This month we saw ING Reliastar suspended sales of their 25 and 30 year term life insurance policies. This is a few months after Genworth suspended sales of their 15 and 30 year term policies. I believe the products will come back with both companies, but with higher premiums.
We're going through an adjustment period with the low interest rate environment and I wouldn't be surprised if we saw more companies make adjustments to their life insurance offerings.
Also this month, Jackson National has announced their complete exit of the life insurance market which left a lot of agents and policyholders shocked this week. They are no longer accepting new business as of 8/1. However, in force policies are fine and will still be serviced if you are a policyholder.
I expect life insurance premiums to increase in the short term. For those consumers considering life insurance, you should start the process now and lock in rates as they are today. They're only going to get more expensive.
Shout Outs from Within the Industry
Check out the Cavalcade of Risk #162. Van Mayholl from Insurance Regulatory Law just rounded up the past couple weeks of interesting insurance risk related blog posts.
I also want to give a public thanks to Hank and Bob over at insureblog for adding me to their blogroll. Give them a look as well.