Prudential Financial to sell $31B PALAC block of legacy variable annuities to Fortitude Re
{September 21st, 2021} by Fortitude Group Holdings
NEWARK & JERSEY CITY, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (“Prudential”) (NYSE: PRU) and Fortitude Group Holdings, LLC, the parent company of Bermuda’s largest multi-line reinsurer (“Fortitude Re”), today announced that they have entered into a definitive agreement under which Prudential will sell a portion of its in-force legacy variable annuity block to Fortitude Re for a […]
14 Financial Documents That Business Leaders Should Keep A Hard Copy Of (Even In The Digital World)
{September 21st, 2021} by Forbes Financial Council
4. Your Articles Of Incorporation Your articles of incorporation should always be kept in hard copy for S- and C- Corps. This documentation is requested so frequently by banks, investors and others. By all means, digitize it, but keep a hard copy handy as well. – Sheryl J. Moore, Wink, Inc. Click HERE to read the full […]
Hi. Newsflash.
{September 21st, 2021} by Sheryl J. Moore
If you are using software that looks at historical performance of indexed annuities, ask if they are <emphasis here> assuming the options costs that were in effect at the time of the historical period. <emphasis here> I do not know of a SINGLE one that does. If they are not using historical option costs, while […]
Thanks for peeing in our own pool.
{September 21st, 2021} by Sheryl J. Moore
Illustration software showing indexed annuities with indexing methods yielding 14%+. REALLY?! A fixed insurance product with a 0% floor, in a prohibitive options pricing environment, with one of the most historically conservative insurance companies in the industry. SMH. Does the insurance company know? *angry* This is why insurance illustrations that are not compliant with the National […]
Lincoln to Reinsure $9.4B in UL and Executive Benefits Policies
{September 21st, 2021} by Allison Bell
Lincoln Financial wants to shed a large amount of risk associated with old insurance policies while continuing to sell new policies. The Radnor, Pennsylvania-based life insurer today announced that it has arranged to have Security Life of Denver — an arm of Resolution Life Group Holdings — reinsure a block of in-force universal life insurance […]
American Council of Life Insurers (ACLI): Policyholders’ COVID-19 Vaccine Status Does Not Affect Life Insurance Claims
{September 21st, 2021} by ACLI
WASHINGTON, Sept. 16, 2021 /PRNewswire/ — American Council of Life Insurers (ACLI) Senior Health Actuary Jan Graeber issued the following statement on misinformation relating to COVID-19 vaccines: “We said it before and, unfortunately, we must say it again because misinformation about life insurance claims and the COVID-19 vaccine continues to spread. “Policyholders should rest assured that nothing has […]
Annexus and PlanGap Partner To Offer Timely Protection For Social Security
{September 21st, 2021} by Annexus
SCOTTSDALE, Ariz., Sept. 21, 2021 /PRNewswire/ — Annexus, the leading independent product design and distribution company of fixed indexed annuities (FIAs) and indexed universal life insurance policies, and PlanGap, a financial product innovation company pioneering Social Security protection, have announced a strategic partnership. The partnership provides Annexus exclusive rights to add a patent pending PlanGap® feature to […]
A New Path to Inflation-Proof Lifetime Income
{September 21st, 2021} by Kerry Pechter
Achaean Financial and National Western Life Insurance are finally bringing to market Lorry Stensrud’s long-nurtured idea for an immediate income annuity with upside potential. RIJ recently obtained a copy of the state filing document from National Western. State approvals are pending. Click HERE to read the full story via RIJ
Insurers Can Close The Coverage Gap While Helping Underserved Groups
{September 21st, 2021} by Susan Rupe
Consumers showed a greater interest in buying life insurance during the COVID-19 pandemic, but how can carriers continue to capitalize on that interest? How can insurers close the coverage gap while bolstering diversity, equity and inclusion? A recent report by Deloitte Center for Financial Services, “Financial Inclusion And The Underserved Life Insurance Market,” analyzed ways […]
It’s Time to Shine, Birmingham: Protective Life Corporation and the BJCC Celebrate the Official Lighting of Protective Stadium
{September 21st, 2021} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Following the recent launch of a new brand identity, Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750) celebrated alongside employees, elected officials, business and community leaders and project partners as the Protective Stadium identification signage was officially turned on for the first time at Protective Stadium last evening. […]
AM Best Comments on Credit Ratings of Fortitude Reinsurance Company Ltd. Following Announced Prudential Annuities Life Assurance Corporation Acquisition
{September 21st, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Fortitude Reinsurance Company Ltd. (Fortitude Re) (Bermuda) remain unchanged following the its parent company’s recent agreement to acquire Prudential Annuities Life Assurance Corporation (PALAC) (Arizona). AM Best views the acquisition of PALAC, […]
Resolution Life Enters Into Reinsurance Agreement With Lincoln Financial Group
{September 21st, 2021} by Resolution Life US Holdings
WEST CHESTER, Pa.–(BUSINESS WIRE)–Resolution Life US Holdings Inc., a subsidiary of Resolution Life Group Holdings LP (‘Resolution Life’), a global manager of in-force life insurance businesses, today announced the signing of a $9.4 billion reinsurance transaction between its insurance subsidiary, Security Life of Denver Insurance Company (‘SLD’) and Lincoln National Corporation’s (‘Lincoln’) insurance subsidiary, The […]
Jackson Financial Announces Second Quarter 2021 Results
{September 21st, 2021} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) today announced financial results for the three months ended June 30, 2021. Jackson separated from Prudential plc on September 13, 2021, and the second quarter results mark the company’s first quarterly earnings report as an independent public company. Key Highlights Net loss of $540 million, or ($5.72) per diluted […]
AM Best Places Credit Ratings of Prudential Annuity Life Assurance Corporation Under Review With Negative Implications
{September 21st, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with negative implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Prudential Annuity Life Assurance Corporation (PALAC), headquartered in Newark, NJ. PALAC’s Credit Ratings (ratings) were placed under review with negative implications following the announcement that Fortitude Group Holdings, […]
Allianz Life Study Sheds Light on “One-Size-Fits-All” Retirement Planning Problem for BIPOC Communities
{September 21st, 2021} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–The majority of Americans who identify as BIPOC (Black, Indigenous, and People of Color, including Hispanic and Asian/Asian Americans) believe they won’t have enough saved for retirement (52% Black/African American; 56% Hispanic; 62% Asian/Asian American), according to the 2021 Retirement Risk Readiness Study* from Allianz Life Insurance Company of North America (Allianz Life). While […]
Life Insurance Activity Returns To Year-Over-Year Growth, MIB Reports
{September 21st, 2021} by MIB Life Index
U.S. life insurance application activity returned to growth in August 2021 compared to August 2020 with year-over-year activity up 5.5%, MIB reports. While year-over-year comparisons are impacted by fluctuations in 2020 activity due to COVID, when comparing results to 2019, August 2021 is up 9.5%, MIB reported. The industry remains on track for a strong […]
Principal Financial Group signals it will cut some Des Moines positions amid restructuring
{September 21st, 2021} by Tyler Jett
Principal Financial Group is laying off some Des Moines workers as the company shutters some of its lines of business. Principal issued a notice to the state last week, announcing plans to cut 25 positions by Oct. 11. The Des Moines-based financial services company, which employs about 6,300 workers in the metro, announced in June that it […]
Life Insurance Awareness Month
{September 21st, 2021} by Wink's Intel Pros
September is Life Insurance Awareness Month #LIAM! Wink supports Life Insurance Awareness and will be joining in this month’s awareness campaign! We will be reprinting our CEO’s most requested life insurance-focused articles all month long; they will be indicated with “reprint” in the title. You’ll find these timeless articles are still relevant today. According […]
Reliable and Relevant: Reprint #LIAM
{September 21st, 2021} by Sheryl J. Moore
I will never forget the day when Grandfather came home with tears in his eyes, talking about his client who had died unexpectedly. You see, this client’s wife had just held my grandfather’s hand for hours, as people came through a funeral home, paying their last respects to her husband. She repeatedly thanked him, looking […]
FUNDING UNIVERSAL LIFE INSURANCE AT TARGET? YOU’RE MISSING THE POINT: REPRINT #LIAM
{September 21st, 2021} by Sheryl J. Moore
The following article is a reprint, originally written July 15, 2013 by Sheryl J. Moore: Throughout the past [20] years of working with universal life (UL) products, one comment in particular has been overheard far too often: “…fund this UL at [X percent] over target.” This comment is especially popular in the indexed life market, […]
We Need Help Growing Life Insurance Distribution: REPRINT #LIAM
{September 21st, 2021} by Sheryl J. Moore
Originally posted February 5, 2011 by Sheryl J. Moore Most of you know that I am passionate about indexed life insurance and indexed annuities. However, I am passionate about insurance products in general. In fact, one of the things that I am MOST passionate about is growing our distribution! Not so long ago, life insurance […]
FAs Weigh In: Remote Work, Comp, Mentoring Ideal for Female Advisors
{September 21st, 2021} by Rita Raagas De Ramos
FA-IQ reached out to advisors to ask: What advice would you give to young women considering becoming advisors? Susan Sofronas, managing director at Geller Advisors. New York City and Los Angeles-based Sofronas has been in the industry for 30 years and her firm has $4.6 billion in client assets. Click HERE to read the full […]
FINRA CEO, SEC commissioner call for ‘one-stop’ regulatory database
{September 21st, 2021} by Tobias Salinger
Count an SEC commissioner and the CEO of FINRA among those calling for a single public database for financial advisors’ and broker-dealers’ regulatory disclosures rather than the current patchwork. In a panel at the North American Securities Administrators Association’s annual meeting, SEC Commissioner Allison Herren Lee and FINRA CEO Robert Cook said they would like […]
Here’s What Consumers Want: Allianz Life CEO
{September 21st, 2021} by Allison Bell
The head of a major annuity issuer says the nature of life and annuity distribution is changing because that’s what the customers want. Jasmine Jirele, CEO of Allianz Life of North America, touched on distribution earlier this week, during a session at KPMG’s 33rd annual insurance conference. Jirele, who was named to succeed Walter White […]
Insurance stocks post modest declines; Prudential Financial, Lincoln ink deals
{September 21st, 2021} by Tom Jacobs
Insurance stocks tracked closely with the broader market during a week that saw two life giants sign substantial deals, including one that stands to further alter the seller’s business mix. The S&P 500 declined 0.57% to 4,432.99 for the week ending Sept. 17, while the S&P 500 Insurance Index dipped 0.59% to 521.19. Prudential Financial […]
Commentary: Why AG49 Is Like Frankenstein’s Monster
{September 21st, 2021} by John Hutchinson
Actuarial Guideline 49 has been bolted onto and restitched to the point where it degenerated into a grotesque monster with a life of its own. Like the road to hell, AG49’s original path was paved with good intentions. Its stated aim was to alleviate confusion by creating uniformity among indexed universal life illustrations plus requiring […]
The Myths Preventing Consumers From Seeking Life Insurance Coverage
{September 21st, 2021} by Tim Heslin
The purpose of Life Insurance Awareness Month is to educate consumers about the importance of life insurance and the role it plays in protecting a family’s financial future. According to LIMRA, 30 million American households are underinsured, and another 30 million completely lack life insurance coverage. If a primary wage-earner dies unexpectedly, that could create […]
Celent & Equisoft exclusive insurance research reveals: 91% of carriers are prioritizing the use of data and analytic technologies to inform decisions on pricing
{September 21st, 2021} by Equisoft
Commissioned by Equisoft as part of a new global study, this North American research will help carriers to plan, prioritize and make investment decisions on how to unlock the strategic value of their data to create new opportunities for growth, process optimization and customer experience improvement. PHILADELPHIA, Sept. 15, 2021 /PRNewswire/ – In a new report commissioned […]
Conning is Pleased to Announce its Newest Focus Report – The Pressure to Innovate Through RPA (Robotic Process Automation)
{September 21st, 2021} by Conning
HARTFORD, Conn., Sept. 20, 2021 /PRNewswire/ — RPA (Robotic Process Automation) is one of the fastest growing innovative technologies being adopted by property-casualty and life/annuity insurers. Insurance companies are incorporating RPA capabilities across the value chain, and an ecosystem of RPA-focused startups has formed to support such transformations. The Conning Focus Report, “The Pressure to Innovate Through RPA“, […]
Imagine The Future Of Illustrations
{September 20th, 2021} by Chris W. Kite
Updated Indexed Universal Life (IUL) illustration regulations are upon us! A long and winding road for regulators and carriers. Will illustrations get even longer? Similar to what John Lennon sings in Across the Universe, words and numbers are flowing out like endless rain into a paper cup … But we are seeing some shorter illustrations […]
David Frederick Babbel
{September 20th, 2021} by Main Line Media News
The world lost a man of faith, scholarship, and passion for the Phillies when long-time Bryn Mawr resident David Frederick Babbel, 72, passed away on May 20, 2021, from the effects of leukemia. Born on April 12, 1949, in Salt Lake City to Frederick William and June Andrew Babbel, Dave spent his youth in Arlington, […]
SEC Stacks Investor Protection Deck
{September 20th, 2021} by Rich Bake
Gary Gensler spent Tuesday, September 14, getting customarily grilled by lawmakers who control his budgetary resources. In prepared testimony, Gensler spelled out, in detail, his expansive agenda as chairman of the U.S. Securities and Exchange Commission. Retail trading practices, the rise of cryptocurrency and disruptive technologies all sit atop his “to be prioritized” list aired […]
The many uses of advisory annuities for fiduciary financial professionals
{September 20th, 2021} by Pacific Life
Modern annuities are sophisticated strategies that can address the core financial-planning areas of retirement: income, tax, and legacy planning. Click HERE to read the full story via InvestmentNews
Pacific Life Foundation Awards $75,000 in College Scholarships During Life Insurance Awareness Month
{September 20th, 2021} by The Pacific Life Foundation
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–The Pacific Life Foundation (the Foundation) has awarded five $15,000 college scholarships through Life Happens (www.LifeHappens.org) and its annual Life Lessons Scholarship Program to aid the financial burden of students who have lost a parent without life insurance. The scholarships are part of September’s Life Insurance Awareness Month, designed to help educate individuals […]
SIMON Welcomes AIG Life & Retirement to Annuities Platform
{September 20th, 2021} by SIMON
NEW YORK–(BUSINESS WIRE)–SIMON Annuities and Insurance Services LLC (SIMON) today welcomes AIG Life & Retirement as the most recent carrier to join SIMON’s centralized Marketplace and premier platform for wealth managers. AIG Life & Retirement will have a broad selection of its annuities available on SIMON’s digital insurtech platform, which delivers a state-of-the-art product selection, […]
Jackson Financial Completes Separation From Prudential
{September 14th, 2021} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (Jackson®) today announced that it has completed its previously announced separation from Prudential plc (Prudential; NYSE: PUK) through a demerger. Jackson is now an independent company, and its Class A common stock is expected to commence “regular way” trading under the ticker symbol “JXN” on the New York Stock Exchange on September 20, […]
Protective Life Corporation Introduces New Brand Identity, Showcases Commitment as Protectors
{September 14th, 2021} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Today Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), announces a new brand identity that exemplifies the Company’s 114-year commitment of putting people first, delivering on promises and striving to do more for its customers, business partners, employees and communities. The new brand leverages the potential of Protective’s […]
THE BASICS ON INDEXED UNIVERSAL LIFE: Reprint for #LIAM
{September 14th, 2021} by Sheryl J. Moore
February 7, 2011 It has been nearly thirty years since consumers were first offered the benefits of Universal Life (UL) and with UL came flexibility in premium payments, death benefit options, coverage amounts, and all sorts of other things that they never dreamed of. UL was the beginning of a whole new world of product […]
BUY TERM AND “INVEST” THE REST WITH INDEXED UNIVERSAL LIFE: Reprint #LIAM
{September 14th, 2021} by Sheryl J. Moore
For as long as I’ve been handling my own finances, I’ve been hearing that people should “buy term and invest the difference.” I have never really taken stock in the concept. I mean, I am a financial services professional that cut her teeth on whole life, but who would adopt this theory centered around buying […]
Jackson — the Annuity Giant — Separates From Parent
{September 14th, 2021} by Allison Bell
Jackson Financial Inc. — a leader in the U.S. individual variable annuity market — announced today that it has completed the process of separating from its former parent, Prudential PLC of London, through a demerger. The U.K. Prudential, which has no connection with the U.S. Prudential Financial, announced in March 2020 that it intended to separate from […]
Annuities are now a big business for PE firms
{September 14th, 2021} by Emile Hallez
Over the past five quarters, annuity providers owned by private equity firms have accounted for more than 40% of all indexed annuity sales, according to data provided by Moore Market Intelligence. Click HERE to read the full story via InvestmentNews
Texas names new insurance commissioner
{September 14th, 2021} by Rebecca Delaney
Texas Governor Greg Abbott has appointed Cassie Brown as commissioner of insurance at the Texas Department of Insurance. The term is set to expire on 1 February 2023. Brown previously served in the department as commissioner of workers’ compensation, where she was responsible for overseeing the division’s regulation of the state’s workers’ compensation system, as […]
Life Expectancy And The New Underwriting
{September 14th, 2021} by Robert Goldstone
For the first time in many of our lifetimes, life expectancy in the United States has declined. Not only did it just not go up as much as we expected—it actually declined. The fall of 1.5 years in 2020 from 78.8 years to 77.3 was the steepest decline since World War II, and the last […]
Insight Into Insurtech Solutions That Impact Life Insurance Awareness
{September 14th, 2021} by Ken Leibow
September is Life Insurance Awareness Month. It’s well known that four out of 10 American households are putting their financial future at risk by not having life insurance. I wanted to dig into the little known aspects of pre-sales, sales, fulfillment, and inforce digital platforms that make a difference in generating new business, motivating consumers, […]
Annuities: Retirement Is 43 Percent Off?
{September 14th, 2021} by Charlie Gipple
Many of the agents that work with CG Financial Group are well aware of the “Four Percent Rule” and the history around it. You probably are as well. I also make sure that agents are very familiar with the 2.8 percent rule. Why do I think understanding these rules are important for folks that sell […]
Exploring Fixed Index Universal Life Insurance Opportunities In Vertical Industries
{September 14th, 2021} by David R. Foster
Often when we speak to financial professionals looking for life insurance opportunities, they will say they have increased their focus on the needs of business owners. Business owners have their own set of unique risks that need to be addressed, including business succession planning, attracting, retaining and motivating key employees, and structuring and funding buy-sell […]
The RILA Market Is Evolving As Fast As It Is Growing
{September 14th, 2021} by Micah Hesting
As time goes on, the everchanging RILA market grows stronger and stronger in its offerings. From Athene’s “large bonus” on any earnings in the account to Equitable’s “not only will we credit back your losses, but we will also add them as a gain,” the offerings just keep getting better and better. If you are […]
Why Your Annuity Trumpet Should Get Louder As Interest Rates Decrease
{September 14th, 2021} by Charlie Gipple
I know the title of this column seems contrary to what you would think but hear me out as I discuss the “relativity game” that annuities play and play very well. You may be thinking that this is yet another conversation about how annuities usually pay more than other “interest bearing” products like CDs, but […]
Integrity Marketing Acquires a $35M Life Distributor
{September 14th, 2021} by Allison Bell
Integrity Marketing Group has acquired Twardowski Insurance Agency, an independent marketing organization that expects to sell new life insurance to about 30,000 people this year. The new policies will generate about $35 million in annual paid premium, according to Integrity Marketing. Click HERE to read the full story via ThinkAdvisor
Parents at Home Need Life Insurance Too: Idea File
{September 14th, 2021} by Allison Bell
Jessica Lepore, the founder of Surevested, an online life insurance agency that opened earlier this year, is spreading a message that’s almost as old as the modern U.S. life insurance industry: The work that husbands and wives do at home has a large financial value Lepore is doing this in observance of Life Insurance Awareness […]
New study: 8 in 10 retirement plan sponsors say participants want guaranteed lifetime income investment options
{September 14th, 2021} by Nationwide
COLUMBUS, Ohio, Sept. 13, 2021 /PRNewswire/ — Nearly nine in 10 plan sponsors and participants (88%), respectively, agree that income in retirement is vital to financial security, according to the Nationwide Retirement Institute’s® 2021 In-Plan Lifetime Income survey of plan sponsors, plan participants, and plan advisors or consultants. However, despite recognizing the importance of income in retirement, the survey found participants don’t […]
Securian Financial and Securian Asset Management Sign Principles for Responsible Investment
{September 14th, 2021} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Furthering their commitment to secure a sustainable future, Securian Financial and its subsidiary, Securian Asset Management, have signed the United Nations-supported Principles for Responsible Investment (PRI). PRI signatories are committed to including environmental, social and governance (ESG) factors in their investment decision making and ownership. More than 4,000 organizations worldwide—including 700 U.S. asset […]
Maybe a Mutual Life Insurer Is Different: Idea File
{September 14th, 2021} by Allison Bell
Northwestern Mutual has been a mutual insurer — meaning that it’s owned by its policyholders — since it was founded, back in 1857. Since then, the company has survived several swings of the life insurance company structure popularity pendulum, to and from preferences for mutual insurers, publicly traded insurers, and ordinary privately held companies. Click […]
Life Insurers Could Pay Death Benefits Through Virtual Credit Cards
{September 14th, 2021} by Allison Bell
Life insurers could soon be paying more claims through virtual payment cards. Traditionally, many life insurers have been so conservative that they have resisted accepting payments made through credit cards or debit cards, let alone pushing cash into cards. But One Inc., a Folsom, California-based insurance payment company founded in 2006, recently formed a relationship […]
Jackson launches enhanced Retirement Expense & Income Calculator
{September 14th, 2021} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced enhancements to its proprietary retirement expense calculator tool, designed to help financial professionals effectively project their clients’ retirement expenses based on the federal government’s Consumer Expenditures Survey data. The updated tool, now named the Retirement Expense & Income Calculator, features an income gap analysis and a Proposed […]
AM Best Revises Issuer Credit Rating Outlook to Negative for Genworth Life and Annuity Insurance Company; Affirms Credit Ratings of Genworth Financial, Inc. and Its U.S. Life Subsidiaries
{September 14th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb+” (Fair) of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). The outlook of the FSR is stable. Concurrently, AM […]
Allianz Life Partners with iJoin and IPX to Offer Guaranteed Income Option
{September 14th, 2021} by Allianz
MINNEAPOLIS – Sept. 9, 2021 – Allianz Life Insurance Company of North America (Allianz Life) announced today that it has partnered with LDI-MAP (d.b.a. iJoin) and IPX Retirement to be the first company to provide a guaranteed income option on the iJoin platform. Recordkeepers and advisors using iJoin will be able to offer the Allianz Lifetime […]
The Bermuda Triangle was Busy this Summer
{September 13th, 2021} by Kerry Pechter
Followers of what RIJ calls the “Bermuda Triangle” trend may have spotted a couple of large deals in that space this past summer—during that deceptively peaceful lull between mass vaccinations and the Delta surge. Click HERE to read the full story via RIJ
Bermuda’s Role in a Changing Annuity Industry
{September 13th, 2021} by Kerry Pechter
Bermuda’s pink sand beaches and reliably blue skies are lovely, but the tiny archipelago in the Atlantic has an added appeal. Its financial regulatory climate makes it a perfect domicile for the reinsurance operations of life insurers and, to an increasing degree, private equity companies. Click HERE to read the full story via RIJ
SEC’s New Ad Rule Is Advisors’ Top Compliance Challenge: Poll
{September 13th, 2021} by Melanie Waddell
Registered investment advisors view the Securities and Exchange Commission’s new marketing and advertising rule as the “hottest” compliance topic this year, with the second-hottest being cybersecurity, according to a recently released Investment Adviser Association poll. IAA’s 2021 Investment Management Compliance Testing Survey, conducted with ACA Compliance Group, also found that firms would like the SEC […]
Attention Insurers!
{September 13th, 2021} by Wink's Intel Pros
Ever wish you had the sales of a product handy while perusing the AnnuitySpecs/LifeSpecs site? Well, NOW YOU DO! Effective immediately, you will see the most recent product-level sales for each product as reported through Wink’s Sales & Market Report on the Product Specs, Product Search results, Product Rates, and Side-by-Side comparisons. Hooray for convenience! (Must […]
Episode 114: We Love Annuities with Sheryl Moore
{September 13th, 2021} by That Annuity Show
Summer is almost over. What’s the outlook for the annuity industry as we head back to our (virtual) offices? Sheryl Moore is the perfect guest to provide us with predictions and savvy forecasts. She graciously joins us today to talk about changes in carrier ownership, product design changes and regulatory evolution. Also, do you […]
Goldman Sach spinoff powering FIG’s new annuity and investment dashboard
{September 13th, 2021} by Financial Planning
Financial Independence Group, a company that connects independent financial advisors with insurance products, is using technology originally developed by Goldman Sachs to power a new advisor dashboard that brings together annuities with structured investments. The new platform, dubbed Quinci, aims to be a one-stop-shop for advisors to access a digital marketplace of fixed and registered […]
LIMRA and the Society of Actuaries Research Institute Announce New Partnership on Experience Study Data Collection
{September 13th, 2021} by LIMRA and SOA
WINDSOR, Conn. and SCHAUMBURG, Ill., September 8, 2021 – LIMRA and the Society of Actuaries (SOA) Research Institute announced today a new three-year partnership to collect and process data to be used in industry-wide experience studies. Through this partnership, LIMRA and the SOA Research Institute will be able to continue developing in-depth experience study reports and […]
J.P. Morgan Helps 401k Participants in Retirement with SmartRetirement Plus, Incorporating a Protected Lifetime Income Solution from AIG Life & Retirement
{September 13th, 2021} by J. P. Morgan Asset Management
NEW YORK, Sept. 9, 2021 /PRNewswire/ — J.P. Morgan Asset Management today announced plans to launch SmartRetirement Plus, a unique retirement income solution for American workers. SmartRetirement Plus will pair J.P. Morgan Asset Management’s retirement investment funds and spending intelligence with AIG Life & Retirement’s IncomEdge Control annuity[1]. AIG Life & Retirement is an innovator in protected lifetime income […]
After the 9/11 Attacks, Wall Street Bolstered Its Defenses
{September 13th, 2021} by Alexander Osipovich
The nearly weeklong stock-market shutdown that followed the Sept. 11 attacks seems unimaginable in today’s world of round-the-clock trading. During the past 20 years, advances in technology and broad efforts to bolster U.S. market infrastructure have made such outages rare. Last year, when the coronavirus pandemic led to plunging stock prices, record volumes and an […]
Life Insurance Awareness Month is Here: Kelly Rowland & Life Happens Urge Americans to Talk About Life Insurance
{September 7th, 2021} by LIfe Happens
ARLINGTON, Va., Sept. 1, 2021 /PRNewswire/ — Life Happens, a national nonprofit educating consumers about the importance of life, disability and long-term care insurance in a complete financial plan, today launches its annual Life Insurance Awareness Month (LIAM) campaign with four-time Grammy award-winning singer, songwriter, producer, humanitarian and mother Kelly Rowland. Life Happens’ partnership with Kelly seeks to […]
NCOIL HIGHLIGHTS LIFE INSURANCE AWARENESS MONTH
{September 7th, 2021} by NCOIL
Manasquan, NJ – Congress has designated September as “National Life Insurance Awareness Month”. The National Council of Insurance Legislators (NCOIL) applauds this designation. NCOIL focuses on this campaign to serve as a reminder to families of the value of life insurance and encourage them to perceive life insurance as an investment into their families’ security. […]
OneAmerica Affirmed by A.M. Best with A+ (Superior) Rating
{September 7th, 2021} by OneAmerica
INDIANAPOLIS, Aug. 31, 2021 /PRNewswire/ — OneAmerica®http://www.oneamerica.com/ today reported that A.M. Best has affirmed the financial strength rating A+ (Superior) for insurance companies of OneAmerica, including American United Life Insurance Company® (AUL) and its affiliate, The State Life Insurance Company® (State Life). The ratings analyze the financial strength and performance of the companies and the ability to meet existing obligations. The A+ (Superior) […]
Looking For Life Amid COVID-19
{September 7th, 2021} by John Hilton
Elaine Tumicki has tracked life insurance sales data for decades and has never been more excited than right now. Her enthusiasm is rooted in the new post-pandemic realities. To keep it simple, life insurance is a hot property. Click HERE to read the full story via INN
NAIC Giving States The Answers
{September 7th, 2021} by John Hilton
Insurance regulators are having substantial success in pushing to get states to adopt a best-interest update to annuity sales rules. Whether it is enough success and happening fast enough is yet to be determined. As of press deadline, at least 15 states had adopted some form of the new NAIC update to the Suitability in […]
Death Benefit Claim Fail #LIAM Reprint
{September 7th, 2021} by Sheryl J. Moore
As the nation’s top expert on life insurance and annuity products, I have spent a great deal of my time over the last couple of decades pouring-over specimen contracts and prospectuses. It’s what I do. It’s why I’m the life of the party. Given that, I am going to admit to you one […]
I Give a Damn About Life Insurance – You Should Too! #LIAM Reprint
{September 7th, 2021} by Sheryl J. Moore
Starting out in the insurance industry 20 years ago, there was one thing that I learned quickly and that was life insurance was a necessity. Life insurance guards against the risk of dying unexpectedly. And let’s face it – we’re all going to die. For that reason alone, I thought that I should purchase life […]
Consumer Group Urges Congress To Cut Regulatory Barriers To Index-Linked Annuities
{September 7th, 2021} by Tracey Longo
It’s not every day the Consumer Federation of America aligns its lobbying interests with the annuities industry, but the powerful group is making an exception, sending a letter to lawmakers asking them to pass legislation that would allow companies to streamline their registration and create more meaningful disclosures for index-linked annuities products. The bipartisan “Registration […]
Looking gender bias straight in the eye
{September 7th, 2021} by Mallory Hendry
Growing up in what can only be described as a real-life version of the movie My Big Fat Greek Wedding, Fotini Iconomopoulos’ father bestowed upon her the nickname of “The Negotiator,” and she wore that label proudly. “Girls were expected to speak only when spoken to, but I challenged the gender norms of my upbringing,” Iconomopoulos said. […]
The Best-Selling Indexed Annuity Has Changed. The Issuer Hasn’t.
{September 7th, 2021} by Cyril Tuohy
Allianz 222 held the No. 1 position for 21 consecutive quarters, then ceded its perch in the last three months of 2020 to Allianz Benefit Control, data from Wink’s Sales & Market Report show. Allianz Benefit Control was then the top-selling indexed product in the first quarter and Wink expects it to repeat that dominance for the second […]
California Supreme Court Rules That Life Insurers Must Give Proper Cancellation Notices and Grace Periods to All Policyholders Before Terminating Policies
{September 7th, 2021} by Nicholas & Tomasevic
SAN FRANCISCO, Aug. 30, 2021 /PRNewswire/ — Today, the California Supreme Court ruled that legislation added to the Insurance Code on January 1, 2013, provide safeguards for all policyholders and beneficiaries, including existing ones, not just those who had policies issued on or after January 1, 2013. The following protections apply to all life insurance policies in force on or […]
Aflac Launches Awareness Campaign During National Sickle Cell Awareness Month
{September 7th, 2021} by Aflac
COLUMBUS, Ga., Sept. 1, 2021 /PRNewswire/ — Aflac, a leading provider of supplemental insurance in the U.S. and a strong supporter of children with cancer and blood disorders, announced today that the company is commemorating National Sickle Cell Awareness Month with several educational initiatives and activities throughout the month and beyond. Beginning in early 2022, Aflac will expand […]
LIMRA: First Half of 2021 Had Highest U.S. Life Insurance Policy Sales Growth Since 1983
{September 7th, 2021} by LIMRA
WINDSOR, Conn., Sept. 1, 2021 /PRNewswire/ — In the first six months of 2021, the total number of policies sold increased 8%, compared with prior year results. This is the highest policy sales growth recorded since 1983, according to LIMRA’s Second Quarter U.S. Individual Life Insurance Sales Survey. Total U.S. life insurance premium increased 21% in the second quarter […]
American Families Overconfident But Underprepared For An Unexpected Death, According To New USAA Data
{September 7th, 2021} by USAA
SAN ANTONIO, Sept. 1, 2021 /PRNewswire/ — End-of-life planning is not a popular conversation topic — so much so that Americans feel more comfortable talking about politics (68%) than about planning for an unexpected death (62%). In a new survey, USAA Life Insurance Company explored how American civilian and military families talk about and prioritize life insurance and […]
LifeQuotes.com Reminder: September is Life Insurance Awareness Month; Prices Fall to All-Time Lows
{September 7th, 2021} by LifeQuotes.com
DARIEN, Ill., Sept. 1, 2021 /PRNewswire/ — LifeQuotes.com, the online insurance broker that offers instant, comparative quotes from 40 leading life insurers and allows customers to purchase from the company of their choice, today reminds consumers that September is Life Insurance Awareness Month and that life insurance prices are now at all-time lows. Michell Zieba, vice president, […]
Fidelity National Financial, Inc. Announces Virtual Participation at Barclays Global Financial Services Conference
{September 7th, 2021} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Sept. 1, 2021 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (the “Company”) today announced that the Company’s President, Mike Nolan, Chief Financial Officer, Tony Park, and F&G’s President and Chief Executive Officer, Chris Blunt, will participate in a fireside chat at the Barclays Global Financial Services Conference at 7:30 a.m. Eastern Time on Wednesday, September 15, 2021. A live webcast […]
Workers’ savings just don’t match expected retirement income, survey finds
{September 7th, 2021} by Kate Dore
Most workers over age 40 don’t have sufficient retirement savings and aren’t setting aside enough to catch up, according to a survey from the Insured Retirement Institute. Despite the nest egg shortfall, many still expect to retire early and believe they will have ample retirement income. More than half of older Americans have less than $50,000 […]
Sun Life U.S. moves Connecticut office to downtown Hartford
{September 7th, 2021} by Sun Life
WINDSOR, Conn., Aug. 31, 2021 /PRNewswire/ — Sun Life U.S. announced plans to move its Connecticut office to One Financial Plaza, also known as “The Gold Building,” at the corner of Main and Pearl Streets in downtown Hartford. Sun Life will occupy 47,000 square feet of space in one of the largest, most prominent office towers in Hartford. The building offers […]
Want ‘Diamond Hands?’ Buy An Annuity!
{September 7th, 2021} by John Nuemann
The meme culture has produced a new class of investors and some important lessons for financial advisors and their clients. The Reddit crowd is seemingly unfazed by extreme volatility in stocks like GameStop or AMC because of a cherished talent they call “Diamond Hands.” Diamond Hands is the ability to stomach all of the risk, […]
How annuities are labeled matters, new Morningstar research finds
{September 7th, 2021} by Robert Steyer
Clearly, Juliet Capulet never had to sell or market annuities. When Shakespeare’s tragic heroine asked “What’s in a name?” it was a plaintive cry that the intrinsic nature of humanity shouldn’t depend on someone’s definition. Morningstar Inc., Chicago, on the other hand, has found that a name can play a prominent role in the intrinsic […]
This Life Insurance Awareness Month Is Different
{September 6th, 2021} by Allison Bell
Life Happens started the 2021 Life Insurance Awareness Month campaign today with plenty to talk about. The Arlington, Virginia-based nonprofit group has worked to spread the awareness message by developing a marketing guide and a pre-recorded webinar for agents and brokers. Life Happens also has brought in Kelly Rowland — a former member of the group […]
Variable Universal Life Sales Roar Higher
{September 6th, 2021} by Allison Bell
A lull in the COVID-19 pandemic helped U.S. life insurers increase sales of individual life coverage in the second quarter. Total annualized premium revenue from new retail sales was 21% higher in the second quarter than in the second quarter of 2020, according to new insurer survey results from LIMRA. Click HERE to read the […]
Why Do So Many Foreign Nationals Want U.S. Life Insurance?
{September 6th, 2021} by Michael Gomez
The U.S. life insurance industry enjoys a number of advantages over other countries, making it increasingly attractive to non-U.S. citizens and residents, namely high death benefit capacity, comparatively low insurance costs, well-capitalized insurers, stable currency and a robust regulatory environment. This edge has led to more U.S. life insurance companies creating formal foreign national […]
5 Lessons on Investment Indexes Used by Insurers, Other Firms
{September 1st, 2021} by Allison Bell
Laurence Black has started The Index Standard, a company that could help bring order and quality ratings to the world’s rapidly growing list of investment indexes. Black has been working in the index world since 2003, when he was head of thematic research and indexes at a business that’s now part of ABN AMRO. While […]
Luma Financial Technologies Introduces Latest Annuity Feature: “Luma Compare
{September 1st, 2021} by Luma Financial Technologies
CINCINNATI–(BUSINESS WIRE)–Luma Financial Technologies (“Luma”), the world’s top independent and most objective, multi-issuer structured products and annuities platform, is pleased to announce the onboarding of their latest annuity-focused tool, “Luma Compare.” Luma Compare, which lives within Luma’s award-winning platform, removes many of the past challenges that advisors faced when transacting in the annuity […]
Congratulations Sheryl Moore!
{August 31st, 2021} by Wink's Intel Pros
Wink’s CEO, Sheryl Moore has been presented with a Thought Leadership & Education award for the first LUMINARIES recognition program from ThinkAdvisor.
Are we fools for a catchy acronym?
{August 31st, 2021} by Sheryl J. Moore
Remember when the U.S. Securities and Exchange Commission issued that Investor Bulletin on structured annuities, but called them “indexed annuities?” IT IS FOR THIS REASON THAT I HAVE ALWAYS SUGGESTED WE NOT REFER TO STRUCTURED ANNUITIES AS ANYTHING REMOTELY RELATED TO INDEXED ANNUITIES. PLEASE do not call them “Registered Index-Linked Annuities” or “RILAs,” folks. The regulators don’t […]
LUMINARIES Class of 2021: Thought Leadership — People
{August 31st, 2021} by contributions from Jeff Berman, Michael S. Fischer, Emily Holbrook, Janet Levaux, Bernice Napach, Ginger Szala and Melanie Waddell
We’re pleased to present the first Thought Leadership & Education winners of our new, pioneering recognition program: the LUMINARIES. Members of the Class of 2021 are being honored for the dynamic efforts they lead that are driving the financial services industry forward. “Why are we doing what we’re doing? Why are we doing it that […]
If Brokers Drop Commission-Paying Annuities, This May Be Big Issue
{August 31st, 2021} by Warren S. Hersch
Wink CEO Sheryl Moore identified a big lack of product choices. There are, she noted, just 98 fee-based deferred annuities from 34 companies. She added that, as of the first quarter of this year, only 2.28% of the $58.1 billion in deferred annuity sales was attributable to fee-based products. “Insurance companies are not going to exert any effort […]
As Covid cancels industry events, advisers weigh attending what’s left
{August 31st, 2021} by Jeff Benjamin
The daily ebb and flow of the status of the Covid-19 pandemic, accompanied by rolling debates over the efficacy of the vaccines, has left many of the financial services industry’s road warriors in holding patterns as they wait to see which events are still on the schedule and which might not be worth the risk. […]
Prudential makes $200M commitment to diversity, equity and inclusion through private equity investments
{August 31st, 2021} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) has made a $200 million commitment through the Prudential DEI Portfolio to private equity investments constructed with a diversity, equity and inclusion (DEI) lens. Investments will focus on limited partner stakes with substantial ownership and/or management by women and minorities, particularly those raising capital for first or second […]
FA Says Ameriprise Ahead In Social Media Marketing. This Might Be Why.
{August 31st, 2021} by Andrew Kessel
When 17-year UBS Financial Services veteran financial advisor Marc Gendell moved to Ameriprise Financial in June, his new affiliation’s social media marketing was among its biggest draws. Gendell, who has been in the industry since 1998, said earlier this month that “Ameriprise is ahead of the curve” in this regard and he “started getting new […]
Best’s Special Report: First-Half 2021 Net Income Soars in U.S. Life/Annuity Insurance Industry
{August 30th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Net income for U.S. life/annuity (L/A) insurance industry soared in the first half of 2021 on reduced expenses, rising to $18 billion from $1 billion in the same prior-year period, according to a new AM Best report. This financial review is detailed in a new Best’s Special Report, titled, “First Look: Six-Month 2021 Life/Annuity Financial Results,” and […]
Lincoln Financial Group Announces Executive Leadership Succession
{August 30th, 2021} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced that Dennis R. Glass, president and CEO, will transition roles following the 2022 Annual Meeting of Shareholders planned for next May, becoming the chairman of the board. Ellen G. Cooper, currently executive vice president, chief investment officer, head of Enterprise Risk and the Annuity Solutions group, […]
Ash Brokerage, Ameritas and SCOR Reveal New Instant Decision Term Life Product
{August 30th, 2021} by Ash Brokerage
FORT WAYNE, Ind., Aug. 24, 2021 /PRNewswire/ — Ash Brokerage, Ameritas and SCOR announce a new next-generation term life insurance product, Ash Instant term issued by Ameritas Life Insurance Corp. This innovative digital product is available to Ash advisors through the Ash Term Express platform. Together, the product and platform are transforming the life insurance landscape. “It’s not enough to keep […]
Northwestern Mutual Study Finds Americans’ Personal Debt Has Dropped More than 20% Over the Last Two Years
{August 30th, 2021} by Northwestern Mutual
MILWAUKEE, Aug. 25, 2021 /PRNewswire/ — The latest findings from Northwestern Mutual’s 2021 Planning & Progress Study show that among U.S. adults aged 18+ who carry debt, they hold an average of $23,325 excluding mortgages. This represents a downward trend of over 20% since 2019. Average Amount of Debt Per Year (exclusive of mortgages): 2019 $29,800 2020 $26,621 2021 $23,325 […]
5 Lessons on Investment Indexes Used by Insurers, Other Firms
{August 30th, 2021} by Allison Bell
Laurence Black has started The Index Standard, a company that could help bring order and quality ratings to the world’s rapidly growing list of investment indexes. Black has been working in the index world since 2003, when he was head of thematic research and indexes at a business that’s now part of ABN AMRO. While […]
Annuities make it easier for retirees to spend, research finds
{August 30th, 2021} by Kate Dore
With fewer employer pensions these days, some retirees are hesitant to draw down their nest eggs. However, older Americans may spend more freely with a guaranteed source of income, such as Social Security or a private annuity. That’s according to a research paper that examines spending in retirement. The report compared retirees with a life-long […]
Darryl Button Named President and CEO of Pacific Life
{August 30th, 2021} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life Insurance Company announced today that Darryl Button has been named CEO-Elect and will become president and CEO of Pacific Life, succeeding Chairman, President and CEO Jim Morris, on April 1, 2022, upon Mr. Morris’ retirement. Mr. Button, currently the company’s chief financial officer, will be only the 15th chief executive in […]
Conning is Pleased to Announce its Newest Focus Series- “The New Annuity (Re)insurer Landscape”
{August 30th, 2021} by Conning
HARTFORD, Conn., Aug. 24, 2021 /PRNewswire/ — The entire annuity competitive landscape is undergoing a seismic restructuring. Over the past ten years, new entrants have sought to gain access to annuity insurers and their substantial assets by establishing new reinsurance platforms. At the same time, many annuity insurers have sought to reposition within or exit the annuity […]
Lincoln Financial Group Adds New Globally Diversified Index to Flagship Fixed Indexed Annuity to Help Address Inflation and Market Volatility
{August 30th, 2021} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) is expanding its flagship fixed indexed annuity product, Lincoln OptiBlend®, to include the BlackRock Dynamic Allocation Index. The index’s global allocation provides investors with greater diversification in their portfolios, as well as daily volatility controls to help mitigate risk. This is particularly important to today’s savers – nearly 50% […]
Transamerica Launches New Retirement Plan Exchange Featuring UBS Retirement Plan Manager
{August 30th, 2021} by Transamerica
BALTIMORE, Aug. 23, 2021 /PRNewswire/ — Transamerica announced today that the company launched a new Retirement Plan Exchange® featuring the UBS Retirement Plan Manager program. The Exchange is available solely through UBS Financial Advisors. UBS Retirement Plan Manager (RPM) is an advisory program that offers discretionary investment management, with UBS acting as an investment manager under ERISA Section 3(38). In addition, TAG […]
AM Best Places Credit Ratings of Guggenheim Life and Annuity Company Under Review With Developing Implications
{August 30th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Guggenheim Life and Annuity Company (GLAC) (Wilmington, DE). The Credit Rating (rating) actions reflect GLAC’s decline in surplus and weakening in its risk-adjusted capital position during the first half […]
How to Use Insurance Products for Tax-Sheltered Growth
{August 30th, 2021} by Robert Powell
Annuities are often viewed as a way to manage the risk of longevity, of outliving your money. But insurance products such as annuities have other benefits. Such products can provide tax-advantaged investment returns, says Michael Finke, professor of wealth management and Frank M. Engle Chair of Economic Security Research at the American College of Financial […]
New York Life to Promote App Aimed at Bereaved Families
{August 30th, 2021} by Allison Bell
New York Life is putting its marketing clout behind a mobile device app that can help families cope with the loss of a loved one. The insurer has started offering beneficiaries the Empathy app, from Empathy Project, a company that aims to support grieving families. Empathy estimates that grieving families typically spend an average of about […]
When does it make sense for a trust to own your life insurance policy?
{August 30th, 2021} by https://www.chase.com/personal/investments/learning-and-insights/article/when-does-it-make-sense-for-a-trust-to-own-your-life-insurance-policy
Estate planners and insurance professionals often recommend that people create a separate trust to own life insurance policies. Whether a life insurance trust makes sense for you depends on your goals and a number of other factors. Why own life insurance in a trust? If you own a life insurance policy, you probably know that […]
Insurance Labor Study Indicates Continued Growth Amid a Difficult Recruiting Market
{August 30th, 2021} by The Jacobson Group
CHICAGO–(BUSINESS WIRE)–The latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study, conducted in part by The Jacobson Group, the leading provider of talent to the insurance industry, found 93% of respondents plan to increase or maintain their headcounts in the next 12 months. “We’re seeing a lot of movement within the insurance industry, as professionals […]
Research Roundup
{August 30th, 2021} by Kerry Pechter
In this month’s edition of Research Roundup, we summarize four academic papers touching on topics ranging from behavioral finance to macroeconomics, and from an informed prediction about the future path of interest rates to speculation about the introduction of a Federal Reserve-sponsored digital currency. If you believe that wealthy buy less insurance because they can […]
Not All Annuity Issuers Are Alike
{August 30th, 2021} by Kerry Pechter
When fee-based advisers who’ve dealt only with investments decide to become “ambidextrous,” they can be forgiven for not instantly knowing every nuance about insurance products and life insurance companies. “Ambidextrous” is RIJ’s adjective for advisers who use investments and annuities to maximize clients’ income and peace of mind in retirement. Click HERE to read the full story […]
FP Rising Stars: Planners of the Future
{August 30th, 2021} by Julie Coleman, Jessica Lerner
We’re delighted to announce the winners of a new award: Financial Planning’s 2021 Rising Stars. This list celebrates 10 early-career financial planners who embody the values of the profession and are on a trajectory to make a difference in the field. Selected from among nominees across the country, the winners are both young advisors and career-switchers. […]
Financial advisor vs. planner: what’s the difference?
{August 30th, 2021} by Lily Wolfson
Over time, the financial services industry has blurred the line between the terms financial “advisor” and “planner,” often at the expense of the client’s experience. A financial planner can be — broadly — defined as someone who sits down with a client and does lifelong financial planning. Financial advisor is a more general term. An […]
US Dividends Jump 5.2% in Q2
{August 30th, 2021} by Janus Henderson
DENVER–(BUSINESS WIRE)–Despite some notable exceptions, the majority of US companies continued paying their dividends without interruption during the first year of the pandemic, leading to a smaller rebound in the second quarter of 2021 relative to other countries. US dividends rose 5.2% during the quarter on an underlying basis according to the latest edition of […]
These Six Fast-Growing Small Annuity Issuers May Be Your Next Rivals
{August 30th, 2021} by Warren S. Hersch
Wink reported in April of last year that Upstream Life had the most competitive rates for multi-year guaranteed annuities, with term periods as long as 15 years for its Secure Foundation and Secure Legacy products. Click HERE to read the full story via Life Annuity Specialist
Things they won’t tell you
{August 24th, 2021} by Sheryl J. Moore
I have viewed myself as an educator on life insurance and annuity products for well into two decades. That said, I’ve not been as vocal about some things as I maybe should. Let this article be a first step in righting those wrongs. Who can you trust in the indexed annuity sale? Yourself. […]
TRUTH OR FICTION:
{August 24th, 2021} by Sheryl J. Moore
When the 10-year Treasury declines, the complexity of annuities increases. -sjm
COVID-19 Drove Insurance Sales In Past Year, MDRT Survey Showed
{August 24th, 2021} by Susan Rupe
The COVID-19 pandemic was one of the biggest drivers – if not the biggest driver – of the insurance market in the last year and a half. That’s the word from a recent survey taken on behalf of the Million Dollar Round Table. The survey revealed that 42% of Americans who acquired new insurance policies since March […]
Why Beneficiary Support Must Be Top Of Mind For Life Insurance Providers
{August 24th, 2021} by Donna Jermer
Armed with increasingly sophisticated technological tools, customers in the life insurance sector can now access more data than ever before. As technology continues to advance, life insurance policyholders can be selective when it comes to their providers. That means providers must earn the trust of their policyholders. They can do this by charging their marketing and communications […]
10 tips for clients on National Financial Awareness Day
{August 24th, 2021} by Brittney Grimes
The celebration of Financial Awareness Day this past weekend makes it an excellent time to remind your clients of the importance of achieving financial stability and independence. Click HERE to read the full story via InvestmentNews
AIG Life & Retirement Names 2 New Presidents
{August 24th, 2021} by Michael S. Fischer
AIG Life & Retirement this week announced the promotions of Bryan Pinsky to president of individual retirement and Tim Heslin to president of U.S. life insurance. Pinsky and Heslin assumed their positions Monday, and both will continue to report to Todd Solash, chief executive of individual retirement and life insurance at AIG Life & Retirement. […]
DOL’s Lifetime Income Annuity Interim Rule Is Flawed, ERISA Lawyers Say
{August 24th, 2021} by Melanie Waddell
The retirement planning community is anxiously awaiting a final rule from the Labor Department on the delivery of lifetime income illustrations on plan participants’ benefit statements, as the interim rule that takes effect in September is flawed because the illustrations are confusing, according to ERISA lawyers from Faegre Drinker. The interim rule implements Section 203 […]
Northwestern Mutual Sponsors Next Generation of Diverse Childhood Cancer Researchers
{August 24th, 2021} by Northwestern Mutual
MILWAUKEE, Aug. 18, 2021 /PRNewswire/ — Although it’s the leading cause of death for children under 19, according to the National Cancer Institute, childhood cancer research only receives 4% of funding from the federal cancer budget. Northwestern Mutual, through its Foundation, is advancing the search for better treatments and cures for pediatric cancer and supporting the next generation of diverse researchers […]
FIG Announces Leader for Advanced Strategies Division
{August 24th, 2021} by Financial Independence Group
CORNELIUS, N.C., Aug. 11, 2021 /PRNewswire/ — Financial Independence Group, LLC (FIG), a leading financial services conglomerate working with independent financial advisors and insurance companies, specializing in annuities, long-term care, and life insurance products, is pleased to announce Jeremy Green will lead its Advanced Strategies division as Director. FIG’s Advanced Strategies division was created to assist financial professionals with the […]
Deloitte 2021 Global Blockchain Survey: Global Financial Services Industry Undergoing Seismic Shift; Banks Must Embrace Inevitable Digital Future
{August 24th, 2021} by Deloitte
NEW YORK, Aug. 19, 2021 /PRNewswire/ — As COVID-19 and the proliferation of digital everything profoundly changed how the world operates, Deloitte’s fourth annual “Global Blockchain Survey” finds that the financial services industry (FSI) must accelerate toward product modernization and distribution to achieve economic growth. In fact, 73% of respondents fear their organizations will lose competitive advantage if […]
The Annuity That Lets You Change Your Mind
{August 24th, 2021} by William Baldwin
Most lifetime annuities are irrevocable. But three months ago a Canadian company, Purpose Investments, began offering the Purpose Longevity Pension Fund, a lifetime annuity with an exit door. You can put your money in now, start collecting a monthly income, and then change your mind later, retrieving what’s left of your principal. Yikes. Doesn’t a […]
Lincoln Financial settles age discrimination claim with former recruiter
{August 24th, 2021} by Bruce Kelly
Lincoln Financial Group, parent to the independent broker-dealer Lincoln Financial Network, and a former recruiter settled an age discrimination claim that alleged the recruiter, Louis Hanna, was fired in October 2017 for “poor performance.” Click HERE to read the full story via InvestmentNews
‘Guaranteed income’ preferred over ‘annuities’
{August 24th, 2021} by Emile Hallez
Annuities have existed as a concept for thousands of years, but they aren’t used very often by today’s retirees — and part of that has to do with their name. Click HERE to read the full story via InvestmentNews Wink’s Note: You know- I see these “survey results” and “research findings” about once a […]
Morningstar On Why Annuities Still Struggle To Gain Wide Acceptance
{August 24th, 2021} by Tracey Longo
Studies have shown that Americans can benefit from guaranteed income products (GIPs) in their retirement portfolios, but they are faced with a maze of complex product choices from an industry with regulatory and legal challenges. In a new report, entitled “Are There Enough Annuities?” Morningstar laid out the challenges the industry faces in trying to […]
Connecticut Passes ‘Best Interest’ Rule for Annuities
{August 24th, 2021} by Patrick Donachie
Connecticut passed a rule this week governing the recommendation and sales of annuity products within the state in a move that the American Council for Life Insurers (ACLI) called a “huge victory for consumers.” In doing so, Connecticut became the 16th to state to pass regulation or legislation based on a model rule by the […]
MassMutual Consumer Spending & Saving Index: Americans Experiencing the Financial Impacts of FOMO Are Spending $765 More Per Month Than This Time Last Year
{August 24th, 2021} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–With summer in full swing, Americans are increasing their spending from last summer and preparing for new financial realities according to new research from Massachusetts Mutual Life Insurance Company (MassMutual). Experiencing financial impacts from the rise in social gatherings and re-openings, Americans are spending an average of $765 more per month compared to […]
Best’s Special Report: Publicly Traded U.S. Life/Annuity Companies Reduced Leverage, Improved Liquidity in 2020
{August 24th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The prolonged low interest rate environment has allowed publicly traded life/annuity (L/A) insurers to strengthen their balance sheets by replacing higher-cost debt with often significantly lower-cost alternatives, according to a new AM Best special report. The Best’s Special Report, titled, “Publicly Traded L/A Insurers Reduced Leverage, Improved Liquidity in 2020,” states that the aggregate unadjusted total […]
Allianz Life’s Annuity Products Now Supported on Morningstar® Retirement Manager℠
{August 24th, 2021} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life) announced today that it has teamed up with Morningstar Investment Management LLC to help individuals allocate their retirement savings to its annuity products through the Morningstar Retirement Manager service. The Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit will be the first Allianz Life […]
AIG Names Bryan Pinsky President of Individual Retirement and Tim Heslin President of US Life Insurance
{August 24th, 2021} by AIG
NEW YORK–(BUSINESS WIRE)–Aug. 16, 2021– AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG), today announced that Bryan Pinsky has been named President, Individual Retirement and Tim Heslin has been named President, US Life Insurance. “Bryan and Tim are exceptional leaders and innovators, and their strategic insight and product expertise will drive our businesses to continue to deliver the very […]
The Regulation of Annuities
{August 24th, 2021} by Susan Rupe
A look at how regulators are reclaiming oversight of annuity sales. Bruce Ashton, partner, Employee Benefits and Executive Compensation Practice Group at Faerge Drinker Biddle & Reath, discusses the latest news on the state and federal regulation of annuities, including: How the Biden administration will approach redefining “fiduciary” Whether the industry can again win in […]
Meet the LUMINARIES Class of 2021
{August 17th, 2021} by Janet Levaux
We’re pleased to present the first winners of our new, pioneering recognition program: the LUMINARIES. The program’s Class of 2021 members are being honored for the dynamic and inclusive ways they are driving the wealth, investment and retirement industry forward. An evolution of our Broker-Dealers of the Year awards, the LUMINARIES program shines a spotlight […]
Legacy Marketing Group Announces Launch of JourneyMark Fixed Indexed Annuity; First Joint FIA with Western & Southern Financial Group
{August 17th, 2021} by Legacy Marketing Group
PETALUMA, CA, August 16, 2021—Legacy Marketing Group® (Legacy) today announced the launch of JourneyMarkSM, its first joint fixed indexed annuity with Western & Southern Financial Group (Western & Southern). Issued by Western & Southern member company Integrity Life Insurance Company (Integrity Life), an “A+ (Superior)” rated carrier* with a Comdex ranking of 96 out of 100,** JourneyMark […]
Jackson Introduces New Retirement Investment Annuity
{August 17th, 2021} by Jackson National Life Insurance Company
NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced the launch of Jackson Retirement Investment AnnuitySM (JRIA), a fee-based variable annuity designed for independent registered investment advisors (IRIAs) to specifically address their annuity concerns. JRIA offers consumers the opportunity to grow their assets tax-deferred1 while generating protected income and preserving their legacy. “Through our research and direct feedback […]
Six major life insurers report second quarter financials
{August 17th, 2021} by Editorial Staff
A half-dozen life/annuity insurance companies—AIG, American Equity, Brighthouse Financial, Equitable, Lincoln Financial, MetLife released their second quarter 2021 earnings reports this week. The reports reflect a variety of ongoing trends: Year-over-year increases in individual annuity sales, continuing stock repurchase plans, a shift toward higher-yielding investments in private or alternative assets, alliances with asset managers that […]
Holy cow.
{August 17th, 2021} by Sheryl J. Moore
Did you know that more than 40.84% of all indexed annuity sales are through insurance companies with private equity backing? That number has increased from a low of 6.14% in 1Q2011, and a high of 43.85% in 4Q2020. -sjm
Cheese and rice.
{August 17th, 2021} by Sheryl J. Moore
I have been reading about a lot of folks using annuities in really bad ways as of late… – Raiding clients’ annuities for their own personal use; – Issuing fake annuities, robbing Peter to Pay Paul, and plundering the money; – Yadda, yadda, yadda. Do me a favor folks- go use some other type of […]
Give Yourself a Pay Raise in Retirement
{August 17th, 2021} by Geoffrey Johnson
Because inflation erodes purchasing power, it’s painful for just about everyone. But it can be especially challenging if you’re a retiree whose budget is based on a fixed income. Remember: Retirees can’t count on getting pay raises the way those who are still working typically can. In retirement, you’re creating your own “paycheck” — usually […]
DPL and SS&C Start Exchange for Commission-Free Insurance Products.
{August 17th, 2021} by Allison Bell
DPL Financial Partners has joined with SS&C Technologies to launch an exchange for no-commission insurance products. The new SS&C Advent Insurance Marketplace Powered by DPL exchange offers annuities, life insurance and disability insurance products. The list of participating insurers includes Allianz Life, Great American Security Benefit and Midland National. Click HERE to read the full story via ThinkAdvisor
U.S. Life Application Activity Faces Tougher 2020 Comparisons: MIB
{August 17th, 2021} by Allison Bell
MIB Group’s U.S. individual life insurance application activity figures for July look bad because July 2020 was a good month for life application activity. MIB talks about that problem in its latest life application activity update. MIB is a Braintree, Massachusetts-based company that helps life insurers share some of the information used in life insurance underwriting. […]
How Millennials Are Changing the Life Insurance Game
{August 17th, 2021} by Salene Hitchcock-Gear, President of Prudential Individual Life Insurance
There’s nothing more impactful than the loss of someone close to you to shine a light on the need for life insurance. And this past year, most of us have experienced some sense of loss, collectively if not personally, through the grief and suffering brought on by the global pandemic. Many of us who never […]
Why Annuities Are Better Than Equities
{August 17th, 2021} by INNsider Pro
If you’re saving for retirement, it’s advised that you focus on assets that drive portfolio growth. And, two of the best opinions that will achieve this goal are variable annuities and stocks. Q2 2021 hedge fund letters, conferences and more Both vehicles offer growth potential. Click HERE to read the full story via INN
