Not everyone needs second to die life insurance, but it can be very beneficial in certain situations. Unlike a traditional term or whole life insurance policy, which pays benefits to a named beneficiary after the death of an insured individual, second to die life insurance actually covers two people. Benefits are paid out only after the deaths of both insured parties. This type of insurance is typically used for:

• Estate Planning: Second to die insurance can be a powerful estate planning tool for couples who expect to leave a significant estate to their heirs.

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Relatives of workers who died of an asbestos-related cancer have won a compensation fight at the supreme court.

Judges ruled that insurance liability was “triggered” when employees were exposed to asbestos dust – not when symptoms of mesothelioma emerged.

Legal experts say the ruling by the UK’s highest court means that employers’ insurers will have to pay compensation claims.

Relatives of victims want to make claims on policies from the late 1940s to the late 1990s.

Families started a legal fight for compensation more than five years ago and lawyers say the supreme court ruling could affect thousands of claims.

Relatives won the first round of their battle in 2008, when the high court said firms’ insurers at the time workers inhaled fibres were liable.

But two years later the court of appeal said in some cases liability was triggered when symptoms developed – sometimes decades after exposure.

Lawyers said the appeal court ruling had left victims’ families facing “confusion and uncertainty”.

A panel of five supreme court justices had heard argument about a group of lead cases at a hearing in London in December and delivered judgment on Tuesday.

The supreme court ruled that the disease could be said to have been “sustained” by an employee in the period when it was caused or initiated, even though it only developed or manifested itself later.

Lord Clarke said: “The negligent exposure of an employee to asbestos during the policy (insurance) period has a sufficient causal link with subsequently arising mesothelioma to trigger the insurer’s obligation.”

Britain and Ireland’s largest trade union, Unite, welcomed Wednesday’s “landmark” ruling, which it said will affect “many of the 2,500 people who are diagnosed with mesothelioma each year”.

It said it had appealed to the supreme court after insurance companies were partly successful in the earlier appeal to the court of appeal.

Unite’s challenge was on behalf of the family of Charles O’Farrell, a retired member who died of mesothelioma in 2003.

Commenting on the supreme court’s decision, the Unite general secretary, Len McCluskey, said: “This is a landmark ruling which will affect thousands of victims of asbestos.

“It is a disgrace that insurance companies went to such lengths to shirk their responsibilities. For

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There was a time when life insurance providers rejected applications from the seniors, but the scenario has changed now. Insurance industry is a very competitive one. To survive in this industry, every insurance company wants to enhance their sales figures. Therefore, they have started selling insurance products even to the senior citizens without any strict eligibility criteria. Growing population of baby boomer has opened new openings for the insurance providers.

Guaranteed whole life insurance

This is a special kind of life insurance that does not require the applicant to go through any extensive underwriting process or medical exam. Read more…

The Hartfords decision to leave the individual annuity market doesnt mean the insured retirement industry is struggling, according to the Insured Retirement Institute (IRI).

Cathy Weatherford

One day after The Hartford said it would drop annuities to focus on its property-casualty, employee benefits and mutual funds, the IRI said the annuity market is “in a financially strong position and poised for continued growth.”

IRI’s market analysis was based on new sales reports, research findings and emerging demographic trends.

The IRI said The Hartford represented 0.6% of all variable annuities sales in 2011.

“Across the board, all indicators point to a strong insured retirement industry including recent reports from leading rating firms that have underscored the stability of the life insurance sector—citing their strong capital and liquidity,” said IRI President and CEO Cathy Weatherford.

She added the IRIs research, based on research with Cogent Research, is “the single most important retirement income goal for all investors is ensuring that they do not run out of money in retirement.”

“With variable annuity total sales and net flows reaching pre-crisis levels, and with the recent growth in income annuity sales, it’s clear that the insured retirement marketplace is robust and that a significant number of investors are seeking to attain lifetime income as part of their retirement strategy,” Weatherford said.

She called the market “ripe” for annuities, noting that fewer employers are offering their workers retirement plans. With 79 million baby boom

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