Insurance Newsletter Issue 13 – Life Insurance Insights: Positive Market Trends, Cancer Screening Benefits and more
In the July edition of Sikka’s life underwriting newsletter, we look at the positive impacts of early cancer screening, the growing value of the life insurance market, new information regarding insurance rates for people with MS (Multiple Sclerosis), and the possible rehabilitation of Columbian Mutual Life Insurance.
How Early Cancer Screening Benefits Life Insurers and Policyholders
A healthcare company is teaming up with life insurers to help solve what it calls “a $201 billion problem in America” – late-stage cancer treatment. Grail is a company on a mission to detect cancer early, when it can be cured. The company recently began trading on the Nasdaq stock exchange. Grail also is working with several major life insurers to offer its Galleri multicancer early detection test to their policyholders. Galleri is the first-of-its-kind test that uses a single blood test to look for a signal shared by more than 50 types of cancer.
U.S. Life Insurance Market Expected to Reach $1.48T by 2032, Research Firm Says
According to a recent report published by Allied Market Research, titled, “U.S. Life Insurance Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2023–2032,” the U.S. life insurance market was valued at $ 765.38 billion in 2023 and is projected to reach $ 1,476.31 billion by 2032, growing at a CAGR of 7.1% from 2024 to 2032.
Broker Posts Term Life Rates for Those With MS
People with multiple sclerosis may be able to get good deals on life insurance, according to LifeQuotes.com. The Westmont, Illinois-based life insurance web broker published a chart showing what people with multiple sclerosis might pay for term life insurance. For a 25-year-old woman seeking $250,000 in coverage, for example, the monthly premium could be $22 per month. For a 60-year-old man seeking $1 million in coverage, the monthly premium could be $699 per month, or 31.8 times the price offered to the 25-year-old woman.
NY Regulators File Petition to Take Control of Columbian Mutual Life Insurance
New York State Department of Financial Services Superintendent Adrienne Harris has requested court permission to take control of Columbian Mutual Life Insurance Co. According to a report from AM Best, Harris' office filed a petition in New York Supreme Court in Broome County to place the company into rehabilitation, as per an announcement by its parent, Columbian Financial Group, on its website. The notice to policyholders indicated that the move was prompted by "the company's financial condition."
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