Life Insurance

Bolton treasurer steps down after life insurance blunder

2007-01-16T23:23:00.000-08:00

Bolton treasurer steps down after life insurance blunder

Bolton's town treasurer, Joanne Jenkins, has resigned in the wake of concern about the administration of the town's life insurance policy, said Town Administrator Jodi Ross.

Jenkins had been placed on paid administrative leave last month.

Selectman Ken Troup said the Savings Bank Life Insurance Co. dropped the town in May 2005, but employees continued to pay premiums even though they were no longer receiving coverage.

"We didn't know about it, and we were concerned when we discovered it," said Troup.

He said employees will be reimbursed for the premiums for the period they weren't covered. The amount involved is less than $50 per employee.

Ross said the problem was administrative and no criminal investigation is being conducted.

Compulsory life insurance policy suffers setback

2006-12-19T23:27:00.000-08:00

Compulsory life insurance policy suffers setback

The implementation of compulsory life insurance policy as provided by the Pensions Reforms Act of 2004 has now suffered a serious set back as a disagreement has ensued between officers in the office of the Head of Service of the federation and those of Budget Office over the matter.

A federal civil servant who is at the verge of his retirement and who opted for a position of anonymity said that the dispute between the two offices which are under the presidency was frustrating smooth implementation of the policy and expressed fears that some federal civil servants might go home at the end of their service without hope of their pension benefits if the disputes were not promptly resolved.

According to him, federal civil servants were appalled to notice that, whereas the National Pensions Commission (PenCom) was established to ensure that the implementation of the law on compulsory life insurance policy for the civil servants had no hitches, the office of the head of service of the federation and the budget office had busied themselves on who, among them, had the right to place the life policy for the workers.

Life Insurance â€“ Medical history increases the cost for 66% of ...

2006-12-11T19:31:00.000-08:00

Life Insurance â€“ Medical history increases the cost for 66% of ...

Lucky applicants for life insurance can be insured within 48 hours and at the premium quoted - but 2 in 3 applicants are faced with delays plus the prospect of having their premium loaded.

So who are the lucky ones? Basically, you'll have to be as fit as a flea with no family history of serious illness, under 45, in an office type job and probably applying for less than Â£250,000 cover. For everyone else there is going to be some hassle.

Thrivent Financial for Lutherans Launches New Universal Life ...

2006-11-21T19:30:00.000-08:00

Thrivent Financial for Lutherans Launches New Universal Life ...

MINNEAPOLIS--(BUSINESS WIRE)--With today's longer life expectancy and more complex financial needs, life insurance can not only provide important death benefits, it can also provide financial security throughout a lifetime.

To better serve its members, Thrivent Financial for Lutherans has launched Thrivent Financial Universal Life–Lifetime Protector, a new universal life insurance product that provides an affordable, predictable premium and guaranteed death benefit protection for up to a lifetime. The death benefit is designed to help with a number of member needs, including retirement income protection, education funding, charitable giving and estate protection.

"With the introduction of Thrivent Financial Universal Life–Lifetime Protector, members can now choose from two universal life insurance products in order to get the coverage that best meets their specific insurance needs," said Todd Yeiter, director of insurance product marketing.

Insurance firms build sales armies, hire lakhs

2006-11-09T23:05:00.000-08:00

Insurance firms build sales armies, hire lakhs

With distribution becoming the key, the country's life insurance companies are matching the scale of the successful software industry in hiring, adding armies of salespeople to capture customers and market share.In the last six months, the industry has hired 7.5 lakh prospective agents. Of this state-run Life insurance Corporation has hired one lakh while 15 private players make up for the rest, industry sources told Hindustan Times.The industry is expected to hire more than one million agents by the end of this financial year. In the last three months, the industry has hired as much as 5.46 lakh prospective agents.Once these agents pass an examination conducted by the Insurance Regulatory and Development AuthorityÂ (IRDA), they can be officially enrolled.Newer private entrants are desperate to jump into the top five slot in a volatile market, and are on a hiring spree to win share, industry officials said.