Ban noncompetes?
{April 30th, 2024} by Sheryl J. Moore
The Federal Trade Commission created a rule yesterday to ban noncompete clauses. Marketers- polish up your resumes. -sjm
DOL Approves Final Fiduciary Rule
{April 30th, 2024} by Tracey Longo
The Department of Labor finalized its new Retirement Security rule today, expanding the definition of fiduciary to include brokers and insurance agents in a bid to protect retirement investors from conflicts of interest. The updated definition of an investment advice fiduciary, which takes effect Sept. 23, will apply when advisors and agents give compensated investment […]
Fiduciary Rule Spares Salespeople, But Lawyers Urge Caution
{April 30th, 2024} by Nate DiCamillo
The Department of Labor‘s final Retirement Security rule, released last week, exempts industry salespeople from its definition of an investment advice fiduciary under the Employee Retirement Income Security Act, or Erisa, and the Internal Revenue Code. Click HERE to read the full story via Financial Advisor IQ This story originally ran in Financial Advisor IQ sister […]
‘Major changes’ required of producers under DOL fiduciary rule: analyst
{April 30th, 2024} by John Hilton
It will require “major changes” from insurers on down for independent producers to get into compliance with the Department of Labor’s new fiduciary mandate by September, a leading analyst said. One day after the DOL unveiled its new Retirement Security Rule – which extends a fiduciary duty to sales of financial products with qualified money – initial […]
Stifel CEO Says Final DOL Rule Is ‘Less Restrictive’ Than He Feared
{April 30th, 2024} by Allison Bell
Two financial services company executives gave mixed reviews to the final versions of the Labor Department’s new fiduciary rule regulations in conversations with securities analysts last week. The department posted a draft in October 2023 and published a final version of an investment advice fiduciary definition, along with guidelines applying the definition to investment advisors and independent insurance agents, in […]
DOL Changes Fiduciary Rule Advice Definition Scope
{April 30th, 2024} by Allison Bell
Officials at the U.S. Department of Labor say they have narrowed the scope of the investment advice fiduciary definition. Department officials posted a preview version of the final rule Tuesday. The final rule is set to go in the Federal Register, an official government regulatory publication, Thursday. If implemented as written, it will affect how regulators apply the […]
The DOL Fiduciary Rule Is Final. Here’s What Is–and Isn’t–Different From the Proposal.
{April 30th, 2024} by Kenneth Corbin
After six months, 20,000 public comments, and threats of a lawsuit, the Department of Labor has issued a final rule updating fiduciary status for retirement advisors. Although the regulation is fundamentally similar to the initial proposal, officials say they made some small but significant changes in response to public comments. Click HERE to read the […]
Independent Insurance Brokers Most Impacted By DOL Rule, Attorney Says
{April 30th, 2024} by Tracey Longo
The insurance industry and broker-dealers will need to reconstitute how they do business to help, especially independent insurance brokers, meet the DOL’s new Retirement Security rule, said ERISA specialist Fred Reish said. Effective September 23, with a one-year grace period for full compliance, the 476-page rule extends the fiduciary standard to anyone selling investment advice […]
Labor Department issues rule to crack down on bad retirement savings advice
{April 30th, 2024} by Greg Iacurci
The Biden administration issued a final rule on Tuesday that cracks down on the investment advice that advisors, brokers, insurance agents and others give to retirement savers. The U.S. Department of Labor regulation — which follows a rule proposal in October — aims to ensure that investment recommendations are in savers’ best interests, according to agency officials. Click HERE to read […]
Fiduciary Rule Regs May Cut $5,000 in Annual Fees per Annuity Pro: DOL
{April 30th, 2024} by Allison Bell
The Labor Department’s new retirement investment advice fiduciary definition could cut annuity industry fee revenue by an average of about $3,100 to $5,100 per annuity agent, broker or advisor per year. The definition could affect a total of about 1,577 career insurance agents, 86,410 independent agents and brokers, and 16,398 registered investment advisors, and the industrywide revenue […]
Closing loopholes or blocking access? Reactions to the final DOL rule
{April 30th, 2024} by Tobias Salinger
Supporters and opponents began weighing in with their reactions about a minute or so after the Labor Department issued the final version of its retirement advice rule earlier this week. As shown by the roundup of 18 statements in response to the “retirement security rule” below, the groups praising the regulation include the AARP, the CFP […]
Finseca CEO Pans New DOL Fiduciary Regs, Sketches Litigation Path
{April 30th, 2024} by Allison Bell
Marc Cadin, the chief executive officer at Finseca, said he and colleagues at the financial services professional group have now read the Labor Department’s new final investment advice fiduciary rule definition carefully enough to know for certain that they still hate it. Department officials seem to think that they addressed many life and annuity sector player […]
DOL Fiduciary Rule Add-On Could Boost Annuity Distributors’ Clout
{April 30th, 2024} by Allison Bell
An extension of the Labor Department’s new retirement investment advice fiduciary definition could make annuity distributors more powerful than ever. Labor Department officials talk about the wholesalers’ future role in the final version of the Prohibited Transaction Exemption 84-24 update, which appeared today in the Federal Register, an official government regulatory publication. Click HERE to […]
FTC Bans Noncompete Agreements That Restrict Job Switching
{April 30th, 2024} by Dave Michaels and Lindsay Ellis
WASHINGTON—The Federal Trade Commission on Tuesday banned employers from using noncompete contracts to prevent most workers from joining rival firms, achieving a policy goal that is popular with labor but faces an imminent court challenge from business groups. The measure, approved by the agency’s Democratic majority on a 3-to-2 vote, marks the first time in more than 50 years […]
Industry Players Weigh In on the DOL’s New Fiduciary Definition
{April 30th, 2024} by Allison Bell
Seth Friedman, who once distributed annuities himself, is wondering how the Labor Department’s new final retirement investment fiduciary definition regulation will actually affect the flow of cash through the annuity distribution ecosystem. The Investment Company Institute is still going through the 466-page regulation packet. Click HERE to read the full story via Think Advisor
Life, Health and Annuity Issuers Post Their Q1 Numbers
{April 30th, 2024} by Allison Bell
Most publicly traded life and annuity issuers must release their quarterly results within 40 days after the end of each of the first three quarters and annual results within 60 days after the end of the year. The first quarter: Many banks have already posted their results. UnitedHealth, the health insurance giant, put out its numbers […]
Principal Financial Group Announces First Quarter 2024 Results
{April 30th, 2024} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for first quarter 2024. First Quarter 2024 Highlights Net income attributable to Principal Financial Group (PFG) of $533 million, or $2.22 per diluted share Non-GAAP net income attributable to PFG, excluding exited business of $376 million, $1.58 per diluted share Non-GAAP operating earnings1 of $394 million, or […]
AM Best Affirms Credit Ratings of Symetra Financial Corporation and Its Subsidiaries
{April 30th, 2024} by Symetra
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Symetra Life Insurance Company and its subsidiary, First Symetra National Life Insurance Company of New York (New York, NY), together referred to as Symetra Life Group. Concurrently, AM Best has affirmed […]
BlackRock Activates Retirement Solution Offering A Paycheck For Life
{April 30th, 2024} by BlackRock
NEW YORK–(BUSINESS WIRE)–BlackRock (NYSE: BLK) announced today that its retirement income solution, LifePath Paycheck™, is now available in defined contribution plans. The LifePath Paycheck solution takes a new approach to retirement income by providing access to guaranteed income through a target date fund, an investment strategy that automatically adjusts to a targeted retirement year. Plan participants […]
Pacific Life brings new indexed universal life product to market
{April 30th, 2024} by John Hilton
Pacific Life Insurance Co. describes its new flagship indexed universal life insurance offering as “aimed at affluent clients who need competitively priced life insurance protection and significant flexibility in their retirement and estate plans.” The insurer introduced Pacific Horizon IUL 2 earlier this month, touting its tax-free death benefit and tax-free distributions to help supplement retirement income. […]
Nationwide’s annuity president announces retirement
{April 30th, 2024} by Mike Switzer
After a nearly four-decade transformative career at Nationwide, Eric Henderson, president of Nationwide’s annuity business, has shared plans to retire at the end of the year. Henderson has led Nationwide’s annuity team since 2007 and has served as President of Nationwide Annuity since 2019. Legacy of innovation & business performance Under his leadership, the business has […]
Munich Re Life US and Clareto Usher in Next-Level Efficiency in Life Insurance Underwriting with Automated EHR Summarizer
{April 30th, 2024} by Munich Re
Industry-leading digital solution ensures efficient and accurate use of Electronic Health Record data for life insurance underwriting NEW YORK–(BUSINESS WIRE)–Munich Re Life US and Clareto today announced a new digital solution, Automated EHR Summarizer, which provides an intelligent and intuitive synopsis of electronic health record (EHR) data in two formats: an easy-to-use human-readable html report and structured digital data […]
New FTC Ban On Noncompete Agreements Raises Questions In Advisor M&A World
{April 30th, 2024} by Tracey Longo
The Federal Trade Commission voted Tuesday to finalize its rule banning employers from using noncompete clauses in almost all circumstances. The Chamber of Commerce has already filed a lawsuit in federal court to overturn the rule. Under the FTC’s final rule, existing noncompete agreements would no longer be enforceable for the vast majority of employees […]
Industry Job Openings: Business Systems Analyst/Tech Support and Customer Service Advocate.
{April 30th, 2024} by Legacy Marketing Group
View the current openings: Business Systems Analyst/Tech Support and Customer Service Advocate. Click HERE to learn more about Legacy Marketing Group.
Annuity sales up 21% in the first quarter, LIMRA reports
{April 30th, 2024} by Staff Reports
Annuity sellers had another very strong quarter in Q1, with $113.5 billion in sales, 21% higher than the first quarter 2023. Click HERE to read the full story via INN
AI Beyond the Hype: Opportunities for Life & Annuity Insurers
{April 30th, 2024} by Zinnia
With the rise of generative AI, there’s been a rush to incorporate AI tech into every industry, and insurance is no exception. This webinar will provide a comprehensive overview of the real-world applications and strategic importance of AI and Large Language Models for life & annuity insurers. We’ll unpack the complexities surrounding AI, providing a […]
Jackson Adds Protected Lifetime Income Benefit to RILA Suite
{April 29th, 2024} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today launched +Income, an add-on benefit available for an additional charge, offering guaranteed2 lifetime income3 through Jackson’s Market Link Pro® suite of registered index-linked annuities (RILAs). +Income enables clients to create an immediate income stream or defer withdrawals, providing the opportunity to […]
Gen Z Beginning Financial Planning Earlier Than Previous Generations
{April 29th, 2024} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–According to a new survey from Corebridge Financial gauging sentiments about financial knowledge and expertise during National Financial Capability Month, roughly one in three respondents say they did not “get serious” about financial planning until after the age of 35. However, younger generations report they are starting their financial journeys earlier. Nearly half (49%) […]
CNO Financial Group Reports First Quarter 2024 Results
{April 29th, 2024} by CNO Financial Group, Inc.
Strong sales and distribution force growth; Total new annualized premiums up 8%; Solid first quarter earnings CARMEL, Ind., April 29, 2024 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $112.3 million, or $1.01 per diluted share, in 1Q24 compared to a net loss of $0.8 million, or $0.01 per diluted share, in 1Q23. Net operating income (1) was $57.5 million, or $0.52 per diluted share, […]
Lincoln National Allegedly Misled Investors on Insurance Segment
{April 29th, 2024} by Martina Barash
Lincoln National Corp. withheld information from the public about a decline in its variable universal life insurance business, an investor says in a proposed class action over a subsequent $2.6 billion quarterly loss. The November 2022 announcement of the setback at the family of companies, known as the Lincoln Financial Group, caused Lincoln’s stock to lose […]
Luma Makes Annuities AvailLuma Makes Annuities Available To Pershing Advisorsable To Pershing Advisors
{April 29th, 2024} by Edward Hayes
Luma Financial Technologies will make its annuity products available to advisors at BNY Mellon Pershing, the companies announced. Advisors who use the NetX360+ platform will have access to Luma’s products and its marketing and education tools, the companies said in a press release. Click HERE to read the full story via Financial Advisor
Report: DOL to release fiduciary rule Tuesday
{April 23rd, 2024} by John Hilton
The Department of Labor is set to release its long-awaited fiduciary rule on Tuesday afternoon, the American Retirement Association reported today. Acting Secretary of Labor Julie Su will announce the final regulation in a Treaty Room ceremony at 5 p.m., the ARA said. Publication of the rule was expected after the White House Office of Management […]
Index allocation is always a big question.
{April 23rd, 2024} by Trent Zimmermann
Index allocation is always a big question. Especially now with the growth of volatility-controlled indexes. As only Sheryl J. Moore of Wink, Inc. can, she keeps it real and breaks it down on what these indexes truly do. And she gives a bonus hashtag#hottake on how, with her year of experience analyzing the data on […]
Rough draft is in!
{April 23rd, 2024} by Sheryl J. Moore
The rough draft is in, and I am proofing! -sjm
Revol One Financial™ Debuts Innovative Fixed Annuity Products with Distinctive Features
{April 23rd, 2024} by Revol One Financial
Urbandale, Iowa – Revol One Financial unveiled their innovative Fixed Annuity product lineup: Excelera Multi Year Guarantee Annuity™ (Excelera MYGA), Excelera Plus Multi Year Guarantee Index Annuity™ (Excelera Plus MYGIA), and Enduris Fixed Index Annuity™ (Enduris FIA). These products offer security and protection, and include innovative features designed to accelerate accumulation. The Excelera MYGA stands as a foundational […]
Revol One has officially entered the annuity market
{April 23rd, 2024} by Sheryl J. Moore
Revol One Financial has officially entered the annuity market, and launched their products! They are offering a MYGA, a MYGIA (think a MYGA with an indexed twist), and an indexed annuity. For all the deets, check them out on Wink, Inc.‘s AnnuitySpecs tool. We’ve got you covered! -sjm
DOL fiduciary adds significant legal liability to producers, panel agrees
{April 23rd, 2024} by John Hilton
SAN ANTONIO — The Department of Labor fiduciary rule proposal has been picked over relentlessly by analysts and industry trade associations since the agency first introduced the concept in 2010. But that doesn’t mean everyone is prepared for it. In fact, a producer selling a simple life insurance policy could be in for a big […]
The Granddaddy of All Premium Finance Litigation
{April 23rd, 2024} by Larry J. Rybka, JD, CFP
Stephen C. Baker recently posted about a mega premium finance case that is currently being litigated in New York in the case of Aronson v. Brave Strategies, LLC. Besides involving $150 million of total death benefit across three carriers, what makes this case notable is that it is based on an alleged violation of New […]
The Problem Is Not the Life Insurance Products, or the Illustrations
{April 23rd, 2024} by Chuck Ritzke
We’ve all seen recent articles about the 90-plus-year-old lady (let’s call her “Emma” for the purpose of this article) who is suing an insurance company because her universal life policy, or UL policy, has run out of cash value. To her (very negative) surprise, she must pay thousands of dollars in premium to keep it […]
State genetic information bans not necessary, life insurance lobbyists say
{April 23rd, 2024} by John Hilton
Fallout from a 2020 Florida law banning life insurers from using genetic information is a classic good-news, bad-news situation for the industry. The good: no additional states adopted similar laws in the years since. The bad news is that Florida passed a bad bill that mischaracterizes how life insurers use genetic information, said Curt Leonard, regional vice […]
NY lawsuit over premium financing tests oversight promised by Reg 187
{April 23rd, 2024} by John Hilton
A premium financing deal gone bad in New York State is generating a new round of criticism from those say the practice is often misused with troubling results. Filed in New York State Supreme Court, Ester Aronson and Baruch Aronson are suing Brave Strategies, Penn Mutual Life Insurance Co., MassMutual Life Insurance Co. and New […]
Brokerage, Annuities Industries Make Last-Ditch Effort To Delay DOL Fiduciary Rule
{April 23rd, 2024} by Tracey Longo
With the Department of Labor’s latest fiduciary rule on a path to be finalized by the end of the month, 11 broker-dealer, annuities and insurance trade groups made one last effort today to get the agency to delay finalizing the rule and continue the public input process. In a letter sent today to the White […]
Can This Annuity Ease Social Security Claiming Pressure?
{April 23rd, 2024} by Allison Bell
Paul Tyler sees agents and advisors as navigators who help retirement savers steer past a complicated, irreversible obstacle: the Social Security claiming date. Tyler is the chief marketing officer at Nassau Financial, a life and annuity issuer that recently released a product designed to fit with a client’s claiming strategy. Click HERE to read the […]
NAILBA, A Finseca Community, Announces New Licensing And Contracting Certification
{April 23rd, 2024} by Finseca
Washington, D.C. (April 11, 2024) – NAILBA, a Finseca community, and the leading insurance industry organization that advocates for consumer choice in the insurance and financial services marketplace through independent brokerage distribution, has released a new professional certification for Licensing and Contracting. The new certification program explores the role of contracting, licensing, appointments, and commissions […]
Transamerica Hires Former Crump Life CEO
{April 23rd, 2024} by Allison Bell
Transamerica has picked Robert Carney, a longtime Crump Life veteran, to oversee its retail life, annuity and mutual fund distribution operations. Carney will be chief distribution officer for Transamerica’s individual solutions division. Click HERE to read the full story via Think Advisor
Will life insurance sales settle down after rollercoaster ride?
{April 23rd, 2024} by Susan Rupe
After a rollercoaster ride of pandemic impacts and regulatory changes, the individual life insurance market is poised to return to a more normal growth pattern over the next few years. Attendees at the Life and Annuity Conference, sponsored by LIMRA, LOMA, SOA and ACLI, heard some insights on what the next few years should bring […]
Life and Annuity Issuers Could Help Break the Banks: Economists
{April 23rd, 2024} by Allison Bell
If financial disasters pull too hard on the banks, that could choke the life insurers, and asset sales at life insurers could then tighten the rope around the banks’ necks even more. Three economists touch on possible financial knots of doom in a new working paper about ways that problems at “non-bank financial intermediaries” — including mutual […]
New York Couple Sues Over Life Premium Finance Collateral Calls
{April 23rd, 2024} by Allison Bell
A lawsuit in New York state could affect how advisors there explain life insurance premium financing arrangements. Ester and Ben Aronson and their trusts have sued Braver Strategies, a financial consulting firm, in a Rockland County, New York, state court over the performance of financing arrangements used to pay for $150 million in life insurance […]
Women’s retirement outlook improving but headwinds persist: GSAM
{April 23rd, 2024} by Steve Randall
Women remain at risk of having insufficient retirement income due to additional pressures that they often face compared to men. Click HERE to read the full story via InvestmentNews
Protective Life Insurance Company Launches New Advisory Variable Universal Life Product on FireLight
{April 23rd, 2024} by Hexure
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry, announced that Protective Life Insurance Company (Protective), a subsidiary of Dai-ichi Life Holdings, Inc. (Dai-ichi, TSE:8750), has selected FireLight to support digital sales and submission processes for its new advisory variable universal life (VUL) product, Protective Investors […]
American Couples Have Shared Goals for Retirement, but Haven’t Nailed Down the Details: New Research from Ameriprise Financial
{April 22nd, 2024} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–American investors in committed relationships overwhelmingly trust their spouses or partners on money matters (95%) and share similar goals for retirement (93%), but some haven’t reached consensus on emotionally-charged decisions such as how much they need to save or what will happen to their money after they pass away, according to new research released […]
Guardian highlights its commitment to customers and to championing well-being in The 2023 Guardian Annual
{April 22nd, 2024} by Guardian
Guardian’s 2023 financial performance furthers legacy of strength and resilience NEW YORK, April 16, 2024 /PRNewswire/ — Today, the Guardian Life Insurance Company of America® (Guardian) released “The 2023 Guardian Annual: A whole different perspective,” which highlights the company’s commitment to supporting customers through all life stages and inspiring holistic well-being— mind, body, and wallet®— while delivering strong […]
Northwestern Mutual Ranked the 6th Largest Independent Broker-Dealer by Financial Advisor Magazine
{April 22nd, 2024} by Northwestern Mutual
MILWAUKEE, April 18, 2024 /PRNewswire/ — Northwestern Mutual’s wealth management business continues to be recognized as one of the country’s premier independent broker-dealers, being awarded another industry honor this month. Financial Advisor magazine, a leading publication covering the financial services industry, ranked Northwestern Mutual sixth overall in their annual list of the top IBDs based on gross revenue. The […]
Innovation in Annuities- Higher Rates, Index Offerings Drive Record Sales
{April 16th, 2024} by Jeffrey Flynn
Bloomberg Intelligence (BI) is hosting a webinar on Innovation in the Annuity Market on April 18 at 10AM EST. Please join us for a fireside chat with insurance industry experts Sheryl J. Moore, Alan Grissom and Carrie Freeburg, ASA, MAAA, as well as an economic perspective from BI economist Stuart Paul. Registration Link: https://bloomberg.zoom.us/webinar/register/WN_JKk9Ro4_S0et2ab0xOOrgw#/registration […]
Are you aware of consumers not being “made whole,” in the wake of an insurance company insolvency?
{April 16th, 2024} by Sheryl J. Moore
I recently began researching the NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS. This is the organization that ensures that consumers receive as much as [$250,000] of their annuity back, in the event of an insurance company insolvency. Over the past year, I have heard stories about customers not receiving their full $250,000 back, […]
Pacific Life Debuts Indexed Life Product for High-Net-Worth Customers
{April 16th, 2024} by Warren S. Hersch
The rollout comes at a promising time for the product segment. In the fourth quarter of 2023, sales of indexed life, including indexed universal and whole insurance, totaled $799.1 million, a 5% rise from a year earlier, according to Wink‘s Sales & Market Report. Sales of indexed life insurance for all of 2023, the firm noted, […]
Opinion How did so many Americans’ retirement money end up in Bermuda?
{April 16th, 2024} by Mary Williams Walsh
Without meaning to, the world’s soccer fans and sportswriters have opened a window into the secretive but influential world of Bermuda reinsurance. Just a glimpse is enough to raise concerns about the retirement security of millions of Americans. We’re talking here about people who have either earned a defined-benefit pension at work or bought an […]
Panel to look at growth of RIAs, as channel grows in number, assets
{April 16th, 2024} by Doug Bailey
The number of Registered Investment Advisors is growing faster than all sales channels in both number and assets under management, according to several surveys. For the past 10 years, the number of independent RIA companies has grown at a compounded annual rate of 2.4% with the number of advisors growing at a rate of 5.3% […]
Globe Life accused of rampant insurance fraud by short-seller report
{April 16th, 2024} by John Hilton
Globe Life is reeling after a report Thursday accused brokers at subsidiary American Income Life of widespread insurance fraud, including writing policies for dead and fictitious people, and an alleged kickback scheme that netted millions for senior executives. Shares of Globe Life dropped more than 50%, following the report from Fuzzy Panda Research, which took […]
Empower reaches tentative deal with 13 ex-advisors it sued for poaching
{April 16th, 2024} by John Hilton
Empower has reached a settlement agreement with 13 advisors who left the firm to create a competing advisory business. In a federal lawsuit filed March 13 in Colorado, Empower accused the firm, known as Atomi Financial, of misappropriating its trade secrets and using the trade secrets to steal its clients. Atomi does business as Compound […]
Iowa advisor schemed to defraud clients, making FBI Most Wanted list
{April 16th, 2024} by John Hilton
An advisor wanted for allegedly ripping off clients for $1.5 million was captured by the FBI last week after a short time on the run. William Jack Berg, 51, is charged with money laundering and several counts of wire fraud, according to an indictment filed in U.S. District Court for the Southern District of Iowa. […]
OMB completes review of Labor Department’s polarizing fiduciary rule
{April 16th, 2024} by John Hilton
The White House Office of Management and Budget announced that it has concluded a review of the Department of Labor’s controversial fiduciary rule. The review is the final big hurdle before the rule is published in the Federal Register. OMB is still scheduled to meet with stakeholder groups through April 15, but the agency indicated on its […]
7 states adopt AI rules; insurer compliance called ‘significant lift’
{April 16th, 2024} by John Hilton
Seven states are on board with guidelines for use of artificial intelligence that insurers “are expected” to follow. Adopted by the National Association of Insurance Commissioners and sent to the states in December, the AI framework is an initial regulatory effort to gain oversight over the rapidly evolving technology. Momentum for AI regulation in the […]
Seven in 10 Pre-Retiree Investors Say Retirement at 65 Is Not Achievable
{April 16th, 2024} by Nationwide
Two in Three are Expecting to Face More Challenges in Retirement Than Their Parents and Grandparents. COLUMBUS, Ohio, April 15, 2024 /PRNewswire/ — As more Americans begin turning 65 this year than at any other point in history, many are coming to grips with a cold reality: this is not going to be their parents’ retirement. The […]
Got Big Plans for Your Tax Refund? You’re Not Alone
{April 16th, 2024} by Finseca
WASHINGTON , April 9, 2024 /PRNewswire/ — With nearly 106 million individual income-tax returns resulting in refunds in 2023, a significant number of Americans are already pondering how to use their additional funds. As the Wall Street Journal reported, this year’s average refund is a little over $3,100. If you are contemplating where to allocate this unexpected money, take a moment […]
Protective to Acquire ShelterPoint
{April 16th, 2024} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (“Protective”), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (“Dai-ichi”; TSE:8750), announced today that its principal subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint Group, Inc., a leading provider of statutory disability, paid family and medical leave, as well as medical gap insurance products, among others. ShelterPoint Group, Inc. is the […]
Equitable Survey Reveals Three-Quarters of Americans Feel Their Money Does Not Stretch as Far as It Did a Year Ago
{April 16th, 2024} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced new findings from a survey of more than 1,000 consumers to help uncover the latest financial trends that are top of mind for Americans. Equitable’s survey revealed that three-quarters of consumers (75%) feel their money does not go as […]
Don’t Finalize Fiduciary Rule Now, Groups Urge DOL
{April 16th, 2024} by Melanie Waddell
Industry trade groups are pressing the Labor Department to continue to receive public input on its fiduciary rule and not “finalize the rule now.” In a letter sent Monday to acting Labor Secretary Julie Su as well as the Office of Management and Budget, the groups — which include the Financial Services Institute and the Insured Retirement […]
BlackRock CEO Sees Annuities as Retirement Plans’ Future
{April 16th, 2024} by Allison Bell
Morningstar recently put out a report scoffing at the idea that annuitization options will have much of an effect on the U.S. retirement plan market. Larry Fink, the CEO and chairman of BlackRock, disagrees. Click HERE to read the full story via Think Advisor
Fiduciary Rule Meetings Disappointed Agent Groups
{April 16th, 2024} by Allison Bell
The heads of two groups that represent annuity sellers say that White House regulation reviewers showed little apparent interest in their views about the U.S. Department of Labor’s fiduciary definition effort during meetings this week. The Office of Information and Regulatory Affairs, the White House Office of Management and Budget division that analyzes the costs […]
Annuities Soar as Source of Life Insurer Revenue
{April 16th, 2024} by Allison Bell
U.S. life insurers are getting a lot more of their retail product premium revenue from annuities than from life insurance these days. Individual annuities accounted for $344 billion of life insurers’ $1.5 trillion in direct written premiums in 2023, or about 24% of the total, according to new industrywide totals from A.M. Best. Click HERE to […]
Annuity Issuer Invests $1B in Midsize Firms
{April 16th, 2024} by Allison Bell
American Equity Investment Life is putting $1 billion in a new arrangement that will provide credit for midsize U.S. businesses. The West Des Moines, Iowa-based fixed annuity issuer has invested the cash in ASP Summa, a collateralized loan obligation set up by Adams Street Partners, a Chicago-based investment firm. Click HERE to read the full […]
MassMutual to Offer Free Gene Readings to More Insureds
{April 16th, 2024} by Allison Bell
MassMutual has come up with a new way to persuade people with life insurance to eat right, exercise and get checkups: Make their DNA do the talking. The Springfield, Massachusetts-based life insurer is expanding a program that provides eligible insureds with a chance to get a free genetic health risk assessment from a U.K. firm, […]
Release of Final DOL Fiduciary Rule Expected Soon
{April 16th, 2024} by Melanie Waddell
The White House Office of Management and Budget has concluded its review of Labor’s final fiduciary rule, according to a notice on the OMB website. The review was completed Wednesday. “With the completion of OMB’s review, the next step would be for DOL to announce the final rule,” the Insured Retirement Institute said Thursday in […]
RIAs Express ‘Guarded Optimism’ About Market, Survey Says
{April 16th, 2024} by Ben Mattlin
Seventy percent of RIAs said they expect the S&P 500 to grow by 3% or more in the next 12 months, according to their responses to a survey sponsored by a group including Security Benefit, Greenwald Research, and DPL Financial Partners. This market optimism, however, is tempered by their concerns about volatility. Click HERE to […]
Let Angry Annuity Owners Go: Ibexis
{April 15th, 2024} by Allison Bell
Ibexis Life & Annuity Insurance Co. has an annuity design idea: Let customers who guess wrong about the stock market ditch their annuities. The Jefferson City, Missouri-based insurer has introduced the FIA Plus product, a non-variable indexed annuity designed for sales through independent marketing organizations, or IMOs. Click HERE to read the full story via […]
Allianz Life Gives $1.8 Million in Grants to Four Local Nonprofits
{April 15th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS – April 11, 2024 – Allianz Life Insurance Company of North America (Allianz Life) today announced $1.8 million in investments to four local nonprofits focused on increasing equitable access to economic opportunities and resources in the Twin Cities. Each organization will receive $450,000 over the course of three years, with 75 percent of funds going […]
New at Zinnia
{April 15th, 2024} by Zinnia
Zinnia, an Eldridge Industries company, is thrilled to announce the acquisition of several industry-leading life insurance & annuities solutions from Ebix, Inc., including: AnnuityNet and LifeSpeed, the preferred order-entry platforms VitalSales Suite, tools for rate comparison, quotes, & reports WinFlex, a market-leading multi-carrier illustration tool The Policy Processor (TPP), a top new business & underwriting platform SmartOffice, […]
Revol One Financial™ Poised to Revolutionize the Fixed Annuity Insurance Industry
{April 8th, 2024} by Revol One Financial
Revol One Financial is poised to disrupt the fixed annuity insurance industry. We’re not just disrupting the norm – we’re revolutionizing industry expectations.” — Cindy Reed, Chief Executive Officer URBANDALE, IA, UNITED STATES, April 3, 2024 /EINPresswire.com/ — Revol One Financial is poised to disrupt the fixed annuity insurance industry as it prepares to launch in […]
Ibexis Life & Annuity Insurance Company Launches FIA Product Enhancements
{April 8th, 2024} by Ibexis Life & Annuity Insurance Company
JEFFERSON CITY, Mo.–(BUSINESS WIRE)–Ibexis Life & Annuity Insurance Company® (“Ibexis”) today announced multiple enhancements to its FIA Plus™ fixed indexed annuity series offered in the independent marketing organization (“IMO”) sales channel. The FIA Plus™ is an accumulation focused fixed indexed annuity, which now includes a Bonus Rider, Bailout feature and annual declared rate option (“ADR”). […]
Pacific Life Launches New Flagship Indexed Universal Life Insurance Product
{April 8th, 2024} by Pacific Life Insurance Company
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life Insurance Company announced today that it has introduced a new flagship indexed universal life (IUL) insurance product, aimed at affluent clients who need competitively priced life insurance protection and significant flexibility in their retirement and estate plans. “Pacific Horizon IUL 2 is an evolutionary product, built on the most successful […]
DOL fiduciary rule proposal to restrict, ban some producer compensation
{April 8th, 2024} by John Hilton
For an industry that has struggled mightily at times to attract producers, the changes to compensation accompanying the new Department of Labor fiduciary rule are no small concern. Repeated studies show a very high attrition rate for insurance producers entering the business. It adds up to “a dying distribution” system, said Sheryl Moore, CEO of […]
Americans Reducing Retirement Savings and Taking on Debt Due to Inflation
{April 8th, 2024} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Americans are more focused on their present finances […]
Jackson to Report First Quarter 2024 Financial Results
{April 8th, 2024} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the first quarter ended March 31, 2024, after market close Wednesday, May 8, 2024. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Thursday, May 9, 2024, at 10 a.m. ET to review […]
BIG PREMIUM BONUS
{April 8th, 2024} by Sheryl J. Moore
And let the arms race of the big premium bonuses begin! -sjm Join in the LinkedIn Conversation
Risk Management Advisory Council
{April 8th, 2024} by Wink's Intel Pros
Congratulations to our CEO, Sheryl J. Moore starting as Member of the Risk Management Advisory Council at The American College of Financial Services!
Simplicity sells. Repeat after me…
{April 8th, 2024} by Sheryl J. Moore
Why are all insurance companies trying to “innovate,” by creating new indexing methods? This is low interest rate behavior. Let’s not start this stuff again, now that rates are good. You don’t have to have a complex product. Simplicity sells. Repeat after me… -sjm Join in the conversation on Linked In. Click HERE
If “fixed income annuities” are good for retirees.
{April 8th, 2024} by Sheryl J. Moore
If you fast-forward to about the 3:30 second mark on this video, Click HERE to view you will see that a consumer asks Terry Savage if “fixed income annuities” are good for retirees. Terry responds that with “fixed indexed annuities” only the insurance agent is going to get rich. She closes with “don’t do it,” […]
Be Real
{April 8th, 2024} by Sheryl J. Moore
A message from my good friend, Doug Orchard, who directed the film I was in, “The Baby Boomer Dilemma…” “BE REAL I have observed that many financial advisors pretend to be someone they are not. Too many are acting. I’m sharing this video to persuade you to be real and see what happens when we […]
Saying goodbye to GoFundMe
{April 8th, 2024} by Marc Cadin
For more than 20 years, I’ve been blessed to work with some of the finest financial security professionals in the business. These experiences have also afforded me a chance to reflect on what it really means to help others. And that’s why I was stunned by some recent figures from GoFundMe. Click HERE to read […]
And yes, life insurance illustrations are broken for ALL types of life insurance- whole life included.
{April 8th, 2024} by Sheryl J. Moore
When I first purchased life insurance on myself, I couldn’t afford whole life, and so I purchased universal life (UL). My agent explained that the amount of premium that I need to pay may change, as the credited rate on my policy changed. Above all, he cautioned, I must always pay AT LEAST the sum […]
Life Settlement Firm Selling Policies Back to Issuers
{April 8th, 2024} by Warren S. Hersch
Market Watchers Weigh In: Sources reached by Life Annuity Specialist lauded Abacus’ initiative. Wink CEO Sheryl Moore described it as a “win/win/win for insureds, Abacus and insurers.” Ramona Neal, president of Living Benefit Review, observed that insurers have been among the biggest purchasers of life settlements. But she questions whether life settlement companies’ buying of policies with the intent of reselling selling […]
Best’s Special Report: U.S. Life/Annuity Industry Sees 5.7% Net Income Decline in 2023
{April 8th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity (L/A) industry posted a 5.7% decline in net income to $37.6 billion in 2023, which included $15.0 billion of net realized capital losses, according to AM Best. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 2023 Life/Annuity Financial Results,” and the data is derived from companies’ […]
Lender Blue Owl Capital Pushes Into Insurance
{April 8th, 2024} by Laura Cooper and Miriam Gottfried
One of Wall Street’s fastest-growing firms is pushing into one of the hottest corners of finance. The lender Blue Owl Capital OWL said Wednesday it is buying Kuvare Asset Management, an asset manager tied to the insurance industry. The deal gives Blue Owl exposure to the sought-after insurance market, which the private-markets investment firms have flocked to in recent years […]
New product: Guardian Life moves to crack the RILA market
{April 8th, 2024} by John Hilton
Guardian Life Insurance Co. is taking its shot at one of the hottest annuity segments in the market with its first registered indexed-linked annuity offering. Guardian MarketPerform is the latest addition to the company’s suite of retirement-focused annuities, including its fixed index annuity, single-premium deferred fixed annuity, single premium immediate annuity, and deferred income annuity. […]
Commentary: NAIC should not allow Europe to write our insurance rules
{April 8th, 2024} by Doug Dean
Should U.S. state insurance regulators cede regulatory authority to foreign regulators outside our borders? That is not how any regulatory environment should operate. But today, many of the rules being contemplated by the National Association of Insurance Commissioners are being handed down by global insurance regulators and nongovernmental organizations. Click HERE to read via INN
Lincoln Financial Group to Report 2024 First Quarter Results on May 2
{April 8th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced today that it will report its results for the first quarter ended March 31, 2024 at 7:00 a.m. Eastern Time on Thursday, May 2, 2024. A conference call is scheduled for 8:00 a.m. Eastern Time on the same day. Earnings materials, including the 2024 first quarter Earnings Release […]
Pershing to Add Luma Annuity Tools to NetX360+ Platform
{April 8th, 2024} by Allison Bell
Managers of Pershing’s NetX360+ advisor platform are trying to improve the annuity selection process. The BNY Mellon unit agreed this week to add annuity support tools from Luma Financial Technologies to the platform. Click HERE to read the full story via ThinkAdvisor
March Calendar Skews Life Activity Numbers
{April 8th, 2024} by Allison Bell
MIB Group has a lesson for any company that’s about to try to compare the new monthly results with year-earlier results: March 2024 had just 21 business days in it, compared with 23 business days in March 2023. The Braintree, Massachusetts-based life insurance industry underwriting services group said the 8.7% fewer business days can make growth […]
Insured Retirement Institute CEO Vows to Defend Annuity Industry
{April 8th, 2024} by Al
Insured Retirement Institute officials are talking about efforts to shape the U.S. Department of Labor’s definition proposal at the group’s annual conference this week in Nashville, Tennessee. CEO Wayne Chopus told attendees that he hopes they’ll see IRI as the champion and defender of the retirement income industry, according to a summary provided by the […]
Jackson’s Joe Caruso Receives Insured Retirement Institute’s Inaugural Rising Star Award
{April 8th, 2024} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today announced that Joe Caruso, J.D., LL.M, Assistant Vice President, Government Relations and Public Policy, received the Insured Retirement Institute’s (IRI’s) 2024 Rising Star Award. Caruso was recognized for his demonstrated leadership within the insured retirement industry at […]
Ameritas Suit Could Shake Up Life Settlement Market
{April 8th, 2024} by Allison Bell
Ameritas Life has filed a lawsuit that could change how life settlement investors see convertible term life insurance policies. The life insurer contends that a life settlement investor buying an in-force term life policy may not be able to exchange the term life policy for a permanent life policy, because the new investor owner has […]
Simplicity Group Enhances Life Insurance Underwriting Service as Gene Zimmerlink Joins Byron Rasmussen
{April 8th, 2024} by Simplicity Group
SUMMIT, N.J., April 4, 2024 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced that Byron Rasmussen will be joined by Gene Zimmerlink, as Simplicity continues to bolster its life insurance underwriting services. Simplicity’s Underwriting Desk, designed to provide enhanced underwriting services across the enterprise, will work closely with the Group’s Underwriting Committee, comprised of Simplicity Group Partners: Susie Cimini, Kay Dempsey, Diana Greenberg, Greg […]
Lawmakers Call On Labor Department to Finish Fiduciary Rule
{April 8th, 2024} by Kenneth Corbin
A group of nine left-leaning U.S. senators is urging the Department of Labor to move swiftly to finalize its proposed rule that would impose fiduciary obligations on more financial professionals working with retirement clients. The Labor Department’s fiduciary proposal, which has encountered fierce opposition from some members of the financial-services industry, “ensures that every retirement […]
Americans Believe They Will Need $1.46 Million to Retire Comfortably According to Northwestern Mutual 2024 Planning & Progress Study
{April 8th, 2024} by Northwestern Mutual
People’s ‘magic number’ for retirement rises faster than inflation, jumping 15% in just a year and a whopping 53% since 2020; while retirement savings falls to $88K The ‘Silver Tsunami’ is here: 11,000 Americans will turn 65 every day through 2027; only half of Boomers+ and Gen X believe they’ll be financially ready for retirement Decades of Difference: […]
For Every Life, There is a Story
{April 2nd, 2024} by Wink's Intel Pros
April is Donate Life Month; this is a time to remember loved ones who gave the incredible gift of organ, tissue, and eye donation and to celebrate the impact made in the lives of recipients. This month, we remember Alexander M. Betts Jr. (AJ), the son of Wink’s CEO, Sheryl J. Moore and the significance […]
Midland Retirement Distributors® Launches Summit Journey℠ 10
{April 2nd, 2024} by Midland National Life Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Midland Retirement Distributors, a division of Sammons Institutional Group®, Inc., and member company of Sammons Financial Group, has launched Summit Journey℠ 10, a new fixed index annuity. In a world of financial uncertainty, clients are seeking ways to create guaranteed income streams for retirement, protect their premium against market downturns, and […]
Guardian Launches New Registered Index-Linked Annuity, Expanding Company’s Market Leading Retirement Annuity Business
{April 2nd, 2024} by Guardian
Guardian MarketPerform™ is a next-generation annuity designed to help individuals balance retirement planning, growth potential, and a level of protection. NEW YORK, March 27, 2024 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) has launched Guardian MarketPerform, a new Registered Index-Linked Annuity (RILA) designed to help individuals build their retirement assets with a level of protection. Guardian […]
AM Best Assigns Credit Ratings to Revol One Insurance Company
{April 2nd, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Revol One Insurance Company (Revol One Financial) (Spring Lake, MI, with administrative offices in Urbandale, IA). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Revol One Financial’s balance […]
The need for speed — With Esfand Dinshaw
{April 2nd, 2024} by Paul Feldman
Born in Pakistan, Esfand Dinshaw had a talent and interest in math that set him on a journey that landed him studying actuarial science in Des Moines, Iowa. Four decades later, that journey has taken Dinshaw to the top position at Sammons, where he sees math — and artificial intelligence — as the keys to providing instant […]
Financially Literate Consumers Benefit Everyone
{April 2nd, 2024} by NAIFA
April is National Financial Literacy Month, an annual observation NAIFA wholeheartedly agrees with. But why is financial literacy important and what are we doing about it? FINRA surveys consistently show that around two-thirds of Americans lack basic financial understanding, and their lack of knowledge is significant. Those who score higher on FINRA’s financial literacy quiz show […]
Supreme Court takes on life insurance as a corporate asset
{April 2nd, 2024} by Doug Bailey
Should the proceeds of a life insurance policy taken out by a corporation on a shareholder be considered a corporate asset that raises the value of the company for calculating estate taxes? Or are they simply a pre-existing liability the company has to meet to purchase the shares from the estate of a deceased shareholder? […]
Digital transformation: How tech is shaping the life insurance landscape
{April 2nd, 2024} by Ken Leibow
In exploring the current landscape of life insurance technology, my focus is squarely on the present, sidestepping both a reevaluation of the past year and speculative forecasts. Two domains are witnessing remarkable growth right now. First, the realm of underwriting is experiencing a significant transformation. Click HERE to read the full story via INN
Life Insurers to Meet With White House Office on DOL Fiduciary Rule
{April 2nd, 2024} by Allison Bell
The American Council of Life Insurers is making a new effort to shape the U.S. Department of Labor’s fiduciary definition proposals. The life insurer group plans to meet with regulation reviewers at the federal Office of Information and Regulatory Affairs on April 9, according to a record on the Office of Management and Budget website. […]
Eliminate Annuity Advisor Suspense
{April 2nd, 2024} by Allison Bell
Annuity advisors should not have to wait breathlessly to see what exciting thing the issuer’s order processing team will do next. That’s one of the ideas driving recent annuity support services and annuity product announcements. Click HERE to read the full story via Think Advisor
Almost 3 out of 10 Americans have no retirement savings
{April 2nd, 2024} by Nathan Place
Experts have long warned that the United States is headed for a retirement crisis. New research shows just how dire that crisis could be. The problem is not just that Americans aren’t saving enough for retirement. More than one-quarter of them have no retirement savings at all, according to a new study by the personal […]
Lincoln Financial Group Recognized by DALBAR for Consumer Experience
{April 2nd, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced today that it has been recognized by DALBAR, Inc., for excellence in its annuity illustrations and its life insurance website experience. DALBAR is a preeminent auditor of consumer experience for the financial services industry. The recognition marks the fifth consecutive year that Lincoln has received DALBAR’s Award for Excellence in […]
AM Best Affirms Credit Ratings of Principal Financial Group, Inc. and Its Subsidiaries
{April 2nd, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa” (Superior) of Principal Life Insurance Company and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NASDAQ: PFG] and collectively referred to as Principal. Concurrently, […]
Somerset Announced Close of Reinsurance Transaction With Prudential
{April 2nd, 2024} by Somerset Reinsurance Ltd.
HAMILTON, Bermuda–(BUSINESS WIRE)–Somerset Reinsurance Ltd. (“Somerset”), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market, announced today the close of its reinsurance transaction with Prudential Financial, Inc. (NYSE: PRU) (“Prudential”). The transaction includes $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and […]
Prudential Financial Completes Guaranteed Universal Life Block Reinsurance Transaction With Somerset Re
{April 2nd, 2024} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) announced today that it has successfully closed a reinsurance transaction for a portion of its guaranteed universal life block with Somerset Re. This transaction, originally announced on July 24, 2023, advances the company’s strategy to reduce market sensitivity and increase capital efficiency. The financial impacts of the transaction are expected […]
Zinnia Closes Acquisition of Ebix’s North American Life and Annuity Assets
{April 2nd, 2024} by Zinnia
GREENWICH, Conn.–(BUSINESS WIRE)–Zinnia Corporate Holdings (“Zinnia” or “the Company”), an Eldridge Industries business and leading life and annuity insurance technology services company, and Ebix, Inc. (“Ebix”), a supplier of software solutions, today announced that Zinnia’s acquisition of Ebix’s North American Life and Annuity Assets (the “L&A Assets”) has closed. The deal further positions Zinnia as […]
Americans Reducing Retirement Savings and Taking on Debt Due to Inflation
{April 2nd, 2024} by Allianz Life
MINNEAPOLIS – March 26, 2024 – Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Americans are more focused […]
Fixed Index Annuity: Why It’s Gaining Popularity Now
{April 2nd, 2024} by Marguerita Cheng
Every day, 12,000 baby boomers in the United States reach the age of 65, according to the Census Bureau. By 2030, all baby boomers will be 65 or older. One consequence of this demographic trend is that the investment objective of baby boomers has shifted from a desire for growth to a need for protection. […]
The real cost of volatility-controlled indices in IUL policies
{April 2nd, 2024} by Nick Pratt
Over the past 25 years, indexed universal life policies have become arguably the most complex life insurance products on the market — both for better and for worse. One feature of today’s IULs is the volatility-controlled index. These index strategies are referred to by several different names in our industry: VCIs, proprietary indices and engineered […]
Ameritas Celebrates 17th Center of Excellence Certification
{April 2nd, 2024} by Ameritas
LINCOLN, Neb., March 29, 2024 /PRNewswire/ — The group division of Ameritas proudly announces its 17th consecutive certification as a BenchmarkPortal Center of Excellence, solidifying its position as a leader in customer service and support excellence. This prestigious recognition for 2023 underscores Ameritas’ commitment to meeting and exceeding the highest standards in the industry. The BenchmarkPortal Center […]
Unity Builds Dynamic Legacy of Growth and Innovation by Partnering with Integrity
{April 2nd, 2024} by Integrity Marketing Group, LLC
Agency focused on serving diverse community of agents and clients turns to Integrity for next era of growth fueled by access to Integrity’s transformative technology-focused Suite of Solutions DALLAS, March 26, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today […]
Integrity Co-Founder & CEO Bryan W. Adams Named One of the Top 100 CEOs in the Country
{April 2nd, 2024} by Integrity Marketing Group, LLC
DALLAS, March 28, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), one of the leading independent distributors of life, health and wealth products, today announced that Integrity Co-Founder and CEO Bryan W. Adams has been recognized as a top CEO for large companies in the United States. Adams is joined on the list by highly acclaimed executives from Adobe, Instacart, […]
Social Security Prospecting Is Bait And Switch
{April 2nd, 2024} by Charlie Gipple, CFP, CLU, ChFC
One of the top ways that my agents get in front of consumers is by them—the agent—understanding Social Security retirement benefits in order to help their clients file correctly. Some folks who have never really dug into Social Security filing strategies will say that Social Security is a “bait and switch” method of getting in […]
Broker Words—April 2024
{April 2nd, 2024} by Stephen Howard
This one is a real punch in the gut. It is my sad duty to report the passing of a wonderful friend and one of our industry’s most diligent and beloved heroes, Ed Murray, Murray & Zuckerman, Inc., Schenectady, NY. After graduating with a degree in finance, Ed served as a combat veteran in the […]
Estate Planning: The Irrevocable Life Insurance Trust
{April 2nd, 2024} by Bowditch & Dewey, Eileen Lee Breger
This post has been updated as of March 28, 2024, to reflect changes to the Massachusetts estate tax exemption. There is a common misconception that life insurance benefits are not subject to estate tax. While the proceeds of a life insurance policy are not taxable income to the beneficiaries, they are part of a person’s […]
How Financial Literacy Month Can Help You, Too
{April 2nd, 2024} by Kevin Luebbers
For the past two decades, many in the financial services industry have marked April by observing Financial Literacy Month. The month is dedicated to helping Americans gain knowledge and skills to manage their personal finances effectively and build generational wealth. This April, as financial professionals discuss educational resources with their clients, it is also the […]
FBI Hunts Iowa Advisor Charged With $1.5M Fraud
{April 2nd, 2024} by Dinah Wisenberg Brin
The Federal Bureau of Investigation is searching for an Iowa financial advisor accused of money laundering and wire fraud. William Jack Berg, 51, allegedly defrauded more than a dozen client investors in a scheme that caused them to lose over $1.5 million, according to the FBI, which lists him on its Most Wanted page for […]
Abacus Aims to Sell In-Force Policies to the Insurers
{April 2nd, 2024} by Allison Bell
A company that buys in-force life insurance policies from the customers hopes to sell some of the policies to life insurance companies. Jay Jackson, the CEO of Abacus Life, talked about his company’s efforts to sell policies to life insurers last week, during a conference call the company held to go over results for the fourth quarter […]
Nationwide to offer term life insurance through local independent agencies
{April 2nd, 2024} by Nationwide
Columbus, OH – Nationwide is now offering term life insurance through local independent agencies to protect more people, businesses and futures with extraordinary care. Nationwide Brokerage Solutions (NBS) and its 14,500 affiliated local agencies will get access to Nationwide’s best-in-class underwriting process and products, delivering fast and competitive decisions and solutions to succeed in selling term life insurance. The shared […]
WealthVest adds new wholesale team to add to growing Aspida annuities sales
{April 2nd, 2024} by Steve Randall
WealthVest has deployed a new nationwide distribution team to focus on its partnership with life insurance and annuities firm Aspida. Click HERE to read the full story via InvestmentNews
