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Archive for July 2020

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  • AJ Betts LGBTQ Youth Memorial Fund

    {July 29th, 2020} by Wink, Inc

      Alexander M. Betts, Jr., known to all of his friends as AJ, was a light to everyone that knew him, always laughing and smiling. He dedicated his short life to loving and helping others. To his family, he will always be remembered as the kindest human being they have ever known. His happiest moments were […]

    Western & Southern Financial Group Expands Relationship with DXC Technology to Advance Life Insurance Solutions and Long-Term Growth Strategy

    {July 29th, 2020} by Western & Southern Financial Group

    TYSONS, Va.–(BUSINESS WIRE)–Western & Southern Financial Group, a leading provider of a wide range of insurance, investment and retirement solutions, has adopted DXC Assure for Life and Wealth to add new worksite and retail life insurance products to its array of offerings. Under a new five-year agreement, DXC Technology (NYSE: DXC) will provide software-enabled business process services, covering turnkey […]

    AM Best Affirms Credit Ratings of New York Life Insurance Company and Its Subsidiaries

    {July 29th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aaa” of New York Life Insurance Company and its wholly owned subsidiary, New York Life Insurance and Annuity Corporation (collectively referred to as New York Life). Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings […]

    Principal Announces Second Quarter 2020 Results

    {July 29th, 2020} by Principal

    DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for second quarter 2020. Second quarter 2020 financial results Net income attributable to PFG for second quarter 2020 of $398.3 million, compared to $386.3 million for second quarter 2019. Net income per diluted share of $1.45 for second quarter 2020 compared to $1.37 in the prior year […]

    Transamerica Offers New Funeral Planning Benefit for Index Universal Life Policies

    {July 29th, 2020} by Transamerica

    BALTIMORE, July 28, 2020 /PRNewswire/ — Transamerica announced today that it is now offering a new funeral concierge benefit at no direct cost for qualifying life insurance policyholders. Transamerica developed this new benefit, the Concierge Planning RiderSM, to provide grieving beneficiaries valuable resources to help plan the funeral of the insured person. This new benefit provides access to a third-party […]

    Principal Puts More Term Life Insurance in Force

    {July 29th, 2020} by Allison Bell

    Principal Financial Group was providing $446 billion in individual life insurance protection at the end of June, or 12% more protection against death than it was providing a year earlier. The Des Moines, Iowa-based life insurer increased the amount of protection it was providing through individual universal life and variable universal life by 3.1%, to $95 […]

    2Q Earnings To Reveal Accuracy Of Life Insurers’ COVID-19 Estimates

    {July 29th, 2020} by John Hilton

    Texas-based insurer Globe Life estimates $2 million in life insurance claims per 10,000 lives lost to the COVID-19 pandemic. Frank Svoboda, chief financial officer for Globe Life, revealed the projection Thursday during the company’s second-quarter earnings call. The insurer estimates $45 million of COVID-related life claims for 2020, nearly double its first-quarter projection.  Click HERE […]

    SBLI Launches Final Expense Whole Life Insurance

    {July 29th, 2020} by SBLI

    ​WOBURN, Mass.–(BUSINESS WIRE)–SBLI (The Savings Bank ​Mutual Life Insurance Company of Massachusetts) has introduced a new Final Expense Whole Life Insurance policy that consists of a cash payment your beneficiary can use for more than just funeral service costs. Unlike pre-need burial or funeral insurance, this policy can be used to pay unsettled medical bills, […]

    Pacific Life Links Commission-Free Annuities to Orion Platform

    {July 29th, 2020} by Pacific Life Insurance Company

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–To provide registered investment advisers (RIAs) with the best possible experience in helping clients achieve better retirement outcomes, Pacific Life today announced the integration of its commission-free variable annuity and fixed indexed annuity with the Orion Advisor Solutions platform. Orion is a premier provider of the tech-enabled fiduciary process that transforms the advisor-client relationship by enabling […]

    NAIC Announces Special Committee on Race and Insurance

    {July 29th, 2020} by National Association of Insurance Commissioners

    WASHINGTON, July 23, 2020 /PRNewswire/ — The National Association of Insurance Commissioners (NAIC) Executive Committee announces the formation of a special committee focused on Race & Insurance. The special committee will be co-chaired by Ray Farmer, NAIC President and Director of the South Carolina Department of Insurance, and David Altmaier, NAIC President-Elect and Commissioner of the Florida Office of Insurance Regulation. Dean Cameron, […]

    COVID-19 Chills Individual Annuity Sales

    {July 29th, 2020} by Allison Bell

    Indexed annuities that are registered as variable products continued to sell well in the second quarter, in spite of weak sales of most other types of individual annuities. The Secure Retirement Institute — which calls indexed variable annuities “registered index-linked annuities,” or RILAs — says RILA sales increased 8% between  the second quarter of 2019 and the […]

    Midland National and DPL introduce first commission-free fixed index annuity with health-activated income multiplier

    {July 29th, 2020} by Midland National

    WEST DES MOINES, Iowa, July 21, 2020 (GLOBE NEWSWIRE) — Midland National® Life Insurance Company (Midland National) and DPL Financial Partners have launched a new, commission-free fixed index annuity (FIA). The Midland National Capital IncomeSM offers a unique health-activated income multiplier feature1 which can double income payments for up to five years to help prepare for increased personal […]

    The COVID-19 Map May Soon Look Much Uglier: Oliver Wyman

    {July 29th, 2020} by Allison Bell

    If you live in Jacksonville, Florida, or Nashville, Tennessee, you may want to be extra careful about social distancing. Analysts at Oliver Wyman, a major consulting firm, are predicting that COVID-19 infection rates will soar to sky-high levels in those two cities in less than three weeks. The percentage of people in Jacksonville who have […]

    Ed Slott: Don’t Forget About Stretch IRA Changes, RMD Relief Deadline

    {July 29th, 2020} by Melanie Waddell

    “Get on your horse!” Ed Slott of Ed Slott & Co. reminded folks Wednesday, because the elimination of the stretch IRA under the Secure Act is in effect now. “If a client dies today, their estate plan will probably not work out.” The elimination, Slott reiterated during a virtual discussion during the AICPA’s Engage 2020 […]

    The State of the Life Insurance Industry Is Good

    {July 29th, 2020} by John T. McFie

    Recently, there has been speculation that life insurance companies could be facing tough times as a result of COVID-19 and the associated financial crisis. Even the Federal Reserve in its report on Financial Stability, which was updated May 2020, notes that, “Measures of leverage at life insurance companies […] were at the higher ends of their ranges […]

    The Marketing Alliance and EHealth See Commission Revenue Holding Up

    {July 29th, 2020} by Allison Bell

    The Marketing Alliance (TMA) came close to holding its life insurance and annuity distribution revenue steady during the quarter that ended March 31, and eHealth produced a big increase in its health insurance distribution revenue for the quarter ending June 30. TMA is a St. Louis-based company with stock that trades on the Over the […]

    AIG Unit to Pay $40M Over 12b-1, Referral Fees Tied to Teacher Pensions

    {July 29th, 2020} by Melanie Waddell

    Valic Financial Advisors agreed Tuesday to pay $40 million to the Securities and Exchange Commission to settle a pair of actions in which VFA failed to disclose to teachers and other investors practices that generated millions of dollars in fees and other financial benefits for the firm. The SEC levied two actions against VFA, based […]

    Why Base a Life and Annuity Reinsurer in Bermuda?

    {July 29th, 2020} by Allison Bell

    Athene Holding Ltd. recently completed making a $500 million equity investment in Jackson National Life Insurance Company. In an effort to explain the deal to investors, Athene also posted a discussion of its corporate structure. For people with a deep interest in insurer capitalization and reinsurance arrangements, Athene provided a look at its capitalization and reinsurance […]

    The Fiduciary Rule Was Great for Variable Annuity Buyers: Economists

    {July 29th, 2020} by Allison Bell

    Mark Egan, Shan Ge and Johnny Tang have gone and poured grain alcohol on the annuity sales standards conflagration. The fight blazed ferociously in 2016 and 2017, as the supporters and opponents of the U.S. Department of Labor’s original, Obama-era effort battled with policy light sabers. The fight seems to have cooled to a moderate […]

    2Q Annuity Sales Tumble Amid Economic Fallout From COVID-19

    {July 29th, 2020} by Staff Reports

    Total annuity sales were $48.8 billion in the second quarter, down 24% from second quarter 2019, according to preliminary results from the Secure Retirement Institute annuity sales survey. “The second quarter annuity sales decline is a direct result of the global pandemic and its economic fallout. In addition to the record-low interest rates and continued […]

    State Of The Insured Retirement Industry

    {July 29th, 2020} by Insured Retirement Institute

    The annuity industry is poised for significant growth in the coming years. Consumers are concerned about retirement risks and outliving savings, uncertain how to use retirement account balances to create sustainable lifetime income and are worried about potential Social Security insolvency and rising medical costs. These factors are putting insured retirement income squarely on the […]

    MDRT Brings Industry-Leading Conference Experience To Cyberspace With 2020 Virtual Event

    {July 29th, 2020} by MDRT

    PARK RIDGE, Ill. (July 9, 2020) — Rising to the challenge of bringing financial advisors together to help clients during the COVID-19 pandemic, MDRT will welcome members to its 2020 Virtual Event starting on August 3. Registered attendees will learn how to guide their clients and businesses to success, even in the midst of social […]

    Making the Case for Annuities

    {July 29th, 2020} by Doug Wolff

    Clients planning for their retirement are in a new, unpredictable world. After seeing their stock portfolios make roller-coaster moves of late, your clients may wonder whether their retirement strategy needs a serious overhaul. They may tell you that protecting capital now seems a greater priority. Even in a strong economy, clients need to make compromises. […]

    Sammons Financial Group Pledges $100,000 to The Directors Council

    {July 29th, 2020} by Sammons Financial Group

    WEST DES MOINES, Iowa, July 23, 2020 (GLOBE NEWSWIRE) — Sammons Financial Group will donate $100,000 to The Directors Council, a Des Moines-based not-for-profit organization that oversees several programs including One Economy, African American Leadership Academy, Black Urban Professionals, Financial Empowerment Center, I Am Des Moines, and Doing More in the Core. The contribution will directly support […]

    New Prudential program aims to ease pandemic-related financial stress in the workplace

    {July 29th, 2020} by Prudential Financial, Inc.

    NEWARK, N.J.–(BUSINESS WIRE)–New research shows that almost half of Americans are worried about their financial future following the COVID-19 crisis. Many workers recognize the need to manage their finances differently moving forward, and employers play a big role in providing the right education and tools to do so. To serve this need, Prudential Financial, Inc. (NYSE: PRU), […]

    Genworth Announces Leadership Changes

    {July 29th, 2020} by Genworth Financial, Inc

    RICHMOND, Va., July 28, 2020 /PRNewswire/ — Genworth Financial, Inc. (NYSE: GNW) today announced that Kelly L. Groh has decided to leave Genworth, and will resign as executive vice president and chief financial officer (CFO) upon completion of the company’s second quarter financial close process and related Form 10-Q filing, which is expected to occur in early August.  Following her resignation, Dan […]

    Opinion: Retirees should consider today’s most unpopular investment — here’s why

    {July 29th, 2020} by Mark Hulbert

    Have you ever wondered what investment today is the most out of favor? Most of us never even ask this question, since such investments by definition don’t even appear on our radar screens. But, as contrarians constantly remind us, we are vulnerable to making big mistakes by blindly following the consensus, as well as to missing […]

    Guide to Life Insurance for Parents of Children with Disabilities

    {July 29th, 2020} by Mary Van Keuren

    Caring for a child with special needs can be both a great joy and a challenge. You want your child to live to their full potential, in whatever form that takes, for their entire life. That may take additional resources, especially if you should die while they are still in need of care. Securing your […]

    Whole Life Insurance … Love It or Leave It?

    {July 29th, 2020} by Kiplinger

    Whole life insurance has several benefits. There is a guaranteed savings account (also known as cash value). Whole life also provides long-term death benefit protection. While there are many reasons to purchase a whole life policy, currently low interest rates are making it challenging for existing whole life policyowners.   If you have a whole […]

    Athene Holding Ltd. to Announce Second Quarter 2020 Financial Results and Host Conference Call on August 5, 2020

    {July 28th, 2020} by Athene Holding, Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (NYSE: ATH), a leading provider of retirement savings products, announced it will release financial results for the second quarter 2020 on Wednesday, August 5, 2020, before the opening of trading on the New York Stock Exchange. The news release, financial supplement, and earnings presentation will be available on the ir.athene.com website. Management […]

    SEC Keeping Pace with Enforcements Despite Working Remotely

    {July 27th, 2020} by Miriam Rozen

    The SEC’s Enforcement Division is “fully operational” and has pursued violations at the same pace it did prior to the pandemic despite staff working remotely since mid-March, Stephanie Avakian, a co-director of the division, told a web audience last month. From mid-March until mid-June, the SEC brought 130 enforcement actions, “roughly the same number” as it did […]

    Opinion: SEC’s New Rule, Despite Its Name, Isn’t In Your ‘Best Interest’

    {July 27th, 2020} by Carla Fried

    Just as more households are seeking help managing their finances amid the hardships of the coronavirus recession, the federal government has implemented a new regulation that falls short of protecting consumers. Beginning June 30 the Securities and Exchange Commission began enforcing its new Regulation Best Interest, commonly known as Reg BI.  Best Interest sounds good. […]

    Critics Rip DOL Over Short Comment Period For Advice Rule

    {July 22nd, 2020} by John Hilton

    Department of Labor officials are proceeding with a quick timeline for its reworked rule to regulate investment advice to workers and retirees. Meanwhile, critics claim the DOL is departing from precedent in a bid to push the reworked former fiduciary rule through quickly. Legislators and consumer advocates seek both a longer comment period and a […]

    Life Insurance Activity Rises Again In June, MIB Reports

    {July 22nd, 2020} by Staff Reports

    After pandemic-related declines in March thru April, U.S. life insurance application activity rose for the second consecutive month, up 1.2% in June year over year, according to the MIB Life Index. Despite the initial quarantine period straddling both the first and second quarters of 2020, the second quarter finished up 1% YOY, with the first […]

    Mutual of Omaha to Retire Corporate Logo

    {July 22nd, 2020} by Mutual Of Omaha

    OMAHA, Neb. (July 17, 2020) – Mutual of Omaha today announced several new initiatives to address issues of racial equity and social justice, including the removal of Native American imagery from its corporate logo and additional funding for initiatives and charities addressing these issues. “Mutual of Omaha has a longstanding commitment to diversity and inclusion, […]

    Lincoln Financial Group Launches Retirement Plan Solution to Help Americans Protect Savings From Volatility With Guaranteed Income for Life

    {July 22nd, 2020} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced the launch of the Lincoln PathBuilderSM in-plan guaranteed income option, which will help ensure Americans won’t outlive their savings by expanding the opportunities for lifetime income in employer-sponsored retirement plans. As the availability of pensions decreases and more retirement savers are concerned about market volatility, Lincoln PathBuilder makes it possible to […]

    Annuities Have Long Gotten a Bad Rap. Retirement Experts Now Say Savers Should Consider Basic Options for Guaranteed Income.

    {July 22nd, 2020} by Neal Templin

    Financial planners long have counseled retirement savers to keep a blend of bonds and stocks in their portfolios. The bonds kick off income and the stocks provide growth. That advice now looks in need of a refresh. Bond yields have been bumping around historical lows for around a decade. And stocks provided strong growth during […]

    AIG to Relocate Global Headquarters in New York City

    {July 22nd, 2020} by American International Group, Inc

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced that it will relocate its global headquarters in New York City to 1271 Avenue of the Americas, where it will occupy 8 floors and 325,000 square feet. The Company will also consolidate its remaining New York City area footprint into approximately 450,000 square feet divided […]

    Annuities Can Help Your Portfolio Stay Afloat. Here Are the 100 Best Ones Right Now.

    {July 22nd, 2020} by Karen Hube

    As the stock market tanked, rebounded sharply, and then settled into a pattern of volatility, the vulnerability of Americans’ retirement savings has been laid bare. Many investors who dumped stocks during the March market meltdown are still sitting on the sidelines with diminished portfolios. Low yields, meanwhile, make it impossible to rely on a sufficient […]

    New SEC Variable Contract Summary Prospectus Rules: An Implementation Project Plan

    {July 22nd, 2020} by W. Thomas Conner, John M. Sanders, Nathaniel Segal

    The Securities and Exchange Commission recently adopted Rule 498A, the long-awaited variable contract summary prospectus rule. Rule 498A not only allows your company to use a new concise and brief selling document, it can begin generating very significant cost savings as soon as May 1, 2021. Importantly, though, regardless of whether your company chooses to […]

    New York Life Names Craig DeSanto President

    {July 22nd, 2020} by Allison Bell

    The board of New York Life Insurance Company has elected someone who started at the company as a summer actuarial intern, in 1997, to be its president. The new New York Life president, Craig DeSanto, has been the company’s co-chief operating officer. DeSanto assumed the president’s title from Ted Mathas. Mathas is New York Life’s […]

    Life Insurer CEO Bonuses Should Be Fine: Consulting Firm

    {July 22nd, 2020} by Allison Bell

    One sign of stability at life, health and annuity issuers: The big bosses’ incentive pay is likely to be pretty stable. A team of analysts at Compensation Advisory Partners (CAP) talks about life and health carrier chief executive officer compensation trends in a new report based on a review of 17 large U.S. insurers. The […]

    Income Annuity Buyers May Be Getting More Patient

    {July 22nd, 2020} by Allison Bell

    U.S. income annuity buyers seem to be waiting longer for their income streams to start. Cannex Final Exchanges Ltd., a financial product pricing information firm, has put data on income annuity benefits start dates in an analysis of the transactions processed through its own quote system. Cannex included only quote requests submitted by advisors and annuity support desks that […]

    Majesco to Be Acquired by Thoma Bravo

    {July 22nd, 2020} by Majesco

    MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has signed a definitive agreement to be acquired by Thoma Bravo, L.P., a leading private equity firm focused on the software and technology-enabled services sectors, in a transaction valuing the company at $594 million. […]

    5 Things Congress’ Own Retirement Analysts Are Saying About Annuities

    {July 22nd, 2020} by Allison Bell

    A quiet, influential congressional research arm — the Congressional Research Service (CRS) — recently gave members of Congress, and the members’ aides, a quick guide to saving for retirement. One short section in that short guide is “Converting Savings Into Retirement Income.” Resources A copy of the CRS saving for retirement report is available here. An earlier article about […]

    Meet the Life Insurance Giants’ CEOs

    {July 22nd, 2020} by Allison Bell

    AALU/GAMA is preparing to start a series of top-level, web-based conference sessions starting July 22. The list of speakers already on the agenda includes Katie Martineau, head of field recruiting at MassMutual. AALU/GAMA says the schedule will also feature Marc Cadin, AALU/GAMA’s chief executive officer, interviewing the CEOs of large life issuers and large life […]

    When Insurance Worlds Collide

    {July 22nd, 2020} by Michael J. Mainardi

    Historically, life/health and property and casualty advisors have not had much in common. Aside from the contrast in compensation models, there has always been a general reluctance for the two worlds to interact. But COVID-19 changed everything, and the industry must adapt. These two distinct groups of professionals share a very big problem: the mass […]

    Searching for Safety and Security in Retirement

    {July 22nd, 2020} by Brendan Connerton

    It is not news to anyone that interest rates are low, and have been for quite some time. Historically retirees were able to cover daily living expenses with fixed income portfolios as a key component of their overall retirement plan. Times are very different now, and investors and clients are having a tough time searching […]

    Social distancing weighs on advice business: Survey

    {July 22nd, 2020} by Emile Hallez

    Prospecting is now more difficult, and advisers said they are less effective at selling products, a report from Limra and others shows. Remote work in the age of COVID-19 has hurt some advisers’ practices, and many say they are having difficulty finding new clients and working with existing ones. Click HERE to read the full […]

    Life Insurers Ended 2019 With $4.6 Trillion

    {July 22nd, 2020} by Allison Bell

    U.S. life insurers focused a little more on meat-and-potatoes types of assets in 2019. The total value of their cash and invested assets increased 5.3% between the end of 2018 and the end of 2019, to $4.6 trillion, according to a new analysis from the National Association of Insurance Commissioners’ Capital Markets Bureau. Resources Links […]

    Northwestern Mutual Receives Perfect Score on 2020 Disability Equality Index

    {July 22nd, 2020} by Northwestern Mutual

    MILWAUKEE, July 15, 2020 /PRNewswire/ — Northwestern Mutual announced today the company earned its second consecutive perfect score on the Disability Equality Index (DEI). Administered by the American Association of People with Disabilities (AAPD) and Disability:IN, the survey is a national, annual benchmarking tool which reports on corporate disability inclusion policies and practices, and identifies opportunities for continued […]

    Center for a Secure Retirement Study: COVID-19 Pandemic Uncovers the Importance of Retirement Financial Planning

    {July 22nd, 2020} by CNO Financial Group

    CHICAGO, July 15, 2020 /PRNewswire/ — Despite retirement worries amid the COVID-19 pandemic, familiarity with common retirement planning tools remains low. According to the latest research from the Center for a Secure Retirement® and Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, only […]

    AmeriLife® Announces its Partnership with FormulaFolios and Merging it into Brookstone Capital Managemen

    {July 22nd, 2020} by AmeriLife

    CLEARWATER, Fla., July 15, 2020 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife”), the national leader in marketing and distributing life, health and retirement solutions, is combining two of the industry’s largest and fastest-growing Registered Investment Adviser (RIA) firms, Brookstone Capital Management and FormulaFolios, to create a $6.5 billion RIA. This merger is supported by the recent partnership with FormulaFolios, an RIA […]

    2020 Survey Shows Doctors Top List of Professions Americans Consider to be Most Heroic

    {July 22nd, 2020} by Vantis Life

    WINDSOR, Conn.–(BUSINESS WIRE)–Doctors are now considered more heroic than soldiers and firefighters, according to a new survey of 2,000 Americans. The survey, conducted by leading direct-to-consumer life insurance provider Vantis Life, asked 2,000 U.S. residents to rank 22 professions based on how heroic they are. Vantis Life fielded this same survey in 2019 and their […]

    Brighthouse Financial Announces Conference Call to Discuss Second Quarter 2020 Results

    {July 22nd, 2020} by Brighthouse Financial, Inc

    CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) announced today that it plans to hold a conference call and audio webcast to discuss its financial results for the second quarter ended June 30, 2020, at 8:00 a.m. Eastern Time on Friday, August 7, 2020. The call will follow the issuance of the Brighthouse Financial […]

    Another Option for Funding Long Term Care Now Available From MassMutual

    {July 22nd, 2020} by Massachusetts Mutual Life Insurance Company

    PRINGFIELD, Mass.–(BUSINESS WIRE)–In an effort to provide yet another option to help people prepare for the high cost of long term care later in life, Massachusetts Mutual Life Insurance Company (MassMutual) has introduced MassMutual CareChoice SelectSM to its suite of financial solutions. CareChoice Select, a level premium whole life insurance policy with riders that provide long term care benefits, […]

    The Hartford Announces Preliminary Results For Second Quarter 2020

    {July 22nd, 2020} by The Hartford

    ARTFORD, Conn.–(BUSINESS WIRE)–The Hartford (NYSE: HIG) today announced preliminary earnings estimates for second quarter 2020, including net income available to common stockholders of $463 million, or $1.29 per diluted share, and core earnings* of $438 million, or $1.22 per diluted share. Included in its estimate of earnings for the second quarter are the estimated effects of […]

    MassMutual Foundation Invests over $1.3 Million in Community-led Frayser Initiative

    {July 22nd, 2020} by The MassMutual Foundation Board

    MEMPHIS, Tenn.–(BUSINESS WIRE)–The MassMutual Foundation Board of Directors has approved a $1.3 million investment in Frayser Connect, a collaborative economic and community development initiative that aims to build local residents’ financial and social capital. As a long-standing advocate for the community, Frayser Community Development Corporation (CDC) will coordinate the effort, working closely with Epicenter, RISE Foundation, trusted […]

    AIG to Report Second Quarter 2020 Results on August 3, 2020 and Host Conference Call on August 4

    {July 22nd, 2020} by American International Group, Inc

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) will report financial results for the second quarter ended June 30, 2020 after the market closes on Monday, August 3, 2020. AIG’s press release and financial supplement will be available in the Investors section of AIG’s website at https://www.aig.com. AIG will also host a conference call on Tuesday, […]

    AM Best Downgrades Credit Ratings of Globe Life Inc. and Its Subsidiaries

    {July 22nd, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “aa-” of the key life/health subsidiaries of Globe Life Inc. (formerly Torchmark Corporation) (Globe Life) (headquartered in McKinney, TX) [NYSE:GL]. Concurrently, AM Best has downgraded the Long-Term ICR […]

    Equitable Holdings, Inc. Schedules Announcement of Second Quarter 2020 Results

    {July 22nd, 2020} by Equitable Holdings, Inc

    NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (NYSE: EQH) announced today that it will release financial results for the second quarter of 2020 after the market closes on Tuesday, August 4, 2020. The company will host a conference call webcast on Wednesday, August 5, 2020 at 8:00 a.m. ET to discuss the results. The conference call webcast, […]

    AM Best Affirms Credit Ratings of Teachers Insurance and Annuity Association of America and Its Subsidiary

    {July 22nd, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aaa” of Teachers Insurance and Annuity Association of America (TIAA) and its wholly owned insurance subsidiary, TIAA-CREF Life Company (TIAA-CREF Life). TIAA and TIAA-CREF Life collectively are referred to as the TIAA Group. Additionally, […]

    AM Best Withdraws Credit Ratings of Foresters Life Insurance and Annuity Company Due to Merger

    {July 22nd, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to B+ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb-“ from “a-” of Foresters Life Insurance and Annuity Company (FLIAC) (New York, NY). The outlook assigned to these Credit Ratings (ratings) is negative. Concurrently, […]

    The Marketing Alliance Announces Financial Results for its Fiscal 2020 Fourth Quarter and Year-Ended March 31, 2020

    {July 22nd, 2020} by The Marketing Alliance, Inc

    ST. LOUIS–(BUSINESS WIRE)–The Marketing Alliance, Inc. (OTC: MAAL) (“TMA” or the “Company”), today announced financial results for its fiscal 2020 fourth quarter and year-ended March 31, 2020. FY 2020 Fourth Quarter Financial Highlights (all comparisons to the prior year period) Revenues decreased to $9,949,443 compared to $10,576,939, largely due to lower family entertainment revenues as the […]

    Great American Annuity Customers Share Photos and Videos of What Makes Their Lives Great

    {July 22nd, 2020} by Great American Insurance Group

    CINCINNATI–(BUSINESS WIRE)–Great American Insurance Group received approximately 350 submissions during a six-month campaign that invited its annuity customers to submit photos and videos of what makes their lives great. The entries showcased memorable moments ranging from adventurous waterfall climbs to relaxing moments on the beach. Of the 350 submissions, 40 finalists were entered into a social […]

    Barron’s Names Global Atlantic Annuities Among 100 Best Annuities

    {July 22nd, 2020} by Global Atlantic Financial Group

    NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group, a leading U.S.-focused retirement, life insurance and reinsurance company, today announced its inclusion in the annual Barron’s list of the Best Annuities. Our fixed and fixed index annuities, issued by Forethought Life Insurance Company, were recognized by Barron’s in multiple categories, highlighting our Immediate and Deferred Income Annuities, Fixed Annuities and Fixed-Indexed Annuities. The Barron’s article […]

    Integrity Marketing Group Expands Further by Partnering with New Horizons Insurance Marketing

    {July 22nd, 2020} by Integrity Marketing Group, LLC

    DALLAS, July 21, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, announced today its acquisition of New Horizons Insurance Marketing, Inc. (“New Horizons”), one of the country’s most respected family-owned insurance marketing organizations (IMOs) focused on serving the Medicare market. Beginning with a partnership formed in 1981 […]

    Uptick in Covid-19, Downtick in Life and Annuity Industry

    {July 22nd, 2020} by Emily Holbrook

    Life insurance sales are slowing as COVID-19 has led to a worldwide disruption of all industries. But most important for the life insurance industry, it has caused fewer house purchases, a key trigger for life insurance purchases. This is according to recent research by GlobalData. In many instances, the purchase of a life policy is […]

    Roth IRA Conversions May Trigger a Lawsuit

    {July 22nd, 2020} by Steve

    The strategy of a Roth conversion is premised on the arbitrage, or the difference, of a client’s current and retirement tax brackets. The advantage is paying taxes today and none in retirement’s tomorrows. The additional feature to this conversion strategy eliminates exposure to the provisional income test for Social Security taxation saving benefit taxes because […]

    Annuity Compensation: Commission vs. Fees

    {July 22nd, 2020} by Sheryl J. Moore

    I recently achieved a new status in the insurance industry: social influencer. And never, in my decades of insurance experience have I witnessed a debate on social media that is more heated and passionate than that of fee-based advisors versus those who are commissioned. The argument? Click HERE to read the original story via NAILBA […]

    illustrate inc appoints Eric Swanson as new Vice President, Sales – US Markets

    {July 21st, 2020} by Anastasia Sudetic

    Toronto, ON, June 29, 2020 – illustrate inc is pleased to announce the addition of Eric Swanson as the new Vice President, Sales – US Markets. In his new role, Eric will lead the business development as well as working closely with the illustrate inc product team to ensure that the company continues to evolve and […]

    Market volatility shines spotlight on client risk tolerance

    {July 21st, 2020} by Jeff Benjamin

    Record-level stock market volatility this year, including a near-7% drop on Thursday, has presented financial advisers with a live-fire test of how well they prepared clients to weather daunting economic outlooks. Click HERE to read the full story via InvestmentNews

    What Is a Fixed Annuity?

    {July 21st, 2020} by David Rodeck

    A fixed annuity provides guaranteed retirement income payments. With a fixed annuity contract, you make one or several payments to the annuity provider, which in turn promises to pay you a fixed return on your contributions, no matter how markets are performing. Annuities can be relatively illiquid investments, however, and some fixed annuities charge high […]

    Verisk Launches Life Risk Navigator Software Platform

    {July 21st, 2020} by Verisk

    Jersey City, NJ, July 20, 2020 (GLOBE NEWSWIRE) — Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced the release of Life Risk NavigatorTM, an innovative, cloud-based stochastic risk modeling platform that offers in-depth portfolio analytics which can enhance risk selection, quantify changes in mortality rate, improve hedging strategies, and drive better financial decision-making. The cutting-edge […]

    What To Do If You Can’t Pay Your Life Insurance Bill

    {July 21st, 2020} by Cameron Huddleston

    Lately, Michael Whitman has been hearing from clients who are looking for ways to spend less. Whitman, a Certified Financial Planner and managing partner for Millennium Planning Group, says the first thing they consider cutting isn’t cable TV, a subscription service or other nonessential expense. It’s their life insurance policy. Other financial planners also say that clients […]

    HTK Launches the Envestnet Insurance Exchange

    {July 21st, 2020} by Envestnet, Inc.

    CHICAGO, July 21, 2020 /PRNewswire/ — Envestnet, Inc. (NYSE: ENV) announces that Hornor, Townsend & Kent, LLC (HTK), a broker-dealer and registered investment adviser (RIA), has launched the Envestnet Insurance Exchange, a platform delivering access to reputable insurance carriers and their annuity products alongside traditional managed account investments on the Envestnet platform. As part of the firm’s continued focus […]

    Northwestern Mutual’s Erik Gomez Reinvents Firm as EG Wealth Management to Support ‘New Majority Executives

    {July 21st, 2020} by Erik Gomez

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–After 15 years in business, Erik Gomez is launching EG Wealth Management and Insurance Services. A seasoned financial services professional located in Newport Beach, Gomez is shifting his focus to primarily serve the diverse executive community, especially women and Hispanic executives. He has coined this community “The New Majority Executives.” As a […]

    KKR To Acquire Global Atlantic Financial Group Limited in a Strategic Transaction

    {July 15th, 2020} by KKR & Co. Inc.

    EW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)–KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group Limited (“Global Atlantic”) today announced the signing of a strategic transaction where KKR will acquire all of the outstanding shares of Global Atlantic, a leading retirement and life insurance company. After closing, Global Atlantic will continue to operate as […]

    AM Best Comments on Credit Ratings of Global Atlantic Financial Group Limited and Its Subsidiaries Following Acquisition Announcement

    {July 15th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the members of the Global Atlantic Group (Global Atlantic) remain unchanged after the announcement of a definitive agreement by KKR & Co. (KKR) to acquire a controlling interest in these […]

    Integrity Marketing Group Expands on the West Coast with Acquisition of McClain Insurance

    {July 15th, 2020} by Integrity Marketing Group, LLC

    DALLAS, July 14, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, announced today its acquisition of McClain Insurance, headquartered in southern California. Paul McClain, President of McClain Insurance (“McClain”), will continue to lead the business while also becoming a Managing Partner at Integrity. McClain is an independently owned affiliate […]

    Bankers Life Offers Security Builder® Indexed Annuity with Earned Interest Linked to S&P 500®

    {July 15th, 2020} by Bankers Life

    CHICAGO, July 10, 2020 /PRNewswire/ — Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, announced today its new Security Builder® Indexed Annuity (Security Builder®), an insurance product designed to earn interest and safeguard funds. This is the fourth indexed annuity product offered by […]

    AG 49 Changes Pass Key NAIC Committee

    {July 15th, 2020} by John Hilton

    The Life Insurance and Annuities Committee voted unanimously over vociferous objections to adopt language proposed by the American Council of Life Insurers to shore up Actuarial Guideline 49. Regulators conceded that the changes might not be ideal, but expressed a desire to do something to bring IUL illustrations more in line with actual returns. “This […]

    NAIC To Give ‘Guidance’ To States On Best-Interest Annuity Rules

    {July 15th, 2020} by John Hilton

    A state insurance regulator panel is set to develop guidance for states on adopting the best-interest annuity sales model law formalized earlier this year. The National Association of Insurance Commissioners revisions to the suitability in annuity transactions (#275) model law were adopted in February. Since then, Arizona and Iowa have adopted the rules, which establish […]

    Brighthouse Financial Announces Conference Call to Discuss Second Quarter 2020 Results

    {July 15th, 2020} by Brighthouse Financial

    CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) announced today that it plans to hold a conference call and audio webcast to discuss its financial results for the second quarter ended June 30, 2020, at 8:00 a.m. Eastern Time on Friday, August 7, 2020. The call will follow the issuance of the Brighthouse Financial […]

    OneAmerica® Target Date Series Goes Beyond ‘One-Size-Fits-All’ Approach

    {July 15th, 2020} by Business Wire

    INDIANAPOLIS–(BUSINESS WIRE)–As part of the company’s commitment to product innovation and customization, OneAmerica® today announced a user-friendly solution to retirement investing with the new RetirementTrack target date series, the company’s first foray into multi-glidepath funds. RetirementTrack, which launched June 1, goes beyond traditional target date funds (TDFs), which tie asset allocation to age and retirement date. […]

    Deferred Variable Annuity – Rollup Rates: Part 2

    {July 15th, 2020} by Wade Pfau

    How long does the guaranteed rollup rate last? Does it have any other features? Guaranteed rollup rates for the benefit base generally end once guaranteed distributions from the contract have commenced. As well, in cases where those distributions do not begin for a long period of time, the rollup rate may only last for a […]

    Deferred Variable Annuity – Rollup Rates

    {July 15th, 2020} by Wade Pfau

    We begin with the growth process for the guaranteed benefit base during the deferral or accumulation period before distributions begin. This growth is important because it is subsequently used to determine the amount of guaranteed lifetime income provided by the annuity. The deferral period can be skipped if the retiree wants lifetime distributions to begin […]

    DOL’s Perplexing ‘Best Interest’ Proposal

    {July 15th, 2020} by Kerry Pechter

    Why is the Trump Labor Dept so determined to align its Best Interest standard with the SEC’s ‘Reg BI’? It claims that such an alignment will be more efficient. But if DOL doesn’t protect participants, who will?   Does anyone understand the Department of Labor’s final proposed  fiduciary rule for retirement plan advisers, which was issued last […]

    Regulators Consider 0% Nonforfeiture Floor On Deferred Annuities

    {July 15th, 2020} by John Hilton

     National Association of Insurance Commissioners’ committee voted Friday to kick off a model law development project to drop the standard minimum nonforfeiture interest rate for individual deferred annuities from 1% to 0%. Regulators told the Life Insurance and Annuities Committee the nonforfeiture floor reduction is needed by insurers due to COVID-19 impacts. The 10-year Treasury […]

    Prudential Reprices Some Insurance Products as Lower Rates Weigh on Profits

    {July 15th, 2020} by Mark Maurer

    Prudential Financial Inc. planned for a pandemic as severe as the Spanish flu, modeling for a potential crisis that would be more severe than the initial coronavirus outbreak suggested. This prepared the company for some of the financial shocks, such as the difficulty in preserving capital, but not the ultralow interest rates. Ken Tanji, chief financial […]

    On Back Side of 30, Oldest Millennials Really Are Special

    {July 15th, 2020} by Rich Blake

    The youngest millennials have graduated from college and, depending on what week it is, are either getting crushed by grim economic prospects – or killing it day trading on Robinhood. The oldest millennials, meanwhile, are closing in on 40. Retirement planning professionals can do a lot more than set up an auto-birthday greeting. Indeed, they […]

    Short DOL Fiduciary Rule Comment Period Faces Criticism

    {July 15th, 2020} by Melanie Waddell

    Lawmakers and public interest groups are balking at the short 30-day comment period the Labor Department has given for its newly proposed exemption for investment advice fiduciaries. Labor “cut the minimum 60-day comment period in half to just 30 days,” said Stephen Hall, legal director and securities specialist for Better Markets, in a Wednesday statement. […]

    SEC Approves Expedited Applications Review Process

    {July 15th, 2020} by Melanie Waddell

    The Securities and Exchange Commission has adopted an expedited applications review process. In order to expedite the review of routine applications, the Commission adopted a final rule instituting amendments to rule 0-5 under the Investment Company Act, which sets forth the procedure for applications under the Act. The rule is not meant to cover specific products. It […]

    Reg BI Has Kicked In. Here’s What FINRA Expects

    {July 15th, 2020} by Melanie Waddell

    The Financial Industry Regulatory Authority is taking a “good-faith” effort approach in examining broker-dealers for compliance with Regulation Best Interest, but “open issues” remain that need further guidance from the Securities and Exchange Commission in light of Reg BI’s principles-based make-up. “We’re not expecting perfection, but FINRA will be looking for good-faith efforts” to comply […]

    Senator Calls for Hearing on New DOL Fiduciary Rule

    {July 15th, 2020} by Melanie Waddell

    Sen. Patty Murray, D-Wash., ranking member on the Health, Education, Labor and Pensions Committee, wants the Labor Department to hold a hearing on its new prohibited transaction exemption aligning with the Securities and Exchange Commission’s Regulation Best Interest. In a Tuesday letter, she asked Jeanne Klinefelter Wilson, acting head of Labor’s Employee Benefits Security Administration, to […]

    John Hancock: Where to Invest as Economy Shows Promising Signs

    {July 15th, 2020} by Jeff Berman

    The U.S. economy remains challenged but there are some encouraging signs, according to John Hancock Investment Management’s Q3 Market Intelligence Outlook, released Thursday. “Leading economic indicators remain depressed but appear to be bottoming,” the firm said in the report. Citing The Conference Board’s composite index of leading indicators as of May 31, John Hancock said: […]

    News Wealthy Investors Anticipate Long-Lasting Lifestyle Changes After COVID-19: UBS

    {July 15th, 2020} by Michael S. Fischer

    Three-quarters of investors around the world, and more than four in five in the U.S., have concluded that life will never again be the same because of the coronavirus pandemic, UBS reported Monday. Eight-six percent of American investors said a sense of fear would linger for the foreseeable future. Globally, about 70% said they planned to […]

    Iowa Keeps Its State Financial Literacy Coach

    {July 15th, 2020} by Allison Bell

    Iowa employers will continue to have a state program they can use to help employees understand how a credit card works, and how to buy life insurance. The Iowa Division of Insurance has extended Financial Fitness Group’s role as manager of the Iowa Financial Fitness Challenge program for at least three more years. The San […]

    RGA Agrees to Sell a Dutch Life Subsidiary

    {July 15th, 2020} by Allison Bell

    Reinsurance Group of America Inc. says it plans to sell a small life and annuity subsidiary in the Netherlands to a bigger Dutch life insurer. De Goudse N.V. has agreed to buy Leidsche Verzekering Maatschappij N.V. from RGA. RGA and De Goudse are not saying how much De Goudse might pay for Leidsche Verzekering. Click HERE […]

    Life, Health and Annuity Issuer Earnings Season Begins

    {July 15th, 2020} by Allison Bell

    Executives from UnitedHealth Group will kick off life, health and annuity issuers’ second-quarter earnings release season tomorrow, by posting the company’s results, and then holding a conference call to discuss the results with securities analysts. UnitedHealth— a giant health insurer that positions itself as a health care company and goes light on use of the […]

    The Top 5 Global Markets for Life Insurance

    {July 15th, 2020} by Allison Bell

    Economists at Swiss Re estimate that the people of Earth spent the equivalent of $2.9 trillion on premiums for life insurance and annuity products in 2019. That amounted to an average of $379 for each of the world’s 7.7 billion people, and about 3.35% of the world’s $87 trillion in total gross domestic product (GDP). […]

    Young Consumers Continue to Submit More Life Applications: MIB

    {July 15th, 2020} by Allison Bell

    U.S. life inurers’ efforts to improve digital sales processes may be starting to lead to increased sales of individual life insurance to young consumers. Consumers under the age of 45 continued to post stronger application activity numbers in June than consumers in the other two age groups MIB Group Inc. tracks, for the fifth straight […]

    News Haven Life Has a Life Policy That Pays a Death Benefit Stream

    {July 15th, 2020} by Allison Bell

     Haven Life Insurance Agency — an arm of Massachusetts Mutual Life Insurance Company — has designed a worksite benefits life insurance policy that pays death benefits as a stream, rather than in the form of one lump sum. The New York-based agency says the new Salary Protection program “pays an employee’s beneficiary an amount equal […]

    Northwestern Mutual’s Erik Gomez Reinvents Firm as EG Wealth Management to Support ‘New Majority Executives

    {July 15th, 2020} by EG Wealth Management

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–After 15 years in business, Erik Gomez is launching EG Wealth Management and Insurance Services. A seasoned financial services professional located in Newport Beach, Gomez is shifting his focus to primarily serve the diverse executive community, especially women and Hispanic executives. He has coined this community “The New Majority Executives.” As a […]

    iPipeline Integrates AlphaTrust e-Sign into the AFFIRM Order Entry Platform

    {July 15th, 2020} by iPipeline

    EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced the integration of AlphaTrust® e-Sign into the AFFIRM® order entry system used by the nation’s most respected financial institutions and their advisors. The integration enables advisors to overcome remote selling obstacles and rapidly […]

    3 Things to Know About the New Next Annuity Sales Standards Fight

    {July 15th, 2020} by Allison Bell

    State insurance regulators have expanded the long-running U.S. financial services sales standards fight, by trying to answer frequently asked questions (FAQs) about their own new annuity sales standards model. The Annuity Suitability Working Working — an arm of the National Association of Insurance Commissioners (NAIC) — has put the FAQ answer drafting project on the agenda for […]

    News Bankers Life Adds an Indexed Annuity: Annuity Moves

    {July 15th, 2020} by Allison Bell

    Bankers Life — a arm of CNO Financial Group — has introduced the Security Builder Indexed Annuity contract. The product is the fourth indexed annuity Bankers Life has introduced. The holder of the contract can link the crediting rate to the performance of the S&P 500 stock index. The new product is available in 49 […]

    On this day, 10 years ago

    {July 14th, 2020} by Sheryl J. Moore

    Hey, indexed annuity lovers ❤️- Look what popped up on my timeline! What have we learned in the decade since defeating 151A?

    Indexed Universal Life Illustration Fight Continues to Boil

    {July 14th, 2020} by Allison Bell

    The National Association of Insurance Commissioners (NAIC) is continuing to offer a quarantine-friendly alternative to wrestling and football, for people who miss wrestling and football: a fight over proposed changes to indexed universal life (IUL) insurance illustration standards. Members of the NAIC’s Life Insurance and Annuities Committee have voted unanimously to approve a proposed update […]

    New DOL Fiduciary Rule Package: What You Really Need to Know

    {July 14th, 2020} by Contributor

    The U.S. Department of Labor’s (the “DOL”) new “fiduciary rule” package, issued on June 29, 2020, and published in the Federal Register on July 7, 2020, has three important components: The DOL has formally reinstated its “five-part test” initially set forth in its 1975 regulation for determining whether a person is a “fiduciary” by reason of […]

    The Best Life Insurance Companies 2020

    {July 14th, 2020} by Amy Danise

    Finding the best life insurance company can be difficult for any consumer, who has to navigate a huge range of products and pricing variables. A life insurance purchase is usually a long-term commitment, especially if you’re buying cash value life insurance. Cash value policies are good for buyers who need life insurance for estate planning purposes, […]

    How To Choose The Right Life Insurance Company

    {July 14th, 2020} by Amy Danise

    Among the decisions to make when you’re buying life insurance is what company to choose. With dozens of life insurers competing for your business, you might be tempted to choose a company based on price alone. But there are other factors that are just as important as price—often even more important when you’re buying a […]

    Sales of Indexed Annuities Are Tumbling. So Why Are Commissions Up?

    {July 14th, 2020} by Cyril Tuohy

    Life insurers that sell fixed-indexed annuities are under a lot of pressure. Click HERE to read the full story via Life Annuity Specialist. 

    Six Marketing Steps To Creating A “21st Century Agency”

    {July 14th, 2020} by Charlie Gipple

    A little over a year and a half ago I decided to leave corporate America to start a full-service independent marketing organization (IMO), CG Financial Group, LLC. This was a great process for me, not only because it allowed me to create a business that is already successful, but also because it allowed me to […]

    Nassau Financial creates Apple app to sell fixed-rate annuities

    {July 14th, 2020} by Editorial Staff

    The contract, “Simple Annuity,” and the app of the same name will support the sale of the annuity by independent, commissioned insurance agents and by Nassau’s own licensed, salaried representatives.  Nassau Financial Group has launched a fixed-rate multi-year guaranteed annuity with virtual distribution through an iOS mobile application. Click HERE to read the full story […]

    Romancing the Fixed Annuity: KKR Buys Global Atlantic

    {July 14th, 2020} by Kerry Pechter

    The deal, part of a trend in private-equity acquisitions of life/annuity properties that began a decade ago, makes KKR about one-third larger. The trend tailwind: low rates.   KKR & Co., the private equity firm, said this week that it would acquire Global Atlantic Financial Group Ltd., the fourth largest originator of fixed annuity contracts […]

    Agent Link Announces Virtual National Summit for Top Producers

    {July 14th, 2020} by AgentLink

    CLEARWATER, Fla., July 8, 2020 /PRNewswire/ — Agent Link, a leading marketing consulting firm based in Clearwater, Florida, has announced that its Top Producer Summit 2020, a national virtual conference for insurance producers and financial services advisors, will be held Aug. 11-13, 2020. Agent Link founders and co-hosts of this unique virtual event Senia and Stu Gramajo say that they are expecting upwards of […]

    Symetra Partners with Nassau Re/Imagine Insurtech Incubator

    {July 14th, 2020} by Symetra Life Insurance Company

    BELLEVUE, Wash. & HARTFORD, Conn.–(BUSINESS WIRE)–Symetra Life Insurance Company today announced a partnership with the Nassau Re/Imagine insurtech incubator based in Hartford, Connecticut, that will tap the creative and developmental opportunities in the region’s deep insurance industry talent pipeline. The program currently supports 19 startups focused on solving critical problems for the life, annuity, reinsurance, […]

    Job Title: Software Developer

    {July 13th, 2020} by CTO@Winkintel.com

    Wink, Inc.   Job Title: Software Developer Department: IT Reports To: Chief Technology Officer Position Type: Full-time, Exempt Travel Required: 0 – 25% Date Revised: February 2020   SUMMARY: The .Net Developer is responsible for designing, modifying, developing, writing and implementing software programming applications and components; supporting and/or installing software applications and components; works from […]

    Universal Life Insurance Market Size : Technological Advancement and Growth Analysis with Forecast to 2025

    {July 13th, 2020} by sagar.g@marketstudyreport.com

    The ‘ Universal Life Insurance market’ study now available at MarketStudyReport.com, is a detailed sketch of the business sphere in terms of current and future trends driving the profit matrix. The report also indicates a pointwise outline of market share, market size, industry partakers, and regional landscape along with statistics, diagrams, & charts elucidating various […]

    S&P Welcomes Allstate’s $4B Bid for National General

    {July 12th, 2020} by N/A

    Allstate Corp.’s plan to pay $4 billion for National General Holdings Corp. and become a dominant player in the independent agency channel drew a positive response from S&P Global Ratings. A few days after the M&A announcement, Standard & Poor’s affirmed its ‘A-‘ long-term issuer credit rating for Allstate as well as its ‘AA-‘ financial […]

    AM Best Comments on Credit Ratings of The Allstate Corporation’s Insurance Subsidiaries After Announced Acquisition of National General Holdings Corp.

    {July 10th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of the members of Allstate Insurance Group (Allstate) and the key life/health members of the Allstate Life Group (Allstate Life), along with the FSR of A (Excellent) and the Long-Term ICRs […]

    DoL overhauls retirement rules. Here’s what advisors need to know

    {July 9th, 2020} by Andrew Welsch, Jessica Mathews

    The Department of Labor’s proposal to replace the vacated fiduciary rule is set to upend standards governing retirement advice. Again. Like its Obama-era predecessor, the department’s proposal is already facing intense criticism for its allegedly permissive attitude toward conflicts of interests and a hasty rulemaking process. Even Secretary of Labor Eugene Scalia, who as a private attorney led the […]

    DOL Rule’s Rollover Exemption a Surprise. But Is it Enforceable?

    {July 9th, 2020} by Patrick Donachie

    After the 5th U.S. Circuit Court of Appeals vacated the Obama-era fiduciary rule in 2018, few expected the Trump administration’s revised rule, meant to better align with the SEC’s Regulation Best Interest, to include any expansion of fiduciary standards. The proposed rule by the Department of Labor was released earlier this week, and some, including […]

    Prudential Tips ‘First Domino’ By Suspending GUL Product: Analyst

    {July 8th, 2020} by John Hilton

    Prudential Financial is pulling its UL Protector product from the market, effective July 13, and one industry analyst expects many more products to join it on the sidelines. The problem is that ultra-low interest rates make it difficult to support guaranteed universal life designs, explained Sheryl J. Moore, president and CEO of Moore Market Intelligence […]

    TruChoice Financial Group, LLC Announces Strategic Alignment With Transamerica

    {July 8th, 2020} by TruChoice Financial Group

    Expanded Outsourced Insurance Product Shelf Provides Access to Low-Cost Solutions to Help Mitigate Client Portfolio Risk MINNEAPOLIS, MN / ACCESSWIRE / July 7, 2020 / TruChoice Financial Group, LLC (TruChoice), one of the largest distributors of financial services products in the insurance industry, today announced a strategic collaboration with Transamerica, a leading provider of life insurance, […]

    Simplicity Advances Expansion with the Addition of The Annuity Source, Inc. and Welcomes Margo Thompson and Shannon Compton as Principals

    {July 8th, 2020} by Simplicity Group Holdings

    SUMMIT, N.J., July 1, 2020 /PRNewswire/ — Simplicity Group Holdings (“Simplicity “) is pleased to announce that it has added The Annuity Source, Inc. (“TAS”), an independent financial marketing organization, to the Simplicity Group of companies. As part of this expansion, Simplicity welcomes the original owners of TAS, Margo Thompson and Shannon Compton, and 20-year TAS veterans, Heather Hutchinson and Courtney Juhl as its newest Principals […]

    DOL’s new investment advice proposal intends to replace vacated fiduciary rule

    {July 8th, 2020} by Insurance Forums Staff

    The U.S. Department of Labor (DOL) recently issued a new proposal aimed at improving investment advice provided to workers and retirees. The measure includes a best interest standard intended to align with a broader investment advice regulation (Reg BI) issued by the Securities and Exchange Commission (SEC) that took effect June 30, as well as a complementary […]

    Nassau Financial Group Launches “Simple Annuity,” a First-of-Its-Kind iOS App for Fixed Annuities

    {July 7th, 2020} by Nassau Financial Group

    HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Financial Group (“Nassau”) launched Simple Annuity, its inaugural iOS mobile application, to support the sales of its fixed rate annuities. The Simple Annuity app marks a key step in Nassau’s efforts to redesign the sales and consumer experience for annuities, empowering agents with digital tools to support sales and help consumers take charge […]

    FBL Financial Group Schedules Second Quarter 2020 Earnings Release Date, Conference Call and Webcast

    {July 7th, 2020} by FBL Financial Group, Inc.

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) will announce its second quarter 2020 earnings approximately 15 minutes after the close of the market on Thursday, August 6, 2020. The second quarter earnings release and financial supplement will be posted on the FBL Financial Group website (www.fblfinancial.com) at that time. FBL Financial Group will […]

    AM Best Affirms Credit Ratings of Horace Mann Educators Corporation and Its Subsidiaries

    {July 7th, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of Horace Mann Life Insurance Company (Horace Mann Life). AM Best also has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of National Teachers Associates Life Insurance Company […]

    New Primerica Study Finds 86% of Middle-Income Households Have Been Financially Impacted by the Coronavirus Pandemic

    {July 7th, 2020} by Primerica

    DULUTH, Ga.–(BUSINESS WIRE)–A new survey finds that 51% of the middle-income families who have been financially impacted by the economic fallout of the coronavirus pandemic are concerned about running out of money to pay for basic necessities by year-end. The national survey released today by Primerica, Inc. (NYSE:PRI), a leading provider of financial services to […]

    Principal to Announce Second Quarter 2020 Financial Results

    {July 7th, 2020} by Principal

    DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced today that it will release second quarter 2020 financial results 15 minutes after U.S. markets close on Monday, July 27, 2020. On Tuesday, July 28, 2020 at 10 a.m. ET, Dan Houston, chairman, president, and chief executive officer, and Deanna Strable, executive vice president and chief financial […]

    Symetra Partners with Nassau Re/Imagine Insurtech Incubator

    {July 7th, 2020} by Symetra Life Insurance Company

    BELLEVUE, Wash. & HARTFORD, Conn.–(BUSINESS WIRE)–Symetra Life Insurance Company today announced a partnership with the Nassau Re/Imagine insurtech incubator based in Hartford, Connecticut, that will tap the creative and developmental opportunities in the region’s deep insurance industry talent pipeline. The program currently supports 19 startups focused on solving critical problems for the life, annuity, reinsurance, […]

    Nassau Completes Acquisition of Foresters’ U.S. Variable Annuity and Variable Life Operations

    {July 7th, 2020} by Allison Bell

    The company that acquired The Phoenix Companies Inc. has now completed efforts to acquire the U.S. variable annuity and variable life operations of The Independent Order of Foresters. For the buyer, Nassau Financial Group LP, the announcement means that Nassau now has a bigger presence in the U.S. life and annuity markets. For Foresters, completing […]

    IASA Announces Laurie Macklosky as IASA President 2020-2021

    {July 7th, 2020} by IASA

    DURHAM, N.C., July 6, 2020 /PRNewswire/ — “Laurie Macklosky is a dynamic leader within the Insurance Industry and has made countless contributions to IASA, and she will be a tremendous asset to IASA during transitional times in her role as President,” said Kerry Crockett, IASA Chief Executive Officer. “She is taking the helm during unprecedented times, and her vision coupled […]

    Foresters Financial Launches Children’s Whole Life Insurance

    {July 7th, 2020} by The Independent Order of Foresters

    Opportunity for generations to bond around the importance of giving back to their communities TORONTO, July 6, 2020 /PRNewswire/ – Foresters Financial™ (Foresters) today announces it is now one of very few industry players to offer standalone Children’s Whole Life Insurance, with the launch of BrightFuture, its first product designed specifically for those currently under the age of […]

    Two North America insurtechs named to Zurich Innovation Championship global finals

    {July 7th, 2020} by Zurich North America

    SCHAUMBURG, Ill., July 7, 2020 /PRNewswire/ — Zurich North America Insurance has selected insurtech companies, Jupiter Intelligence and ClaimFlo powered by Safekeep, Inc. to represent North America in the Zurich Innovation Championship. The global competition – now in its second year –  is designed to create collaborations between Zurich and insurtechs and bring new ideas and energy to the forefront. The competition offers the […]

    John Hancock Launches Friends Who Talk About Money™ Podcast

    {July 7th, 2020} by John Hancock

    Claire Wasserman of Ladies Get Paid Hosts New Original Podcast Featuring Honest Conversations About Personal Finance TSX/NYSE/PSE: MFC     SEHK: 945 BOSTON, July 7, 2020 /PRNewswire/ – John Hancock today announced the launch of a new podcast, Friends Who Talk About Money™, to normalize and celebrate meaningful dialogue about money with family and friends. The podcast is the latest initiative as part of John […]

    Foresters Financial Focuses on Growth of U.S. Fixed Life Insurance Business

    {July 7th, 2020} by The Independent Order of Foresters

    Exit from variable life and annuity business marks final chapter in divestment strategy  TORONTO, July 1, 2020 /PRNewswire/ – Foresters Financial™ (Foresters) today finalized its previously announced sale of Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (FLIAC), its New York-based variable life and annuity business, to Nassau Financial Group, L.P.  FLIAC was acquired by […]

    Advisor M&A Drop 20% In Second Quarter, Average Deal Size Hits All-Time High FacebookTwitterLinkedInEmail

    {July 7th, 2020} by Christopher Friedmann

    Before the onset of the coronavirus crisis and the ensuing economic downturn, the M&A space was reaching all-time highs on a seemingly daily basis. The pandemic, however, promptly put an end to deal-making. The prompt turn in the Advisor M&A market left various firms with questions about what to do next. Now we finally know […]

    Simplicity Acquires The Annuity Source

    {July 7th, 2020} by Allison Bell

    Simplicity Group Holdings has announced its third insurance distributor deal of the year. The Summit, New Jersey-backed company has acquired The Annuity Source Inc. The Annuity & Life Source is Bellevue, Washington-based financial marketing organization that was founded in 1991. It distributes annuities and some life insurance. Click HERE to read the full story via […]

    Financial Firms Speeding Tech Adoption Due to Pandemic: Survey

    {July 7th, 2020} by Jeff Berman

    COVID-19 is accelerating the digital transformations of broker-dealers and other financial services firms, who expect to continue accelerating their technology investments as a result of the pandemic, according to the findings of a new Broadridge Financial Solutions study released Tuesday. Almost all of the C-suite executives from 500 firms surveyed for The Broadridge Next-Gen Technology […]

    Best & Worst BDs for Advisors: J.D. Power — 2020

    {July 7th, 2020} by Janet Levaux

    Wealth management firms have been adding technology — before and during the pandemic — so their advisors can work better with market data, client information, account servicing tools and AI-powered analytics. But is this making a difference? “While firms are investing heavily, many have been missing the mark on delivering technologies that truly meet advisor needs,” according to Mike […]

    Communication Gap: Investor, Advisor Expectations Way Out of Sync

    {July 7th, 2020} by Alex Padalka

    Financial professionals’ expectations about what their clients need are significantly different from those of investors. And if they want to attract new clients and keep those they have, pros will have to communicate better, according to a recent report. For starters, individual investors expect 11.7% long-term returns above inflation, Natixis found. Financial pros, meanwhile, expect just 5.3%, […]

    The Amount of Life Insurance You Own Is a Symbol of Your Status

    {July 7th, 2020} by Jerry Cohen

    No, I did not mean to write the title differently. The amount of life insurance people own can be viewed as a status symbol for those that like to throw big numbers around. I always thought life insurance was a way someone demonstrated their view of the value they place on themselves to others. Many […]

    3 Things to Know About the NAIC’s New 0% Annuity Floor Project

    {July 7th, 2020} by Allison Bell

    State insurance regulators are thinking about starting an annuity regulatory project that could remind everyone how hard it is for life insurers to offer great guarantees at a time when safe “single A” corporate bonds are offering an effective yield of less than 1.8%, and slightly edgy BBB bonds are paying 1.97%. The National Association of Insurance […]

    $500M Team of Women Bolts Morgan Stanley for Sanctuary

    {July 7th, 2020} by Alex Padalka

    Sanctuary Wealth has landed a team of Morgan Stanley financial advisors within its network of independent practices. Led by Emily Bowersock Hill and Kaylin Dillon, the six-woman team is based in Lawrence, Kan. and will operate as Bowersock Capital Partners, according to a press release from Sanctuary. The team previously operated as The Hill Group […]

    Covid Forced More Women to Take Charge of Finances: Report

    {July 7th, 2020} by Alex Padalka

    The Covid-19 crisis has disproportionately increased women’s responsibilities at home — and it’s also made them determined to take more financial decision-making into their own hands, according to a recent report.  Women surveyed by UBS earlier this year say that they have been handling more childcare, cooking and cleaning than men during the crisis, and have the […]

    Exclusive: JPMorgan drops terms ‘master,’ ‘slave’ from internal tech code and materials

    {July 7th, 2020} by Elizabeth Dilts Marshall

    NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) is eliminating terms like “blacklist,” “master” and “slave” from its internal technology materials and code as it seeks to address racism within the company, said two sources with knowledge of the move. The terms had appeared in some of the bank’s technology policies, standards and control […]

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