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Archive for July 2014

Allianz Life of New York Launches New Index Variable Annuity

{July 31st, 2014} by Business Wire

MINNEAPOLIS–(Business Wire)–Allianz Life Insurance Company of New York (Allianz Life® of NY) announced the launch of the Allianz Index AdvantageNew York® Variable Annuity, a new Index Variable Annuity (IVA) that offers the combination of traditional variable options with an index strategy. Allianz Index Advantage New York takes its place among the emerging breed of IVAs […]

It’s no longer safe to say ‘safe’ in Colorado: BLOG

{July 31st, 2014} by Linda Koco

How safe is safe? In Colorado, it appears that the term ”safe” is no longer safe for life insurance and annuity advertisers to use. A regulatory amendment that took effect on July 1 adds the term “safe” to the list of terms that life and annuity advertisements may not use. Other additions to the list […]

Mid-market life insurance buyers seek trust online, price when face-to-face

{July 31st, 2014} by IFAwebnews Staff

Back in the 1700′s, English theologian Isaac Watts said, “Learning to trust is one of life’s most difficult tasks.” Watts did not take part in LIMRA’s study of the middle market but his sentiment is strongly represented. In the study nearly 70% of consumers said it was hard to know which online sources of financial […]

The Insurance Industry Is Risky. Federal Regulation May Be the Answer

{July 31st, 2014} by Peter Coy

(Article has been corrected to say that the Financial Stability Oversight Council, not the Treasury Department, designates financial institutions as systemically important.) Insurance in the U.S. is a big deal that’s regulated like a small deal. Insurance premiums paid each year equal about 7 percent of the U.S. gross domestic product, and companies such as […]

Colo. Bans ‘Safe’ In Life And Annuity Advertising

{July 31st, 2014} by Linda Koco

The Colorado Insurance Division has expanded the list of terms that it said should not be used in life insurance and annuity advertisements, due to the potential for misleading consumers. These terms are “certificate of deposit” or CD, “safe” and “secure”. The change went into effect on July 1 as part of amended Colorado Regulation […]

Top 10 high risk professions [Infographic]

{July 31st, 2014} by Lynette Gil

Some of us have watched a lot of the episodes of the Discovery Channel’s show Deadliest Catch, a reality TV show about fishing ships in Alaska during the crab fishing seasons. Watching the documentary-style TV show, you realize that the fishing crew is in constant danger while trying to perform its job (as if the […]

Why Uncapped Does Not Mean Unlimited

{July 31st, 2014} by IALC

The insurance industry is constantly innovating to meet the individual financial goals of consumers or the public–and the latest addition to the fixed index annuity market is the “uncapped” Volatility Control Index Strategy. This crediting method is now offered on many fixed index annuities today and enables the consumer to take advantage of well-performing market […]

Safe Money Resource Co-Founder Offers Tips for Investors to Avoid Pitfalls of Annuity Scams

{July 31st, 2014} by PRWeb

Safe Money Resource Co-Founder and President Brent Meyer educates investors about the perils of choosing the wrong annuities for retirement income security. I didnt know that! Cherry Hill, NJ (PRWEB) July 31, 2014 For retirement income planning, people have many options at their disposal for annuity products. But annuities can differ heavily in terms of […]

LPL Financial hit with $2M fine, ordered to pay $820K in restitution

{July 31st, 2014} by Bruce Kelly

Settlement charges, higher expenses dampen 2Q financials LPL Financial last month was hit with a $2 million fine, and ordered to pay $820,000 in restitution, for failing to maintain adequate books and records documenting variable annuity exchanges, known as 1035 exchanges, according to the firm’s profile on BrokerCheck. The previously unreported settlement with the Illinois […]

Faring just fine in retirement

{July 31st, 2014} by Nick Thornton

Here’s what could be considered a bit of contrarian news: a lot of recent retirees are faring just fine as they sail through their golden years, thanks to their ability to draw on Social Security. That’s according to a survey by T. Rowe Price that looked at how retirees are doing one to five years […]

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Arizona Becomes Latest State to Join Interstate Insurance Compact

{July 31st, 2014} by Thomas Harman

Best’s News Service – July 29, 2014 04:34 PM PHOENIX – Arizona has become the 44th state to join the interstate insurance compact model, after legislation signed by Gov. Jan Brewer took effect July 24. The Interstate Insurance Product Regulation Commission provides a place in which insurance companies can offer uniform nationwide insurance products in […]

Broker-dealer sales practices to seniors focus of Massachusetts sweep

{July 30th, 2014} by Alessandra Malito

Survey intended to inform regulators, prevent financial abuse of elders Senior investors are the focus of a new broker-dealer survey in Massachusetts aimed at learning more about sales practices to the elderly, according to a news release Wednesday from Secretary of the Commonwealth William F. Galvin. The survey, issued by the Massachusetts Securities Division, will […]

Generation X: Ready or Not, Here They Come

{July 30th, 2014} by AnnuityOutlook

  These middle-aged prospects are ready for guidance and products that offer more safety. Are you ready for them? Baby Boomers have been big business for insurance professionals. But the spotlight is moving its way across the stage to shine on Generation X. They are ready for guidance, specifically on products that offer more safety. […]

Nonspousal Inherited IRA Assets Protected In 7 States

{July 30th, 2014} by Cyril Tuohy

Bankrupt investors lucky enough to benefit from nonspousal inherited individual retirement accounts (IRAs) are better off living in some states. Alaska, Arizona, Florida, Missouri, North Carolina, Ohio and Texas are the only states where nonspousal inherited IRAs are safe from trustees seeking assets in the settlement of bankruptcy cases, said Seymour Goldberg, senior partner and […]

The New Age Of Annuity Sales: Connecting With A Younger Demographic

{July 29th, 2014} by Rick Lane

The annuity purchaser demographic is changing. What was previously thought of as an investment strategy for retirees is now making a foothold with a younger group of investors — a group that understands the need for a sound retirement investment strategy. Savvy younger investors want progressive brokers who can help them build a creative and […]

3 reasons life insurance should be viewed as an asset

{July 29th, 2014} by Jordan Smith

One of the more challenging aspects of advising clients about life insurance is helping them to recognize that life insurance is an “asset,” rather than an “expense.” For many people, this view is a bit of a foreign concept in a world where other types of insurance (auto, homeowners, health and liability, just to name […]

Indexed Universal Life And Chronic Illness Riders Popular With Life Insurers

{July 29th, 2014} by Cyril Tuohy

Index universal life (IUL) sales made up 31 percent of all universal life (UL) sales in the first nine months of 2013, compared to only 14 percent of UL sales for all of 2010, according to a new study published by the actuarial firm Milliman. The increase in IUL sales is a sign that over […]

Older Workers Not Retiring Like They Used To

{July 29th, 2014} by Michael De Groote: Proquest LLC

After the recession,Kate Holmes started noticing something unexpected. During her years as a certified financial planner inLas Vegas, Holmes had seen her peers – recent college grads – enter the industry. But now, that wasn’t happening. The reason was simple. Boomers had stopped retiring. It’s a phenomenon across the workforce. According to new research, baby […]

10 best jobs for 2014

{July 29th, 2014} by Laura Mazzuca Toops

With one exception, the popular perception that insurance jobs are not so hot just might be true — at least if the annual job ranking of 200 professions by the 2014 Jobs Rated report is any indication. Only three insurance-related jobs appear on the list, and only one of these appears within the top 10. […]

Class Action Firms Don’t Exactly Feast On Insurance

{July 29th, 2014} by Linda Koco

Sometimes the insurance industry takes a back seat to banking and finance in industry comparisons. Not this time. According to figures from NERA Economic Consulting, consumer class action settlements involving allegations against firms in the banking/finance sector far outpaced such settlements in the insurance sector between 2010 and 2013. This is not to say the […]

Genworth Financial Announces 2Q Results

{July 29th, 2014} by PR Newswire Association LLC

RICHMOND, Va., July 29, 2014 /PRNewswire/ — Genworth Financial, Inc. (NYSE: GNW) today reported results for the second quarter of 2014. The company reported net income1 of  $176 million, or $0.35 per diluted share, compared with net income of $141 million, or $0.28 per diluted share, in the second quarter of 2013. Net operating income2 […]

MassMutual to Launch $100 Million Venture Capital Firm

{July 28th, 2014} by Jeff Jeffrey

SPRINGFIELD, Mass. – Massachusetts Mutual Life Insurance Co. is set to launch a $100 million corporate venture capital firm, the company said. The new firm, MassMutual Ventures L.L.C., will be designed to “back startups and entrepreneurial businesses whose technologies have the potential to transform MassMutual’s core insurance, retirement and asset management businesses,” Massachusetts Mutual Life […]

Top five things to watch for in the life insurance product space

{July 28th, 2014} by Doug French, Jennifer Marquino

Against a backdrop of stagnant industry growth and technological innovation, the US life insurance industry has begun to experience a shift in the balance of power, away from distributors and manufacturers and towards the end consumer. Technological advances embraced by other financial service industries have created a consumer base that is armed with more information […]

Online advisory space shows notable growth

{July 28th, 2014} by Emily Holbrook

A not-so-new trend further illustrates growing consumer demand for low-cost, tech-oriented financial services, especially when it comes to younger investors. As the article states, “Gen X and Gen Y investors — some of whom aren’t so young anymore, and are starting to aggregate significant wealth — have grown up on Web-based solutions. They were also […]

Some FIA Agents Face Dark Pool Backlash

{July 28th, 2014} by Linda Koco

When financial planner Michelle Ford answered the phone one day, she heard the voice of a worried older gentleman. “Is there anything I should be worried about?” he asked Ford nervously about allocations in his fixed index annuity (FIA). The man had learned that New York Attorney General Eric Schneiderman had filed a lawsuit against […]

Barclays Decides To Fight N.Y. Dark Pool Lawsuit

{July 28th, 2014} by Linda Koco

Barclays Capital Inc. and Barclays PLC is seeking dismissal of a lawsuit by the New York attorney general, alleging that the British bank had deceived customers in its “dark pool,” which is essentially a private securities exchange. Barclays filed a motion for dismissal yesterday with the New York State Supreme Court a month after New […]

Advisor Offers Advice To The ‘Sandwich’ Generation

{July 28th, 2014} by Cyril Tuohy

Whether we like it or not, millions of Americans in their 40s and 50s will at some point have to deal with three generations living in their household: their own, their children and their parents. It’s not a responsibility the “sandwich generation” will be able to sweep under the rug, put off into the future […]

Men Pay 38% More For Life Insurance Than Women

{July 28th, 2014} by PR Newswire Association LLC

SAN FRANCISCO, July 24, 2014 /PRNewswire/ –Men pay an average of 38% more than women for the exact same life insurance policy, according to a new insuranceQuotes.com report. The gap grows with age: for example, 25-year-old men pay 25% more than 25-year-old women for the same policy. At age 45, men pay 32% more than […]

Kansas City Life Exits The B/D Business

{July 28th, 2014} by Diana Britton

Kansas City Life Insurance Company announced the sale of its independent broker/dealerSunset Financial Services to Securities America. Sunset has 268 reps, about$18 million in gross annual revenue, and$2.4 billion in client assets. The terms of the deal were not disclosed. ButKansas City Life Insurance said the sale will boost the company’s assets, net of taxes […]

Securities America buys BD assets from Kansas City Life

{July 28th, 2014} by Emily Zulz

Securities America announced Monday a definitive agreement to acquire certain assets of Sunset Financial Services Inc., a full-service broker-dealer, from Kansas City Life Insurance Co. (KCLI). The deal is expected to add 268 registered representatives in 48 states plus the District of Columbia, approximately $18 million in annual gross revenue and $2.4 billion in client […]

Allstate Expands Recruiting Campaign

{July 28th, 2014} by Proquest LLC

Allstate Insurance Company plans to add additional local agency owners inWashington,Oregon,Idaho,Alaska andHawaii in 2014, expanding its recruiting campaign to find 51 new exclusive agents and 13 financial specialists and anticipates agents will be looking to find 102 sales producers. “Allstate is committed to growing in the Northwest,” saidBrian Smith,Allstate’s Northwest Region Strategic Deployment Leader. “We […]

BMO Report: Living to 100? This Is What You Need To Know

{July 28th, 2014} by GlobeNewsWire: Bank of Montreal

By 2050, there will be more than one million centenarians living in the country Losing one’s mental abilities is the top concern of Americans when thinking about living to 100 Eighty-four percent feel that health/medical costs will have the biggest financial impact on their retirement years Americans expect to spend an average of $5,822 a […]

Life And Annuity Disclosure Bill Signed Into Law

{July 28th, 2014} by Cyril Tuohy

California Gov. Jerry Brown has signed into law a bill requiring new disclosure language for immediate annuities commonly sold to seniors, language that is already required in the sale of deferred annuities, state officials said. The law takes effect July 1, 2015. Backers of the law said clearer disclosure language was necessary in the wake […]

When Time Runs Out

{July 28th, 2014} by Liz Skinner

Like the vast majority of people, Dan Candura always thought he had more time. More time to spend with his six grandchildren. More time to take his wife, Marie, to Paris. More time to explore his father’s roots in Sicily or, even, write a book. He also thought he had more time to draft a […]

Voya Financial Offers Insurance Customers Speed and Convenience

{July 28th, 2014} by PRNewswir

WINDSOR, Conn., July 28, 2014 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), formerly ING U.S., announced today that its Insurance Solutions business has launched a faster and more convenient process for use with its Indexed Universal Life-Protector (IUL-Protector*) product, which provides the death benefit protection of life insurance with the potential to build cash value […]

Conflicting Views On Annuities Spell Opportunity

{July 28th, 2014} by Linda Koco

Sometimes consumers seem to live in the Land of Oxymoron where annuities are concerned. That is, they give voice to seemingly contradictory views about annuity products. That can explain the gulfs in understanding that sometimes emerge when consumers speak with advisors. Consumers may have two minds about annuities at the same time, and that can […]

Symetra Reports Second Quarter 2014 Results

{July 28th, 2014} by BusinessWire

BELLEVUE, Wash.–(Business Wire)–Symetra Financial Corporation (NYSE: SYA) today reported second quarter 2014 adjusted operating income of $55.3 million, or $0.48 per diluted share, compared with $52.7 million, or $0.40 per diluted share, for the second quarter of 2013.   For the second quarter of 2014, net income was $71.5 million, or $0.62 per diluted share, […]

8 facts (for advisors) about annuities and consumers

{July 28th, 2014} by Daniel Williams

A recent survey by The Phoenix Companies revealed some great news for annuity advisors as well as disconnects for the safe product and consumers. According to the survey, “71 percent of Americans said they would consider buying an annuity to meet a variety of needs, including predictable monthly income, leaving an inheritance for their heirs, […]

GOOOOOOOOAAALL!! 10 things the World Cup revealed about insurance

{July 26th, 2014} by Bill Coffin

I don’t often write about sports because I’m not a particularly big sports fan. I run, but not nearly enough to share my thoughts on it. And I’m pretty active in mixed martial arts, but my thoughts on that tend more toward the inner aspects of my training rather than the physical. But I do […]

U.S. Poised To Label MetLife ‘Too Big To Fail’

{July 25th, 2014} by Bloomberg News

A U.S. council of regulators is poised to label MetLife Inc. a potential threat to the financial system, subjecting the insurer to oversight by the Federal Reserve, two people with knowledge of the matter said. A decision by the Financial Stability Oversight Council may come as early as July 31, when the panel is tentatively […]

Seniors Win More Protection with New Annuity Disclosure Requirements

{July 25th, 2014} by Targeted News Service

SACRAMENTO, Calif.,July 23 — The California Department of Insurance issued the following news release: California Insurance Commissioner Dave Jones today thanked Governor Brown for signing into law AB 2347 (Gonzalez) which extends important consumer protection on annuity products that are commonly marketed to seniors. The Commissioner also thanked Assembly member Lorena Gonzalez for authoring AB […]

The 7 costly mistakes your clients make with their money, Pt. 7: Buying into the anti-annuity hype

{July 25th, 2014} by Tony Walker

With pension plans going the way of the cattle prod, a retirement plan that includes a predictable stream of income for the rest of our lives is a no-brainer. And there is only one financial tool that can accomplish this: the annuity. While annuities have been around for a long time, there is nevertheless a […]

Surrender fees haunt legacy 403(b) plans

{July 25th, 2014} by Darla Mercado

As employers move to lower-cost retirement options, some plans charge as much as 8% to switch It’s been five years since regulations from the IRS heaped greater responsibility on 403(b) plan sponsors, leading to heightened awareness of plan features and fees, but advisers say moving employers to lower-cost options remains difficult and expensive. Historically, the […]

Life insurers look to middle class for revival

{July 25th, 2014} by Emily Holbrook

Life insurers are trying to reach the elusive middle class through brick and mortar stores like Wal-Mart. MetLife is one insurer that has set up kiosks within stores, offering customers an easy way to purchase life insurance, sometimes at just $5 for the first month. But shoppers are hardly biting. “Insurers have been successful at […]

Missouri Makes Insurer Filing Records Available to Public Online

{July 25th, 2014} by N/A

The Missouri Department of Insurance announced the implementation of a new online tool that allows consumers to view insurance company filing records. Missouri becomes the fifth state to use SERFF Filing Access (SFA) to make such records accessible to the public, the department said. “We appreciate the leadership of the National Association of Insurance Commissioners […]

When it comes to annuity issues, often the blame lies with the salesperson, not the product

{July 24th, 2014} by Conte, Anthony M: Proquest LLC

Maybe it was a “60 Minutes” segment that ruined annuities for you. In it, ruthless, dishonest and reprehensible salespeople targeted particularly vulnerable individuals and sold them high-commission annuities with very long holding periods, yielding minimal, if any, benefit for the purchaser. Or maybe it was your next-door neighbor, Bonnie, who recounted her deceased husband’s ill-advised […]

Horace Mann Reports Second Quarter 2014 Operating EPS Of $0.43

{July 24th, 2014} by PR Newswire Association LLC

– Operating income per share up 10%, despite property and casualty catastrophe losses – Strong annuity sales, led by new fixed indexed annuity product – Book value per share excluding the fair value adjustment for investments of $24.51, up 8% compared to a year ago Horace Mann Educators Corporation July 23, 2014 4:15 PM SPRINGFIELD, […]

4 ways the insurance industry is innovating change

{July 24th, 2014} by Lynette Gil

A recent survey by SAP, a European multinational software corporation, to 200 insurance executives at the IASA Annual Conference held in June found the factors that are motivating insurance innovation strategies. Some of the respondents state that they are adjusting products to suit millennials’ needs, developing new products following new technological advances, focusing on the customer […]

3 ways insurance agents can manage social media risk

{July 24th, 2014} by Rick Gilman

Several years ago I attended an industry conference for a technology organization where I attended a number of workshops having to do with how to utilize and manage various technologies that were really beginning to impact our business. Smartphones, social media, and changing expectations of consumers and employees were among the topics addressed. One session […]

Canadian insurers feeling harsh effects of low rates

{July 24th, 2014} by Emily Holbrook

Canadians are feeling the low rate sting. Canadian insurers aren’t immune to the effects a low interest rate environment has on business. But the effects are more serious now that in the past. That’s according to a recent report by reinsurer Swiss Re. Click here to read…

MetLife Designation as Systemically Important Expected Soon

{July 23rd, 2014} by Ian Katz and Robert Schmidt

A U.S. council of regulators is poised to label MetLife Inc. a potential threat to the financial system, subjecting the insurer to oversight by the Federal Reserve, two people with knowledge of the matter said. A decision by the Financial Stability Oversight Council (FSOC) may come as early as July 31, when the panel is […]

Who Owns Your Online Afterlife?

{July 23rd, 2014} by Bethany Leggett, The Brunswick News, Ga: McClatchy-Tribune Information Services

July 23–In the age of laptops, tablets and smartphones, users can document almost every step of their lives. With a few clicks of a button, they can transfer funds between bank accounts, create a photo album from a family vacation or write to their loved ones living far away. But should your emails, web albums […]

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Join us in Vegas #AdvnetSummit August 13th-15th, 2014

{July 23rd, 2014} by Jamie Johnson

We are pleased to announce that Wink, Inc.’s CEO, Sheryl J. Moore, will be speaking at the Advisor Network Summit taking place August 13-15th at The Venetian in Las Vegas. The Advisor Network Summit (#AdvnetSummit)  is a peer-to-peer event for top Life-Health advisors to stay up to date with current industry trends, marketing strategies and selling techniques.   #AdvnetSummit will provide advisors […]

Equity Analysts: Life Insurers Must Address ‘Perceptions of a Rising Interest Rate Environment’

{July 22nd, 2014} by Fran Matso Lysiak

OLDWICK, N.J. – Policyholder behavior, as it is affected “by perceptions of a rising interest rate environment,” is a significant concern to equity analysts with Sandler O’Neill, a concern that life insurers must address, they wrote in a research note previewing second-quarter earnings for the industry. Interest rates declined during the second quarter, the equity […]

Four Greater Des Moines insurers make Top 50 list

{July 22nd, 2014} by Matthew Patane

Four life insurance companies based in the greater Des Moines area made a list of the 50 top performing insurers. American Equity Investment Life Insurance Co., American Republic Insurance Co., Farm Bureau Life Insurance Co. and Homesteaders Life Co. all ranked on the list. American Equity and American Republic are based in Des Moines. Farm […]

Are you in your own jail? BLOG

{July 22nd, 2014} by Steven A. Morelli

Alan Lewis’ description of jail would sound like hell for most people: “It’s DMV with guns and Tasers.” That’s where Lewis lived for four months while he faced three dozen felony charges for selling annuities with surrender charges. The list was later reduced to 29 felonies and one misdemeanor. He still faced the prospect of […]

Morningstar to pay $61 million in trade-secrets settlement

{July 22nd, 2014} by Joyce Hanson

The investment research firm will pay Business Logic for the software company’s intellectual property Morningstar Inc. will pay $61 million to settle a trade-secrets lawsuit filed by Business Logic Holding Corp., a 401(k) managed accounts software company, in order to secure a license for the intellectual property involved in the dispute. A trial that had […]

Can an adviser affiliated with an insurance company be fee only? Yes.

{July 22nd, 2014} by Mark Schoeff Jr.

State rules on insurance affiliation complicate fee-only status for some CFPs For nearly two years, the issue of compensation descriptions has roiled the investment-advice business. The topic becomes even trickier when insurance licenses are thrown into the mix. Whether investment advisers like it or not, the Certified Financial Planner Board of Standards Inc. rules on […]

Investors Need To Fear Fraudsters More

{July 22nd, 2014} by Karen DeMasters

Investors are not scared enough when it comes to security concerns, according to Steven Crosby, global private banking and wealth management leader for the Americas for PricewaterhouseCoopers. Rather than being too afraid of cyber thieves and fraudsters, investors are too lax and need to be reminded by their advisors about the dangers that lurk in […]

FBL Names Wasilewski Operating Chief at Life Business

{July 21st, 2014} by Kelly Gilblom

FBL Financial Group Inc. (FFG), the Iowa-based seller of fixed-indexed annuities, appointed Raymond Wasilewski as the third chief operating officer of the life business this year. Wasilewski was previously chief administrative officer, the West Des Moines-based company said in a statement today. He replaces John D. Currier, who stepped down for personal reasons, Kathleen Till […]

Worth a look: hybrid annuity/LTC products

{July 21st, 2014} by Susan Wright

As traditional stand-alone long-term care insurance policies have become more costly, financial advisors are likely to be hearing more objections related to both premium expense and to the “what if I don’t use it” effect. While most clients typically aren’t disappointed if they never file a claim on their homeowners or auto insurance policy, for […]

NAIC Makes Its Pitch For The State-Based System: Opinion

{July 21st, 2014} by Linda Koco

It’s pretty clear that National Association of Insurance Commissioners (NAIC) intends to defend its state-based regulatory turf. In a strongly worded statement, NAIC said some federal officials and global regulators are seeking “unprecedented authority”over American insurance markets. That authority includes “imposition of bank-centric regulation on insurance companies.” In response, NAIC said it is “deploying” Protecting […]

The science behind reaching Millennials [infographic]

{July 21st, 2014} by Emily Holbrook

The Millennial generation will soon have the highest purchasing power in history. So how can insurance companies — or any company — reach them? According to this article (link below), industries should use graphics and visuals; be authentic, creative and distinct; get the the point quickly; and engage and ask for feedback. Do you incorporate […]

3 things to learn from the outrageous Comcast recording

{July 21st, 2014} by Kelly Moser

Recently, an eight minute recording of one man’s conversation with a Comcast employee went viral — for all the wrong reasons. If you haven’t heard the recording, allow me to sum it up for you. Customer Ryan Block called Comcast to disconnect his services because he’s switching to a new provider. His simple request turned […]

Insurance M&A deal volume up 20% year-over-year through mid-June

{July 21st, 2014} by Jan Haider Kiani

Year-to-date through June 20, the insurance mergers and acquisition (M&A) market witnessed 160 deal announcements, compared to 134 deals over the same period of 2013 — an increase of roughly 20%, according to SNL Financial. The 2014 first quarter saw 100 insurance deals announced, compared to 72 deals in the year-ago period. Sixty insurance deals […]

NAIC Announces Initiative In Support Of State-Based Insurance Regulation

{July 18th, 2014} by PR Newswire Association LLC

KANSAS CITY, Mo.,July 16, 2014 /PRNewswire-USNewswire/ — The National Association of Insurance Commissioners (NAIC) today launched ‘Protecting the Future,’ an educational initiative about the indispensable role state-based insurance regulation plays in strengthening the U.S. economy. This unprecedented education program from the NAIC is being deployed in Washington, DC, Brussels, the capital of theEuropean Union, and […]

MetLife Taps Former Bain & Co. Executive as Chief Enterprise Strategy Officer

{July 18th, 2014} by Marie Suszynski

NEW YORK – MetLife Inc. said it has hired Rebecca Tadikonda as its chief enterprise strategy officer, effective July 21. She succeeds Kishore Ponnavolu, who is now president of MetLife Auto & Home. Tadikonda will report to Steven A. Kandarian, chairman, president and chief executive officer of MetLife. “An aligned, integrated enterprise strategy is essential […]

NAIC Begins Push to Promote State-Based Insurance System Amid Calls for International Standards

{July 18th, 2014} by Thomas Harman

WASHINGTON – The National Association of Insurance Commissioners is preparing to counter arguments that the U.S. insurance industry should move toward international standards with a campaign demonstrating the benefits of the nation’s state-based regulatory system. The NAIC is beginning its information initiative, “Protecting the Future,” because of concerns about the demands by federal and international […]

Wirehouses Face Unique Challenges In Adding More Investor Relationships

{July 18th, 2014} by N/A

July 2014, BOSTON. According to new research from global analytics firm Cerulli Associates, wirehouses face unique challenges in adding more investor relationships. “While the wirehouses are not yet winning new clients, they are for the first time in recent memory retaining share of assets, including those of high-net-worth investors,” comments Kenton Shirk, associate director at […]

Insurers Add New Agents with Diversity

{July 18th, 2014} by Cyril Tuohy

Five years after the end of the Great Recession, life and annuity companies are hiring again but show a preference for seasoned advisors, especially those who can penetrate cultural and generational markets, according to the consulting firm Conning. “Field recruiting has been focused on responding to population growth in key market segments, and on the […]

5 financial lessons from Game of Thrones

{July 18th, 2014} by Lynette Gil

Enter the world of Westeros, Essos, Sothoryos and Ulthos, where dragons and magic exist, and you’re in the HBO series Game of Thrones (GoT), based on the fantasy and science fiction books A Song of Ice and Fire by George R. R. Martin. Learning about how hard life was back then — the gruesome battles, […]

5 QLAC questions and answers

{July 18th, 2014} by Jeffrey Levine

On July 1, 2014 the Treasury Department released the long-awaited final regulations for Qualifying Longevity Annuity Contracts (QLACs). These new annuities will offer advisors a unique tool to help clients avoid outliving their money. Click here to read…

Life insurers are an army of random kindness

{July 18th, 2014} by Bill Coffin

I spend a good amount of time online, so I see a lot of grim and dispiriting stories in the mainstream media or through social media, whether it’s international strife, some outrage committed in a state halfway across the country, or a study that suggests that in some way, shape or form, we are all […]

A.M. Best Affirms Ratings of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York

{July 18th, 2014} by Best's News Service

Oldwick – A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit ratings of “a+” of Allianz Life Insurance Company of North America (Minneapolis, MN) and its subsidiary, Allianz Life Insurance Company of New York (New York, NY) (collectively known as Allianz Life). The outlook for all ratings is stable. […]

A.M. Best: MassMutual Cracks Top 10 in Ranking of Life Insurers by Admitted Assets

{July 18th, 2014} by Fran Matso Lysiak

OLDWICK – Based on 2013 admitted assets, Hartford Life Group was bumped out of A.M. Best Co.’s top 10 U.S. life/health insurer ranking as MassMutual Financial Group climbed from 12th to 10th, a newly released statistical study shows. Total admitted assets for the U.S. life/health insurance industry rose to $6.1 trillion in 2013, a gain […]

Women Need Advisors To Take A Straightforward Approach

{July 17th, 2014} by Cyril Tuohy

Insurance agents and financial advisors looking to reach women should simplify the buying process, reduce jargon, spend more time looking after the customer’s interest and maintain high ethical standards, according to a new report. Despite the seemingly clear directives and women taking more control of household finances, women don’t feel any more prepared to make […]

Symetra Life completes redomestication plan

{July 17th, 2014} by IFAwebnews Staff

Symetra Financial Corporation announced that the redomestication of its principal life insurance subsidiary, Symetra Life Insurance Company, from Washington to Iowa is complete following regulatory approvals from the Washington State Office of the Insurance Commissioner and Iowa Insurance Division. As previously announced, Symetra will open an office in West Des Moines, Iowa, and anticipates hiring […]

Prudential Study Finds Women Feel Less Confident in Their Ability to Save and Invest

{July 17th, 2014} by PRWeb

Women surveyed said they are taking control of household finances, yet are no more prepared to make financial decisions than they were a decade ago, according to new research released today by Prudential Financial, Inc. The study, which is Prudential’s eighth biennial study of women and money, revealed women are less concerned about their financial […]

Roundup: New York Life names two senior executives to key roles

{July 17th, 2014} by Lynette Gil

New York Life has named Matthew Grove chief administrative officer in New York Life’s Insurance and Agency Group, where he is responsible for oversight of strategy development for the Group, new business operations, and quality assurance, compliance and finance functions for the Service operation. Taking over Mr. Grove’s former role is David Cruz, who was […]

Women confident — yet unprepared — for retirement

{July 16th, 2014} by Emily Holbrook

Women in general are confident they are taking control of household finances and retirement planning, yet are no more prepared to make financial decisions than they were a decade ago. That’s according to a new study released by Prudential Financial, Inc. Click here to read…

‘Dateline’ Libel Claim Revived, Privilege Lost

{July 16th, 2014} by Megan Gallegos

DENVER (CN) – “Dateline” may have to produce its raw footage to an insurer that says a hidden-camera investigation defamed it, the 10th Circuit ruled. “Dateline” aired the segment in question, titled “Tricks of the Trade,” in April 2008. It featured snippets from an event called “Annuity University,” a two-day seminar Brokers’ Choice of America […]

Life, Annuity And Health Software Deal Volume Up 21% In 2013

{July 16th, 2014} by Cyril Tuohy

Deal volume among life, annuity and health insurance carriers, and technology vendors was up 21 percent last year compared to 2012. This comes about as a rising stock market, higher interest rates and hopes for growth in life and retirement suffused buyers with more confidence, according to an annual survey of the market. A more […]

BREAKING NEW GROUND WITH NATIONAL ANNUITY AWARENESS MONTH

{July 16th, 2014} by Kim O'Brien

MESSAGE FROM THE PRESIDENT In June, NAFA joined with the Coalition for Annuity Awareness and celebrated the inaugural June National Annuity Awareness Month with many educational webinars; publications about annuities; and informational blogs, articles and tweets promoting annuities to the general public. We topped off the month with a National Fly-in for Fixed Annuities and […]

The Hits Keep Coming To Annuity Database

{July 16th, 2014} by Linda Koco

The search for income annuity data showed no signs of letting up in second quarter 2014. During the three-month period, annuity advisors and sales desks made over 261,000 hits to an online database of income annuity products, according to a new report. That’s up by nearly 9 percent from first quarter’s nearly 240,000 hits. Although […]

Annuities’ Month-Long Celebration

{July 15th, 2014} by Victoria Peterson and Jamie Johnson

  The inaugural National Annuity Awareness Month came at an opportune time in the indexed annuity industry! Spreading the word about annuities is crucial, particularly when the economy is still rocky. Why do we believe June 2014 was a perfect time to launch this special event? Americans need annuities. They’re hearing about them. And they’re […]

5 reasons to attend the Advisor Network Summit in Las Vegas

{July 15th, 2014} by Van Mueller

The place to be August 13-15 will be the Advisor Network Summit in Las Vegas. The timing of this meeting is crucial. We are approaching a financial catastrophe. CLICK HERE TO READ “— Sheryl Moore: The annuities expert. I read everything she writes, and I even have a Sheryl Moore file. Moore has helped me […]

NAIC Hiring Consultant to Review Its Decision-Making, Governance

{July 15th, 2014} by Andrew G. Simpson

The national organization for state insurance regulators, which has been telling federal and international regulators how they should govern the industry, has decided to engage a consultant to audit its own governance and policy-making practices. The National Association of Insurance Commissioners (NAIC) said it would issue a request for proposal for a consultant this week, […]

Iowa Agent Gets 41 Months in Prison for Defrauding Insurance Companies

{July 15th, 2014} by Iowa Insurance Division

A former Des Moines, Iowa, insurance agent was sentenced to 41 months in prison for insurance fraud, the Iowa Insurance Division announced. Melissa Ilene Williams, of Dike, Iowa, also was ordered to pay restitution for fabricating and submitting life insurance policies to two separate insurance companies between July 2011 and January of 2012. Williams pled […]

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Filling the Gap: Where Will We Find Tomorrow’s Insurance Professionals?

{July 15th, 2014} by Amy Nyvall

More independent insurance agents will be retiring than starting careers this year. It’s the same story from last year, and previous years before that. The industry’s sales force is dwindling and is at risk of becoming detached from its consumer base. Young professionals opting for other careers hold the median age of the country’s labor […]

Global Atlantic Targets Life & Annuity Business

{July 15th, 2014} by Linda Koco

Global Atlantic Financial Group has agreed to sell Ariel Re, its Bermuda-based property-casualty reinsurance company, to BTG Pactual, a Brazilian multinational investment banking firm. Assuming the deal receives regulatory approval, Global Atlantic will be free to focus more on growing its life and annuity business. That will likely be welcome news for life and annuity […]

Joining Other Life Insurers, MassMutual Opens Office to Serve Chinese-American Community in NYC

{July 15th, 2014} by Fran Matso Lysiak

OLDWICK, N.J. – Massachusetts Mutual Life Insurance Co. has set up shop in a neighborhood in the New York City borough of Queens, in the heart of the city’s Chinatown, in a stepped-up effort to provide financial services to the large Chinese-American community there. The Springfield, Mass.-based company joins New York-based life insurers in recognizing […]

‘Annuity Burglar’ Case Tossed by Judge

{July 15th, 2014} by Steven A. Morelli

A California judge threw out 29 felony charges and one misdemeanor against a former insurance agent who spent more than four months in jail awaiting trial in a case that some said could lead to criminalizing surrender charges. Alan S. Lewis, who turned 51 while in jail, was accused of embezzlement, grand theft and burglary […]

How advisor Brittney Castro used social media to successfully connect with women

{July 15th, 2014} by Amy McIlwain

I recently had the chance to sit down with Brittney Castro in Los Angeles to talk social media and digital marketing. Brittney is a certified financial planner and the CEO of Financially Wise Women. She has been incredibly successful using social media as a marketing tool, despite the restrictions and limitations that the financial services […]

Hancock to Get $11.8 Million as Next AIG CEO

{July 15th, 2014} by Zachary Tracer, Bloomberg

American International Group Inc.’s Peter Hancock will get a compensation package of $11.8 million a year as the insurer’s new chief executive officer. The short-term incentive will be $3.2 million of cash and the long-term will be $7 million in performance share units for meeting targets, plus he will get an annual salary of $1.6 […]

The big five: The 2014 Advisor of the Year finalists

{July 15th, 2014} by Daniel Williams, Paul Wilson, Vanessa De La Rosa

After months of pouring over nominations, Retirement Advisor rolls out the annual Advisor of the Year finalists. In making our selections, we looked at multiple categories. Among those are production, community involvement, an ability to connect with clients, a passion for working with seniors and an exemplary compliance and suitability record. Click here to read…

Prudential Study Finds Women Feel Less Confident In Their Ability To Save And Invest

{July 15th, 2014} by PR Web

Newark, NJ (PRWEB)July 15, 2014 Women surveyed said they are taking control of household finances, yet are no more prepared to make financial decisions than they were a decade ago, according to new research released today byPrudential Financial, Inc. The study, which is Prudential’s eighth biennial study of women and money, revealed women are less […]

LeBron James and Value of Celebrity Insurance Ads

{July 14th, 2014} by University of Arkansas, Sam M. Walton College of Business

From a consumer perspective, what happens when a celebrity endorses different products in two advertisements that appear in the same magazine? Do you remember both equally? One better than the other? Neither? Katie Kelting, a marketing researcher at the University of Arkansas, found that when consumers are shown two ads featuring the same celebrity, they […]

A 3-step plan for reaching the special needs community

{July 14th, 2014} by Celeste Clancy

A case that has a special needs element requires a slightly different approach than a “typical” life planning case. Special needs cases can require some unique considerations. To fully understand this market, it’s important to first recognize what special needs are and aren’t. Cick here to read…

AIG Financial Distributors Appoints Talent Development Veteran

{July 14th, 2014} by Cyril Tuohy

AIG Financial Distributors, the sales and distribution arm of American International Group’s life and retirement business, has announced the appointment of John D. Stout to head sales training and development. Stout will “launch and lead” AIG Financial Distributors University to develop sales representatives and train future financial advisors and agents. The appointment, announced July 8, […]

U.S. Life Insurance Activity Flat In June

{July 14th, 2014} by PR Newswire Association LLC

BRAINTREE, Mass., July 11, 2014 /PRNewswire/ — U.S. application activity for individually underwritten life insurance was flat at -0.3% in June, year-over-year, all ages combined, according to the MIB Life Index. The story for the first six months of 2014 has been one with progressively lessening monthly losses. U.S. life insurance application activity was flat […]

NCOIL Capital Standards Resolution Draws Mixed Reaction From Insurance Trade Groups

{July 14th, 2014} by Thomas Harman

BOSTON – Insurance industry trade groups had mixed opinions concerning a National Conference of Insurance Legislators’ resolution opposing the imposition of insurance capital standards under discussion internationally. NCOIL’s executive committee approved the resolutions on the final day of its Summer National Meeting on July 13. The standards resolution was crafted in response to international proposals […]

NAMIC: IAIS Basic Capital Requirements Proposal Could Pose Problems to Industry

{July 14th, 2014} by Jeff Jeffrey

WASHINGTON – Representatives of the insurance industry are already expressing concern about the International Association of Insurance Supervisors’ proposed basic capital requirements for global systemically important insurers. The IAIS released an updated version of the proposed basic capital requirements on July 9 and asked the industry to submit comments about potential problems or concerns. This […]

Redesigned ChFC mark aims to top CFP education

{July 14th, 2014} by Liz Skinner

“We’re positioning ourselves to be more relevant to practitioners — those who work with clients in the financial services community.” — Craig Lemoine, ChFC program director at The American College.   The American College of Financial Services is revamping the chartered financial consultant designation to focus on applying strategies to client situations and including new […]

Final longevity annuity regulations clear path for future growth

{July 14th, 2014} by Robert Bloink, William H. Byrnes

Recently, the Treasury Department issued final regulations governing qualified longevity annuity contracts (QLACs) that are likely to cause sparks to fly in the annuity industry in the coming years. While many of the final QLAC provisions mirror those found in the proposed regulations that were issued more than two years ago, the final regulations have […]

Insurers’ priorities: Speed, agility in product development

{July 14th, 2014} by Warren S. Hersch

For producers focused on how best to serve the youngest demographic for life insurance products — millennials — one finding from this SAP survey stands out: More than half of insurers (52 percent) are investing in online, mobile and social technologies as their main strategy for reaching millennials — those born between the early 1980s […]

MetLife Developing $110 Million Industrial Park Near Atlanta in Move to Diversify Real Estate Holdings

{July 14th, 2014} by Fran Matso Lysiak

NEW YORK – MetLife Inc. said it will develop a large-scale industrial park near Atlanta with total costs to run more than $110 million with Panattoni Development Co. in a move to diversify its real estate holdings. The Lambert Farms Distribution Center will be built in Henry County, 15 miles south of the Hartsfield-Jackson International […]

Millennials Set To Be A Lost Generation For Financial Services

{July 14th, 2014} by PR Newswire Association LLC

ARLINGTON, Va., July 10, 2014 /PRNewswire/ –Americans aged 18-29 (closely corresponding with the Millennial generation) are the most pessimistic about their financial situations compared to any age group measured by CEB, (NYSE: CEB) the leading member-based advisory company. In its Consumer Financial Monitor Millennial feelings about their personal finances dropped nine percent in the last […]

15 best insurance quotes of all time

{July 14th, 2014} by Lynette Gil

“A bird in the hand is worth two in the bush.” – Latin proverb dating back to the 13th century. There are certain universal truths that we can find in proverbs, quotes and sayings for anything in life. From wise sayings to funny jokes, LifeHealthPro.com has collected the best life and health insurance sayings and […]

Judge Dismisses Ex-Broker’s Privacy Claim Against Regulatory Website

{July 14th, 2014} by Suzanne Barlyn

A U.S. judge threw out a lawsuit against the Financial Industry Regulatory Authority (FINRA) by a former broker who alleged that disclosures on the regulator’s public database violated his privacy rights. The former broker, Alan Santos-Buch, sued FINRA, Wall Street’s industry-funded regulator in February, alleging it continues to make details of a 1997 disciplinary case […]

Toddler who died in hot car had two life insurance policies

{July 14th, 2014} by Brian Anderson

You’ve certainly heard the recent story about the Georgia dad who left his toddler son restrained in a car seat while he went to work, resulting in the boy’s death. There have been no shortage of sordid details that have come out about 33-year-old Ross Harris since his arrest: Internet searches about leaving a child […]

Life Insurance for Children is a Great Idea

{July 14th, 2014} by PR Web

YourLifeSolution.com, a website which prides itself on providing instant life insurance rates on both permanent and term life insurance products, is today publishing reasons why buying life insurance for children is both logical and financial savvy. The service was prompted to do this by several online articles and financial pundits claiming that having life insurance […]

IRA rollovers face scrutiny by ERISA panel

{July 14th, 2014} by Nick Thornton

The volume of retirement assets rolling out of defined contribution plans has gotten the Department of Labor’s ERISA Advisory Committee’s attention. IRAs, along with other investment vehicles that fall outside the jurisdiction of ERISA’s oversight, are growing more popular as boomers retire and move their retirement savings out of employer-sponsored plans. In response, the ERISA […]

Broker Pleads Guilty To Securities Fraud

{July 12th, 2014} by John Bear, Alamogordo Daily News, N.M.

July 12–Carrizozo >>An Otero and Lincoln County-based insurance broker who defrauded another man out of hundreds of thousands of dollars in 2011 pleaded guilty Wednesday to securities fraud and conspiracy charges. According to a 12th Judicial District Attorney’s Office press release, Bill Turner pleaded guilty in12th Judicial District Court inCarrizozo to 13 counts of securities […]

How to get Millennials on track for retirement

{July 11th, 2014} by Mary Beth Franklin

(iStock) Crushing debts could make long-term savings goals a hard sell As a mother of two Millennials — those young Americans born between 1980 and 2000 — I know that preaching the value of saving for a distant goal like retirement can be a hard sell. But it’s a critical message, as these young workers […]

Why Ken “I hate annuities” Fisher has a problem

{July 11th, 2014} by Jeffrey Berson

We have all seen it. The big advertisement from Fisher Investments: “I hate annuities, and you should too!” Ken Fisher is making a splash with this, but as is typical with this kind of promo, his “special report” is one-sided, very poorly researched and limited in scope. In addition, his “annuity conversion program” is misleading; […]

Pa. Man Accused Of Scamming 2 Women

{July 10th, 2014} by Jennifer Todd: Proquest LLC

A Danville insurance agent is facing charges that he scammed two local elderly women out of$40,000. Paul J. Cero, 63, is charged with two felony counts of theft by deception. He was arraigned Wednesday by District Judge Rodney Hartman and released after posting $150,000 bail. Police launched an investigation in April 2012 after one of […]

5 critical compliance issues for 2014

{July 10th, 2014} by Daniel Williams

According to John P. Huggard, CFP, CLU, too often, advisors take their eye off the ball in regards to compliance issues. Not that they’re necessarily doing the wrong thing with malicious intent, but that they don’t know all of the available compliance issues. As Huggard sees it, advisors do a a good job of building […]

Report Identifies Ingredients For Successful Life Insurers

{July 10th, 2014} by Cyril Tuohy

Ingredients that have made life insurance companies successful over the past six years relate to with product mix, consistency, shorter bond maturities and expense control, according to a new report by Conning & Co. Higher productivity among distributors is also a factor but more so among smaller life insurance carriers, the report also found. “One […]

Women Face Higher Stakes In Financial Planning. Here’s What You Can Do

{July 10th, 2014} by Eve Kaplan, CFP(R) Practitioner

Are you a single woman (widowed, divorced or never married)? If so, your financial planning needs are greater than the average couple or single man. Why? You will live longer than the average man but you typically have less money to do so. In other words, you have “longevity risk.” What can you do about […]

Structured product annuities pose challenges for regulators

{July 10th, 2014} by Darla Mercado

As Voya plans to be the fifth company offering these newfangled products, regulators still struggle to classify them   Structured product annuities are the latest retirement product but they are so new that regulators are struggling to figure out the best way to classify them. These contracts, dubbed hybrid or buffered annuities, use structured products […]

How to frame annuities more attractively

{July 10th, 2014} by Bob Seawright

As I have noted before, since at least 1965 and the seminal research of Menachem Yaari, economists have recognized that retirees should convert far more of their assets into an income annuity at retirement than they do. Franco Modigliani famously formulated the problem in his Nobel Prize acceptance speech back in 1985: “It is a […]

Annuities Are The Focus Of ‘Successful’ Carriers

{July 10th, 2014} by Linda Koco

What makes for a successful life insurance and annuity company? A lot of advisors would like to know, particularly when considering contracting with, or recommending, a carrier. Insurance companies want to know too, particularly when benchmarking and setting strategy. So what are the markers? Researchers at Conning have been peeling back the onion on this […]

Successful Individual Life-Annuity Specialists

{July 10th, 2014} by Michael Warner

07/07/2014 Michael Warner Conning, Inc. 860-299-2408 Mike.Warner@Conning.com Conning—Successful Individual Life-Annuity Players Announced (Hartford, CT) July 7, 2014—Conning releases its fifth study of successful individual life-annuity companies in three size categories and their characteristics. “Our ongoing study of successful individual life-annuity companies continues with the 2014 edition, which for the first time includes a detailed analysis […]

IAIS Seeks Comment on Updated Basic Capital Requirements Plan

{July 10th, 2014} by Jeff Jeffrey

WASHINGTON – The International Association of Insurance Supervisors is providing more clarity on what its proposed basic capital requirements for global systemically important insurers may ultimately look like. The IAIS released updated details about how the basic capital requirements will be calculated in a July 9 announcement. The proposal released marks the second time the […]

AIG Financial Distributors CEO: It’s ‘Not Cheap’ to Run a Career Agent Sales Force in Life Industry

{July 10th, 2014} by Fran Matso Lysiak

OLDWICK, NJ – It’s “not cheap” to run a career agent force in the life insurance industry, said the president and chief executive officer of the sales and distribution arm of the life and retirement business of American International Group as the organization gears up to launch its own “university” intended to develop current sales […]

Agent Appointment Fee Reduction in Ohio Expected to Save Insurers $11.3M

{July 10th, 2014} by N/A

A reduction in the fee insurance companies pay to “appoint” insurance agents is expected to result in $11.3 million in reduced annual costs, Lieutenant Governor and Department of Insurance Director Mary Taylor announced. An amended rule took effect in Ohio on June 30 that reduces the agent appointment fee 25 percent from $20 to $15. […]

10 offbeat insurance policies you can buy

{July 10th, 2014} by Lynette Gil

Did you know that you can buy a “change-of-heart” policy that covers the cancellation of a wedding beyond your control (for example, a tornado)? Did you also know that UFO abduction insurance is “real,” pending the approval of any government agency, of course? These policies and others, like pet insurance, are part of the 10 […]

INCOME ANNUITIES: Explaning and Measuring Return PART ONE

{July 9th, 2014} by Lowell Aronoff

An income annuity or a pension has some elements similar to an investment. Like a bond, you give an insurance company a sum of money in exchange for a regular check. The insurance product also provides an important benefit. Typically, the insurance company promises to pay you a guaranteed income for the rest of your […]

Jim Oppenlander Appointed General Manager of National Life Group Agency

{July 9th, 2014} by National Life Group

Montpelier, Vermont – Jim Oppenlander has been appointed General Manager of National Life Group’s new Columbus, Ohio, agency. In his new post, Oppenlander will lead market development and agent recruiting in Columbus for National Life Group, a Fortune 1000 company with $30 billion in assets under management. “Jim’s experience, regional connections, and impressive recruiting and […]

A Retirement Annuity Strategy That Offers Peace Of Mind

{July 9th, 2014} by Steve Parrish

A friend recently told me he’s planning to retire but is worried about his financial ability to do so. When he described his situation, I told him it seemed to me he didn’t have anything to worry about. But, still he’s worried. As luck would have it, I heard a finance professor lecture on retirement […]

National Life Group Announces New Promotions

{July 9th, 2014} by Cyril Tuohy

Tom Hirschmann, a former senior manager for Legg Mason, has been appointed president and chief executive officer of Sentinel Financial Services Co., Sentinel’s parent National Life Group has announced. Hirschmann will be responsible for helping financial advisors increase sales of Sentinel’s mutual funds and investment products through wirehouses, regional and independent broker/dealers, and registered investment […]

Squished! What To Do When Financially Supporting Two Generations

{July 9th, 2014} by PR Newswire Association LLC

WASHINGTON,July 9, 2014 /PRNewswire-USNewswire/ — Many middle-aged Americans are beginning to find themselves in a tight spot, financially “sandwiched” between caring for older and younger generations. While juggling their own financial needs and obligations, these pre-retirees are responsible for supporting adult children grounded by a tough economy and aging parents requiring care and assistance. Certified […]

AIG, Prudential Submit ‘Living Wills’ to Federal Regulators Involving Hypothetical Failures

{July 9th, 2014} by Jeff Jeffrey

WASHINGTON – American International Group Inc. and Prudential Financial Inc. would rely on divestitures to resolve a hypothetical business failure, the two companies told regulators in “living will” plans filed with the Federal Reserve Board and the Federal Deposit Insurance Corporation. According to the public portions of their plans, AIG and Prudential said if faced […]

A.M. Best Downgrades and Removes From Under Review the Ratings of Lincoln Benefit Life Company

{July 9th, 2014} by Best's News Service

Oldwick – A.M. Best has downgraded the financial strength rating to A- (Excellent) from A+ (Superior) and the issuer credit rating to “a-” from “aa-” of Lincoln Benefit Life Company (LBL) (Lincoln, NE). Both ratings have been removed from under review with negative implications and assigned a stable outlook. The removal of the under review […]

Income riders: Don’t be blinded by the shiny object

{July 9th, 2014} by Jason Kestler

As a poor college student, I used to do a lot of diving in the Florida Keys. After seeing a large shark one day, I asked one of the experienced divers if I should be worried. “No,” he said. “Sharks will usually leave you alone unless you (or a fish you just speared) is bleeding. […]

Wells Fargo Sets Up Elder Alert Unit For Advisors

{July 9th, 2014} by Ted Knutson

Wells Fargo has set up a seven-person unit that the firm’s 15,000 advisors can contact to report suspected cases of elder abuse or dementia. The unit, based in St. Louis, comes as calls from advisors to the home office about cognitive decline in senior clients and victimization of them by family, as well as Nigerian […]

Life insurance: who needs it?

{July 9th, 2014} by Emily Holbrook

Who really needs life insurance? That’s a question many prospects pose and even more so as the sea of younger potential clients grows. Many feel a policy is unncessary and — now more than ever — are hesitant to take on another monthly bill. All agents come across skeptics. This is just one way to […]

5 things to know about children’s life insurance

{July 9th, 2014} by Emily Holbrook

Justin Ross Harris is accused of killing his 22-month-old son by locking him in a hot car for several hours while Harris was at work in suburban Atlanta. He is currently locked up without bail on homicide and child cruelty charges. Suspiciously, Harris took out two life insurance policies on his son, one for $2,000 […]

Indexed UL, CI riders remain priority for life insurers

{July 9th, 2014} by Warren S. Hersch

If indexed universal life insurance is not yet part of your product portfolio, then it ought to be. That’s a key takeaway from a new industry report on UL products. Indexed universal life (IUL) sales as a percent of all universal Life (UL) sales rose to 31 percent during the first nine months of 2013 […]

Annuity industry pushes SEC for summary prospectus rule

{July 9th, 2014} by Mark Schoeff Jr.

An interest group representing firms that sell variable annuities wants the Securities and Exchange Commission to speed up its work on a rule that would provide investors with a plain English summary of the costs, benefits and risks associated with the complex products. The SEC has on its regulatory agenda a March 2015 release date […]

Are Advisors Really Just After The Money?

{July 9th, 2014} by Linda Koco

Some less than altruistic observers contend that advisors are only after the money. Hence, these enemies of advisors say, when advisers are paid a lot, they are happy and want more; when they earn the bare minimum, they slink away to oblivion — because “they were only after the money,” right? Some data in the […]

Protective Life A Major Campaign Finance Player

{July 8th, 2014} by Tim Steere, The Anniston Star, Ala.

July 05–A Birmingham life insurance corporation has contributed more than $600,000 to political campaigns at the state and federal level, mostly to incumbent candidates, according to public documents filed with the Alabama Secretary of State’s office inMontgomery. Protective Life Corporation donated more than a half million dollars to statewide political campaigns, rendering it one of […]

Survey Indicates IUL And Chronic Illness Riders Remain Priority For Life Insurers

{July 8th, 2014} by PR Newswire Association LLC

SEATTLE, July 8, 2014 /PRNewswire/ –Total Indexed Universal Life (IUL) sales, as a percent of total Universal Life (UL) and IUL sales combined, increased from 14% in 2010 to 31% during the first nine months of 2013, as reported by participants in Milliman’s annual comprehensive study of UL and IUL issues. In recent years more […]

Flexible final regs on longevity annuities

{July 8th, 2014} by Linda Koco

The new Treasury Department regulations on longevity annuities have been promulgated as final. But you could call them “flexible final regulations,” since they include a sentence allowing for exceptions on one point. That may sound like an oxymoron but it’s not. The exception statement occurs right at the end of a discussion that runs nearly […]

New York Life To Hire 20 New Employees

{July 8th, 2014} by Drew Dixon, The Florida Times-Union, Jacksonville

July 08–The Jacksonville office of New York Life insurance is seeking to hire more employees. The company said in a news release Monday that it’s looking to expand its general office by 20 agents this year. Company officials said the new agents would join more than 50 already working for New York Life in Jacksonville […]

Study: Families Divided Over Personal Finance Decisions

{July 8th, 2014} by Cameron Saucier, USATODAY

When it comes to family conversations, many parents aren’t discussing their retirement plans or other financial matters with their adult children. The result: many Americans are underprepared to live comfortably in retirement or rally their family during a financial crisis. A new study byFidelity Investments found that 64% of parents and children can’t agree on […]

Allianz Life Names Jeff Pruitt to Lead Compliance for Wholesale Broker/Dealer and Investments

{July 7th, 2014} by Proquest LLC

Allianz Life Insurance Company of North America (Allianz Life) reported that it has appointedJeff Pruitt to oversee all compliance activities for Allianz Life Financial Services (ALFS), the company’s distributor of variable annuities, and Allianz Investment Management (AIM), which oversees investment management activities for all Allianz-affiliated insurance companies in North America. Pruitt will report to Allianz […]

How to go 40 years without a paycheck

{July 7th, 2014} by Joe Lucey

Brian Kinney/Shutterstock 44% of all early boomer households are likely to run short of money in retirement.   Here’s a sobering statistic from the Employee Benefit Research Institute to consider: 44% of all early boomer households are likely to run short of money in retirement. In fact, Allianz Life completed a study which found that […]

What you need to know about the cost of fixed annuities

{July 7th, 2014} by John Olsen, Michael E. Kitces

In this article, we will focus on one of the most controversial — and often misunderstood — aspects of annuities: their costs. The controversy and misunderstanding are chiefly due to two conditions: The cost factors can be very complicated and, sometimes bewilderingly so. The cost factors are often poorly communicated — both from the advisor […]

Voya Financial to Announce Second Quarter 2014 Results on August 6

{July 7th, 2014} by PRNewswire

NEW YORK, July 7, 2014 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), which has rebranded from ING U.S., announced today that it will host an audio webcast of its second quarter 2014 earnings conference call on Wednesday, August 6, 2014 from 10 a.m. to 11 a.m. (ET). The webcast will follow the issuance of the […]

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