Some say that life insurance is, well, boring; it lacks the sizzle of a long-term care policy or critical illness product. Even so, life insurance of all stripes remains relevant and vital to today's employee.
As of Jan. 1, 2009, all life insurance carriers must employ the new 2001 Commissioners Standard Ordinary mortality and morbidity table. The American Academy of Actuaries Web page offers substantial detail of the new tables and how they work.
Carriers already have or are developing new products using the new CSO tables and this could translate into a flurry of innovative product designs and new opportunities for brokers to provide ample coverage for their clients beyond the one-to-three times their salary they receive with group term.
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There are many advantages to voluntary life, specifically individual voluntary policies, for example. The first often mentioned is the easy portability, usually at the same rate, but now with the new CSO tables another major advantage is that a life insurance policy should be even more affordable.
Of course, voluntary life insurance comes in a variety of flavors, each one with their different facets. Most insurance professionals are familiar with term, universal life, whole life and others, but have been introduced to multiple benefit products that add, usually through a rider, additional benefits such as long-term care coverage or critical illness protection.
The industry may have entered a renaissance. There is little doubt that employees should benefit as the new mortality and morbidity table policies have hit the market.
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