insurance regulator

Official QuickQuote Blog
QuickQuote Insurance Blog: All things insurance all the time.

• Electronic Signature for Life Insurance is Finally Here!
  On June 30, 2000, President Bill Clinton signed the Millennium Digital Commerce Act of 2000, making it legal to utilize digital technology to sign checks, loan applications and many other legally binding documents. The President was quoted then as saying, "By marrying one of our oldest values -- our commitment to consumer protection -- with the newest technologies, we can achieve the full measure of the benefits that e-commerce has to offer."
  
  Nearly eight and a half years later, electronic signature remains the 'holy grail' of the online life insurance industry. Direct Marketing companies such as QuickQuote and it peers, have asked repeatedly over the past several years for life insurance companies to provide a process allowing the use of electronic signature technology for term life insurance applications.
  
  And now those efforts have finally paid off as ReliaStar Life Insurance Company has recently released its e-Signature process for term life insurance applications! We have been using this process with select customers for one month now and are ready to proclaim it the greatest thing since sliced bread (or does the iPhone already own that distinction?). Nonetheless, the process is amazingly simple and offers customers the following benefits:
  
  • Elimination of application mailing time
  • No need to physically sign and send back application forms
  • Reduced processing times
  • Quicker policy approval and delivery

  You can view quotes for ReliaStar Life Insurance Company and our other fine partner companies Better Business Bureau Recognizes QuickQuote
  The Better Business Bureau recently affirmed its A+ rating for QuickQuote Financial, Inc. This is the highest rating offered by the organization. QuickQuote has been helping customers purchase term life insurance online since 1995, and has been accredited by the BBB since 2003. BBB Accreditation remains the most reliable way for consumers to identify trustworthy businesses. You can view our BBB report Federal Reserve Cuts Interest Rate
  The Federal Reserve today cut its key federal funds rate by three-quarters of a percentage point to a new all-time low of zero - 0.25 percent. That is the lowest level ever recorded for the federal funds rate.
  
  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.
  

• A.M. Best Affirms Prudential's A+ Rating
  

  Prudential Financial today announced A.M. Best, an industry leading rating agency, has affirmed the company's financial strength rating of A+ (Superior). The rating also applies to Life Insurance in Tough Times
  

  The National Bureau of Economic Research (NEBR) this week made the proclamation that the US economy is officially in the midst of a recession or as the White House calls it, an 'economic downturn.' And according to the NEBR, the current downturn has been in place for over a year now. Heck, the media could have told us that months ago. Oh yeah ... they did. In fact, it seems that's all the media have been reporting on for several months now; that and the election. Some call the current conditions the result of a self-fulfilling prophecy brought on by fear caused by the media. Others believe we have the bursting of the housing bubble to blame, while still others lay the blame on the Bush administration. There is surely no shortage of fingers pointing every which way on this issue.
  
  Regardless, there is little doubt these are tough economic times. And many Americans are feeling the pain. According to the most recent data released by the US Bureau of Labor Statistics, the number of unemployed Americans has increased by 2.8 million in the last twelve months and the unemployment rate has risen by 1.7 percentage points.
  
  Yet despite these alarming numbers, we continue to see more people purchasing term life insurance. A recent survey of Americans by LIMRA International indicated only 21 percent of those in need of life insurance are considering delaying the purchase for economic reasons. A mere 5 percent of respondents plan to cancel or reduce their life insurance coverage. And perhaps the most interesting result to come out of the study is that 6 percent of respondents plan to purchase more life insurance coverage.
  
  A deeper look at that last statement actually makes a lot of sense. What's important to remember about life insurance is one of its main purposes is to replace the income lost when the insured dies prematurely. In difficult economic times when unemployment is high and good jobs are hard to find, replacing that lost income becomes even more critical. For example, imagine you are the primary breadwinner in your family and you die unexpectedly and uninsured. Your spouse would be left to find a higher paying job to replace your lost income. That would be challenging enough in a strong economic environment, let alone the current one.
  
  So while the case for keeping life insurance coverage in place is a strong one, we are not so naive that we can overlook the importance of basic human needs such as food, shelter, etc. Obviously those needs are first and foremost. If you are planning to delay your purchase of life insurance coverage or cancel existing coverage for economic reasons, you may want to consider simply reducing the coverage amount and/or term of your new or existing policy. You may be surprised at how inexpensive term life coverage can be in small amounts. And a small amount of life insurance coverage is better than none at all.
  
  
  
  Credits: www.bls.gov, LIMRA International

• Genworth Life Insurance Company FAQ's
  

  The expanding credit crisis our economy currently faces continues to stress nearly all industries. We've written several blogs recently about the crisis and the effects on specific life insurance companies and the industry as a whole. An emerging trend we've recently witnessed within the industry is life insurance companies producing materials aimed at educating consumers on the current financial positions of those companies, as well as answer common questions posed by customers.
  
  Genworth Life Insurance Company today released this Life Insurance Companies Apply for CPP Funds
  Life insurance companies appear to be lining up to participate in the Troubled Asset Relief Program (TARP). Several companies have applied to receive funds under the Capital Purchase Program (CPP) in an effort to bolster their capital positions. Most have indicated they do not currently need the funds, but rather they are taking advantage of the loan program in case conditions within the credit and stock markets continue to deteriorate.
  
  Life insurance companies that have indicated potential participation in the program include Hartford Financial, Lincoln National, Genworth Financial and Principal Financial Group, as well as countless banks and other financial institutions.
  
  The program has already shown the unexpected benefit of positioning strong companies as acquirers of their weaker competitors. Some have used CPP funds solely for this purpose. Others are using the funds to pad their capital accounts.
  
  Either way, it is becoming evident that a company's use of the program is not ne