A Sea Change in RILA Regulation: Navigating the New Waters
{September 24th, 2024} by W. Thomas Conner, Harry Eisenstein, Ann Began Furman, William Kotapish
On July 1, 2024, the Securities and Exchange Commission adopted a new registration framework for registered index-linked annuity (RILA) contracts. RILA contracts allow investors to allocate purchase payments to one or more “index-linked” investment options whose performance is based in part on the return of an index or other benchmark over a crediting period, subject […]
Corebridge Tries Unusual Tweaks to Buffers, Caps on New Annuity
{September 24th, 2024} by Cyril Tuohy
Having an adjustable buffer gives the insurer more flexibility, said Peter Lamond, variable annuity product director with Wink, a life and annuity market research company. Normally, a buffer doesn’t need to be adjustable because when an account term ends, changes are made to cap, participation and trigger rates. But that doesn’t work if the lock rate is […]
Best’s Special Report: First-Half 2024 Net Income in U.S. Life/Annuity Insurance Industry Increases by 7%
{September 24th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Net income for the U.S. life/annuity (L/A) insurance industry increased by 7.1% in the first half of 2024 over the same prior-year period to $14.1 billion, driven largely by lower realized capital losses, according to a new AM Best report. This financial review is detailed in a new Best’s Special Report, titled, “First Look: Six-Month 2024 US […]
Life Insurance Awareness Month #LIAM
{September 24th, 2024} by Wink's Intel Pros
September is Life Insurance Awareness Month Wink supports Life Insurance Awareness and will be joining in this month’s awareness campaign! We will be reprinting our CEO, Sheryl Moore’s most requested life insurance-focused articles all month long; they will be indicated with “reprint” in the title. You’ll find these timeless articles are still relevant today. […]
Reliable and Relevant: Reprint #LIAM
{September 24th, 2024} by Sheryl J. Moore
I will never forget the day when Grandfather came home with tears in his eyes, talking about his client who had died unexpectedly. You see, this client’s wife had just held my grandfather’s hand for hours, as people came through a funeral home, paying their last respects to her husband. She repeatedly thanked him, looking […]
THE BASICS ON INDEXED UNIVERSAL LIFE: Reprint for #LIAM
{September 24th, 2024} by Sheryl J. Moore
February 7, 2011 It has been nearly thirty years since consumers were first offered the benefits of Universal Life (UL) and with UL came flexibility in premium payments, death benefit options, coverage amounts, and all sorts of other things that they never dreamed of. UL was the beginning of a whole new world of product […]
BlackRock Survey: Retirement Plan Advisors Demand Active and Income Strategies
{September 24th, 2024} by BlackRock
NEW YORK–(BUSINESS WIRE)–As the market regime shifts to one with higher volatility and rate uncertainty, retirement plan advisors are looking to help plan sponsors build more resilient portfolios. According to BlackRock’s 2024 Read on Retirement®: Advisor Outlook, retirement plan advisors are focused on implementing active and income strategies, and streamlining their practice management, including incorporating […]
What the Fed’s Rate Cut Means for Life and Annuity Bulls and Bears
{September 24th, 2024} by Lloyd Lofton
In a bold move reminiscent of the financial crisis of 2008, the Federal Reserve has slashed interest rates by 50 basis points. (Translation: half a percentage point.) That’s the largest single cut in more than a decade. This aggressive action initiates the central bank’s first easing campaign since the onset of the COVID-19 pandemic in […]
AM Best Affirms Credit Ratings of Massachusetts Mutual Life Insurance Company and Its Subsidiaries
{September 24th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Massachusetts Mutual Life Insurance Company (MassMutual) (domiciled in Springfield, MA) and its life/health subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT). […]
Munich Re North America Life Launches Longevity Reinsurance Solution to US and Canada Markets
{September 24th, 2024} by Munich Re
NEW YORK & TORONTO–(BUSINESS WIRE)–Munich Re North America Life has announced a new offering–longevity reinsurance–aimed at allowing clients to accumulate assets while transferring biometric risk. Clients can pass on longevity risk by converting uncertain future pension or annuity payments into a fixed cash flow stream, locking in mortality assumptions and a fee at inception. With […]
New Accumulation Whole Life Delivers More Growth and Flexibility
{September 24th, 2024} by The Penn Mutual LIfe Insurance Company
PHILADELPHIA, Sept. 23, 2024 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of Accumulation Whole Life to its robust life insurance lineup. “Accumulation Whole Life isn’t just about helping individuals protect their loved ones; it’s about empowering them to build wealth and help create a more […]
Transamerica Simplifies Final Expense Insurance for Consumers and Agents
{September 24th, 2024} by Transamerica
BALTIMORE, Sept. 18, 2024 /PRNewswire/ — Transamerica today announced the introduction of a new final expense insurance offering that provides applicants with an easy, digital experience — from quote to policy delivery — in as little as 10 minutes. The new Transamerica FE Express Solution℠ (FE Express) provides guaranteed level premiums and permanent lifetime protection, up to $50,000 for qualified applicants. […]
‘What the heck is this thing?’ Panel recalls how RILAs gave industry a jo
{September 24th, 2024} by John Hilton
Registered indexed-linked annuities are no longer just a stopgap product in response to unique economic conditions. RILA sales are growing every quarter and nearly every major insurer has a version. A Corebridge Financial RILA is the next expected entrant in what is becoming a very crowded product field. Click HERE to read the full story […]
What’s the Difference Between an Advisor, a Planner and an Agent?
{September 24th, 2024} by Howard Wolkowitz
For me, after spending 27 years in career agency life insurance sales, one thing is clear: We were not and could not be considered fiduciaries. The training, incentives, compensation and rewards were based on sales production. When I entered the life insurance sales industry in 1992, we obtained an insurance license, not a securities license. […]
DOL appeals Texas court decision freezing its new fiduciary rule
{September 24th, 2024} by John Hilton
Department of Justice attorneys filed appeals Friday in Texas federal courts, seeking to overturn a stay of its Retirement Security Rule. The rule, which represents the Department of Labor’s latest attempt to extend fiduciary duty to nearly all annuity sales, was to take effect today. Judge Jeremy D. Kernodle issued the stay on July 25 in a […]
American Life targets accumulation seekers with new FIA
{September 24th, 2024} by John Hilton
Consumers are buying annuities in record numbers, attracted to the potential to participate in the market with little or no loss at stake. American Life & Security Corp. is feeding that market need for more new products with the new MaxGrowth 10 Fixed Indexed Annuity. MaxGrowth is “designed to enhance retirement savings through accumulation while […]
777 Partners lawsuit: former IT employee stole laptops for lender
{September 24th, 2024} by John Hilton
777 Partners, the high-profile investment firm at the center of a swirling controversy over missing funds, hit back with its own lawsuit last week. The Miami-based firm is suing a former lender, claiming that Leadenhall Capital, a prominent London-based asset management firm, hired a former 777 Partners tech employee to gain access to proprietary information. […]
DOL appeals Texas court decision freezing its new fiduciary rule
{September 24th, 2024} by John Hilton
Department of Justice attorneys filed appeals Friday in Texas federal courts, seeking to overturn a stay of its Retirement Security Rule. The rule, which represents the Department of Labor’s latest attempt to extend fiduciary duty to nearly all annuity sales, was to take effect today. Judge Jeremy D. Kernodle issued the stay on July 25 in a […]
Judge grants government $1.5M forfeiture from Greg Lindberg
{September 24th, 2024} by John Hilton
A federal judge granted the government forfeiture of nearly $1.5 million in funds previously seized from disgraced financier Greg Lindberg after his bribery conviction. Lindberg, along with associate John Gray, was convicted in May of bribing North Carolina Insurance Commissioner Mike Causey for a second time. In his decision Monday, Judge Max O. Cogburn said the government […]
In-plan annuities still suffer from Ken Fisher-led reputational attacks
{September 24th, 2024} by John Hilton
Reputation might be all that is holding back annuities from taking up a steady residence inside retirement plans. Not surprisingly, it is evident that decades of trashing annuities as overpriced and ill-advised will take time to reverse, agreed a panel at the LIMRA 2024 Annual Conference. “We literally have people say, ‘I don’t know much […]
Fed Rate Cut Could Speed Up Some Annuity Sales
{September 24th, 2024} by Allison Bell
The new Federal Reserve effort to push interest rates lower could help life insurance and annuity sales, according to Jack Elder. Elder, a senior vice president at CBS Brokerage, said in an email interview that rates are still much higher than they were in early 2022, when they began to shoot up. The 50-basis-point cut that the […]
DOL Appeals Two Rulings Halting Fiduciary Rule
{September 24th, 2024} by Melanie Waddell
The Labor Department late Friday filed to the Fifth Circuit Court of Appeals to reverse two rulings from federal courts in Texas that temporarily stopped Labor’s new fiduciary rule from taking effect. Before the stays were granted, the rule was set to take effect Monday. In late July, the U.S. District Court for the Eastern District of Texas Tyler Division granted the […]
Annuities’ New Golden Age Probably Isn’t Over Yet
{September 24th, 2024} by Telis Demos
It has been a historic couple of years for annuity sales, fueled by the highest interest rates in a generation. Will falling rates put an end to that? For eight years through 2021, sales of U.S. annuity policies averaged around $230 billion a year, according to Limra, an insurance industry-funded research firm. In 2022, when […]
Strategies For Protecting Income Among High-Net-Worth Individuals
{September 24th, 2024} by Mike Vietri
As we navigate an era of financial complexities—including a volatile stock market, uncertainty concerning government entitlements and the anticipation that only an election year can bring upon us—I believe the need for robust, tailored strategies to protect high-net-worth (HNW) individuals’ income and assets has never been more critical. Click HERE to read the full story […]
How life carriers can optimize agent productivity
{September 24th, 2024} by Susan Rupe
LIMRA and Boston Consulting Group partnered to study top performing life insurance agents across all distribution channels while identifying premier carriers based on established benchmarks. The results of the study will be presented during the session “Strategizing Growth and Life Insurance Productivity” at the LIMRA Annual Conference. Bryan Hodgens, LIMRA and LOMA corporate vice president, […]
AI comes with great promise (and ethical risks) for the insurance industry
{September 24th, 2024} by John Hilton
NASHVILLE – Artificial intelligence has powerful potential, which can be classified as good or bad. Insurance is among the industries likely to be most transformed. Still, there remains a hesitancy to dive into the technology. A LIMRA survey revealed the tentative industry approach to AI, CEO Dave Levenson noted: Click HERE to read the […]
‘We’re set up properly’: Michael Vick says his NFL retirement income is over six figures annually — player benefits include annuities, cap plans and even disability
{September 24th, 2024} by Vishesh Raisinghani
Being a professional athlete is a glamorous, but short-lived career. According to RBC research, athletes typically retire before the age of 30. For the National Football League (NFL), the average retirement age is just 27.6. Fortunately, the NFL has “great benefits” for players, according to former quarterback Michael Vick. After playing in the league for 13 seasons, the […]
Four-fifths of retirement plan advisors are talking about lifetime income
{September 24th, 2024} by Leo Alamazora
A new survey from BlackRock reveals that retirement plan advisors are increasingly prioritizing active management and income strategies to help clients navigate market volatility and uncertainty. Click HERE to read the full story via InvestmentNews
Value of life insurance highlighted during Life Insurance Awareness Month
{September 24th, 2024} by Staff
September is Life Insurance Awareness Month, and the Pennsylvania Insurance Department (PID) reminds Pennsylvanians of the importance of life insurance coverage and the financial protection it provides after the death of a loved one. Life insurance provides financial protection for a family and ensures that dependents and other family members are not burdened with the […]
DOL to appeal court stays on fiduciary rule for retirement advice
{September 24th, 2024} by Dan Shaw
The Department of Labor is appealing two stays placed by Texas courts on its new fiduciary rule for retirement-related advice. The rule, released in April, was scheduled to take effect on Monday but was instead postponed by preliminary injunctions handed down in late July by a pair of federal district courts in Texas. The Biden Administration’s Retirement Security Rule, […]
Annuity Issuers Try to Talk the Same Tech Language, for Real
{September 24th, 2024} by Allison Bell
The Insured Retirement Institute is trying to slash through one of the barriers that hurts life insurers’ ability to sell annuities: Especially for financial professionals other than life insurance agents, selling annuities is annoying. The Washington-based group has started a Digital First for Annuities initiative that’s trying to close the technology canyon between annuities and […]
Diversified Brokerage Services, Inc. Launches New Annuity Department with Tech Upgrades for Enhanced
{September 24th, 2024} by Diversified Brokerage Services, Inc.
Minneapolis, Sept. 11, 2024 (GLOBE NEWSWIRE) — Minneapolis, Minnesota – Diversified Brokerage Services, Inc. has announced a new initiative to expand their service offerings. This effort aims to make client interactions smoother and enhance the overall user experience through tech upgrades and improved customer service strategies. “We’re excited to take this step forward,” said the […]
Kalsi Insurance Agency and Integrity Partner to Offer Robust Insurance Solutions to Underserved Communities
{September 24th, 2024} by Integrity Marketing Group, LLC
DALLAS – SEPTEMBER 17, 2024 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Kalsi Insurance Agency, an independent marketing organization based in Rancho Cucamonga, California, and led by Navdeep Kalsi. Financial details of the partnership were not […]
Arete Wealth Partners with Luma Financial Technologies to Elevate Structured Products and Annuities
{September 24th, 2024} by Arte Wealth
CHICAGO, Sept. 9, 2024 /PRNewswire/ — Arete Wealth, a full-service Broker-Dealer (BD) and Registered Investment Advisory Firm (RIA), has announced a new partnership with Luma Financial Technologies (“Luma”), an award-winning global independent alternative investment platform. Through this collaboration, Arete Wealth will leverage Luma’s award-winning platform to streamline the process of buying and managing structured products and annuities for […]
NCOIL SALUTES LIFE INSURANCE AWARENESS MONTH
{September 24th, 2024} by NCOIL
Belmar, NJ – The National Council of Insurance Legislators (NCOIL) is proud to highlight September as the 21st “National Life Insurance Awareness Month.” NCOIL applauds this annual initiative that serves as an important reminder to families of the value of life insurance and encourages them to view life insurance as an investment into their families’ financial security. “Life insurance […]
Innovative Topsider Fixed Indexed Annuity Launched by Oceanview Life and Annuity Company and Simplicity Group
{September 18th, 2024} by Oceanview Life and Annuity Company and Simplicity Group
DENVER & SUMMIT, N.J.–(BUSINESS WIRE)–Oceanview Life and Annuity Company, a leader in innovative retirement solutions, and Simplicity Group (“Simplicity”), a leading financial products distribution company, today announced the launch of the Oceanview Topsider Fixed Indexed Annuity (Topsider FIA). The Topsider FIA is designed to provide clients with enhanced growth potential while maintaining the principal protection […]
Corebridge Financial on its own and moving to dominate the market
{September 18th, 2024} by John Hilton
Corebridge Financial begins corporate life free from the shadow of American International Group in a strong position to attack the massive retirement market. “Peak 65 I think, essentially defines our marketplace,” said Kevin Hogan, Corebridge CEO. “The fact that 4 million people are going to turn 65 each year for the next decade, each of […]
We really don’t do a good job of supporting new agents
{September 18th, 2024} by Sheryl J. Moore
My friend David H. Kinder, RFC®, ChFC®, CLU® put together an “Interviewing the Interviewer” video, which provides key tops for new agents, looking to contract with a career agency insurance company. I learned A LOT watching this. We really don’t do a good job of supporting new agents, looking to get into this business. This […]
I Give a Damn About Life Insurance – You Should Too! #LIAM Reprint
{September 18th, 2024} by Sheryl J. Moore
Starting out in the insurance industry 20 years ago, there was one thing that I learned quickly and that was life insurance was a necessity. Life insurance guards against the risk of dying unexpectedly. And let’s face it – we’re all going to die. For that reason alone, I thought that I should purchase life […]
DROPPING SOME KNOWLEDGE ON UNIVERSAL LIFE PRODUCTS: REPRINT #LIAM
{September 18th, 2024} by Sheryl J. Moore
Recently, one of the largest Field Marketing Organizations (FMOs) in the country asked for Wink’s help with a big premium financing case. While preparing to run illustrations for the study, our team reviewed the list of products that the FMO wanted to include. I was shocked to see that while all of the products were […]
Corebridge Aims to Launch First RILA Product by Year’s End
{September 18th, 2024} by Aaron Smith
Corebridge CEO Kevin Hogan said that the insurer is planning to launch the carrier’s first RILA product this year, and hinted at more reinsurance deals with its Bermuda subsidiary. “Whilst we have a broad product range, we are looking forward to introducing our own version of a RILA product sometime before the end of the year,” said Hogan […]
A passion for advocacy: Matthew Tassey
{September 18th, 2024} by Susan Rupe
If you knew Matthew Tassey’s story, you would say he was destined for an insurance career and destined to be an advocate for his industry. Tassey is principal at E.A. Scribner Insurance Agency in Scarborough, Maine, and a 51-year veteran of the life insurance industry. The National Association of Insurance and Financial Advisors on Sept. […]
Gen Z feels ‘overwhelmed’ and ‘anxious’ about insurance
{September 18th, 2024} by Susan Rupe
Generation Z is the newest generation to reach adulthood and the thought of dealing with insurance makes Gen Z overwhelmed and anxious. That was one of the findings from a National Association of Insurance Commissioners survey of Gen Z attitudes about insurance. More than half of Gen Zers surveyed (54%) said they felt overwhelmed or anxious about […]
MassMutual Consumer Spending & Saving Index: Many Americans are Opting for Childfree Lives over the Financial Strain of Parenthood
{September 18th, 2024} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Many younger Americans are worried that the relative financial freedom they enjoy in their childfree lives would be impossible to maintain if they started a family, according to the latest Consumer Spending & Saving Index from MassMutual. The quarterly survey provides insights into consumers’ financial habits, beliefs and expectations within the current economic landscape. “With today’s financial […]
Symetra Named a Fortune 2024 Best Workplace in Financial Services and Insurance™
{September 18th, 2024} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company announced that Fortune® magazine and Great Place To Work® have recognized the company as one of the 2024 Best Workplaces in Financial Services and Insurance™. This is Symetra’s second consecutive appearance on the list, coming in at No. 30 among organizations in the large workplaces category. Great Place To Work®, […]
Gen Z Wants Financial Planning Help — Not Debt Solutions
{September 18th, 2024} by The Standard
PORTLAND, Ore.–(BUSINESS WIRE)–A new study from The Standard shows that Gen Z takes a forward-looking approach to money, wanting help with saving and planning — while managers and HR leaders think this age group is more worried about debt. Boost Financial Literacy, Build Gen Z Tenure explores frontline people managers’ views of Gen Z and benefits and […]
Equitable Enhances Flagship Retirement Solution for K-12 Educators
{September 18th, 2024} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced a new series to its EQUI-VEST line of deferred variable annuity products, EQUI-VEST® Series 202. This enhanced version is designed to help educators supplement their retirement savings by providing additional choices, flexibility and a level of certainty. EQUI-VEST® Series […]
AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries
{September 18th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Pacific Life Insurance Company and Pacific Life & Annuity Company (collectively referred to as Pacific Life Group). Both companies are headquartered in Newport Beach, CA. Additionally, AM Best has affirmed the […]
AM Best Downgrades Credit Ratings of Stellar National Life Insurance Company; Places Credit Ratings Under Review With Developing Implications
{September 18th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating to “bbb-” (Good) from “bbb” (Good) of Stellar National Life Insurance Company (Stellar) (Phoenix, AZ). Concurrently, AM Best has placed the Credit Ratings (ratings) under review with developing implications. The ratings reflect Stellar’s balance […]
AM Best Revises Outlooks to Negative for Oxford Life Insurance Company and Its Subsidiary
{September 18th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ), and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford […]
Income Lab Launches Innovative Annuity Features to Enhance Retirement Planning
{September 18th, 2024} by Income Lab
DENVER–(BUSINESS WIRE)–Income Laboratory, Inc. (Income Lab), maker of award-winning retirement income planning software, today announced the launch of its cutting-edge annuity modeling, comparison, and stress testing capabilities. Advisors can now incorporate annuities into retirement income plans and give clients a comprehensive view of how lifetime income can affect their financial lives. This new offering is […]
F&G and Accenture Collaborate to Optimize Technology Platform Capabilities for Retail Annuity Growth
{September 18th, 2024} by F&G Annuities & Life, Inc
NEW YORK & DES MOINES, Iowa–(BUSINESS WIRE)–F&G Annuities & Life, Inc (F&G) (NYSE: FG), a leading U.S. provider of insurance solutions serving retail annuity and life customers and institutional clients, announced a strategic collaboration with Accenture (NYSE: ACN) to enhance F&G’s technology platform capabilities to optimize and scale operations for future growth through the utilization […]
Global Atlantic Announces New Leadership for Individual Markets Business
{September 18th, 2024} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced that Chief Operations Officer Emily LeMay and Chief Distribution Officer Jason Bickler have been appointed Co-Heads, Individual Markets, effective immediately. Ms. LeMay and Mr. Bickler will report to Rob Arena, […]
Only One in Three American Millionaires Feel “Wealthy” and Nearly Half Say Their Financial Planning Needs Improvement, According to Northwestern Mutual Planning & Progress Study
{September 18th, 2024} by Northwestern Mutual
MILWAUKEE, Sept. 4, 2024 /PRNewswire/ — If you think millionaires feel financially invincible, think again. Just one-third (32%) of American millionaires consider themselves “wealthy” and nearly half (48%) believe that their financial plans need improvement. These are some of the latest findings from Northwestern Mutual’s 2024 Planning & Progress Study – the company’s proprietary research series that explores Americans’ […]
World Financial Group Highlights Importance of Financial Preparedness During Life Insurance Awareness Month
{September 18th, 2024} by World Financial Group
World Financial Group’s focus stems from its latest Financial IQ Study finding only 37% of U.S. households confidently manage their personal finances to achieve future security. CEDAR RAPIDS, Iowa, Sept. 17, 2024 /PRNewswire/ — September is Life Insurance Awareness Month (LIAM), and World Financial Group (WFG) is bringing attention to the importance of including life insurance as […]
Simplicity Acquires benefitRFP and Names Bob Nienaber as its Newest Partner
{September 18th, 2024} by Simplicity Group
SUMMIT, N.J., Sept. 11, 2024 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”), a leading financial products distribution firm, today announced it has acquired benefitRFP and welcomes the company’s founder, Bob Nienaber as the group’s newest partner. benefitRFP advises companies across the U.S. on the design, implementation, administration, and servicing of executive benefit plans. “Bob and the team at benefitRFP bring […]
Fortune Media and Great Place To Work Name Penn Mutual to 2024 Best Workplaces in Financial Services & Insurance List
{September 18th, 2024} by The Penn Mutual Life Insurance Company
PHILADELPHIA, Sept. 12, 2024 /PRNewswire/ — Great Place To Work® and Fortune have selected The Penn Mutual Life Insurance Company for the 2024 Fortune Best Workplaces in Financial Services & Insurance™ List. This is Penn Mutual’s second time being named to this prestigious list. Earning a spot means that Penn Mutual is one of the best companies to work for in the […]
Behavioral Science in Life Insurance Focus of New Study from Society of Actuaries Research Institute
{September 18th, 2024} by Society of Actuaries Research Institute and Reinsurance Group of America, Incorporated
CHICAGO, Sept. 12, 2024 /PRNewswire/ — The Society of Actuaries (SOA) Research Institute, in collaboration with Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global life and health reinsurer, announced findings from new research on behavioral science for the life insurance sector. This research simulated online term life insurance purchasing to test behavioral science techniques. The research report “Searching […]
SSIP Joins with Integrity to Leverage Innovative Technology and Proven Growth Platform to Provide More Holistic Insurance Solutions to Seniors
{September 18th, 2024} by Integrity Marketing Group, LLC
DALLAS – SEPTEMBER 10, 2024 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Senior Security Insurance Partners (“SSIP”), an independent marketing organization based in Mansfield, Ohio, and led by Sam Hoyek. Financial details of the partnership were not […]
Kalsi Insurance Agency and Integrity Partner to Offer Robust Insurance Solutions to Underserved Communities
{September 18th, 2024} by Integrity Marketing Group, LLC
DALLAS – SEPTEMBER 17, 2024 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Kalsi Insurance Agency, an independent marketing organization based in Rancho Cucamonga, California, and led by Navdeep Kalsi. Financial details of the partnership were not […]
Annuity Provider A-CAP Injected Billions Into Failing Firm, Lawsuit Alleges
{September 18th, 2024} by Jacob Adelman
The Advantage Capital insurance group has been spending heavily to keep one of its major borrowers, 777 Partners, out of bankruptcy proceedings, another one of 777’s lenders has alleged in court filings. The lawsuit claims that Advantage Capital, or A-CAP, is seeking to avoid a bankruptcy filing by 777, which could bring scrutiny of its […]
Get inflation-protected income for life? Here’s how you can set it up.
{September 18th, 2024} by Mark Hulbert
Annuities are better bargains if you purchase them right before interest rates decline. But if you’re worried that inflation could climb significantly higher, they may still be a bad idea. It’s important to point this out because of the spate of recent articles urging us to buy annuities right away, since interest rates are presumably […]
What the IRS Manual Tells Staffers About Life and Annuities
{September 18th, 2024} by Allison Bell
Internal Revenue Service officials reveal some of their views about life insurance and annuities in the Internal Revenue Manuals, a guide for tax collectors. One section, Part 5. Collecting Process, tells IRS employees what to do when they’re searching taxpayers’ finances for “reasonable collection potential.” For IRS employees, the reasonable collection potential search is a broad, highly […]
How advisors can ease client fears of outliving retirement income
{September 18th, 2024} by Rob Burgess
Despite increased optimism about their retirement accounts, many savers reported feeling nervous about outliving their retirement income. According to the recently released fourth annual Protected Retirement survey from the Nationwide Retirement Institute, nearly two-thirds (65%) of respondents say they are on the right track to be financially prepared for retirement. This figure rises to 71% […]
The Unavoidable Truth About Retirement Investing: Josh Brown
{September 18th, 2024} by Jane Wollman Rusoff
At its heart, investing for retirement comes down to a simple truth, according to Josh Brown, CEO of Ritholtz Wealth Management. “Take your risk today, or take it later. But one way or the other, risk is the main thing. … There’s no such thing as riskless rewards,” Brown maintains in an interview with ThinkAdvisor. […]
Singlife Introduces Indexed Universal Life Plan with Minimum Sum Assured of US$250,000 for Singapore’s Growing Affluent Segment
{September 18th, 2024} by Singlife
An accessible Indexed Universal Life plan that offers potentially higher returns linked to the performance of the S&P 500 Index and Nasdaq-100 Index and a guaranteed floor rate of 0% SINGAPORE, Sept. 11, 2024 /PRNewswire/ — Leading homegrown financial services company Singlife introduces Singlife Legacy Indexed Universal Life (IUL), a non-participating universal life plan that is one of the most […]
Cases Mount Against Advisor Accused of Stealing Millions From His Aunt
{September 18th, 2024} by Jamie Johnson
Civil cases appear to piling up against a Pennsylvania financial advisor already accused of draining millions from clients, including his widowed aunt and a retired executive. Scott J. Mason now faces a longer list of civil cases from alleged victims, in addition to ongoing investigations by the Federal Bureau of Investigation and the Securities and Exchange Commission. […]
Private equity, artificial intelligence coming fast at life insurers: LIMRA CEO
{September 18th, 2024} by John Hilton
The life insurance industry faces familiar challenges with talent shortages and how to meet the glaring product needs. Unlike the past, however, new tools and resources exist to change the narrative going forward. Dave Levenson, CEO of LIMRA and LOMA, will address the great potential for positive change in a state-of-the-industry address today. Click HERE […]
Diversified Brokerage Services, Inc. Launches New Annuity Division
{September 18th, 2024} by Diversified Brokerage Services, Inc.
Minneapolis, MN – Diversified Brokerage Services, Inc. (DBS), a leading provider of insurance brokerage services, is thrilled to announce the launch of its new Annuity Division. This strategic addition is set to enhance the support provided to financial advisors and their clients, reinforcing DBS’s commitment to innovation and excellence in the life insurance industry. The […]
Term to Universal to Whole Life: Matching client needs to the right product
{September 18th, 2024} by Drew Gurley
What is the right type of life insurance for your client? This seems to be a harmless question, but it’s one that drives agents mad. The typical answer is “it depends.” Click HERE to read the full story via INN
Term life sales on pace for record year, says Limra
{September 18th, 2024} by Leo Almazora
Term life insurance sales maintained their upward trajectory in the second quarter of 2024, putting the category on course for a record year after closing its sixth consecutive quarter of growth, according to Limra’s US Life Insurance Sales Survey. Click HERE to read the full story via Investment News Wink’s […]
Be kind.
{September 10th, 2024} by Sheryl J. Moore
I will never forget that day. My neighbor said he was doing cartwheels in the back yard, and playing with the dogs an hour before he was found dead. He complained to me that the kids at school were bullying him. He said they told him to “go to h*ll” because he was going to […]
LINE OF BUSINESS: SALES, % CHNG/QTR and % CHNG/YR
{September 10th, 2024} by Sheryl J. Moore
LINE OF BUSINESS: SALES, % CHNG/QTR and % CHNG/YR All Universal Life: $1.13 billion, 11.92% and N/A > Non-Variable Universal Life: $847.41 million, 12.08% and 2.37% >> Universal Life: $100.54 million, 12.21% and -1.06% Indexed Life: $747.23 million, 12.08% and 2.88% >>Variable Universal Life: $291.60 million, 11.44% and N/A Whole Life: $1.08 billion, 6.37% and […]
Life insurance sales deliver strong rebound in second quarter, Wink finds
{September 10th, 2024} by Staff Reports
Life insurance sales rebounded nicely during the second quarter, Wink, Inc. reported in its Sales and Market Report. Universal life sales for the quarter exceeded $1.1 billion, up 11.9% compared to the previous quarter. All universal life sales include fixed UL, indexed UL, and variable UL products. Click HERE to read the full story via INN
Wink’s Annuity Sales & Market Report, 2Q2024
{September 10th, 2024} by Editorial Staff
Athene USA was the annuity sales leader (overall market share of 8.2%; 11.9% for non-variable deferred annuities), followed by MassMutual, Corebridge Financial, Equitable Financial and Nationwide. Total second quarter sales for all annuities were $109.6 billion; sales were up 3.7% when compared to the previous quarter, according to Wink’s Sales & Market Report for the […]
FUNDING UNIVERSAL LIFE INSURANCE AT TARGET? YOU’RE MISSING THE POINT: REPRINT #LIAM
{September 10th, 2024} by Sheryl J. Moore
The following article is a reprint, originally written July 15, 2013 by Sheryl J. Moore: Throughout the past [20] years of working with universal life (UL) products, one comment in particular has been overheard far too often: “…fund this UL at [X percent] over target.” This comment is especially popular in the indexed life market, […]
The Inconceivable Life Lesson #LIAM Reprint
{September 10th, 2024} by Sheryl J. Moore
He was not yet four years old when my manager in the home office sat me down and suggested that I purchase life insurance for my oldest child, my only son, AJ. It seemed strange to me to consider his death. Why would I want to purchase life insurance on my child? I would predecease him. This […]
Life Insurance Buyers Like the Stock Market
{September 10th, 2024} by Allison Bell
U.S. life insurance sales figures show buyers falling back in love with the investment markets in the second quarter. Issuers reported making $4 billion in individual life sales in the quarter, about the same as in the second quarter of 2023, according to new market survey data from LIMRA. Click HERE to read the full story via […]
Leading a 175-year-old ‘startup’ — With National Life’s Mehran Assadi
{September 10th, 2024} by Paul Feldman
National Life Insurance Co. started 175 years ago. In 1996, it acquired Life Insurance Company of Southwest, which became part of National Life Group. Today, as the No. 1 provider of indexed universal life and the No. 1 provider of fixed index annuities within the employer-sponsored K12 space, Mehran Assadi has led the company to […]
Bristol-Myers Sued Over $2 Billion Pension Annuity Transfer
{September 10th, 2024} by Jacklyn Wille
Bristol-Myers Squibb Co. was sued by a former employee who says the pharmaceutical company jeopardized workers’ retirement benefits by offloading $2 billion in pension liabilities to an annuity provider he describes as “highly risky.” The proposed class action challenges a 2019 transaction in which Bristol-Myers allegedly removed thousands of plan participants by purchasing group annuity contracts from […]
Retirement savings black hole revealed with 1 in 5 having nothing saved
{September 10th, 2024} by Steve Randall
Millions of Americans have retired with no savings at all, while many more have less than the US average wage to support them in their later years. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: Fascinating retirement survey. (You know how I love stats!) “Looking at those already […]
Will Fed Rate Cuts Make Fixed Annuities Less Desirable?
{September 10th, 2024} by Ben Mattlin
Even though a cut in the Fed’s benchmark interest rate hasn’t happened yet, the anticipation is already having an affect on some annuities, advisors say. Fixed annuities, rather than variable annuities, will feel the most direct impact, they predict. “When the Federal Reserve lowers interest rates, the effective rates on fixed annuities will also decrease,” […]
I wonder how much this would be in 2024 money?
{September 10th, 2024} by Sheryl J. Moore
Reading Gary Schulte’s “The Fall of First Executive…” I just read a staggering statistic in the first chapter- “In fact, by the late 1970’s, industry statistics revealed that it cost the typical career agency company over $200,000 to put each agent through his or her fourth year in business.” I wonder how much this would […]
How To Fund An IUL And Get Your Premium Back
{September 10th, 2024} by Brian Manderscheid
The life insurance industry heavily promotes and focuses on the idea of using Indexed Universal Life (IUL), or other cash value life insurance policies, for a supplemental tax-free retirement income stream or even to “become your own bank.” However, in recognition of Life Insurance Awareness Month, I want to present a concept using Indexed Universal […]
Best’s Special Report: Strong Annuity Growth Continues Shift to Bermuda Reinsurers
{September 10th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Fueled by strong annuity growth on higher interest rates, U.S. life/annuity (L/A) insurers have doubled their ceded reserves to $1.74 trillion between 2016 and 2023, with an increasingly larger portion headed offshore, according to a new AM Best report. The Best’s Market Segment Report, “Strong Annuity Growth Continues Shift to Bermuda Reinsurers,” is part of AM […]
Jackson Wins Datos Insights Insurance Technology Impact Award
{September 10th, 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.i (NYSE: JXN), has been honored by Datos Insights with a 2024 Insurance Technology Impact award for its Registered Index-Linked Annuity (RILA) Digital Ecosystem. The RILA Digital Ecosystem is a one-stop-shop illustrating the benefits of RILAs, providing a customized, real-time look at […]
AM Best Assigns Credit Ratings to Upstream Life Insurance Company
{September 10th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of B- (Fair) and a Long-Term Issuer Credit Rating of “bb-” (Fair) to Upstream Life Insurance Company (Upstream Life) (Dallas, TX). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Upstream Life’s balance sheet strength, which AM Best assesses as weak, as […]
Finseca: How to Make the Most of Life Insurance Awareness Month
{September 10th, 2024} by Finseca
WASHINGTON, Sept. 5, 2024 /PRNewswire/ — September is Life Insurance Awareness Month—a timely reminder to reevaluate your financial security plan. Life insurance, a cornerstone of a solid financial strategy, is often overlooked despite its important role in protecting your future. Whether you aim to cover essential expenses, eliminate debts, support your family, or leave a lasting legacy, […]
Attorneys: Chubb ruling could have ‘dangerous’ implications for brokers, policyholders
{September 10th, 2024} by Rayne Morgan
Attorneys at Reed Smith LLP say a recent court ruling over the wording of a Chubb Insurance Company policy adds a new level of uncertainty to coverage expectations in a way that could set a “dangerous” precedent if continued. In the case of ECB USA v. Chubb, the Eleventh Circuit Court of Appeals ruled that […]
Consumer misunderstanding may contribute to life insurance coverage gap
{September 10th, 2024} by Ayo Mseka
While many Americans have a good understanding of key life insurance principles, nearly 6 in 10 either do not have coverage or do not know if they do, according to the 2024 Corebridge Life Insurance Insights & Awareness Survey. Misunderstandings around cost could help explain this life insurance coverage gap. While 8 in 10 (80%) […]
Lumen Technologies latest company sued over a PRT deal with Athene
{September 10th, 2024} by John Hilton
As private equity firms continue hunting pension risk transfer deals, corresponding lawsuits from aggrieved pensioners are increasing as well. A lawsuit filed last week in Colorado accused Lumen Technologies of bypassing its fiduciary obligations to select the “safest annuity available” in favor of a lucrative PRT deal with Athene Life & Annuity. Athene, a wholly […]
Insurance Terms Confuse Young Consumers: NAIC
{September 10th, 2024} by Allison Bell
Companies that want to sell life insurance, annuities and related products and services to the youngest adults will have to do more to explain what the words mean. Only 32% of U.S. residents ages 18 through 27 told a survey team that they know what an insurance claim is, according to the National Association of […]
What Would Happen if a Big Insurer Failed?
{September 10th, 2024} by Allison Bell
The effect of the failure of a large U.S. life, health or annuity issuer on state life and health guaranty funds is not clear, according to Daniel Hartley, a senior economist at the Federal Reserve Bank of Chicago. A state guaranty fund usually imposes assessments on surviving member insurers to cover the cost of an insurer […]
Annuity Issuers Send More Business to the Cayman Islands
{September 10th, 2024} by Allison Bell
U.S. life insurance and annuity issuers are using reinsurance arrangements based in the Cayman Islands to back a growing share of their business, according to a team of analysts at Moody’s Ratings. The Cayman Islands and its insurers maintain that the self-governing British territory has a thorough, modern regulatory system. But the Moody’s team contends […]
US life/annuity insurers cede $1.74 trillion to reinsurers, 2016-23
{September 10th, 2024} by Editorial Staff
Fueled by strong annuity growth on higher interest rates, U.S. life/annuity (L/A) insurers have doubled their ceded reserves to $1.74 trillion between 2016 and 2023, with an increasingly larger portion headed offshore, according to a new AM Best report.The Best’s Market Segment Report, “Strong Annuity Growth Continues Shift to Bermuda Reinsurers,” is part of AM Best’s look at […]
Why 401(k) Plan Sponsors Remain Wary of Annuities
{September 10th, 2024} by Kerry Pechter
The SECURE Act’s safe harbor for 401(k) annuities was presumably well-intended. But it may be a case of too little, too soon. Let me explain. Asset managers and life/annuity companies, of course, are more than ready to pitch income-generating products to the $7.4 trillion 401(k) plan market. Click HERE to read the full story via RIJ
A Technical Way Of Looking At GLWBs When Rates Decrease
{September 10th, 2024} by Charlie Gipple
In addition to running an independent marketing organization where I help four hundred agents with their annuities, life, and long term care business, I also have a small group of high-net-worth clients I work with. Here, I help them with their retirement planning, estate planning, tax planning, and long term care planning. This is also […]
Whole Life Flexibility And Case Design (Part 2 Of 3)
{September 10th, 2024} by Charlie Gipple
In part one of the series, and in last month’s edition, we discussed how it is perceived that whole life insurance is very rigid because the structure of the base policy “generally“ requires the premium be paid for the duration that the product was designed for. But then I countered that argument by discussing the […]
Innovation At The Forefront: How BackNine Insurance And GRAIL Are Redefining Life Insurance
{September 10th, 2024} by Ken Leibow
In the evolving landscape of the life insurance industry, innovation and technology are becoming key differentiators for companies striving to stay ahead. The first part of this two-part article highlights how BackNine Insurance has become a pioneer by integrating advanced technology with traditional insurance brokerage services. Founded in 2008, BackNine has grown into a market […]
Wink, Inc. Releases Second Quarter, 2024 Life Sales Results
{September 4th, 2024} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE LIFE INSURANCE SALES REBOUND IN THE SECOND QUARTER Wink, Inc. Releases Second Quarter, 2024 Life Sales Results Des Moines, Iowa. September 3, 2024– Wink, Inc. released the second quarter, 2024 life sales results in its 108th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the […]
SECOND QUARTER 2024 LIFE INSURANCE SALES
{September 4th, 2024} by Sheryl J. Moore
All Universal Life Sales for the second quarter of 2024 were $1,139 million. Second quarter universal life sales were up nearly 12% when compared to the previous quarter. Given that this is the second quarter that Wink has collected data on sales of all universal life insurance products, additional comparisons will be available in future […]
We Need Help Growing Life Insurance Distribution: REPRINT #LIAM
{September 4th, 2024} by Sheryl J. Moore
Originally posted February 5, 2011 by Sheryl J. Moore Most of you know that I am passionate about indexed life insurance and indexed annuities. However, I am passionate about insurance products in general. In fact, one of the things that I am MOST passionate about is growing our distribution! Not so long ago, life insurance […]
Death Benefit Claim Fail #LIAM Reprint
{September 4th, 2024} by Sheryl J. Moore
As the nation’s top expert on life insurance and annuity products, I have spent a great deal of my time over the last couple of decades pouring-over specimen contracts and prospectuses. It’s what I do. It’s why I’m the life of the party. Given that, I am going to admit to you one […]
American Life & Security Corp. Launches MaxGrowth: A Cutting-Edge Accumulation-Based Fixed Indexed Annuity
{September 4th, 2024} by American Life & Security Corp
LINCOLN, Neb.–(BUSINESS WIRE)–American Life & Security Corp., a rapidly growing name in the annuity and retirement space, is proud to unveil its newest innovation, American Life MaxGrowth 10 Fixed Indexed Annuity (FIA). MaxGrowth is designed to enhance retirement savings through accumulation while offering the security of principal protection. MaxGrowth addresses the evolving needs of today’s […]
Q2 Buffered Annuity Sales Running ‘Neck and Neck’ with Traditional VAs
{September 4th, 2024} by Cyril Tuohy
High interest rates and demand for products with some downside protection helped sales of [structured] annuities edge out traditional variable annuities again in the second quarter, according to new research. April-through-June sales of the [structured] annuity product line, also known as registered index-linked annuities (RILAs), or [buffered variable] annuities, rose 44.6% from a year ago […]
Insurers, Agents Speak Up for Life Insurance Awareness Month
{September 4th, 2024} by Allison Bell
Life Happens and its supporters are spreading the message that responsible adults need life insurance to protect their loved ones and pay their final expenses. The National Association of Insurance and Financial Advisors affiliate will run its 21st Life Insurance Awareness Month campaign in September. Click HERE to read the full story via Think Advisor
AM Best Affirms Credit Ratings of Global Atlantic Financial Group Limited and Its Subsidiaries
{September 4th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Commonwealth Annuity and Life Insurance Company (Brighton, MA), First Allmerica Financial Life Insurance Company (Brighton, MA), Forethought Life Insurance Company (Indianapolis, IN), Accordia Life and Annuity Company (Des Moines, IA), […]
AM Best Withdraws Credit Ratings of National Western Life Group, Inc.
{September 4th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has withdrawn the Long-Term Issuer Credit Rating of “bbb-” (Good) of National Western Life Group, Inc. (National Western) (headquartered in Austin, TX). At the time of this withdrawal, the Credit Rating (rating) outlook is stable. AM Best has withdrawn this rating as National Western has requested to no longer participate in AM […]
OneAmerica Financial® maintains strong performance ratings, according to A.M. Best, S&P Global
{September 4th, 2024} by OneAmerica
INDIANAPOLIS, Aug. 30, 2024 /PRNewswire/ — OneAmerica Financial® today announced that A.M. Best Company and S&P Global Ratings have each separately recognized American United Life Insurance Company® (AUL) and its affiliate The State Life Insurance Company® (State Life), both companies of OneAmerica Financial, for their financial strength. A.M. Best affirmed an A+ (Superior) rating, which is the second-highest of 15 […]
AM Best Comments on Credit Ratings of American National Group’s Members Following Announced Coinsurance Agreement With Reinsurance Group of America, Incorporated
{September 4th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of American National Insurance Company (ANICO) and its affiliates, American National Life Insurance Company of Texas and American National Life Insurance Company of New York (Glenmont, NY), collectively known as American National Group […]
TruStage™ Recognized in “Barron’s Best Annuities for Income and Growth” Feature for Sixth Year in a Row
{September 4th, 2024} by TruStage
MADISON, Wis., Aug. 27, 2024 /PRNewswire/ — TruStage today announced that Barron’s has recognized their products in the “Top 100 Best Annuities” feature1 for 2024, for six years running. TruStage products were mentioned 11 times in this year’s rankings. ZoneChoice Annuity, Single Premium Immediate-Income Annuities (SPIAs) and Future Income Annuities (FIAs) were selected yet again, and Zone Income Annuity was recognized for the […]
New! New! New!
{September 4th, 2024} by Sheryl J. Moore
American Life & Security Corp. launched their new MaxGrowth indexed annuity! If you want more information on this unique product, log into Wink, Inc.’s AnnuitySpecs tool NOW. AnnuitySpecs users may click the links below to view product specifications. MaxGrowth 10 MaxGrowth 10 Bonus Last week, I was able to give you all a […]
Getting drunk on fees
{September 4th, 2024} by Sheryl J. Moore
Indexed annuity bonuses, with fees. Indexed annuity indexing methods, with fees. Indexed annuity guaranteed lifetime withdrawal benefits, with fees. Indexed annuities with fees, for the sake of having fees. Who thinks carriers are getting drunk on fees? This used to be a product that HAD NO FEES, ever. -sjm Join in the conversation on […]
Parties seek stay of deadline for fiduciary rule appeal decision
{September 4th, 2024} by John Hilton
The Office of the Solicitor General has not decided whether to appeal a stay freezing the Department of Labor’s latest attempt to expand fiduciary duty. Texas Judge Jeremy D. Kernodle issued the stay on July 25 in a lawsuit brought by the Federation of Americans for Consumer Choice. Attorneys for both plaintiffs and defendants jointly asked Kernodle […]
The IUL conundrum: big sales and big problems
{September 4th, 2024} by John Hilton
Indexed universal life is a lot of things, depending on who you are talking to. To many consumers, IUL is a multipurpose product that helps them accomplish a lot of different financial goals. For some lawyers, it is a seemingly endless source of business as lawsuits proliferate. Click HERE to read the full story via […]
Social Security Funds Will Last Until 2034: CBO
{September 3rd, 2024} by John Manganaro
The main trust funds used to support payments of Social Security retirement benefits are set to run dry in 2034, according to the latest annual funding report published by the Congressional Budget Office. That is one year later than the projection published last year, and it is roughly in line with what the Social Security trustees indicated in […]
“The most innovative companies shaping the future of the industry.”
{September 3rd, 2024} by Sheryl J. Moore
Wink, Inc. is featured as one of Nassau Financial Group Re/Imagine’s “Product Selectors” on their Top 100 Retiretech Companies of 2024. “The most innovative companies shaping the future of the industry.” Pretty cool! Check it out!
Need More Income in Retirement? Buy an Annuity Before Interest Rates Drop.
{September 3rd, 2024} by Neal Templin
If you are thinking of buying an income annuity in the next year or two, now is a good time to pull the trigger. Payouts surged for annuities in late 2022 as the Federal Reserve clamped down on rampant inflation, sending interest rates soaring. Now, as the Fed signals it is ready to begin chopping […]
New York Life VP: Retirement Planning Strategies Vary Across Age Groups
{September 3rd, 2024} by Lori Chordas
OLDWICK, N.J. //BestWire// – Jessica Ruggles, corporate vice president, New York Life, said baby boomers are more likely to have savings than other generations, while younger workers, including Gen Z, are recognizing the importance of early planning. View the video version of this interview here. Read the transcript here.
Best’s News: AM Best Says Life/Annuity Reinsurers Face Growing Competition as Conditions Improve
{September 3rd, 2024} by Caroline Saucer
OLDWICK, N.J. //BestWire// – New research indicates risk-adjusted capitalization for life/annuity reinsurers is expected to remain healthy through 2025, despite risks in investment portfolios and elevated mortality for some, according to Senior Financial Analyst Stephen Vincent in this week’s Best’s News. Click HERE to read the full brief via AM Best
Athene remains king of annuity sales, but others catching up, LIMRA finds
{September 3rd, 2024} by John Hilton
Athene Life & Annuity remained king of the annuity sales mountain during the first half of 2024, but their pursuers are more numerous and closing the gap, LIMRA reports. Athene sold more than $18.7 billion worth of annuities during the period, bettering its 2023 pace, LIMRA announced today. Athene, a wholly owned subsidiary of Apollo […]
SEC asks judge to force Greg Lindberg to explain missing $57 million
{September 3rd, 2024} by John Hilton
The Securities and Exchange Commission (SEC) is asking a North Carolina judge to force embattled financier Greg Lindberg to explain what happened to the $57 million he allegedly siphoned off the insurance companies he once owned. The SEC is suing Lindberg in the U.S. District for the Middle District of North Carolina, claiming he teamed […]
Battle Over New DOL Fiduciary Rule Has Just Begun
{September 3rd, 2024} by Melanie Waddell
The decisions by two federal district courts in Texas to stay the Labor Department’s fiduciary rule and its exemptions are “a very significant set of court decisions,” Brad Campbell, partner at Faegre Drinker in Washington, said on the firm’s recent Inside the Beltway webcast. “But it’s also technically just the first step in a litigation process […]
Best’s Market Segment Report: Life/Annuity Reinsurers Face Growing Competition as Conditions Improve
{September 3rd, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Although higher interest rates and more favorable mortality trends have led to improved conditions for life/annuity reinsurance companies, it also has created more competition, with some backed by alternative investment managers or large private equity firms, according to a new AM Best report. The Best’s Market Segment Report, “Life/Annuity Reinsurers Face Growing Competition as Conditions Improve,” […]
PEAK BOOMER RETIREMENTS MEAN HUNDREDS OF THOUSANDS OF EMPLOYEES ARE LEAVING THE U.S. LABOR FORCE EVERY MONTH
{September 3rd, 2024} by Alliance for Lifetime Income
WASHINGTON, Aug. 27, 2024 /PRNewswire/ — U.S. employers will need to hire on average more than 240,000 people a month for the next five years just to replace jobs being left by those retiring from the workforce, according to a recent study on the economic impact of Peak Baby Boomer retirements. “We are in the early stages […]
TIAA announces strategic partnership with Accenture to accelerate transformation of its retirement recordkeeping
{September 3rd, 2024} by TIAA
NEW YORK, Aug. 27, 2024 /PRNewswire/ — TIAA, the largest U.S. provider of lifetime income, today announced a strategic partnership with Accenture (NYSE: ACN) to accelerate the transformation of TIAA’s retirement recordkeeping capabilities and operations. The agreement capitalizes on the strengths of both organizations to provide next-generation technologies and enhanced recordkeeping to TIAA’s plan sponsor clients and their […]
Unpacking Participant Interest in Guaranteed Lifetime Income: The Executive Interview
{September 3rd, 2024} by ASPPA Net Staff
The 2Q 2024 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz) was recently published. The study provides valuable insights into participant demand for in-plan guaranteed lifetime income solutions, such as annuities, highlighting key differences among generations and demographic groups. Ben Thomason, Head of Defined Contribution Distribution at Allianz Life Insurance […]
How much money do you need for an annuity?
{September 3rd, 2024} by Rachel Christian
Annuities are one way to secure a stream of income in retirement. You fund an annuity with a lump sum or a series of payments, and in return, a life insurance company promises to provide you with a stream of payments — either now or in the future — for a set period or for the rest […]
Advisors are key to a positive annuity purchase experience
{September 3rd, 2024} by Ayo Mseka
With annuity demand expected to shatter records again this year, financial professionals should be prepared to discuss annuity options with their clients, especially since a recent survey from Nationwide shows that financial professionals play an important role in helping investors feel confident and have a positive annuity purchase. What is fueling annuity growth? The survey noted that […]
Pick it up, if you want to be inspired by a true believer.
{September 3rd, 2024} by Sheryl J. Moore
When I have a conflict, and cannot make a speaking gig, Tom Hegna is one of the individuals I refer business to. Over the years, he has become a good friend. And after he read my book, I figured that I better return the favor. So… I loved that “Pay Checks and Play Checks” was […]
It is SO disingenuous to make statements like this.
{September 3rd, 2024} by Sheryl J. Moore
WHAT?!? Click HERE for Commission-Free Annuities: A Guide to Understanding and Maximizing Retirement Savings I am SO tired of these guys. This distributor perpetuates so much bad information about annuities! Yeah, yeah- you sold over $2 billion in “no commission” annuities in 2022. We get it. (That is less than 1% of all deferred annuities […]
And already- it’s #4!
{September 3rd, 2024} by Sheryl J. Moore
Americo Financial Life and Annuity’s Instant Decision IUL was launched late in the first quarter of this year. And already- it is the #4 top-selling IUL in the country! Congratulations Todd Adrian and team! -sjm
Investors Race to Lock in Firm Annuity Guarantees
{September 3rd, 2024} by Allison Bell
Investors poured cash into traditional fixed-rate deferred annuities in the first half of the year. Sales of multi-year guaranteed annuities (MYGA) and other traditional fixed-rate deferred annuities increased to $83.7 billion in the first half, up 16% from the total for the first half of 2023, according to new issuer survey data from LIMRA. Overall […]
