Life Insurance & Annuities Day
{January 20th, 2021} by Sheryl J. Moore
January 27th is “Life Insurance & Annuities Day” at NAILBA’s Engage Virtual event. If you are interested in hearing what sales meetings and craft beer have in common, join me, Pam Sheehan, and Dan LaBert. There are some great webinar topics including a panel on cross-selling life insurance and annuities (I’ll be listening to Jason Lea, CFP, […]
Director, Product Development
{January 20th, 2021} by Symetra
Symetra has an exciting opportunity to join our RD Product Development team as a Director of Product Development! About the role: This role will be responsible for managing the product development process for Symetra’s Retirement Division, which includes but not limited to: analyzing competitor and market data, identifying product needs and opportunities, recommending and vetting […]
North Dakota Best Interest Rule Passes Key House Committee
{January 20th, 2021} by John Hilton
A North Dakota bill to establish a best-interest standard in the state passed a key committee today. The bill introduced by North Dakota Rep. George Keiser and Sen. Jerry Klein was unanimously approved by the House Industry, Business and Labor Committee following a morning public hearing. North Dakota is the latest state to pursue a […]
Pacific Life Recognizes Changing Income Needs With New Offering
{January 20th, 2021} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life launched Pacific Choice® Income, a new variable annuity with two living benefits—Enhanced Income Select 2 and Future Income Generator. Designed to help consumers grow and protect their retirement income, this new offering provides the flexibility to withdraw income when clients need it most. For clients who are planning an active […]
Did you see Product Rates?! It’s Enhancement Time!
{January 20th, 2021} by Wink's RockStars
In case you missed the big announcement last week. We made some pretty cool upgrades to the Product Rates page for both AnnuitySpecs and LifeSpecs. You’ll have to check it out yourself to experience the full awesomeness, but let’s just say that you are going to love it. You can now filter the Product […]
Will your savings last in retirement? This approach may help
{January 20th, 2021} by Chris Farrell
The fear strikes when retirement becomes a realistic option: Will I run out of money? The question is pressing since corporate America abandoned pensions for 401(k)s. The 401(k) puts the risk on employees, including how much to invest and how much to withdraw during retirement. Figuring out how to invest in a retirement savings plan […]
Exciting Opening at Startup Insurance Company
{January 20th, 2021} by Sheryl J. Moore
There is a startup insurance company looking to fill an exciting role. The ideal candidate will have experience in home office marketing and internal wholesaling, as well as relationship management and external wholesaling experience. Why? Given that this person will be the first individual to manage sales for this insurance company, they will be asked […]
Here Are the States With Best-Interest Rules for Annuities
{January 20th, 2021} by Melanie Waddell
The number of fiduciary and best-interest investment advice regulations continued to advance at both the federal and state levels in 2020. As 2021 takes hold, “firms subject to these regulations face challenges in dealing with rules that impose a host of new obligations, and that at times overlap and conflict with one another,” attorneys at […]
Low Interest Rates Push LTCI Prices Up
{January 20th, 2021} by Allison Bell
Low interest rates and other factors may be making new, stand-alone long-term care insurance (LTCI) policies a lot more more expensive this year. The same forces also seem to be increasing the cost of “linked-benefit” arrangements, or policies that combine long-term care benefits with life insurance. Click HERE to read the full story via ThinkAdvisor
Most Life and Annuity Issuers Have Good Stormproofing: Moody’s Analysts
{January 20th, 2021} by Allison Bell
Most U.S. life and annuity issuers still look strong — but one headache they face is the possibility that the failure of a long-term care insurance (LTCI) issuer could conk them on the head. Michael Fruchter, a vice president in the financial institutions group at Moody’s Investors Service Inc., and other Moody’s analysts take a new […]
Guardian and Lafayette Life Set 2021 Dividends
{January 20th, 2021} by Allison Bell
The boards of two mutual life insurers are keeping their 2020 dividend rates in place this year. The life insurers are The Guardian Life Insurance Co. of America and The Lafayette Life Insurance Co. Click HERE to read the full story via ThinkAdvisor
Nassau Financial Raises Deal Money
{January 20th, 2021} by Allison Bell
Nassau Financial Group LP — a company that likes the U.S. life and annuity markets — now has $100 million in extra cash that it can use to support and expand its existing business, and to buy other businesses. The Hartford, Connecticut-based insurer announced Tuesday that it has received a $100 million investment from Wilton Reassurance Company […]
Schwab Introduces Two Custom-Built Variable Annuities That Are Among the Lowest Cost on the Market
{January 20th, 2021} by Charles Schwab
SAN FRANCISCO–(BUSINESS WIRE)–Charles Schwab has introduced two new variable annuities that are among the lowest cost in the industry. The Schwab Genesis Variable Annuity™ is offered directly to Schwab clients and the Schwab Genesis Advisory Variable Annuity™ is available through independent Registered Investment Advisors (RIAs) who custody assets with Schwab Advisor Services. Both products are […]
AM Best Affirms Credit Ratings of Members of ReliaStar Life Insurance Group
{January 20th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of ReliaStar Life Insurance Company of New York (Woodbury, NY) and ReliaStar Life Insurance Company (Minneapolis, MN), collectively known as ReliaStar Life Insurance Group (ReliaStar). The outlook of these Credit Ratings (ratings) is stable. Both […]
AM Best Affirms Credit Ratings of Equitable Holdings, Inc. and Its Life Subsidiaries
{January 20th, 2021} 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 Equitable Financial Life Insurance Company of America (EFLICOA) (Phoenix, AZ) and Equitable Financial Life Insurance Company (EFLIC) (New York, NY). EFLICOA and EFLIC collectively are referred to as Equitable Life Group. […]
AM Best Affirms Credit Ratings of Sun Life Financial Inc. and Its Subsidiaries
{January 20th, 2021} 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 Sun Life Assurance Company of Canada (Sun Life) (Ontario, Canada) and Sun Life and Health Insurance Company (U.S.) (Lansing, MI) – the core insurance subsidiaries of Sun Life Financial Inc. (SLF) […]
Best’s Special Report: Variable Annuities Reforms Leading to Mixed Results for Life/Annuity Insurers
{January 20th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best expects variable annuity (VA) reforms from the National Association of Insurance Commissioners’ (NAIC) to diminish noneconomic volatility that resulted under the previous framework and may reduce the use of captives by U.S. life insurance and annuity writers. In its Best’s Market Segment Report, “Variable Annuities Reforms Leading to Mixed Results for Life/Annuities Insurers,” […]
DMI Leads Industry for Customer Satisfaction
{January 20th, 2021} by DMI
HINGHAM, Mass.–(BUSINESS WIRE)–DMI, a leading wholesaler of consumer-driven life and annuity products announces its ‘World Class’ Net Promoter Score (NPS) of 74, a customer satisfaction rating that is more than double the industry average of 31 across Financial Services. A Net Promoter Score (NPS) is the global standard for measuring customer loyalty and satisfaction. Scores […]
DPL Financial Partners Secures Growth Capital From Eldridge and Atlas Merchant Capital
{January 20th, 2021} by DPL Financial Partners
LOUISVILLE, Ky.–(BUSINESS WIRE)–DPL Financial Partners (“DPL”), the leading insurance network for registered investment advisors (RIAs), today announced a $26 million combined equity capital investment from its initial investor, Eldridge, and Atlas Merchant Capital, the private investment firm founded by Bob Diamond and David Schamis. DPL plans to invest the proceeds in the development of technology […]
Principal to Host 2021 Outlook Call on February 25, 2021
{January 20th, 2021} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) will release its outlook for 2021 on Thursday, February 25, 2021. Dan Houston, chairman, president and chief executive officer, and Deanna Strable, executive vice president and chief financial officer, will host a conference call at 10:00 a.m. ET on February 25, 2021, to provide details on the outlook […]
Global Atlantic Enters Funding Agreement Backed Note Market
{January 20th, 2021} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group Limited (“Global Atlantic”), a leading annuity and life insurance company, recently announced its subsidiary, Forethought Life Insurance Company, had entered the market for funding agreement backed notes, completing its first offering to institutional investors on January 15, 2021. The notes were issued by GA Global Funding Trust, an unaffiliated […]
FBL Financial Group Schedules Fourth Quarter 2020 Earnings Release Date
{January 20th, 2021} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) will announce its fourth quarter 2020 earnings approximately 15 minutes after the close of the market on Thursday, February 4, 2021. The fourth quarter earnings release and financial supplement will be posted on the FBL Financial Group website (www.fblfinancial.com) at that time. In light of the […]
Insuranks.com 2020 Best and Cheapest Insurance Companies and Providers Awards
{January 20th, 2021} by Insuranks Ltd
PALO ALTO, Calif., Jan. 13, 2021 /PRNewswire/ — Insuranks.com, a leading online educational insurance marketplace, is happy to announce its 2020 awards for both best and cheapest insurance companies in different categories based on customer feedback and expert reviews over the year, and what a year it was. The winners are welcome to get in touch with our […]
U.S. Life Insurance Activity Hits Record Growth in 2020 Reports the MIB Life Index
{January 20th, 2021} by MIB Group, Inc
BRAINTREE, Mass., Jan. 13, 2021 /PRNewswire/ — U.S. life insurance application activity ended 2020 up +4.0, the highest annual year over year growth rate on record, according to the year-end MIB Life Index. December 2020 was up 3.7% over December 2019, the highest YOY growth rate for the month of December since 2011. (PRNewsfoto/MIB Group, Inc.) (PRNewsfoto/MIB Group, Inc.) Growth […]
Washington National Offers New Life Insurance with Monthly Income Protection
{January 20th, 2021} by Washington National
CARMEL, Ind., Jan. 14, 2021 /PRNewswire/ — Washington National Insurance Company, a national provider of supplemental health and life insurance products for middle-income Americans in the worksite and individual markets, announced today a new group term life insurance product, Monthly Income ProtectionSM (MIP). Unlike typical life insurance that pays out in one lump sum, MIP structures the death benefit […]
Insure.com Names America’s Best Life Insurance Companies
{January 20th, 2021} by Insure.com
FOSTER CITY, Calif., Jan. 14, 2021 /PRNewswire/ — Insure.com, a comprehensive resource for insurance information, releases its ninth annual survey detailing outstanding life insurance companies. The top-ranked companies offer competitive pricing, strong customer service and have a consumer base willing to recommend them. Insure surveyed more than 2,000 people about their life insurance companies. The 10 highest-ranking life […]
RetireOne Launches Advisor Portal
{January 20th, 2021} by RetireOne
SAN FRANCISCO, Jan. 14, 2021 /PRNewswire/ — The newly-launched RetireOne® Advisor Portal provides RIAs direct access to client insurance policy and annuity data. Partner firms now have four options for accessing client insurance policy and annuity data for managing, reporting, and billing on those assets. RetireOne’s team has been responsible for designing and delivering advisory technology solutions in the RIA […]
Celent research ranks Equisoft’s illustration software among the best solutions in North America
{January 20th, 2021} by Equisoft
PHILADELPHIA, Jan. 14, 2021 /PRNewswire/ – Equisoft, a leading global provider of digital business solutions for the insurance and wealth industries, proudly announced that its insurance quote and illustration software, Equisoft/illustrate, has been recognized by Celent as one of the top-rated solutions in North America. Research and consulting firm Celent analyzed 10 vendor-offered illustration systems available for life, […]
AmeriLife and Senior Market Advisors Join Forces to Redefine and Innovate Insurance Distribution
{January 20th, 2021} by AmeriLife Group, LLC
CLEARWATER, Fla., Jan. 14, 2021 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife”), a national leader in developing, marketing, and distributing annuity, life, and health insurance solutions, has acquired Senior Market Advisors (SMA), one of the fastest-growing FMOs in the insurance space. The unique partnership combines AmeriLife’s scale and industry experience with SMA’s innovative approach; together the companies will be able to help […]
Simplicity Group Welcomes Michael Kasula as Newest Principal with the Addition of Producer Resources Inc.
{January 20th, 2021} by Simplicity Group
SUMMIT, N.J., Jan. 19, 2021 /PRNewswire/ — Simplicity Group (“Simplicity”) is pleased to announce that it has added Producer Resources, Inc. (“Producer Resources”), an independent producer group and specialty life insurance distribution business, to the Simplicity Group of companies. As part of this expansion, Simplicity welcomes Michael Kasula, as its newest Principal and shareholder, through a transaction that […]
Covr Financial Technologies, Americo and SCOR Join Forces to Launch New Life Insurance Product Aligned with Consumer and Business Lending
{January 20th, 2021} by Covr Financial Technologies
HARTFORD, Conn., Jan. 15, 2021 /PRNewswire/ — Covr Financial Technologies (Covr), Americo Financial Life and Annuity Insurance Company (Americo), and global reinsurer SCOR are today announcing the launch of LoanMatch Protector, a first-of-its-kind life insurance policy customized to a consumer’s specific loan amortization schedule. This new collaboration brings LoanMatch Protector to customers of banks, credit unions, lenders, e-banks and direct lenders through […]
National Western Life Announces Reinsurance Transaction
{January 20th, 2021} by National Western Life Group, Inc.
AUSTIN, Texas, Jan. 18, 2021 /PRNewswire/ — National Western Life Insurance Company (“NWLIC”), a wholly owned subsidiary of National Western Life Group, Inc. (Nasdaq: NWLI), announced today the execution of an annuity reinsurance transaction with Prosperity Life Assurance Limited (“Prosperity”), a Bermuda based reinsurer rated A- (Excellent) by A. M. Best. The effective date of the transaction is December 31, 2020. In […]
McKinsey To Insurance: Get Younger, Get Digital And Get Flexible
{January 20th, 2021} by John Hilton
The insurance industry is going to have to get younger, more digitally savvy and come up with more versatile products. Oh, and employees will probably not be coming back to the office. Otherwise, it should be business as usual for the next decade. Click HERE to read the full story via INN
Insurers Lapsed Without Notice, Breaking California Law, Lawsuits Say
{January 20th, 2021} by John Hilton
A pair of insurers are defendants in new lawsuits filed in California over whether proper notice was given in cases of lapse or termination of policies. The plaintiffs, who seek class-action status, claim American National Insurance Co. and Lincoln Benefit Life Co. violated a 2013 California law that beefed up notification requirements. The law establishes […]
Is There A Viable Alternative To Bonds?
{January 20th, 2021} by Sentinel & Enterprise (Fitchburg, MA)
Annuities often get a bum rap, generally from market-based planners who view them as a threat, or other financial advisers that don’t really understand them very well. However, once you do understand how they work, it’s easy to see why nearly everyone would want them as a component of their portfolio. Notice I wrote “component.” […]
Gensler expected to put teeth in Reg BI — not overturn it
{January 20th, 2021} by Mark Schoeff Jr.
Investor advocates and other experts expect Gary Gensler to strengthen the broker investment advice standard his predecessor put in place rather than redo it when he takes over the Securities and Exchange Commission. Click HERE to read the full story via InvestmentNews
Estate Tax Planning Opportunities In 2021
{January 20th, 2021} by Joe Kitts
The blue storm is now on the horizon with the Democratic control in both Congressional houses. The actual timing and extent of any income tax and estate tax legislation is still uncertain, and there still may be time to take advantage of planning opportunities before changes are enacted. Click HERE to read the full story […]
Finance Industry Vets Back Firm Focused On Commission-Free Annuities
{January 20th, 2021} by Katherine Chiglinsky
Finance veterans Todd Boehly and Bob Diamond are backing a startup aimed at a niche part of the sector: insurance and annuities sold through registered investment advisers. Boehly’s Eldridge and Diamond’s Atlas Merchant Capital LLC invested $26 million in equity capital in DPL Financial Partners, the startup said Wednesday in a statement. Representatives from both […]
How To Read A Life Insurance Policy Document
{January 20th, 2021} by Tarannum Hasib and Aashika Jain
Life insurance is a product which offers protection against risk of death or permanent disability based on the features of the chosen product. This makes understanding your life insurance policy document fully a crucial activity. If you are an earning member of the family and plan to purchase an insurance policy, your responsibility does not […]
IRS Issues Private Letter Rulings On Annuity Advisor Fee Proposals
{January 20th, 2021} by Contributor
The IRS has issued three private letter rulings that could help life insurers offer registered index-linked annuities through fee-based advisors. IRS official Rebecca Baxter ruled in all three cases, “the Fees are integral to the operation of the Adviser Contract.” She told the insurers that they can pay advisory fees directly to an annuity owner’s […]
NCOIL PREPARES FOR 2021 SPRING MEETING
{January 20th, 2021} by NCOIL
Spring Meeting Moved From March to April 15–18; Provides Time for Vaccine to Take Root; Location Under Review; Comments Welcomed on Four Model Laws up for Manasquan, NJ – The National Council of Insurance Legislators (NCOIL) announced today its decision to delay the Spring National Meeting from March to April 15 – 18. Additionally, the […]
IFC National Marketing Expands Integrity Platform to Help Americans on Their Healthcare Journey
{January 20th, 2021} by Integrity Marketing Group, LLC
DALLAS – January 19, 2021 – Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired IFC National Marketing, Inc. (“IFC”), a leading health insurance marketing organization based in Fairmont, Minnesota. As part of the acquisition, IFC owners Dave Martens, Dave Thesing and Todd Villeneuve will all become owners in Integrity. Financial […]
Cannex U.S. Income Annuity Quote Volume Falls
{January 20th, 2021} by Allison Bell
Cannex Financial Exchanges Ltd. received 27% fewer requests for quotes for U.S. income annuities in 2020 than in 2019. The company provided 669,574 quotes for single-premium immediate annuity (SPIA) contracts and deferred income annuity (DIA) annuity contracts last year, down from 913,870 SPIA and DIA quotes in the previous year. Click HERE to read the […]
Getting to know Wink: VA Ambassador
{January 13th, 2021} by Wink's RockStars
Peter is Wink’s VA Ambassador and the only thing more impressive than his knack for variable annuities (VAs) is his Australian accent. While he isn’t the first man to brave Wink’s day-to-day operations, he has more experience than most of the Wink staff combined. Duly-licensed and ready to take on the world, this Aussie is mixing […]
Iowa Begins Applying Best-Interest Regulations
{January 13th, 2021} by Allison Bell
Iowa’s top insurance regulator says the state will go beyond using the new annuity suitability regulation update developed by the National Association Association of Insurance Commissioners (NAIC). Doug Ommen, Iowa’s insurance commissioner, says Iowa also will use the drafting notes included in the annuity suitability regulation update model, and a set of answers to frequently asked […]
More States Rush To Adopt Best Interest Annuity Sales Rule
{January 13th, 2021} by John Hilton
Several more states are moving quickly to add a best-interest annuity sales standard to its regulation of insurance products. The latest states to pursue the best-interest model law put forth by the National Association of Insurance Commissioners are Michigan, Arkansas, Maine and Nebraska. In February 2020, the NAIC adopted a model law that articulates a […]
Life Insurance Key To Financial Client Satisfaction, Report Shows
{January 13th, 2021} by Steve Morelli
Life insurance is often an add-on as needed in financial planning, but a study showed life insurance is a key factor in clients’ sense of security. That was one of the findings that Jamie Hopkins will be covering in a webinar at 1 p.m. Wednesday, Jan. 13. Hopkins did the research with advisors and consumers […]
IRI Asks Maine to Adopt Standard “Best Interest” Regs
{January 13th, 2021} by Allison Bell
Commenters from the Insured Retirement Institute (IRI) are asking the Maine Bureau of Insurance to make its version of the Suitability in Annuity Transactions model update as much like the standard version of possible. The Maine bureau has proposed a state regulation that’s almost identical to the version developed by the National Association of Insurance Commissioners […]
The Standard Introduces New Multi-Choice Annuity to Provide Clients with Multiple Withdrawal Options
{January 13th, 2021} by The Standard
PORTLAND, Ore.–(BUSINESS WIRE)–Today, The Standard announces its first of several new annuity products launching this year. The Multi-Choice Annuity MCA is a single-premium deferred annuity that offers features to optimize growth potential, along with four liquidity options. It is now available in every state in which The Standard offers annuities. The Standard developed this new solution […]
2021 Outlook For Life Insurance Buyers
{January 13th, 2021} by Cameron Huddleston
One of the silver linings of the pandemic is that it has prompted Americans to tackle some financial tasks they have been putting off—such as getting life insurance. In fact, 1 in 4 people surveyed by insurance industry group Life Happens said they bought life insurance for the first time because of the coronavirus. As […]
A Small Tax Change Is a Boon for Permanent Life Insurance
{January 13th, 2021} by Leslie Scism
Federal lawmakers’ big year-end spending package includes a little-noticed revision of the tax code that is likely to boost sales of life insurance, particularly for wealthy Americans. The law lowers a minimum interest rate used to determine whether combination savings and death-benefit policies known as permanent life insurance are too much like investments to qualify […]
Penn Mutual Rolls Out Guaranteed Life Policy as Others Shun Market
{January 13th, 2021} by Cyril Tuohy
Penn Mutual’s share of the $625 million in fixed and indexed universal life sales during the third quarter stood at 2.67%, according to Wink’s Sales & Market Report. Click HERE to read the full story via Life Annuity Specialist
Retirement Literacy Among Women (and Men) Is Woefully Low: Survey
{January 13th, 2021} by Ginger Szala
A large majority of Americans, especially women, have failing grades when it comes to retirement literacy, according to a new study by the American College of Financial Services. In fact, 89% of women and 72% of men failed a 38-question test on retirement literacy in a population of 1,509 (821 women, 688 men). “Unlike men […]
Mystery Variable Annuity Holders Tend to Drift Away: Ruark
{January 13th, 2021} by Allison Bell
When a life insurer has a hard time providing basic information about an annuity holder, that may be a sign the annuity holder is likely to drop a contract. Ruark analysts based the new study on data on 13.9 million policyholders and $675 billion in account value from 20 participating insurers. That compares with data […]
Jamie Hopkins on Annuities, the Secure Act and the Wave of Early Social Security Claims
{January 13th, 2021} by Jane Wollman Rusoff
The pandemic and its damaging effects on the U.S. economy have caused numerous pre-retirees to claim Social Security benefits earlier than they had planned — to their detriment. That trend will continue this year, Jamie Hopkins, director of retirement research at Carson Group, forecast in a late December interview with ThinkAdvisor. He opines too about […]
The 2 Things Your Clients Need to Know About Life Insurance
{January 13th, 2021} by Joe Elsasser
Over the last few years, I’ve absolutely loved watching Tony Romo as an analyst for NFL games. He has an uncanny ability to predict which play the offense will run — earning him the nickname “Romostradamus.” Probably even more impressive than his ability to quickly break down a defense and predict the play the offense […]
Wells Fargo to Exit Non-U.S. Wealth Business
{January 13th, 2021} by Jeff Berman
Wells Fargo is exiting the wealth management business outside the U.S. in a move designed primarily to simplify and focus on its core domestic business. “Wells Fargo is focused on meeting our regulatory requirements, managing risk, and simplifying operations across the company,” Wells Fargo spokeswoman Shea Leordeanu told ThinkAdvisor on Thursday. “For Wells Fargo Advisors, […]
Embrace the Shift Toward Fiduciary-Driven Financial Services
{January 13th, 2021} by Andrew Winnett
Fiduciary is a term that is entering the public consciousness dramatically. Advisors and agents should prepare to demonstrate exactly how they are placing their clients’ needs above their own. Various surveys conducted by financial services companies indicate that 93% of Americans believe that financial advisors should be fiduciaries. Many of those surveyed said that if […]
Advisor Group, Cetera Face Heavy Debt, Big Risks
{January 13th, 2021} by Jeff Berman
As ultra-low interest rates, a challenging economy and fee pressure weigh on the financial services industry, broker-dealers Advisor Group and Cetera Financial Group face magnified risks, according to credit ratings agencies and recruiter Jon Henschen, president of Henschen & Associates. The heavy debt held by these two BDs, which are owned by private equity firms, […]
A Financial Advisor’s Fiduciary Duty and Life Settlements
{January 13th, 2021} by Lucas Siegel
Life settlements are growing in popularity, even as financial advisors and insurance brokers are reluctant to discuss these transactions with their clients. That reluctance, however, is problematic — particularly if you are in a fiduciary role. Because life settlements can generate substantially more cash for the policyholder than a surrender or lapse of the insurance, […]
Independent Life Distribution Technology Survey
{January 13th, 2021} 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. Click […]
Life Insurance Technology In 2020 Was Driven By Simplicity And Data
{January 13th, 2021} by Ken Leibow
We all had to adapt to change beginning nine months ago with the pandemic. A distributor’s Agency Management System (AMS) must improve its quality of service for agents/advisors, field underwriting (exams) needs to be safe, and turning Inforce data to action is critical for advisors to manage their client’s policies. Here is an inside look […]
FIAs And GLWBs: WTF?
{January 13th, 2021} by Charlie Gipple, CLU, ChFC
(Part 2 Of 2) This is the second article of a two part “mini-series” on discussing “what the flow” (WTF) of an annuity conversation should be like. Afterall, based on CG Financial Group’s surveying of agents, discussing annuities with GLWB riders is an area where agents would like some further “refining.” As discussed last month, […]
It Is About The Problem, Not The Product!
{January 13th, 2021} by Don Levin, JD, MPA, CLF, CSA, LTCP, CLTC and Kevin Sypniewski
For many of us, the purchase of our homes and the financing of our children’s college education will constitute the largest expenditures of our lives. In both of these cases, we typically use financial leverage, i.e., debt, to attain these objectives. Why? Click HERE to read the full story via Broker World
American National Insurance Company 2021 Carrier Forecast
{January 13th, 2021} by Scott Marquis
To say that 2020 was a year of surprises is a vast understatement. Yet, the challenges presented in the past year served to accelerate underlying changes that were already at work aimed at improving the customer and producer experience. At American National we are committed to keeping the same sense of urgency as we march […]
Mutual of Omaha 2021 Carrier Forecast
{January 13th, 2021} by Tess Grace and Randy Mousel
What a year we just experienced! The COVID-19 global pandemic has affected nearly every aspect of daily life. It has changed how people interact and how businesses operate. Consumers, brokers and insurance carriers are relying on technology to communicate and conduct business, making digital services more important than ever. Beyond the pandemic, we’ve seen uncertainty […]
Broker Words—January 2021
{January 13th, 2021} by Stephen Howard
It is my distinct pleasure to congratulate Seixas G. “Chip” Milner, Jr., the recipient of the 2020 Douglas Mooers Award for Excellence. The National Association of Independent Life Brokerage Agencies (NAILBA) honored Milner, Chairman of the Board, The Milner Group, Lawrenceville, GA, at a virtual awards event held December 17, 2020, as part of the […]
Mutual Trust Life Insurance Company 2021 Carrier Forecast
{January 13th, 2021} by Luke Cosme
A year ago in this space, I wrote an article titled “Relax, Things Are Better Than You Think”. At first glance, it appears that didn’t age very well, coming at the dawn of a year that has challenged us more than any in recent memory. The phrase “famous last words” comes to mind. Click HERE […]
Pan-American Life Insurance Group 2021 Carrier Forecast
{January 13th, 2021} by Carlo J. Mulvenna
Although 2020 presented nearly unfathomable challenges, the employee benefits brokerage community responded with agility and grace. As a result of such resiliency and professionalism, we at Pan-American Benefits Solutions begin 2021 with strength and positivity. From this vantage point, we’re tackling one of the industry’s most pressing pain points: The continued lack of uniform access […]
National Western Life Insurance Company 2021 Carrier Forecast
{January 13th, 2021} by Jim Ryan
Much like the rest of the world, National Western Life is excited to welcome a new year. As we look back, it’s clear that 2020, despite its many surprises, provided us an ideal opportunity to draw on our strengths to accomplish the goals we set early on. As a company, we forged ahead and put […]
Ameriprise FA to Head Financial Planning Association’s NexGen Group
{January 13th, 2021} by Alex Padalka
The Financial Planning Association says it has appointed an Ameriprise financial advisor to head the association’s community of new financial planning professionals. Joey Stemmle is the 2021 president of FPA NexGen, which has more than 3,500 members, effective January 1, the association says. In his new role, Stemmle will work with the 11-member FPA NexGen […]
Ohio National 2021 Carrier Forecast
{January 13th, 2021} by Barbara A. Turner
After one of the most challenging years our industry has ever experienced, I feel optimistic about our future and opportunities heading into 2021. Our products and services are needed now more than ever. Enduring a year that no one saw coming, with a global pandemic, prolonged low interest rates, and increased market volatility, was difficult […]
OneAmerica 2021 Carrier Forecast
{January 13th, 2021} by Dennis Martin, FSA, FCIA, MAAA
As we embark on 2021, I’m sure most of us are more than ready for the fresh start and clean slate that January brings, especially after 2020. As I prepared to write this forecast, I reflected on what I wrote last year, back in December of 2019. I must admit, I had to pause and […]
Allianz Life Insurance Company of North America 2021 Carrier Forecast
{January 13th, 2021} by Eric Thomes
Last year was, by all measures, unprecedented. As the COVID-19 pandemic caused (and continues to cause) massive health and economic crises, almost every business was forced to revisit their old way of doing business. When you add in persistent low interest rates and ongoing market volatility, those of us in the insurance and financial services […]
Genworth Focusing On ‘Contingency Plan’ As Merger In Limbo
{January 13th, 2021} by Wire Reports
Genworth announced today it will focus on a “contingency plan” as another deadline for finalizing its merger with China Oceanwide Holdings Group came and went without an extension. Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current Dec. 31, 2020, “end date” […]
2 Controversial DOL Rules A Democratic Senate Could Kill
{January 13th, 2021} by John Hilton
In particular, the Department of Labor passed several rules that might not survive. The vehicle to erase rules is the Congressional Review Act. In an ironic twist, the CRA had been a little-used legislative tool until Trump was elected in 2016. Click HERE to read the full story via INN
Women Are Household CFOs, But Need Help With Retirement
{January 13th, 2021} by Susan Rupe
More women are serving as their household’s chief financial officer, but they need help with their retirement readiness. That was one finding in research conducted by The American College of Financial Services, which found that more than 9 in 10 women with partners or spouses lead or equally share their household’s financial decision making. But […]
Critics say Finra proposal to rein in rogues falls short
{January 13th, 2021} by Mark Schoeff Jr.
A Finra proposal to rein in brokerages that have a history of violations or hire a number of registered representatives with disciplinary actions has drawn criticism for not going far enough to curb rogue brokers. Click HERE to read the full story via InvestmentNews
CFP BOARD ACHIEVES RECORD GROWTH OF CFP® PROFESSIONALS
{January 13th, 2021} by CFP Board
Certified Financial Planner Board of Standards, Inc. (CFP Board) reported strong increases in the number and the diversity of CFP® professionals in 2020. The significant milestones support CFP Board’s mission to ensure that the public has access to and benefits from competent and ethical financial planning advice. “The financial challenges that have impacted so many […]
Integrity Acquires Connexion Point, One of the Nation’s Largest Senior Health Insurance Call Centers Focused on Serving the Medicare Market
{January 13th, 2021} by Integrity Marketing Group, LLC
DALLAS, Jan. 12, 2021 /PRNewswire/ — In an industry-transforming move, Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired Connexion Point, one of the largest contact centers in the country. With a focus on the senior market, Connexion Point weaves advanced data, analytics and dynamic technology into […]
Number of female, Black and Hispanic CFPs increases
{January 13th, 2021} by Mark Schoeff Jr.
The number of financial professionals holding the certified financial planner designation hit an all-time high in 2020, as the number of women, Blacks and Hispanics with the designation also increased, according to statistics released Monday. Click HERE to read the full story via InvestmentNews
F&G Selects Majesco Distribution Management, Majesco Digital1st® Insurance on Majesco CloudInsurer® to Accelerate their Digital Transformation
{January 13th, 2021} by Majesco
MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco, global leader of cloud insurance software solutions for insurance business transformation announced that F&G, a leading provider of annuities and life insurance, has selected Majesco Distribution Management, Majesco Digital1st® Insurance and Majesco CloudInsurer® to enable their distribution operation and growth strategy for digital transformation. “In today’s competitive landscape, our ability to rapidly onboard numerous […]
Securian Financial Teams Up with BenefitEd to Offer Suite of Education Benefits to Workplace Retirement Plan Customers
{January 13th, 2021} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial, through a collaboration with BenefitEd, is making a suite of education benefits available to its workplace retirement plan customers. The benefits include employer-assisted student loan repayment, college savings, student loan repayment support and tuition reimbursement. Along with “Employee Choice”—a program allowing employees to choose if their employer-matched funds go toward paying […]
Majesco Acquires ClaimVantage to Strengthen and Scale the L&A and Group Business
{January 13th, 2021} by Majesco
MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco, a global provider of cloud insurance platform software, today announced that it has completed the acquisition of ClaimVantage, a global provider of enterprise claims software as well as absence and accommodation management for the L&A market segment. The acquisition of ClaimVantage comes just three months after the Thoma Bravo acquisition of Majesco. It strengthens […]
Nassau Financial Group Announces $100 Million Strategic Investment from Wilton Re and Stone Point Credit
{January 13th, 2021} by Nassau Financial Group
HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Financial Group (“Nassau”) announced it has received an initial strategic investment of $100 million from Wilton Reassurance Company (“Wilton Re”) and Stone Point Credit (“Stone Point”). The strategic investment was made through the issuance of a new series of non-cumulative perpetual preferred equity and may be significantly increased as Nassau’s business grows. […]
Farm Bureau Property & Casualty and Iowa Farm Bureau Federation to Take FBL Financial Group Private for $56.00 Per Share
{January 13th, 2021} by FBL Financial Group
EST DES MOINES, Iowa–(BUSINESS WIRE)–Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) and FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today announced that they have reached a definitive agreement under which FBPCIC will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock […]
Allianz Begins Eight-Year Worldwide Olympic & Paralympic Partnership
{January 13th, 2021} by Allianz SE
MINNEAPOLIS–(BUSINESS WIRE)–Allianz SE, parent company of U.S.-based Allianz Life Insurance Company of North America (Allianz Life), Allianz Global Corporate & Specialty (AGCS), Allianz Partners and Euler Hermes, officially began its eight-year worldwide partnership with the Olympic and Paralympic Movements on Jan. 1, building on a collaboration with the Paralympic Movement that began in 2006. As the Worldwide Insurance Partner of […]
Guardian Life Commits $1M to NPower to Advance Diversity in Tech and Increase Economic Opportunities for Underrepresented People
{January 13th, 2021} by Guardian
NEW YORK, Jan. 12, 2021 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian Life) announced a $1 million grant to NPower, a leading national nonprofit focused on helping military veterans and young adults from underserved communities increase their opportunities for economic mobility through technology careers. With more than 8.6 million new tech jobs expected to emerge over the next […]
The Penn Mutual Life Insurance Company Announces Updated Southern Agency Presence
{January 13th, 2021} by The Penn Mutual LIfe Insurance Company
HORSHAM, Pa., Jan. 12, 2021 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced a strategic relaunch of two of its Southern agencies, aligning the firm with a unified presence in the region highlighted by a commitment to having a positive impact in their respective communities. The newly-named Strategic Planning Group […]
Policygenius Releases January 2021 Life Insurance Price Index
{January 13th, 2021} by Policygenius
NEW YORK, Jan. 12, 2021 /PRNewswire/ — Policygenius, the nation’s leading online insurance marketplace, announced today the January 2021 data release of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. New data from this free index is published on a monthly basis to illuminate pricing trends for […]
Beacon Annuity Solutions is Pleased to Announce that Protective Life has Joined Annuity Switchboard®, a Service that Helps Streamline the Annuity Sales Process for Distribution Partners
{January 13th, 2021} by Beacon Annuity Solutions
NORTHFIELD, Ill., Jan. 12, 2021 /PRNewswire/ — Beacon Annuity Solutions®, a leading provider of cloud-based annuity software and compliance solutions, today announced Protective Life, has joined a growing list of Annuity Switchboard partners. Annuity Switchboard, a Beacon Annuity Solutions service, offers streamlined pre-sale and compliance-driven solutions for carriers and their distribution partners — broker/dealers, banks, brokerage general […]
Best’s Market Segment Report: Continued Poor Performance of Long-Term Care Product Keeps Pressure on U.S. Life Insurers
{January 13th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Loss ratios in the beleaguered U.S. long-term care (LTC) insurance market continue to climb for individual and group business, according to a new AM Best report. The Best’s Market Segment Report, “U.S. Long-Term Care Product Performance Pressures Continue,” states that poor performance from inadequate pricing is a significant issue for LTC insurers, owing to low interest […]
Ameritas Selects iPipeline’s SSG Digital Platform to Enhance Life Insurance Processing for Financial Professionals
{January 13th, 2021} by iPipeline
EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of low code cloud-based software solutions for the life insurance and financial services industry, today announced Ameritas has chosen the SSG Digital® Platform to streamline the application processing experience. Ameritas is a mutual-based provider of life insurance, financial services, and employee benefits. iGO® e-App and Maestro® Self-Service will […]
3 Ways Federal Life, Health and Annuity Legislation Could Evolve Now
{January 13th, 2021} by Allison Bell
Major news organizations said Wednesday that two Democrats, Raphael Warnock and Jonathan Ossoff, were the winners of Tuesday’s Senate runoff elections in Georgia. Protesters who said they were supporting President Donald Trump later broke into the U.S. Capitol and shut down activities there for hours. Other protesters who said they were supporting the president organized protests that […]
Annuity Basics: What Is A SPIA?
{January 13th, 2021} by David Rodeck
A single premium immediate annuity (SPIA) is one of the simplest types of annuity contracts. With a SPIA, you make a single large deposit with an annuity company and your monthly payments begin immediately. While SPIAs are easy to understand, buying them requires some foresight. You purchase a SPIA with a single lump sum, instead […]
Arkansas, Michigan Adopt Annuity Suitability Rules
{January 6th, 2021} by Timothy Darragh
LITTLE ROCK, Ark. //BestWire// – Arkansas and Michigan have become the latest states to approve regulations requiring insurance producers and agents to keep consumers’ best interest in the forefront when selling annuity products. The new regulations largely follow the model law approved last year by the National Association of Insurance Commissioners. The revisions say all […]
Arkansas Adopts NAIC Annuity Model Best Interest Update
{January 6th, 2021} by Allison Bell
The Arkansas Insurance Department has adopted the annuity sales standards update developed by the National Association of Insurance Commissioners (NAIC). The department is moving ahead with implementing the new version of the NAIC’s Suitability in Annuity Transactions model regulation. Click HERE to read the full story via ThinkAdvisor
Great-West Unit Closes on MassMutual’s Retirement Plan Business
{January 6th, 2021} by Allison Bell
Great-West Lifeco Inc.’s Empower Retirement unit is expanding its retirement plan business in the United States. The firm announced Monday that it has completed a previously announced acquisition of a large retirement plan business from Massachusetts Mutual Life Insurance Company. The deal involved a $2.35 billion ceding commission, and Empower Retirement said it will be supporting […]
Protection Universal Life(SM) Strengthens Penn Mutual Product Portfolio
{January 6th, 2021} by Penn Mutual
HORSHAM, Pa., Jan. 5, 2021 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, announces the introduction of Protection Universal LifeSM (PUL), a permanent life insurance product that provides competitive death benefit protection. The policy’s death benefit is paid to beneficiaries income-tax-free and probate-free. Additional features include payment flexibility and the accumulation of cash […]
Resolution Life completes acquisition of Voya Financial’s individual life in-force business
{January 6th, 2021} by Resolution Life Group Holdings LP
NEW YORK–(BUSINESS WIRE)–Resolution Life Group Holdings LP (‘Resolution Life’), a global manager of in-force life insurance businesses, is delighted to announce today that it has completed the acquisition of Voya Financial, Inc.’s, (‘Voya’) individual life in-force business. The completion sees Voya sell to Resolution Life substantially all of its in-force individual life business, including Security […]
Voya Financial Completes Individual Life Transaction
{January 6th, 2021} by Voya Financial, Inc
NEW YORK–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), announced today that it has completed the divestiture of substantially all of its individual life insurance and other legacy non-retirement annuities businesses. The closed blocks of business have been acquired by Resolution Life US, a new holding company established by Resolution Life Group. “With the completion of this […]
Accenture Named a Leader for Application and Digital Services in Life & Annuities Insurance by Analyst Firm Everest Group
{January 6th, 2021} by Accenture
NEW YORK & LONDON–(BUSINESS WIRE)–Accenture (NYSE: ACN) has been named a Leader and Star Performer for application and digital services in the global life and annuities (L&A) insurance sector in a new report from industry analyst firm Everest Group. Everest Group analyzed the vision, capability and market impact of 21 leading IT application and digital […]
5 Predictions for Life and Health Insurers for 2021
{January 6th, 2021} by Allison Bell
Forecasters at consulting firms, insurance technology firms, rating agencies and investment firms have been trying to peer into the mists of 2021. For a digest of some of those forecasts, see the slideshow above. We created a similar forecast review, for 2020, a year ago. Click HERE to read the full story via ThinkAdvisor
Annuity Sales Poised for Most Growth Among IBDs: Survey
{January 6th, 2021} by Ming Li
Insurers believe the independent broker-dealer channel is the most likely to see growing annuity sales in the next few years, a recent survey finds. Ninety-three percent of insurers expect IBDs and agents will grow variable annuity sales in the next three years, and half expect the growth rate will be 10% or higher, according to […]
Home Office News: Morgan Stanley Keeps Eaton Vance Brands; RBC Renames Custody Biz; JPM Launches Guided Annuities
{January 6th, 2021} by Julie Daclag
JPMorgan will launch a new Guided Annuity Program next year, a company spokesperson has confirmed. JPMorgan will partner with an insurer to implement selected investments as part of an annuity contract, though the spokesperson declined to specify which insurance firm. Click HERE to read the full story via Financial Advisor IQ
New SEC marketing rule may bring fresh scrutiny to advisors
{January 6th, 2021} by Kenneth Corbin
Prospective clients could soon begin browsing for RIA firms via a host of third-party ratings sites, just as they would shop for a plumber or landscaper, as advisors begin to promote their practices under the SEC’s long-awaited new advertising rules. Click HERE to read the full story via Financial Planning
Opinion: The 9 Best Life Insurance for Seniors of 2021
{January 6th, 2021} by Rachel Nall
The Verywell editors independently research, test, and recommend the best products; you can learn more about the review process here. They may receive commissions on purchases made from the chosen links. Click HERE to view via Verywell
Opinion: The 6 Most Affordable Life Insurance of 2021
{January 6th, 2021} by Kate Dore
ife insurance is an agreement between you and an insurance company. In exchange for premium payments, the provider pays a death benefit to whomever you choose. Life insurance may offer your loved ones financial support if you were no longer around. While some policies can be expensive, it’s possible to find affordable life insurance. Click […]
Teenager Life Insurance Market Swot Analysis by Key Players Aviva, Allianz, AXA
{January 6th, 2021} by HTF Market Intelligence Consulting Private Limited
Edison, NJ — (SBWIRE) — 01/04/2021 — Global Teenager Life Insurance Market Size, Status and Forecast 2019-2025 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The study provides information on market trends and development, drivers, capacities, technologies, and on the […]
Top Life Insurance Tips For 2021
{January 6th, 2021} by Jason Metz
It’s not a stretch to say this past year has given us a new perspective on pretty much everything. The pandemic has profoundly affected how we interact with others, how we shop for our groceries and how we navigate the world. It also has many of us thinking about improving the financial security of our […]
Top 5 Annuity Stories Of 2020: A Roller-Coaster Year
{January 6th, 2021} by John Hilton
One only needs to peek at InsuranceNewsNet’ most-read annuity stories of 2020 to see what a crazy year it has been. There’s been good news, bad news, regulation and legislation. Annuities sold great, sold poorly and, for a brief period, didn’t sell at all as insurers pulled products from the shelves during the raging COVID-19 […]
The Top 5 Life, Health and Annuity Stories of 2020
{January 6th, 2021} by Allison Bell
Here’s a look at what we think were the most important life, health and annuity stories of 2020, based on our own subjective reactions to the news. Click HERE to view the slideshow via ThinkAdvisor
Top 5 Life Insurance Stories Of 2020: COVID-19 Dominates
{January 6th, 2021} by John Hilton
Life insurance is generally sold, not bought, those sales traditionally take place around the dinner table or in the agent’s office. That traditional scene was next to impossible this year as COVID-19 swept across the country and led to business restrictions and stay-home advisories. On the other hand, it reminded Americans of the value of […]
Symetra Yanks Guaranteed Universal Life Products as Low Rates Persist
{January 6th, 2021} by Cyril Tuohy
“For products that have strong guaranteed minimum cash values and death benefits, this can be a tremendous financial strain,” said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, in an email. Click HERE to read the full story via Life Annuity Specialist
Vermont Insurer Eyes Pacific Life in Race to Be Top Indexed Life Seller
{January 6th, 2021} by Cyril Tuohy
“It is conceivable that National Life could take Pacific Life’s top spot in indexed life for 2020,” said Sheryl Moore, CEO of Wink. She said much will depend on the results from this quarter, which typically is the largest of the year for the product segment. Click HERE to read the full story via Life Annuity […]
USAA Unveils Three-Year Fixed Annuity As Its Sales Surge
{January 6th, 2021} by Warren S. Hersch
[Multi-Year Guaranteed Annuity] Sales in the third quarter totaled $16.6 billion, a 70% rise from the same period in 2019, according to market research firm Wink. Products carrying three-year guarantees, such as USAA’s, are among the most popular products in the segment: About half of the top-selling multi-year annuities by channel fall into the category, […]
SILAC Insurance Company awarded Top Workplaces 2020
{January 6th, 2021} by Jamie Johnson
SILAC Insurance Company has been awarded a Top Workplaces 2020 honor by The Salt Lake Tribune. The list is based solely on employee feedback gathered through a third-party survey, administered by employee engagement technology partner Energage, LLC.
How To Construct A Simple Annuity For Retirement
{January 6th, 2021} by Yield Hunting Alternative Income Investments
(This report was issued to members of Yield Hunting on December 14th. All data herein is from that date.) I am always amazed how many retirees become quasi-professional investors upon retirement. Is that enjoyable? Is it worry-free? Click HERE to read the full story via Seeking Alpha Wink’s Note: The top fear of Americans […]
Best’s Review Examines the Insurtech Evolution
{January 6th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The January issue of Best’s Review takes an in-depth look at how the insurtech sector is evolving. “Turning the Corner” examines the deal environment and how it’s now the insurtechs that are interested in making acquisitions. In “A Healthy Dose of Reality,” Best’s Review speaks with Adrian Gore, the founder and chief executive officer of Discovery Limited, about the […]
Genworth to Shift to China Oceanwide Deal Backup Plan
{January 6th, 2021} by Allison Bell
Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today said they will shift to using a merger agreement without an end date. Genworth said it will begin executing a plan that serves as an alternative to the company being acquired by China Oceanwide. China Oceanwide has been trying to acquire Genworth since October 2016, in a […]
Do 70/30 Portfolios Make Sense for Retirees?
{January 6th, 2021} by Ginger Szala
As clients age, the decumulation of retirement savings takes center stage. This process begs the question: How can advisors adjust current portfolios, even slightly, to best help older clients? Christine Benz, Morningstar’s director of personal finance recently reviewed the portfolio of a married couple in their 70s, who mainly live off his Social Security and […]
What’s Hurting the Financial Security of Older Americans?
{January 6th, 2021} 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 […]
What 2020 Shows Us About Selling Life Insurance in 2021
{January 6th, 2021} by Jeff Piotrowski
It’s not provocative to say that 2020 has been a strange year, and that extends to every line of business in insurance. As witness to over 1 billion online comparison shopping events for major-life purchases — of products like insurance and consumer finance products — every quarter, Jornaya acts as a proverbial front-row seat for […]
Roth IRA Conversions: What Advisors Need to Know
{January 6th, 2021} by Roger Wohlner
Much has been written about the benefits of converting retirement assets in a traditional IRA to a Roth IRA. During 2020, Roth conversions received a lot of favorable press with tax rates being low and the stock market being depressed for part of 2020. This is a retirement savings strategy that might be beneficial for […]
Momentum picks up for state-level best interest rule on annuity sales
{January 6th, 2021} by Mark Schoeff Jr.
The new year is beginning with momentum for a state-level regulation designed to strengthen consumer protections surrounding annuity sales. Click HERE to read the full story via InvestmentNews
Insurers Embrace New Opportunities for Annuity Innovation
{January 6th, 2021} by Contributor
[Structured] annuities (a.k.a. RILAs) are poised to exhibit robust growth as additional large, reputable insurers enter the space with innovative concepts. [Structured annuities] 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: A Decade of Adaptation. […]
Finra licensing policy puts women at a disadvantage amid COVID
{January 6th, 2021} by Caroline Hayes
In the highly regulated financial services industry, there may be sound reasons for Finra’s two-year expiration on securities licensing. Click HERE to read the full story via InvestmentNews
Prudential beats shareholder suit over life insurance reserves
{January 6th, 2021} by Jody Godoy
A New Jersey federal judge has dismissed a shareholder lawsuit against Prudential Financial Inc over its alleged failure to boost the reserves it held for future life insurance policy claims, saying the investors had failed to allege a false statement. Click HERE to read the full story via Reuters
Investing: Playing A Winning Hand
{January 6th, 2021} by Stephen Kelley
I have been noticing some things lately that I find both troubling and consistent with things I have known and been speaking and writing about for some time. That’s the struggle the industry has when it comes to promoting and discussing the very important issues facing today’s and tomorrow’s retirees. Click HERE to read the […]
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)
