The Detroit News recently reported about a poll released earlier this month that shows 7 percent of Americans said they or someone in their household married in the past year to obtain health insurance benefits through their spouse's policy. The same poll revealed 28 percent of Americans have experienced serious problems due to the high cost of health care.
The Federal Reserve Board once again cut a key interest rate at its meeting today, April 30. The Fed lowered its target for the federal funds rate by 25 basis points to 2.00 percent. The federal funds rate is the rate consumers pay on credit cards, home equity lines of credit and automobile loans.
Today's cut was the seventh rate reduction in the past seven months. As the central bank continues to allay fears of a U.S. economic recession, it also has the challenge of keeping a watchful eye over inflation. The Fed's statement included the comment that "uncertainty about the inflation outlook remains high." This comment has many experts believing the Fed may be done cutting rates for now as it directs its attention toward inflation and away from the economic slowdown.
The federal funds rate is an overnight bank lending rate that affects rates on various types of loans such as variable-rate mortgages and credit card rates, among others. The rate may also impact rates on various investment and insurance products offered by life insurance companies.
HSBC, through Household Life Insurance Company, recently introduced a new Simple Issue Term life insurance product. The product requires a simple seven question application form to be completed by the applicant, either through a secure website or over the telephone with a licensed representative. If approved, the applicant can sign the necessary documents by voice or electronic signature, pay by credit card or EFT and print out the new policy within minutes.
Coverage is available for term lengths of 10, 15, 20 and 30 years in amounts ranging from $25K to $500K. The policies are also convertible to select permanent life insurance products offered by the company.
This new product through HSBC Household Life Insurance Company is the only Simple Issue Term life product currently available in amounts up to $500K. For quotes on this new term life product, please call one of our licensed representatives at 800-867-2404, Option 1.
Transamerica Occidental Life Insurance Company released new rates on its Trendsetter Term Series this week. The company reduced rates on its term life insurance product for a variety of age groups and demographics.
Visit our term life insurance quoting system to check out these new rates from Transamerica.
Nippon Life Insurance Company of Japan, one of the world's largest life insurance companies, recently announced a marketing sponsorship with the Chicago Cubs. The company's sponsorship is centered around current Cubs' player and former Japanese baseball star, Kosuke Fukudome. Say that name three times as fast as you can (make sure there aren't any children around first).
Nippon Life Insurance Company does have an American subsidiary in NLI America. NLI America offers group term life insurance products and accidental death and dismemberment products. Look for the company's logo every time you see Fukudome in front of a microphone.
Aetna, Inc. and Cigna Corp, two of the nation's largest health insurance companies, recently announce they will begin paying for physician visits conducted over the Internet. Yes, you can visit your doctor via the Web in a form of virtual office visit, and your insurance will pay for it (if you are a member of one of these health insurance companies and your plan covers this service, of course).
Aetna recently expanded a pilot program nationally from three initial states. The most common method of Web visits currently used is email correspondence. But even that is used very rarely. In a recent survey of California residents, only 4 percent of respondents indicated they have consulted with a physician via email.
The service is most likely to appeal to those looking for convenience, not necessarily cost savings. While Aetna pays its providers $25-$35 for a Web visit and $35-$100 for an office visit, patients will most likely have the same copayment for both services.
Technology to the rescue once again.
California Insurance Commissioner Steve Poizner recently issued an order to Allstate's auto insurance units in California to reduce the rates currently charged for auto insurance by nearly 16 percent. The rate reduction will become effective by mid-April, and will save California consumers approximately $245 million annually in auto insurance premiums, or roughly $125 per vehicle.
"This reduction reaffirms my commitment to ensuring that excessive rates are not charged to California consumers. At the same time, the rate reduction is fair and reasonable for the company," Poizner said.
Not surprisingly, Allstate disagreed with the commissioner and believes the rate reduction is excessive. The company anticipated a reduction of about 8 percent, and is considering filing an appeal.
American General Life Insurance Company (AIG) recently extended the term life insurance coverage length on it's AIG Select-a-Term product to 35 years. This is the longest term length available from a major life insurance company in the industry. The longest term length prior to this change was 30 years.
Consumers can now choose from additional term lengths of 31, 32, 33, 34 and 35 years for term life. With these new term lengths, a 45-year old applicant can purchase a 35-year term length policy and have continuous term life insurance coverage to age 80. With the existing 30-year term length product, a 55-year old applicant could have coverage all the way to age 85.
American General Life Insurance Company (AIG), recently launched AIG Accident Expense Plus, a health insurance product that provides accidental injury coverage. AIG Accident Expense Plus is designed to provide first-dollar coverage for accidents, as a way to help those with large deductibles on their existing health insurance policies. Policyholders will also be able to purchase a critical illness rider with the policy that provides benefits in the event of heart attack, stroke or cancer.
“To combat rising premiums in their major medical plans, many individuals and families are increasing their deductibles, co-payments and other out-of-pocket expenses,” said Jay Drucker, vice president, Accident and Health, AIG American General. “AIG Accident Expense Plus offers an easy and affordable solution to help ensure that out-of-pocket costs from an accident or critical illness don’t jeopardize their financial stability. AIG Accident Expense Plus is an ideal way to protect against the sometimes staggering financial burdens associated with an unforeseen accident, and those can include sports-related injuries, which many of today’s active families face.”
The new product offers the following benefits:
Please contact us for more information or a quote on AIG Accident Expense Plus.