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Archive for January 2010

The Unloved Annuity Gets a Hug From Obama

{January 29th, 2010} by Ron Lieber

January 30, 2010 Your Money The Unloved Annuity Gets a Hug From Obama Annuities: The official retirement vehicle of the Obama administration. As slogans go, it’s hardly “Keep Hope Alive,” or even “Change We Can Believe In.” But there were annuities, in a report from the administration’s Middle Class Task Force that came out this [...]

Seize The 2010 Opportunity

{January 28th, 2010} by Michael S. Pinkans

By MICHAEL S. PINKANS Published 1/14/2010  As 2010 begins, many producers are happy to leave 2009 behind.  Industry sales of life insurance were down significantly last year, and fixed annuity sales cooled dramatically in the last quarter as interest rates declined. But for 2010, sales should increase as the economy and consumer sentiment recovers. The question [...]

Flexible Income Options No Longer ‘One Size Fits All’

{January 28th, 2010} by Del Campbell and Kris Kattman

By DEL CAMPBELL AND KRIS KATTMANN Published 1/14/2010  In today’s economic environment, consumers have an overwhelming need for flexible annuity solutions. Many people are concerned with the market impact on their retirement savings and what that will mean to their overall retirement plans. People are not looking just for annuity solutions but income solutions that provide [...]

The Combo Annuity/LTC Driver

{January 28th, 2010} by Cary Lakenbach

By CARY LAKENBACH Published 1/14/2010  Americans have just survived a devastating period of asset depletion and shrinkage. For many retirees and near-retirees, the ability to pay for the costs of long term care and other retirement costs has been severely compromised. What options are available for them? Are the costs affordable? For many retirees and near-retirees, [...]

Annuitize And Invest The Difference

{January 28th, 2010} by Matthew Greenwald

By MATHEW GREENWALD Published 1/14/2010  A new rule of thumb seems in order for this time of financial stress for many retirees: “Annuitize and invest the difference.” This is not to suggest that retirees should put all, or even most, of their money into a life annuity. But for most retirees, putting 10% to 25% of [...]

Obama To Highlight Annuities

{January 27th, 2010} by Trevor Thomas

By TREVOR THOMAS Published 1/26/2010  The Obama administration will promote use of annuities to generate retirement income when it releases proposals for helping stressed middle-income families. The administration’s plans include a proposal to encourage the use of annuities and similar products to transform savings into guaranteed future income, thereby reducing the chance of retirees’ outliving their [...]

2010 Annuity Market Outlook

{January 26th, 2010} by Kim O'Brien

Click here for article.

SEC Plans to Reissue Rule 151A but Offers 2-Year Delay

{January 26th, 2010} by N/A

Click here for the article.

Regulators Target 'Source of Funds' in Annuity Sales

{January 26th, 2010} by Darrell Delamaide

Click here for the article.

Regulators Target ‘Source of Funds’ in Annuity Sales

{January 26th, 2010} by Darrell Delamaide

Click here for the article.

Interactive profiles of independent broker-dealers

{January 26th, 2010} by N/A

See how the major players stack up against one another –in anyway you like– with interactive profiles that allow you to compare the financial performance, production and rep counts of the largest broker-dealers. Click here to view the interactive data.

"Now Do We Have Your Attention?"

{January 25th, 2010} by Raymond J. Ohlson

READ BELOW FOR A SPECIAL MESSAGE BY RAY OHLSON OF THE OHLSON GROUP: Well it was quite a week. The senate seat once held by the late Senator Ted Kennedy was taken from the Democrats when the newly elected Senator Brown scored an upset victory in Massachusetts. Both sides of the aisle are now explaining [...]

“Now Do We Have Your Attention?”

{January 25th, 2010} by Raymond J. Ohlson

READ BELOW FOR A SPECIAL MESSAGE BY RAY OHLSON OF THE OHLSON GROUP: Well it was quite a week. The senate seat once held by the late Senator Ted Kennedy was taken from the Democrats when the newly elected Senator Brown scored an upset victory in Massachusetts. Both sides of the aisle are now explaining [...]

Former Americo Life Employee Sentenced to Prison for Taking Agents' Commissions

{January 25th, 2010} by Chad Hemenway

DALLAS January 22 (BestWire) — A Texas man was sentenced to 30 months in federal prison for defrauding his employer, Americo Life Insurance Co., of more than $900,000 for about a year starting in early 2003. Mark Camacho recruited eight other people to serve as recipients of deposits he transferred from insurance agents’ commission accounts within Americo’s system from [...]

Former Americo Life Employee Sentenced to Prison for Taking Agents’ Commissions

{January 25th, 2010} by Chad Hemenway

DALLAS January 22 (BestWire) — A Texas man was sentenced to 30 months in federal prison for defrauding his employer, Americo Life Insurance Co., of more than $900,000 for about a year starting in early 2003. Mark Camacho recruited eight other people to serve as recipients of deposits he transferred from insurance agents’ commission accounts within Americo’s system from [...]

Personnel Changes: CIGNA, Allianz, Transamerica, Others

{January 25th, 2010} by NU ONLINE NEWS SERVICE

By NU ONLINE NEWS SERVICE Published 1/22/2010  CIGNA HealthCare has hired David Guilmette to be president of the national segment. Guilmette previously was a managing director in the global health and welfare practice at Towers Watson Inc., New York, according to CIGNA HealthCare, Bloomfield, Conn., a unit of CIGNA Corp., Philadelphia, (NYSE:CI) Guilmette has a bachelor’s [...]

GREAT statistics to help you with your sales of indexed life and indexed annuities….

{January 22nd, 2010} by Sheryl J. Moore

According to a recent Gallup, Inc. poll: 55% of American shareholders believe that the stock market will be higher a year from now. Only 11% believe that it will be lower in a year. How does that translate to IA and IUL? The power of the annual reset is magnificent! Although the market may be [...]

Ruark: GMWB Use Below Expectations

{January 22nd, 2010} by N/A

By NU ONLINE NEWS SERVICE Published 1/21/2010  Use of the guaranteed minimum withdrawal benefit option offered with variable annuities has been lower than originally expected. Consultants at Ruark Consulting L.L.C., Simsbury, Conn., an actuarial consulting firm, come to that conclusion in a new study. Ruark consultants analyzed 3 million policy years of experience data from 7 [...]

Michael White: BHC Annuity Income Rises

{January 22nd, 2010} by N/A

By NU ONLINE NEWS SERVICE Published 1/21/2010  Bank holding companies had better luck with income from annuity sales during the first 3 quarters of 2009 than banks did.U.S. BHC annuity commission income rose to $2 billion for the first 3 quarters, up 2.5% from $1.95 billion for the comparable period in 2008, according to Michael White [...]

Looking For Certainty On Contingent Annuities

{January 22nd, 2010} by Joan E. Boros

By JOAN E. BOROS Published 1/19/2010  Who could have predicted that the time would come when people would worry about the uncertainty of the “when” of death, about living too long, and that a federal taxing authority, the Internal Revenue Service, would act “kindly” on tax treatment?  But contingent annuities have given rise to that anomaly. [...]

Ambulance Chasers and a Lack of Responsibility

{January 20th, 2010} by Sheryl J. Moore

Ambulance Chasers and  a Lack of Responsibility BY SHERYL MOORE Ask anyone who has been in the insurance business for more than a decade about class-action lawsuits and you’ll likely hear that they’ve had experience with at least one (be it “vanishing premiums,” underfunded UL, or annuities). These lawsuits have been around for a long [...]

CNBC On The Money Talks About Indexed Annuities

{January 19th, 2010} by industryauthor

A tale of new retirement products

{January 18th, 2010} by Joan Boros

Believe it or not, literary lions may provide best insights into achieving a stable retirement

By Joan E. Boros
January 17, 2010

For a look at the retirement products advisers can expect in 2010, the insights of some literary greats — Charles Dickens, Voltaire, Lord Byron and Jane Austen.

No big love in Utah

{January 18th, 2010} by Jessica Toonkel Marquez

Barred advisers sue state for $358 million, accusing securities regulator of witch hunt By Jessica Toonkel Marquez January 17, 2010, 6:01 AM EST           Two former financial advisers who were barred from the securities industry have sued Utah for $357.6 million, accusing state regulators of targeting them without proof of wrongdoing [...]

Records say accused embezzler has multiple personality disorder

{January 13th, 2010} by Tom Witosky

Accused embezzler Phyllis Stevens was treated for six years for multiple personality disorder, and her lawyer wants to explore whether that can be a defense in her criminal case. The Des Moines woman’s lawyer, William Kutmus, disclosed the diagnosis in a motion filed Tuesday in federal court. Kutmus asked for a delay in her trial, [...]

A.M. Best Downgrades Ratings of The Phoenix Companies, Inc. and Its Subsidiaries

{January 13th, 2010} by N/A

January 13, 2010 OLDWICK, N.J.–(BUSINESS WIRE)– A.M. Best Co. has downgraded the financial strength rating (FSR) to B+ (Good) from B++ (Good) and issuer credit ratings (ICR) to “bbb-” from “bbb+” of the core life insurance entities of The Phoenix Companies, Inc. (Phoenix) [NYSE: PNX], which includes Phoenix Life Insurance Company (Phoenix Life) (East Greenbush, [...]

Law Firm Organizes Suit Against Annuity Issuer

{January 12th, 2010} by Warren Hersch

By WARREN S. HERSCH Published 1/11/2010  The plaintiffs in a suit filed in a federal court in Phoenix are accusing an insurer of misrepresenting the tax benefits of buying deferred variable annuity contracts. Hagens Berman Sobel Shapiro L.L.P., Phoenix, has filed the suit in the U.S. District Court for the District of Arizona on behalf of [...]

Raymond J. Ohlson, CLU Highlighted in Ball State University Fall 2009 Business College Magazine

{January 11th, 2010} by N/A

January 06, 2010    Raymond J. Ohlson, CLU was featured in Ball State University’s Miller College of Business Fall 2009 Magazine.   January 6, 2010 Raymond J. Ohlson, BS radio and television 1972, has been elected president of the Central Indiana Chapter of the Society of Financial Service Professionals.  He is the founder and CEO [...]

Davis Life Brokerage Celebrates 30 Years of Growth

{January 11th, 2010} by N/A

Des Moines  – January 11, 2010 – After a very turbulent year for the United States economy and especially small businesses, a business in Iowa’s capital is not only surviving but thriving. Davis Life Brokerage, founded by Ronald Davis, CLU, in January 1980, has seen a lot of other similar businesses come and go. Meanwhile, [...]

US Life Insurer Phoenix Cos. to Sell Ultra High-Net-Worth Private-Placement Business

{January 11th, 2010} by Frank Matso Lysiak

January 11, 2010 U.S. life insurer Phoenix Cos. Inc. said Tiptree Financial Partners plans to acquire its private-placement insurance business, PFG Holdings Inc. The deal, which also includes PFG’s subsidiaries — Philadelphia Financial Group Inc. and AGL Life Assurance Co. — is expected to close in the second quarter, Phoenix (NYSE: PNX) said. Terms of [...]

Is Allianz about to make a move for Swiss Life?

{January 11th, 2010} by N/A

By Associated Press January 11, 2010, 11:45 AM EST   Shares in insurer Swiss Life Holding jumped Monday on reports that German rival Allianz SE is planning to make a takeover bid.Swiss Life shares were up 7 percent to 154.80 Swiss francs ($152.25) in afternoon trading on the Zurich exchange. French business Web site WanSquare, [...]

Indexed annuity sales rise in 2008

{January 10th, 2010} by Mercedes Jackson

BY Mercedes Jackson Published 11/20/2008    According to the 59 indexed annuity carriers participating in the Advantage Index Sales & Market Report, total third-quarter sales were $6.7 billion, up 5.2 percent from the same period last year. Year-to-date sales were $19.5 billion, up 3.9 percent from the previous period. Aviva held its No. 1 position, with 29 [...]

A season of change awaits

{January 10th, 2010} by Andy Stonehouse

BY Andy Stonehouse Published 12/1/2008    From the December 2008 Issue of Senior Market Advisor Magazine In this special section, we’ll examine the development and the repercussions of the SEC’s divisive proposal, Rule 151A, and speak with those on both sides of the issue. We will also offer you some concrete steps to make sure your voice [...]

Keep an eye on SB 1372

{January 10th, 2010} by Daniel Williams

BY Daniel Williams Published 3/26/2009  While most of us in the industry have kept our eye firmly on SEC 151A, Sheryl J. Moore, president and CEO of Lifespecs.com and AnnuitySpecs.com, says we should be keeping an eye on Florida Senate Bill 1372 as well. [Editor’s note: Moore sent the following information to Senior Market Advisor regarding [...]

Advantage report shows jump in indexed product sales

{January 10th, 2010} by Sheryl J. Moore

BY STAFF WRITER Published 5/22/2009    The 47th installment of Advantage Index Sales & Market Report, which represents nearly all indexed annuities, showed first quarter sales were up almost 23 percent over last year to $7 billion. “Never has there been a better opportunity to manufacture or sell indexed annuities,” said Sheryl J. Moore, President and CEO [...]

Back to the drawing board?

{January 10th, 2010} by Andy Stonehouse

BY Andy Stonehouse Published 9/1/2009 In this special section, part of a Senior Market Advisor series on the developments and legal response to SEC Rule 151A, we break down the flurry of headlines from this summer. Does a federal ruling calling for a major retooling of 151A spell the end of the line for the controversial [...]

Annuities sales up compared to 2008

{January 10th, 2010} by Daniel Williams

BY Daniel Williams Published 11/24/2009  Well, if you were looking for some good news, you might have found it in a recent annuities report.The forty-ninth installment of the Advantage Index Sales & Market Report showed that total third quarter sales of indexed annuities reached $7.5 billion, an 11.3 percent jump from the same period last year. [...]

Index Products Saw Another Record Year In 2005

{January 9th, 2010} by Sheryl J. Moore

By SHERYL MOORE Published 3/5/2006  At $27.3 billion, index annuity sales in 2005 set a record for the 11th consecutive year. Index universal life (IUL) premiums increased, as well—to $186 million, nearly double the volume two years ago. In the fourth quarter 2005, however, sales were uneven. Index annuity sales for the quarter were $6.5 billion, [...]

Indexed Universal Life: A Primer And A Forecast

{January 9th, 2010} by Sheryl J. Moore

By SHERYL MOORE Published 7/2/2006  It’s been nearly 30 years since consumers were first offered the benefits of universal life insurance. With UL came flexibility in premium payments, death benefit options, coverage amounts and all sorts of other things that they never dreamed of. Now, fast forward to 1997 when the first indexed UL was introduced. [...]

Why Index Annuities Are Adding Living Benefits

{January 9th, 2010} by Sheryl J. Moore

By SHERYL MOORE Published 10/15/2006  Like other annuities, index annuities attempt to differentiate themselves from one another in various ways. For instance, from offering 3 basic interest crediting methods in the mid-1990s, the products expanded to offering over 40 variations by 1999. Index annuity carriers have also played with offering different indices, trailing commissions, and even [...]

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