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Archive for April 2024

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  • Innovation in Annuities- Higher Rates, Index Offerings Drive Record Sales

    {April 16th, 2024} by Jeffrey Flynn

    Bloomberg Intelligence (BI) is hosting a webinar on Innovation in the Annuity Market on April 18 at 10AM EST. Please join us for a fireside chat with insurance industry experts Sheryl J. Moore, Alan Grissom and Carrie Freeburg, ASA, MAAA, as well as an economic perspective from BI economist Stuart Paul. Registration Link: https://bloomberg.zoom.us/webinar/register/WN_JKk9Ro4_S0et2ab0xOOrgw#/registration   […]

    Are you aware of consumers not being “made whole,” in the wake of an insurance company insolvency?

    {April 16th, 2024} by Sheryl J. Moore

    I recently began researching the NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS. This is the organization that ensures that consumers receive as much as [$250,000] of their annuity back, in the event of an insurance company insolvency. Over the past year, I have heard stories about customers not receiving their full $250,000 back, […]

    Pacific Life Debuts Indexed Life Product for High-Net-Worth Customers

    {April 16th, 2024} by Warren S. Hersch

    The rollout comes at a promising time for the product segment. In the fourth quarter of 2023, sales of indexed life, including indexed universal and whole insurance, totaled $799.1 million, a 5% rise from a year earlier, according to Wink‘s Sales & Market Report. Sales of indexed life insurance for all of 2023, the firm noted, […]

    Opinion How did so many Americans’ retirement money end up in Bermuda?

    {April 16th, 2024} by Mary Williams Walsh

    Without meaning to, the world’s soccer fans and sportswriters have opened a window into the secretive but influential world of Bermuda reinsurance. Just a glimpse is enough to raise concerns about the retirement security of millions of Americans. We’re talking here about people who have either earned a defined-benefit pension at work or bought an […]

    Panel to look at growth of RIAs, as channel grows in number, assets

    {April 16th, 2024} by Doug Bailey

    The number of Registered Investment Advisors is growing faster than all sales channels in both number and assets under management, according to several surveys. For the past 10 years, the number of independent RIA companies has grown at a compounded annual rate of 2.4% with the number of advisors growing at a rate of 5.3% […]

    Globe Life accused of rampant insurance fraud by short-seller report

    {April 16th, 2024} by John Hilton

    Globe Life is reeling after a report Thursday accused brokers at subsidiary American Income Life of widespread insurance fraud, including writing policies for dead and fictitious people, and an alleged kickback scheme that netted millions for senior executives. Shares of Globe Life dropped more than 50%, following the report from Fuzzy Panda Research, which took […]

    Empower reaches tentative deal with 13 ex-advisors it sued for poaching

    {April 16th, 2024} by John Hilton

    Empower has reached a settlement agreement with 13 advisors who left the firm to create a competing advisory business. In a federal lawsuit filed March 13 in Colorado, Empower accused the firm, known as Atomi Financial, of misappropriating its trade secrets and using the trade secrets to steal its clients. Atomi does business as Compound […]

    Iowa advisor schemed to defraud clients, making FBI Most Wanted list

    {April 16th, 2024} by John Hilton

    An advisor wanted for allegedly ripping off clients for $1.5 million was captured by the FBI last week after a short time on the run. William Jack Berg, 51, is charged with money laundering and several counts of wire fraud, according to an indictment filed in U.S. District Court for the Southern District of Iowa. […]

    OMB completes review of Labor Department’s polarizing fiduciary rule

    {April 16th, 2024} by John Hilton

    The White House Office of Management and Budget announced that it has concluded a review of the Department of Labor’s controversial fiduciary rule. The review is the final big hurdle before the rule is published in the Federal Register. OMB is still scheduled to meet with stakeholder groups through April 15, but the agency indicated on its […]

    7 states adopt AI rules; insurer compliance called ‘significant lift’

    {April 16th, 2024} by John Hilton

    Seven states are on board with guidelines for use of artificial intelligence that insurers “are expected” to follow. Adopted by the National Association of Insurance Commissioners and sent to the states in December, the AI framework is an initial regulatory effort to gain oversight over the rapidly evolving technology. Momentum for AI regulation in the […]

    Seven in 10 Pre-Retiree Investors Say Retirement at 65 Is Not Achievable

    {April 16th, 2024} by Nationwide

    Two in Three are Expecting to Face More Challenges in Retirement Than Their Parents and Grandparents. COLUMBUS, Ohio, April 15, 2024 /PRNewswire/ — As more Americans begin turning 65 this year than at any other point in history, many are coming to grips with a cold reality: this is not going to be their parents’ retirement. The […]

    Got Big Plans for Your Tax Refund? You’re Not Alone

    {April 16th, 2024} by Finseca

    WASHINGTON , April 9, 2024 /PRNewswire/ — With nearly 106 million individual income-tax returns resulting in refunds in 2023, a significant number of Americans are already pondering how to use their additional funds. As the Wall Street Journal reported, this year’s average refund is a little over $3,100. If you are contemplating where to allocate this unexpected money, take a moment […]

    Protective to Acquire ShelterPoint

    {April 16th, 2024} by Protective Life Corporation

    BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (“Protective”), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (“Dai-ichi”; TSE:8750), announced today that its principal subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint Group, Inc., a leading provider of statutory disability, paid family and medical leave, as well as medical gap insurance products, among others. ShelterPoint Group, Inc. is the […]

    Equitable Survey Reveals Three-Quarters of Americans Feel Their Money Does Not Stretch as Far as It Did a Year Ago

    {April 16th, 2024} by Equitable

    NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced new findings from a survey of more than 1,000 consumers to help uncover the latest financial trends that are top of mind for Americans. Equitable’s survey revealed that three-quarters of consumers (75%) feel their money does not go as […]

    Don’t Finalize Fiduciary Rule Now, Groups Urge DOL

    {April 16th, 2024} by Melanie Waddell

    Industry trade groups are pressing the Labor Department to continue to receive public input on its fiduciary rule and not “finalize the rule now.” In a letter sent Monday to acting Labor Secretary Julie Su as well as the Office of Management and Budget, the groups — which include the Financial Services Institute and the Insured Retirement […]

    BlackRock CEO Sees Annuities as Retirement Plans’ Future

    {April 16th, 2024} by Allison Bell

    Morningstar recently put out a report scoffing at the idea that annuitization options will have much of an effect on the U.S. retirement plan market. Larry Fink, the CEO and chairman of BlackRock, disagrees. Click HERE to read the full story via Think Advisor

    Fiduciary Rule Meetings Disappointed Agent Groups

    {April 16th, 2024} by Allison Bell

    The heads of two groups that represent annuity sellers say that White House regulation reviewers showed little apparent interest in their views about the U.S. Department of Labor’s fiduciary definition effort during meetings this week. The Office of Information and Regulatory Affairs, the White House Office of Management and Budget division that analyzes the costs […]

    Annuities Soar as Source of Life Insurer Revenue

    {April 16th, 2024} by Allison Bell

    U.S. life insurers are getting a lot more of their retail product premium revenue from annuities than from life insurance these days. Individual annuities accounted for $344 billion of life insurers’ $1.5 trillion in direct written premiums in 2023, or about 24% of the total, according to new industrywide totals from A.M. Best. Click HERE to […]

    Annuity Issuer Invests $1B in Midsize Firms

    {April 16th, 2024} by Allison Bell

    American Equity Investment Life is putting $1 billion in a new arrangement that will provide credit for midsize U.S. businesses. The West Des Moines, Iowa-based fixed annuity issuer has invested the cash in ASP Summa, a collateralized loan obligation set up by Adams Street Partners, a Chicago-based investment firm. Click HERE to read the full […]

    MassMutual to Offer Free Gene Readings to More Insureds

    {April 16th, 2024} by Allison Bell

    MassMutual has come up with a new way to persuade people with life insurance to eat right, exercise and get checkups: Make their DNA do the talking. The Springfield, Massachusetts-based life insurer is expanding a program that provides eligible insureds with a chance to get a free genetic health risk assessment from a U.K. firm, […]

    Release of Final DOL Fiduciary Rule Expected Soon

    {April 16th, 2024} by Melanie Waddell

      The White House Office of Management and Budget has concluded its review of Labor’s final fiduciary rule, according to a notice on the OMB website. The review was completed Wednesday. “With the completion of OMB’s review, the next step would be for DOL to announce the final rule,” the Insured Retirement Institute said Thursday in […]

    RIAs Express ‘Guarded Optimism’ About Market, Survey Says

    {April 16th, 2024} by Ben Mattlin

    Seventy percent of RIAs said they expect the S&P 500 to grow by 3% or more in the next 12 months, according to their responses to a survey sponsored by a group including Security Benefit, Greenwald Research, and DPL Financial Partners. This market optimism, however, is tempered by their concerns about volatility. Click HERE to […]

    Let Angry Annuity Owners Go: Ibexis

    {April 15th, 2024} by Allison Bell

    Ibexis Life & Annuity Insurance Co. has an annuity design idea: Let customers who guess wrong about the stock market ditch their annuities. The Jefferson City, Missouri-based insurer has introduced the FIA Plus product, a non-variable indexed annuity designed for sales through independent marketing organizations, or IMOs. Click HERE to read the full story via […]

    Allianz Life Gives $1.8 Million in Grants to Four Local Nonprofits

    {April 15th, 2024} by Allianz Life Insurance Company of North America

    MINNEAPOLIS – April 11, 2024 – Allianz Life Insurance Company of North America (Allianz Life) today announced $1.8 million in investments to four local nonprofits focused on increasing equitable access to economic opportunities and resources in the Twin Cities. Each organization will receive $450,000 over the course of three years, with 75 percent of funds going […]

    New at Zinnia

    {April 15th, 2024} by Zinnia

    Zinnia, an Eldridge Industries company, is thrilled to announce the acquisition of several industry-leading life insurance & annuities solutions from Ebix, Inc., including: AnnuityNet and LifeSpeed, the preferred order-entry platforms VitalSales Suite, tools for rate comparison, quotes, & reports WinFlex, a market-leading multi-carrier illustration tool The Policy Processor (TPP), a top new business & underwriting platform SmartOffice, […]

    Revol One Financial™ Poised to Revolutionize the Fixed Annuity Insurance Industry

    {April 8th, 2024} by Revol One Financial

    Revol One Financial is poised to disrupt the fixed annuity insurance industry.   We’re not just disrupting the norm – we’re revolutionizing industry expectations.” — Cindy Reed, Chief Executive Officer URBANDALE, IA, UNITED STATES, April 3, 2024 /EINPresswire.com/ — Revol One Financial is poised to disrupt the fixed annuity insurance industry as it prepares to launch in […]

    Ibexis Life & Annuity Insurance Company Launches FIA Product Enhancements

    {April 8th, 2024} by Ibexis Life & Annuity Insurance Company

    JEFFERSON CITY, Mo.–(BUSINESS WIRE)–Ibexis Life & Annuity Insurance Company® (“Ibexis”) today announced multiple enhancements to its FIA Plus™ fixed indexed annuity series offered in the independent marketing organization (“IMO”) sales channel. The FIA Plus™ is an accumulation focused fixed indexed annuity, which now includes a Bonus Rider, Bailout feature and annual declared rate option (“ADR”). […]

    Pacific Life Launches New Flagship Indexed Universal Life Insurance Product

    {April 8th, 2024} by Pacific Life Insurance Company

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life Insurance Company announced today that it has introduced a new flagship indexed universal life (IUL) insurance product, aimed at affluent clients who need competitively priced life insurance protection and significant flexibility in their retirement and estate plans. “Pacific Horizon IUL 2 is an evolutionary product, built on the most successful […]

    DOL fiduciary rule proposal to restrict, ban some producer compensation

    {April 8th, 2024} by John Hilton

    For an industry that has struggled mightily at times to attract producers, the changes to compensation accompanying the new Department of Labor fiduciary rule are no small concern. Repeated studies show a very high attrition rate for insurance producers entering the business. It adds up to “a dying distribution” system, said Sheryl Moore, CEO of […]

    Americans Reducing Retirement Savings and Taking on Debt Due to Inflation

    {April 8th, 2024} by Allianz Life

    MINNEAPOLIS–(BUSINESS WIRE)–Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Americans are more focused on their present finances […]

    Jackson to Report First Quarter 2024 Financial Results

    {April 8th, 2024} by Jackson Financial Inc.

    LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the first quarter ended March 31, 2024, after market close Wednesday, May 8, 2024. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Thursday, May 9, 2024, at 10 a.m. ET to review […]

    BIG PREMIUM BONUS

    {April 8th, 2024} by Sheryl J. Moore

    And let the arms race of the big premium bonuses begin! -sjm Join in the LinkedIn Conversation 

    Risk Management Advisory Council

    {April 8th, 2024} by Wink's Intel Pros

    Congratulations to our CEO, Sheryl J. Moore starting as Member of the Risk Management Advisory Council at The American College of Financial Services!                              

    Simplicity sells. Repeat after me…

    {April 8th, 2024} by Sheryl J. Moore

    Why are all insurance companies trying to “innovate,” by creating new indexing methods? This is low interest rate behavior. Let’s not start this stuff again, now that rates are good. You don’t have to have a complex product. Simplicity sells. Repeat after me… -sjm   Join in the conversation on Linked In. Click HERE

    If “fixed income annuities” are good for retirees.

    {April 8th, 2024} by Sheryl J. Moore

    If you fast-forward to about the 3:30 second mark on this video, Click HERE to view you will see that a consumer asks Terry Savage if “fixed income annuities” are good for retirees. Terry responds that with “fixed indexed annuities” only the insurance agent is going to get rich. She closes with “don’t do it,” […]

    Be Real

    {April 8th, 2024} by Sheryl J. Moore

    A message from my good friend, Doug Orchard, who directed the film I was in, “The Baby Boomer Dilemma…” “BE REAL I have observed that many financial advisors pretend to be someone they are not. Too many are acting. I’m sharing this video to persuade you to be real and see what happens when we […]

    Saying goodbye to GoFundMe

    {April 8th, 2024} by Marc Cadin

    For more than 20 years, I’ve been blessed to work with some of the finest financial security professionals in the business. These experiences have also afforded me a chance to reflect on what it really means to help others. And that’s why I was stunned by some recent figures from GoFundMe.  Click HERE to read […]

    And yes, life insurance illustrations are broken for ALL types of life insurance- whole life included.

    {April 8th, 2024} by Sheryl J. Moore

    When I first purchased life insurance on myself, I couldn’t afford whole life, and so I purchased universal life (UL). My agent explained that the amount of premium that I need to pay may change, as the credited rate on my policy changed. Above all, he cautioned, I must always pay AT LEAST the sum […]

    Life Settlement Firm Selling Policies Back to Issuers

    {April 8th, 2024} by Warren S. Hersch

    Market Watchers Weigh In: Sources reached by Life Annuity Specialist lauded Abacus’ initiative. Wink CEO Sheryl Moore described it as a “win/win/win for insureds, Abacus and insurers.” Ramona Neal, president of Living Benefit Review, observed that insurers have been among the biggest purchasers of life settlements. But she questions whether life settlement companies’ buying of policies with the intent of reselling selling […]

    Best’s Special Report: U.S. Life/Annuity Industry Sees 5.7% Net Income Decline in 2023

    {April 8th, 2024} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity (L/A) industry posted a 5.7% decline in net income to $37.6 billion in 2023, which included $15.0 billion of net realized capital losses, according to AM Best. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 2023 Life/Annuity Financial Results,” and the data is derived from companies’ […]

    Lender Blue Owl Capital Pushes Into Insurance

    {April 8th, 2024} by Laura Cooper and Miriam Gottfried

    One of Wall Street’s fastest-growing firms is pushing into one of the hottest corners of finance. The lender Blue Owl Capital OWL  said Wednesday it is buying Kuvare Asset Management, an asset manager tied to the insurance industry. The deal gives Blue Owl exposure to the sought-after insurance market, which the private-markets investment firms have flocked to in recent years […]

    New product: Guardian Life moves to crack the RILA market

    {April 8th, 2024} by John Hilton

    Guardian Life Insurance Co. is taking its shot at one of the hottest annuity segments in the market with its first registered indexed-linked annuity offering. Guardian MarketPerform is the latest addition to the company’s suite of retirement-focused annuities, including its fixed index annuity, single-premium deferred fixed annuity, single premium immediate annuity, and deferred income annuity. […]

    Commentary: NAIC should not allow Europe to write our insurance rules

    {April 8th, 2024} by Doug Dean

    Should U.S. state insurance regulators cede regulatory authority to foreign regulators outside our borders? That is not how any regulatory environment should operate. But today, many of the rules being contemplated by the National Association of Insurance Commissioners are being handed down by global insurance regulators and nongovernmental organizations.  Click HERE to read via INN

    Lincoln Financial Group to Report 2024 First Quarter Results on May 2

    {April 8th, 2024} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced today that it will report its results for the first quarter ended March 31, 2024 at 7:00 a.m. Eastern Time on Thursday, May 2, 2024. A conference call is scheduled for 8:00 a.m. Eastern Time on the same day. Earnings materials, including the 2024 first quarter Earnings Release […]

    Pershing to Add Luma Annuity Tools to NetX360+ Platform

    {April 8th, 2024} by Allison Bell

    Managers of Pershing’s NetX360+ advisor platform are trying to improve the annuity selection process. The BNY Mellon unit agreed this week to add annuity support tools from Luma Financial Technologies to the platform. Click HERE to read the full story via ThinkAdvisor

    March Calendar Skews Life Activity Numbers

    {April 8th, 2024} by Allison Bell

    MIB Group has a lesson for any company that’s about to try to compare the new monthly results with year-earlier results: March 2024 had just 21 business days in it, compared with 23 business days in March 2023. The Braintree, Massachusetts-based life insurance industry underwriting services group said the 8.7% fewer business days can make growth […]

    Insured Retirement Institute CEO Vows to Defend Annuity Industry

    {April 8th, 2024} by Al

    Insured Retirement Institute officials are talking about efforts to shape the U.S. Department of Labor’s definition proposal at the group’s annual conference this week in Nashville, Tennessee. CEO Wayne Chopus told attendees that he hopes they’ll see IRI as the champion and defender of the retirement income industry, according to a summary provided by the […]

    Jackson’s Joe Caruso Receives Insured Retirement Institute’s Inaugural Rising Star Award

    {April 8th, 2024} by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today announced that Joe Caruso, J.D., LL.M, Assistant Vice President, Government Relations and Public Policy, received the Insured Retirement Institute’s (IRI’s) 2024 Rising Star Award. Caruso was recognized for his demonstrated leadership within the insured retirement industry at […]

    Ameritas Suit Could Shake Up Life Settlement Market

    {April 8th, 2024} by Allison Bell

    Ameritas Life has filed a lawsuit that could change how life settlement investors see convertible term life insurance policies. The life insurer contends that a life settlement investor buying an in-force term life policy may not be able to exchange the term life policy for a permanent life policy, because the new investor owner has […]

    Simplicity Group Enhances Life Insurance Underwriting Service as Gene Zimmerlink Joins Byron Rasmussen

    {April 8th, 2024} by Simplicity Group

    SUMMIT, N.J., April 4, 2024 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced that Byron Rasmussen will be joined by Gene Zimmerlink, as Simplicity continues to bolster its life insurance underwriting services. Simplicity’s Underwriting Desk, designed to provide enhanced underwriting services across the enterprise, will work closely with the Group’s Underwriting Committee, comprised of Simplicity Group Partners: Susie Cimini, Kay Dempsey, Diana Greenberg, Greg […]

    Lawmakers Call On Labor Department to Finish Fiduciary Rule

    {April 8th, 2024} by Kenneth Corbin

    A group of nine left-leaning U.S. senators is urging the Department of Labor to move swiftly to finalize its proposed rule that would impose fiduciary obligations on more financial professionals working with retirement clients. The Labor Department’s fiduciary proposal, which has encountered fierce opposition from some members of the financial-services industry, “ensures that every retirement […]

    Americans Believe They Will Need $1.46 Million to Retire Comfortably According to Northwestern Mutual 2024 Planning & Progress Study

    {April 8th, 2024} by Northwestern Mutual

    People’s ‘magic number’ for retirement rises faster than inflation, jumping 15% in just a year and a whopping 53% since 2020; while retirement savings falls to $88K  The ‘Silver Tsunami’ is here: 11,000 Americans will turn 65 every day through 2027; only half of Boomers+ and Gen X believe they’ll be financially ready for retirement Decades of Difference: […]

    For Every Life, There is a Story

    {April 2nd, 2024} by Wink's Intel Pros

    April is Donate Life Month; this is a time to remember loved ones who gave the incredible gift of organ, tissue, and eye donation and to celebrate the impact made in the lives of recipients. This month, we remember Alexander M. Betts Jr. (AJ), the son of Wink’s CEO, Sheryl J. Moore and the significance […]

    Midland Retirement Distributors® Launches Summit Journey℠ 10

    {April 2nd, 2024} by Midland National Life Company

      WEST DES MOINES, Iowa–(BUSINESS WIRE)–Midland Retirement Distributors, a division of Sammons Institutional Group®, Inc., and member company of Sammons Financial Group, has launched Summit Journey℠ 10, a new fixed index annuity. In a world of financial uncertainty, clients are seeking ways to create guaranteed income streams for retirement, protect their premium against market downturns, and […]

    Guardian Launches New Registered Index-Linked Annuity, Expanding Company’s Market Leading Retirement Annuity Business

    {April 2nd, 2024} by Guardian

    Guardian MarketPerform™ is a next-generation annuity designed to help individuals balance retirement planning, growth potential, and a level of protection. NEW YORK, March 27, 2024 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) has launched Guardian MarketPerform, a new Registered Index-Linked Annuity (RILA) designed to help individuals build their retirement assets with a level of protection.  Guardian […]

    AM Best Assigns Credit Ratings to Revol One Insurance Company

    {April 2nd, 2024} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Revol One Insurance Company (Revol One Financial) (Spring Lake, MI, with administrative offices in Urbandale, IA). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Revol One Financial’s balance […]

    The need for speed — With Esfand Dinshaw

    {April 2nd, 2024} by Paul Feldman

    Born in Pakistan, Esfand Dinshaw had a talent and interest in math that set him on a journey that landed him studying actuarial science in Des Moines, Iowa. Four decades later, that journey has taken Dinshaw to the top position at Sammons, where he sees math — and artificial intelligence — as the keys to providing instant […]

    Financially Literate Consumers Benefit Everyone

    {April 2nd, 2024} by NAIFA

    April is National Financial Literacy Month, an annual observation NAIFA wholeheartedly agrees with. But why is financial literacy important and what are we doing about it? FINRA surveys consistently show that around two-thirds of Americans lack basic financial understanding, and their lack of knowledge is significant. Those who score higher on FINRA’s financial literacy quiz show […]

    Supreme Court takes on life insurance as a corporate asset

    {April 2nd, 2024} by Doug Bailey

    Should the proceeds of a life insurance policy taken out by a corporation on a shareholder be considered a corporate asset that raises the value of the company for calculating estate taxes? Or are they simply a pre-existing liability the company has to meet to purchase the shares from the estate of a deceased shareholder? […]

    Digital transformation: How tech is shaping the life insurance landscape

    {April 2nd, 2024} by Ken Leibow

    In exploring the current landscape of life insurance technology, my focus is squarely on the present, sidestepping both a reevaluation of the past year and speculative forecasts.  Two domains are witnessing remarkable growth right now. First, the realm of underwriting is experiencing a significant transformation. Click HERE to read the full story via INN

    Life Insurers to Meet With White House Office on DOL Fiduciary Rule

    {April 2nd, 2024} by Allison Bell

    The American Council of Life Insurers is making a new effort to shape the U.S. Department of Labor’s fiduciary definition proposals. The life insurer group plans to meet with regulation reviewers at the federal Office of Information and Regulatory Affairs on April 9, according to a record on the Office of Management and Budget website. […]

    Eliminate Annuity Advisor Suspense

    {April 2nd, 2024} by Allison Bell

    Annuity advisors should not have to wait breathlessly to see what exciting thing the issuer’s order processing team will do next. That’s one of the ideas driving recent annuity support services and annuity product announcements. Click HERE to read the full story via Think Advisor

    Almost 3 out of 10 Americans have no retirement savings

    {April 2nd, 2024} by Nathan Place

    Experts have long warned that the United States is headed for a retirement crisis. New research shows just how dire that crisis could be. The problem is not just that Americans aren’t saving enough for retirement. More than one-quarter of them have no retirement savings at all, according to a new study by the personal […]

    Lincoln Financial Group Recognized by DALBAR for Consumer Experience

    {April 2nd, 2024} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced today that it has been recognized by DALBAR, Inc., for excellence in its annuity illustrations and its life insurance website experience. DALBAR is a preeminent auditor of consumer experience for the financial services industry. The recognition marks the fifth consecutive year that Lincoln has received DALBAR’s Award for Excellence in […]

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

    {April 2nd, 2024} 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 (Long-Term ICRs) of “aa” (Superior) of Principal Life Insurance Company and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NASDAQ: PFG] and collectively referred to as Principal. Concurrently, […]

    Somerset Announced Close of Reinsurance Transaction With Prudential

    {April 2nd, 2024} by Somerset Reinsurance Ltd.

    HAMILTON, Bermuda–(BUSINESS WIRE)–Somerset Reinsurance Ltd. (“Somerset”), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market, announced today the close of its reinsurance transaction with Prudential Financial, Inc. (NYSE: PRU) (“Prudential”). The transaction includes $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and […]

    Prudential Financial Completes Guaranteed Universal Life Block Reinsurance Transaction With Somerset Re

    {April 2nd, 2024} by Prudential Financial, Inc.

    NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) announced today that it has successfully closed a reinsurance transaction for a portion of its guaranteed universal life block with Somerset Re. This transaction, originally announced on July 24, 2023, advances the company’s strategy to reduce market sensitivity and increase capital efficiency. The financial impacts of the transaction are expected […]

    Zinnia Closes Acquisition of Ebix’s North American Life and Annuity Assets

    {April 2nd, 2024} by Zinnia

    GREENWICH, Conn.–(BUSINESS WIRE)–Zinnia Corporate Holdings (“Zinnia” or “the Company”), an Eldridge Industries business and leading life and annuity insurance technology services company, and Ebix, Inc. (“Ebix”), a supplier of software solutions, today announced that Zinnia’s acquisition of Ebix’s North American Life and Annuity Assets (the “L&A Assets”) has closed. The deal further positions Zinnia as […]

    Americans Reducing Retirement Savings and Taking on Debt Due to Inflation

    {April 2nd, 2024} by Allianz Life

    MINNEAPOLIS – March 26, 2024 – Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Americans are more focused […]

    Fixed Index Annuity: Why It’s Gaining Popularity Now

    {April 2nd, 2024} by Marguerita Cheng

    Every day, 12,000 baby boomers in the United States reach the age of 65, according to the Census Bureau. By 2030, all baby boomers will be 65 or older. One consequence of this demographic trend is that the investment objective of baby boomers has shifted from a desire for growth to a need for protection. […]

    The real cost of volatility-controlled indices in IUL policies

    {April 2nd, 2024} by Nick Pratt

    Over the past 25 years, indexed universal life policies have become arguably the most complex life insurance products on the market — both for better and for worse.  One feature of today’s IULs is the volatility-controlled index. These index strategies are referred to by several different names in our industry: VCIs, proprietary indices and engineered […]

    Ameritas Celebrates 17th Center of Excellence Certification

    {April 2nd, 2024} by Ameritas

    LINCOLN, Neb., March 29, 2024 /PRNewswire/ — The group division of Ameritas proudly announces its 17th consecutive certification as a BenchmarkPortal Center of Excellence, solidifying its position as a leader in customer service and support excellence. This prestigious recognition for 2023 underscores Ameritas’ commitment to meeting and exceeding the highest standards in the industry. The BenchmarkPortal Center […]

    Unity Builds Dynamic Legacy of Growth and Innovation by Partnering with Integrity

    {April 2nd, 2024} by Integrity Marketing Group, LLC

    Agency focused on serving diverse community of agents and clients turns to Integrity for next era of growth fueled by access to Integrity’s transformative technology-focused Suite of Solutions DALLAS, March 26, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today […]

    Integrity Co-Founder & CEO Bryan W. Adams Named One of the Top 100 CEOs in the Country

    {April 2nd, 2024} by Integrity Marketing Group, LLC

    DALLAS, March 28, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), one of the leading independent distributors of life, health and wealth products, today announced that Integrity Co-Founder and CEO Bryan W. Adams has been recognized as a top CEO for large companies in the United States. Adams is joined on the list by highly acclaimed executives from Adobe, Instacart, […]

    Social Security Prospecting Is Bait And Switch

    {April 2nd, 2024} by Charlie Gipple, CFP, CLU, ChFC

    One of the top ways that my agents get in front of consumers is by them—the agent—understanding Social Security retirement benefits in order to help their clients file correctly. Some folks who have never really dug into Social Security filing strategies will say that Social Security is a “bait and switch” method of getting in […]

    Broker Words—April 2024

    {April 2nd, 2024} by Stephen Howard

    This one is a real punch in the gut. It is my sad duty to report the passing of a wonderful friend and one of our industry’s most diligent and beloved heroes, Ed Murray, Murray & Zuckerman, Inc., Schenectady, NY. After graduating with a degree in finance, Ed served as a combat veteran in the […]

    Estate Planning: The Irrevocable Life Insurance Trust

    {April 2nd, 2024} by Bowditch & Dewey, Eileen Lee Breger

    This post has been updated as of March 28, 2024, to reflect changes to the Massachusetts estate tax exemption. There is a common misconception that life insurance benefits are not subject to estate tax. While the proceeds of a life insurance policy are not taxable income to the beneficiaries, they are part of a person’s […]

    How Financial Literacy Month Can Help You, Too

    {April 2nd, 2024} by Kevin Luebbers

    For the past two decades, many in the financial services industry have marked April by observing Financial Literacy Month. The month is dedicated to helping Americans gain knowledge and skills to manage their personal finances effectively and build generational wealth. This April, as financial professionals discuss educational resources with their clients, it is also the […]

    FBI Hunts Iowa Advisor Charged With $1.5M Fraud

    {April 2nd, 2024} by Dinah Wisenberg Brin

      The Federal Bureau of Investigation is searching for an Iowa financial advisor accused of money laundering and wire fraud. William Jack Berg, 51, allegedly defrauded more than a dozen client investors in a scheme that caused them to lose over $1.5 million, according to the FBI, which lists him on its Most Wanted page for […]

    Abacus Aims to Sell In-Force Policies to the Insurers

    {April 2nd, 2024} by Allison Bell

    A company that buys in-force life insurance policies from the customers hopes to sell some of the policies to life insurance companies.  Jay Jackson, the CEO of Abacus Life, talked about his company’s efforts to sell policies to life insurers last week, during a conference call the company held to go over results for the fourth quarter […]

    Nationwide to offer term life insurance through local independent agencies

    {April 2nd, 2024} by Nationwide

    Columbus, OH – Nationwide is now offering term life insurance through local independent agencies to protect more people, businesses and futures with extraordinary care. Nationwide Brokerage Solutions (NBS) and its 14,500 affiliated local agencies will get access to Nationwide’s best-in-class underwriting process and products, delivering fast and competitive decisions and solutions to succeed in selling term life insurance. The shared […]

    WealthVest adds new wholesale team to add to growing Aspida annuities sales

    {April 2nd, 2024} by Steve Randall

    WealthVest has deployed a new nationwide distribution team to focus on its partnership with life insurance and annuities firm Aspida. Click HERE to read the full story via InvestmentNews

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