Seventy-five percent of all Americans have confidence in life insurance companies and the percentage jumps to almost 90 percent when looking at Americans who own individual life insurance, according to a new survey conducted by LIMRA.

In its most recent consumer sentiment survey, LIMRA found that consumers who have seen life insurance make a positive difference — either directly or indirectly — were more likely to feel confident in life insurers than those who had no experience. (chart)

“This study further confirms what I have believed throughout my career: life insurance provides the financial security that allows families peace of mind if the unthinkable happens,” said Robert Kerzner, president and CEO, LIMRA, LOMA and LL Global. continue

MetLife, Inc. (NYSE: MET) announced that it has, through a subsidiary, purchased EnV, a luxury multifamily property located in Chicago’sRiver North neighborhood. The company purchased the property from LYND Development Partners, the original builder of the tower.

“EnV is an excellent fit for MetLife’s real estate equity strategy of acquiring core properties in top-tier markets,” said Robert Merck, senior managing director and head of real estate investments for MetLife. “We manage each of our investments for the long-term, and we are pleased to add this best in class property to our portfolio.”

Lynd Development Partners, a subsidiary of LYND, which is a national real estate investment and management company based in San Antonio, Texas, launched the development of EnV in 2008.

“Even though we were in the midst of a tough recession, our research told us Chicago was underserved with a luxury rental product,” said A. David Lynd, president and chief operating officer of parent company LYND. When EnV was delivered to the market last summer, it commanded the highest rental rates in the city. A year and a half later, rental rates have continued to rise.

EnV was one of the first LEED-certified rental properties built in Chicago. The 249-unit, 29-story tower offers studio, one-and-two bedroom and penthouse apartments and also has 27,000 square feet of retail and restaurant space on the first three floors. The development is conveniently located directly across the street from the Merchandise Mart and adjacent to an “El” subway station. This past fall, EnV was named 2011 “High Rise of the Year” by Multifamily Executive.

Apartment features include bamboo floors, stainless steel appliances, built-in wine racks, all glass balconies and floor to ceiling windows throughout. Community features include full-service concierge services, a media room, juice and coffee bar and wireless Internet throughout the entire building. EnV also provides a special technology package called “The EnVironment” that allows residents to use smart phones for such activities as scheduling private training sessions, paying rent or submitting a work order. The rooftop has a pool terrace with chaise lounges, a 24-hour fitness center overlooking the city skyline and a catering kitchen.

With the success of EnV, LYND is currently weighing new multifamily development opportunities.

“There are a lot of good opportunities in markets where land and construction pricing is well below the peak and where yields are as attractive as we’ve seen for urban infill,” said LYND CEO and Chief Investment Officer Michael J. Lynd, Jr. “Rental demand in the U.S. overall is very strong, but we continue to be highly selective when choosing markets and sites.”

CBRE’sChicago office brokered the sale on behalf of the seller.

MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East.

Based in San Antonio, Texas, with corporate offices in Miami and Denver, LYND is a family-owned, national real estate company that develops, manages, finances and invests in multifamily, hospitality and commercial properties. With more than 30,000 residential units under management in 13 states, LYND is listed in the Multi Housing Council’s list of the “Top 50 Apartment Managers” in the United States.

(c) 2012 Telecommunications Weekly via VerticalNews.com

MetLife officials on Tuesday rebuffed claims that they are steering business away from independent agents through a sales promotion that offers a year of free auto insurance to new car buyers in the Pacific Northwest.

The trial incentive, which is available to anyone who buys a new General Motors vehicle by Sept. 6 in Washington and Oregon, has been criticized by associations that represent independent insurance agents for removing them from the policy-buying process.

But that’s not entirely accurate, according to a MetLife Auto & Home spokesman.

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Variable life insurance

To define variable life insurance is to include the fact that, unlike universal life insurance, it allows you to determine which investments are used for your savings account component, not the insurance company. You can choose low risk investment options which offer lower returns but more security, or you can choose high risk high return investment options.

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So essentially, variable Universal Life Insurance  is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner.

The death benefit for this policy type will vary, but is guaranteed to be a specific minimum amount.

Variable universal life insurance is a hybrid between variable life coverage and universal life coverage. The right life insurance type will depend on your specific situation, so make sure you know all your options before making your decision.

More On Variable Life Insurance

The ‘variable’ component in the name refers to this ability to invest in separate accounts whose values vary—they vary because they are invested in stock and/or bond markets. The ‘universal’ component in the name refers to the flexibility the owner has in making premium payments.

The premiums can vary from nothing in a given month up to maximums defined by the Internal Revenue Code for life insurance. This flexibility is in contrast to whole life insurance that has fixed premium payments that typically cannot be missed without lapsing the policy (although one may exercise an Automatic Premium Loan feature, or surrender dividends to pay a Whole Life premium).

Variable life insurance is a type of permanent life insurance, because the death benefit will be paid if the insured dies any time as long as there is sufficient cash value to pay the costs of insurance in the policy. With most if not all VULs, unlike whole life, there is no endowment age (which for whole life is typically 100).

This is yet another key advantage of VUL over Whole Life. With a typical whole life policy, the death benefit is limited to the face amount specified in the policy, and at endowment age, the face amount is all that is paid out. Thus with either death or endowment, the insurance company keeps any cash value built up over the years.

However, some participating whole life policies offer riders which specify that any dividends paid on the policy be used to purchase “paid up additions” to the policy which increase both the cash value and the death benefit over time.

With a VUL policy, the death benefit is the face amount plus the build up of any cash value that occurs (beyond any amount being used to fund the current cost of insurance.)

If investments made in the separate accounts out-perform the general account of the insurance company, a higher rate-of-return can occur than the fixed rates-of-return typical for whole life. The combination over the years of no endowment age, continually increasing death benefit, and if a high rate-of-return is earned in the separate accounts of a VUL policy, this could result in higher value to the owner or beneficiary than that of a whole life policy with the same amounts of money paid in as premiums.

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So how do you go about maintaining life insurance policies? Yes! It is great that you found an affordable life insurance policy but purchasing your affordable life insurance policy is just the first step in being a responsible life insurance policy holder.

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To get the most out of  life insurance policies and you want it to protect your loved ones like it should, there are some simple steps you need to do in order to make sure your life insurance policy stays current and safe. Below are the steps you should take as a current life insurance policy holder to make sure the life insurance policies you have works for you:

5 Steps for Maintaining Life Insurance Policies After Your Purchase:

1. Make sure you understand your life insurance policy and ask your life insurance agent about any wording or information that you don’t understand… remember, you are paying them to work for you!

2. Store your life insurance policy in a safe place such as a fire-proof security box or safe deposit box.

3. Make or obtain a copy of your life insurance policy and store it in a different safe place than the original policy.

4. Tell the beneficiaries of your life insurance policy where your storage places are.

5. Review all life insurance policies at least yearly with your agent. Keep your life insurance agent or company informed if any of the following occur: change of address, birth or death of any family members, or if you get divorced or married.

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Navigating the life insurance landscape can be tricky. You are sure to encounter a number of different policies and terms such as whole life, term life, cash value (whole or universal), variable life, and much more. How can you make sense of all the different types of policies and know that you’re making the best choice? Here’s a quick breakdown of the most common types of insurance policies and the pros and cons of each.

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Term Life Insurance

Term life is exactly what it sounds like. You purchase life insurance for a specific term, or set amount of time. You pay premiums for the entire length of the term and once the term is up, your death benefit is gone. Term life does not have a cash value component so your entire premium is simply used to keep the policy active. Once the term is up, you stop paying premiums and the policy expires. This is what makes term life one of the most inexpensive life insurance policies.

But even term life is broken down into a few different categories:

• Level Term – Your premium and death benefit remains the same for the entire length of the term, whether that is 10, 20, or even 30 years.
• Annual Renewable Term – The death benefit remains unchanged throughout the term, but the contract renews annually, usually with an increase in premium each year. Initially, premiums may be less than in a level term policy, but over time it can become more expensive.
• Decreasing Term – Here, the death benefit decreases each year while the premium remains the same. The policy ends when the death benefit reaches zero.

Advantages of Term Life Insurance
Term life policies are usually far less expensive than whole, universal, or variable life insurance. Term life also has a very specific coverage period—typically in terms of 10, 15, 20, 25, and 30 years. This allows you to only buy as much coverage as you need. For example, if you’re only concerned about life insurance while you have dependents at home or a mortgage to pay, you can plan out how long and how much coverage you need.

Disadvantages of Term Life
There is no cash value component of the policy. Your premiums strictly go towards the policy and do not earn interest or otherwise accumulate. And having a specific term can also be a drawback. If you purchase a 20-year term policy and after 20 years decide you’d like to extend your coverage, you may need to undergo proof of insurability and could be denied additional coverage or need to renew at a significantly higher premium.

Universal Life

Universal life insurance builds on term life and adds a cash component. Here, instead of just selecting a specific term and putting 100% of your premium towards the policy, part of your premium will actually go into a cash account in the policy. This cash account earns interest and accumulates tax-deferred.

Advantages of Universal Life
Universal life insurance provides additional flexibility. Because it has a cash component you could actually temporarily stop making premium payments as long as the cash value can cover the cost of insurance. In addition, you may also be able to increase or decrease the death benefit over time. Also, you can usually borrow against the policy in the form of a loan.

Disadvantages of Universal Life
Universal life is more expensive than term life. While some of that added cost will be going into the account in the form of building cash value, the rates you earn on that money may not be the best going rates. This is why many financial professionals recommend buying term and investing the difference. This allows you to still purchase a death benefit while having the flexibility to invest the difference anywhere you choose.

Variable Universal Life Insurance

Variable life insurance is very similar to universal life with one major difference. With this type of policy you aren’t earning a specific rate of interest in a cash-value fund, but instead you can invest this portion in a variety of different investments like mutual funds. So, you get much more control and can choose where to invest the cash-value portion.

Advantages of Variable Life
You’re still guaranteed the minimum death benefit as long as you keep up with the minimum premium. You also have the flexibility to invest the cash-value portion in a variety of investment vehicles. If you make wise investment decisions you can take advantage of significant tax-deferred earnings on those investments.

Disadvantages of Variable Life
By investing part of your policy in possibly risky investments, if the market turns south and you lose a lot of money, you’re putting your policy in jeopardy. A significant drop in account value could force you to pay additional premiums just to keep the contract in force. In addition, the expenses associated with the investments in variable universal life may be significantly higher than you might pay elsewhere.

Whole Life Insurance

As the name implies, whole life is meant to insure someone for their whole life. Like universal life, whole life has a cash-value component. In most cases, in a whole life policy the premium and death benefit are fixed.

Advantages of Whole Life
There are no surprises with whole life. You have a guaranteed premium, interest rate, and death benefit for the life of the policy. The cash value also grows tax-deferred and also typically allows for withdrawals and loans against the policy.

Disadvantages of Whole Life
Whole life is generally more expensive than both term and universal policies. This is largely due to the added guarantees that come with whole life. Also keep in mind that the policy is not flexible. If you determine you want more coverage or would like to increase or decrease your premium, which probably isn’t an option. Finally, the interest earned on the cash-value account may be less than you could obtain elsewhere.

Choose Your Life Insurance Carefully

As you can see, there are a number of options available and there isn’t a single right answer for everyone and every situation. If you take the time to learn what each type of policy offers you can be sure to get an insurance policy that’s right for you and not just what someone is trying to sell you.

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How much life insurance do I need is not an easy question to answer, mainly because there’s no easy formula to determine how much life insurance coverage one needs. Everyone is different and as such the figure will depend mostly on your circumstances.
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Nevertheless, a quick and basic way to figure out how much you would need is to take your annual income and multiply it by 7.

For example, a family with an income of $60,000 might need at least $420,000 worth of life insurance protection. But some insurance experts feel one may need as much as 10 times their annual salary.

There are more specific ways to estimate how much life insurance an individual or family may need. Figuring one’s need based on their income and assets can be more accurate:

Using the Expenses (-) Assets Formula

Figure a rough estimate of your annual family budget. This would include your mortgage, child care, insurance, and basic living expenses. Don’t forget to include expenses such as vacations, and future education plans such as private school and college. Next, estimate a figure for your assets such as savings, social security benefits, or any other income that will be there such as the income of a surviving spouse.

Remember, stay-at-home spouses contribute a lot to the family income by by-passing child care, travel, cleaning, cooking, tutoring and associated costs, therefore would need to be insured also.

If your estimate is high, good, it’s probably right. If you are worried about the premium cost, we would recommend choosing term life insurance. You can get a policy for the time you would need it (the amount of time your kids would depend on you) for a lower premium than other insurance options.
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The way to define term life insurance is to include the advantages as well as the fact that low cost term life insurance is an favourite for many.  So you need low cost life insurance? Take a look at the budget friendly option of a term life insurance policy.

Term life insurance policy premiums are generally much cheaper than cash-value policies (universal and whole), especially if you are young and in good health and a low cost term life insurance policy does exactly what you expect it to do by financially taking care of your beneficiaries if you die.

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Here’s the basics of a low cost term life insurance policy:

1. Buying The Low Cost Term Insurance Policy

You buy a low cost term life insurance policy with a specified time period, usually one, five, or ten years. During that "term" you pay a specified premium. Your beneficiaries will receive a death benefit if you die during the term of the life insurance policy.

2. Facts About a Low Cost Term Life Insurance Policy

Seems simple enough, right? Well, as with all insurance, there are little complexities and loop-holes you need to fill. For instance, the death benefit may not be the same throughout the term life insurance policy depending on whether you choose decreasing, level, or increasing term life insurance. And, what about when your term is over?

That’s where renewable and convertible term insurance comes in. Take for instance you want a basic 10 year low cost term life insurance policy with the death benefit to stay the same throughout the term life insurance policy, and at the end of the term you would like to "convert" to a different term life insurance policy such as a cash-value policy, without taking another medical exam. In that case you would choose a level term convertible life insurance policy.

3. Deciding if a Term Life Insurance Policy is for You

Term life insurance does not build cash-value or have the tax benefits like universal or whole life, but it can be a great option for someone who would like life insurance, but can’t afford the higher premiums. Here is a check-list to help you decide if a low cost term life insurance policy is right for you:

• You’re on a budget and cannot afford a very high premium.
• You are young, and in good health.
• You are looking for a simple, straight-forward, low cost life insurance plan to protect your beneficiaries.

4. Talking to Your Insurance Agent About a Term Life Insurance Policy

When checking with your agent on term life insurance, ask a lot of questions. Generally, agents do not receive as much commission on term life insurance verses cash-value policies so you may have to probe a little for more information.

Want to build cash value and have lifelong coverage? Check out whole life insurance: Whole Life Insurance Policy Choices

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Does life insurance cover suicide? This is a question that has been asked by some of our visitors. and here’s the answer :

Life Insurance and Suicide

Each life insurance policy is different, but most contain a suicide provision. The suicide provision states that if the person covered by the life insurance policy dies as the result of suicide within two years from the policy issue date then any beneficiaries would not be able to collect the death benefit.

Otherwise, after the two year suicide provision period, the policy should pay the death benefit to the beneficiaries. But, again, check the policy’s exclusions section, since the suicide provision can be different for each policy.

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Universal life insurance, along with providing a death benefit, also incorporates a savings vehicle. So how does universal life insurance work? In short, it is like combining a term life insurance policy with a tax-deferred interest accumulating savings account.

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One benefit of purchasing a universal life insurance policy is that besides accumulating a tax-deferred savings, one may not have to pay premiums during the entire policy. If money to pay the death benefit and other related costs accumulates in the tax-deferred savings portion of the policy, then premiums may eventually not be required to keep the policy in force.

So Who Could Benefit From A Universal Life Policy?

Since a universal life policy is an investment vehicle along with a life insurance policy, only people who feel they need life insurance into their 70′s would benefit from a universal life insurance policy. This would give the savings portion enough time to possibly accumulate into an investment. Most persons will not need life insurance that late in life, and in the case life insurance is not needed that late, it may be more beneficial to purchase a term life insurance policy and plan a proper retirement investment savings account such as a 401K or annuity.

If a universal life insurance policy looks right for you there are a few important points to remember. First, make sure you plan to have the policy long term since you will need to have the policy in force at least 15 years to be eligible for any return of the policy.

Second, make sure you have a knowledgeable insurance agent to review your other options such as term and whole life insurance.

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