Regulatory pressure. Interest rates. Client risk classifications. These three main factors will shape the future of permanent insurance products, said Paul Fryer, vice president of individual business management at Sun Life Financial, at CAILBA’s annual conference in Toronto.
Joint policies seem attractive to young couples because of the cost savings. But it doesn’t cost much more to insure each life individually and clients receive double the payout.
Fewer Canadians are donating to charity. Statistics Canada reports donations fell nearly 2% to $8.3 billion in 2012. What’s worse, the number of people giving slipped 1.4% to 5.6 million.
If clients plan for final expenses, it’ll make things easier on their children.
In-Kyung Choi, 48, is an anchor for a local news station in Halifax. Retirement’s almost 20 years away, but she’s recently changed advisors because she felt her assets weren’t producing adequate returns. Her new advisor asks her to do an asset inventory as part of the planning process. The exercise jogs her memory. Her late father had mentioned a life insurance policy he took out on her when she was born. Problem is, she doesn’t know which company issued it, how much it’s worth or if it’s still active. The policy could have significant cash value, so In-Kyung’s determined to track it down.
Smog in China is so bad that local travel website Ctrip.com offers smog insurance to its customers, reports China Daily.
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Life insurers should be focusing on their product offerings to make up for subpar yields, while giving customers what they want to spur growth.
Don't understand why insurance rates have changed so much? Read this article.