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If you purchased a life insurance policy prior to 2001, it is time to have your insurance professional review that policy to see if you could be saving money. Policies purchased prior to that date used mortality figures from 1980. As you know, Americans are living longer and the updated 2000 census figures show dramatic increases in life expectancy which result in lower insurance rates. Also, insurance companies have improved products that have greater guarantees and in some cases can provide extras like long term care or disability coverage.

Basically, life insurance coverage cost less than it did just a few years ago. The decrease and changes are so significant that you may be able to find the same or greater coverage for less money, even at an older age.

On Tuesday, I made my seven-year-old son and his friend turn off the Wii and watch the inaugural address. They didn’t understand that they were watching history as it was being made. Even if they didn’t understand everything that was going on, it was important for them to watch and witness. President Obama’s speech was somber yet encouraging. In case you missed any of it, here is a transcript of the address.

The following is the text of President Barack Obama’s inaugural address on Tuesday, January 20, 2009, as prepared for delivery and released by the Presidential Inaugural Committee.

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Life insurance companies are asking regulators to reduce the capital reserve requirements they are required to have on hand. Are the insurance companies taking advantage of the current economic crisis to reduce the high cash requirement, or is there something wrong that the insurance companies don’t want the public to know about?  My guess is the former. Article in the Washington Post

Unscrupulous agents beware!  The new tougher annuity laws started with the new year.  The new law makes it a felony to submit fraudulent signatures, prohibits agents from using fake designations that imply financial expertise and strengthens requirements agents must meet when selling annuities to consumers.  Agents are required to take a minimum of of three hours of continuing education on the suitability of annuity and Life insurance transactions.  There is also a fine up to $30,000 for each “willful violation of twisting, churning and submission of fraudulent signatures.”

This legislation is in response to the many scams committed against the elderly in Florida.  Just last Sunday it was reported that a local agent was guilty of such fraudulent practices.  Full Article.