Consumers unaware of broad range of life cover
Consumers understand the value of life insurance when it comes to protecting loved ones in the event of their death but not of the benefits it may provide while they are alive.
Research by Lincoln Financial Group for Life Insurance Month shows that 65 per cent of consumers understand the core values of life cover and its importance but only 14 per cent were aware of how it could cover healthcare in retirement and just 11 per cent knew of longevity risk options.
The study highlights a potential gap in coverage when policyholders do not deal directly with a broker.
“What’s most important is that consumers receive the information and the coverage they need. Life insurance is often sold through the workplace, and employer communication is a great channel for education that can touch multiple generations,” Lincoln’s Dick Mucci, president of its Group Benefits business, told Yahoo!
Hudson launches commercial excess, umbrella business
New York-based Hudson Insurance Group has launched a commercial excess and umbrella business providing coverage on a non-admitted basis to all 50 US states.
The main sectors targeted by the new business are manufacturing, contracting, habitational, hospitality, lessors risk and transportation with limits up to $5 million.
The business will focus on small, regional producers on a limited brokerage basis and will be led by Thomas Farrell who has more than 15 years of experience in the commercial excess and umbrella market.
“Tom brings significant expertise to Hudson – this, coupled with the size and security of Hudson’s A-rated paper and our quality service, provides a unique value proposition for our producers,” commented Hudson’s president and CEO Christopher
Gallagher.
