John Hancock launches interactive field underwriting guide
{July 2nd, 2014} by IFAwebnews Staff
PRODUCT PRESS RELEASE: The following content has been reprinted in whole or part from a company-supplied press release. John Hancock Insurance has introduced an interactive Field Underwriting Guide, offering what it says is a new and dynamic approach to presenting life insurance underwriting guidelines and requirements over the web. This online tool provides producers with […]
U.S. life insurers facing earnings pressure from low yields: Fitch
{July 2nd, 2014} by IFAwebnews Staff
U.S. life insurers continue to face low bond yields and are likely to see earnings growth pressured over the next two years as a result, according to Fitch Ratings. A sustained low-yield environment extending from today’s levels to beyond year-end 2015 would result in an increase in negative rating actions for firms exhibiting weaker earnings […]
State regulators on high alert for complex investment and insurance sales
{July 2nd, 2014} by Darla Mercado
Retirees’ search for yield, combined with complex product innovation, has put regulators on high alert about a handful of investments that are making the rounds. Structured products, nontraded REITs, and private placements are just a few of the items on state securities and insurance regulators’ list of potential targets. Regulators Joseph P. Borg, director of […]
Getting a handle on structured note annuities: Opinion
{July 2nd, 2014} by Ed McCarthy, CFP
Structured note variable annuities (SNVAs) have been gathering assets at an increasing pace. MetLife and AXA Equitable were the first to offer the products; Allianz Life launched its product in the third quarter of 2013. If you’re unfamiliar with SNVAs, here’s what you need to start learning about the products. Click here to read…
Perceived Expense A Barrier To Working With A Financial Professional
{July 2nd, 2014} by N/A
INDIANAPOLIS (July 2, 2014) — Sixty-five percent of people surveyed do not use a financial professional, according to the latest findings of a retirement plan participant survey conducted by American United Life Insurance Company® (AUL), a OneAmerica company. Of the 7,545 people surveyed, individuals under 50 years of age are the least likely to work […]
Reporting on Treasury Department’s July 1st Rule Regarding Longevity Annuities and NAFA’s Efforts
{July 2nd, 2014} by NAFA
On July 1, 2014 the Department of Treasury published its final rule (Read Rule and Release Here) on longevity annuity contracts. The rule would modify minimum distribution rules to allow 401(k) or similar plans, or IRA participants to use up to 25 percent of their account balance or $125,000 (whichever is less) to purchase qualifying […]
NAFA Works with Treasury Department on Fixed Annuity Inclusion for QLACs
{July 2nd, 2014} by NAFA
NAFA responded when asked that all fixed rate annuities and fixed indexed annuities must pay at least 1% interest on the minimum guaranteed surrender value in order to comply with Standard Non-forfeiture Laws (SNFL). I personally own a fixed indexed annuity and thought it might be helpful to show you my recent – once again […]
Real rates, sweet spots for deferred income annuities
{July 2nd, 2014} by Rich White
Deferred income annuities, the hottest slice of today’s annuity market, are of growing importance to advisors and clients focusing on guaranteed retirement income. Last month, the Your Money section of The New York Times devoted prime space to DIAs, including a detailed illustration called The Cost of Building Your Own Pension. The Times illustrated side-by-side […]
Hartford, AIG Among Companies With Senior Management Changes in June
{July 2nd, 2014} by Rick Cornejo
OLDWICK, N.J. – The past month has seen senior management changes in all lines, including at Hartford and American International Group. Here’s a rundown of appointments Best’s News Service reported in the past 30 days: Hartford Insurance has named Christopher Swift its new chief executive officer and Douglas Elliot the company’s new president, effective July […]
You can donate life insurance to a charity or college
{July 2nd, 2014} by Susan B. Garland, Kiplinger's Retirement Report
Perhaps you have a permanent life insurance policy you no longer need. Sure, you can cash it out, but if you have altruistic inclinations, you can give the policy to your alma mater or a favorite charity. Donating life insurance “packs a whole lot more punch” than donating cash, says Kyle Krull, an estate-planning lawyer […]
A.M. Best Offers Open Online Access to July 2014 “Leaders Issue” of Best’s Review
{July 2nd, 2014} by Best's News Service
Oldwick – A.M. Best is making the July 2014 issue of Best’s Review free for all visitors at www.bestreview.com/freeissue. Published in this “Leaders Issue” is the annual “Standing the Test of Time” listing of companies that have maintained a Best’s Financial Strength Rating of A (Excellent) or higher for at least 75 years. Also included are […]
Prudential Annuities Strategist: Market Pullback Could Help Longer Term
{July 2nd, 2014} by John Weber
NEW YORK – Quincy Krosby, chief market strategist, Prudential Annuities, said sell-offs in months ahead could prepare investment markets for further improvements later in the coming year. Krosby spoke with A.M.BestTV at Prudential’s 2014 Midyear Global Markets and Economic Outlook, held in New York City. View the video version of this interview at: http://www.ambest.com/v.asp?v=krosby614 Q: […]
Eight reasons to consider fixed annuities
{July 2nd, 2014} by Daniel Williams
With National Annuity Awareness Month winding down, AnnuityAdvantage has released reasons consumers should consider annuities. AnnuityAdvantage founder, Ken Nuss, believes that annuity are the best choice for safe retirement investments in uncertain times. According to Nuss, “outliving one’s retirement savings is what keeps retirees and near-retirees up at night.” Nuss adds that, “fixed annuities have […]
12 annuity suitability factors you need to know
{July 2nd, 2014} by John Olsen, Michael E. Kitces
Annuities are hybrid financial products. They are insurance products, and, as such, are regulated by state insurance departments. Some annuities are also considered to be securities, subject to regulation by federal and state securities agencies. Click here to read…
CNO Financial Group Closes Sale Of Conseco Life
{July 2nd, 2014} by PR Newswire Association LLC
CARMEL, Ind., July 1, 2014 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that it successfully completed the sale of Conseco Life Insurance Company (“CLIC”) to Wilton Reassurance Company (“Wilton Re”). “The sale of CLIC marks a significant milestone for CNO,” said Ed Bonach, CEO. “This transaction reduces the go forward risk profile […]
Indie reps happier at work than employee advisers: J.D. Power
{July 2nd, 2014} by Minda Smiley
Independent advisers continue to be happier at work than their colleagues who are employees of broker-dealers but the gap in job satisfaction between the two groups is narrowing. The 2014 job satisfaction score of independent advisers dropped 16 points from a year earlier to an average of 778 (based on a 1,000-point scale). Meanwhile, job […]
Trial Delayed Again in Annuity Burglar Case
{July 2nd, 2014} by Steven A. Morelli
The trial has been postponed a third time for a former insurance agent in California charged with 29 felonies for selling annuities and has been in jail since late February. Alan S. Lewis is accused of “twisting” in the repeated sale of annuities to some of his clients. The prosecutor has said the $300,000 surrender […]
Society for Annuity Facts and Education (SAFE), Inc. Elects New Officers
{July 2nd, 2014} by Siobhan McNulty
Washington, DC – The Society for Annuity Facts and Education, Inc. (SAFE) is proud to announce its newly-elected Officers. Sheryl J. Moore has been elected to the position of SAFE President; Lowell Aronoff has been elected to the recently-added position of SAFE Vice President. Both will serve in their positions through December 2015. Ms. Moore, […]
Happy Fourth of July!
{July 1st, 2014} by Jamie Johnson
The Wink team will be out of the office July 3rd and 4th, enjoying an extended patriotic celebration of Independence Day. We wish everyone a safe and happy holiday!
A social media success story in the financial services industry [video]
{July 1st, 2014} by Amy McIlwain
Social media usage in the financial services industry is getting more and more common. Almost half of U.S. financial advisors are interacting with their clients through social media, and many have used it to recruit new clients. According to Forbes, 40 percent said they had gotten new clients through Facebook, 25 percent through LinkedIn, and […]
Treasury allows longevity annuities in retirement plans
{July 1st, 2014} by Darla Mercado
As aging population lives longer, these deferred annuities insure lifetime income Financial advisers welcomed the Treasury Department’s announcement that it would ease the process by which retirement plans can purchase deferred income annuities. The Treasury Department and the Internal Revenue Service on Tuesday morning announced a final regulation updating the required minimum distribution laws to […]
Life insurers turn focus to uncapped indexed annuities
{July 1st, 2014} by Darla Mercado
Uncapped indexed annuities are positioned for market success — as long as insurers and distributors can ensure that customers understand what they’re getting. Capitalizing on last year’s massive jump in broad equity-market indexes, life insurance companies are cranking out a new flavor of indexed annuity. These annuities aren’t invested in the market, but offer a […]
Multistate annuities license closer to reality, IRI says
{July 1st, 2014} by Nick Thornton
Legislation that would allow RIAs to sell annuities in multiple states has never been closer to passage. That, at least, is according to Lee Covington, general counsel for the Insured Retirement Institute. The National Association of Registered Agents and Brokers Act (NARAB II) would establish an insurance licensing clearinghouse for financial professionals operating in multiple […]
The Hartford closes on $1.4B Japan annuity business
{July 1st, 2014} by Daniel Williams
The Hartford’s pockets are deeper today. According to company sources, The Hartford closed on its sale of the company’s Japan annuity business for $1.4 billion. The buyer is Orix Life Insurance Corp. Click here to read…
Ohio Announces Insurance Agent Fee Reduction
{July 1st, 2014} by Targeted News Service
COLUMBUS, Ohio, June 30 –The Ohio Department of Insurance issued the following news release: A reduction in the fee insurance companies pay to “appoint” insurance agents is expected to result in $11.3 million in reduced annual costs, Lieutenant Governor and Department of Insurance Director Mary Taylor said. “Lowering the cost of doing business in Ohio […]
Life Insurers Facing Earnings Pressure From Low Yields
{July 1st, 2014} by Proquest LLC
US life insurers continue to face low bond yields and are likely to see earnings growth pressured over the next two years as a result, according to Fitch Ratings. A sustained low-yield environment extending from today’s levels to beyond year-end 2015 would result in an increase in negative rating actions for firms exhibiting weaker earnings […]
Advisors Graze At Financial Websites
{July 1st, 2014} by LInda Koco
Here’s an eye-catcher: Over half of advisors (nearly 60 percent) consider websites to be their primary media source for work-related information. This is from a new Cogent Reports poll. The provocative word there is “primary.” This suggests that advisors are gathering much of their financial food from websites they visit regularly. Presumably they digest and […]
Morgan Stanley lets advisers write what they tweet
{July 1st, 2014} by Joyce Hanson
Morgan Stanley Wealth Management has given financial advisers the go-ahead to write their own Twitter content. The wirehouse announced Monday that it is expanding its Twitter program so advisers can post self-authored tweets on firm-approved accounts. Advisers who are approved to use Twitter and have at least 15 followers are able to write tweets and […]
Variable annuity sales raising concern: Finra official
{July 1st, 2014} by March Schoeff Jr.
A Finra official on Monday expressed concern over the sale of variable annuities, as investors look for higher returns and the products become more complex. Carlo di Florio, chief risk officer and head of strategy at the Financial Industry Regulatory Authority Inc., said variable annuities are taking on features that resemble complex structured products. For […]
Tracking NARAB II and why it matters: Opinion
{July 1st, 2014} by Ed McCarthy, CFP
The House Financial Services Committee recently approved an amendment adding the National Association of Registered Agents and Brokers Act (NARAB II) to the TRIA Reform Act of 2014 (H.R. 4871). In a press release issued by the Washington, D.C.-based Insured Retirement Institute (IRI; http://www.irionline.org), IRI president and CEO Cathy Weatherford states, “NARAB II would remove […]
