The Annuity Epidemic: Lazy Financial Advisors And Shady Insurance Companies Are The Disease
{June 6th, 2014} by Ryan Wibberley
Some financial talking heads, like Suze Orman, pontificate about annuities and would have you believe they are all bad, for all people. This is complete nonsense. Nor are they a good idea for all people. Like any investment, before you put one cent into it, you need to understand it or employ a competent financial […]
Protective Life deal has class action action – BLOG
{June 6th, 2014} by Linda Koco
It seems that no big insurance company deal goes without challenge these days. Case in point: As soon as news broke this week that the large Tokyo-based Dai-ichi Life Insurance Company, Ltd., had agreed to buy Birmingham, Ala.-based Protective Life Corp. for roughly $5.7 billion, class action law firms in the United States got busy. […]
Life insurers scrape for yield
{June 6th, 2014} by Allison Bell
The heads of two large life insurers said today that their companies are resisting pressure to take much more interest rate or credit rate risk to boost investment yields. Roger Crandall, chief executive officer of MassMutual, and Ted Mathas, CEO of New York Life, talked about their companies’ cautious search for yield at a CEO […]
Camden County man accused of stealing $48K in dead father’s annuities
{June 6th, 2014} by Alex Wigglesworth, Philly.com
Last updated: Thursday, June 5, 2014, 9:21 PM A Camden County man is accused of stealing $48,000 by cashing his father’s annuity checks for more than two years after the man’s death. Joseph H. Kayati Jr., 51, of Waterford Township, was indicted by a state grand jury Thursday on 33 counts, including forgery, identity theft […]
Kansas Warns of Possible Advertising Violations by IMOs and FMOs
{June 6th, 2014} by The Lawson Firm, LLC.
he Kansas Insurance Department has released Bulletin 2014-1 (below), warning insurers of possible life insurance and annuity advertising violations by Independent Marketing Organizations (IMOs) and Field Marketing Organizations (FMOs). Under Kansas law, life insurers are responsible for advertisements produced and distributed by third-party marketing entities. The purpose of the new bulletin is to “make clear” the Department’s position […]
NAIC chief: Bank-based regs could choke life insurers
{June 6th, 2014} by Allison Bell
U.S. financial services regulators fail to stand up for life insurers, poorly designed international rules could kill the insurers’ ability to offer long-term guarantees, Ben Nelson said Thursday. Nelson, the chief executive officer of the National Association of Insurance Commissioners (NAIC), used a high-profile speaking slot to try to get other U.S. insurance industry players […]
The annuity epidemic: Who’s at fault, who’s to gain?
{June 6th, 2014} by Daniel Williams
Working in the B2B world, it’s interesting to see the take the mainstream media has on annuities. In short, it’s a different take than I hear daily from advisors who serve on the front line and work with consumers who are carving out their retirement plans. For some in the mainstream, such as Suze Orman, […]
Forecast: How Advisors Will Work In The Future
{June 6th, 2014} by Joel Bruckenstein
Virtually all advisors know they need to get smarter about the technology they use to interact with clients. Fidelity research shows that 75% of advisors felt that they needed to use the latest technology to grow assets among younger clients. And there’s good reason to feel that way: Fidelity also found that Gen X and […]
Annuities and LTCI: Which rider is right?
{June 6th, 2014} by Daniel Williams
Combo products such as annuity-LTC have become increasingly popular in recent years, bolstered in part by rules enacted in 2010. According to a report penned by Robert Bloink and William Byrnes, “LTC benefits that are paid out under an annuity product are received entirely tax-free, unlike a traditional standalone annuity where the payouts are partially […]
Dai-ichi Life Aims to Achieve Net Income of ¥100 Billion By 2016
{June 6th, 2014} by Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com
TOKYO – Dai-ichi Life Insurance Co. Ltd. aims to achieve net income of ¥100 billion (US$976 million) by the fiscal year ending March 31, 2016, supported by domestic and international businesses growth, according to the second-largest Japanese commercial life insurer’s financial presentation. Improving investment margins, turning profit of savings-oriented insurance business Dai-ichi Frontier Life and […]
Clearing All The Hurdles To Become a Top Advisor
{June 6th, 2014} by Todd Colbeck
You shouldn’t offer over-the-top services to all clients-but when you decide which clients deserve the exquisite treatment, this is how you earn the right to ask for referrals All financial professionals have certain tasks in common regardless of the channel they are in or the demographics they serve. The Pareto Principle is universal: 80% of […]
A.M. Best Affirms Ratings of National Western Life Insurance Company
{June 6th, 2014} by A.M. Best
Oldwick – A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of “a” of National Western Life Insurance Company (NWL) (Denver, CO) [NASDAQ:NWLI]. The outlook for both ratings is stable. The affirmation of the ratings reflects NWL’s consistently favorable operating performance, on both a statutory and GAAP basis, […]
A.M. Best Affirms Ratings of New York Life Insurance Company and Its Subsidiaries
{June 6th, 2014} by A.M. Best
Oldwick – A.M. Best has affirmed the financial strength rating of A++ (Superior) and the issuer credit ratings of “aaa” of New York Life Insurance Company and its wholly owned subsidiaries, New York Life Insurance and Annuity Corporation and NYLIFE Insurance Company of Arizona (collectively referred to as New York Life). Additionally, A.M. Best has […]
A.M. Best Places Ratings of Protective Life Corporation and Its Subsidiaries Under Review With Negative Implications
{June 6th, 2014} by A.M. Best
Oldwick – A.M. Best has placed under review with negative implications the ratings of Protective Life Corporation (Protective) (headquartered in Birmingham, AL) [NYSE: PL] and its life/health subsidiaries following the announcement that it has entered into a definitive agreement for the sale of 100% of its outstanding stock to The Dai-ichi Life Insurance Company, Limited […]
Prudential Vice Chairman: Senate Passage of Bill Clarifying Fed Setting Capital Standards for Insurers ‘a No Brainer’
{June 6th, 2014} by Fran Matso Lysiak
NEWARK, N.J. – As Prudential Financial transitions to an insurance company that is supervised and regulated by the Federal Reserve, the debate over the Collins amendment “is a lot more about form than substance,” said the vice chairman of the company. Mark Grier noted a couple of important developments this week concerning the supervision and […]
ING To Seek Separate Listing For Insurance Arm
{June 5th, 2014} by Associated Press
AMSTERDAM (AP) —ING Groep NV says it is moving ahead with a plan to hive off its remaining insurance operations into a separate listed company. The Dutch bank and insurance group has no choice under an agreement with European regulators to compensate for taking state aid during the 2008 financial crisis. ING did not set […]
‘Death Cafe’ aims to bring life to dark discussions
{June 5th, 2014} by Rachel S. Karas News-Post Staff
Kriste Kidd, a hospice worker and student in the thanatology master’s program at Hood College, will work with her colleagues to bring Frederick its first Death Cafe on Saturday. The informal discussion group plans to cover everything from last wills and estate planning to healthy ways to deal with grief — breakfast snacks included. What’s […]
Dai-ichi to Buy Protective Life for $5.7 Billion
{June 5th, 2014} by MICHAEL J. DE LA MERCED
Dai-ichi Life Insurance, one of Japan’s biggest life insurers, agreed on Tuesday to buy the Protective Life Corporation for about $5.7 billion, as Japanese companies continue to seek growth outside their home country. Under the terms of the deal, the Japanese insurer will pay $70 a share in cash, nearly 34 percent above where Protective’s […]
DOL Delays Proposed Change to Fiduciary Duty Rule for Financial Advisers
{June 5th, 2014} by Jeff Jeffrey
WASHINGTON – A recent decision by the U.S. Department of Labor to delay a proposed changed to its fiduciary-duty rule is drawing praise from the Insured Retirement Institute. The proposed change would extend the fiduciary duty requirement to broker-dealers, including agents and brokers who advise consumers on retirement plans. DOL previously said it would finalize […]
Best’s Review: How to Make the Perfect Pitch of a New Product Idea to Insurers — Video Included
{June 5th, 2014} by Lynna Goch: lynna.goch@ambest.com
OLDWICK, N.J. – Best’s Review’s June cover story, “The Perfect Pitch,” reports on the science of developing the perfect presentation of a new product idea to an insurer. According to the Target Markets Program Administrators Association, program business has a renewal rate of 84%. However, that means program administrators need to bring in 16% of […]
A.M. Best Special Report: U.S. Life/Annuity Stocks Declined in First Quarter of 2014
{June 5th, 2014} by A.M. Best
Oldwick – After handily outperforming the broader equity markets in 2013 by rising 62%, U.S. life/annuity stocks declined 3% in the first quarter of 2014, versus a 1% increase in the Standard & Poor’s 500-stock index, according to a new report from A.M. Best. This special report, titled “U.S. Life/Annuity Stocks Declined in First Quarter […]
Amy McIlwain & Brittney Castro Talk Social Media For Advisors
{June 5th, 2014} by Amy McIlwain
This spring, I had the chance to sit down with Brittney Castro in Los Angeles to talk social media and digital marketing. Brittney is a certified financial planner and the CEO of Financially Wise Women. She has been incredibly successful using social media as a marketing tool, despite all restrictions and limitations that the financial services industry […]
Confessions of a millennial advisor
{June 4th, 2014} by Erica Takach
Is it possible for a young millennial to work, be successful, and have an excellent work-life balance and satisfaction? Being a millennial and an advisor myself, the answer is an emphatic yes! I would have laughed at someone if they had predicted that at age 29 I would be in the financial services industry. Click […]
5 life insurance plans every financial advisor should know
{June 4th, 2014} by Nicholas Paleveda MBA J.D. LL.M
Here are the top five life insurance plans every financial advisor, CPA and attorney must know: 5. Max-funded non-MEC IUL The MEC rules under 7702 took the fun out of life insurance as an investment. However, with careful planning, a producer can structure a policy which is a non-MEC and maximum-funded. Why? The policy will […]
Conning sees potential for growth in individual life despite strong challenges
{June 4th, 2014} by IFAwebnews Staff
The consumer market for life and annuities shows growth potential, but is also challenged by increasing diversity in demographic, lifestyle and consumer preferences, according to a new study by Conning. “Life insurers are working through the issues that stem from increasing diversity in the life-annuity consumer market,” said Mary Pat Campbell, analyst at Conning. “The […]
Most Americans neglect financial planning, hesitate using advisors
{June 4th, 2014} by IFAwebnews Staff
Two-thirds of Americans do not have long-term financial plans, and nearly three-quarters do not have a financial advisor, according to recent study findings from Northwestern Mutual. Personal finances” and “personal health” are the top two priorities for Americans in 2014, ahead of things like “spending time with family and friends” and “career.” But prioritizing appears […]
Nationwide Offers Advisor Tools For Social Security
{June 4th, 2014} by Cyril Tuohy
Nationwide Financial Retirement Institute, part of the Nationwide Mutual Insurance, has launched Social Security 360, a program designed to improve advisors’ understanding of when to begin taking Social Security. Knowing when to time Social Security withdrawals is an art in itself, one that alone can require the services of a full-time financial advisor. Nationwide’s program […]
MetLife Unwavering in Battle Over Systemic Risk Rules
{June 4th, 2014} by Ian Katz and Zachary Tracer
Steven Kandarian got MetLife Inc. out of banking to escape Federal Reserve oversight. Now, the insurer is fighting again to avoid the central bank’s reach. Kandarian, MetLife’s chief executive officer, has called regulatory uncertainty the primary challenge to meeting profit targets as he shuns stock buybacks amid concerns that the insurer will face tighter capital […]
MetLife offers whole life without the medical exam
{June 4th, 2014} by Noah Guillaume
MetLife introduced Final Expense Whole Life Insurance. Also known as “guaranteed acceptance life insurance,” this product requires no medical underwriting. Sold by telephone and on line, with an application process that has no medical questions or exams, MetLife’s Final Expense Whole Life is available to adults aged 45 to 75, in coverage amounts from $2,500 […]
Throwback Thursday: The 6 best insurance ads from yesteryear
{June 4th, 2014} by Lynette Gil
Nostalgia is a powerful marketing tool, evoking warm memories of a simpler time. With the advent of technology (read: YouTube), we can easily remember what yesteryear looked like with the click of button. We can learn from days gone by which sales formulas were successful and apply them to doing business today. As a follow-up […]
Principal, Casey’s make 2014 Fortune 500 list
{June 4th, 2014} by Matthew Patane
Two companies based in the Des Moines metro have made the 2014 Fortune 500 list. Principal Financial Group and Casey’s General Stores were the only Iowa companies to make the list, which ranks companies based on revenue. Des Moines-based Principal ranked 298, down eight spots from the 2013 list. Ankeny-based Casey’s ranked 389, up from […]
Jeffrey Zimpleman, son of Principal CEO, dies at 36
{June 4th, 2014} by Matthew Patane
Matthew Patane, mpatane@dmreg.com 4:36 p.m. CDT June 3, 2014 Jeffrey Zimpleman.(Photo: Special to the Register.) Jeffrey Zimpleman, the son of Principal Financial Group CEO Larry Zimpleman, died Thursday, May 29, while traveling in Germany. He was 36. A cause of death was not provided. Larry Zimpleman was called away from the Principal Charity Classic, […]
WINK SUPPORTS NATIONAL ANNUITY AWARENESS MONTH
{June 3rd, 2014} by Wink, Inc.
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE WINK SUPPORTS NATIONAL ANNUITY AWARENESS MONTH Pleasant Hill, Iowa (May 30, 2014) – Wink, Inc. has joined the Coalition for Annuity Awareness in their declaration of June as National Annuity Awareness Month. National Annuity Awareness Month is designed to provide awareness and understanding of annuities and their […]
We LOVE FIXED ANNUITIES
{June 3rd, 2014} by NAFA
2014_0401_MEDIA_We Love Annuities_0506 And, we’re not alone1… 85% say they like that annuities protect against losing money. 90% believe that annuities are an effective way to save for retirement. 93% still own the first annuity they purchased. Here’s why… Insured Savings Safety: Fixed annuities have no investment risk. They guarantee that the money in […]
W.D.M. annuity firms in top five for first quarter sales
{June 3rd, 2014} by Matthew Patane
Sales in the indexed annuities sector, an industry that makes up a large part of the Des Moines area’s economy, grew 30.9 percent in the first three months of the year, according to a new report. Rising on the backs of more people preparing to retire and a better-performing stock market, the sector had $10.9 […]
June is national annuity awareness month
{June 3rd, 2014} by Daniel Williams
Get ready. June is National Annuity Awareness Month. What exactly does that mean? Click here to find out!
A.M. Best Affirms Ratings of Sammons Financial Group, Inc. and its Subsidiaries
{June 3rd, 2014} by A.M. Best
Oldwick – A.M. Best has affirmed the financial strength rating of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of Midland National Life Insurance Company (Midland National) and North American Company for Life and Health Insurance (North American) (both domiciled in Des Moines, IA). Concurrently, A.M. Best has affirmed the ICR of “a-” and […]
FIA Sales Off At Athene, Rock At Allianz
{June 3rd, 2014} by Linda Koco
Athene USA tried to hold its ground in first quarter 2014 fixed index annuity sales. It sold more than $571.8 million, qualifying it to be one of the quarter’s top five sales leaders, according to Wink, Inc. However, the carrier still registered a sales decline from the previous quarter and also from first quarter last […]
“Uncapped” Indexed Interest Strategies, the “New” Rage
{June 3rd, 2014} by Jonathan C. Illig, Brokers Alliance
New “uncapped” indexed interest strategies are becoming popular and prevalent; do you understand them? As an annuity professional, you have no doubt seen an increasing number of insurance carriers offering new “uncapped” indexed interest strategies within Fixed Indexed Annuities, and in many cases, they offer good potential for Account Value growth within a deferred annuity. […]
Western & Southern Financial Names Former Wide Receiver for Cincinnati Bengals as CIO
{June 3rd, 2014} by Fran Matso Lysiak
CINCINNATI – Western & Southern Financial Group named a former wide receiver with the Cincinnati Bengals as chief investment officer and senior vice president for Western & Southern and Fort Washington Investment Advisors Inc. In his new position, Steven K. Kreider will oversee the investment activity for all assets under management for Fort Washington and […]
Symetra Financial SVP: We’re Looking to Gain Scale in Individual Life
{June 3rd, 2014} by Marie Suszynski
WEST DES MOINES, Iowa – As Symetra Financial Corp. embarks on its move to become legally domiciled in Iowa in late summer, the company is ramping up efforts to grow its individual life business at a faster clip than its annuities business. Symetra’s overall mix of business is half retirement and annuities, and Symetra recognizes […]
Tom Sullivan, Former Connecticut Commissioner, Tapped as Fed’s First Insurance Regulator
{June 3rd, 2014} by Jeff Jeffrey
WASHINGTON – The Federal Reserve Board has hired former Connecticut Insurance Commissioner Thomas Sullivan to be its first senior adviser for insurance within the Banking Supervision and Regulation Division. Sullivan, who stepped down as a partner at PricewaterhouseCoopers’s Hartford, Conn. office in May, will enter his new role on June 9. At the Fed, Sullivan […]
Japan’s Dai-ichi Life in talks to buy Protective Life for $5 billion: source
{June 3rd, 2014} by Taiga Uranaka; Additional reporting by; Gregory Roumeliotis, Ayai Tomisawa and Emi Emoto; Editing by Richard Pullin and Kenneth Maxwell
TOKYO (Reuters) – Japanese insurer Dai-ichi Life Co is in advanced talks to buy U.S. peer Protective Life Corp in a deal that could be worth over $5 billion, extending a drive to buy assets abroad as an antidote to a weak domestic outlook. The deal would be the biggest so far in a string […]
AIG Announces Elite Survivor Index II
{June 3rd, 2014} by N/A
HOUSTON, June 2, 2014 — American International Group (AIG) announced the launch of Elite Survivor Index II, its newly enhanced, cost-effective joint and last survivorship index universal life insurance that features a built-in death benefit with a no-lapse guarantee plus upside potential and downside protection, and the option to access the cash value of the […]
Most Households Are Satisfied With Their Financial Advisors
{June 3rd, 2014} by Cyril Tuohy
Financial advisors remain an integral part of the financial planning for households within three years of retirement and for households in retirement. In addition, more than four in five of those clients are satisfied with the advice they receive, a recent survey has found. Retirees are dependent upon the income and principal they draw from […]
Wink’s logo was featured in the LogoLounge’s annual list of design trends.
{June 3rd, 2014} by Wink, Inc.
The PUSH Branding & Design designed logo for Wink was featured in the LogoLounge’s annual list of design trends. Click here to read!
Principal Financial CFO: Fee-Based Earnings Are Driving Profits
{June 3rd, 2014} by Marie Suszynski
WEST DES MOINES, Iowa – Principal Financial Group Inc.’s quality and type of earnings are dramatically different today than they were before the financial crisis, with its fee-based business being a major driver, the company’s chief financial officer said. Since the financial crisis in 2008, Principal Financial has moved from spread-risk earnings to fee-based earnings, […]
Ex-Agent Faces Embezzlement, Burglary Charges for Annuity Sales
{June 2nd, 2014} by Steven A. Morelli
Alan S. Lewis had to speak up on the phone as he described his former annuity business, because jail is very noisy. Lewis sold annuities in Riverside County, Calif., until the economic crash and personal issues moved him along to Tennessee in 2009. He returned to California in 2014 in handcuffs to face 36 felony […]
Do annuity agents face a future of felonies? – BLOG
{June 2nd, 2014} by Steven A. Morelli
As you read this, Alan S. Lewis is sitting in a Southern California jail for selling annuities with a surrender charge. That’s the top layer of the story. Of course, the case and its issue have deeper layers and nuances, many of which were pointed out in comments on our site and email messages to […]
Voya Financial and Milliman Enter Into Agreement For Closed Block Variable Annuity Segment Services
{June 2nd, 2014} by Voya Financial, Inc.
NEW YORK, June 2, 2014 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA) announced today that it has entered into an agreement with Milliman, Inc. whereby Voya Financial will outsource the actuarial valuation, modeling and hedging functions for its Closed Block Variable Annuity (CBVA) segment to Milliman. Under the agreement, Milliman will perform the calculation of […]
Insurers threaten widows with legal action over annuities
{June 2nd, 2014} by Daniel Williams
Annuity news from the UK keeps getting worse. According to an article in The Guardian, widows are under attack by some of Britain’s biggest annuity providers. It seems any lag time on payments after a spouse’s death is being pounced on in a failure to let the widows grieve. Click here to read…
Minnesota: Transamerica, MetLife Must Pay Insurance Policy Proceeds
{June 2nd, 2014} by Minnesota Department of Commerce
Minnesota Department of Commerce Commissioner Mike Rothman has signed regulatory settlement agreements with Transamerica and MetLife that require both insurance companies to pay Minnesota beneficiaries their rightful proceeds from life insurance policies, annuity contracts and retained asset accounts; and $4 million total in settlement payments to the state, the department of commerce and insurance announced. […]
Does the industry really need all these coaches, consultants and speakers?
{June 1st, 2014} by Corey Weiner
The situation at hand The sheer number of coaches, consultants and professional speakers pontificating to the investments and insurance producer via workshops and other training is overbearing. And whether such programs deliver what they claim to is questionable, to say the least. Everyone knows the financial services sales business has high turnover. Everyone knows sales […]
