Opinion How did so many Americans’ retirement money end up in Bermuda?
{April 16th, 2024} by Mary Williams Walsh
Without meaning to, the world’s soccer fans and sportswriters have opened a window into the secretive but influential world of Bermuda reinsurance. Just a glimpse is enough to raise concerns about the retirement security of millions of Americans. We’re talking here about people who have either earned a defined-benefit pension at work or bought an […]
Panel to look at growth of RIAs, as channel grows in number, assets
{April 16th, 2024} by Doug Bailey
The number of Registered Investment Advisors is growing faster than all sales channels in both number and assets under management, according to several surveys. For the past 10 years, the number of independent RIA companies has grown at a compounded annual rate of 2.4% with the number of advisors growing at a rate of 5.3% […]
Globe Life accused of rampant insurance fraud by short-seller report
{April 16th, 2024} by John Hilton
Globe Life is reeling after a report Thursday accused brokers at subsidiary American Income Life of widespread insurance fraud, including writing policies for dead and fictitious people, and an alleged kickback scheme that netted millions for senior executives. Shares of Globe Life dropped more than 50%, following the report from Fuzzy Panda Research, which took […]
Empower reaches tentative deal with 13 ex-advisors it sued for poaching
{April 16th, 2024} by John Hilton
Empower has reached a settlement agreement with 13 advisors who left the firm to create a competing advisory business. In a federal lawsuit filed March 13 in Colorado, Empower accused the firm, known as Atomi Financial, of misappropriating its trade secrets and using the trade secrets to steal its clients. Atomi does business as Compound […]
Iowa advisor schemed to defraud clients, making FBI Most Wanted list
{April 16th, 2024} by John Hilton
An advisor wanted for allegedly ripping off clients for $1.5 million was captured by the FBI last week after a short time on the run. William Jack Berg, 51, is charged with money laundering and several counts of wire fraud, according to an indictment filed in U.S. District Court for the Southern District of Iowa. […]
OMB completes review of Labor Department’s polarizing fiduciary rule
{April 16th, 2024} by John Hilton
The White House Office of Management and Budget announced that it has concluded a review of the Department of Labor’s controversial fiduciary rule. The review is the final big hurdle before the rule is published in the Federal Register. OMB is still scheduled to meet with stakeholder groups through April 15, but the agency indicated on its […]
7 states adopt AI rules; insurer compliance called ‘significant lift’
{April 16th, 2024} by John Hilton
Seven states are on board with guidelines for use of artificial intelligence that insurers “are expected” to follow. Adopted by the National Association of Insurance Commissioners and sent to the states in December, the AI framework is an initial regulatory effort to gain oversight over the rapidly evolving technology. Momentum for AI regulation in the […]
Seven in 10 Pre-Retiree Investors Say Retirement at 65 Is Not Achievable
{April 16th, 2024} by Nationwide
Two in Three are Expecting to Face More Challenges in Retirement Than Their Parents and Grandparents. COLUMBUS, Ohio, April 15, 2024 /PRNewswire/ — As more Americans begin turning 65 this year than at any other point in history, many are coming to grips with a cold reality: this is not going to be their parents’ retirement. The […]
Got Big Plans for Your Tax Refund? You’re Not Alone
{April 16th, 2024} by Finseca
WASHINGTON , April 9, 2024 /PRNewswire/ — With nearly 106 million individual income-tax returns resulting in refunds in 2023, a significant number of Americans are already pondering how to use their additional funds. As the Wall Street Journal reported, this year’s average refund is a little over $3,100. If you are contemplating where to allocate this unexpected money, take a moment […]
Protective to Acquire ShelterPoint
{April 16th, 2024} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (“Protective”), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (“Dai-ichi”; TSE:8750), announced today that its principal subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint Group, Inc., a leading provider of statutory disability, paid family and medical leave, as well as medical gap insurance products, among others. ShelterPoint Group, Inc. is the […]
Equitable Survey Reveals Three-Quarters of Americans Feel Their Money Does Not Stretch as Far as It Did a Year Ago
{April 16th, 2024} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced new findings from a survey of more than 1,000 consumers to help uncover the latest financial trends that are top of mind for Americans. Equitable’s survey revealed that three-quarters of consumers (75%) feel their money does not go as […]
Don’t Finalize Fiduciary Rule Now, Groups Urge DOL
{April 16th, 2024} by Melanie Waddell
Industry trade groups are pressing the Labor Department to continue to receive public input on its fiduciary rule and not “finalize the rule now.” In a letter sent Monday to acting Labor Secretary Julie Su as well as the Office of Management and Budget, the groups — which include the Financial Services Institute and the Insured Retirement […]
BlackRock CEO Sees Annuities as Retirement Plans’ Future
{April 16th, 2024} by Allison Bell
Morningstar recently put out a report scoffing at the idea that annuitization options will have much of an effect on the U.S. retirement plan market. Larry Fink, the CEO and chairman of BlackRock, disagrees. Click HERE to read the full story via Think Advisor
Fiduciary Rule Meetings Disappointed Agent Groups
{April 16th, 2024} by Allison Bell
The heads of two groups that represent annuity sellers say that White House regulation reviewers showed little apparent interest in their views about the U.S. Department of Labor’s fiduciary definition effort during meetings this week. The Office of Information and Regulatory Affairs, the White House Office of Management and Budget division that analyzes the costs […]
Annuities Soar as Source of Life Insurer Revenue
{April 16th, 2024} by Allison Bell
U.S. life insurers are getting a lot more of their retail product premium revenue from annuities than from life insurance these days. Individual annuities accounted for $344 billion of life insurers’ $1.5 trillion in direct written premiums in 2023, or about 24% of the total, according to new industrywide totals from A.M. Best. Click HERE to […]
Annuity Issuer Invests $1B in Midsize Firms
{April 16th, 2024} by Allison Bell
American Equity Investment Life is putting $1 billion in a new arrangement that will provide credit for midsize U.S. businesses. The West Des Moines, Iowa-based fixed annuity issuer has invested the cash in ASP Summa, a collateralized loan obligation set up by Adams Street Partners, a Chicago-based investment firm. Click HERE to read the full […]
MassMutual to Offer Free Gene Readings to More Insureds
{April 16th, 2024} by Allison Bell
MassMutual has come up with a new way to persuade people with life insurance to eat right, exercise and get checkups: Make their DNA do the talking. The Springfield, Massachusetts-based life insurer is expanding a program that provides eligible insureds with a chance to get a free genetic health risk assessment from a U.K. firm, […]
Release of Final DOL Fiduciary Rule Expected Soon
{April 16th, 2024} by Melanie Waddell
The White House Office of Management and Budget has concluded its review of Labor’s final fiduciary rule, according to a notice on the OMB website. The review was completed Wednesday. “With the completion of OMB’s review, the next step would be for DOL to announce the final rule,” the Insured Retirement Institute said Thursday in […]
RIAs Express ‘Guarded Optimism’ About Market, Survey Says
{April 16th, 2024} by Ben Mattlin
Seventy percent of RIAs said they expect the S&P 500 to grow by 3% or more in the next 12 months, according to their responses to a survey sponsored by a group including Security Benefit, Greenwald Research, and DPL Financial Partners. This market optimism, however, is tempered by their concerns about volatility. Click HERE to […]
Let Angry Annuity Owners Go: Ibexis
{April 15th, 2024} by Allison Bell
Ibexis Life & Annuity Insurance Co. has an annuity design idea: Let customers who guess wrong about the stock market ditch their annuities. The Jefferson City, Missouri-based insurer has introduced the FIA Plus product, a non-variable indexed annuity designed for sales through independent marketing organizations, or IMOs. Click HERE to read the full story via […]
Allianz Life Gives $1.8 Million in Grants to Four Local Nonprofits
{April 15th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS – April 11, 2024 – Allianz Life Insurance Company of North America (Allianz Life) today announced $1.8 million in investments to four local nonprofits focused on increasing equitable access to economic opportunities and resources in the Twin Cities. Each organization will receive $450,000 over the course of three years, with 75 percent of funds going […]
New at Zinnia
{April 15th, 2024} by Zinnia
Zinnia, an Eldridge Industries company, is thrilled to announce the acquisition of several industry-leading life insurance & annuities solutions from Ebix, Inc., including: AnnuityNet and LifeSpeed, the preferred order-entry platforms VitalSales Suite, tools for rate comparison, quotes, & reports WinFlex, a market-leading multi-carrier illustration tool The Policy Processor (TPP), a top new business & underwriting platform SmartOffice, […]
Revol One Financial™ Poised to Revolutionize the Fixed Annuity Insurance Industry
{April 8th, 2024} by Revol One Financial
Revol One Financial is poised to disrupt the fixed annuity insurance industry. We’re not just disrupting the norm – we’re revolutionizing industry expectations.” — Cindy Reed, Chief Executive Officer URBANDALE, IA, UNITED STATES, April 3, 2024 /EINPresswire.com/ — Revol One Financial is poised to disrupt the fixed annuity insurance industry as it prepares to launch in […]
Ibexis Life & Annuity Insurance Company Launches FIA Product Enhancements
{April 8th, 2024} by Ibexis Life & Annuity Insurance Company
JEFFERSON CITY, Mo.–(BUSINESS WIRE)–Ibexis Life & Annuity Insurance Company® (“Ibexis”) today announced multiple enhancements to its FIA Plus™ fixed indexed annuity series offered in the independent marketing organization (“IMO”) sales channel. The FIA Plus™ is an accumulation focused fixed indexed annuity, which now includes a Bonus Rider, Bailout feature and annual declared rate option (“ADR”). […]
Pacific Life Launches New Flagship Indexed Universal Life Insurance Product
{April 8th, 2024} by Pacific Life Insurance Company
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life Insurance Company announced today that it has introduced a new flagship indexed universal life (IUL) insurance product, aimed at affluent clients who need competitively priced life insurance protection and significant flexibility in their retirement and estate plans. “Pacific Horizon IUL 2 is an evolutionary product, built on the most successful […]
Americans Reducing Retirement Savings and Taking on Debt Due to Inflation
{April 8th, 2024} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Americans are more focused on their present finances […]
Jackson to Report First Quarter 2024 Financial Results
{April 8th, 2024} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the first quarter ended March 31, 2024, after market close Wednesday, May 8, 2024. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Thursday, May 9, 2024, at 10 a.m. ET to review […]
Saying goodbye to GoFundMe
{April 8th, 2024} by Marc Cadin
For more than 20 years, I’ve been blessed to work with some of the finest financial security professionals in the business. These experiences have also afforded me a chance to reflect on what it really means to help others. And that’s why I was stunned by some recent figures from GoFundMe. Click HERE to read […]
Best’s Special Report: U.S. Life/Annuity Industry Sees 5.7% Net Income Decline in 2023
{April 8th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity (L/A) industry posted a 5.7% decline in net income to $37.6 billion in 2023, which included $15.0 billion of net realized capital losses, according to AM Best. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 2023 Life/Annuity Financial Results,” and the data is derived from companies’ […]
Lender Blue Owl Capital Pushes Into Insurance
{April 8th, 2024} by Laura Cooper and Miriam Gottfried
One of Wall Street’s fastest-growing firms is pushing into one of the hottest corners of finance. The lender Blue Owl Capital OWL said Wednesday it is buying Kuvare Asset Management, an asset manager tied to the insurance industry. The deal gives Blue Owl exposure to the sought-after insurance market, which the private-markets investment firms have flocked to in recent years […]
New product: Guardian Life moves to crack the RILA market
{April 8th, 2024} by John Hilton
Guardian Life Insurance Co. is taking its shot at one of the hottest annuity segments in the market with its first registered indexed-linked annuity offering. Guardian MarketPerform is the latest addition to the company’s suite of retirement-focused annuities, including its fixed index annuity, single-premium deferred fixed annuity, single premium immediate annuity, and deferred income annuity. […]
Commentary: NAIC should not allow Europe to write our insurance rules
{April 8th, 2024} by Doug Dean
Should U.S. state insurance regulators cede regulatory authority to foreign regulators outside our borders? That is not how any regulatory environment should operate. But today, many of the rules being contemplated by the National Association of Insurance Commissioners are being handed down by global insurance regulators and nongovernmental organizations. Click HERE to read via INN
Lincoln Financial Group to Report 2024 First Quarter Results on May 2
{April 8th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced today that it will report its results for the first quarter ended March 31, 2024 at 7:00 a.m. Eastern Time on Thursday, May 2, 2024. A conference call is scheduled for 8:00 a.m. Eastern Time on the same day. Earnings materials, including the 2024 first quarter Earnings Release […]
Pershing to Add Luma Annuity Tools to NetX360+ Platform
{April 8th, 2024} by Allison Bell
Managers of Pershing’s NetX360+ advisor platform are trying to improve the annuity selection process. The BNY Mellon unit agreed this week to add annuity support tools from Luma Financial Technologies to the platform. Click HERE to read the full story via ThinkAdvisor
March Calendar Skews Life Activity Numbers
{April 8th, 2024} by Allison Bell
MIB Group has a lesson for any company that’s about to try to compare the new monthly results with year-earlier results: March 2024 had just 21 business days in it, compared with 23 business days in March 2023. The Braintree, Massachusetts-based life insurance industry underwriting services group said the 8.7% fewer business days can make growth […]
Insured Retirement Institute CEO Vows to Defend Annuity Industry
{April 8th, 2024} by Al
Insured Retirement Institute officials are talking about efforts to shape the U.S. Department of Labor’s definition proposal at the group’s annual conference this week in Nashville, Tennessee. CEO Wayne Chopus told attendees that he hopes they’ll see IRI as the champion and defender of the retirement income industry, according to a summary provided by the […]
Jackson’s Joe Caruso Receives Insured Retirement Institute’s Inaugural Rising Star Award
{April 8th, 2024} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today announced that Joe Caruso, J.D., LL.M, Assistant Vice President, Government Relations and Public Policy, received the Insured Retirement Institute’s (IRI’s) 2024 Rising Star Award. Caruso was recognized for his demonstrated leadership within the insured retirement industry at […]
Ameritas Suit Could Shake Up Life Settlement Market
{April 8th, 2024} by Allison Bell
Ameritas Life has filed a lawsuit that could change how life settlement investors see convertible term life insurance policies. The life insurer contends that a life settlement investor buying an in-force term life policy may not be able to exchange the term life policy for a permanent life policy, because the new investor owner has […]
Simplicity Group Enhances Life Insurance Underwriting Service as Gene Zimmerlink Joins Byron Rasmussen
{April 8th, 2024} by Simplicity Group
SUMMIT, N.J., April 4, 2024 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced that Byron Rasmussen will be joined by Gene Zimmerlink, as Simplicity continues to bolster its life insurance underwriting services. Simplicity’s Underwriting Desk, designed to provide enhanced underwriting services across the enterprise, will work closely with the Group’s Underwriting Committee, comprised of Simplicity Group Partners: Susie Cimini, Kay Dempsey, Diana Greenberg, Greg […]
Lawmakers Call On Labor Department to Finish Fiduciary Rule
{April 8th, 2024} by Kenneth Corbin
A group of nine left-leaning U.S. senators is urging the Department of Labor to move swiftly to finalize its proposed rule that would impose fiduciary obligations on more financial professionals working with retirement clients. The Labor Department’s fiduciary proposal, which has encountered fierce opposition from some members of the financial-services industry, “ensures that every retirement […]
Americans Believe They Will Need $1.46 Million to Retire Comfortably According to Northwestern Mutual 2024 Planning & Progress Study
{April 8th, 2024} by Northwestern Mutual
People’s ‘magic number’ for retirement rises faster than inflation, jumping 15% in just a year and a whopping 53% since 2020; while retirement savings falls to $88K The ‘Silver Tsunami’ is here: 11,000 Americans will turn 65 every day through 2027; only half of Boomers+ and Gen X believe they’ll be financially ready for retirement Decades of Difference: […]
Midland Retirement Distributors® Launches Summit Journey℠ 10
{April 2nd, 2024} by Midland National Life Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Midland Retirement Distributors, a division of Sammons Institutional Group®, Inc., and member company of Sammons Financial Group, has launched Summit Journey℠ 10, a new fixed index annuity. In a world of financial uncertainty, clients are seeking ways to create guaranteed income streams for retirement, protect their premium against market downturns, and […]
Guardian Launches New Registered Index-Linked Annuity, Expanding Company’s Market Leading Retirement Annuity Business
{April 2nd, 2024} by Guardian
Guardian MarketPerform™ is a next-generation annuity designed to help individuals balance retirement planning, growth potential, and a level of protection. NEW YORK, March 27, 2024 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) has launched Guardian MarketPerform, a new Registered Index-Linked Annuity (RILA) designed to help individuals build their retirement assets with a level of protection. Guardian […]
AM Best Assigns Credit Ratings to Revol One Insurance Company
{April 2nd, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Revol One Insurance Company (Revol One Financial) (Spring Lake, MI, with administrative offices in Urbandale, IA). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Revol One Financial’s balance […]
The need for speed — With Esfand Dinshaw
{April 2nd, 2024} by Paul Feldman
Born in Pakistan, Esfand Dinshaw had a talent and interest in math that set him on a journey that landed him studying actuarial science in Des Moines, Iowa. Four decades later, that journey has taken Dinshaw to the top position at Sammons, where he sees math — and artificial intelligence — as the keys to providing instant […]
Financially Literate Consumers Benefit Everyone
{April 2nd, 2024} by NAIFA
April is National Financial Literacy Month, an annual observation NAIFA wholeheartedly agrees with. But why is financial literacy important and what are we doing about it? FINRA surveys consistently show that around two-thirds of Americans lack basic financial understanding, and their lack of knowledge is significant. Those who score higher on FINRA’s financial literacy quiz show […]
Supreme Court takes on life insurance as a corporate asset
{April 2nd, 2024} by Doug Bailey
Should the proceeds of a life insurance policy taken out by a corporation on a shareholder be considered a corporate asset that raises the value of the company for calculating estate taxes? Or are they simply a pre-existing liability the company has to meet to purchase the shares from the estate of a deceased shareholder? […]
Digital transformation: How tech is shaping the life insurance landscape
{April 2nd, 2024} by Ken Leibow
In exploring the current landscape of life insurance technology, my focus is squarely on the present, sidestepping both a reevaluation of the past year and speculative forecasts. Two domains are witnessing remarkable growth right now. First, the realm of underwriting is experiencing a significant transformation. Click HERE to read the full story via INN
Life Insurers to Meet With White House Office on DOL Fiduciary Rule
{April 2nd, 2024} by Allison Bell
The American Council of Life Insurers is making a new effort to shape the U.S. Department of Labor’s fiduciary definition proposals. The life insurer group plans to meet with regulation reviewers at the federal Office of Information and Regulatory Affairs on April 9, according to a record on the Office of Management and Budget website. […]
Eliminate Annuity Advisor Suspense
{April 2nd, 2024} by Allison Bell
Annuity advisors should not have to wait breathlessly to see what exciting thing the issuer’s order processing team will do next. That’s one of the ideas driving recent annuity support services and annuity product announcements. Click HERE to read the full story via Think Advisor
Almost 3 out of 10 Americans have no retirement savings
{April 2nd, 2024} by Nathan Place
Experts have long warned that the United States is headed for a retirement crisis. New research shows just how dire that crisis could be. The problem is not just that Americans aren’t saving enough for retirement. More than one-quarter of them have no retirement savings at all, according to a new study by the personal […]
Lincoln Financial Group Recognized by DALBAR for Consumer Experience
{April 2nd, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced today that it has been recognized by DALBAR, Inc., for excellence in its annuity illustrations and its life insurance website experience. DALBAR is a preeminent auditor of consumer experience for the financial services industry. The recognition marks the fifth consecutive year that Lincoln has received DALBAR’s Award for Excellence in […]
AM Best Affirms Credit Ratings of Principal Financial Group, Inc. and Its Subsidiaries
{April 2nd, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa” (Superior) of Principal Life Insurance Company and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NASDAQ: PFG] and collectively referred to as Principal. Concurrently, […]
Somerset Announced Close of Reinsurance Transaction With Prudential
{April 2nd, 2024} by Somerset Reinsurance Ltd.
HAMILTON, Bermuda–(BUSINESS WIRE)–Somerset Reinsurance Ltd. (“Somerset”), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market, announced today the close of its reinsurance transaction with Prudential Financial, Inc. (NYSE: PRU) (“Prudential”). The transaction includes $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and […]
Prudential Financial Completes Guaranteed Universal Life Block Reinsurance Transaction With Somerset Re
{April 2nd, 2024} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) announced today that it has successfully closed a reinsurance transaction for a portion of its guaranteed universal life block with Somerset Re. This transaction, originally announced on July 24, 2023, advances the company’s strategy to reduce market sensitivity and increase capital efficiency. The financial impacts of the transaction are expected […]
Zinnia Closes Acquisition of Ebix’s North American Life and Annuity Assets
{April 2nd, 2024} by Zinnia
GREENWICH, Conn.–(BUSINESS WIRE)–Zinnia Corporate Holdings (“Zinnia” or “the Company”), an Eldridge Industries business and leading life and annuity insurance technology services company, and Ebix, Inc. (“Ebix”), a supplier of software solutions, today announced that Zinnia’s acquisition of Ebix’s North American Life and Annuity Assets (the “L&A Assets”) has closed. The deal further positions Zinnia as […]
Americans Reducing Retirement Savings and Taking on Debt Due to Inflation
{April 2nd, 2024} by Allianz Life
MINNEAPOLIS – March 26, 2024 – Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Americans are more focused […]
Fixed Index Annuity: Why It’s Gaining Popularity Now
{April 2nd, 2024} by Marguerita Cheng
Every day, 12,000 baby boomers in the United States reach the age of 65, according to the Census Bureau. By 2030, all baby boomers will be 65 or older. One consequence of this demographic trend is that the investment objective of baby boomers has shifted from a desire for growth to a need for protection. […]
The real cost of volatility-controlled indices in IUL policies
{April 2nd, 2024} by Nick Pratt
Over the past 25 years, indexed universal life policies have become arguably the most complex life insurance products on the market — both for better and for worse. One feature of today’s IULs is the volatility-controlled index. These index strategies are referred to by several different names in our industry: VCIs, proprietary indices and engineered […]
Ameritas Celebrates 17th Center of Excellence Certification
{April 2nd, 2024} by Ameritas
LINCOLN, Neb., March 29, 2024 /PRNewswire/ — The group division of Ameritas proudly announces its 17th consecutive certification as a BenchmarkPortal Center of Excellence, solidifying its position as a leader in customer service and support excellence. This prestigious recognition for 2023 underscores Ameritas’ commitment to meeting and exceeding the highest standards in the industry. The BenchmarkPortal Center […]
Unity Builds Dynamic Legacy of Growth and Innovation by Partnering with Integrity
{April 2nd, 2024} by Integrity Marketing Group, LLC
Agency focused on serving diverse community of agents and clients turns to Integrity for next era of growth fueled by access to Integrity’s transformative technology-focused Suite of Solutions DALLAS, March 26, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today […]
Integrity Co-Founder & CEO Bryan W. Adams Named One of the Top 100 CEOs in the Country
{April 2nd, 2024} by Integrity Marketing Group, LLC
DALLAS, March 28, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), one of the leading independent distributors of life, health and wealth products, today announced that Integrity Co-Founder and CEO Bryan W. Adams has been recognized as a top CEO for large companies in the United States. Adams is joined on the list by highly acclaimed executives from Adobe, Instacart, […]
Social Security Prospecting Is Bait And Switch
{April 2nd, 2024} by Charlie Gipple, CFP, CLU, ChFC
One of the top ways that my agents get in front of consumers is by them—the agent—understanding Social Security retirement benefits in order to help their clients file correctly. Some folks who have never really dug into Social Security filing strategies will say that Social Security is a “bait and switch” method of getting in […]
Broker Words—April 2024
{April 2nd, 2024} by Stephen Howard
This one is a real punch in the gut. It is my sad duty to report the passing of a wonderful friend and one of our industry’s most diligent and beloved heroes, Ed Murray, Murray & Zuckerman, Inc., Schenectady, NY. After graduating with a degree in finance, Ed served as a combat veteran in the […]
Estate Planning: The Irrevocable Life Insurance Trust
{April 2nd, 2024} by Bowditch & Dewey, Eileen Lee Breger
This post has been updated as of March 28, 2024, to reflect changes to the Massachusetts estate tax exemption. There is a common misconception that life insurance benefits are not subject to estate tax. While the proceeds of a life insurance policy are not taxable income to the beneficiaries, they are part of a person’s […]
How Financial Literacy Month Can Help You, Too
{April 2nd, 2024} by Kevin Luebbers
For the past two decades, many in the financial services industry have marked April by observing Financial Literacy Month. The month is dedicated to helping Americans gain knowledge and skills to manage their personal finances effectively and build generational wealth. This April, as financial professionals discuss educational resources with their clients, it is also the […]
FBI Hunts Iowa Advisor Charged With $1.5M Fraud
{April 2nd, 2024} by Dinah Wisenberg Brin
The Federal Bureau of Investigation is searching for an Iowa financial advisor accused of money laundering and wire fraud. William Jack Berg, 51, allegedly defrauded more than a dozen client investors in a scheme that caused them to lose over $1.5 million, according to the FBI, which lists him on its Most Wanted page for […]
Abacus Aims to Sell In-Force Policies to the Insurers
{April 2nd, 2024} by Allison Bell
A company that buys in-force life insurance policies from the customers hopes to sell some of the policies to life insurance companies. Jay Jackson, the CEO of Abacus Life, talked about his company’s efforts to sell policies to life insurers last week, during a conference call the company held to go over results for the fourth quarter […]
Nationwide to offer term life insurance through local independent agencies
{April 2nd, 2024} by Nationwide
Columbus, OH – Nationwide is now offering term life insurance through local independent agencies to protect more people, businesses and futures with extraordinary care. Nationwide Brokerage Solutions (NBS) and its 14,500 affiliated local agencies will get access to Nationwide’s best-in-class underwriting process and products, delivering fast and competitive decisions and solutions to succeed in selling term life insurance. The shared […]
WealthVest adds new wholesale team to add to growing Aspida annuities sales
{April 2nd, 2024} by Steve Randall
WealthVest has deployed a new nationwide distribution team to focus on its partnership with life insurance and annuities firm Aspida. Click HERE to read the full story via InvestmentNews
Delaware Life Insurance Company Launches Innovative Fixed Index Annuity with Premium Bonus: PrimeStart Bonus 10℠
{March 26th, 2024} by Delaware Life Insurance Company
WALTHAM, Mass.–(BUSINESS WIRE)–Delaware Life Insurance Company (“Delaware Life”) has launched an innovative, flexible-premium fixed index annuity featuring a premium bonus. PrimeStart Bonus 10℠ offers an exclusive trifecta of features combining the power of a 10% premium bonus, interest crediting that’s based on the lowest index value in the first 90 days after contract issue, and […]
Allianz Life Launches New Accumulation Annuity
{March 26th, 2024} by Allianz Life
MINNEAPOLIS – March 19, 2024 – Allianz Life Insurance Company of North America (Allianz Life) announced today that its newest accumulation-focused product, Allianz Accumulation Advantage+TM Annuity, is now available. Allianz Accumulation Advantage+TM is a fixed index annuity that combines powerful accumulation potential with a premium bonus[i], signature Allianz innovations and flexible design. Allianz has also recently added a […]
MassMutual Ascend Adds the First Trust Barclays Edge Index to Its Suite of Fixed-Indexed Annuities
{March 26th, 2024} by MassMutual Ascend
CINCINNATI–(BUSINESS WIRE)–MassMutual Ascend announced the addition of the First Trust Barclays Edge Index to its fixed-indexed annuities. The First Trust Barclays Edge Index is a multi-asset index seeking to provide equity and fixed income exposure through a combination of indices, including Capital Strength™ Index and Value Line Dividend™ Index, while aiming to control risk by […]
Heartland National Introduces A New Retirement Solution With A Multi-Year Guaranteed Annuity
{March 26th, 2024} by Heartland National Life Insurance Company
KANSAS CITY, Mo., March 21, 2024 (Newswire.com) – Heartland National Life Insurance Company, a trusted leader in insurance solutions, proudly announces the launch of its latest groundbreaking product, Heartland’s Secure Rate MYGA. The Company’s new product is designed to tackle retirement challenges head-on by providing unparalleled stability and growth while shielding customers from market risk. […]
Pacific Life and Employee Navigator Unveil Innovative Integration
{March 26th, 2024} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life today announced its integration with Employee Navigator, one of the nation’s leading benefits administration platforms, automating employee benefits management with the advantages of application programming interface (API) technology. Through this collaboration, Pacific Life’s Workforce Benefits products are available to groups of all sizes. Erich Sternberg, senior vice president and head […]
Insurance industry to be impacted by 3 trends in 2024, says expert
{March 25th, 2024} by Susan Rupe
The U.S. insurance industry will be impacted by three distinct trends in 2024, according to a KPMG leader who analyzes the insurance industry. Calling the industry “healthy and strong,” Scott Shapiro, KPMG U.S. insurance sector leader, said, “We’ve never been without serious challenges but we continue to perform our function in society – managing risk. […]
Regulators consider guideline to best-interest rule to address ‘deficiencies’
{March 25th, 2024} by John Hilton
State insurance regulators plan to issue guidance on its best-interest annuity sales model after reviews turned up “deficiencies” in producer monitoring. Iowa Insurance Commissioner Doug Ommen discussed the reviews and coming guidance at the Life Insurance and Annuities Committee meeting Sunday. The committee met during the National Association of Insurance Commissioners’ spring meeting in Phoenix. […]
Will RIAs Start Using Fixed Rate Annuities in Portfolios?
{March 25th, 2024} by David Blanchett
The notable rise in bond yields starting in 2022 has changed the investment landscape, especially for fixed income-related strategies. In addition, taxes have become more important, increasing the importance of asset location. Annuities are relatively underused by investment advisors, whether they are viewed more from an investment-related lens or as a product that provides protected […]
New York Life Names Matt Wion to Lead Retail Annuities
{March 25th, 2024} by Allison Bell
New York Life has picked Matt Wion to run its retail annuity business. Wion has been the chief financial officer for a unit that handles many different types of products, including institutional life insurance and institutional annuities. He will succeed Todd Taylor, who previously held that post and is now head of New York Life’s […]
Raymond James Taps Next CEO
{March 25th, 2024} by John Manganaro
Raymond James Financial announced Tuesday that Chief Financial Officer Paul Shoukry has been appointed president, effective immediately, and he is expected to become the firm’s next CEO sometime during fiscal 2025. Once the planned succession process is complete, Shoukry would become the fourth chief executive in the company’s history, following Paul Reilly in the role. […]
In The Workplace: The Case For Long-Term Care Insurance And Disability Insurance
{March 25th, 2024} by Marc Glickman
More employers are considering a long-term care insurance benefit for their employees. This additional benefit can help attract and retain great talent and also help employees better plan for their own futures. Since many employers already offer disability insurance (DI), there may be some confusion around the need for long-term care insurance (LTCi) and the […]
Wrong
{March 25th, 2024} by David J. Murphy
“The fact that man knows right from wrong proves his intellectual superiority to the other creatures; but the fact that he can do wrong proves his moral inferiority to any creatures that cannot.”—Mark Twain In Iasi, Romania, I met an engaging 17- or 18-year-old woman named Sophia. She is a Ukrainian refugee. Sophia escaped the […]
Rethinking Seminar Prospecting
{March 25th, 2024} by Charlie Gipple, CFP, CLU, ChFC
After everybody being “locked down” a few years ago, educational seminars are back and stronger than ever. And make no mistake, seminars are a powerful prospecting tool…the most powerful, at least in my opinion. With a seminar, you have an hour of uninterrupted time where you can build credibility with your audience by showing your […]
Regulators resolve to check up on products for illustration integrity
{March 25th, 2024} by John Hilton
State insurance regulators are tired are trying to keep up with life insurers that quickly skirt attempts to tamp down illustrations. Instead of further rulemaking, regulators are going directly to the products. The Indexed Universal Life Illustration Subgroup is “looking at specific company examples” of both IUL and annuities that use illustrations, said Fred Anderson […]
Simplicity Partners with M&O Marketing and Welcomes Dennis and Denise Brown as Partners
{March 25th, 2024} by Simplicity Group Holdings
SUMMIT, N.J., March 21, 2024 /PRNewswire/ — Simplicity Group (“Simplicity”) today announced that it has partnered with M&O Marketing (“M&O”), a leading independent insurance marketing organization in the fixed annuity, life insurance, and long-term care markets. CoreCap, M&O’s affiliate broker/dealer and registered investment advisory firm, was also included in the transaction. Dennis and Denise Brown become Simplicity’s newest Partners […]
Hurt by inflation, Americans yearn for pensions in retirement. One answer may be annuities.
{March 25th, 2024} by Medora Lee
Inflation continues to ravage Americans’ savings, making them nostalgic for a retirement benefit of yesteryear: the pension. Ninety percent of Americans saving in a company retirement plan, such as a 401(k), worry it doesn’t provide a reliable stream of income that can withstand the financial strains posed by inflation, which hit a 40-year high in 2022, according to a survey […]
Athene USA Tops Rankings for Annuity Sales, Pension Group Annuity Volumes
{March 25th, 2024} by Athene Holding
WEST DES MOINES, Iowa, March 12, 2024 (GLOBE NEWSWIRE) — Athene USA (“Athene”), a leading provider of retirement savings products, ranked number one in total annuity sales in LIMRA’s 2023 U.S. Retail Annuity Survey, with a record $35 billion. Athene also ranked first in pension group annuity sales (PGA) in 2023, with $10.4 billion in total volume, […]
ECA Marketing Unveils Advanced Media Production Studio for Agents and Advisors
{March 25th, 2024} by ECA Marketing
Eden Prairie, March 25, 2024 (GLOBE NEWSWIRE) — Eden Prairie, Minnesota – Eden Prairie, MN – March 22nd, 2024 – ECA Marketing, a leading National Annuity and Life Marketing Organization, is proud to announce the launch of its advanced media production studio designed for the independent advisor and insurance producer. This new media production studio […]
Voya Faces Suit Over Universal Life Policy Premium Hike
{March 25th, 2024} by Allison Bell
A 94-year-old Florida woman says financial advisors misrepresented how a universal life insurance policy would perform. The woman, Carolyn Hawkins, believed the universal life policy would have stable premiums, but, instead, the premiums increased to $90,000 in 2022, from $25,000 in 2011, and Hawkins had no choice but to let the policy lapse, according […]
Annuity Owners Show What They’re Really Thinking
{March 25th, 2024} by Allison Bell
Most owners of nonvariable annuities like them, according to new survey results. The National Association for Fixed Annuities hired Greenwald Research, an independent polling firm, to conduct the survey. The sample included 404 U.S. residents ages 50 and older who own a traditional fixed rate annuity or a nonvariable indexed annuity. Click HERE to read the […]
Looking for a safer retirement income stream? Consider annuities
{March 25th, 2024} by Joelle Hall
As you navigate the labyrinth of retirement planning, the resurgence of annuities has sparked renewed interest among people seeking financial security in their golden years. Click HERE to read the full story via MSN. Wink’s Moore on the Market: Getting my highlighter out here… “There are three main types of annuities: life annuities, which guarantee income for […]
Annuity Sales Are Soaring Because of Higher Payouts. What You Need to Know.
{March 25th, 2024} by Debbie Carlson
Higher interest rates are making annuities of all stripes more attractive, allowing buyers a chance to protect their principal and lock in yield before payouts decline. Sales of the insurance product hit a record in 2023 as the combination of volatile equity and bond markets and higher payouts propelled buyers to seek annuities, says Bryan […]
Empower Launches Comprehensive Suite of New Retirement Income Solutions
{March 25th, 2024} by Empower
GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Empower today announced a comprehensive suite of new partnerships with asset management and insurance providers to offer a market-leading range of in-plan and out-of-plan guaranteed retirement income solutions for investors saving through workplace plans. The new offerings, to be launched in the coming weeks, will offer retirement plans multiple options designed to […]
‘An uphill battle’: Lack of diversity in the financial industry is hurting women long-term
{March 25th, 2024} by Paola Peralta
A lack of diversity in any industry hinders the advancement of the marginalized communities they serve, and in few areas is underrepresentation more apparent than financial services. Women are expected to be the primary beneficiaries in the upcoming $30 trillion wealth transfer, according to a recent report from management consulting firm McKinsey, but with women making up […]
Finseca’s 2024 Hall of Fame Inductees Announced
{March 25th, 2024} by Finseca
WASHINGTON, March 19, 2024 /PRNewswire/ — Finseca is pleased to announce that Anthony T. Mazzei, Sr., Chairman and Founding Partner at National Financial Network, an agency of The Guardian Life Insurance Company of America (Guardian); our first-ever female inductee, Deb White, District Manager at Farm Bureau Financial Services; and Howard Cowan (recognized in memoriam), formerly with MassMutual, were honored last night with the […]
NAIC Fills in the Annuity Suitability Passage Map
{March 18th, 2024} by Allison Bell
Forty-five states have now adopted the annuity sales standard update developed by the National Association of Insurance Commissioners, and three other states — Missouri, Nevada and New Jersey — have update adoption efforts pending, according to a new map developed by an NAIC team. New York state has adopted another annuity sales standard. Click HERE to […]
DOL Fiduciary Rule Is Long Overdue, CFP Board’s Top Lawyer Says
{March 18th, 2024} by Melanie Waddell
Now that the Labor Department has sent its final fiduciary rule to the Office of Management and Budget for review, it’s a good time for advisors to review how the Certified Financial Planner Board of Standards’ Code of Ethics and Standards of Conduct dovetail — or not — with Labor’s plan. Leo Rydzewski, CFP Board’s general counsel, […]
SEC’s Texting Crackdown Rages On, With RIAs Likely Next
{March 18th, 2024} by Jamie Johnson
Fines levied by the Securities and Exchange Commission related to off-channel communications like text messages will continue — with fines against investment advisory firms likely on their way, according to two former SEC attorneys. Off-channel communications is a “continuing hot topic,” Dabney O’Riordan, a partner in Quinn Emanuel’s SEC Enforcement practice, who previously served as the leader of […]
Will RIAs Start Using Fixed Rate Annuities in Portfolios?
{March 18th, 2024} by David Blanchett
The notable rise in bond yields starting in 2022 has changed the investment landscape, especially for fixed income-related strategies. In addition, taxes have become more important, increasing the importance of asset location. Annuities are relatively underused by investment advisors, whether they are viewed more from an investment-related lens or as a product that provides protected […]
Level of financial insecurity remains high, study finds
{March 18th, 2024} by Ayo Mseka
Even though Americans have a more optimistic view of the direction of the U.S. economy than they did a year ago, their feelings of financial insecurity have hit a record high, according to Northwestern Mutual’s 2024 Planning & Progress Study. According to the research, just over half (54%) of U.S. adults think that the U.S. […]
One-third of consumers unaware of life insurance tax benefits, says study
{March 18th, 2024} by Rayne Morgan
Nearly a third of Americans do not realize that they can save on taxes through life insurance, according to a new study by Assurance IQ. Experts suggest this can be a missed opportunity to save money, especially at a time when most consumers are looking to save. “Many Americans are stretched thin financially, which makes […]
Survey: Life insurers want to be better at meeting technology challenges
{March 18th, 2024} by John Hilton
Life insurers know that technology is one of their biggest challenges to capitalizing on the enormous market appetite for life insurance and annuities. And they don’t feel ready to meet that challenge. New survey data from LIMRA and Boston Consulting Group revealed that insurance executives are falling short of their own goals from a technology […]
AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries
{March 18th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Mutual of Omaha Insurance Company and its subsidiaries, United of Omaha Life Insurance Company, Companion Life Insurance Company (Melville, NY) and United World Life Insurance Company. Concurrently, AM Best has affirmed the Long-Term […]
Lincoln Financial Earns DALBAR Award for Excellence in Annuity Illustrations
{March 18th, 2024} by Dalbar
MARLBOROUGH, Mass.–(BUSINESS WIRE)–DALBAR, Inc. is recognizing Lincoln Financial Group for a 5th consecutive year for arming advisors with a vital tool for use in their sales process. The firm sets the standard with annuity illustrations that speak to current and prospective clients with a complete and highly comprehensible picture of how an annuity can address their needs. Lincoln […]
Best’s Special Report: Credit Rating Upgrades in US Life/Health Insurance Segment Slightly Outpace Downgrades in 2023
{March 18th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Issuer Credit Rating (rating) upgrades in the U.S. life/health insurance segments declined to 18 in 2023 from 26 in the previous year, while the number of initial ratings, ratings placed under review and downgrades increased, according to a new AM Best special report. The Best’s Special Report, titled, “US Life/Health Upgrades Slightly Outpace Downgrades in 2023,” […]
Best’s Market Segment Report: US Life/Annuity Insurers Stay the Course, Prepare for 2024 Uncertainty
{March 18th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity insurance segment remains well-capitalized after a nominal 1.6% increase in statutory capital and surplus through Sept. 30, 2023, from year-end 2022, and steady net income. However, according to AM Best’s annual Review & Preview report on the industry segment, uncertainty and volatility in financial markets, risks contained within certain asset classes and remaining […]
AM Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiaries
{March 18th, 2024} by The Penn Mutual LIfe Insurance Company
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiaries, The Penn Insurance and Annuity Company (Wilmington, DE), Vantis Life Insurance Company (Windsor, CT) […]
New York Life Delivers Record 2023 Results That Reflect Enduring Financial Strength
{March 18th, 2024} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 mutual life insurer, today announced company-record financial results for 2023 that reflect its enduring financial strength. Top-line growth was driven by new company records in insurance sales and assets under management. In addition to posting a company record of $31.9 billion in surplus and $3.1 billion in operating earnings, […]
New iPipeline Technology Enables the Financial Industry to Seamlessly Track the Status of Clients’ Annuity Applications–in Real-Time
{March 18th, 2024} by iPipeline
EXTON, Pa.–(BUSINESS WIRE)–iPipeline®, a leading global provider of comprehensive and integrated digital solutions for the life insurance and financial services industry, announces the launch of OneViewTM, a breakthrough solution* that seamlessly tracks the progress and status of clients’ annuity orders–in real time. Annuities have developed a reputation in the industry as a complex investment product. […]
Mutual of America Capital Management’s MoA Funds Win 10 2024 LSEG Lipper Fund Awards for Best-in-Class Mixed-Asset Target-Date Funds
{March 18th, 2024} by Mutual of America
Company also recognized as best overall small firm in the U.S. Group Award mixed-assets category. NEW YORK, March 14, 2024 /PRNewswire/ — Mutual of America Capital Management LLC (“Capital Management”) is pleased to announce that its target-date series of funds, the MoA Clear Passage Funds™, received 10 2024 LSEG Lipper Fund Awards. Part of a $23 billion fund family, the […]
Ameritas & FastTrack Partner to Implement FastTrack’s Patent Pending Next-Generation Life & Annuity Claims Processing Solution
{March 18th, 2024} by FastTrack
BEDMINSTER, N.J., March 14, 2024 /PRNewswire/ — FastTrack, a leading InsurTech provider of intelligent Digital and Automated AI technology for the life and disability insurance marketplace, went live with Ameritas Life Insurance Corp, a renowned insurance and financial services company. This strategic collaboration aims to provide exceptional value to Ameritas Policyholder Beneficiaries, Agents/Brokers, and internal Claim Advocates. By leveraging […]
Anthony T. Mazzei, Sr. Inducted into Finseca Hall of Fame
{March 18th, 2024} by Finseca
WASHINGTON, March 18, 2024 /PRNewswire/ — Finseca is pleased to announce that Anthony T. Mazzei, Sr., Chairman and Founding Partner at National Financial Network, an agency of The Guardian Life Insurance Company of America (Guardian), will be honored this evening with the prestigious Finseca Hall of Fame Award at the Leaders and Managers Program (LAMP) 2024 in Denver, CO. Mazzei, along with just […]
Lincoln Financial Group Enhances Its Fixed Indexed Annuities With Innovative Crediting Strategies
{March 18th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) continues to innovate by introducing the 1 Year S&P 500® Dual Trigger (Dual Trigger) account option for its fixed indexed annuities – designed to provide upside growth potential in up, flat and even down markets. The Dual Trigger offers investors a dynamic solution that is adaptive to the market, […]
NAILBA, a Finseca Community, announces appointmentof four new Board of Advisors.
{March 18th, 2024} by NAILBA
NAILBA, a Finseca Community, will be welcoming four new members to its Board of Advisors. The additions are John Felton IV of the Tennessee Brokerage Agency, Jason Kidd of Innovative Solutions Insurance Services, Stacey Lawler of OWR and Brad Mendenhall of Concourse Financial Group. Click HERE to view the Press Release
What Share of a Portfolio Should Go Into Annuities?
{March 18th, 2024} by John Stevenson
Clients often ask me about the exact percentage of the portfolio that should go into annuity contracts. My answer is usually, “It depends.” Every person’s financial needs are different as well as their risk tolerance. Here are some examples of different portfolio allocations for different types of income needs from annuities. Click HERE to read […]
States to Send New CEO Into Annuity Sales Standards Fight
{March 18th, 2024} by Allison Bell
The National Association of Insurance Commissioners has named Gary Anderson to be its new chief executive officer. Anderson will take over as CEO May 1, after his term as Massachusetts’ insurance commissioner ends, NAIC officials announced Saturday in Phoenix, at the group’s spring national meeting. Click HERE to read the full story via Think Advisor […]
Fintech iPipeline unveils annuity order tracker
{March 18th, 2024} by Leo Alamazora
iPipeline, a global fintech provider that caters to the life insurance and financial services sector, is changing the face of annuity management by taking a page from the UberEats playbook. Click HERE to read the full story via InvestmentNews
Annuity sales leaderboard changes as more sales go indie
{March 18th, 2024} by Emile Hallez
Independent agents and independent brokers have become a boon for annuity sales and are responsible for a growing proportion across the business, Click HERE to read the full story via InvestmentNews
Jackson Recognized for Highest Customer Service in Financial Industry for 12th Consecutive Year
{March 18th, 2024} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), was recently recognized with the “Highest Customer Service — Financial Industry” award for achieving the highest first-call resolution rating in the market in 2023 from Service Quality Measurement Group, Inc. (SQM). Jackson’s outstanding service also earned it the Call Center World Class […]
Milliman’s 2023 Fixed Index Annuity Industry Experience Studies show 36% increase in exposure to rising interest rates for contracts without a GLWB
{March 13th, 2024} by Milliman, Inc.
SEATTLE–(BUSINESS WIRE)–Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its two 2023 Fixed Indexed Annuity Industry Experience Studies. These comprehensive studies analyze policyholder behaviors, including factors such as the age when a person attains their policy, length and magnitude of the contract, methods of distribution, and tax implications. The […]
Guinness World Record Life Insurance Policy Issued in Hong Kong
{March 13th, 2024} by Insurance Forums Staff
There’s a new Guinness World Record for the most valuable life insurance policy ever sold, and it’s worth $250 million. Issued and fully underwritten by HSBC Life, global banking giant HSBC’s insurance business in Hong Kong, the record-breaking policy was taken out by an unnamed individual customer earlier this year, the company announced on Feb. 28. […]
American Council of Life Insurers (ACLI) President & CEO Susan Neely Announces Retirement From Association Leadership
{March 13th, 2024} by ACLI
WASHINGTON – American Council of Life Insurers (ACLI) President & CEO Susan Neely announced today that she will retire from association leadership at the end of 2024. “Susan brought vision, strength, and purpose to her leadership of ACLI. She leaves a legacy of impact and inspiration that will serve our industry for years to come,” […]
Greg Lindberg ponders appeal as policyholders await June funds release
{March 13th, 2024} by John Hilton
Embattled entrepreneur Greg Lindberg is weighing options after a North Carolina Court of Appeals decision this week clears the way for his former insurance companies to be liquidated. His adversary, Insurance Commissioner Mike Causey, said long-suffering policyholders could be paid back as early as this summer if Lindberg accepts the ruling. “We are evaluating all of our […]
LIMRA, SPARK Institute gear up to launch fraud-fighting strategy
{March 13th, 2024} by Rayne Morgan
With criminals seeking to plunder American retirement accounts, LIMRA and SPARK Institute are joining forces to address this rising threat with a series of actions and initiatives for the near- and long-term. “Criminals are working together to attack American retirement accounts, so it’s incumbent on industry members to cooperate to defend these accounts,” said Tim […]
Athene takes over as annuity sales leader with 72% growth in 2023
{March 13th, 2024} by John Hilton
“For the second consecutive year, annuity sales have surpassed previously held records, largely due to broader engagement with independent distribution,” said Bryan Hodgens, head of LIMRA research. “Rising interest rates have made annuities very attractive to a larger group of investors who are served by independent advisors and broker dealers. Click HERE to read the […]
Immediate Annuities Can Help Some High-Net-Worth Clients: Tax Attorney
{March 13th, 2024} by Allison Bell
Some wealth advisors turn red, white or gray at the thought of their high-net-worth clients buying annuities. For high-net-worth clients, the concern is that annuities create taxable income. The last thing most wealth advisors want is to increase their clients’ tax bills. Jack Elder, a tax attorney who serves as the senior director of advanced […]
Experts Predict Quick OMB Review of Final DOL Fiduciary Rule
{March 13th, 2024} by Melanie Waddell
Now that the Labor Department’s final fiduciary rule has landed at the Office of Management and Budget for review, industry officials and attorneys anticipate that Labor’s final rule doesn’t include many changes and that there will be a quick review by OMB. Labor filed its final rule at OMB on Friday. Click HERE to read the […]
Life Insurers’ Real Estate Assets Look Good
{March 13th, 2024} by Allison Bell
Owners of empty office buildings could eventually fail, stop making payments and add drama to big U.S. life and annuity issuers’ quarterly financial reports. At this point, though, there’s not much real estate-related drama. Weakness in the commercial real estate sector is “a big risk across the financial markets,” Anika Getubig, an S&P director, said Wednesday […]
Genworth Accused of Wrongly Terminating Life Policies
{March 13th, 2024} by Mason Lawlor
The lead plaintiff in a California state court class-action lawsuit has accused Genworth’s Genworth Life and Annuity Insurance Co. of terminating hundreds of life insurance policies without lawful reminders and allegedly disregarding the grace period provisions required by state law. Click HERE to read the full story via Think Advisor The original version of this […]
Whole Life Gets More Shopper Attention
{March 13th, 2024} by Allison Bell
Whole life insurance was more popular with life insurance shoppers in February, according to new application activity from MIB. Total application activity was 3.7% higher last month than in February 2023, and whole life application activity was 5.9% higher. MIB found that whole life application activity was especially strong for shoppers ages 31 through 59 […]
Insured Retirement Institute Updates Annuity Sellers’ Handbook
{March 13th, 2024} by Allison Bell
The Insured Retirement Institute has published a new version of a free reference book, the “Retirement Saving and Income Handbook.” The handbook provides the institute’s views about the value of annuities, along with a glossary that gives plain-English definitions of such terms as “living benefits,” “roll-up” and “step-up.” Click HERE to read the full story via […]
MoneySmartMovement Partners with Integrity to Bring Greater Opportunities and Hope to Underserved Americans
{March 13th, 2024} by Integrity Marketing Group, LLC
DALLAS, March 12, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with MoneySmartMovement, a rapidly expanding independent marketing organization based in Dallas, Texas, and led by Sheena and Matt Sapaula. Financial details of the partnership were not […]
Senior Market Sales® Acquires Seniors Advisory Services, Louisiana’s Largest Senior Insurance Brokerage
{March 13th, 2024} by Senior Market Sales
OMAHA, Neb., March 6, 2024 /PRNewswire/ — Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations, is expanding its distribution in the southern United States with the acquisition of Seniors Advisory Services (SAS), Louisiana’s largest senior insurance brokerage agency. “Seniors Advisory Services is a pillar in Louisiana in Medicare Advantage, with a solid reputation and strong relationships that will help SMS […]
CFP Board Survey: Americans Want Retirement Investment Advice to Be in Their Best Interest
{March 13th, 2024} by CFP Board
WASHINGTON, March 11, 2024 /PRNewswire/ — A new survey commissioned by CFP Board reveals that nearly 97% of Americans agree that the financial professional who provides one-time recommendations or other one-time advice about retirement investments should be required to act in their client’s best interest. This includes a recommendation to roll over funds from a workplace retirement savings program […]
Aspida and Flourish Announce Partnership to Distribute Aspida Annuities
{March 13th, 2024} by Aspida
DURHAM, N.C.–(BUSINESS WIRE)–Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, and Flourish, a platform that provides innovative access to financial products that help registered investment advisors (RIAs) improve their clients’ financial outcomes, announced their partnership to distribute the Aspida Advisory Multi-Year Guaranteed Annuity (MYGA). Flourish is offering this product through the Flourish […]
Americans Embracing Possibility of Living to 100, Many Expecting Over Three Decades of Retirement
{March 13th, 2024} by Corebridge Financial
HOUSTON–(BUSINESS WIRE)–More than half (54%) of Americans say it’s their goal to live to 100, according to a new study from Corebridge Financial and The Longevity Project. Family, friends and new experiences are seen as the top benefits of a very long life, with 72% of respondents citing continued meaningful relationships with family and friends and […]
Symetra Receives 2024 BISA Diversity, Equity & Inclusion Award
{March 13th, 2024} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Financial Corporation received a 2024 Diversity, Equity & Inclusion Award from the Bank Insurance & Securities Association (BISA), which annually recognizes the successful diversity efforts of organizations from the financial services industry. “Symetra is honored to receive this recognition from BISA. We remain committed to advancing diversity, equity and inclusion — for our people, […]
I retired 6 years ago and hired a financial adviser. He recommended annuities, but they only yield about 2%. Now what?
{March 12th, 2024} by Alisa Wolfson
Question: I retired six years ago and hired a financial adviser. He recommended that I buy three annuities as a means of having a guaranteed income like a pension. Those annuities yield about 2%. Click HERE to read the full story via MarketWatch Wink’s Moore on the Market: Why on earth is this woman still […]
Everyone has a money story: Win Havir tells the story that inspires her
{March 12th, 2024} by Susan Rupe
Every individual and family has a money story — that history or narrative that inspires the way they save and spend. For Winona “Win” Havir, that money story begins in World War II, with her widowed grandmother desperate to save her children from Japanese invaders threatening their home in China. Havir’s grandmother put her three children […]
Boost your confidence, embrace your uniqueness and transform your sales
{March 12th, 2024} by Lloyd Lofton
Imagine a sales landscape where every presentation is a showcase of confidence, creativity and unique ideas, a scenario in which prospects ask you, “How does that work?” or “How do I do that?” How would your conversations be different if every prospect you spoke with disclosed the reason for their hesitation or the history of […]
We’re in our 70s in Boca Raton with a net worth of about $2 million – and rental properties, Social Security and an annuity. What’s next for us?
{March 12th, 2024} by Alisa Wolfson
Question: We are a couple in our 70s who live in Boca Raton and have managed our money without a financial adviser all of our life. We have rental properties, equities, bonds, income from Social Security, a small annuity from a retirement account and a net worth of a couple of million dollars. Click HERE to […]
Treasury Proposes Curbs on Use of Life and Annuities in Wealth Planning
{March 12th, 2024} by Allison Bell
The U.S. Treasury Department hopes to keep very wealthy individuals and families from using customized life insurance policies and annuities to cut their taxes. The department has added a proposal to “Limit Tax Benefits for Private Placement Life Insurance and Similar Contracts” in its “Greenbook,’ or detailed discussion of revenue-raising proposals, for fiscal year 2025. Click HERE to […]
Nationwide and Annexus celebrate 10-year partnership with NYSE bell ringing
{March 12th, 2024} by Kristen Vasas-Samson
Over the past decade, Nationwide and product development partner Annexus have brought innovative solutions to the financial services marketplace, creating substantial value to help American retirement savers achieve their goals. To commemorate this milestone, leaders from both companies gathered to ring the closing bell at the New York Stock Exchange on March 7, celebrating the strength of […]
Insurance M&As drop in 2023, but expected to rise again this year
{March 10th, 2024} by Doug Bailey
Insurance company merger and acquisition deals fell off the table in 2023, hampered by the rising cost of capital and other negative macroeconomic factors. But industry executives, analysts and others say the M&A market will bounce back this year, and most are bracing for announcements of deals they believe are already in the pipeline. “As […]
The 2024 Game Plan for In-Plan Annuities
{March 8th, 2024} by Brian Anderson
We’ve heard it before. Annuities within workplace retirement plans are poised for explosive growth, with doors opened by friendly provisions within the SECURE Act and SECURE 2.0 and ramped-up demand from a wave of “Peak 65” 401(k) participants looking to turn a part of their account balance into a guaranteed stream of lifetime income. […]
My “Three Bucket” Approach To Explaining Fixed Annuities
{March 6th, 2024} by Charlie Gipple
As many of you financial professionals can attest to, annuities have become more “mainstream” in the minds of consumers. So much so that we financial professionals are often prompted for more information about annuities from our clients without us ever even mentioning annuities. The industry-wide sales numbers speak to the increasing popularity of annuities, as […]
NC appeals court deals another blow to Greg Lindberg’s crippled empire
{March 6th, 2024} by John Hilton
A North Carolina appeals court partially reversed a lower-court ruling today and affirmed liquidation proceedings against insurers once owned by embattled investor Greg Lindberg. In a unanimous decision, a three-judge appellate panel issued an opinion against GBIG Holdings, which had sought to delay liquidation of Bankers Life Insurance Co. and Colorado Bankers Life Insurance Co. […]
AuguStar and Americo Add Indexed Life Policies
{March 6th, 2024} by Allison Bell
Two life insurers that have made a big push to increase their market share in recent years have added indexed life insurance products. AuguStar Life — the Cincinnati-based reincarnation of Ohio National Life — introduced a 20-pay Prestige Indexed Whole Life policy, a sibling of the company’s 10-pay indexed whole life policy. Americo, a Kansas City, […]
7 Trends Annuity Execs Are Watching Now
{March 6th, 2024} by Allison Bell
Executives at U.S annuity issuers and distributors had an unusual experience during their latest round of earnings calls: Wall Street securities analysts were interested in hearing about annuities. The analysts tell investors what’s hot and what’s not. Insurers and other U.S. companies that sell stock to the public usually hold public conference calls with the […]
DOL Fiduciary Rule Could Throw Cold Water on Annuity Sales Boom
{March 6th, 2024} by Miriam Rozen
Annuity sales keep breaking records and hit an all-time high in the fourth quarter of last year, but the Department of Labor’s proposed fiduciary rule governing retirement accounts threatens to rein in the party. The change could be felt most acutely by some of the largest independent broker-dealers, such as LPL Financial, Ameriprise Financial and […]
