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November 8, 2012
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News covering the insurance and financial advising industry

  Top Story 
  • How the election's outcome could affect insurance
    The results of this year's elections mean that policies that affect insurance, including the Dodd-Frank Act and the Affordable Care Act, are likely to remain, industry experts said. Key issues to be tackled include the "fiscal cliff" of tax increases and spending cuts, as well as the proposal to impose a uniform fiduciary standard and the implementation of health insurance exchanges. National Underwriter Life & Health (11/7) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Understand the differences between LTC and chronic-illness riders
    Permanent life insurance is often used as a base for insuring long-term care, with beneficiaries given the option to choose a rider for long-term-care expenses, Shawn Britt writes. Long-term-care riders under the classification 7702B are more comprehensive than chronic-illness riders classified as 101(g), Britt writes. Long-term-care riders are paid by either an indemnity model or a reimbursement model. Chronic-illness riders use the indemnity model; may not be marketed as long-term-care policies; and do not cover temporary conditions, such as mild strokes or cancer-related side effects. Life Insurance Selling magazine (11/2012) LinkedInFacebookTwitterEmail this Story
  • Index indicates 53% of U.S. households may face retirement risk
    Low interest rates, later retirement ages and stagnant home values have increased the chances that Americans will see their standard of living fall after they retire, the National Retirement Risk Index suggests. More than half of households may be unable to maintain their standard of living once they stop work, according to the index, measured by the Boston College Center for Retirement Research. BenefitsPro.com (11/6) LinkedInFacebookTwitterEmail this Story
  • Opinion: Election offers marketing lessons for life insurance
    The presidential election offers lessons for the life insurance industry as it attempts to modernize its marketing approach, Corey Dahl writes. The industry must broaden its message to address the nation's changing demographics, including Hispanic consumers and women who are the top earners in their households, and make its online marketing more personal, she writes. Failure to quickly address these realities will result in an "antiquated and irrelevant" industry, Dahl writes. National Underwriter Life & Health (11/7) LinkedInFacebookTwitterEmail this Story
 
  Policy Watch 
  • Dodd-Frank regulatory changes are expected to continue
    The insurance industry is less likely to see Dodd-Frank regulations eased as a result of Tuesday's election, which maintained Democratic control of the White House and Senate, experts said. The defeat of Rep. Judy Biggert, R-Ill., chairwoman of the House Financial Services Committee's Subcommittee on Insurance, Housing and Community Opportunity, is a "significant disappointment," said Joel Wood of the Council of Insurance Agents & Brokers. The arrival of new lawmakers, including Elizabeth Warren of Massachusetts in the Senate, could affect the way the law is implemented, experts said. Business Insurance (tiered subscription model) (11/7) LinkedInFacebookTwitterEmail this Story
  • Report looks at the state of health insurance exchanges
    Twenty states are set to run their own health insurance exchanges, an additional 13 states are expected to partner with the federal government to jointly operate an exchange and at least one-third are likely to have a federally operated marketplace, Avalere Health says in a report. Governors have the authority to decide which type of exchange to implement, although Missouri voters on Tuesday approved a measure that bars the governor from instituting an exchange without the approval of the Legislature or a voter referendum. The Hill/Healthwatch blog (11/7) LinkedInFacebookTwitterEmail this Story
  • Calif. moves to get health insurance exchange in place
    California officials have earmarked $90 million for marketing to residents who may be eligible for assistance under the Affordable Care Act, which goes into effect in 2014. The state's health insurance exchange, however, may be "a tougher sell than originally thought," said Steve Valentine of Camden Group. That may be the case particularly among healthier and younger consumers who are estimated to see their rates increase by as much as 45% if the insurance industry persuades federal officials to include new regulations that limit the difference in premium rates by age, experts said. Los Angeles Times (tiered subscription model) (11/7) LinkedInFacebookTwitterEmail this Story
  • Other News
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  NAIFA News 
  • NAIFA statement on the election
    NAIFA President Robert O. Smith issued the following statement on the Nov. 6 federal election: "Yesterday the American people spoke and re-elected President Obama for another term while maintaining the status quo in the House and Senate. The President has many tough challenges ahead but he has also pledged to represent all Americans." Read more on The NAIFA Blog. LinkedInFacebookTwitterEmail this Story
  • NAIFA's Jill Hoffman: "Now is the time" to educate Congress about our products
    As the fiscal cliff clock continues to tick away toward the end of the year, NAIFA Assistant Vice President Jill Hoffman told Employee Benefits Advisor that consumers will look to the financial services industry for answers and recommendations on what to do moving forward. In a podcast interview, Hoffman advised NAIFA members to "be active and involved" in educating Congress about our products. Read the full article on The NAIFA Blog. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
People always call it luck when you've acted more sensibly than they have."
--Anne Tyler,
American novelist


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