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Safeco says it will stop selling life insurance (500 laid off)

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CO Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-03 09:59 AM
Original message
Safeco says it will stop selling life insurance (500 laid off)
Edited on Tue Sep-30-03 10:05 AM by CO Liberal
Just mentioned on the business report on KVOR, Colorado Springs.

ON EDIT - A link:

Safeco says it will stop selling life insurance

By Bradley Meacham
Seattle Times business reporter


Safeco plans to sell its life-insurance and investment arm and cut 500 jobs, moves it says will help it focus on selling auto and home insurance.

The fate of about 1,600 employees in the Redmond-based unit may hang on whether a single buyer can be found or if the unit is broken up for sale. Life insurance, mutual funds, asset management, group insurance and other businesses in the unit will operate as normal until the sale.

<more>

http://seattletimes.nwsource.com/html/businesstechnolog...
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hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-03 10:02 AM
Response to Original message
1. Feel that rush of economic confidence? I sure did!
Say, this really is the strongest cough syrup you can buy without a prescription!
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BiggJawn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-03 11:48 AM
Response to Original message
2. Easier to dis-allow a car claim than a life claim....
They take all this money in and then when the Marks want to file a claim, they go to their department that specializes in screwing people out of claim money.

"Oh, you didn't have your headlights on 29 minutes before sunset? your law requires headlights 30 minute before. We're denying your claim."

Kind of hard to weasel out of a life claim, unless the deceased offed themself or jumped out of an airplane and the laundry didn't open.

gotta keep that profit margin up, or they might have to hire some more people, and that's a BIG expense!
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-03 11:55 AM
Response to Original message
3. Maybe we here in Washington can get that coveted
"We're number one in unemployment" slot back. It sucks being number two.
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