDBI Fortis and help them service their customers better."

He added, "India is a strategic market for Mastek in terms of growth in the insurance vertical and with a strong track record and a unique set of proprietary frameworks and competencies, such as Elixir, which is an end-to-end solutions platform for theinsurance industry we see tremendous growth coming from this region.

news source : http://www.equitybulls.com/

Family has trouble finding life insurance policy

The death of a relative is a traumatic event for any family. Throw in not being able to collect on that loved one's life insurance policy, and it becomes a financially frustrating experience too. That's exactly the problem a Rogers County family was facing. Since, Brenda Hagebush's mother died in February, she has spent of much of her time on the phone trying to collect on her mother's policy. It's a one thousand dollar policy so old, the insurance company, Reliable insurance, says it had trouble finding it. "Very frustrating," said Brenda. "Like I said I just felt like I had come up against a wall."

A wall Brenda, her sister Sandy, and their father Fred were anxious to tear down.
Fred needed the insurance money to help pay for his wife's funeral costs. "He paid for this insurance policy in good faith thinking it was giong to be here for him when the time came that they needed 'em and then we come up against this brick wall," said Sandy. That's when they called the 2News Problem Solvers. We discovered that Reliable was not the original company that issued the policy, but once we spoke to the president he agreed to look into the issue immediately. He couldn't give us specifics due to privacy issues, but told us the family should contact him right away, and within weeks the family received the check. Brenda and Sandy also decided to cash in their 500-dollar life insurance policies to help their dad, further. All the checks are in the bank now totalling more than $2,000.

news source : http://www.kjrh.com/

Banks to reap profit of cover

This year, banks will end up making profits of over 1,500 crore through the mundane job of selling life insurance. With commissions going over 35% of the first-year premium, perhaps no other business generates as high a margin as selling life insurance. Banks have come a long way since 2002 when they were first allowed to sell insurance products. Over the years, stakes have got very big in insurance distribution. With the law of diminishing returns kicking in as far as insurance agents are concerned, insurance companies are simultaneously looking at alternate channels — particularly bancassurance.

Earlier this week, Aviva Life Insurance made an offer to HDFC Bank to get the second-largest private bank to sell its insurance policies. According to sources, Aviva promised HDFC Bank a better deal than what it is earning. The bank, however, turned down the offer as it expected to make similar money from selling insurance for its group company HDFC Standard Life. While no deal took place, the offer itself was seen by the industry as an indication of the kind of big money that is to be made out of selling life insurance. In the game of distribution so far, there has been no relationship between the size of the distribution network and success in selling. State-owned banks, which account for over 90% of bank branches in the country, generate less than 10% of the bancassurance premium.

The most successful distributors of insurance have been private and foreign banks that already have built an expertise in selling third-party products such as bonds and mutual funds. Most successful sellers of insurance are — ICICI Bank, HDFC Bank, Citibank, Standard Chartered, and ABN Amro. Among state-owned banks, State Bank of India is gradually picking up sales of its insurance arm SBI Life. Union Bank too has had a focused approach to selling life insurance and is one of the largest insurance sellers among nationalised banks.

news source : http://economictimes.indiatimes.com/

Options if health insurance is lost

Losing your paycheck isn't the only problem when you're laid off. You probably need to decide what to do about health insurance if your employer has been providing your coverage. The temptation might be to go without it to save money, hoping nothing befalls you before you find a new job with insurance. That would be a mistake. Even the young and healthy can suffer broken bones playing sports or through a car accident and rack up steep medical bills. So what other choices are there? When you lose a job, you have certain insurance rights under federal and state laws. A rundown on state-by-state laws can be found at www.health insuranceinfo.net.

Here are some options:

•Spouse's benefits: Do you have a spouse who has insurance at work? If so, you can under federal law enroll in your spouse's plan even if it's not open enrollment time. You have up to 30 days to enroll if you left your job voluntarily, up to six months in Maryland if you were laid off. This might be your best option. Employer plans tend to offer more generous benefits than individual policies and the employer usually picks up a big part of the tab. Plus, there's no medical underwriting in group plans, so any health problems you might have won't prevent you from joining, says Brenda Wilson, chief of health insurance and managed care at the Maryland Insurance Administration.

•COBRA: This is the federal law (Consolidated Omnibus Budget Reconciliation Act) that says you must be allowed to continue coverage under your former employer's plan for up to 18 months after leaving the job. It applies to companies with 20 or more workers. You won't qualify, though, if you were fired for "gross misconduct." COBRA is the easiest option and one that most people choose. If you can't join a spouse's plan, COBRA also is your best bet if you have health problems that might make it difficult or impossible for you to buy a policy on your own. But coverage under COBRA isn't cheap. You will pay the full cost of premiums and may be charged an administrative fee.

•Mini-COBRA: States also require coverage for some who fall through the federal law cracks. These state protections are sometimes called mini-COBRA. Maryland, for instance, lets former workers stay on an employer's plan up to 18 months even if there are fewer than 20 workers. In this case, too, you shoulder the entire cost. There are exceptions. This law applies only to insurance contracts written in Maryland. So, you wouldn't be able to continue under the plan if you worked for a Maryland subsidiary of, say, an Ohio company that bought insurance issued in Ohio for workers. Also, the law doesn't apply to plans where the employer pays the claims itself. Check with your employer to find out what kind of plan you have.

•Individual conversion policy: In some states, including Maryland, you are entitled to buy a policy from the insurer providing your former employer's plan regardless of your health. Benefits under these conversion policies are typically stingier than what you had before and the premiums are higher, Wilson says. "It really wouldn't be a good option if you have other options," she says.

•Individual insurance policy: If coverage through COBRA is too rich for you, don't assume you can't afford insurance and must go without it. You might find cheaper coverage by buying an individual policy for yourself and family. Insurers will ask questions about your health to determine whether to sell you a policy, at what cost and what coverage might be excluded. Once you qualify for a policy, it can't be canceled unless you drop coverage or reach the policy's lifetime benefit cap, which often runs $3 million to $5 million, says Sam Gibbs, senior vice president of eHealth, which owns online broker eHealthInsurance. Gibbs says the price difference between COBRA and an individual policy can be significant. Last year, the average policy cost $148 a month for a single person, compared with $227 under COBRA in Maryland. A policy for a family averaged $344 a month, compared with $656 under COBRA.

COBRA premiums tend to be higher because employer plans have rich benefits, Gibbs says. To keep costs down, "only buy the coverage you need," he advises. A healthy 22-year-old male, for instance, can go without maternity benefits or prescription drug coverage, he says.

news source : http://www.baltimoresun.com/

Legislators oppose health insurance fee hike

Lawmakers opposed an item in a draft bill that could force Vietnamese to pay higher mandatory health insurance fees at the National Assembly’s most recent two-day debate. Most legislators said the proposed increase on compulsory health insurance fees would prevent residents from obtaining proper health care. In Vietnam, workers are put under the compulsory health insurance program, which requires a monthly fee of 3 percent of the employee’s salary. This amount is jointly paid by the employee and his or her company.

According to a government report presented by Minister of Health Nguyen Quoc Trieu, the proposed increase to 6 percent of the employee’s salary was meant to balance the national insurance fund, which runs an annual deficit estimated at VND2 trillion (around US$123 million). A report prepared by the National Assembly Committee on Social Affairs suggested capping the fee at 5 percent of the employee’s salary. The report said two percent should be paid by the worker and three percent by the employer. “I agree with the committee’s report, considering that the salaries of state employees aren’t very competitive,” said Deputy Nguyen Thi Sang, who represents Tien Giang Province.

Instead of doubling the fees to balance the national insurance fund, Deputy Nguyen Thanh Tam of Tay Ninh Province asked government agencies to make companies pay their employees’ full insurance fees. According to the Ministry of Health, only 50 percent of workers actually pay their insurance fees. Deputy Luu Thi Chi Lan of Vinh Phuc Province suggested the government increase the fees at a slower rate. According to deputy Rcom Sa Duyen from Gia Lai Province, the Ministry of Health should provide a guideline of all costs paid for by insurance so that patients do not run up bills on unnecessary treatments. The draft bill also suggests putting students on a mandatory health insurance starting in 2010 while covering farmers, fishermen and family businesses on the compulsory program by 2014.

Health insurance for these groups is currently voluntary. Most legislators supported the government’s goal of insuring 100 percent of its citizens, but said the government must increase its funding for those under the poverty line and others who cannot, by any means, pay insurance fees. Assembly members also asked that patients be allowed to use their health insurance card at all hospitals nationwide instead of only the one specified on their cards. “No one wants to pay hundreds of thousands of dong traveling to the required hospital just to receive some tablets for their cold,” deputy Tran Hong Viet said. According to the government report, about 42 percent of the country’s population is covered by health insurance.

news source : http://www.thanhniennews.com/

Aviva USA granted patent for fixed indexed life insurance

Aviva USA has been granted US patent for 'maximization of a hedged investment budget for an index-linked insurance product' by the US Patent and Trademark Office.The patent involves Aviva's risk management processes related to the minimum guarantees on its indexed universal life insurance products.Thomas Godlasky, CEO of Aviva North America, said: "The granting of this patent underscores Aviva's commitment to innovation in the area of product development.

"It is truly a testament to the outstanding work being done by Aviva's product development team. As a company, our primary focus is on providing the best products and services to our customers, and the innovation behind this patent exemplifies that commitment."

news source : http://www.insurance-business-review.com/

The 5 Basic Forms Of Life Insurance

If you're like I used to be, you can get confused with all the different life insurance policies. Trying to understand what is what can be difficult at times. Here's an easy to understand look at the 5 different types of life insurance and what they are.

Annual Renewable Term Policy

Without a doubt, this is the most typical form of life insurance sold. With its level death benefit it is generally used to satisfy any outstanding bills and debts in the unfortunate event of your passing away. This life policy is relatively inexpensive for younger people. As you get older the more expensive the policy costs. Annual renewable term life is the purest form of lifeinsurance available.

Decreasing Term Life Policy

A decreasing term life policy decreases each year that the policy is in force. Why would you need a policy like this? It's mainly used to pay off a mortgage in the event of your death. Every other type of lifeinsurance other than decreasing term has a level death benefit.

5-Year and 10-Year Term Life Policies

5-year, or 10-year term life policies are for people who need level protection for a set number of years only. They are generally very inexpensive and are non-renewable.

15-Year and 20, 25, and 30-Year Term Life Policies

More of these term policies combined are sold than any other type of term life insurance. You can choose the length of term life coverage you need and pay a set level premium for that number of years.

These policies work very well with families with children. For example: you have a child that is 5 years old and you want to be sure that your spouse and child are taken care of in the event of your death. Your family will need to have sufficient cash on hand to not only meet the day to day needs of life, but to also have enough for your child's education. This can be a substantial amount of money.

A 15 or 20-year term life policy would fill this need perfectly. The premiums for this type of policy are also very affordable.

Whole Life Policies

This category also includes universal life, variable universal life, and variable whole life insurance policies. These life insurance policies will cost you much more per month with their premiums, but they also help you accumulate cash over a longer period of time. You can think of these types of policies as lifeinsurance with a savings account attached.

Premiums on whole life are set at the time you purchase the policy. Your age and health will determine the amount of your premium. As you pay your premiums you're also building cash value in your policy. Although the returns are not as high as you can get with other investments, you also have the lifeinsurance benefit in the event of your death.

Variable life, and variable universal life policies, can give you an even higher rate of return due to their returns being based on various investments.

news source : http://www.bestsyndication.com/