Áine Cain, provided by Published 8:16 am PDT, Monday, April 1, 2019 Carolyn Kaster/AP Images Sears is reportedly cutting its life insurance coverage for some of its roughly 90,000 retirees. The National Association of Retired Sears Employees told CBS that the average age of affected retirees is 80. Insurance expert David Paige told Business Insider that, as a result of their age and pre-existing conditions, many retirees will not be able to replace their life insurance. Sears survived liquidation, but the same can't be said for its retirees' life insurance coverage. CBS reported that some in the retailer's pool of 90,000 retirees will now have to pay for their own life insurance polices, which were worth at least $5,000. Sears did not immediately return Business Insider's request for comment. Insurance expert David Paige told Business Insider that the news isn't good for retirees. "The thing that is so distressing about this is that it's probable that … [Read more...] about Sears is reportedly slashing life insurance policies for some of its 90,000 retirees as the retailer continues to scramble (SHLD)
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TAKING care of the pennies so the pounds took care of themselves was a discipline I’m sure most mothers knocked slowly into each of our heads. My mother was no different. On a regular basis, I run the cost of my life insurance through a comparison to ensure I’m paying the least for my cover that I should be, or that I am maximising the cover for the premium I’m paying. Most households have their mortgage and cost of living insured against, but disturbingly, 8.5 million breadwinners in the UK have no life insurance at all leaving the UK under insured by £263bn. I can’t imagine the desperation of a family having lost a loved one and breadwinner who can’t afford to pay off their mortgage and are then faced with repossession and eviction. Life insurance dates back as far as 100BC when Roman soldiers put money into a pot to pool risk to protect surviving families in the event of death. It took a few wrong turns with the unscrupulous insuring someone they … [Read more...] about Tax free life insurance or 55% tax?
Sponsored content from Thomas J. Henry Law Published 4:18 pm CST, Wednesday, February 13, 2019 Photo: Gettyimages Photo: Gettyimages Image 1 of / 1 Caption Close Image 1 of 1 Photo: Gettyimages Insurance Companies Love “Settlement Mills.” Here’s How to Avoid Them 1 / 1 Back to Gallery If you are injured in an accident through no fault of your own, you are owed compensation for your medical costs, pain, and suffering. Often times, however, insurers are unwilling to pay out. When you choose a lawyer, they may suggest the best thing to do is to settle with the insurance company to avoid a lengthy trial. But, should you settle? The simple fact is insurance companies … [Read more...] about Insurance Companies Love “Settlement Mills.” Here’s How to Avoid Them
“Don’t post photos of yourself smoking on social-media sites. Do post photos of yourself running.” These two suggestions appear in a recent Wall Street Journal article about New York state’s new rules for how life insurance companies can use public data to help set premiums. Such tips — under the heading “what you pay for life insurance could depend on your next Instagram post” — seem ominous, portending a surveilled future where tweeting about rock climbing could hurt your wallet and services exist to curate photos that appeal to insurance companies. In reality, it has long been the case that what you pay for life insurance could at least be affected by your next Instagram post. It is already legal, and increasingly common, for life insurers to use so-called “nontraditional” sources of public data — including credit scores, court documents, and motor vehicle records — to inform insurance underwriting decisions, … [Read more...] about Why the future of life insurance may depend on your online presence
Published 11:35 am PST, Wednesday, November 21, 2018 Image 1 of / 1 Caption Close Image 1 of 1 The truth about life insurance 1 / 1 Back to Gallery (BPT) - If you haven't made solid financial plans, now would be a good time to consider a life insurance policy to protect you and your family in your time of need — or protect your loved ones in your absence. Given the importance of life insurance, it’s surprising that 37.5 million American households lack such a policy, according to the 2016 Facts About Life study by the industry group LIMRA. That may be because many people misunderstand how such policies work and how much they cost. For example, recent Insurance Barometer studies by LIMRA and Life Happens found 63 percent of Americans cite expense as the reason they don’t carry term insurance, yet 80 percent overestimate the cost — millennials by 213 percent and Gen Xers by 119 percent. While some … [Read more...] about The truth about life insurance