I swear, where a year ago I was thinking New York would probably miss this century also, they have now rocked the life insurance world by approving return of premium term insurance for sale.
Return of premium has been available in the rest of the country for years, but today ING Reliastar the first ever ROP products in New York. Until this release New Yorkers were left only to wonder what it would be like to use term insurance for protection, and having outlived it, get a full refund.
Forbes ran article almost three years ago extolling the virtues of ROP (every where but New York and Utah). Attached is that article.
forbes-return-of-premium.pdf
While there isn’t any doubt that the younger you are the more attractive the product becomes, it can still fill needs that no other products can. For instance, a key man business insurance policy. You can use a return of premium policy as an insurance/bonus program. If the key employee dies, the money is there to help the company through a transition phase. If the key employee lives, the company can bonus the tax free premium refund as a retirement gift.
Bottom line. Let’s all welcome New York to the rest of the country. Past due, but welcome. Question now is, will Utah ever jump on board. Don’t hold your breath.
February 21st, 2008
Whether or not you agree that there is an obesity epidemic, you would have to have on some pretty serious blinders to not see that lifestyle changes over the past 40 years have definitely packed the pounds on the average US citizen, if not the whole world.
An article I read today was referring to an “obesigenic environment”, a world where we walk less, eat poorly, and basically sit on our butts so much that they widen by the day.
It really does come down to lifestyle choices. I sit behind a desk every day for 10+ hours, and if I didn’t watch what I eat and go for a run instead of watching TV at noon everyday, I can see me weighing 250 instead of 175. I’m not bragging and I darn sure won’t be caught saying that it is the easy path to go down. But don’t tell me it’s too hard. If my 85 year old dad who is recovering from cancer treatment can get out and walk a few miles several times a week, well, all it takes is a desire to live and live well.
Unfortunately the lifestyle changes that adults have adopted over the past few decades are the only lifestyles that our children know. Long gone is physical education. Completely ingrained is fast food and video games. Most kids don’t walk anywhere.
From a life insurance standpoint we are a nation that is, because of obesity, on the brink of epidemics of diabetes, high blood pressure, heart disease and obesity related cancers. While someone who is overweight, even obese, can still get fair rates, they need to do it before the health issues start crashing in.
Bottom line. Globesity is real. The world is getting larger every year and breaking the cycle is something that has to be attacked at every level.
February 21st, 2008
