Broker-Dealer Runners Up Talk Future Developments
{August 31st, 2018} by Ginger Szala
The eight runners up in the 2018 Investment Advisor Broker-Dealer of the Year awards are being honored for their overall excellence in serving their advisors, who rated them extremely high in the latest poll, which had over 1,400 participants. The BDs being recognized this year as runners up are: Lion Street Financial, Peak Brokerage, The Investment Center, […]
Pacific Life Eyes Higher Productivity With Advisor Alerts
{August 31st, 2018} by Cyril Tuohy
For Pacific Life advisors, communication with clients about their annuity contracts has moved from days to minutes. A new service by Pacific Life’s Retirement Solutions Division will alert advisors to customer account activity – new contract issuance, additional investments, distributions, contract information changes and claims – within 15 minutes via text or email, the company […]
A.M. Best Affirms Credit Ratings of Sagicor Financial Corporation Ltd and Rated Subs; Upgrades ICR of Sagicor Life Jamaica Ltd
{August 31st, 2018} by A.M. Best
Oldwick – A.M. Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of the following subsidiaries of Sagicor Financial Corporation Limited (SFC) (Bermuda): Sagicor Life Inc. (St. Michael, Barbados) and Sagicor Life Insurance Company (Austin, TX). Concurrently, A.M. Best has affirmed the Long-Term ICR of […]
Merrill Lynch Does About-Face on Commission Ban
{August 31st, 2018} by Alex Padalka
Less than two years after Merrill Lynch decided to ban commission-based individual retirement accounts — and less than two months after the official death of the Department of Labor’s fiduciary rule, which had been the impetus for the ban — the wirehouse has reversed course, FA-IQ sister publication FundFire reports. Starting Oct. 1, Merrill Lynch’s advisors will be able […]
Chubb Limited: Educating Consumers During Life Insurance Awareness Month
{August 31st, 2018} by Combined Insurance
CHICAGO, Aug. 31, 2018/PRNewswire / — September is Life Insurance Awareness Month-a month designated to helping consumers understand the importance of life insurance, coordinated by the non-profit organization Life Happens. Combined Insurance, a leading provider of individual supplemental accident, disability, health and life insurance products and a Chubb company, joins these efforts to help educate consumers at all stages […]
Life Distribution Has to Change: William Shelow Life Insurance Awareness Month
{August 31st, 2018} by Allison Bell
Life Insurance Awareness Month starts Sept. 1, and William Shelow is heading into that month with a feeling that the life industry needs to do more to get people covered. “We’ve had declining policy counts for a number of years,” Shelow said in a recent interview. “We know there’s a huge coverage gap there.” Shelow […]
Life insurance policy locator helps Arkansans find $3.69 million, official says
{August 30th, 2018} by Arkansas Insurance
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr announced that $3.69 million has been found for Arkansans using the Life Insurance Policy Locator, a program of the Arkansas Insurance Department (AID) and the National Association of Insurance Commissioners (NAIC.) “Thanks to our partnership with the NAIC on developing the Life Insurance Policy Locator, the Arkansas […]
InsurTech Week 2018 Accelerates Engagement Between Invited Startups and GIA Network
{August 30th, 2018} by The Global Insurance Accelerator
For immediate release For more information: Jennifer Overhulse Phone: (859) 803-6597 Email: jen@stnickmedia.com InsurTech Week 2018 Accelerates Engagement Between Invited Startups and GIA Network DES MOINES, IA, August 30, 2018 – The Global Insurance Accelerator (GIA), the world’s first InsurTech accelerator focused solely on innovation for the insurance industry, is pleased to announce the agenda for InsurTech Week 2018, […]
Fiduciary rule worth more dead than alive – Carosa
{August 30th, 2018} by Christopher Carosa
You can’t win, Darth. If you strike me down, I shall become more powerful than you can possibly imagine.” Could it be that the DOL’s now-vacated fiduciary rule is the Obi-Wan Kenobi of the great battle for the fiduciary standard? And, if so, who earns the role of Darth Vader? One thing is clear, like Obi-Wan Kenobi […]
The 2018 Women in Insurance Leadership
{August 29th, 2018} by Nathan Golia
For more than a decade, Digital Insurance has recognized the most dynamic, innovative female leaders in the insurance industry, across all lines of business. This year’s class is no different. Awards will be presented during our 10th annual Women in Insurance Leadership conference, which is Oct. 29 and 30 in Chicago. (Click here to register). Also, longer […]
Time to challenge the status quo in insurance
{August 29th, 2018} by Bethan Moorcraft
Challenging the status quo in insurance is like ‘turning a giant ship’ – it requires patience, skill, and determination. It means stepping outside of your comfort zone and being prepared to go against the tide. Flyreel cofounder and COO Laurie Kuhn has been an agent of change her whole life. She recently joined the insurance industry from a […]
Venerable Names Vice President of Procurement and Facilities
{August 29th, 2018} by Venerable
DES MOINES, Iowa, Aug. 28, 2018 /PRNewswire/ — Venerable today announced the appointment of Jamie Ness as Vice President of Procurement and Facilities. Reporting to Ken Brown, Chief Operations Officer, Ness will oversee all Procurement and Facilities activities for the organization. Ness has extensive experience in the procurement and financial services space. Prior to joining Venerable, she led procurement efforts […]
Global Indexed and Whole Juvenile Life Insurance Market by Type, Stage, End-User
{August 29th, 2018} by MarketResearchNest.com
MarketResearchNest.com adds “Global Indexed and Whole Juvenile Life Insurance Market Size, Status and Forecast 2018-2025” new report to its research database. The report spread across 100 pages with multiple tables and figures in it. This report focuses on the global Indexed and Whole Juvenile Life Insurance status, future forecast, growth opportunity, key market and key players. The […]
54% of Americans Own a Life Insurance Policy, But One-Third Not Exactly Sure How It Works
{August 29th, 2018} by LendEDU
August 28, 2018 — No one expects or desires an apartment fire, but renters insurance is nice to have at such a moment. Car crashes are quite unpleasant, but if you happen to be involved in one, having collision coverage as part of your auto insurance policy is useful. But when it comes to life’s big inevitable […]
Industry Expert: It’s Time Advisors Took a Look at Insurance Products
{August 29th, 2018} by Rich Blake
Since the dawn of the Caveman commercials, the experience of purchasing care insurance has been recast as pretty much painless. Although relatively more complicated and potentially more sticker-shock inducing, buying health insurance is not exactly impossible to navigate once you get the basics down. Indeed, Obamacare was created not only to make healthcare coverage more […]
Myth: Life insurance is not taxable
{August 29th, 2018} by Lee Conrad
Myth: Life insurance is not taxable Although proceeds from life insurance are not subject to income tax, the IRS will impose estate tax when the policy owners die and the assets are transferred to the beneficiaries, writes an expert on Kiplinger. To avoid this, clients should consider an irrevocable life insurance trust and name it as the […]
The Way Forward in Lifetime Income Options
{August 29th, 2018} by Melanie Waddell
At a mid-August meeting of the Labor Department’s ERISA Advisory Council, industry officals met in Washington to discuss how to boost plan sponsors’ use of lifetime income options in retirement plans. Fred Reish, partner at Drinker Biddle & Reath, recommended in his testimony that the Advisory Council “focus on enabling a wide range of solutions […]
Reinsurers Have Traded $60 Billion in Longevity Risk: Rating Agency
{August 29th, 2018} by Allison Bell
The world’s life reinsurers have already traded large amounts of lifespan uncertainty risk through “longevity swaps,’ and the size of the longevity swaps market is likely to continue to grow. A team at S&P Global led by Sebastian Dany talks about the rise of longevity swaps in a new review of the world’s life reinsurance […]
AnnuitySpecs Awesomeness
{August 29th, 2018} by Wink's RockStars
Can you believe it has almost been two months since we introduced the new AnnuitySpecs site?! One month after launch we had already made additional awesome updates to the site and will have even more coming in September. First, let’s recap this month’s updates. At launch, we underestimated how much the insurance realm loves Internet […]
Lincoln Steers Annuity Distribution Into IMO Channel With New Deal
{August 28th, 2018} by Cyril Tuohy
A distribution deal between Lincoln Financial and a Georgia-based independent marketing organization (IMO) to exclusively market a new index annuity is the latest sign of the insurer’s push into the channel. Click HERE to read the full story via INN; subscription required. …………………………………………………………………………………………………. As of the fourth quarter last year, 31.7 percent of all index […]
Wink, Inc. Releases Second Quarter, 2018 Life Sales Results
{August 28th, 2018} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED LIFE SALES AT NEAR-RECORD LEVELS Wink, Inc. Releases Second Quarter, 2018 Life Sales Results Des Moines, Iowa. August 28, 2018– Wink, Inc. released second quarter, 2018 life sales results in its 84th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report, the […]
SECOND QUARTER 2018 LIFE INSURANCE SALES
{August 28th, 2018} by Sheryl J. Moore
Indexed Life Sales for the second quarter of 2018 were $552 million, compared with sales of $485 million for the second quarter of 2017. Second quarter indexed life sales were up nearly 14% when compared with the previous quarter, and up nearly 14% as compared to the same period last year as well. Total 2Q2018 […]
Best’s Special Report: Preliminary First-Half 2018 Results Show 13% Net Income Drop for U.S. Life/Annuity Industr
{August 28th, 2018} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–Net income in the U.S. life/annuity industry dropped nearly 13% in first-half 2018, which along with an increase in stockholder dividend payments, drove industry capital and surplus down by 1.8% compared with the prior year end. This financial review is detailed in a new Best’s Special Report, titled, “A.M. Best First Look—First Half 2018 […]
Pacific Life Insurance Company Offers New Specialized Service for Death Claim Beneficiaries
{August 28th, 2018} by Pacific Life Insurance Company
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Beneficiaries of annuity policies often face a myriad of complex financial decisions. In order to best assist and support beneficiaries during this challenging time, the Retirement Solutions Division at Pacific Life has launched a newly created specialized service, called Beneficiary Services, that aims to help beneficiaries during their time of grief, educate […]
AIG Finds that 56 Percent of Life Insurance Owners are Optimists
{August 28th, 2018} by American International Group, Inc.
HOUSTON–(BUSINESS WIRE)–New consumer research insights from American International Group, Inc. (NYSE: AIG) reveal that 56 percent of life insurance owners are optimists, while only 48 percent of people who don’t have life insurance are optimists. AIG also found that only 53 percent of U.S. consumers ages 21-64 own life insurance. For purposes of the research, […]
A secondary market for life insurance using blockchain
{August 28th, 2018} by Nicky Morris
Many policyholders are unaware that they can sell their life policies. Depending on location, secondary markets currently are at best opaque and obscure and at worst non-existent. Singapore-based startup fidentiaX plans to change that. The demand Seniors often wish to exit their life insurance commitments for various reasons. They may need the money for care or medical […]
Industry Expert Publishes White Paper Highlighting Effective Retirement Asset Protection Using Great American Life’s Fee-Based Annuity
{August 28th, 2018} by Great American Insurance Group
CINCINNATI–(BUSINESS WIRE)–Great American Life’s Index Protector 7SM was the first fee-based fixed-indexed annuity to hit the market in 2016. And now, it’s getting the attention of industry expert Dr. Wade Pfau, Ph.D., CFA and professor of retirement income. Dr. Pfau recently published a white paper that explores the risks of traditional fixed-income investments and sheds light […]
The Way Forward in Lifetime Income Options
{August 28th, 2018} by Melanie Waddell
At a mid-August meeting of the Labor Department’s ERISA Advisory Council, industry officals met in Washington to discuss how to boost plan sponsors’ use of lifetime income options in retirement plans. Fred Reish, partner at Drinker Biddle & Reath, recommended in his testimony that the Advisory Council “focus on enabling a wide range of solutions […]
Do Titles Matter?
{August 28th, 2018} by Melanie Waddell
The Securities and Exchange Commission’s three-pronged advice standards proposal has thrown the debate over titles — specifically “adviser” versus “advisor” and who should be allowed to use the terms — back into the spotlight. Advisor Ken Fisher of Fisher Investments put renewed vigor into the debate by opining in his comment letter to the SEC […]
SEC Orders Transamerica Affiliates to Repay $97M Over Rookie’s Faulty Quant Models
{August 28th, 2018} by Melanie Waddell
Four Transamerica affiliates were ordered by the Securities and Exchange Commission Monday to refund $97 million to misled retail investors over faulty investment models created by an inexperienced junior analyst. According to the SEC’s order, investors put billions of dollars into mutual funds and variable annuity strategies using the faulty models developed by investment advisor […]
Transamerica entities to pay $97 million to investors over model portfolio snafus
{August 28th, 2018} by Bruce Kelly
Four Transamerica Corp. related businesses were ordered to pay $97.6 million in penalties and disgorgement to retail investors on Monday by the Securities and Exchange Commission for misconduct related to faulty investment models. Click HERE to read the full story via InvestmentNews; registration required.
Less than $5,000 for retirement: Why so many people can’t save
{August 28th, 2018} by Kathleen Elkins
The vast majority of Americans, 78 percent, say they’re “extremely” or “somewhat” concerned about not having enough money for retirement, according to Northwestern Mutual’s 2018 Planning & Progress Study. And for good reason: A shocking 21 percent of Americans have nothing at all saved for the future and another 10 percent have less than $5,000 tucked […]
Allianz Unit Analyst Worries About the End of Easy Money
{August 28th, 2018} by Andreea Papuc and Ruth Carson
Pacific Investment Management Co. sees a 70% chance the world economy will enter a recession over the next five years as the current ultra-loose monetary approach in the United States and Europe ends. Marc Seidner, chief investment officer of non-traditional strategies at Pimco — an Allianz asset-management unit — warned investors should expect increased volatility […]
Lincoln Financial Group Makes It Easier for Customers to Apply for Lincoln MoneyGuard II
{August 28th, 2018} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) has announced a more streamlined and customizable application process for its Lincoln MoneyGuard® II policies. The enhancements make it simpler and faster for customers to get the important protections of MoneyGuard, a flexible universal life insurance solution offering multiple benefits that can be utilized based on a client’s needs, including a death […]
Meet Des Moines’ newest annuity company
{August 28th, 2018} by Joe Gardyasz
Venerable Holdings Inc. isn’t your typical insurance startup. The newly formed annuity company, which formally launched on June 1, has leapt out of the gate with about $30 billion in annuity assets under management, over 600,000 policyholders and approximately 240 employees, half of whom are already working in downtown Des Moines. A consortium of private […]
The rise of the female financial adviser
{August 28th, 2018} by Joni Youngwirth
Our industry has long lamented the small percentage of female advisers. Indeed, the data show that only around 17% of all advisers are women. But has the time (finally!) come for the rise of the female financial adviser? Click HERE to read the full story via InvestmentNews; registration required.
Great-West Life Makes $164 Million Secured Loan
{August 28th, 2018} by Lisa Brown
Real estate is a kissing cousin of the life insurance and annuity sectors. Life insurers invest some of their general account cash in real estate, mortgages and mortgage-backed securities. Customers use the income from permanent life and annuity products to pay for housing. Here’s the second of five GlobeSt.com articles about intersections between your universe and […]
Ric Edelman: Retirement Crisis Is 14 Years Away
{August 28th, 2018} by Melanie Waddell
Editor’s note: This article first appeared in Human Capital, a newsletter by Washington Bureau Chief Melanie Waddell about the people who shape the financial regulatory space. Welcome back to Human Capital, where we spotlight the movers and shakers influencing policies and regulations in the financial services realm. I’m Melanie Waddell in Washington. This week, I followed famed advisor Ric […]
Impact of Interest Rates on Life Insurance Products
{August 28th, 2018} by Marko Djuranovic and Eric Naison-Phillips
In the aftermath of the financial crisis in 2008, interest rates steadily decreased and hovered around historical lows. Given that the general account investment portfolios of life insurance companies are predominantly invested in fixed income instruments, the resulting downward yield pressure has caused insurers to increase the pricing of guaranteed products or exit the guaranteed […]
12 Best & Worst Broker-Dealers: Q2 Earnings, 2018
{August 28th, 2018} by Janet Levaux
Most sectors of the U.S. economy had a stellar second quarter, with about 80% of S&P 500 companies reporting positive earnings surprises. Plus, the earnings surprises averaged 25%, the second-highest level since the third quarter of 2010, according to FactSet, which recently shared data on firms reporting second-quarter earnings through Aug. 10. In addition, there […]
SEC orders asset manager to pay $97m over ‘faulty’ models
{August 28th, 2018} by Ian Wenik
The SEC found that errors in models underlying 15 Transamerica products were not disclosed to investors. The Securities and Exchange Commission (SEC) has ordered Transamerica Asset Management (TAM) and three affiliated entities to pay $97.6 million to investors over errors in asset allocation models used in a number of funds offered by the firm from […]
InvestmentNews Diversity & Inclusion Awards: Diversity Champion
{August 28th, 2018} by Vanessa Drucker
BLACKROCK Asset manager Employees:14,000 AUM:$6.3 trillion BlackRock recruits diverse talent via Find your Future Forums for college students, as well as scholarship programs. The firm’s incoming graduate class of 2018 (its global analyst program) is 56% female, and the most diverse to date. “At BlackRock, we believe diverse teams produce the best solutions to the complex issues […]
InvestmentNews Diversity & Inclusion Awards: Lifetime Achievement
{August 28th, 2018} by Evan Cooper
LECOUNT R. DAVIS Founder Association of African American Financial Advisors Maybe it was his religious upbringing, or maybe it was the example set by a tax preparer in Mr. Davis’ boyhood neighborhood in Washington, D.C., who provided the community with free, impartial money-related advice. Whatever or whoever it was that shaped his thinking, LeCount R. Davis […]
How a Financial Services Distributor Sees the New Life Accounting Rules
{August 26th, 2018} by Allison Bell
U.S. life insurance distributors are starting to wonder what the new Financial Accounting Standards Board rules for long-duration insurance contracts will mean for the life and annuity products on their shelves. Larry Rybka, president of ValMark Financial Group, is one of executives watching the new FASB rules closely to see how the rules affect the supply […]
How a Financial Services Distributor Sees the New Life Accounting Rules
{August 26th, 2018} by Allison Bell
U.S. life insurance distributors are starting to wonder what the new Financial Accounting Standards Board rules for long-duration insurance contracts will mean for the life and annuity products on their shelves. Larry Rybka, president of ValMark Financial Group, is one of executives watching the new FASB rules closely to see how the rules affect the supply […]
Have You Planned Your Life Insurance Awareness Month Tweets?
{August 26th, 2018} by Allison Bell
Life Happens wants insurers and financial professionals to sign up for Life Happens Pro accounts to support the campaign, and to get access to official social media promotional materials for the Life Insurance Awareness Month campaign for 2018, which starts Sept. 1. Some Twitter users are already starting to build awareness for the awareness campaign. Here’s a sampling […]
Fixed-index annuity sales hit a record amid industry turnaround
{August 25th, 2018} by Tobias Salinger
Fixed-index annuities are driving a turnaround in industrywide sales of the insurance products, thanks to the demise of the fiduciary rule and rising interest rates. Click HERE to read the full story via FinancialPlanning. ………………………………………………………………………………….. Wink, a market research firm which also reports quarterly sales metrics, tracked a 20% upsurge year-over-year in sales of all […]
Should You Rely on Annuities When You Retire?
{August 25th, 2018} by Due
If you’re thinking about retirement, you might seriously consider annuities. These financial products can be considered an investment, though they work much differently than an investment in stocks, bonds, or other asset classes. They aren’t right for every retiree, but they do have some distinct advantages that could give you an important place in your […]
Extending your life insurance coverage
{August 25th, 2018} by Kimberly Lankford
Ideally, you buy life insurance when your kids are young or you’ve purchased your first home, and you need the coverage only for about 20 years. By the time your policy nears the end of its term, your kids are on their own, your house is mostly paid off, and you’ve accumulated enough money in […]
The Foreign Nationals Life Market Is Getting Bigger
{August 24th, 2018} by Allan D. Gersten
There’s a huge change in the market for U.S.-based life insurance products to foreign nationals. In the past, that was a narrow marketplace. With little or no interest among life insurance carriers, much of the non-U.S. resident business was left to offshore-based insurance carriers. Click HERE to view the original story via ThinkAdvisor. Now, with […]
SEC’s Clayton Says Sales Contests Must Die
{August 24th, 2018} by Melanie Waddell
Securities and Exchange Commission Chairman Jay Clayton said Wednesday that “questionable practices” such as product-based sales contests should be eliminated. In a statement regarding the feedback the SEC has received during investor roundtables on a package of rules intended to ensure brokers and advisors act in clients’ best interest, Clayton listed the themes that he said […]
NY Life CEO Says “Diverse Viewpoints Around the Table” Guide his Leadership
{August 24th, 2018} by Susie Gharib
Diversity. Social Good. Leading with Purpose. These words are part of the new vocabulary in Corporate America where CEOs and other business leaders are talking about doing the right thing as well as making money for investors. But long before those buzzwords became fashionable, New York Life Insurance CEO Ted Mathas was already speaking that language. Ever […]
Retirement Industry Insider Pfau Says Time Is Right for Annuities
{August 24th, 2018} by Jessa Claeys
Everyone’s talkin’ annuities these days, with pre-retirees asking for lifetime income options and investment insiders anticipating an imminent stock market downturn. And now industry expert and acclaimed academic Dr. Wade Pfau is weighing in (again). In a recent white paper, Pfau, Ph.D., CFA, touts the benefits of padding portfolios with fixed-indexed annuities. “By managing downside risks through a more structured […]
Insurers Report Mixed Preneed Product Results
{August 24th, 2018} by Allison Bell
U.S. sales of preneed life insurance fell 3% in 2017, to $1.3 billion, according to the Life Insurers Council. Sales of preneed annuities increased 5%. The dollar value of preneed annuity sales was not immediately available. The Life Insurers Council is an arm of LOMA, which, in turn, is part of LL Global Inc. LL […]
Fiduciary Doesn’t Need Disclosure; It Needs Only This
{August 23rd, 2018} by Christopher Carosa
Airing on March 2, 1962, the 24th episode of Twilight Zone’s third season was entitled “To Serve Man.” You might remember this now-famous show for featuring Richard Kiel – who would later play Jaws in James Bond movies – as the mysterious alien Kanamit who comes to Earth with technology that rids the world of […]
How People Who Eat Their Insurance Broccoli Are Different: AIG
{August 23rd, 2018} by Allison Bell
A few years ago, judges who disliked the Affordable Care Act individual health insurance ownership requirement likened a federal requirement for consumers to buy insurance to a law requiring people to eat broccoli. This summer, as life insurers and producers head toward the September, and the Life Insurance Awareness Month campaign, one ho question is why […]
NAIC Continues to Develop “Suitability Plus” Standard that Would Apply to Annuity (But Not Life Insurance) Transactions
{August 23rd, 2018} by Sidley Austin LLP
Notwithstanding the decision of the Fifth Circuit Court of Appeals, which vacated the U.S. Department of Labor’s regulations expanding the definition of the term “fiduciary” (Fiduciary Rule), the Annuity Suitability (A) Working Group (ASWG) is proceeding with developing proposed amendments to the NAIC’s Suitability in Annuity Transactions Model Regulation (SAT). Among other things, the proposed […]
A.M. Best Affirms Credit Ratings of Aegon N.V.’s U.S. Subsidiaries
{August 23rd, 2018} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the U.S. life/health (L/H) subsidiaries of Aegon N.V. (Aegon) (Netherlands) [NYSE: AEG]. Aegon’s U.S. L/H companies are collectively referred to as Aegon USA Group (Aegon USA). The outlook of these Credit Ratings […]
More life insurance coverage can help protect your IRA
{August 23rd, 2018} by Elliot Raphaelson
Thanks to the impressive gains in the stock market over the last 10 years, many IRAs and other retirement accounts have grown substantially in value. But the bull market won’t last forever. What will happen if the market corrects or cools off? Ed Slott, an expert on IRAs, has pointed out that life insurance is […]
Why your 50-year-old clients may need you the most
{August 23rd, 2018} by Philip E. Caminiti
Clients who are 10 to 15 years away from retirement need you. They’re likely getting more concerned about market volatility and its impact on their savings, but at the same time they’re more aware than ever that they need their nest egg to grow significantly before they can retire. Click HERE to read the full […]
VA Sales Slide Ends; Full Rebound Unlikely, Analysts Say
{August 22nd, 2018} by Cyril Tuohy
At long last the slide in VA sales has come to a halt. After 17 consecutive quarters of declines, second-quarter sales of VAs rose – if ever so slightly – 2 percent to $25.8 billion compared with the year-ago period, LIMRA Secure Retirement Institute reported. Sales rose 3.6 percent compared with the first quarter. VA […]
New group aims to improve negative view of annuities
{August 22nd, 2018} by Greg Iacurci
Two dozen insurance companies and mutual fund firms coalesced to form The Alliance for Lifetime Income, seeking to bolster an industry that has suffered negative perceptions due to product complexity and expense, and seemingly persistent news about consumers scams. Click HERE to read the full story via InvestmentNews; registration required.
Ohio National announces changes to executive leadership team
{August 22nd, 2018} by Ohio National Financial Services
CINCINNATI, Aug. 21, 2018 (GLOBE NEWSWIRE) — Ohio National Financial Services announced today that its Board of Directors has appointed Christopher A. Carlson President and Chief Operating Officer, effective immediately. Carlson will become responsible for the completion of the company’s ongoing strategic review process and will oversee the implementation of the company’s strategy going forward. Carlson […]
Advisors poke fun at fiduciary with T-shirt side hustle
{August 22nd, 2018} by Amanda Schiavo
As an advisor, you might have suggested to clients that finding a way to pick up some extra cash on the side is a great way to supplement their income. But have you ever thought of doing that yourself? Lest you think that holistic planning and diversifying portfolios won’t leave you with enough time, take […]
Faces of the financial crisis: Where are they now?
{August 22nd, 2018} by Alan Kline
Jamie Dimon and Lloyd Blankfein are still in their old jobs and Dick Kovacevich is a fixture on CNBC. But other crisis-era CEOs have kept low profiles, and many of them have failed to come to grips with the roles they played in the near-collapse of the economy. Click HERE to scroll through to see […]
Variable Annuities Get Their Second Wind
{August 22nd, 2018} by Cheryl Winokur Munk
Variable annuities still lag in popularity compared with their fixed annuity cousins, but they are finally showing signs of life. After 17 consecutive quarters of declines, variable annuity sales rose 2% to $25.8 billion in the second quarter from the previous three months, Limra said in a press release Tuesday. Product enhancements, the vacated DOL fiduciary rule […]
Allianz Life Introduces Index Advantage Income℠ Variable Annuity
{August 22nd, 2018} by Allianz Life Insurance Company of North America
MINNEAPOLIS – August 20, 2018 – Allianz Life Insurance Company of North America (Allianz Life®) today announced the launch of its Allianz Index Advantage Income℠ Variable Annuity. The new index variable annuity offers clients the potential to increase their lifetime income and helps address some of the challenges they may face in retirement. The solution […]
New Accounting Rules to Put Life Insurers on GAAP Reporting Rollercoaster
{August 21st, 2018} by Allison Bell
The Financial Accounting Standards Board (FASB) has completed new accounting rules that could give the public a better idea about what’s really going on inside life insurance companies, and, possibly, knock more insurance and annuity products off of financial professionals’ shelves. FASB has published those new standards in Accounting Standards Update (ASU) 2018-12 — Financial Services — Insurance […]
In Leveraged Loans, It’s Beginning to Look a Lot Like 2008
{August 21st, 2018} by Bernice Napach
Excessive leverage, which was at the root of the financial crisis in 2008 as well as the Asian financial crisis in 1997-1998, has resurfaced in the U.S. market. Leveraged loan volumes are setting new records and nearing $1.4 trillion, making it larger than the $1.3 trillion high-yield bond market, according to Mark Zandi, chief economist […]
Guardian Hires New York State Investor Protection Bureau Head
{August 21st, 2018} by Colby Hamilton
The head of the New York attorney general’s investor protection bureau Katherine Milgram is leaving to take a position as head of regulatory affairs and chief of staff to the chief legal counsel at Guardian Life Insurance Co., according to the attorney general’s office. Milgram, who has been the head of the bureau since February […]
A.M. Best Affirms Credit Ratings of American Financial Group, Inc. and Most of Its Insurance Subsidiaries
{August 21st, 2018} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Great American Insurance Company and its pooling affiliates, collectively referred to as Great American Insurance Companies (Great American). Concurrently, A.M. Best has affirmed the Long-Term ICR of “a-” and the Long-Term […]
NAIC Pushing For 2-Page Life Insurance Illustration Summary
{August 21st, 2018} by John Hilton
National Association of Insurance Commissioners’ working group is accepting comments until Aug. 31 on a proposed two-page “policy overview” summary to accompany life insurance illustrations. Designed to “enhance consumer understanding,” the two-page summary proposal has been in the works for nearly three years. The Life Insurance Illustration Issues Working Group is making slow progress on […]
VAs: So Versatile, Owners Often Forget Why They Bought One
{August 21st, 2018} by Cyril Tuohy
Here’s a surprising fact about variable annuities: More than one-third of households with an VA aren’t sure why they bought them in the first place. More than likely this is less a sign of product confusion or amnesia than it is an indication of the variety of uses for which advisors recommend VAs, said Scott […]
14 Misconceptions About Selling Annuities
{August 21st, 2018} by Lloyd Lofton
I was watching TV in my home office this weekend, and “that” commercial came on, with the guy who says, “I don’t sell annuities. I’ll never sell annuities!” I’ve seen that commercial a thousand times and always either ignored it or thought about how misleading it is. I wondered how many consumers see it and […]
Higher Rates, Fire Sales Power 2Q Index Annuity To Sales Record
{August 21st, 2018} by Cyril Tuohy
Higher interest rates and fire sales among some insurance companies pushed index annuities to their highest quarterly sales ever, according to new data. Second-quarter index annuity sales reached $17.3 billion, up 18 percent compared to the year-ago period and up nearly 22 percent compared to the first quarter, according to Wink’s Sales & Market Report. […]
AXA Equitable Stresses Growth Of Advisors
{August 21st, 2018} by Cyril Tuohy
AXA Equitable’s growth plans call for boosting the number of advisors serving school districts, a company executive said Tuesday. The company has about 1,000 advisors serving 8,700 school districts and the 403(b) market. “We’ve seen a nice uptick in our Retirement Benefits Group advisors,” said CEO Mark Pearson in a conference call with analysts. Click […]
The Cash Flowing Out of Some Annuity Units Does Matter: Analysts
{August 21st, 2018} by Allison Bell
Life insurers may be doing a good job of taking a disciplined approach toward guarantee risk, and shifting toward reliance on safer product structures — but, at some point, loss of annuity assets may hurt. Securities analysts at Morgan Stanley point made that point in a recent comment on insurers’ second-quarter results. The analysts see important […]
CLOs Are Hot. Plan Accordingly.
{August 21st, 2018} by Stephen Gandel
Editor’s Note: Here’s another analysis of what’s going on with some of the products that life insurers have been considering using to make up for the effects of prolonged low interest rates on the life insurance policies and annuity contracts you sell. A number of hedge fund firms have a hot product. It’s not their […]
As DOL fiduciary rule dies, variable annuities come alive — sales up for first time since 2014
{August 21st, 2018} by Greg Iacurci
The death of the Department of Labor fiduciary rule is breathing new life into the variable annuity business. Click HERE to read the full story via InvestmentNews; registration required.
Elizabeth Warren: Wall Street influence weakening SEC advice rule
{August 21st, 2018} by Mark Schoeff Jr.
Wall Street influence is undermining the Securities and Exchange Commission’s work on its investment advice proposal, Sen. Elizabeth Warren, D-Mass., said Tuesday. Click HERE to read the full story via InvestmentNews; registration required.
At Retirement, Would You Pick $500,000 Payout or $2,700 a Month for Life?
{August 21st, 2018} by Michael Fischer
According to a TIAA survey reported Thursday, 51% of all employers thought their workers would prefer to receive $2,700 a month for life rather than a $500,000 lump sum at retirement. They appear to be right. An earlier TIAA study showed that 62% of employees would make the same choice. Nonprofits in the new poll were twice as likely […]
Bankers Life Forget Me Not Days Helps Raise over $335,000 for the Alzheimer’s Association in 16th Annual Fundraising Event
{August 21st, 2018} by Bankers Life
CHICAGO, Aug. 15, 2018 /PRNewswire/ — Bankers Life, a national life and health insurance brand of CNO Financial Group, is pleased to announce that it has helped raise $338,000 for the Alzheimer’s Association following its 16th annual Bankers Life Forget Me Not Days fundraising event. The annual national fundraising event held in cities throughout the […]
Allianz Life Adds Variable Annuity
{August 21st, 2018} by Allison Bell
Allianz Life Insurance Company of North America has introduced a variable annuity contract that may appeal to consumers who want exposure to the stocks of a wide range of European companies and smaller U.S. companies, as well to the stocks of the biggest publicly traded U.S. companies. The Golden Valley, Minnesota-based unit of Allianz SE […]
Pacific Life Insurance Company Launches Real-Time Activity Alerts for Financial Professionals
{August 21st, 2018} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Those involved in the fast-paced financial services industry understand the importance of being able to see and access updated contract information as quickly as possible. The Retirement Solutions Division of Pacific Life is ensuring financial professionals and broker/dealers are immediately aware of transactions submitted on their client’s behalf the moment they occur […]
Indexed Annuities’ Quiet Cousins Ride a Q2 Sales Rocket
{August 21st, 2018} by Allison Bell
Sales of indexed annuities did well in the second quarter, but sales of multi-year guaranteed annuity (MYGA) contracts did even better, according to Wink Inc.’s full sales data for the quarter. Wink’s numbers include results for individual deferred annuities sold in the United States. Sales of indexed annuities increased 18% between the second quarter of […]
National Western Life Makes “Revolutionary” Product Announcement
{August 21st, 2018} by National Western Life Group, Inc.
AUSTIN, Texas, Aug. 20, 2018 /PRNewswire/ — National Western Life Insurance Company (NWLIC) has released two new fixed indexed annuities, the NWL® Revolution and the NWL® Revolution Plus Liquidity, for distribution by the company’s independent wholesalers and agents. These flexible premium products offer an Elevation Fee for potentially higher caps and participation rates and a “built in” Withdrawal Benefit Rider without […]
My ‘beautiful’ letter to the SEC I wish I could rewrite: Opinion
{August 18th, 2018} by Bob Veres
When the SEC came out with its proposed best interest standard for broker-dealers (and, by extension, for their brokers and reps), I wrote a detailed comment letter in response. It was a beautiful letter. I eloquently pointed out that the “best interest” standard detailed in the proposal was exactly the same as the current “suitability” standard that […]
Wink, Inc. Releases 2nd Quarter, 2018 Deferred Non-Variable and Structured Annuity Sales Results
{August 17th, 2018} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED ANNUITY SALES CRUSH ALL RECORDS! Wink, Inc. Releases 2nd Quarter, 2018 Deferred Non-Variable and Structured Annuity Sales Results Des Moines, Iowa. August 17, 2018– Wink’s Sales & Market Report, the insurance industry’s #1 resource for indexed annuity sales data since 1997, is in its third […]
SECOND QUARTER 2018 ANNUITY SALES
{August 17th, 2018} by Sheryl J. Moore
Indexed Annuity Sales for the second quarter of 2018 were $17,344 million, compared with sales of $14,647 million for the second quarter of 2017. Second quarter indexed annuity sales were up nearly 22% when compared to the previous quarter, and up more than 18% when compared to the same period last year. This was a record-setting […]
S&P Upgrades Financial Strength Ratings of Athene’s Operating Companies to ‘A’
{August 17th, 2018} by S&P Global Ratings
PEMBROKE, Bermuda–(BUSINESS WIRE)–S&P Global Ratings (“S&P”) upgraded the financial strength ratings of Athene Holding Ltd.’s (AHL) (NYSE: ATH) operating companies to ‘A’ from ‘A-.’ S&P also upgraded the rating on Athene Holding to ‘BBB+’ from ‘BBB.’ The outlook of these credit ratings is ‘Stable.’ S&P’s ratings and analysis are intended to assess the level of […]
Retirement Plan Annuitization May Be a (Big) Niche Product: TIAA
{August 17th, 2018} by Allison Bell
Only about 14% of U.S. retirement plan sponsors told TIAA they think typical plan participants will use either an in-plan annuity or an outside annuity to generate retirement income. But, if about 14% of current U.S. defined contribution plan participants end up using annuities to convert their $7.3 trillion in defined contribution plan assets into income, that […]
National Western Life Expands Annuity Illustration Resource
{August 16th, 2018} by National Western Life Insurance Company
AUSTIN, Texas, Aug. 15, 2018 /PRNewswire/ — National Western Life Insurance Company (NWLIC) has added the NWL® Dynamic series to its annuity illustration resource for agents and distributors. The addition of this series follows the NWL Ultra Classic annuity, which made its debut on the system in June. “Annuity illustrations are a basic table stakes tool in our […]
Steven Merrell, Financial Planning: Take a look at index annuities
{August 16th, 2018} by Steven C. Merrell
Financial Planning Q: I went to a dinner recently hosted by someone who was trying to drum up interest in fixed index annuities. She said these kinds of annuities would allow me to benefit from the stock market’s upside while guaranteeing that I wouldn’t lose money if the market went down. It sounds too good […]
Fixed-indexed annuities draw billions from retirees, criticism of returns
{August 16th, 2018} by Dennis Wagner
Each year, Americans pour billions of dollars into a curious financial product that, as it’s sometimes advertised,seems too good to be true. Some companies tout returns of up to 50 percent over five years, with the claim that consumers won’t lose their original investment even if the stock market crashes. The products, known as “fixed-indexed annuities” […]
FINRA’s Inaugural Industry Snapshot: Ranks of Registered Reps Waning
{August 15th, 2018} by Rich Blake
Seeking to shine some statistical light on the broker/dealer and registered representative space it oversees, the Financial Industry Regulatory Authority published its first-annual Industry Snapshot report on Augsut 9. The 32-page report showed, among other things, a slight decrease in the overall number of registered representatives and member firms over the past couple of years, particularly among smaller […]
Climbing Out Of The Rabbit Hole On Annuity Suitability
{August 15th, 2018} by Jack Aiken
Like Alice, that white rabbit caught our eye and we have tumbled down the rabbit hole. Straight to the bottom. We entered Wonderland, where things are upside down and backwards regarding the prevailing “suitability standards” embraced by regulators. Fortunately, the basic values of fixed annuities mesh nicely with the reality of our clients’ actual needs, […]
Brookstone Capital Management Enhances Platform with the Launch of Brookstone Insurance Group
{August 15th, 2018} by Brookstone Capital Management
Brookstone Capital Management announced that it has recently launched Brookstone Insurance Group (BIG) to provide advisors a solution in sales of fixed indexed annuities and insurance products. Founder and CEO, Dean Zayed, feels that Brookstone must become more than a standard Turn-Key Asset Management Platform (TAMP). “We have been on the cutting edge with an […]
Nationwide® increases payout percentages at key retirement ages on its variable annuity lifetime income rider
{August 15th, 2018} by Nationwide
COLUMBUS, Ohio, Aug. 13, 2018 /PRNewswire/ — Nationwide recently announced changes to its variable annuity lifetime income rider, Nationwide L.inc, that will increase pay outs for three age groups to help clients better achieve protected monthly income in retirement. As of August 13, 2018, the company increased single life payout percentages for The Nationwide Lifetime Income Rider®(Nationwide L.inc) […]
More Than 600 Great American Annuity Customers Share What Makes Their Lives Great
{August 15th, 2018} by Great American Insurance Group
A photo submission for the Live Your Life Great campaign. (Photo: Business Wire) A photo submission for the Live Your Life Great campaign. (Photo: Business Wire) August 09, 2018 10:30 AM Eastern Daylight Time CINCINNATI–(BUSINESS WIRE)–Great American Insurance Group, a leading provider of fixed and fixed-indexed annuities, recently celebrated the completion of its second Live […]
Buffer Annuities Draw Fire From Consumer Group
{August 14th, 2018} by Allison Bell
Representatives from the Consumer Federation of America (CFA) have told the U.S. Securities and Exchange Commission that the SEC ought to keep an eye on buffer annuities. Barbara Roper, the CFA’s director of investor protection, and Micah Hauptman, the financial services counsel, mention buffer annuities briefly in the CFA comment on the SEC’s new best […]
Genworth and China Oceanwide Push Back Deal Deadline
{August 14th, 2018} by Allison Bell
The Chinese company trying to acquire Genworth Financial Inc. has agreed to extend the deal completion deadline and update the deal terms, Genworth said today. Genworth and China Oceanwide Holdings Group Co. Ltd. have agreed to extend the deadline to Dec. 1, from the previous deadline of Aug. 15. The deadline extension is the sixth […]
Kansas on Track to Get Outsider Insurance Commissioner
{August 14th, 2018} by Allison Bell
Kansas is on track to get an insurance commissioner with no direct experience with working inside the insurance industry. Vicki Schmidt, a pharmacist, defeated Clark Schultz, a veteran insurance regulator, Tuesday, in the Kansas insurance commissioner primary. Schmidt won the primary with 52% of the votes cast. Click HERE to read the orginal story via […]
Prudential, AIG, Lincoln Results Hint at Big Quarter for Annuities
{August 14th, 2018} by Cyril Tuohy
Major annuity companies last week reported second-quarter sales rising from 17% to 50%,… “It looks like it is going to be a fantastic quarter for annuity sales all around,” said Sheryl J. Moore, CEO of Moore Market Intelligence and Wink Inc., publisher of Wink’s Sales & Market Report. Click HERE to read the full story via Life Annuity Specialist; subscription required.
Total premiums across all lines increase 5.4% in 2017, NAIC report finds
{August 14th, 2018} by Brian Anderson
Just five states account for more than 40% of all insurance premiums in the United States, and total premiums increased by more than five percent in 2017 compared to 2016, according to new data from the National Association of Insurance Commissioners (NAIC). The NAIC released the second volume of the 31st edition of the Insurance […]
AXA Equitable: Annuity Sales Momentum Looks Good
{August 14th, 2018} by Allison Bell
AXA Equitable Holdings Inc. is now getting about 60% of its variable annuity sales from the sale of contracts that offer no guaranteed minimum living benefits or guaranteed minimum death benefits. Executives from the New York-based insurer talked about the evolution of the company’s annuity business today during a conference call the company held to […]
List ‘Rubbish’: Advisors, firms trade barbs over SEC’s best interest rule
{August 14th, 2018} by Tobias Salinger, Andrew Welsch, Kerri Anne Renzulli, Sean Allocca, Jessica Mathews
Industry insiders and the investing public are telling the SEC just what they think of the regulator’s proposed Regulation Best Interest. It’s “rubbish,” an advisor says. And that is one of the less-heated responses. Clashes over the Department of Labor’s fiduciary rule have carried over into the debate on the SEC’s proposal, also known as […]
SEC Reg BI Must Include Rollovers: Morningstar
{August 14th, 2018} by Melanie Waddell
The Securities and Exchange Commission’s proposed Regulation Best Interest for brokers must be revised to ensure that rollover recommendations are in an investors’ best interest, according to Morningstar. In the fund-rating group’s comment letter to the SEC on its proposed advice standard package, Aron Szapiro, director of Policy Research for Morningstar, told the agency that […]
Wink, Inc. Released Preliminary 2nd Quarter, 2018 Deferred Non-Variable and Structured Annuity Sales
{August 14th, 2018} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE ALL FIXED ANNUITY TYPES SEE SALES UP 20% ACROSS-THE-BOARD!!! Wink, Inc. Released Preliminary 2nd Quarter, 2018 Deferred Non-Variable and Structured Annuity Sales Des Moines, Iowa. August 14, 2018– Non-variable annuity sales for the second quarter of 2018 were up 22% as compared to the prior quarter, and […]
Many of the best financial jobs for women aren’t on Wall Street
{August 14th, 2018} by Bloomberg News
Women who want to manage money seem to be having better luck doing it someplace other than Wall Street. Click HERE to read the full story via InvestmentNews; registration required.
Why Many Women Don’t Know They Want to be Financial Advisors
{August 14th, 2018} by Garrett Keyes
Women just don’t want to be financial advisors, it seems. But research shows it might be because they don’t have all the facts — or the “facts” they have are actually inaccurate. As women increase their personal wealth and increasingly become clients of financial advisors, there may be a shortage of female advisors to serve […]
Brighthouse Stock Falls 6.3% to All-Time Low After Sharp Downgrade
{August 14th, 2018} by Arthur D. Postal
Brighthouse Financial’s stock fell 6.3% Friday after Barclays sharply downgraded the company from overweight to underweight. Click HERE to read the full story via Life Annuity Specialist; subscription required.
Why Hybrid Products Are Taking Over the Long-Term-Care Insurance Market
{August 14th, 2018} by Cyril Tuohy
A tectonic shift is underway in the long-term-care insurance market. As insurers struggle with huge, mounting charges from legacy standalone business, new products are popping up everywhere that offer similar benefits. Click HERE to read the full story via Life Annuity Specialist.
Allianz Life joins Envestnet digital annuities marketplace
{August 14th, 2018} by Ryan W. Neal
Allianz Life Insurance Co. of North America is the second insurance carrier to join the Envestnet Insurance Exchange. Click HERE to read the full story via InvestmentNews; registration required.
National Western Life Group, Inc. Announces 2018 Second Quarter Earnings
{August 13th, 2018} by National Western Life Group, Inc.
AUSTIN, Texas, Aug. 7, 2018 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today second quarter 2018 consolidated net earnings of $32.5 million, or $9.18 per diluted Class A common share, compared with consolidated net earnings of $25.5 million, or $7.21 per diluted Class A common share, for the second […]
New Tax Deduction Might Favor Life Agents Over Retirement Advisors
{August 13th, 2018} by Allison Bell
The details are hazy, and the final outcome is uncertain, but the Internal Revenue Service may make the new, 20% “pass-through deduction” more generous for insurance agents who sell products such as life insurance, disability insurance, voluntary benefits and property-casualty insurance than for financial professionals who classify themselves as “wealth planners” or “retirement planners.” IRS […]
2Q Roundup: Brighthouse Posts Loss; Insurers Face LTC Pain
{August 13th, 2018} by Cyril Tuohy
Brighthouse Financial on Monday reported a second-quarter loss of $239 million as expenses rose and investment income dropped, the company said. The Charlotte, N.C.-based company, a big seller of annuities, reported a profit of $246 million in the year-ago quarter. Brighthouse, which celebrated its first-year anniversary as a publicly traded company, expects to reach its […]
Life Index Inches Forward For A 2nd Month
{August 13th, 2018} by MIB Life Index
Braintree, MA. (August 8, 2018) — U.S. life insurance application activity grew slightly in June up 0.7% year-over-year, according to the MIB Life Index. Predominantly led by gains in ages 60+ application activity, the Life Index is slowly emerging to positive territory with July’s composite index flat at -0.2% YTD. Overall, the modest improvement seen in […]
Jackson National Reports First Half 2018 Financial Results
{August 13th, 2018} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) generated a record $1.4 billion in IFRS pre-tax operating income during the first half of 2018, an increase of 0.8 percent over the first half of 2017. Jackson, an indirect wholly owned subsidiary of the United Kingdom’s Prudential plc (NYSE: PUK), recorded sales and deposits of $11.2 billion […]
‘Unscheduled’ Policy Loans Can Create Sales Opportunities
{August 13th, 2018} by Anthony Giannone
One of the most basic concepts behind the purchase of permanent insurance is the right to borrow from the cash value of the policy. Some sales strategies involve the use of policy loans in effect to create a personal bank from which policy owners may borrow and, in theory, repay. The sales pitch has always […]
Brokers International to Host the 2018 WOMAN Forum
{August 13th, 2018} by Brokers International
Brokers International 4135 NW Urbandale Drive Urbandale, IA 50322 800.362.1097 www.biltd.com For Immediate Release For more information, contact: Karen Bump 866.250.9160 Marketing@biltd.com DES MOINES, IA, August 9, 2018 – The Brokers International Women’s Mentoring Agent Network (WOMAN), announced they will be hosting their annual 2018 WOMAN Forum on September 5 through 7. The event will take […]
NAIC Focuses On Proprietary Indices In Annuity Illustration Changes
{August 13th, 2018} by John Hilton
State insurance commissioners are getting closer to final rule revisions allowing insurers to illustrate indexed annuities using indices that have been around less than 10 years. The Annuity Suitability Working Group wrapped up a comment period July 1 on revisions to Annuity Disclosure Model Regulation 245. The group is a National Association of Insurance Commissioners […]
Insurers Ride Benefits To Higher Profits And Sales
{August 13th, 2018} by Cyril Tuohy
Insurance executives gushed for months about employee benefits and recast company divisions to take advantage of the accompanying growth potential. Now that the latest batch of numbers are in, we know why. Falling unemployment, fatter payrolls, tax reform, rising interest rates and the unsettled future of the Affordable Care Act is boosting benefit lines. More […]
Benefits of fixed annuities
{August 13th, 2018} by Keith Singer
For those looking for conservative growth with higher yields than bank products, fixed annuities can be an attractive option. Fixed annuities are contracts with insurance companies that provide for tax-deferred interest payments that go into the contract owner’s account. The term of a fixed deferred annuity can vary but it is typically between three and […]
The Standard Unveils Fixed-Indexed Annuity for 93-Year-Olds
{August 11th, 2018} by Warren S. Hersch
The Standard has released three versions of a fixed-indexed annuity that, in an unusual twist for such products, is intended to appeal to a decidedly older crowd. Click HERE to read the full story via Life Annuity Specialist; subscription required.
Think Your Advisors are Beyond the DOL’s Embrace? Think Again.
{August 11th, 2018} by Warren S. Hersch
The sigh of relief that life insurers breathed after the death of the Department of Labor’s fiduciary rule may be premature. The federal court decision last June to vacate the rule has prompted a reversion to earlier regulations that could trap advisors, Drinker Biddle & Reath partner and attorney Bradford Campbell said in a presentation at LIMRA’s Advanced Sales Forum […]
Women Are An Advisor’s ‘Dream Client,’ Survey Finds
{August 11th, 2018} by Cyril Tuohy
On paper, women represent the archetypal dream client for advisors, according to new research out by MassMutual. The research found that compared to men: Women are more likely to save because they participate and contribute at higher rates in workplace retirement plans. Click HERE to read the full story via INN; subscription required.
Genworth raises long-term-care insurance costs an average 58%
{August 10th, 2018} by Greg Iacurci
Genworth Financial Inc. received approval from state regulators this year to raise costs an average 58% on some long-term-care insurance policies, affecting tens of millions of dollars’ worth of annual insurance premiums the company receives from consumers. Click HERE to read the full story via InvestmentNews; registration required.
Standard & Poor’s Affirms Allianz Life’s AA (Very Strong) Rating
{August 10th, 2018} by Allianz Life Insurance Company of North America
Dominant Position in the FIA Market and Well-Established Distribution Network Cited by Ratings Agency August 09, 2018 09:10 AM Eastern Daylight Time MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) announced today that Standard & Poor’s (S&P) has affirmed its AA (Very Strong) rating and offered a stable outlook for the company. “Allianz […]
SEC’s Best-Interest Broker Rule Proposal Criticized By State Regulators
{August 10th, 2018} by Tracey Longo
State securities regulators say they are squarely behind raising broker-dealer standards of care, but don’t see that being accomplished through the SEC’s Reg Best Interest proposal. In fact, the SEC proposal “would leave broker-dealers in a position to put their own interests ahead of their clients,” Joe Borg, president of the North American Securities Administrators […]
AIG Announces New Cash Value Accumulation IUL Insurance in New York
{August 10th, 2018} by AIG
NEW YORK, August 7, 2018 – American International Group, Inc. (NYSE: AIG) announced the availability, in the State of New York, of Max Accumulator+ index universal life (IUL) insurance, issued by The United States Life Insurance Company in the City of New York (US Life). Unique attributes of the new cash value accumulation IUL insurance […]
Multi-year guarantee annuities: An alternative to CDs: OPINION
{August 9th, 2018} by Elliot Raphaelson, Tribune Content Agency
I have written previously that there are some worthwhile annuities that don’t involve high commissions. A multi-year guarantee annuity (MYGA) falls into this category. It is also known as a fixed-rate annuity. Typically, they are purchased with a single premium amount. You can look at this product as a certificate of deposit with tax deferral. […]
MassMutual Acquires Quilt
{August 9th, 2018} by Allison Bell
A 167-year-old life insurer is boosting its wager on the youngest of companies: startups. Massachusetts Mutual Life Insurance Co.’s Haven Life acquired startup online broker Quilt, the companies said Wednesday in a statement. Terms of the deal, the first for Haven Life, weren’t disclosed. Life insurers have been seeking to expand technology offerings as more […]
Regulators Are Changing What They Tell People About Your Life Products
{August 9th, 2018} by Allison Bell
State insurance regulators have approved a major update of a document that helps consumers understand how life insurance works. Members of the National Association of Insurance Commissioners agreed Tuesday to adopt a new version of the NAIC’s Life Insurance Buyer’s Guide. NAIC made the move in Boston, at a session held at the end of […]
Investors want more information about financial advisers’ fees
{August 9th, 2018} by Mark Schoeff Jr.
Investors are telling the Securities and Exchange Commission that disclosure forms included in the agency’s investment advice reform package should make fees more transparent. Click HERE to read the full story via InvestmentNews; registration required.
Sri Reddy joins Principal as a Senior Vice President in Retirement and Income Solutions
{August 9th, 2018} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® announced today Sri Reddy, CFA, will become the new Senior Vice President in Retirement and Income Solutions (RIS), effective September 4, 2018. Reddy will lead our Annuities, Full Service Payout and Principal Bank businesses. He succeeds Jerry Patterson, who now oversees the Full Service Retirement and Individual Investor businesses for […]
National Life Group Helps Americans Get Financially FIT
{August 9th, 2018} by National Life Group
Montpelier, Vermont – National Life has introduced four new consumer-focused retirement solutions to help Americans prepare for a financially independent tomorrow (FIT). The new FIT flexible premium indexed annuities, issued by National Life’s member company Life Insurance Company of the Southwest, are tailored to customers’ needs, designed to give clients more options to meet them […]
Nationwide Invests In BlueVine
{August 8th, 2018} by Columbus Daily Reporter
Nationwide Insurance continues its commitment of more than $100 million of venture-capital investments for startup companies. The company announced last week that it will invest in BlueVine, which provides online working capital financing for small and medium-sized businesses. “This investment aligns with our mission to help business owners protect what’s most important and plan for […]
Next Hot Annuity Market May Be Workplaces, Brighthouse, Lincoln, PacLife Execs Say
{August 8th, 2018} by Warren S. Hersch
The market for annuities in employer-sponsored retirement plans is poised to expand, top executives for Brighthouse Financial, Lincoln Financial and Pacific Life say. Lincoln Financial is seeing “steady growth every year,” said Christopher Price, an assistant VP at Lincoln Financial Distributors, who spoke during a panel discussion at LIMRA’s annual Advanced Sales Forum in Chicago Monday. Click HERE to read the […]
SEC Gives Brokers Free Pass On Fee Disclosures, Fiduciary Group Says
{August 8th, 2018} by Tracey Longo
While SEC officials say their proposed Regulation Best Interest (RBI) will require brokers to disclose conflicts of interest that cost investors, the proposal actually fails to even require that brokers disclose their fees and commissions, the Institute for the Fiduciary Standard said in its comment letter on Monday. “This proposal actually does not require brokers […]
Annuity Sales Inch Closer to a Higher Standard
{August 8th, 2018} by Rich Blake
The National Association of Insurance Commissioner’s (NAIC’s) annuity-rules subcommittee met in Boston on Saturday, August 4, with a goal of hammering out a final version of a proposal to elevate the current NAIC suitability rule to something closer to a best-interest standard, or what some have called “suitability plus.” Callie Woods, a NAIC spokeswoman, confirmed […]
Life Group Hopes SEC Will Bless Non-Cash Comp
{August 8th, 2018} by Allison Bell
The American Council of Life Insurers likes most of what it sees in the U.S. Securities and Exchange Commission’s new “Regulation Best Interest” proposal, but it worries that something will go wrong. Carl Wilkerson, a vice president at the Washington-based insurer group, writes about the ACLI’s SEC sales standard fears in a new comment letter. […]
MetLife Sells Remaining Stake In Brighthouse
{August 8th, 2018} by Cyril Tuohy
MetLife has disposed of its remaining stake in Brighthouse Financial for a loss of $212 million in connection with the sale, the company said. Brighthouse was spun off as a separate company last year as part of MetLife’s long-term strategy to become a leaner, less complex insurer focused on segments with a higher potential for […]
American Equity CEO: Sale Rumors Hurting Distribution Partner
{August 8th, 2018} by John Hilton
American Equity reported healthy second-quarter earnings today and announced new product plans, but CEO John Matovina conceded that persistent rumors of a company sale are making life tough for some distributors. Based in Des Moines, Iowa, American Equity is partly responsible for some of the rumors. The company put out a May 23 press release […]
State Regulator Group Keeps Life Out of Sales Standards Project
{August 7th, 2018} by Allison Bell
One of the big questions hanging over state insurance regulators this weekend was what regulators will do about the scope of any new insurance sales standards. Members of the National Association of Insurance Commissioners converged in Boston Saturday for their four-day summer national meeting. The NAIC’s Annuity Suitability Working was continuing to work on an […]
AIG Wants to Buy Life and Annuity Issuers
{August 7th, 2018} by Allison Bell
The head of American International Group Inc. has a different view of the U.S. life and annuity market than many of his colleagues. Many big U.S. life insurers have responded to low interest rates, accounting rule changes and sales standards confusion by backing away from the sale of life insurance and annuities. But companies backed […]
‘O’ No! Ken Fisher Tells SEC to Ban Use of ‘Advisor’
{August 7th, 2018} by Melanie Waddell
In rewriting advice rules for brokers, the Securities and Exchange Commission should “ban entirely” their use of the term “advisor,” and require those who work within the financial services profession to “accurately describe their role,” said Ken Fisher, founder and CEO of Fisher Investments. In his July 31 comment letter to the agency on its […]
What 8 Industry Leaders Think of SEC’s Advice Standards
{August 7th, 2018} by Melanie Waddell
The deadline for comments on the Securities and Exchange Commission’s sweeping advice standards package for brokers and advisors ended Tuesday, and at midday, comments were still streaming into the agency. Lawmakers, as well as SEC commissioners themselves, have weighed in on the more than 1,000-page standard of conduct rule package approved by the securities regulator […]
SEC’s best interest proposal is a ‘paper tiger,’ PIABA says
{August 7th, 2018} by Ann Marsh
Donna Gambee, a real estate company accounting manager with a high school education, was so “overwhelmed” with the amount of paperwork her broker David Lloyd Barber used to send her that she stopped reading it. Buried inside a 40-page package of documents, however, was a profile of Gambee written by Barber, describing her as “an […]
Eagle Life, Standardard Add Index Annuities
{August 7th, 2018} by Allison Bell
One of the big questions hanging over state insurance regulators this weekend was what regulators will do about the scope of any new insurance sales standards. Members of the National Association of Insurance Commissioners converged in Boston Saturday for their four-day summer national meeting. The NAIC’s Annuity Suitability Working was continuing to work on an […]
3 Ways to Overcome the One-Size-Fits-All Mentality in Annuities
{August 7th, 2018} by Paula Nelson
My company recently conducted a survey of 400 financial advisors. We found that nine out of 10 advisors find it difficult to address client needs using a “one-size-fits-all” approach with a single type of annuity. Yet, many insurance industry wholesalers address financial advisors with one core annuity product that the wholesalers position as suitable for the masses. […]
