Annuities Players Make Big Push for Advisor Market
{October 6th, 2018} by Miriam Rozen
Annuities have fallen out of favor with many financial advisors and their clients, so the Alliance for Lifetime Income – a new non-profit membership organization for sellers of annuities – aims to combat that trend. To that end, on Oct. 4, marketers for the Alliance, which counts AIG and Prudential among its corporate members, managed to squeeze a marketing vehicle into […]
NAIC Working Group Stumbles On Annuity Illustration Changes
{October 6th, 2018} by John Hilton
A state insurance commissioners’ working group hoped to finalize changes today on a rule amendment to allow insurers to illustrate indexed annuities using indices that have been around less than 10 years. But a morning conference call to finalize the rule amendments ended with more questions than answers. Some regulators are not convinced consumers will […]
SEC ‘Investor Experience Initiative’ Expressly Includes Variable Insurance Products
{October 6th, 2018} by Carlton Fields
The SEC, on June 5, announced that it would be exploring “modernization of the design, delivery and content of fund disclosures” in order “to improve the investor experience and help investors make more informed investment decisions.” The SEC issued a sweeping request for comment on the disclosure requirements for retail investment funds of many kinds, […]
The Gay Men Who Have Lived for Years With Someone Waiting on Their Death
{October 5th, 2018} by Jack Lowery
Flipping through LGBTQ magazines from the 1980s and 1990s, you can map the trajectory of the aids crisis in the United States by looking at the advertisements. Early in the 1980s, as HIV swept through gay enclaves of metropolitan cities, publications like The Advocate collected advertising revenue from gay bars and bathhouses—institutions that New York City tried to shutter […]
Foundation for Financial Planning and Financial Planning Association Announce New Pro Bono Training Program, Presented by Capital Group and in Partnership with Kaplan Professional
{October 5th, 2018} by Foundation for Financial Planning
Washington, Sept. 25, 2018 (GLOBE NEWSWIRE) — Around half of Americans have some difficulty covering monthly expenses, and only about one-third have a high degree of financial literacy, according to the most recent National Financial Capability Study. The Foundation for Financial Planning (FFP)’s mission is to address this growing issue by fostering a commitment to […]
Haven Life, Fabric among disruptors launching new products at InsureTech Connect
{October 5th, 2018} by Brian Anderson
InsureTech Connect 2018 is a wrap in Las Vegas, after two days of big crowds – around 5,000 attendees – making their way around the MGM Grand Conference Center. The featured speaker lineup on Wednesday included Lloyd’s of London CEO Inga Beale (shown at left) on inclusion in the industry, Lemonade CEO and Co-Founder Daniel […]
Increase Lifetime Payouts: FlexMark Select Index Annuities
{October 5th, 2018} by Legacy Marketing Group
Increase Lifetime Payouts Join Legacy Marketing Group for an exclusive webinar Thursday, October 18, 2018. Discover notable enhancements that make the FlexMark SelectsmIndex Annuity with MyFit Income Ridersm, from Ameritas Life Insurance Corp., even more competitive—and how these enhancements can mean more benefits for your clients. • Find out how to increase guaranteed lifetime payouts […]
Companies Make Big Push for Lifetime Income Awareness
{October 5th, 2018} by Allison Bell
Life insurers may be more nervous about taking on income guarantee risk than they used to be, but they have stood up with other financial services companies to urge Americans to seek guaranteed sources of lifetime retirement income. The 24 companies in the new Alliance for Lifetime Income organized a well-intended press conference in New […]
Industry Stunned By Ohio National Decision To End Broker Contracts On VAs
{October 4th, 2018} by John Hilton
“Crazy,” “stunning” and “very odd” were just some of the reactions today to news from Ohio National that it will end advisor compensation on existing variable annuity contracts. Many are calling the move a dangerous precedent for an industry that relies on a web of relationships to move products through various distribution channels. “I have […]
Insurance industry diversity gets a shot in the arm from the California commissioner
{October 4th, 2018} by H. Cunter
Dave Jones issued a letter urging CEOs to boost the diversity on their governing boards. California insurance industry diversity just received additional official support through a letter from Commissioner Dave Jones. In his letter, Jones addressed the CEOs of at least fifty insurance companies operating in the state. He urged those CEOs to encourage improved […]
National Western Life Group, Inc. Announces Agreement to Acquire Ozark National Life Insurance Company
{October 4th, 2018} by National Western Life Group, Inc.
AUSTIN, Texas, Oct. 4, 2018 /PRNewswire/ — Ross R. Moody, Chairman, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today that its wholly owned subsidiary, National Western Life Insurance Company (“National Western” or “NWLIC”), has entered into a Stock Purchase Agreement to acquire Ozark National Life Insurance Company (“Ozark National”) and N.I.S. Financial […]
Northwestern Mutual CEO explains decision to close LearnVest
{October 3rd, 2018} by Ryan W. Neal
Northwestern Mutual CEO John Schlifske gave new insight into his company’s decision to close LearnVest and how Northwestern continues using the technology it acquired for $250 million. Speaking Tuesday at The Economist magazine’s Finance Disrupted conference in New York City, Mr. Schlifske said while Northwestern closed LearnVest’s digital advice platform, it is still using its financial planning […]
Firm Applies Cells’ Own Sticky Note System to Life Underwriting
{October 3rd, 2018} by Allison Bell
A managing general agency (MGA) in Minneapolis says it has started using information about life insurance applicants’ epigenetic markers in life expectancy forecasts. The MGA, YouSurance, says it will use epigenetic biomarkers when assessing applicants’ overall health, gauging how quickly the applicants are aging, and predicting how likely the applicants are to die. YouSurance, a […]
State Farm Agents to Sell Some Jackson Annuities
{October 3rd, 2018} by Allison Bell
State Farm has agreed to have its agents distribute some variable and indexed annuities from Jackson National Life Insurance Company starting in the second half of 2019. State Farm is already distributing its own fixed annuities through its agents. The new alliance will give State Farm agents a chance to offer a stronger annuity menu, Jackson […]
Drinker Biddle Launches Best Interest Compliance Team
{October 3rd, 2018} by Melanie Waddell
Drinker Biddle & Reath recently launched a Best Interest Compliance Team to help broker-dealers and advisors navigate the “stream of rules and regulations” that have been floated relating to their standards of care and management of conflicts. “The need for experienced counsel to help navigate the evolving and overlapping federal and state ‘best interest’ obligations […]
WHAT’S NEW IN LIFE INSURANCE: September 2018
{October 3rd, 2018} by Wink's RockStars
Wink’s LifeSpecs analysis tool provides an up-to-date view of the indexed universal life, indexed whole life, traditional universal life, traditional whole life, and interest-sensitive whole life being launched and retired on a monthly basis so you can quickly view trends in product development. LifeSpecs’ What’s New section will default to the last three months and […]
WHAT’S NEW IN ANNUITIES: September 2018
{October 3rd, 2018} by Wink's RockStars
Wink’s AnnuitySpecs analysis provides an up-to-date view of the traditional fixed, multi‐year guaranteed, indexed, structured, and variable annuities being launched and retired on a monthly basis so you can quickly view trends in product development. AnnuitySpecs’ “What’s New” section will default to the last three months and one can view historical data in quarterly intervals. […]
Governor Murphy Marks 10 Year Anniversary of 2008 Financial Crisis by Announcing Plan to Require NJ Financial Industry to Put Customers’ Interests First
{October 3rd, 2018} by Governor Phil Murphy
NJ Would Be Among First States to Adopt “Uniform Fiduciary Standard” TRENTON – Governor Phil Murphy today marked the 10-year anniversary of the 2008 global financial crisis by announcing plans to issue a rule strengthening the standards for investment professionals in New Jersey to better protect residents seeking to invest their life savings and to close […]
Annuity proponents praise bill that would make it easier to include annuities in retirement plans
{October 2nd, 2018} by Brian Anderson
Industry organizations are voicing support for new legislation that, if it becomes law, would increase access to employer-provided retirement plans and make it easier for employers to offer annuity products in those plans. The Family Savings Act, HR 6757, was passed by the House of Representatives on Sept. 27. It is intended to increase access […]
LGBTQ Retirement Investors Take More Risk Than Others: Study
{October 2nd, 2018} by Michael Fischer
Four in 10 retirees and pre-retirees who are lesbian, gay, bisexual, transgender, queer or questioning think they should become more conservative with their money as they approach retirement, compared with 28% of this population who maintain a more aggressive investment strategy, MassMutual reported this week. At the same time, 65% of LGBTQ respondents in a […]
FINRA May Kill Suitability Rule if SEC’s Reg BI Finalized: Cook
{October 2nd, 2018} by Melanie Waddell
If the Securities and Exchange Commission’s Regulation Best Interest for brokers is finalized, the Financial Industry Regulatory Authority will consider doing away with its suitability rule, Robert Cook, FINRA’s president and CEO, said Tuesday. “If Reg BI is adopted, then we need to look at our rule set to determine if any changes are appropriate,” […]
Life and P&C Actuary Groups May Merge
{October 2nd, 2018} by Allison Bell
Two groups that serve actuaries may merge. The boards of the Society of Actuaries (SOA) and the Casualty Actuary Society (CAS) announced today that they are looking into the possibility of combining. The boards could vote on a combination proposal as early as mid-November, and they could put the proposal to a vote in early 2019. […]
How Travis Scribner Works to Turn an ‘Awareness Month’ Into an Awareness Yea
{October 2nd, 2018} by Allison Bell
As the 2018 Life Insurance Awareness Month draws to a close, financial services professionals are asking the same kind of question they ask at the end of every awareness month, or week, campaign: How do we make every month an awareness month? Here’s a look at how one financial professional, Travis Scribner ,goes about trying […]
Sammons Financial Companies Update IUL and Term Products
{October 2nd, 2018} by Allison Bell
Two life insurers that are part of Sammons Financial Group have announced updates to their life insurance products. One of the life insurers, Midland National Life Insurance Company, has added a premium deposit agreement feature for most of the company’s single-life indexed universal life (IUL) products. The feature gives IUL purchasers a vehicle for automatically […]
Nationwide Aims New Single-Premium Annuity at RIAs
{October 2nd, 2018} by Allison Bell
Nationwide Advisory Solutions has introduced an annuity contract aimed at RIAs and fee-based advisors with clients who already have an immediate need for regular streams of income. The Louisville, Kentucky-based Nationwide unit has added the Nationwide Advisory Income contract. The product is a single-premium annuity contract, or SPIA. Click HERE to read the original story […]
7 Annuity Myths to Ditch
{October 2nd, 2018} by Thomas Fink
These days, the financial services industry is increasingly embracing a more holistic approach to wealth management and protection. And yet, advisors and insurance carriers still often exist at arm’s length from one another. The truth is, advisors are being called upon not only to evaluate their clients’ existing traditional annuity products but also what fee-based […]
Ohio National to end brokerage arrangements, eliminate adviser compensation on variable annuities
{October 2nd, 2018} by Greg Iacurci
In what is believed to be a first-of-its-kind move among insurers, Ohio National Financial Services Inc. has informed broker-dealers that sell its variable annuities that it will terminate servicing agreements and cut off trail commissions by mid-December, setting the stage for a showdown with some of the largest brokerage firms in the country. Click HERE […]
Finra to Merge Examination and Risk Monitoring Programs
{October 2nd, 2018} by Alex Padalka
Industry self-regulator Finra is planning to combine its risk monitoring and examination programs under one umbrella, according to a press release from the organization. The move, which comes as a result of the regulator’s FINRA360 self-assessment program, will merge three separate programs as a way to increase consistency and efficiency and help member firms by providing them with a […]
Guardian to Support Agents With Brand Advertising
{October 2nd, 2018} by Allison Bell
Guardian Life Insurance Company of America — a company that has minimized direct advertising to consumers in the past — has launched a major campaign to make the case that protecting what you love with insurance is an act of love. The 158-year-old New York-based company is not giving many details about the new campaign, […]
Finra will consolidate examination, risk-monitoring programs
{October 2nd, 2018} by Mark Schoeff Jr.
Finra will consolidate its examination and risk-monitoring programs in an effort to make oversight of its member firms more efficient and effective, the regulator announced Monday. Click HERE to read the full story via InvestmentNews; registration required.
Values-Driven for 158 Years: Guardian’s Story Comes to Life
{October 2nd, 2018} by Guardian
New York, N.Y., October 1, 2018 – After a century and a half of quietly taking care of its policyholders and customers, The Guardian Life Insurance Company of America® (Guardian) is stepping forward to tell its story. Since its founding in 1860, the company has grown to become a leading national provider of employee benefits, […]
FINRA Announces Plan to Consolidate Examination and Risk Monitoring Programs
{October 1st, 2018} by FINRA
WASHINGTON – FINRA announced today that it plans to consolidate its Examination and Risk Monitoring Programs, integrating three separate programs into a single, unified program to drive more effective oversight and greater consistency, eliminate duplication and create a single point of accountability for the examination of firms. The effort is a result of FINRA360, the […]
102 schools for financial planning
{October 1st, 2018} by Maddy Perkins
The annual schools listing, listed in alphabetical order, is drawn from a Financial Planning survey of colleges and universities that offer CFP Board-registered degree programs. Images courtesy of the schools. Click HERE to view the listings. Additional reporting by Carmen Reinicke.
Allstate launches consumer-driven life insurance product with monthly payout
{October 1st, 2018} by Insurance Forums Staff
As a part of its broader mission to offer consumer-driven and innovative insurance products and services, Allstate is introducing Monthly Income Term, a new life insurance policy that pays out like a monthly paycheck should a loved one pass away. The new product is available now, subject to state availability. Monthly Income Term, the company said […]
DPL Financial Partners rolls out four-year fixed annuity from Colorado Bankers Life Insurance Company
{October 1st, 2018} by DPL Financial Partners
FOR IMMEDIATE RELEASE Greg Joslyn, The Lowe Group greg.joslyn@lowecom.com 414.376.7275 DPL Financial Partners rolls out four-year fixed annuity from Colorado Bankers Life Insurance Company Commission-Free insurance product extends DPL’s offering for fee-only advisors LOUISVILLE, KY., Oct. 1 – DPL Financial Partners (“DPL”), the Commission-Free insurance network for registered investment advisors (“RIAs”), today announced the addition of […]
SEC weighs making variable-annuity prospectus more investor-friendly, Blass says
{October 1st, 2018} by N/A
The US Securities and Exchange Commission is considering making its variable annuity prospectus more investor-friendly as regulators step up fines related to sale of the complicated investment products. Dalia Blass, head of the SEC’s investment-management division, said staff may recommend a rule to make the costs and risks of these hybrid securities and insurance investments […]
5 Reasons The LGBT Community Needs Life Insurance
{October 1st, 2018} by David Rae
Some of the country might define LGBT relationships as non-traditional (screw them), and with that in mind, we have some non-traditional needs and uses for life insurance. The typical and obvious reasons people choose to shop for life insurance often include having a mortgage, kids or other dependents and estate planning. Even if none of […]
30 Life and Health Professionals Under 30: Part 3
{October 1st, 2018} by Allison Bell
Here’s the third and final part of our 2018 “30 Under 30″ feature. In the past, we relied mainly on a nomination campaign to find the 30 Under 30 candidates. For the latest version, we conducted our own search for people under 30 who have been working as life agents, health agents, annuity advisors, home office […]
