Online Life Insurance

SHANGHAI, Nov 06, 2008 (SinoCast via COMTEX) — LFC | Quote | Chart | News | PowerRating — China Life Insurance Co., Ltd. (SHSE: 601628) has stopped the marketing of its investment-linked life insurance products in Shanghai, according to one of its executives.

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Singapore’s Life Insurance Association (LIA) president, Darren Thomson revealed that despite the downturn of the current economy, next year’s reversionary bonuses are unlikely to fall.

After concerns arose that bonuses will fall early next year, Mr Thomson, also president and chief executive of Manulife Singapore, said that the bonuses are “smoothed” over steadily making it a very gradual process in order to make it simpler for insurers to manage during both good and bad times. Read more

November 6, 2008 (FPRC) — Legal & General is concerned that people might avoid taking out protection because they think that it is too expensive. 65% of people polled1 by Legal & General over-estimated the cost of taking out Ј150,000 worth of life cover. 35% over-estimated the cost of adding a critical illness option to that life cover. Read more

A major American life insurance company has taken a big step into the virtual world by setting up their own space on popular web-based community Second Life.

AvivaUSA spent nearly half a million dollars setting up their virtual ‘island’ and it is costing them roughly $3000 a year to maintain it. The hopes are that it will encourage younger and more tech-savvy people to get involved. Read more

The Canadian life and health insurance industry welcomes long-awaited amendments to Alberta’s Insurance Act which received Royal Assent on November 4, 2008 and strongly encourages other provinces to
follow Alberta’s lead.
“This is a major development in the evolution of insurance regulation in Canada and we congratulate the province of Alberta for its leadership in passing this important legislation,” said Frank Swedlove, President of the Canadian Life and Health Insurance Association (CLHIA). Read more