Allianz - Austria: Life insurance drives growth
Allianz in Austria focused on growth in 2006 In 2006, the Allianz Group in Austria focused its efforts on the market for retirement provision. "We want to grow steadily and have found the way to do so," says Chairman of the Board Wolfram Littich. The driving force behind this growth was the demand for life insurance. In this market, Allianz has increased its premium volume including savings portions by 10.8 percent to 383.2 million euros, putting it way ahead of its competitors on the Austrian market. In fact, Allianz has increased its market share in life insurance by 12 percent to 5.8 percent.Total premium income has gone up by 2.

Life Insurance

Just like individual health insurance, the purpose of life insurance is the same: to provide financial aid. Life insurance policy holders also pay premiums: monthly, quarterly, or annually. Policies can run for one year up to a full lifetime. In health insurance, the policy holder receives the benefits in the form of discounts, reimbursements, etc. In life insurance, the policy holder’s beneficiaries will be paid a specified amount upon the death of the policy holder.
 
Life insurance started in ancient Rome. Burial clubs collected money from the poor to pay for the funerals of their members. Starting in the Middle Ages, labor guilds, religious and fraternal organizations, and mutual life insurance companies took over the life insurance business. Mutual life insurance companies are owned by its members, just like credit unions. Edmond Halley, an astronomer in the 17th century, developed the very first actuarial tables that were used to calculate insurance risks according to mortality statistics. As a rule of thumb, higher risks result in higher premiums.
 
Risk calculation determines how much a premium will cost, or whether an applicant will be given a policy at all. Everything from the applicant’s full medical history, hobbies and lifestyle, driving record, travel history, and credit history will be taken into consideration by insurance actuaries when determining the actual cost of the applicant’s premium.
 
Some of the major factors that affect the cost of life insurance premiums include age, gender, and pre-existing medical conditions. Men and older people are likely to pay higher premiums. People with “dangerous” hobbies, such as scuba diving and skydiving, also pay more for life insurance policies.
 
It is possible for life insurance claims to be denied. For example, most life insurance policies do not provide coverage for suicide. Fraudulent claims will be fully investigated.

Life insurance for children
If you are a parent, grandparent, great-grandparent, or legal guardian of a child 14 days through age 12 or young adult from age 12 through age 17, you should look into MCEA's newest member benefit - affordable life insurance policies for those children and young adults. Through the MCEA Insurance and Benefits Trust, MCEA offers it members the opportunity to provide significant life insurance protection for a child for as little as $1.47 per pay. For the "Grow Up" Plan (children age 14 days through age 12), the face amount doubles at age 21, at no extra cost.

Membership Benefits
As a MOAA member, you'll have access to expert benefits information advice, money-saving products and services, plus a team of legislative professionals fighting for your rights. You also will have the opportunity to network and make connections to aid your personal and professional life. The following are only a few items that our more than 360,000 members find beneficial. Insurance MOAA offers its members some of the very best insurance plans available, including TRICARE insurance supplements and outstanding buys in term life insurance. Join MOAA!

New Finances For A New Year: An Annual Review
Conduct a careful and thorough review of your life insurance needs with your life insurance agent. Ask about the ways in which life insurance may be able to help you meet your long term goals. Find out too about the potential advantages of converting your term policies to whole life coverage. Review the performance of your retirement plan savings and investments. Many financial experts say you may need from 70 to 80 percent of your pre-retirement income to maintain your standard of living after you stop working.

PROTECTING YOUR FUTURE WITH LIFE INSURANCE

As people continue to struggle through the recession, there’s increased focus on taking care of savings and other assets in order to secure the future.  One of the best ways to provide a safety net for your loved ones is by purchasing life insurance.  There are two different kinds of life insurance:  term life and whole life.
Term life insurance is generally the best fit for the largest number of people.  Simply, this is life coverage only, meaning in the event of the death of the named insured the policy pays face value to a designated beneficiary.  Term life can be purchased in increments of one to 30 years.  Except for the extremely elderly, these policies are always less costly than whole life insurance.
Term life insurance has two types of premiums.  Level-term premiums remain constant over the life of the policy and can be paid in increments; annual renewable premiums increase as the policy holder ages.  Some term policies offer the option to convert to whole life later on without a medical examination.  This can be a good choice for policy holders who have become seriously ill or have developed a severe medical condition, but for the average life insurance customer these conversions are generally not advisable.
Whole life insurance combines a traditional term policy with an investment piece—typically bonds and money market accounts or stocks.  The investments attached to the policy build cash value over time which can be borrowed against before the policy term is reached.  The two basic elements of whole life policies are the mortality charge, which is the part of the premium that pays for coverage, and the reserve, which goes toward the investment portion that earns interest.  As the policy holder ages the reserve portion of the premium gradually decreases and the mortality charge increases.  Some whole life companies credit the reserve annually with investment dividends.
Whole life polices may seem like easy money, but the fact is that they are risky.  The value of the policy can fluctuate along with the markets and usually do not earn as much return on the initial investment as other more traditional portfolio options like stocks, bonds and mutual funds.  Whole life is also very expensive and those on a fixed income or limited budget probably cannot afford to purchase as much coverage as they need.
When estimating how much life insurance coverage you need, calculate the approximate amount your spouse or dependents would need to maintain their current lifestyle in the event of your death.  Factors to consider are any retirement income or pension you would eventually be eligible for, when that income would begin, and the age of your dependent children at the time you purchase the policy.  Most experts recommend buying coverage equivalent to at least ten years’ worth of your current salary.  People over a certain age and those with pre-existing medical conditions tend to pay higher premiums so it’s a good idea to purchase life insurance while you’re relatively young and healthy, though you should hold off until you have dependents.

Work At Home
The Longevity Express is here. People are starting to live longer faster than ever before. Isn't it wonderful? The average age is now around eighty and climbing quicker than the actuarial tables have estimated. People in their fifties and sixties now consider themselves part of the new middle aged. More and more of them are starting to work from home. Where will it all end? No one knows, but certain scientists are estimating average life spans of well over one hundred in the not to distant future. At this rate people in their seventies may soon consider themselves middle aged. What are we doing to prepare for this Longevity Express?