Financial Services Industry
Industry: Email Alert RSS FeedCanadians break living-benefits ground. (Canadian operation of Prudential Insurance Company of America, 'living-benefits' payments to terminally-ill life policyholders)
National Underwriter Life & Health-Financial Services Edition, April, 1989 by Koco, Linda
Canadians Break Living-Benefits Ground
The Canadian operation of Prudential of America has been flooded with inquiries concerning its recent decision to make "living-benefits" payments to terminally-ill life policyholders.
The company says it will make these payments even though the contracts involved do not carry living-benefits provisions.
The payments, which can range from 40 percent to 75 percent of policy proceeds depending on the particulars of each case, will be paid to the insured while still alive. The policy death benefit is reduced accordingly.
Two other Canadian insurers, Great-West Life and Manufacturers Life, say they will do likewise. Both companies are currently drafting formal guidelines governing how they will do...
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