Premium and Policies by Gender: Of the Non-Can new policies
issued in 2004, 58% are male. Almost 70% of the Non-Can
inforce policies are male. For GR, over 61% of the new
policies issued are male, and 74% of inforce policies are male.
Source: JHA 2004 U.S.
Individual Disability Income Market Survey |
One
of the new disability products released since our last edition is in
the individual disability income insurance arena. MaxElect(SM)
from Massachusetts Mutual Life Insurance Company is a guaranteed
standard issue individual disability income insurance product
available to employers with as few as 10 eligible employees.
It is designed to target those earning $70,000+ annual income to
fill the gap created by a typical 60% group LTD contract cap.
It is non-cancellable and guaranteed continuable to age 65.
There are a variety of plan design options for this product such
as pre-existing condition limitations, waiting periods, and maximum
benefit periods. These allow the employee flexibility in
designing a product that integrates with their employers’ group LTD
plan, and depending on the selections made, may also provide some
cost savings.
more... |
Recently,
Diane Koken, President of the National Association of Insurance
Commissioners, gave testimony regarding the NAIC’s position on the
SMART Act (State Modernization and Regulatory Transparency) Act. As
part of her testimony, she provided a summary of some of the major
initiatives and goals of the association. The following article
describes her comments and presents her update.
more... |
Do
You Know What The Average Annual Premium Per Life Is For
LTD?
The JHA 2004 U.S. Group Disability Market Survey includes an
interesting statistic, “The Average Premium Per Life (PPL) for new
sales premium and inforce premium of LTD business. Why is the PPL
data important enough to always be included in the executive summary
of the JHA Market Survey? We believe it is an interesting proxy for
overall rate levels for the entire industry. Often times, employers
are surprised to learn that LTD only costs just over $200 per
employee per year. For approximately $15 to $20 a month, you
can get a very valuable benefit. The PPL for the 2004 LTD
Group market was $210 for new sales premium and $224 for inforce
premium. Both of these numbers increased 2% from the prior
year.
more... |