Life Insurance Lowdown

The General Body of Voluntary Firemen in Peru (CGBVP) has recently announced that the Peruvian firefighters will finally be receiving life and disability insurance. The number of firefighters or ‘bomberos’ as they are generally referred to as is quite small, still it has taken so much time for life insurance to come their way. To be exact, the number of these brave firefighters today stands at 8,331.

These firefighters provide their services solely on a voluntary basis and truly carry out a humanitarian act that needs to be really appreciated. It may be noted that quality preparation and training ahs ensured that the death index amongst the firemen is minimum.

This insurance cover will be issued by ‘Essalud’ and endorsed by ‘Positiva Seguros y Reaseguros’ and will compensate firefighters in the age bracket of 15 to 70 years. The life insurance cover will be applicable for accidental death and total or partial permanent disability.

ING has recently introduced ING Instant Term, term life insurance available for immediate issue. This will be sold through bank and credit unions. This offering is specially aimed at low and middle income customers. This insurance will be issued by ING’s ReliaStar Life Insurance Company and the entire transaction is expected to be quick and hassle free. The most important aspect of this offering is that the applicant does not have to go through any medical exams or lab tests. All they have to do is approach the designated staff in a participating financial institution and answer some quick questions about themselves and their medical history. The staff will take their word for it and after concluding that the request is genuine and conforms to the required criteria; issue the insurance cover document to the customer there and then.

The product is an answer to a need gap arrived at from a study conducted by LIMRA International. The report states that at least 26 percent of U.S. households with less than $75,000 of household income do not have life insurance coverage. In households where the household income is less than $35,000, the number of uninsured goes up to 50%.