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Archive for December 2020

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  • Global Insurance Symposium Returns to Showcase Industry Trends & Future

    {December 30th, 2020} by Global Insurance Symposium

    DES MOINES, Iowa, Nov. 30, 2020 /PRNewswire/ — The Global Insurance Symposium (GIS) announced its 2021 conference will be held on April 26–28. This event will host insurance professionals from around the world and will feature an extensive slate of dynamic panel discussions led by preeminent executives and dignitaries, interactive demonstrations of new technologies and opportunities for […]

    Fidelity National Financial and F&G Complete the Sale of F&G Re to Aspida Holdings Ltd.

    {December 30th, 2020} by Fidelity National Financial, Inc.

    JACKSONVILLE, Fla. and DES MOINES, Iowa, Dec. 18, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (“FNF”) (NYSE: FNF) and F&G, a leading provider of annuities and life insurance, announced today the completed sale of F&G Reinsurance Ltd (“F&G Re”) to Aspida Holdings Ltd. (“Aspida”), an indirect subsidiary of Ares Management Corporation (NYSE: ARES). Proceeds from the sale of F&G Re will be […]

    Cayman Islands Reinsurers Form Industry Group

    {December 30th, 2020} by CIRCA

    GEORGE TOWN, Cayman Islands, Dec. 28, 2020 (GLOBE NEWSWIRE) — A group of reinsurance companies located in the Cayman Islands recently formed a new industry group, the Cayman International Reinsurance Companies Association (“CIRCA”). Pursuant to its mission statement, CIRCA is “the industry group for commercial reinsurers located in the Cayman Islands, dedicated to fostering the […]

    What’s Most Hurting the Financial Security of Older Americans?

    {December 30th, 2020} by Ginger Szala

    Adults age 70 and older have increased their debt since the Great Recession — largely due to mortgage payments — and this hampers their ability to overcome “negative events” as they age, according to a recent study by the Center for Retirement Research of Boston College. Researchers Barbara A. Butrica and Stipica Mudrazija looked at […]

    Insurtech Acquisitions Will Skyrocket

    {December 30th, 2020} by Kim Muhota and John Rodgers

    For most leading carriers, the push to leverage efficiencies offered by new technologies has become increasingly urgent, as have the variety and efficacy of those new technologies. Rapid innovation has been hard to achieve, however, and the pace of digital transformation has been slow and reactive. As executives have embarked on the journey, they have […]

    5 Ways to Prep Gig-Worker Clients for Retirement: Morningstar’s Benz

    {December 30th, 2020} by Ginger Szala

    The “gig economy” may sound hip, but it’s really made up of those who are self employed and work as independent contractors. It’s a group of individuals whose numbers grew by 15% in the past decade, according the Christine Benz, Morningstar’s director of personal finance. In 2019 — the year before the COVID-19 knocked the […]

    F&G Cuts Virtual Ribbon at New Offices: Annuity Moves

    {December 30th, 2020} by Allison Bell

    F&G, a growing annuity issuer, has moved into new offices at 801 Grand Ave. in downtown Des Moines, Iowa. The company had been based in offices a few blocks away. Chris Blunt, the company’s CEO, cut a virtual ribbon at the new offices recently as a representative from the Greater Des Moines Partnership looked on. […]

    New Year, New Duties in the Sale of Annuities

    {December 30th, 2020} by Carlton Fields

    It looks as if 2021 will be a busy year as states move to implement the NAIC 2020 revisions to the Suitability in Annuity Transactions Model Regulation (Model 275), or other duty of care measures. The below chart outlines the actual or proposed state activity, its status, and notable items insurers need to consider. As […]

    Counterpoint: Securing insurance is a vital part of the planning process

    {December 30th, 2020} by Matthew Celenza

    As an RIA taking a multi-family office approach to serving ultra-affluent clients, we view life insurance as not just a powerful planning tool but its own asset class. Our opinion is that the advisor should lead the entire process, rather than outsourcing it to someone who doesn’t have a holistic view. Click HERE to read […]

    Consider These Life Insurance Resolutions For 2021

    {December 30th, 2020} by Cameron Huddleston and Amy Danise

    Given everything that has happened in 2020, New Year’s resolutions for 2021 will likely look different this time. Sure, plenty of people will vow to lose weight—maybe more so thanks to COVID stress eating. The pandemic also will likely prompt many to resolve to be more financially prepared for the unexpected. Click HERE to read […]

    CAA 2021 Gives Life Insurers Interest Rate Flexibility

    {December 30th, 2020} by Allison Bell

    The big new federal spending package will change the math inside U.S. life insurance policies. The change will slash a key interest rate used in creating life insurance policies to 2% for 2021, from 4% today, and to a variable rate after 2021. The rate change will increase reserve levels and cash value levels for new […]

    Alliance Group Launches 4th Annual Living Benefits Awareness Month

    {December 30th, 2020} by Alliance Group

    ATLANTA, Dec. 29, 2020 /PRNewswire/ — Alliance Group announced the 2021 class of Living Benefits Ambassadors team as part of their fourth annual Living Benefits Awareness Month campaign. The Ambassadors will head up local grassroots campaigns to spread education and awareness for Living Benefits Awareness Month in January 2021. The chosen Living Benefits Ambassadors are as follows: Kristina Messenger (Five […]

    COVID-19 Accelerates No-Exam Trend in Life Insurance

    {December 30th, 2020} by Georgia Rose

    Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19. Big data is playing a prominent role in life insurance this year. Interest in coverage has […]

    Ex-insurance agent at heart of alleged $2.5 million fraud

    {December 30th, 2020} by Bruce Kelly

    A former insurance agent is at the center of an alleged $2.5 million retirement fraud that was based on the sale of unregistered securities, according to a complaint filed yesterday by the Massachusetts Securities Division, led by Secretary of the Commonwealth William Galvin. Click HERE to read the full story via InvestmentNews

    Could Interest Rates Shoot Up Like a Rocket?

    {December 30th, 2020} by Allison Bell

    COVID-19 turned what looked as if it was going to be a pretty good, dull 2020 for U.S. life insurance and annuity issuers into a year of terror. For five questions that may come up often when we’re covering the life and annuity sectors in 2021, see the slideshow below. Click HERE to read the […]

    IRS Rules on Hybrid Annuity Advisory Fee Proposals

    {December 30th, 2020} by Allison Bell

    The Internal Revenue Service has issued three new private letter rulings that may help life insurers offer registered index-linked annuities through fee-based advisors. Resources Copies of the new letter rulings are available here, here and here. An earlier article about annuity advisory fee letter rulings is available here. IRS official Rebecca Baxter addressed each letter to a life insurer that wants to […]

    Market Risk Concerns Remain High in 2021: Allianz Life

    {December 30th, 2020} by Michael S. Fischer

    As 2020 draws to a close, many Americans continue to endure the health and economic effects of the pandemic, and they are concerned about 2021, an Allianz Life survey finds. Forty-four percent of respondents worry that the market has not yet bottomed out, and 72% believe that the market will continue to be highly volatile in the […]

    David Blanchett’s 6 Predictions for Retirement Planning in 2021

    {December 30th, 2020} by David Blanchett

    It’s that time of the year again. Yes, it’s the holidays, but more importantly, it’s time for people to guess what’s going to happen in the new year other than failed resolutions.  I’ve decided to join in on the fun and take a stab at six predictions for 2021. Click HERE to view via ThinkAdvisor

    FIUL Sales Process Continues To Evolve With AG 49 A

    {December 29th, 2020} by Allianz

    Allianz Life Insurance Company of North America (Allianz) continues its long-term leadership by sharing its lengthy experience with — and vision for — trends in the fixed indexed universal life insurance (FIUL) space. In this Movers & Shakers Q&A, we interview Austin Bichler, FSA, MAAA, Senior Director Actuary & Illustration Actuary, Allianz, who shares the […]

    Wishing you many Christmas Blessings!

    {December 23rd, 2020} by Wink's RockStars

    Wishing many Christmas blessings for you! We hope you have a safe and healthy holiday. -The Wink, Inc. family Sheryl, Emily, Jamie, Jason, Peter, Rita, Talia, Victoria, and Vince. The Wink offices will be closed on December 24th & 25th to celebrate the holiday with our families. We will also be closed on January 1st […]

    Congratulations to Victoria, our Chief Everything Officer!

    {December 23rd, 2020} by Wink

    We have some WONDERFUL news to share! Through year of many unexpected changes and hardships, silver linings shined brighter.  —————————————————————————————————–           View this post on Instagram                       A post shared by Wink (@winkintel)  

    Oceanview Reinsurance Assumes $1 Billion in Fixed Annuity Reserves

    {December 23rd, 2020} by Oceanview Reinsurance

    HAMILTON, Bermuda–(BUSINESS WIRE)–Oceanview Reinsurance Ltd. (“Oceanview Re”), a Bermuda Class E insurance company, today announced that it has entered into a transaction to assume approximately $1 billion of fixed annuity reserves from an A++ rated U.S. life insurance company which represents legacy fixed annuity business. About Oceanview Re Oceanview Reinsurance Ltd. is a Class E […]

    Seixas G. “Chip” Milner, Jr. Recognized with the 2020 Douglas Mooers Award for Excellence

    {December 23rd, 2020} by NAILBA

    The National Association of Independent Life Brokerage Agencies (NAILBA) presented Seixas G. “Chip” Milner, Jr., Chairman of the Board at The Milner Group, with its 2020 Douglas Mooers Award for Excellence (sponsored by Pacific Life). The annual award, NAILBA’s most coveted and prestigious accolade, honors distinction in brokerage and is presented to the individual most […]

    AM Best Affirms Credit Ratings of Brighthouse Financial, Inc. and Its Subsidiaries

    {December 23rd, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Brighthouse Life Insurance Company (headquartered in Charlotte, NC), the largest operating entity for the Brighthouse group of companies, New England Life Insurance Company (Boston, MA) and Brighthouse Life Insurance Company of […]

    Global Atlantic Announces $8.5 Billion Reinsurance Transaction With Unum Group

    {December 23rd, 2020} by Global Atlantic Financial Group Limited

    NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group Limited (“Global Atlantic”), a leading U.S.-focused retirement, life insurance and reinsurance company, today announced the signing of a reinsurance transaction with Unum Group (“Unum”) involving a closed block of seasoned individual disability income business backed by $8.5 billion in assets. The transaction will close in two phases, with approximately […]

    Transamerica Latest To Exit VAs With Benefits, FIAs

    {December 23rd, 2020} by John Hilton

    Transamerica will no longer sell variable annuities with benefit riders or fixed index annuities. The company is also exiting the standalone long-term care market, Aegon executives said in a planning session last week. Executives at Aegon, which owns Transamerica, made it clear the company must retool to free up capital and increase margins.  Click HERE […]

    Kuvare Closes $2 Billion of Reinsurance in Q4 2020

    {December 23rd, 2020} by Kuvare US Holdings, Inc.

    CHICAGO–(BUSINESS WIRE)–Kuvare US Holdings, Inc. (together with its affiliates, “Kuvare”) is pleased to announce that its subsidiary, Lincoln Benefit Life Company (“LBL”), has recently executed a transaction to assume approximately $1.5 billion of fixed annuity reserves. This is the first such reinsurance transaction for LBL since it was acquired by Kuvare last year and builds […]

    The Catch-22 of In-Plan Annuities

    {December 23rd, 2020} by Kerry Pechter

    Fixed deferred annuities may be the most promising candidates for inclusion in 401(k) plans. But in order to adapt these contracts to the defined contribution space, they must lose some of the ‘illiquidity’ that helps make annuities valuable. Some innovative solutions are now on the market. The road to including lifetime income options in the […]

    Life Insurers Can Withstand Even Extreme COVID-19 Second Wave, Moody’s Says

    {December 23rd, 2020} by Press Release

    With interest rates at historically low levels and economic uncertainty remaining high, Moody’s Investors Service found its portfolio of U.S. life insurers well-positioned to withstand a severe scenario of elevated mortality from COVID-19 coinciding with stressed equity and credit markets. Highlights from Moody’s analysis include: Life insurers can tolerate higher COVID-19 claims; life reinsurers more […]

    Transamerica to Pay $8.8M Over Annuity, Fund & 529 Supervisory Failures

    {December 23rd, 2020} by Allison Bell

    Transamerica Financial Advisors has agreed to pay $8.8 million in restitution and fines to settle claims that it failed to provide adequate supervision of registered representatives in connection with the sale of variable annuities, mutual funds and 529 plans, according to the Financial Industry Regulatory Authority. Without admitting or denying the allegations, Transamerica Financial Advisors […]

    Indexed Annuities’ Fortunes May Ride on More Than Rates Come 2021

    {December 23rd, 2020} by Warren S. Hersch

    Sheryl Moore, CEO of market research firm Wink, says that robust stock markets alone won’t provide much relief for the product line. She says that creating indexed annuities was challenging enough when the 10-Treasury note yielded 2%. Now the government bond pays less than 1%. Click HERE to read the full story via Life Annuity Specialist

    AM Best Affirms Credit Ratings of Securian Financial Group, Inc. and Its Subsidiaries

    {December 23rd, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of Minnesota Life Insurance Company and its subsidiary, Securian Life Insurance Company, together referred to as Securian Financial Insurance Group (Securian). AM Best also has affirmed the FSR of A (Excellent) and […]

    ’Tis the Season for Retirement Account Contributions, Which Top Holiday Wish Lists for One-Third of Americans

    {December 23rd, 2020} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Americans’ holiday wish lists are looking a little different this year — almost 32% said they would most prefer a retirement account contribution, according to new research conducted by OnePoll on behalf of Lincoln Financial Group. The study of 2,000 Americans conducted in late November found eight in 10 say that the pandemic has them rethinking […]

    New Book – Today’s Annuities by Industry Leader Harry N. Stout Guides Consumers Through the World of Annuities (financialverse.com/annuity)

    {December 23rd, 2020} by The FinancialVerse Organization

    VERO BEACH, Fla., Dec. 16, 2020 /PRNewswire/ — Consumers are facing an income crisis and are scrambling to generate income from their accumulated assets.  With low interest rates there are few places to look to generate protected lifetime income streams.  The most misunderstood and underutilized available products are annuities.  Research has shown that one of the […]

    Ameritas introduces new retirement program and enhanced platform

    {December 23rd, 2020} by Ameritas

    LINCOLN, Neb., Dec. 17, 2020 /PRNewswire/ — Ameritas retirement plans introduces two retirement plan choices to help plan participants reach financial goals: the Ameritas GPS platform and a 403(b) program. Ameritas GPS The recently enhanced Ameritas GPS offers plan participants an open architecture investment platform to build a tailored retirement plan. Participants can select specific services and […]

    DALBAR Recognizes Annuity Providers For Award-Winning Service

    {December 23rd, 2020} by DALBAR, Inc

    MARLBOROUGH, Mass., Dec. 17, 2020 /PRNewswire/ — DALBAR is excited to announce the winners of the 2020 Annuity Service Award for industry-leading telephone support to annuity contract owners. The 2020 award winners are: AIG Life & Retirement Contact Center  Guardian Life Retirement Contact Center According to DALBAR Director Brendan Yeager, “One of the great features of annuities is the security that they […]

    Transamerica to Pay $8.8M to Settle Alleged Supervision Violations

    {December 23rd, 2020} by Alex Padalka

    Finra says it has ordered Transamerica Financial Advisors to pay around $8.8 million over its alleged failures to supervise its registered representatives. From May 2010 to May 2016, the company allegedly didn’t adequately supervise the representatives’ recommendations of annuities, the industry’s self-regulator says in a letter of acceptance, waiver and consent published Monday.  Click HERE […]

    SEC: Expanded Scrutiny of Reg BI Compliance Coming in January

    {December 23rd, 2020} by Alex Padalka

    The SEC says it will step up examinations of broker-dealers in regard to their compliance with Regulation Best Interest, starting next month. The compliance deadline for Reg BI, as well as for its companion customer relationship summary disclosure form, known as Form CRS, was June 30. Since then, the SEC’s Division of Examinations has been […]

    Connect, learn and grow!

    {December 23rd, 2020} by Sheryl J. Moore

    Some people whose content I follow, & love to learn from: Nick Gerhart– former Iowa Insurance Commissioner and best friend to the Intel Rockstar; terrific insights on insuretech, startups, strategy, & more; Marc Glickman, FSA, CLTC– an actuary-turned-marketer who is my go-to for anything Long Term Care; Charlie Gipple, CLU®, ChFC®– my longtime friend (and […]

    How Index-Linked Annuities Buffer Against Market Shocks Like the Coronacrash

    {December 23rd, 2020} by David Stone

    Markets shed 40% back in March as efforts to slow the spread of coronavirus drove the economy to a near halt. Though they bounced back remarkably fast, the economic outlook is uncertain, unemployment is high, and volatility is expected to remain until COVID-19 vaccines are widely distributed and are finally bringing the pandemic under control. […]

    New US Dollar Libor Deadline Doesn’t Guarantee a Smooth Transition

    {December 23rd, 2020} by Fitch Ratings

    Fitch Ratings-New York/London-01 December 2020: Pushing the Libor transition deadline for the U.S. dollar (USD) market back 18 months would lessen the risk of disorderly outcomes at YE21 but using this extra time productively is the key to a smooth transition, Fitch Ratings says. Primary markets have yet to shift to alternative indices, regulators and […]

    CCA 2021 Package Includes Life Insurance Interest Rate Provision

    {December 23rd, 2020} by Allison Bell

    The big new federal spending package — the Consolidated Appropriations Act, 2021 (CCA 2021) package — includes a section that could change when the Internal Revenue Services classifies a financial arrangement as life insurance. The section would replace two fixed interest rate benchmarks used in life insurance-related tax calculations with variable rates. Click HERE to read the […]

    Education and Awareness Will Increase Annuity Sales

    {December 23rd, 2020} by Harry N. Stout

    Annuity sales have hit a rough spot in 2020 as consumers adjust to the economic impacts of the pandemic, including the harsh reality that interest rates are going to be historically low for at least the near term. These impacts have given consumers a very loud financial wakeup call about the need to protect their […]

    5 Facts About Big New Spending Package for Annuity Sellers

    {December 23rd, 2020} by Allison Bell

    Congress has sent President Donald Trump a 5,593 coronavirus relief and federal spending package. The president must sign the bill containing the package, an alternative version, or a temporary government funding bill by Dec. 28, or much of the federal government will suspend operations. Lawmakers have used the text of the Consolidated Appropriations Act, 2021 […]

    INTEGRITY EXTENDS REACH IN THE NORTHWESTERN UNITED STATES WITH ADDITION OF BEST VALUE INSURANCE

    {December 23rd, 2020} by Integrity Marketing Group, LLC

    DALLAS – December 22, 2020 – Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired Best Value Insurance Services, Inc. (“Best Value Insurance”), one of the largest health insurance brokerages in the Northwest. As part of the transaction, Best Value Insurance Founder and President […]

    MARK SCALERCIO JOINS ONEAMERICA® AS SENIOR VICE PRESIDENT

    {December 23rd, 2020} by OneAmerica

    Mark Scalercio has joined OneAmerica® as senior vice president, head of distribution, for the company’s highly regarded Individual Life and Financial Services (ILFS) line of business. In this executive role, Scalercio will lead ILFS sales and distribution across all channels, aligning sales teams and distribution partners with innovative growth strategies. He’ll focus on leveraging digital operating […]

    David Blanchett’s 6 Predictions for Retirement Planning in 2021

    {December 23rd, 2020} by David M. Blanchett

    It’s that time of the year again. Yes, it’s the holidays, but more importantly, it’s time for people to guess what’s going to happen in the new year other than failed resolutions.  I’ve decided to join in on the fun and take a stab at six predictions for 2021. To be fair, many of these […]

    Annuities vs. Pensions: What Retirement Plan Advisors Should Know About ‘De-Risking’

    {December 23rd, 2020} by Ben Mattlin

    Pension obligations are a major liability on many corporate balance sheets. Retirees are living longer than ever, sometimes claiming pension payments for decades. Advisors to pension plans may be called upon for suggestions of how to de-risk employer-sponsored benefit plans. Weighing available options is crucial. One idea that’s gaining traction: annuities. In recent years, Lockheed […]

    How to Find Deferred Annuity Gems

    {December 23rd, 2020} by James Kavanagh

    This is a follow-up to an earlier article that describes a free analytical tool I have developed for analyzing annuities. My objective here is not to recommend any specific products or insurers, but instead, to show what a detailed analysis can reveal. A deferred annuity often makes up a sizable chunk of a client’s portfolio. Advisors should, […]

    Myth Busters: Examining the Facts about Index Annuities

    {December 23rd, 2020} by Phil Simonides, CFP

    For years people have wondered about the use of annuities in their investment and retirement portfolios. In 2019 alone, total deferred annuity sales topped $221 billion, of which a record $73.2 billion were considered fixed index annuities. The increased attraction can be traced to what index annuities offer investors: downside protection coupled with the potential […]

    MetLife, Prudential Should Buy Soaring Startups In Shrinking $723 Billion Life Insurance Market

    {December 23rd, 2020} by Peter Cohan

    The life insurance industry is huge, getting smaller and is set in its ways. Now two startups I spoke with earlier this month are growing rapidly as they show shrinking giants — such as MetLife and Prudential — how much they are missing the fundamental changes in the way life insurance customers’ expectations have changed. […]

    20 Largest Insurance Companies in the U.S.

    {December 23rd, 2020} by Ty Haqqi

    In this article we are going to list the 20 largest insurance companies in the US. Click to skip ahead and jump to the 10 largest insurance companies in the US. The insurance industry is not just one of the biggest industries in the world, worth trillions of dollars, but it is also one of the biggest industries […]

    Here’s the Math Behind a Whole Life Insurance Policy

    {December 23rd, 2020} by Neal Templin

    Whole life insurance often finds itself on the list of financial don’ts, in large part because of its opacity. But with a growing number of researchers recommending that retirement savers consider how they might benefit from a whole life policy, we decided to try to peel back the curtain a bit on this investment vehicle […]

    Whole Life Insurance Can Bolster Your Retirement Portfolio. Here’s How to Use It.

    {December 23rd, 2020} by Neal Templin

    The 401(k) revolution has turned millions of American workers into their own pension plan managers. Now, as a growing number of these workers retire, they must convert their investment portfolios into regular income. It isn’t easy. Retirees can’t depend upon bonds for income because yields are so low. But if they bet too big on equities, their savings […]

    Investopedia’s The 6 Best Life Insurance With Living Benefits of 2020

    {December 23rd, 2020} by Kate Dore

    We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Learn more about how we review products and read our advertiser disclosure for how we make money. Life insurance is a contract between you and an insurance company that pays a death benefit to named beneficiaries, or the recipients […]

    What Is An Immediate Annuity?

    {December 23rd, 2020} by David Rodeck, Benjamin Curry

    An immediate annuity is an investment that turns your current retirement savings into future income payments. When you buy an immediate annuity, you receive guaranteed income payments for a set number of years—or possibly for the rest of your life. Annuities are not for everyone, though. Click HERE to view the Forbes article.   Wink’s […]

    Is Your Life Insurance Policy Worth More Than Its Cash Surrender Value?

    {December 22nd, 2020} by Michael Coben

    A growing number of seniors are facing challenges to achieving financial security in retirement. From rising healthcare costs to the economic turmoil caused by Covid-19, financial stressors are leading even those who thought they saved enough for retirement to look for ways to bolster their income and savings. Even in this volatile environment, many seniors […]

    New Year, New Duties in the Sale of Annuities

    {December 22nd, 2020} by Jamie Bigayer, Ann Young Black

    It looks as if 2021 will be a busy year as states move to implement the NAIC 2020 revisions to the Suitability in Annuity Transactions Model Regulation (Model 275), or other duty of care measures. The below chart outlines the actual or proposed state activity, its status, and notable items insurers need to consider. As […]

    2020 Independent Distribution (ID) 20 Award Recipients

    {December 22nd, 2020} by NAILBA

    2020 Independent Distribution (ID) 20 Award Recipients Congratulations to the 2020 Independent Distribution 20 Recipients!   Learn more about 20 of the industry’s innovators and trailblazers: Click HERE to view via NAILBA

    Retirement Income Journal’s Honorable Mention

    {December 22nd, 2020} by Editorial Staff

    Retirement Income Journal takes a holiday break; Fed to buy at least $120 billion in bonds per month; Global Atlantic adds $8.5 billion in reinsurance deal; Roth IRA assets surpassed $1T in 2019. Click HERE to read the full story via RIJ

    In line with SEC, DOL issues broker-friendly ‘best interest’ rule

    {December 22nd, 2020} by Editorial Staff

    The final version of the Department of Labor’s “best interest” rule will hold retail financial advisers to the Impartial Conduct Standards, requiring them to charge only “reasonable compensation” and “make no materially misleading statements” to clients when giving advice. Click HERE to read the full story via RIJ

    Cerulli: Insurers Embrace Opportunity With RILAs

    {December 22nd, 2020} by John Hilton

    Registered index-linked annuities (RILAs) are poised to exhibit robust growth as additional large, reputable insurers enter the space with innovative concepts, the research firm Cerulli Associates found. RILAs have garnered steady growth in recent years to reach a quarterly record of nearly $5 billion in 4Q 2019, according to Cerulli’s latest report, U.S. Annuity Markets 2020: […]

    Sproutt Launches; Uses Data and AI to Finally Reward Life Insurance Customers Who Live Healthy

    {December 22nd, 2020} by Sproutt

    NEW YORK, Dec. 12, 2019 /PRNewswire/ — Sproutt Insurance, the next evolution of life insurance, announced today that it has launched and secured $12 million in Series A funding from State of Mind Ventures (SMOV), Moneta Capital, and Guardian Life. Sproutt sets out to do what many of today’s players in life insurance do not: celebrate life. Sproutt’s mission is […]

    Sproutt Partners with SBLI and Afficiency to Expedite Approval Process for Personalized Life Insurance Policies

    {December 22nd, 2020} by Sproutt

    NEW YORK, Dec. 15, 2020 /PRNewswire/ — Sproutt, the insurance company that uses data and AI to reward people living healthy lives, today announced the availability of a new product that enables its customers to qualify for and buy a life insurance policy entirely online in a matter of minutes. The product is offered in partnership with Woburn, Massachusetts-based insurance […]

    Fixed Annuity may be good option in uncertain market

    {December 22nd, 2020} by Contributor

    Josh Bradley of Capital City Financial Partners says fixed annuities are a bit easier to understand than other types of annuities. He says they’re very similar to a traditional bond or CD. “Your principal is protected and you’re going to earn a set interest rate for a set term and, when the end of that […]

    At 10 Smaller Annuity Issuers, Third-Quarter Sales More Than Doubled

    {December 21st, 2020} by Cyril Tuohy

    In April, Wink said the insurer offered the best rates on five different multi-year guaranteed annuities that had terms from three to 15 years. “MYGA specials” were also a factor in the third quarter, according to Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, which tracks the annuity marketplace. She said buyers found it hard […]

    RECORDED WEBINARS AND PODCASTS: The Year In Annuities: 2020 Hindsight With Sheryl Moore .

    {December 16th, 2020} by InsureTech Express

    With 2020 winding down, we are taking some time with Sheryl Moore, the president and CEO of Moore Market Intelligence and Wink Inc., to review some of the year’s highlights.  Click HERE for the recording via InsureTech Express Sheryl has been the ultimate insider in the annuity business for decades. We at InsuranceNewsNet rely heavily on her data […]

    Annuity Trends

    {December 16th, 2020} by NAILBA

    Visit NAILBA.org/ID Trends 2020 to better understand what is going on in the market with supporting data, and experts sharing ideas for business growth.       

    Transamerica to halt sales of VAs with guarantees, fixed annuities

    {December 16th, 2020} by Emile Hallez

    Transamerica is stopping sales of fixed annuities and variable annuities with benefit riders, as the company seeks to exit from those markets entirely, Aegon executives said during a presentation Thursday. Click HERE to read the full story via InvestmentNews

    AG 49A Goes Into Effect Dec. 14 On IUL Illustrations

    {December 16th, 2020} by John Hilton

    State insurance regulators resolved a final timing issue Thursday with rule changes designed to tighten up indexed universal life illustrations. But the vote renewed old divisions over the changes. The National Association of Insurance Commissioners’ Executive Committee and Plenary adopted Actuarial Guideline 49 updates in August after a long process. Click HERE to read the […]

    Allianz Life Enhances Life Pro+ Advantage Fixed Index Universal Life Insurance Policy

    {December 16th, 2020} by Allianz Life Insurance Company of North America

    MINNEAPOLIS – Dec. 14, 2020 – Allianz Life Insurance Company of North America (Allianz Life) has announced new enhancements to its Allianz Life Pro+ Advantage℠ Fixed Index Universal Life Insurance Policy. In addition to providing death benefit protection, the new product features also provide more options for clients and new sales tools for the financial professionals who sell the […]

    Trent Davis Announces Retirement

    {December 16th, 2020} by Simplicity Group Holdings

    SUMMIT, N.J., Dec. 11, 2020 /PRNewswire/ — Simplicity Group Holdings (“Simplicity”) today confirmed that Trent Davis, Principal of Simplicity Des Moines, has chosen to retire effective Dec. 31, after over 30 years working in the insurance industry. His business partner and brother, Jon Davis, will assume sole responsibility for the Des Moines office and will continue to oversee the day-to-day operations and expansion […]

    Finally Out: New DOL Fiduciary Rule

    {December 16th, 2020} by Mrinalini Krishna

    The Department of Labor today unveiled the final version of its new fiduciary rule, creating a new prohibited transaction exemption that it says aligns with the SEC’s Regulation Best Interest.The rule pertains to advisors working with workplace retirement plans, rollovers, or clients’ individual retirement accounts. “Today’s action provides clear regulatory standards that ensure American workers […]

    Lincoln Financial Group Expands Diversity and Inclusion Organization, Names Brandy Smith Vice President, Workplace Diversity & Counsel

    {December 16th, 2020} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) announced today that Brandy Smith has been named vice president, Workplace Diversity and Counsel – part of the organizations ongoing expansion of its Diversity and Inclusion function. Smith will report to Allison Green Johnson, senior vice president, Chief Diversity Officer. In her new role, Smith will provide strategic […]

    Santa as Essential Worker: Should Earn $157K According to Insure.com

    {December 16th, 2020} by Insure.com

    FOSTER CITY, Calif., Dec. 9, 2020 /PRNewswire/ — With Christmas in the air, Insure.com calculates Santa’s potential annual earnings and finds that for the fifth year in a row, the beloved essential worker earns a well-deserved raise. Research shows Santa could earn more than $157,000 this year, running one of the world’s largest toy shops. Using salary information from the Bureau of […]

    Guardian Life Announces $1.05 Billion Dividend Payment to Policyholders

    {December 16th, 2020} by Guardian

    NEW YORK, Dec. 10, 2020 /PRNewswire/ — The Guardian Life Insurance Company of America (Guardian®), a leading national provider of life and disability insurance, employee benefits, and dental insurance, today announced its Board of Directors approved a $1.05 billion dividend allocation to its individual life policyholders in 2021. The Dividend Interest Rate, which is the investment component of the dividend, will […]

    Nationwide launches Partnership Platform

    {December 16th, 2020} by Nationwide

    COLUMBUS, Ohio, Dec. 14, 2020 /PRNewswire/ — The world has become increasingly digital, and Nationwide has as well – modernizing its core systems and building digital experiences so it can connect seamlessly with partners and their customers. Nationwide® continued to cement its position as an insurance technology leader with the launch of its new Partnership Platform on Nationwide.com.  The first-of-its-kind […]

    USAA Life Insurance Company Introduces Three Year Fixed Guaranteed Growth Annuity

    {December 16th, 2020} by USAA

    SAN ANTONIO, Dec. 14, 2020 /PRNewswire/ — USAA Life Insurance Company announced today the introduction of a three-year Fixed Guaranteed Growth Annuity (FGG3) product available to USAA members directly through USAA.com or a USAA Retirement Income Specialist. Fixed guaranteed growth annuities are a type of deferred annuity that provide a guaranteed interest rate for a fixed period […]

    Protective Life Announces Office Relocation Within Greater Cincinnati/Northern Kentucky Region

    {December 16th, 2020} by Protective Life Corporation

    BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective Life), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), announced today it is relocating its core site in Cincinnati to RiverCenter Towers in Covington, Kentucky, maintaining a strong presence in the Greater Cincinnati/Northern Kentucky Region. Aligned with Protective Life’s strategic growth plans, this relocation will foster expansion […]

    Principal Reports Consumers Spending Less, Shopping Differently in an Uncertain Year

    {December 16th, 2020} by Principal Financial Group

    DES MOINES, Iowa–(BUSINESS WIRE)–Research from Principal Financial Group® released today indicates higher stress levels and less holiday spending among U.S. consumers as many continue to navigate the economic impacts of COVID-19. For those who are planning to spend, a majority will do so online and are decreasing expenses on travel, dining out, and entertainment. “2020 was […]

    MassMutual to Acquire Fintech Platform Flourish

    {December 16th, 2020} by MassMutual

    SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) and Stone Ridge Asset Management (Stone Ridge), an asset manager with more than $10 billion in assets under management (AUM) that focuses on registered investment advisers (RIAs), institutions, and insurance companies, today announced that MassMutual and Stone Ridge Holdings Group have entered into a definitive agreement for MassMutual […]

    AIG Life & Retirement Announces Leadership Changes

    {December 16th, 2020} by AIG

    NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a division of American International Group Inc. (NYSE: AIG), today announced that Todd Solash, Chief Executive Officer of its Individual Retirement business, will take on an expanded role with the additional leadership of the company’s Life Insurance business, effective immediately. In his new role as Chief Executive Officer, Individual […]

    Avantax Wealth Management Hosts More Than 1,500 Financial Professionals at Firm’s Virtual Forum

    {December 16th, 2020} by Avantax Wealth Management

    DALLAS–(BUSINESS WIRE)–Avantax Wealth Management℠ hosted more than 1,500 of its Financial Professionals this week during the three-day Avantax Virtual Forum where Avantax leadership discussed the firm’s focus on, and investments in, people, platforms and products. From adding new investment solutions that help Avantax affiliates serve a diverse client base, to flexible affiliation models that support […]

    AM Best Affirms Credit Ratings of Western & Southern Financial Group, Inc. and Its Subsidiaries

    {December 16th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of the life insurance subsidiaries of Western & Southern Financial Group, Inc. (WSFG). WSFG’s subsidiaries are The Western and Southern Life Insurance Company (WSLIC), Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, National Integrity Life Insurance […]

    AM Best Affirms Credit Ratings of Nassau Financial Group, L.P.’s Insurance Subsidiaries

    {December 16th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issue Credit Ratings (Long-Term ICR) of “bbb-” of Nassau Life Insurance Company (NNY), Nassau Life and Annuity Company (NLA), Nassau Life Insurance Company of Kansas (Overland Park, KS) and Nassau Life Insurance Company of Texas (Austin, TX). All of […]

    Majority of Americans Expect Market Volatility to Remain High in 2021

    {December 16th, 2020} by Allianz Life

    MINNEAPOLIS–(BUSINESS WIRE)–As Americans continue to endure the health and economic impacts of the COVID-19 pandemic, the majority are concerned about continued market volatility in the year ahead. New findings from the Q4 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz Life) show Americans are worried that markets will retreat from […]

    AM Best Upgrades Credit Ratings of Royal Neighbors of America

    {December 16th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of Royal Neighbors of America (RNA) (Rock Island, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect RNA’s balance […]

    DOL may be too late with final fiduciary rule

    {December 16th, 2020} by Mark Schoeff Jr.

    The Department of Labor released a final regulation Tuesday to reform investment advice rules for retirement accounts, but the measure may be short-lived because it’s coming out within weeks of the Biden administration taking power. Click HERE to read the full story via InvestmentNews

    Wink is at NAILBA 39: Engage!

    {December 16th, 2020} by Wink's RockStars

      Visit us at NAILBA 39:Engage!   Who The Heck Are We? Only The Greatest Competitive Intel Company on Earth!     We’ve Got the Intel Tools You Need! Annuities, Life Insurance, Side-By-Side Comparisons, 200+ Companies Represented, Thousands of Life and Annuity Product Specs, Current, Upcoming and Historical New Business Rates.   We’ve Got Shirts! […]

    AM Best Maintains Negative Outlook for Life Sector

    {December 16th, 2020} by Emily Holbrook

    AM Best is maintaining a negative market segment outlook on the U.S. life and annuity insurance markets for 2021, based mainly on the economic and financial market uncertainty created by the COVID-19 pandemic. Although the pandemic has increased mortality, the increase in the number of death claims has had only a limited impact on overall capitalization, […]

    News 169-Year-Old MassMutual Invests $100 Million in Bitcoin

    {December 16th, 2020} by Olga Kharif

    Massachusetts Mutual Life Insurance Co. has purchased $100 million in Bitcoin for its general investment fund, the latest mainstream firm to dabble in digit assets. The mutual insurer also acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge that provides cryptocurrency services to institutions, according to a statement. Click HERE […]

    Indie BDs Are the Next Growth Channel for Annuities: Cerulli

    {December 16th, 2020} by Ginger Szala

    The outlook for growth in annuities sales is fair to middling, with independent broker-dealers being the best potential outlet. And though total annuity sales are forecast to drop about 13% in 2020, according to a Cerulli Associates study, the worst hit will be for fixed indexed annuities, falling about 28% in sales. In 2019, FIAs made […]

    News 13% of Americans 55 and Older Plan to Delay Retirement: Survey

    {December 16th, 2020} by Michael S. Fischer

    Thirteen percent of Americans over age 55 who expect to retire plan to delay it now because of the coronavirus pandemic, according to a survey released this week by Smart, a global retirement technology platform. And retirement might happen even later than planned. Thirty-nine percent said they planned to retire between 65 and 69, while 18% said they would […]

    Term Life Prices Continue to Hold Steady: Policygenius

    {December 16th, 2020} by Allison Bell

    Policygenius, an on-line insurance broker, says the cost of the term life policies sold through its site were about the same Dec. 1 as they were Nov. 1, in spite of the COVID-19 pandemic and news of the approval of COVID-19 vaccines. Policygenius started posting price index data monthly reports in September. Click HERE to […]

    MIB Life Application Activity Continues to Rise

    {December 16th, 2020} by Allison Bell

    Year-over-year growth in U.S. individual life insurance applications looked slower in November — mainly because sales sizzled in November 2019. MIB Group Inc. says overall U.S. individual life application activity was 1.6% higher in November 2020 than in November 2019. Click HERE to read the full story via ThinkAdvisor

    NAIC Elects Officers, Adopts Budget

    {December 16th, 2020} by Allison Bell

    Members of the National Association of Insurance Commissioners (NAIC) last week elected officers for 2021 and approved a budget for 2021. The regulators on track to lead the NAIC in 2021 are: Click HERE to read the full story via ThinkAdvisor

    Term Life Market Held Steady Through October: Economists

    {December 16th, 2020} by Allison Bell

    The U.S. term life market looked stable during the first eight month of the COVID-19 pandemic, three economists report. The number of term life products offered to U.S. consumers over 75 fell by 13.6 percentage points, when compared with the number of term life products offered to young consumers, and issuers pulled some of the […]

    MassMutual to Buy Cash Management Platform for RIAs: Deals

    {December 16th, 2020} by Allison Bell

    Massachusetts Mutual Life Insurance Company has agreed to acquire Flourish, a technology platform for registered investment advisors, from Stone Ridge Asset Management. Flourish is best known for its Flourish Cash program, which provides a sweep account clients can use to push cash in an account into an interest-bearing deposit account at one or more banks […]

    4 Ways Aegon Is Changing Its U.S. Strategy

    {December 16th, 2020} by Allison Bell

    Aegon N.V. has become the latest financial services giant to change its strategy in the United States. Based in The Hague, in the Netherlands, Aegon has the equivalent of about $442 billion in assets. Click HERE to read the full story via ThinkAdvisor

    An annuity is an insurance product that can provide a secure income stream for the rest of your life

    {December 16th, 2020} by Karen Fernandez

    “People always live forever when there is an annuity to be paid them,” observed Jane Austen in Sense and Sensibility.  An annuity isn’t literally an elixir for immortality, but Austen does have a point. For centuries, a broad range of investors has found that owning and receiving payments from an annuity has helped them —not to […]

    When Gay Clients Retire, Big Financial Challenges Collide

    {December 16th, 2020} by Jane Wollman Rusoff

    If ever there was a population needing plenty of help with financial issues in their golden years, it’s the LGBTQ+ community. Laura LaTourette, an independent advisor in Dahlonega, Georgia, specializes in serving retirees and pre-retirees in this segment. And in interview with ThinkAdvisor, she reveals the challenges of older gays. Click HERE to read the full story […]

    On a personal note: I am ABSOLUTELY OVERWHELMED with a grateful heart right now!

    {December 16th, 2020} by Sheryl J. Moore

    I cannot explain what it has taken for me to get to the point where I am able to say that much more has come of my son’s death, than would have come had he lived. *I hope that makes sense.* When AJ took his own life after being bullied for being gay, I didn’t […]

    New York Life Announces Dividend Payout for 2021

    {December 16th, 2020} by Allison Bell

    New York Insurance Company says it expects to pay about $1.8 billion in dividends to eligible policyholders in 2021. The projected payout is 5.6% smaller than the $1.9 billion dividend payment total the New York-based insurer announced for 2020. Click HERE to read the full story via LinkedIn

    Growth, Income Or Annuity? Closed-End Funds Can Be All Three

    {December 16th, 2020} by Steven Bavaria

    This is the concluding article of a two-part series (previous article here) about how to define and manage the earnings (“total return”) from our closed-end funds. We can choose to use CEFs as growth vehicles, income vehicles or even as do-it-yourself annuities. We all know the most obvious features of closed-end funds that appeal to many […]

    State Regulators Vote to Cut Minimum Annuity Rate in Model Law

    {December 16th, 2020} by Allison Bell

    Members of the National Association of Insurance Commissioners (NAIC) voted Wednesday to lower the minimum nonforfeiture interest rate for individual deferred annuities to 0.15%, from 1%. The minimum nonforfeiture rate is the lowest interest rate guarantee an insurer can use in an annuity contract to determine the annuity’s cash value. Click HERE to read the […]

    Capital Returns Management Sends Letter to Special Committee of the Board of Directors of FBL Financial Group Calling on the Committee to Reject the Grossly Inadequate Take Private Proposal from Farm Bureau Property and Casualty Insurance Company

    {December 16th, 2020} by Capital Returns

    NEW YORK, Dec. 15, 2020 /PRNewswire/ — Capital Returns Management, LLC (together with its affiliates, “Capital Returns”), one of the top 10 beneficial owners of FBL Financial Group, Inc. (“FFG” or the “Company”) (NYSE: FFG), sent a letter to the Special Committee of the Company’s Board of Directors on Tuesday, December 1, 2020. In the […]

    Why would someone want to put an annuity inside an IRA?

    {December 16th, 2020} by Karin Price Mueller

    Q. Annuities are one of the highest commission products out there. Can you give me any reason why anyone should put an annuity inside an IRA? — Investor   Click HERE to read the full story via NJ.com   Wink’s Note: Although this article is quick to categorize annuities as “high fee, high commission” products, […]

    Des Moines metro’s Principal Global and Athene on list of top money management employers

    {December 15th, 2020} by Staff Reports

    Two metro Des Moines companies rank near the top among the nation’s largest money management firms as places to work, a national business publication says. Pensions & Investments, a twice-monthly newspaper that covers the industry, ranked Principal Global Investors, part of Des Moines-based Principal Financial, in fifth place. Principal Global has made the annual list every year […]

    Review Your Finances Now to Keep on Track in 2021

    {December 15th, 2020} by Ken Nuss

    It’s time to do a year-end financial review and set your path for 2021. You’ll make sure your savings and investments are aligned with your goals, reduce income taxes, and ensure you’ve dotted your i’s and crossed your t’s. Click HERE to read the full story via Kiplinger

    The Best Whole Life Insurance Companies 2021

    {December 15th, 2020} by Tony Steuer and Amy Danise

    Whole life insurance is a financial flashpoint. Almost everyone in the personal finance world has an opinion about it. There’s regular heated debate about whether you should purchase a whole life insurance policy or buy term life insurance and invest the difference. If you like guarantees within life insurance, whole life insurance has probably risen […]

    Insurtech Drives Distribution Innovation

    {December 15th, 2020} by Kate Smith

    Tim Attia has been the face of Slice Labs since the managing general agency launched in 2015. He is an in-demand speaker at insurance industry events and regularly finds himself listed among the top global insurtech influencers. With more than two decades of experience in the insurance industry, Attia, the co-founder and CEO of Slice, […]

    5 Reasons Why Your Life Insurance Claim May Be Denied, And How To Stop It

    {December 15th, 2020} by Law Offices of Jason Turchin

    MIAMI, Dec. 9, 2020 /PRNewswire/ — “My life insurance claim was denied!” This may be the worst news someone could receive while grieving the loss of a loved one. Whether to pay funeral expenses, a gift to a loved one, or to help cover the financial burden lost when a loved one dies, millions of Americans rely […]

    SBLI Launches Mobile E-Ticket with IXN Focused on Accelerated Underwritten Life Products

    {December 15th, 2020} by The Savings Bank Mutual Life Insurance Company of Massachusetts

    WOBURN, Mass.–(BUSINESS WIRE)–SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) today announced its launch of a mobile and web e-ticket platform with IXN®, the leading provider of cross-platform digital quoting solutions for the life insurance industry. Life insurance distributors now have the ability to quickly and easily submit electronic applications digitally for SBLI’s […]

    Insurance Technologies ForeSight® Wins XCelent Customer Base Award for North American Life Insurance Illustration Systems

    {December 15th, 2020} by Insurance Technologies, LLC

    COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, has received the 2020 XCelent Customer Base Award for Illustration Systems: North America Life Insurance Edition for its ForeSight® Enterprise Life Insurance and Annuity Illustration software solution. The 2020 XCelent Awards are powered by […]

    The Right Technology Will Be Critical In Boosting Life Insurance Sales

    {December 14th, 2020} by Gary Drenik

    There’s an enormous gap between the number of individuals who need life insurance and those who have it. As recently as 12 months ago, just 31 percent of adults older than 18 currently had life insurance, according to Prosper Insights & Analytics research. More alarmingly, just 25.9 percent of millennials owned a life insurance policy. […]

    What Are the Legacy Planning Alternatives to Single Premium Immediate Annuities and Life Insurance?

    {December 14th, 2020} by Kent Schmidgall, CFP

    Life insurance and annuities can be useful tools, yet like any financial planning strategy, they should only be utilized within the context of your overall financial life plan. This is especially true of their role in a particular, and frequently pitched, wealth-transfer strategy that employs a single-premium immediate annuity (SPIA) in conjunction with life insurance. […]

    Alabama, Rhode Island, Push Best-Interest Annuity Sales Rules

    {December 9th, 2020} by John Hilton

    The Alabama Department of Insurance is accepting public comment until Monday on a regulation amendment to attach a “best-interest standard” to annuity sales rules. The amended rule will take effect Jan. 1, 2021, Commissioner Jim Ridling said, and is modeled after the best-interest rules the National Association of Insurance Commissioners approved earlier this year. Likewise, […]

    Constant Drip Of Low Rates Deteriorates Annuity Distribution

    {December 9th, 2020} by John Hilton

    “Insurance companies have had to adjust dramatically to accommodate COVID,” said Sheryl Moore, CEO of Moore Market Intelligence. “Their sales are down, and it’s like, ‘We’re not able to make up for what we’re losing.’ And I’m concerned about that. Because when people aren’t able to make it paycheck to paycheck, it’s going to hit […]

    Life Insurers Regain Footing After Shaky 2020

    {December 9th, 2020} by John Hilton

    Insurers entered 2020 believing that the new principles-based reserving rules would be the biggest disruption of the business of life insurance. Oh, how little they knew what was to come. The COVID-19 pandemic throttled sales figures, sent insurance executives scrambling to activate emergency financial plans, and spurred product development and delivery changes all along the […]

    Highland Capital Brokerage Announces Launch of Consolidated Educational Services (CES)

    {December 9th, 2020} by Highland Capital Brokerage

    Advisor Group-Owned Leader in National Life Insurance and Annuity Distribution Launches New Subsidiary to Align Financial Professionals with Innovative Strategies and Thought Leadership on Insurance, Annuity, and Long-Term Care Solutions (Birmingham, AL—December 2, 2020)— Highland Capital Brokerage recently announced the launch of Consolidated Educational Services, Inc. (CES), a subsidiary of Highland Capital Brokerage. CES is an […]

    After The Fever

    {December 9th, 2020} by Steve Morelli

    COVID-19 would claim many victims over 2020; one of them was the life insurance industry. And the patient is still convalescing. The industry is healing the same way it does most things — slowly. After reacting to the direct effects of the pandemic, carriers and distributors are dealing with the chronic condition of low interest […]

    How to Turn Your Retirement Savings into Retirement Income

    {December 9th, 2020} by Jerry Golden

    I have been working a long time on retirement planning that creates more and safer income for retirees. So long, in fact, that I sometimes forget the subject is new to most investors. They get much of their financial information from their advisers — who often simply treat these investors as “de-accumulators.” Another way to […]

    Whole Life lone bright spot in down Q3 for life insurance sales

    {December 9th, 2020} by Insurance Forums Staff

    Sales of whole life insurance were up 12.9% in the third quarter of 2020, making it the only category that shined amid an otherwise dismal quarter for life insurance. Sales totaled $1,053.2 million, which while besting the second quarter in this pandemic-challenged year, was actually down 10.2% compared to the third quarter of 2019, according […]

    3Q Annuity Sales Reveal Good News, So-So News Amid Pandemic

    {December 9th, 2020} by Staff Reports

    Third-quarter annuity sales numbers included some good news, and some so-so news. Wink reports that deferred annuities sales came to $54.2 billion, an increase of more than 18% over the devastating second quarter. However, the $54.2 billion is still a decline of 1.1% when compared to the same period last year, said Sheryl J. Moore, […]

    Broker Words—December 2020

    {December 9th, 2020} by Stephen Howard

    God bless the folks out there I see on local news channels offering so many great ideas on how to make the best of our current situation and suggest ways to make great personal progress in circumstances I don’t think many of us not in or seeking public office would have ever remotely considered advantageous. […]

    Annuities Still Unpopular as Retirement Income Strategy

    {December 9th, 2020} by John Sullivan, Editor-In-Chief

    The average American turning age 65 today can expect to live 40% longer than someone who turned 65 in 1950. Further, the number of Americans retiring every day has more than doubled over the last 20 years. Regardless, only 7 percent of retirees and pre-retirees are counting on annuities to be an important part of their retirement […]

    Independent Life Distribution Technology Survey

    {December 9th, 2020} by Michael Bridges

    The Life Brokerage Technology Committee (formerly NAILBA Technology) is a gathering of industry technology leaders with great experience to discuss and report on standards and trends. The group is represented by brokerage general agencies, carriers, medical information providers and solution vendors. Workflows were documented, data sets were negotiated, and appetite to change was measured. In […]

    FIAs And GLWBs: WTF?

    {December 9th, 2020} by Charlie Gipple

    Recently I have been surveying financial professionals across the country on topics related to practice management, annuities, life, and long term care insurance. The purpose of these surveys is to get a better understanding of areas of confusion, training they feel they are lacking, and also what kinds of training they desire. The ultimate goal […]

    NAIFA AND EVERYINCOME ANNOUNCE EDUCATIONAL PARTNERSHIP

    {December 9th, 2020} by NAIFA

    The National Association of Insurance and Financial Advisors (NAIFA) and EveryIncome have completed an educational partnership agreement, under which EveryIncome will provide content for blog posts, as well as articles for NAIFA’s Advisor Today. NAIFA and EveryIncome will work together with financial professionals to educate consumers on financial literacy and client life event solutions. “NAIFA is excited to partner with EveryIncome […]

    BLACK ENTERPRISE Partners With Prudential For A Critical Discussion On Closing The Racial Wealth Gap As The Nation Grapples With A Global Pandemic And Systemic Inequality

    {December 8th, 2020} by Black Enterprise

    NEW YORK, Dec. 8, 2020 /PRNewswire/ — BLACK ENTERPRISE is bringing together a panel of the nation’s leading voices on financial empowerment and wealth creation for African Americans to discuss strategies and actions aimed at closing America’s racial wealth gap. The first ever Your Money Your Life Virtual Roundtable, “Financial Behavior: How African Americans Can Continue To Close The […]

    LifeQuotes.com Issues Update for Life Insurance Shoppers Amidst Worsening COVID-19 Pandemic

    {December 8th, 2020} by LifeQuotes.com

    DARIEN, Ill., Dec. 7, 2020 /PRNewswire/ — LifeQuotes.com, the online life insurance platform that offers comparative quotes from 40 leading life insurers and allows customers to purchase from the company of their choice to achieve maximum savings, today released some handy tips for shoppers during the worsening COVID-19 pandemic. “This is an unprecedented time of national anxiety not […]

    MetLife Named One of the Top 75 Companies for Executive Women

    {December 8th, 2020} by MetLife

    NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced that it has been named one of the 2020+ Top Companies for Executive Women by Working Mother Media. The list recognizes companies that are actively advancing women through the corporate ranks, with a focus on areas such as succession planning, profit-and-loss roles, gender pay equity, and work-life integration. This […]

    Driven by the COVID-19 Pandemic, Americans Resolve to Prioritize Health and Wellness in 2021 at the Expense of Their Finances

    {December 8th, 2020} by Allianz Life

    MINNEAPOLIS–(BUSINESS WIRE)–Driven by the COVID-19 pandemic, health and wellness is taking top priority for the majority of Americans in 2021, according to the annual New Year’s Resolutions Study* conducted by Allianz Life Insurance Company of North America (Allianz Life). While this may not come as a surprise given the physical and mental health challenges resulting from […]

    MYGA Magic: Why These Annuities Are Busting Out

    {December 8th, 2020} by Steve Morelli

    LEARN MORE! Hear Sheryl J. Moore dissect third-quarter annuity sales and project into 2021 in a free webinar 1 p.m. ET this Wednesday, sponsored by Advisors Ignite USA. Sign up here. Although low interest rates have been bedeviling annuity sales, multi-year guaranteed annuities had their best quarter in at least five years. Sheryl J. Moore admitted being […]

    Due to the pandemic, many Americans worry more now about their long-term care plans and prioritize staying at home

    {December 8th, 2020} by Nationwide

    COLUMBUS, Ohio, Dec. 8, 2020 /PRNewswire/ — The COVID-19 pandemic has impacted Americans mentally, physically, and financially, and as such, has caused many to reexamine the importance of prioritizing long-term care. The vast majority of Americans (87%) believe it’s more important than ever for people to stay at home for long-term care, as well as have a plan for long-term […]

    Over Half of Those Experiencing Financial Anxiety cite the Pandemic as a Primary Cause, Discover Personal Loans survey finds

    {December 8th, 2020} by Discover

    RIVERWOODS, Ill.–(BUSINESS WIRE)–The COVID-19 pandemic has changed the lives of nearly every American, and a new survey from Discover Personal Loans sheds light on how the pandemic is affecting consumers’ financial situations. Fifty-four percent of consumers who reported having anxiety when it comes to their financial situation say the pandemic is the cause of at […]

    Life And Money Lessons From The Pandemic

    {December 8th, 2020} by Liz Weston

    I’m a “be prepared” kind of person. I like having money in the bank and a good stock of emergency supplies. But I wasn’t prepared to see empty shelves at the supermarket, or thousands of cars lined up at a Texas food bank, or nurses dressed in garbage bags because there wasn’t enough protective equipment. […]

    Regulator Sees COVID-19 Hurting Long-Term Care Insurance Issuers

    {December 8th, 2020} by Allison Bell

    The COVID-19 pandemic seems likely to have a mixed, but mostly bad, effect on blocks of long-term care insurance (LTCI), according to a Minnesota insurance regulator. The regulator, Fred Andersen, talked about the effects of COVID-19 on LTCI issuers Nov. 2, during a virtual meeting of the Long-Term Care Actuarial Working Group. Click HERE to […]

    Illinois Insurance Director to Leave Post: Personnel Moves

    {December 8th, 2020} by Allison Bell

    Robert Muriel, the director of the Illinois Department of Insurance, said he’ll be leaving the department director post Dec. 11, to take a job at a law firm in Chicago. Muriel was appointed to be the Illinois insurance director in March 2019. Click HERE to read the full story via ThinkAdvisor

    Draft Suitability Guide Could Shape How States Regulate Annuity Sales

    {December 8th, 2020} by Allison Bell

    The National Association of Insurance Commissioners (NAIC) team is drafting a document that could affect how states apply the NAIC’s new annuity sales rule model update. The NAIC’s Annuity Suitability Working Group is developing a set of answers to frequently asked questions to flesh out the requirements in the group’s new Suitability in Annuity Transactions Model […]

    Accelerated Underwriting and Speed to Policy

    {December 8th, 2020} by Ian Jeffrey

    Life insurance buyers aren’t the only ones frustrated by a long wait between purchase and policy delivery, so are advisors. In the modern era, a buying process that can take weeks to months to complete is increasingly unsatisfactory to all involved. Especially during a global, when interest in — and need for — life insurance […]

    MDRT Launches Association For Field And Home Office Leaders

    {December 8th, 2020} by MDRT

    PARK RIDGE, Ill. (Dec. 2, 2020) — Building on its culture of excellence and providing financial professionals exceptional opportunities for personal and career growth, Million Dollar Round Table (MDRT) is expanding its family of brands with the introduction of MDRT Global Services. A distinct, individual membership association created exclusively for field and home office leaders, MDRT […]

    Financial advisor compensation: Grids, fees and conflicts

    {December 8th, 2020} by Tobias Salinger

    In a special episode of the Financial Planning podcast for the annual compensation issue, five experts explain five key financial advisor pay issues across the industry. The set of 10-minute interviews covers wirehouse compensation grids, fee models, whether to charge higher fees, conflicts of interest and the blurring the line between RIAs and independent broker-dealers. Click HERE […]

    NAIFA ANNOUNCES 2021 EXECUTIVE LEADERSHIP AND BOARD OF TRUSTEES

    {December 8th, 2020} by NAIFA

    The National Association of Insurance and Financial Advisors (NAIFA) has named its Executive Committee and Board of Trustees for 2021. The new leadership was nominated by the NAIFA Committee on Governance earlier this year and was confirmed by representatives of NAIFA’s membership at the association’s annual business meeting on Nov. 17. The 2021 Executive Committee […]

    Turned off by Low CD Rates? Consider a Fixed Annuity

    {December 8th, 2020} by Ken Nuss

    Rates on bank certificates of deposit are dismal. The best you can do as of early November 2020 is a mere 0.65% for a one-year CD, 0.85% for a three-year CD, and 1.00% for a five-year certificate, according to Bankrate.com. While you’re certain to get your money back, because CDs are insured by the FDIC, […]

    How to Reduce the Sequence Risk

    {December 8th, 2020} by Jeffrey Costello, CFF®, and David Buckwald, CFP®

    A successful retirement plan may be no match for Lady Luck. For bad luck, that is. To see a hypothetical example of bad luck, suppose Kate Davis had been a diligent investor throughout her working years. Investing consistently in a diversified portfolio of equities, Kate built a $1 million retirement fund by 2007, a year […]

    AIG to Participate in the UBS Virtual Specialty Insurance/Reinsurance Conference

    {December 8th, 2020} by American International Group, Inc

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced that Mark Lyons, AIG’s Chief Financial Officer, and Christopher Schaper, AIG Re’s Chief Executive Officer, will participate in a fireside chat at the UBS Virtual Specialty Insurance/Reinsurance Conference on Tuesday, December 15, 2020 at 1:00 p.m. ET. The live, listen-only webcast is open to the […]

    American Equity to Present at Goldman Sachs 2020 US Financial Services Virtual Conference

    {December 8th, 2020} by American Equity Investment Life Holding Company

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today announced that Anant Bhalla, Chief Executive Officer and Ted Johnson, Chief Financial Officer, will present at the Goldman Sachs 2020 US Financial Services Virtual Conference on Wednesday, December 9 at 8:00 a.m. ET. Interested […]

    Broker Words—November 2020

    {December 8th, 2020} by Stephen Howard

    As if this damn pandemic hasn’t given us enough sad news, it is my somber duty to relay the passing of my friend Dave Wickersham, founder and CEO of The Leaders Group. Sad news indeed, particularly for those many, many advisors and BGAs who got to know him while working in the variable life space. […]

    Capco Acquires NEOS LLC

    {December 2nd, 2020} by Capco

    Acquisition of insurance-focused consultancy underlines Capco’s continued commitment to growth in the sector NEW YORK, December 2, 2020 – Capco, the global management and technology consultancy, today announces the acquisition of NEOS LLC (‘NEOS’), a Hartford, CT based consultancy focused on helping leading insurance organizations drive transformational change. The transaction will complement and extend Capco’s […]

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