Life Insurance Weblog

Life insurance is getting cheaper. Be it permanent life insurance- whole life or universal life insurance or term life insurance, the rates are expected to drop further in 2006. The fall is attributed to improvement in mortality and the stiff competition in the market. The introduction of “riders” to remove the deficiencies in the life insurance policies contributed to a rise in popularity of life insurance.

The lowest rate for term insurance in 2005 was more that 50 percent lower than the rate that existed a decade ago.

The AmerUs Life Insurance Group has introduced a new life insurance portfolio in the form of an uncomplicated single premium policy and an indexed single premium life policy that is fully funded up front. Just a single premium payment entitles the policyholder to death benefits.

Gary R. McPhail, president and chief executive officer of AmerUs Life Insurance Group opines that “Single premium life insurance is a guaranteed, tax-efficient product for consumers seeking to pass wealth to their heirs. It is an ideal product for those buyers who are considering an annuity product but have no plans to access the funds,"

The hesitation of insurance companies, life insurance included, to provide web-based services to its customers is finally ending.

While the benefits of doing so are very obvious, there are obstacles such as security concerns; the cost to benefit mismatch and the absence of Internet culture amongst insurance companies still exist.

However the experience of companies like Scotland based Standard Life and US based Guardian Life Insurance Co. has provided succor and encouragement to the insurance companies.

To find out what Wipro Technologies, an IT services giant based in Bangalore, India has to say about this, read more

Due to operation of dynamic factors like improving products and pricing of the products  offered, underwriting technology used and the mortality statistics presumed, most of the insurance policy holders are paying far too much for the benefit they are receiving

Mark Boehm, a principal with Dallas-based Alpha Wealth Management stresses the need for conducting a true policy audit. Often this lead to more benefits with no corresponding increase in cost.

There also is a need for an aggressive approach on the part of the customer when it comes to choosing the best policy. Comparison-shopping is recommended.