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Archive for January 2019


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  • Jackson Chooses RetireUp to Power New Advisor Tool that Demonstrates the Value of an Annuity as Part of a Retirement Portfolio

    {January 16th, 2019} by RetireUp

    CHICAGO, Jan. 15, 2019 /PRNewswire/ — Retirement income planning software provider RetireUp announced today that its technology has been selected to power a new advisor tool from Jackson National Life Insurance Company® (Jackson®). The custom-built Purpose Meets Planning tool will enable financial professionals to quickly and easily assess the benefit of adding an annuity to a client’s retirement plan. Increased longevity and rising […]

    Ladenburg Thalmann Launches Advanced Planning Group And Expanded Rollout Of Link To The Future Program At Second Annual Elevate Advisory Symposium

    {January 16th, 2019} by Ladenburg Thalmann Financial Services Inc.

    MIAMI, Jan. 15, 2019 /PRNewswire/ — Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL, LTS PrA, LTSF, LTSK) (“Ladenburg”), a publicly-traded diversified financial services company, today announced the successful conclusion of its second annual ELEVATE Advisory Symposium, designed to support the business growth of fee-based financial advisors across the company’s five independent advisory and brokerage (IAB) subsidiaries, encompassing […]

    Carriers have seen a shift in market focus from universal to whole life products, according to Eastbridge’s latest report

    {January 16th, 2019} by Eastbridge Consulting, Inc.

    AVON, Conn., Jan. 15, 2019 (GLOBE NEWSWIRE) — Primarily driven by interest rate uncertainty, carriers have seen a shift in market focus over the past few years, from universal life to whole life products, and expect this trend to continue. Year over year sales data from 2016 to 2017 supports this finding with primarily increases […]

    Production Competition Consultant

    {January 16th, 2019} by Ohio National Financial Services

    The Product Competition Consultant is responsible for marketing and competitive intelligence efforts that support Ohio National’s life and product development, distribution and marketing strategies. RESPONSIBILITIES MAY INCLUDE, BUT ARE NOT LIMITED TO, THE FOLLOWING: Providing analysis and present key market and intelligence to stakeholders Reviewing existing marketing efforts Providing recommendations for future efforts Delivering high-quality […]

    Nationwide offers new suite of Indexed Universal Life products

    {January 16th, 2019} by Nationwide

    COLUMBUS, Ohio, Jan. 9, 2019 /PRNewswire/ — Nationwide is now offering the Nationwide® Indexed Universal Life (IUL) suite, adding two new IUL products to its portfolio of financial solutions to help advisors meet the specific needs of their clients in a transparent way.  For both products, clients can choose from among seven indexed interest strategies and a fixed account […]

    5 Things Actuaries Are Saying About Death Now

    {January 16th, 2019} by Allison Bell

    Figures from the U.S. Centers for Disease Control and Prevention show that overall U.S. life expectancy seems to have peaked. Average U.S. life expectancy at birth fell to 78.6 years in 2017, from 78.7 years the year before, and down from an all-time high of 78.9 years two years earlier. Life insurers use their own […]

    iPipeline Reports $31 Billion in Annuity Transactions Processing for 2018

    {January 16th, 2019} by iPipeline

    EXTON, PA (January 15, 2019) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced a record increase in the number of annuity transactions processed using their AFFIRM for Annuities product in 2018.  AFFIRM® for Annuities is used by the nation’s largest financial institutions and […]

    Anatomy of an annuity buyout offer

    {January 16th, 2019} by Mary Beth Franklin

    Readers are invited to comment on whether the columnist should keep or ditch her Ohio National VA contract I may be going out on a limb, but after receiving numerous negative comments about my decision to purchase a deferred variable annuity from Ohio National Insurance Co. a decade ago, I am laying out the specifics […]

    Why the Ohio National Annuity Legal Debacle May Resolve Faster Than You Think

    {January 16th, 2019} by Miriam Rozen

    If a prediction made by Next Financial’s outside lawyer proves accurate, the rash of lawsuits filed against Ohio National Financial will be resolved quickly. Since November 1, 2018, broker-dealers and advisors, including Next Financial, have filed at least nine lawsuits against the insurer, alleging Ohio National violated its contractual obligations with its unexpected decision to stop paying trailing commissions on […]

    DOL Rollover Guidance Expected After SEC Releases Reg BI

    {January 16th, 2019} by Melanie Waddell

    The Labor Department will propose in the summer or fall of this year — after the Securities and Exchange Commission finalizes its Regulation Best Interest for brokers — guidance on when a rollover recommendation constitutes fiduciary advice, as well as an exemption for compliance with Reg BI, attorneys at Stradley Ronon predict. The attorneys, part […]

    Life and Annuity Issuers Prep for Q4 Earnings

    {January 16th, 2019} by Allison Bell

    Wall Street investors were already shunning life and annuity issuers in 2018, and that underlying current of negativity could help issuers muddle through the upcoming earnings season reasonably well. Securities analysts at three firms — Keefe, Bruyette & Woods; Morgan Stanley; and Wells Fargo — talk about the possible effects of new stock market volatility, and pre-existing investor […]

    Ohio National Lawsuit Re-Filed; Attorney Says More Coming

    {January 16th, 2019} by John Hilton

    Attorneys for LPL Financial broker Lance Browning refiled a lawsuit Friday seeking damages from Ohio National’s surprise decision to cut trail commissions on certain variable annuities. The amended lawsuit is part of a strategy to refocus away from the class-action request to individual lawsuits, explained Dennis J. Concilla of Carlile, Patchen & Murphy, a Columbus, […]

    Ameriprise Financial Launches New Ads Showcasing the Brilliant Experience It Delivers to Clients

    {January 16th, 2019} by Ameriprise Financial Services, Inc.

    MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial (NYSE: AMP) is ushering in 2019 with new advertisements that bring to life the personalized experience the firm and its approximately 10,000 financial advisors deliver to clients. The latest round of ads introduces the next chapter of the firm’s successful Be Brilliant® brand platform, which has evolved to appeal to the needs of […]

    Employees sue Transamerica, claim poor management cost them millions in retirement accounts

    {January 16th, 2019} by Stephen Gruber-Miller

    Employees of a Cedar Rapids investment company are suing their employer for allegedly costing them millions of dollars in poorly performing retirement accounts. Three employees of Transamerica allege in a class action lawsuit filed in federal court in Iowa on Dec. 28 that poor performance of their employers’ funds cost them and thousands of other current and former employees between […]

    Why women make better advisers than men

    {January 15th, 2019} by InvestmentNews

    Recruiting and encouraging women advisers is the route to better returns for clients and a more favorable image for the advice business. Click HERE to read the full story via InvestmentNews; registration required. 

    Conning – U.S. Life-Annuity Industry Reorganizes to Create Value

    {January 15th, 2019} by Conning

    (Hartford, CT) January 7, 2019—The U.S. Life-Annuity industry has been redefining itself to respond to pressures and build value, according to a new study by Conning.   “Life and annuity insurers have enjoyed almost a decade of positive statutory income following the recession of 2008,” said Terence Martin, a Director, Insurance Research at Conning. “Over […]

    Securian Financial introduces new multi-year guaranteed annuity

    {January 15th, 2019} by Securian Financial

    ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial has launched SecureOption® Choice, a new fixed deferred annuity designed to give financial professionals a competitive edge in the multi-year guaranteed annuity (MYGA) marketplace. SecureOption® Choice, issued by Minnesota Life Insurance Company, has product features designed to help clients plan for their financial future. It offers guaranteed interest throughout the […]

    Nationwide and Penn Mutual Launch Permanent Life Products

    {January 15th, 2019} by Allison Bell

    Two mutual insurers have updated their permanent life insurance lines. The life operation at Nationwide has started a Nationwide Indexed Universal Life (IUL) family of products. Penn Mutual Life Insurance company has introduced the Versatile Choice Whole Life policy. The new Nationwide IUL product family includes two products: the Nationwide Indexed Universal Life Accumulator II policy, […]

    Investor Group Led by Elliott Management Completes the Acquisition of Prosperity Life Insurance Group

    {January 15th, 2019} by Prosperity Life Insurance Group

    NEW YORK, Jan. 4, 2019 /PRNewswire/ — Investment partnership funded by affiliated entities of Elliott Management Corporation (collectively, “Elliott”); operating principals of Wand Partners, Inc. (“Wand”), an insurance-focused private investment firm; and Anurag Chandra, current CEO of Prosperity today announced that they have completed the previously announced acquisition of Prosperity Life Insurance Group, LLC (“Prosperity” or the “Company”). Prosperity, […]

    New York Regulator Approves Proposed Oceanwide Acquisition of Genworth’s New York-Domiciled Insurance Company

    {January 15th, 2019} by Genworth Financial, Inc.

    RICHMOND, Va., Jan. 14, 2019 /PRNewswire/ — Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today announced that the New York State Department of Financial Services (NY DFS) has approved the proposed acquisition of control of New York-domiciled Genworth Life Insurance Company of New York by entities affiliated with Oceanwide in connection with the merger of Oceanwide and […]

    Brighthouse Financial Joins Envestnet Insurance Exchange

    {January 15th, 2019} by Brighthouse Financial

    CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial® (Nasdaq: BHF) today announced that it will be among the first companies to offer annuities through the Envestnet Insurance Exchange (iX), a program that integrates insurance solutions into the wealth management process on the Envestnet platform. The collaboration with Envestnet reflects the company’s push to provide a simpler advisor experience at every […]

    NAIC To Reopen IUL Illustrations Guideline

    {January 15th, 2019} by John Hilton

    The National Association of Insurance Commissioners’ effort to create Actuarial Guideline 49 was a lengthy process aimed at getting indexed universal life illustrations under control. Now, a shade more than three years since AG 49 took effect, it seems the NAIC is ready to tackle it again. An IUL illustration subgroup has a 2019 charge […]

    Simplicity Life Welcomes New Executive Vice President Of Sales

    {January 15th, 2019} by Simplicity Group Holdings

    16-year Allianz alum, Nathan Jacobson, joins the Simplicity Life family. Monticello, MN – Nathan Jacobson is a seasoned veteran of the Indexed Universal Life (IUL) revolution, setting the standard for IUL agent training and mastering the demystification of IUL. He has played a key role in changing the competitive landscape of IUL, as marketing organizations […]

    Government Shutdown Is Making FAs’ Lives Difficult

    {January 14th, 2019} by Alex Padalka

    The U.S. government shutdown, now in partial effect for almost a month, is causing a serious disturbance in some parts of the financial advice industry, according to news reports. For one, the SEC has not been processing new or pending investment advisor registrations, InvestmentNews writes, citing the regulator’s shutdown operations plan. The SEC typically has 45 days […]

    Ironic twist in the Ohio National annuity saga

    {January 14th, 2019} by Greg Iacurci

    The months-long feud between Ohio National and financial advisers has taken a strange and ironic twist. Click HERE to read the full story via InvestmentNews; registration required. 

    Northwestern Mutual Announces Executive Leadership Changes

    {January 14th, 2019} by Northwestern Mutual

    MILWAUKEE, Jan. 9, 2019 /PRNewswire/ — Northwestern Mutual has announced executive leadership appointments to advance its commitment to innovation and transformation. Alexa von Tobel, chief innovation officer, has announced she will leave the company to launch a new venture in the innovation and start-up space, an area of her personal passion. This opportunity will enable von Tobel, best-selling […]

    Transamerica Wins DALBAR Annuity Service Award, Recognized for Best-in-Class Customer Service

    {January 14th, 2019} by Transamerica

    BALTIMORE, Jan. 10, 2019 /PRNewswire/ — Transamerica announced today that it received the 2018 DALBAR Annuity Service Award, and is recognized as a leading provider that consistently delivers best-in-class telephone service experience for contract holders. The Annuity Service Award is earned through an objective and rigorous third-party evaluation of the quality of contact center interactions with contract holders. […]

    Former Standard CEO Dies at 70

    {January 14th, 2019} by Allison Bell

    Eric Edmond Parsons, 70, a former chairman and chief executive officer of Standard Insurance Company of Portland, Ore., died Wednesday, according to Standard. Parsons began working for the Standard in 1968. He later became the chief financial officer. He succeeded Ron Timpe as the chief executive officer of the holding company StanCorp Financial Group Inc., […]

    3 Female Agency Leaders on Opportunities in Insurance

    {January 14th, 2019} by Mary Newgard

    I was so intrigued by McKinsey & Company’s “Women in the Workplace 2018” study that I decided to flip the script for my first column of 2019. From a simple question, “What are opportunities for women in the insurance industry?” came fascinating answers from three female agency leaders. They are at the forefront of addressing […]

    Penn Mutual Offers Versatile Choice Whole Life

    {January 14th, 2019} by Penn Mutual

    HORSHAM, PA. – January 7, 2019 – Penn Mutual, a Fortune 1,000 Company, introduces its latest permanent life insurance product, Versatile Choice Whole Life. With its guaranteed death benefit protection to age 121 and guaranteed long-term cash value accumulation, Versatile Choice Whole Life can be an excellent fit for those seeking strong protection and accumulation guarantees. […]

    Tom Burns, Chief Distribution Officer to Retire from Allianz Life; Eric Thomes Named as Successor

    {January 14th, 2019} by Allianz Life Insurance Company of North America

    January 09, 2019 Burns’ Legacy Includes Helping Position Company as a Leader in the FIA Market MINNEAPOLIS – Jan. 9, 2019 – Allianz Life Insurance Company of North America (Allianz Life®) has announced that Tom Burns, chief distribution officer, will retire from the company, effective on April 15, 2019. Succeeding Burns is Eric Thomes, currently head […]

    Life Insurers Could Help Clients Decode Their Tumors: Idea File

    {January 14th, 2019} by Allison Bell

    Wamberg Genomic Advisors is trying to create a new revenue stream for DNA testing labs, insurers and brokers — and easier access to testing services that could help some people who have tumors beat their tumors. The La Jolla, California-based company has an idea: sell insurance that can pay for tumor DNA profiling services, and related services, if […]

    Twists and turns await anxious advisers as roller-coaster ride continues into 2019

    {January 14th, 2019} by Jeff Benjamin

    The roller-coaster ride of 2018 has financial advisers bracing for uncertainty in the year ahead. Whether talking about the economy, the financial markets, Fed policy or asset allocation, the financial advisory space appears to be hunkering down for a year full of caution and some new potential challenges. Click HERE to read the full story […]

    The Truth About Annuities and Retirement

    {January 14th, 2019} by Robert Powell

    We know what you’re thinking. Annuities! Run away! But that would be a mistake. Annuities are just an investment product — like many others, and much like Social Security and defined benefit pension plans. Annuities get a bad rap because people tend to lump all annuities — single premium income annuities (SPIA), variable annuities, fixed […]

    Insurance companies should consider wording carefully

    {January 14th, 2019} by Michael McKiernan

    Insurance companies may want to rethink the wording of their consumer-facing policies after the Court of Appeal for Ontario restored a class action by life insurance policy holders against their insurers, according to a Toronto lawyer. In Fehr v. Sun Life Assurance Company of Canada, a three-judge panel of the province’s top court certified the $2.5-billion […]

    Distributor Acquires Senior Market IMO

    {January 14th, 2019} by Allison Bell

    Integrity Marketing Group L.L.C. today announced that it has acquired Eldercare Insurance Services Inc. for a price that was not disclosed. Integrity Marketing is a privately held, Dallas-based distributor of life and health products aimed at older consumers. The company was founded in 2006. It now has relationships with 100,000 independent agents located throughout the United States. Eldercare […]

    Ebix Provides Business Update and Reviews International Expansion Plans

    {January 14th, 2019} by Ebix, Inc.

    JOHNS CREEK, Ga., Jan. 11, 2019 (GLOBE NEWSWIRE) — Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, provided a business update today and announced plans to grow in international markets in the converged areas of insurance and finance, in 2019 and […]

    Finra Slams Indiana Independent Firm Over Variable Annuity Practices

    {January 14th, 2019} by AdvisorHub Staff

    An Indiana broker-dealer that promotes its commitment to “serving advisers in a Christ-like manner” has agreed to a censure and fine of $125,000 for failing to oversee the suitability of variable annuities sales, which comprise more than 40% of its total revenue. Kokomo-based CFD Investments, which works with more than 190 independent brokers in about […]

    Finra fines CFD Investments $125,000 over variable annuities supervision

    {January 14th, 2019} by InvestmentNews

    The Financial Industry Regulatory Authority Inc. has censured CFD Investments of Kokomo, Ind., and fined it $125,000 for failure to establish and enforce adequate supervisory procedures in connection with the sale of variable annuities by its registered representatives. Click HERE to read the full story via InvestmentNews; registration required. 

    Key 2019 Annuity Trends: Mergers, Simplification, Amazon-ification

    {January 14th, 2019} by Kent Sluyter

    The previous year had more than its share of big news for the annuities industry. Ambiguity around the Department of Labor’s fiduciary rule led to a bit of a muted start to the year. Despite the rule’s eventual pullback, the industry forged ahead with procedures and policies designed to help increase clarity and simplicity, and […]

    SEC shutdown opens the door for fraud

    {January 14th, 2019} by Bruce Kelly

    Investment fraud is on the rise,  and the Securities and Exchange Commission, which is supposed to be Wall Street’s cop on the beat, is closed for business. Click HERE to read the full story via InvestmentNews; registration required. 

    Blackstone Makes Strategic Investment In Annexus

    {January 10th, 2019} by Annexus

    SCOTTSDALE, Ariz., Jan. 8, 2019 /PRNewswire/ — Annexus, a leading designer of annuities and insurance-based retirement products, and Blackstone, one of the world’s leading investment firms, announced that funds advised by Blackstone Tactical Opportunities (“Blackstone”) have made a strategic investment in Annexus, acquiring a minority stake in the company. Menes Chee, a Blackstone Senior Managing Director, said: “We are […]

    Simplicity Group Holdings Acquires Davis Life & Annuity and Partners with Jon and Trent Davis

    {January 10th, 2019} by Simplicity Group Holdings

    NEW YORK, Jan. 9, 2019 /PRNewswire/ — Simplicity Group Holdings (Simplicity) is pleased to announce that it has acquired Davis Life & Annuity, one of the longest-standing and most successful independent insurance distribution companies in the country, and that it welcomes Jon and Trent Davis as its newest Principals.  Davis Life & Annuity will begin its brand transition to Simplicity […]

    Wisconsin’s Next Governor Picks Insurance Commissioner, Other Cabinet Members

    {January 8th, 2019} by Scott Bauer

    Wisconsin Governor-Elect Tony Evers has named Mark Afable as insurance commissioner. Afable has worked for American Family Insurance in Madison since 1994 and currently serves as its chief legal officer. He will replace current Commissioner of Insurance Ted Nickel, who has served as the state’s top insurance regulator since 2011. Evers on Dec. 21 also […]

    Big Changes Ahead

    {January 8th, 2019} by Ben Mattlin

    In the annuities world, where the talk can be inscrutably complex, the buzz on new products and trends for 2019 seems dominated by a single word: simplicity. Kent Sluyter, president of Prudential Annuities in Newark, N.J., anticipates “a continued demand for transparency and simplicity.” Craig Hawley, head of Nationwide Advisory Solutions (formerly Jefferson National), says, […]

    Just 16 Percent Of Retirees Feel ‘Strongly’ About Nest Eggs

    {January 8th, 2019} by Transamerica Center for Retirement Studies

    LOS ANGELES, Dec. 18, 2018 /PRNewswire/ — Fewer than half of retirees (46 percent) agree that they have built a large enough retirement nest egg, with only 16 percent “strongly” agreeing and 30 percent “somewhat” agreeing, according to a new survey by nonprofit Transamerica Center for Retirement Studies (TCRS).  “Retirees’ circumstances regarding when and how they retired exemplify common risks: […]

    Michel Khalaf to Lead MetLife

    {January 8th, 2019} by Allison Bell

    The board of MetLife Inc. today announced that Michel Khalaf will take over from Steven Kandarian as the company’s president and chief executive officer May 1. Khalaf has been the president of MetLife’s U.S. business since July 2017. Glenn Hubbard, MetLife’s independent lead director and a former chairman of the federal Council of Economic Advisors, will […]

    Life Insurers Could Help Clients Decode Their Tumors: Idea File

    {January 8th, 2019} by Allison Bell

    Wamberg Genomic Advisors is trying to create a new revenue stream for DNA testing labs, insurers and brokers — and easier access to testing services that could help some people who have tumors beat their tumors. The La Jolla, California-based company has an idea: sell insurance that can pay for tumor DNA profiling services, and related services, if […]

    Life Insurance Underwriting Picks Up Speed

    {January 8th, 2019} by John Hilton

    The marriage between technology and faster underwriting is a union the life insurance industry has encouraged for many years. Progress has been slow, but MIB Group is making headway, recently signing an agreement with Epic to utilize its electronic health records system. Under the agreement, MIB’s 400 U.S. life insurance members will be able to access […]

    Government shutdown crimps SEC exams

    {January 8th, 2019} by Mark Schoeff Jr.

    If you’re an investment adviser hoping to avoid a Securities and Exchange Commission exam, the partial government shutdown now in its second week is working in your favor. Click HERE to read the full story via InvestmentNews; registration required.

    Expect Big Changes to Retirement, Fiduciary Rules in 2019

    {January 8th, 2019} by Melanie Waddell

    Retirement and tax-related changes as well as fiduciary-related standards from the Securities and Exchange Commission and the Labor Department are expected to top advisors’ and broker-dealers’ regulatory to-do lists in 2019. While the House passed late on Dec. 20 a retirement and tax package, priming 2019 for much debate — and potentially big changes — for […]

    Lincoln closes on reinsurance agreement

    {January 8th, 2019} by Doug LeDuc

    Lincoln National Corp. plans to repurchase up to $500 million of its shares with proceeds from an agreement it completed last month with an Athene Holding Ltd. subsidiary to reinsure about $7.7 billion of in-force fixed and fixed indexed annuity products. Capital generated from the transaction included a ceding commission paid by Athene combined with the release of […]

    Another LPL Rep Sues Ohio National Over Annuity Contracts

    {January 8th, 2019} by Diana Britton

    Jackson, Miss.-based LPL Financial broker Chris Noone is the latest to file a lawsuit against Ohio National Life Insurance Company and its affiliates for cutting trail commissions on annuity contracts with guaranteed minimum income benefit riders. In September, Ohio National notified broker/dealers that it was terminating selling agreements as of Dec. 12 and ceasing payments of trail […]

    NAILBA Introduces 2019 Leadership

    {January 8th, 2019} by NAILBA

    FAIRFAX, VA – The National Association of Independent Life Brokerage Agencies, better known across the insurance industry as NAILBA, today introduced its 2019 executive leadership and Board of Directors for both the Association and the NAILBA Charitable Foundation. Myra Palmer, President of the Palmer Agency, officially begins her one-year term as Chairman of the industry trade association representing over […]

    Annuity Issuer Makes Changes

    {January 8th, 2019} by Allison Bell

    FGL Holdings — the parent of Fidelity & Guaranty Life — has replaced its chief executive officer and is organizing a major effort to cut costs. Blackstone, the investment company that controls FGL, is still expressing optimism about the Des Moines, Iowa-based life insurance and annuity issuer’s future. Bennett Goodman, chairman of the Blackstone Insurance Solutions unit, said […]

    2019 Board of Directors – SAFE (Society for Annuity Facts & Education)

    {January 8th, 2019} by The Society for Annuity Facts and Education

    DES MOINES, IOWA (PRWEB) JANUARY 07, 2019 The Society for Annuity Facts and Education (SAFE) announced today that it has appointed Harry N. Stout, Managing Director of NelsonWells, LLC, and Kevin Hart, EVP of Distribution & Marketing at Oceanview Holdings to its Board of Directors for 2019. “We are pleased to welcome Harry and Kevin as […]

    It’s about to get easier to do a 1035 exchange with annuities

    {January 8th, 2019} by Greg Iacurci

    Insurance companies aren’t exactly known as pioneering when it comes to digital technology — most are entrenched in paper-dominated transactions with consumers and their financial advisers. Click HERE to read the full story via InvestmentNews; registration required.     ……………………………………………………………………………………………………………………………… “Maybe more bad actors would get missed,” Ms. Moore said.   Sheryl Moore, president and […]

    What Suze Orman Really Thinks of Financial Advisors

    {January 8th, 2019} by Jane Wollman Rusoff

    If you could peek at Suze Orman’s personal portfolio, here’s some of what you’d see: Big positions embracing about a dozen cannabis companies. “I believe that in the future, this will be a tremendous investment,” the personal finance expert tells ThinkAdvisor in an interview, in which she reveals more about her investments and serves up […]

    Ohio National Adds Whole Life Product

    {January 8th, 2019} by Allison Bell

    Ohio National Financial Services is trying to regain its footing by adding a 20-pay whole life policy, the Prestige 20-pay policy. The Cincinnati-based company said earlier this week that it has also updated the Prestige 10-Pay II and Prestige Max III policies. All three policies give the purchaser the ability to get a paid-up policy by […]

    Participants Averse to Annuities May Like Deferred Income Products

    {January 8th, 2019} by John Manganaro

    The latest Issue Brief publication from the Employee Benefits Research Institute (EBRI) shows only a very small percentage of defined contribution (DC) and individual retirement account (IRA) balances are annuitized in a given year.   What’s perhaps more surprising is that a significant percentage of defined benefit (DB) plan accruals have been taken as lump-sum […]

    Horace Mann Completes BCG Acquisition

    {January 8th, 2019} by Allison Bell

    Horace Mann Educators Corp. has completed a previously announced acquisition of Benefit Consultants Group (BCG), a retirement plan provider. Horace Mann — a Springfield, Illinois-based company that sells life insurance, group annuities and other products to teachers and other school employees — said BCG will stay in its offices in Cherry Hill, New Jersey, with the […]

    How An Annuity Improves A Retirement Plan

    {January 8th, 2019} by Jack Guttentag

    “Your article on annuities [Does An Annuity Belong In Your Retirement Plan?] did not demonstrate that an annuity always improves a retirement plan.” True, Warren Buffet’s retirement plan would not be improved by an annuity because he will not face the mortality and investment risks of a retiree with limited resources. Retirees with limited resources […]

    Western & Southern Completes Purchase of Gerber Life

    {January 8th, 2019} by Western & Southern Financial Group

    Western & Southern Financial Group announced the completion of its purchase of Gerber Life Insurance Company, a wholly owned indirect subsidiary of Nestlé S.A., on Dec. 31, 2018. The purchase includes a long-term license to use certain Gerber Life intellectual property, including the Gerber Life name and logo, in connection with certain financial services. The deal brings […]

    Vantis Life Looks to End the Cycle of Underinsured Families with New Digital Platform

    {January 8th, 2019} by Vantis Life Insurance Company

    WINDSOR, Conn.–(BUSINESS WIRE)–Vantis Life Insurance Company says it’s time for the trend of declining life insurance ownership among mass-market customers to end. That’s why the life insurance provider for mid-market and emerging affluent consumers has introduced Velocity, an upgraded online life insurance platform that makes getting coverage faster and more efficient. Velocity will shake up the industry by offering […]

    NAFA Announces Charles J. “Chuck” DiVencenzo as New President & CEO

    {January 8th, 2019} by NAFA

    WASHINGTON (Jan. 8, 2019) — NAFA, the National Association for Fixed Annuities, is pleased to announce that, after a comprehensive nationwide search, Charles J. “Chuck” DiVencenzo will assume the role of President & CEO effective April 1. DiVencenzo will oversee the daily operations of NAFA while working to actively execute the Board of Directors’ strategic […]

    Elliott Management-led investor group buys Prosperity Life Insurance

    {January 8th, 2019} by Compelo Staff Writer

    An investor group led by Elliott Management has completed the acquisition of US insurance company Prosperity Life Insurance Group for an undisclosed price. Prosperity Life Insurance offers protection, supplemental and asset accumulation products to individuals and their families. The products are distributed via banks, independent marketing organizations, and worksite and affinity channels. Its protection products […]

    Tom Dempsey Named President of World Financial Group

    {January 8th, 2019} by World Financial Group

    Dec 19, 2018 — BALTIMORE, Dec. 19, 2018 /PRNewswire/ — World Financial Group announced today that Tom Dempsey has been appointed as president of World Financial Group. Dempsey is a proven distribution leader, most recently serving as managing director for wholesale distribution within Transamerica’s individual and workplace markets. With nearly two decades experience in global financial services, Dempsey […]

    Conning–U.S. Life-Annuity Industry Reorganizes to Create Value

    {January 8th, 2019} by Conning

    HARTFORD, Conn., Jan. 7, 2019 /PRNewswire/ — The U.S. Life-Annuity industry has been redefining itself to respond to pressures and build value, according to a new study by Conning. “Life and annuity insurers have enjoyed almost a decade of positive statutory income following the recession of 2008,” said Terence Martin, a Director, Insurance Research at Conning. “Over that […]

    Why Are So Many Universal Life Insurance Policies Failing?

    {January 8th, 2019} by Jordan Smith, JD, LLM

    Commentary Traditional, nonguaranteed universal life insurance (often described in the insurance industry as current assumption UL) has been subjected to rather brutal criticism over the past few years. It most recently came into the news in a September Wall Street Journal article that blamed the product for the financial hardship being experienced late in life […]

    ‘Re-Regulation’ Could Dampen Annuity Sales: Credit Suisse

    {January 8th, 2019} by Elizabeth Festa

    While deregulation boosted annuity sales in 2018 and may lift long-term defined contribution sales, “re-regulation” of annuities via the Securities and Exchange Commission advice rules along with state fiduciary rules and an anticipated National Association of Insurance Commissioners’ annuity sales suitability framework could dampen VA sales, Credit Suisse analysts predict. Despite some regulatory pressure and […]

    Ohio National rounds out whole life portfolio with new Prestige 20-pay

    {January 8th, 2019} by Ohio National Financial Services

    CINCINNATI, Jan. 02, 2019 (GLOBE NEWSWIRE) — Ohio National Financial Services is pleased to introduce its new Prestige 20-pay, the company’s fifth whole life insurance product, adding depth to its portfolio.* Design enhancements have also been made to its two other limited-pay whole life products, Prestige 10-Pay II and Prestige Max III. All three products are […]

    State delays vote on incentive package for Sammons Financial Group’s new West Des Moines headquarters

    {January 1st, 2019} by Kim Norvell

    The Iowa Economic Development Authority board has delayed a vote on state economic development incentives for Sammons Financial Group, which plans to bring 200 new jobs to West Des Moines with a new corporate headquarters.  The board voted Friday to defer Sammons Financial Group’s application so the state agency can evaluate the project’s eligibility for approximately $3.8 […]

    Single retiree market presents major opportunity for advisors

    {January 1st, 2019} by Insurance Forums Staff

    The media often depicts retirement as a couple walking down a beach holding hands or sitting on a white beach chair watching wave’s crash down on the shore. For many American retirees, that is simply not a reality. New LIMRA Secure Retirement (LIMRA SRI) data give insight into an often overlooked market: single pre-retirees and […]

    Federal legislation allowing seniors to use life insurance proceeds for long-term care costs tax-free introduced in Congress

    {January 1st, 2019} by Insurance Forums Staff

    H.R. 7203, introduced by U.S. Rep. Kenny Marchant (R-TX) and U.S. Rep. Brian Higgins (D-NY) would permit seniors, regardless of their health status, to use life insurance policies they already own to fund a wide range of health care costs, including long-term care expenses and long-term care insurance premiums. By keeping seniors off Medicaid for […]

    At Wells Fargo Advisors, Female FAs are Punished More Severely Than Men, Study Shows

    {January 1st, 2019} by Miriam Rozen

    A recent study shows women advisors experience higher rates of job separation for misconduct violations than their male counterparts at financial advisory firms. The study indicates that this so-called gender punishment gap is most severe at Wells Fargo Advisors, and the news has not been welcome for the wirehouse. “We believe there are substantial issues […]

    Federal Life completes conversion to stock company

    {January 1st, 2019} by Federal Life Mutual Holding Company

    RIVERWOODS, Ill., Dec. 11, 2018 (GLOBE NEWSWIRE) — Federal Life Mutual Holding Company (“FLMHC”) has completed its conversion from a mutual to stock form of organization and has also completed the formation of a stock holding company Federal Life Group, Inc. (“FLG”).  Federal Life Insurance Company (“FLIC”), which conducts the primary business of the consolidated […]

    BD Fined $100K for Not Protecting Client Data

    {January 1st, 2019} by Janet Levaux

    Summit Equities will pay $100 million tied to the mishandling of private client information in Massachusetts. According to a consent order recently issued by the state’s securities division, Parsippany, New Jersey-based Summit Equities failed to supervise four registered agents, who no longer are employed with it and one of whom was fired, from January 2013 to February […]

    Life Insurance As A Baby Boomer Estate Planning Tool

    {January 1st, 2019} by Rod Rishel

    The youngest baby boomers will turn 55 in 2019. Many of them are still in the planning stages of their financial lives – seeking solutions to longevity challenges, estate planning needs or both. Many life insurance products are designed to address both types of challenges, but leveraging these solutions in the new year may help […]

    Ohio National Answers Lawsuits On Trail Commission Cut

    {January 1st, 2019} by John Hilton

    In a pair of very different responses, Ohio National responded last week to lawsuits filed in the Southern District of Ohio court. In an 11-page, point-by-point response to a lawsuit by Veritas Independent Partners, an independent broker-dealer based in Conway, Ark., Ohio National either denied allegations or cited a lack of “sufficient information” to most of […]

    Get to Know the ‘Uninsurables’: Idea File

    {January 1st, 2019} by Allison Bell

    Life insurers are hungry for prospects. Obesity and related health problems are knocking many people out of the easily insured population. Program designers at Swiss Re think those conflicting trends could create an opportunity. “We’re trying to open up the risk pools to people with mild chronic conditions,” JJ Carroll, head of Swiss Re’s new solutions group […]

    5 New Questions About How the Annuity Market Will Weather 2019

    {January 1st, 2019} by Allison Bell

    A year ago, annuity issuers faced three towering problems: The possibility that the U.S. Department of Labor’s fiduciary rule could still be… moving. Regulators’ quiet worries about how well issuers can manage investment market guarantee risk. Stock and mutual fund hawkers’ hostility toward suggestions that stock prices could go down, and stay down, and that […]

    5 Questions About Life Insurance for 2019

    {January 1st, 2019} by Allison Bell

    Life insurance has been like the oatmeal of financial services products in recent years. Life insurance serves an important financial wellness purpose, and it fills life insurers with premium revenue. But, except for variable universal life and indexed universal life, it has not been a hot growth product. If, however, the investment markets keep flying […]