| Look before you leap
What happens to your life insurance, long-term disability insurance and health and dental benefits when you retire? In the past, many companies continued to offer employees benefits through their retirement years. But, due to escalating costs and changes to how companies have to account for these liabilities on their financial books, continuing retirement benefits will be scarce in the future. Here are some options for those retirees who don't have group plans that extend into retirement, or who want coverage during a gap before they turn 65, or who simply want to supplement their provincial government plan once it comes into effect at age 65. LIFE INSURANCE .
Cathay Life Insurance to Raise NT$15 B. in 2008
Taipei, June 10, 2008 (CENS)--Cathay Life Insurance Co., Taiwan`s largest life insurer, said that it will issue NT$2 billion (US$66.22 at US$1:NT$30.2) in new shares at NT$75 (US$2.48) per share this year, enabling the firm to raise NT$15 billion (US$496.68 million) in new capital.
The capital-increase project will be the largest of ever launched by Cathay Life in its 46-year history. The Cathay Life`s move to increase capital has jolted domestic life-insurance sector as the company already has the strongest financial structure in the domestic life sector, with an insider expecting such capital raising to put increasing pressure on other life insurers to do the same.
Domestic life insurers are pressured to increase capital due impact from the U.S. subprime mortgage crisis, loss from currency exchange, and revision to the risk-based capital (RBC) regulation for the insurance industry.
Global Subprime: We Are All Connected [Housing Tracker]
“Cathay Life Insurance Co., Taiwan`s largest life insurer, said that it will issue NT$2 billion (US$66.22 at US$1:NT$30.2) in new shares at NT$75 (US$2.48) per share this year, enabling the firm to raise NT$15 billion (US$496.68 million) in new capital. The capital-increase project will be the largest of ever launched by Cathay Life in its 46-year history… Domestic life insurers are pressured to increase capital due impact from the U.S. subprime mortgage crisis, loss from currency exchange, and revision to the risk-based capital regulation for the insurance industry." (CENS.com, June 10th) Fortis Dips On Downgrade, Funding Concern-Traders. “Belgian-Dutch financial services group Fortis fell sharply Tuesday… on a downgrade by Merrill Lynch analysts… Merrill downgraded Fortis to 'neutral' from 'buy', citing concern over its ability to raise capital….
China Post Group gets go-ahead to set up life insurance company
Feng Xinsheng, executive deputy general manager of the group, said here on Saturday the company to-be, named as China Post Life Insurance Company Limited, will be launched within a year. The insurance company would be registered in Beijing with a register capital of 500 million yuan (72.46 million U.S. dollars),Feng said. He said the new company would mainly target farmers, low-income urban residents and migrant workers in cities. Experiences of the group as agents of insurance sales would surely help in building such an insurance company, he added. China Post Group was established in December 2006 to separate the regulatory functions of the former State Post Bureau (SPB) from its business activities.
Buying shares: grab perks for just one share
Anyone thinking of taking out life, home or travel insurance should consider buying a single share in Legal & General. For life insurance in particular, big savings can be made, and because L&G is always at or near the top of the best-buy tables, you should be getting a real discount on the cheapest rate on the market. L&G offers a 10 per cent discount on its life insurance, which for someone paying £40 a month on a 20-year £250,000 life policy, adds up to a total saving of £960, just for buying a share for £1.24, plus dealing costs. While the life insurance discount lasts for the duration of the policy, no matter how long you hold the share, L&G also offers discounts of 25 per cent on home insurance and 12.5 per cent on travel insurance for each year that you are a shareholder.
Want cheap life insurance? Life-jackets!
"It's the cheapest life insurance there is," says Lifesaving Society Alberta spokesman Sue Sherman. "Your life-jacket can't help you if you don't wear it." (For water safety tips, check out www.lifesaving.org). Canadians don't seem to have the collective community drive to deal with water-related tragedies, says Sherman. "It's all up to the individual." People will boat for years without an accident and figure it'll never happen to them, she adds. "They just don't believe that they are at risk." .
Keeping 'em covered in Milford
The company provides health, disability and life insurance to top level professionals including physicians, dentists, attorneys and certified public accountants. "I get up in the morning and I never really know what to expect. Will I get a phone call from a client asking about disability, will there be a death claim, is someone in the hospital or is someone coming in to see us about insurance," he said. "I love this business because every day is different, and it never gets boring. That's probably the reason why I am still working after 50 years." Compare the insurance industry of today to that of 1958, when Muir began, and the changes are plenty, he admits. He has long since given up his rate book � the must-have guide for any insurance salesperson of yesteryear � for a computerized version of that information.
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