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Archive for March 2011

Consumers' Education of Financial Services Products

{March 30th, 2011} by Sheryl J. Moore

Since entering the financial services industry twelve years ago, I have had the opportunity to regularly witness the lack of information that consumers have access to when it comes to financial services products. Back before the turn of the century, I could easily count myself among the ignorant. Today, I frequently run into friends or relatives [...]

Consumers’ Education of Financial Services Products

{March 30th, 2011} by Sheryl J. Moore

Since entering the financial services industry twelve years ago, I have had the opportunity to regularly witness the lack of information that consumers have access to when it comes to financial services products. Back before the turn of the century, I could easily count myself among the ignorant. Today, I frequently run into friends or relatives [...]

NAIC Panel Approves Stranger-Originated Annuity Draft

{March 30th, 2011} by Allison Bell

By ALLISON BELL Published 3/29/2011  The Life Insurance and Annuities Committee at the National Association of Insurance Commissioners (NAIC) has adopted a stranger-originated annuity (STOA) transactions model bulletin draft. The committee approved the draft earlier this week in Austin, Texas, during a session at the NAIC’s spring meeting. A STOA transaction is a move by investors [...]

Create 20% More Income for Consumers Guaranteed!

{March 29th, 2011} by W. Andrew Unkefer

By W. Andrew Unkefer AnnuityNews.comMarch 25, 2011 — Many annuity advisors make the mistake of trying to compare or compete with other financial products such as bank CDs, money markets, mutual funds, hedge funds, etc. The top producers avoid this common practice. Don’t focus on the competition’s features and benefits and how an annuity might [...]

Retirement Income Market Expands

{March 25th, 2011} by Danielle Andrus

Widening age spectrum offers opportunities for advisors Advisor One | March 24, 2011 | By Danielle Andrus, AdvisorOne The market for retirement income products is expanding as more people look for opportunities to replace income in retirement, according to a report released Tuesday by the Financial Research Corporation. There are two components to the growing [...]

Fixed indexed annuities: Working the flexibility angle

{March 24th, 2011} by Daniel Williams

BY Daniel Williams Published 3/22/2011      Well, if there was ever any doubt about the long-term viability of fixed indexed annuities, those worries have been erased these last couple of years. While some areas of the financial services industry have been clawing and scratching to gain an edge, FIAs have become something of an industry darling. As [...]

Private pension with index annuities

{March 24th, 2011} by Jeffrey H. Massey

With Certified Financial Planner Jeffrey H. Massey Updated: Thursday, 24 Mar 2011, 5:24 AM EDT Published : Wednesday, 23 Mar 2011, 12:06 PM EDT (FOX Providence) – We have seen more volatility in the stock market lately. If you’re concerned about the safety of your investments, especially your retirement money, there’s some great information out [...]

Expect More IA Sales Records

{March 21st, 2011} by Sheryl J. Moore

By Sheryl Moore AnnuityNews March 21, 2011 – You’ve probably heard by now that indexed annuity sales set a third consecutive annual record last year. Of course it comes as no surprise to an indexed annuity nerd like me, but many outside our industry are asking — how did you guys do it? Here’s the [...]

Firms are omitting annuities in new retirement income products

{March 21st, 2011} by Darla Mercado

Move signals a shift from accumulation, but without insurance lock-ins By Darla Mercado March 20, 2011 Sensing a market for flexible, pension-like retirement income products, a handful of financial services firms have released, or are about to release, in-plan income solutions that don’t include annuities. Joining Financial Engines Inc., which released an income product in January, [...]

Indexed Annuities Hit Sales Records

{March 18th, 2011} by Zachary Dristol

By Zachary Dristol on March 17, 2011 at 1:39 pm AnnuitySpecs.com ran a study regarding the status of indexed annuities, referred to as the Indexed Sales and Market Report. A total of 39 different carriers provided information for the study. This was the 54th edition of the report. This means that the study obtained data [...]

American National Insurance Company ANNOUNCES NEW PROGRAM

{March 18th, 2011} by N/A

American National Insurance Company has announced a new and innovative program called The ANICO Underwriting Express. The ANICO Underwriting Express will be available to help speed up the time it takes to process an application. Utilizing Standard and Substandard classes only, the new program will be available for applicants 65 and under for face amounts [...]

It pays to fight SEC, Finra: Study

{March 17th, 2011} by Lavonne Kuykendall

Research shows that one in seven cases dismissed; fines often lowered By Lavonne Kuykendall March 17, 2011 When regulators come after you with charges, the odds are not in your favor. It still may pay to fight City Hall, however. Sutherland Asbill & Brennan LLP, a Washington law firm, looked at cases over the last two [...]

Police allege insurance agent stole $1 million from elderly

{March 17th, 2011} by Celeste Gracey

Wednesday, March 16, 2011 Last updated 9:45 a.m. PT By CELESTE GRACEY ISSAQUAH REPORTER An Issaquah insurance agent was arrested in Factoria Tuesday, after allegedly stealing more than $1 million from elderly clients. She was booked in jail on 21 counts of first-degree theft, according to the Washington Insurance Commissioner’s office, which investigated the incident. [...]

10/10 Limits IA Design

{March 15th, 2011} by Linda Koco

By Linda Koco Contributing Editor, InsuranceNewsNet March 15, 2010 – Indexed annuities with 10-year surrender charges are becoming so prevalent that newly developed products are starting to look very similar, according to an indexed product researcher. “It’s like cookie-cutter design,” says Sheryl J. Moore, president and CEO AnnuitySpecs.com, Pleasant Hill, Iowa. For instance, many indexed [...]

Response: Index annuities are poison for your pocketbook

{March 14th, 2011} by Sheryl J. Moore

PDF for Setting it Straight with Clark Howard   ORIGINAL ARTICLE CAN BE FOUND AT: Index annuities are poison for your pocketbook The following letter was sent to Mr. Clark Howard, in response to the article above. March 13, 2011 Consumer Action Center Attn: Clark Howard 1601 W. Peachtree Street NE Atlanta, Georgia  30309 Advantage [...]

Response: Harry Gross: Does it pay to drop annuities?

{March 13th, 2011} by Sheryl J. Moore

PDF for Setting It Straight with Philadelphia Daily News ORIGINAL ARTICLE CAN BE FOUND AT: Does it pay to drop annuities? Dear Mr. Gross, I am an independent market research analyst who specializes in the indexed annuity and life markets. I have tracked the companies, products, marketing, and sales of these products for over a [...]

Response: Retirement: Live Long and Don't Prosper

{March 13th, 2011} by Sheryl J. Moore

PDF for Setting It Straight with Bloomberg Businessweek ORIGINAL ARTICLE CAN BE FOUND AT: Retirement: Live Long and Don’t Prosper Dear Mr. Steverman, I am an independent market research analyst who specializes in the indexed annuity and life markets. I have tracked the companies, products, marketing, and sales of these products for over a decade. [...]

Response: Retirement: Live Long and Don’t Prosper

{March 13th, 2011} by Sheryl J. Moore

PDF for Setting It Straight with Bloomberg Businessweek ORIGINAL ARTICLE CAN BE FOUND AT: Retirement: Live Long and Don’t Prosper Dear Mr. Steverman, I am an independent market research analyst who specializes in the indexed annuity and life markets. I have tracked the companies, products, marketing, and sales of these products for over a decade. [...]

Response: Equity-index annuities entangle, jilt investors

{March 9th, 2011} by Sheryl J. Moore

PDF for Setting it Straight with Chris Hopkins ORIGINAL ARTICLE CAN BE FOUND AT: Equity-index annuities entagle, jilt investors Dear Mr. Hopkins, I am an independent market research analyst who specializes in the indexed annuity and life markets. I have tracked the companies, products, marketing, and sales of these products for over a decade. I [...]

Security Benefit Debuts New Fixed Index Annuity With Optional Guaranteed Income for Life

{March 9th, 2011} by N/A

TOPEKA, KS–(Marketwire – March 7, 2011) – Signaling a strong return to the retail annuity market place, Doug Wolff, President of the Retail Retirement unit at Security Benefit Life Insurance Company, today announced the company is launching Secure Income Annuity, a fixed index annuity. Secure Income Annuity is the result of a joint effort with [...]

Making the Case to Buy an Annuity

{March 9th, 2011} by Lavonne Keykendall

Retirees may get more financial security by combining insurance products and mutual funds, some analysts say. By LAVONNE KUYKENDALL Many investors approaching retirement think they have no need for annuities. But the lifetime-income guarantees offered by these insurance-company products can add security to portfolios that are mostly composed of stock and bond mutual funds. A [...]

Annuity Data: Fixed Annuities; Variable Annuity Guaranteed Living Benefits

{March 9th, 2011} by Allison Bell

By ALLISON BELL Published 3/8/2011 U.S. fixed annuity sales fell in 2010, but sales of indexed annuities and immediate annuities rose. Total U.S. sales of fixed annuities fell to about $72 billion in 2010, down 31 from the 2009 total, according to Beacon Research Publications Inc., Evanston, Ill. Sales of indexed annuities increased 6%, to about [...]

R. Glenn Hilliard to Retire from CNO

{March 9th, 2011} by Allison Bell

By NU ONLINE NEWS SERVICE Published 3/8/2011  R. Glenn Hilliard says he will not seek re-election as a director of CNO Financial Group Inc. at the company’s upcoming annual meeting. The CNO board expects to elect Neal Schneider to succeed Hilliard as chairman at the meeting, which is set to take place May 12, according to [...]

The Hartford hires Kluever to push annuities

{March 9th, 2011} by N/A

The Hartford Financial Services Group Inc. hired Michigan insurance executive Steve Kluever as vice president of product & marketing in its global annuity division. Kluever reports to Rob Arena, executive vice president and director of The Hartford’s global annuity business, and will play a key role in driving the company’s annuity product and marketing strategy [...]

Pennsylvania Ponders Election for Insurance Commissioner

{March 9th, 2011} by Kenneth J. St. Onge

By Kenneth J. St. Onge | March 8, 2011 A bill that would make the Pennsylvania insurance commissioner an elected position has been introduced in the state’s House of Representatives. Legislation sponsored by Rep Neal Goodman, a Democrat from Mahanoy City, would change the insurance commissioner’s job from an appointed position. Goodman’s proposal limits an [...]

California, New York Update Annuity Regs

{March 9th, 2011} by Allison Bell

By ALLISON BELL Published 3/8/2011 The California Department of Insurance is proposing regulations based on the Suitability in Annuity Transactions Model Regulations approved by the National Association of Insurance Commissioners (NAIC), Kansas City, Mo., in March 2010. The regulations will set guidelines for recommendations to consumers ages 65 and older that result in the sales of [...]

Tom Harkin: Fix the Retirement System

{March 9th, 2011} by Arthur D. Postal

By ARTHUR D. POSTAL Published 3/8/2011  Harkin, D-Iowa, delivered that message today here at a conference organized by the National Institute on Retirement Security, Washington. The list of speakers also included Dirk Kempthorne, the new president of the American Council of Life Insurance (ACLI), Washington. Harkin, chairman of the Senate Health, Education, Labor and Pension Committee, [...]

AnnuitySpecs.com: Indexed Product Sales Rise

{March 7th, 2011} by Warren S. Hersch

By WARREN S. HERSCH Published 3/4/2011 Sales of indexed annuities and indexed life insurance policies were significantly higher in the fourth quarter of 2010 than in the fourth quarter of 2009, according to AnnuitySpecs.com. Sales of indexed annuities increased 19%, to $8.3 billion, and sales of indexed life increased 36%, to $221 million, according to AnnuitiesSpecs.com, [...]

Annuity tax alteration may hurt middle class

{March 7th, 2011} by Mark Schoeff Jr.

Report from IRI is pre-emptive strike against possible change By Mark Schoeff Jr. March 6, 2011 Preoccupied by a battle over federal spending, Congress has barely begun considering another piece of budget balancing: comprehensive tax reform. Although the idea is germinating, the insurance industry is launching a campaign to protect tax advantages for annuities. In a [...]

Fourth Quarter 2010 Indexed Insurance Sales

{March 4th, 2011} by Sheryl J. Moore

Fourth Quarter 2010 Indexed Insurance Sales Indexed Annuity AnnuitySpecs.com’s Indexed Sales & Market Report, 4th Quarter 2010 shows fourth quarter 2010 indexed annuity sales were $8374 million compared with sales of $8770 million for the previous quarter. Fourth quarter sales were down almost 5% when compared with the previous quarter and up nearly 19% when [...]

Indexed Life Sales Leaders AnnuitySpecs’ Indexed Sales & Market Report 4th Quarter, 2010

{March 4th, 2011} by Sheryl J. Moore

Sales Trends Indexed Life Sales Leaders 1998 American General ING (Southland) Conseco Union Central Transamerica 1999 American General ING (Southland) Conseco Americo National Life Group 2000 American General (est) Conseco ING (Southland) Aviva Allstate 2001 Aviva Conseco American General (est) Allstate Lafayette 2002 Aviva Conseco Lafayette Allstate ING (Southland) (est) 2003 Aviva Conseco Lafayette American [...]

Indexed Life Sales Leaders AnnuitySpecs’ Indexed Sales & Market Report 4th Quarter, 2010

{March 4th, 2011} by Sheryl J. Moore

Sales Trends Indexed Life Sales Leaders 1998 American General ING (Southland) Conseco Union Central Transamerica 1999 American General ING (Southland) Conseco Americo National Life Group 2000 American General (est) Conseco ING (Southland) Aviva Allstate 2001 Aviva Conseco American General (est) Allstate Lafayette 2002 Aviva Conseco Lafayette Allstate ING (Southland) (est) 2003 Aviva Conseco Lafayette American [...]

Indexed Annuity Sales Leaders AnnuitySpecs’ Indexed Sales & Market Report 4th Quarter, 2010

{March 4th, 2011} by Sheryl J. Moore

Sales Trends Indexed Annuity Sales Leaders 1997 Keyport Life Jackson National Conseco SAFECO (est) Lincoln Benefit 1998 Conseco Jackson National SAFECO (est) Allianz Keyport Life 1999 Jackson National Conseco Old Mutual American Equity Allianz 2000 Allianz American Equity Jackson National Midland National Conseco 2001 Allianz Midland National American Equity Aviva Jackson National 2002 Allianz Midland [...]

Indexed Annuity Sales Leaders AnnuitySpecs’ Indexed Sales & Market Report 4th Quarter, 2010

{March 4th, 2011} by Sheryl J. Moore

Sales Trends Indexed Annuity Sales Leaders 1997 Keyport Life Jackson National Conseco SAFECO (est) Lincoln Benefit 1998 Conseco Jackson National SAFECO (est) Allianz Keyport Life 1999 Jackson National Conseco Old Mutual American Equity Allianz 2000 Allianz American Equity Jackson National Midland National Conseco 2001 Allianz Midland National American Equity Aviva Jackson National 2002 Allianz Midland [...]

Indexed Life & Annuities Set Sales Records

{March 4th, 2011} by Sheryl J. Moore

AnnuitySpecs.com Releases Fourth Quarter, 2010 Indexed Sales Results Thirty-nine indexed annuity carriers participated in the 54th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 99% of indexed annuity production. Total fourth quarter sales were $8.3 billion, up 19% from the same period last year. As compared to the previous quarter, sales were down nearly [...]

Indexed Life & Annuities Set Sales Records

{March 4th, 2011} by Sheryl J. Moore

AnnuitySpecs.com Releases Fourth Quarter, 2010 Indexed Sales Results Thirty-nine indexed annuity carriers participated in the 54th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 99% of indexed annuity production. Total fourth quarter sales were $8.3 billion, up 19% from the same period last year. As compared to the previous quarter, sales were down nearly [...]

Middle Class Benefits Most From Tax Deferral in Annuity Earnings

{March 1st, 2011} by Danielle Andrus

Majority of annuity owners earn less than $100,000 Advisor One | February 28, 2011 | By Danielle Andrus, AdvisorOne The Insured Retirement Institute released a report on Monday showing how deferring taxes of annuity earnings benefits consumers. The report found middle income Americans, the largest segment of annuity owners, receive the greatest benefit. IRI cited [...]

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