Individual Life Insurance Sales Contract: Fill & Download for Free

I guess so because Chinese insurance market has grown at a breakneck pace in recent years. The Swiss Re Institute predicts that China’s share of global premiums will increase from 11% in 2018 to 20% by 2029, easily surpassing that of the United States, currently the world market leader of $ 5 trillion. China’s strong economy, high levels of public spending, consumer awareness and technological innovations are behind the country’s growth in the insurance sector.And as I speak to you today, the largest insurance companies in China rank among the largest companies in the world in terms of market capitalization. A.M. Best, a global rating agency, has published a list of the 25 largest insurance companies in the world in terms of net written premiums (NPW) and nonbank assets of 2017. These are the top five companies insurance, according to AM. Best.KEY TAKEAWAYS:The Chinese insurance market has grown at a furious pace in recent years and will surpass that of the United States by 2029.A strong economy, government investment, consumer awareness, and technology are fuelling China’s growth in the insurance sector.China’s biggest insurance companies are among the largest companies in the world.China Life Insurance (Group) CompanyWith a market capitalization of about $122 billion, China Life Insurance Co., Ltd. (NYSE: LFC) is the biggest insurance company in China and one of the top insurance companies in the world. NPW for China Life are $97.6 billion, according to A.M. Best. China Life traces its roots to the founding of the People’s Republic of China in 1949. It operates life insurance and property and casualty insurance businesses, and it also offers asset management services and other financial services.China Life maintains a substantial nationwide service network, with 1.7 million sales force channels reported in the company's 2018 annual report. The company operates 285 million long-term individual and group life insurance policies, annuity contracts, and long-term health insurance policies. As of 2018, China Life offered insurance services to over 500 million customers. The company is listed on the Shanghai Stock Exchange, the Hong Kong Stock Exchange and the New York Stock Exchange.Ping An Insurance (Group) of China Ltd.Ping An of China was founded in 1988 and held its initial public offering (IPO) in 2004. While the company began as a property and casualty insurance company, it has since expanded into the life insurance, banking, online financial services, and wealth management businesses with the stated goal of becoming a comprehensive financial services provider. It has a market capitalization of about $217.4 billion, according to Ycharts, and NPW of $90.3 billion, according to A.M. Best. As at December 31, 2018, according to its annual report, the company employed 376,900 employees, of which 232,752 were in the insurance business. The company had 184 million customers in 2018. Ping An is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.China Pacific Insurance (Group) Company Ltd.China Pacific Insurance Group is an integrated insurance provider offering property and casualty insurance, life insurance, and reinsurance products, as well as asset management and investment services. NPW for the company are $40.8 billion, according to A.M. Best. As of 2019, China Pacific 41 branches, over 2,480 grass-roots offices, and over 10,000 sales agents. China Pacific traces its roots to 1991. It was listed on the Shanghai Stock Exchange in 2007 and the Hong Kong Stock Exchange in 2009. It has a market capitalization of close to $295 billion.People's Insurance Company of China GroupPeople's Insurance Company of China Group was established in 1949. The company has NPW of $68.9 billion and a market cap of $296.8 billion, according to http://Reuters.As at the end of 2018, the Company had 186,774 employees.Along with subsidiaries, the company is mainly engaged in property insurance, reinsurance, health insurance, life insurance, pension insurance, Hong Kong insurance, and operating insurance. Its most substantial subsidiary is PICC Property and Casualty Company, which sells a wide variety of non-life insurance products, including auto, homeowners, commercial property, and agricultural policies. People's Insurance Company of China Group is listed on the Hong Kong Stock Exchange.New China Life InsuranceNew China Life Insurance Company was founded in 1996 and has quickly grown into a top-five company in the industry. While its primary business remains life insurance, the company also has growing business interests in the investment industry and the health care industry. New China Life Insurance has a market cap of $126 billion. In 2019, the company reported 1.9 million in its sales force. New China Life has more than 30,000 individual customers and 41,000 institutional customers. The company manages and deploys insurance funds through its subsidiaries including Asset Management Company and Asset Management Company (Hong Kong). New China Life was simultaneously listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in 2011.Footnote: China Life Insurance Company - WikipediaChina Life Insurance Group Co - Company Profile and Newshttps://www.spratings.com/documents/20184/0/China%27s+Top+25+Insurers/5f4d65c5-130c-4027-83dd-dd3eec5b8796China Insurance Company Established to Propel the Insurance Business (1931)List of Chinese insurers and turnoverThe 5 Biggest Chinese Insurance CompaniesChina Life Insurance Company

Most life insurance contracts will offer you the ability to convert your existing term policy into a permanent policy normally before you turn 65 or the 80% of your term period. So if you have a 10 year term, you would need to convert by the 8th year or before age 65, whichever comes 1st.In my experience your need for life insurance never goes away regardless of your wealth. If you are extremely wealthy, a life insurance policy may be a more cost effective method to pay estate taxes, if you are say middle class, the policy can be used to pay some medical expenses along with expenses to cover funeral arrangements.What's in it for you:1. The health rating you received when you were 1st approved is used to determine the price of this new policy. Most individuals would receive a higher health rating if they were asked to take another exam to prove their eligibility for a new policy making the new premium much higher or worse, make them un-insurable. The conversion takes this risk away.2. You would now have life insurance up to age 121 for most contracts at a fixed price.3. Your contract now has cash value that you can borrow against and in most cases TAX FREE. You should dig more into this....What's in it for the other side (agent+company)1. A new contract which will pay out an additional commission, but this is sales so what's the big deal.2. They keep you as a customer for a longer period of time (most holders of permanent insurance plans never cancel)3. Rather than paying out a larger sum in the event of a claim, you may opt to reduce your coverage amount to keep your cost down which in turn reduces the amount of reserves they have to set aside for your beneficiary.In my experience I see many customers pay more than they should for life insurance primarily due to not taking advantage of converting their term plan. They purchase a 20yr term which they out live and find themselves in their 60's and 70's without any coverage and then end up purchasing a small $20k policy for a larger sum that it would have initially cost had they converted a part of their existing term...Why, because no one really educated them about the benefits that come with both term and permanent insurance policies.

There has been a noticeable uptick on new life applications since the pandemic hit. Based on my industry reading, people are taking individual life more seriously than ever before. New sales volume is up 5 to 25% from last year so people are definitely interested in owning a new policy.