Security Benefit Introduces TopRidge Bonus Fixed Index Annuity with 20% Premium Bonus and Free Withdrawals Up To 30%
{October 1st, 2024} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit Life Insurance Company (Security Benefit) today introduced the TopRidge Bonus Annuity that delivers a combination of a 20% premium bonus, a broad set of index crediting strategies, and a cumulative withdrawal option. The TopRidge bonus applies on all premiums received within the first year of the contract. “We are excited to […]
Demystifying Annuities: Expert Insights for Your Financial Future
{October 1st, 2024} by The Retire Happy Podcast, International Financial Advisory Group
Curious about annuities but not sure where to start? In this month’s episode of the Retire Happy podcast, John Iammarino, RMA® and Thomas O’Connell RICP talk with Sheryl J. Moore, an international annuities expert, to break down everything you need to know—from the basics to the benefits and potential pitfalls. Whether you’re planning for retirement […]
The Get Ready Money Podcast with Sheryl Moore: Building Relationships
{October 1st, 2024} by Tony Steuer
On the latest episode of The Get Ready Money Podcast, I spoke with Sheryl Moore, President and CEO of Moore Market Intelligence and Wink, Inc. about changing the way we think about money, annuities and building relationships. In this episode we discussed: 🔹 How building relationships contributes to your success. 🔹 If you don’t understand something, […]
If you sell indexed life, this post and corresponding chart are a MUST-read
{October 1st, 2024} by Sheryl J. Moore
My thanks to Brian Manderscheid and LifePro Financial for putting together this GREAT comparison of indexed life new business rates to inforce renewal rates. One of the things that so few talk about in the insurance industry is the propensity for insurance companies to reduce their rates, once the business is on the books. It’s […]
Getting to know our Rates Wrangler Extraordinaire
{October 1st, 2024} by Wink Intel Pros
Rita, Rates Wrangler Extraordinaire, solicited a charitable contribution out of our CEO faster than any fundraiser in our history due to her love for volunteering at nonprofits. She specifically asked if she could take vacation the week of the Iowa State Fair before she was even hired (like food-on-a-stick much?!?) This former marketing support expert […]
Bill Could Kill SEC’s New Index-Linked Annuity Registration Rule
{October 1st, 2024} by Allison Bell
A member of Congress wants to cancel the U.S. Securities and Exchange Commission’s new registration system for registered index-linked annuities and annuities with market-value-adjustment features. Rep. Gary Palmer, R-Ala., has introduced House Joint Resolution 209, a measure that would express congressional disapproval of the SEC’s new RILA and MVA registration regulations. Congressional adoption of the resolution would […]
U.S. Annuity Issuers Have a Firm Grip on the Assets: S&P Global
{October 1st, 2024} by Allison Bell
U.S. life insurers appear to have taken two steps that could help them muddle through if conditions change. One is using product features such as surrender-charge periods to keep customers from running in to pull out assets every time a cloud crosses the sky. Another is relying heavily on offshore reinsurers to absorb reserve risk. […]
How New IRS Annuity Rules Could Cause Confusion
{October 1st, 2024} by Allison Bell
Federal law requires most savers who have reached a certain age to take some money out of their pretax retirement savings accounts. The IRS wants to let savers who annuitize some assets cut their required minimum distributions. The Committee of Annuity Insurers does not like how the IRS is handling that. The annuity issuer group may be protecting […]
Sen. Warren Lists 29 Life, Health and Annuity Sales Incentives
{October 1st, 2024} by Allison Bell
Sen. Elizabeth Warren has come up with a list of 14 life insurance, health insurance and annuity sales incentive offers. The destinations range from Cancun, Mexico, to Venice, Italy. One gives agents a chance to qualify for an 11-day trip to New Zealand. Warren’s staff describes the incentive travel offers in an appendix to a new […]
Sorry, not sorry
{October 1st, 2024} by Sheryl J. Moore
Well…first of all, they aren’t “EIAs.” We quit calling them “equity indexed annuities,” so that they didn’t give purchasers the mistaken impression that they perform like equities products. Responding to EIAs should be securities opinion piece in InvestmentNews by Scott Hanson. I, for one, am glad that indexed annuities were created. I have averaged […]
Insurance CEOs leaning into AI, M&As, survey finds
{October 1st, 2024} by Staff Reports
Insurance carrier CEO’s are more energized about AI than their counterparts in other industries and identified M&A as the most important strategy for achieving organizational growth objectives over the next 3 years. Those were among the key findings of the 120 insurance CEOs surveyed globally as part KPMG’s 2024 U.S. CEO Outlook Pulse Survey “Insurance CEOs recognize the […]
Regulators issue draft guidance to test compliance with annuity rules
{October 1st, 2024} by John Hilton
A state regulator group is circulating draft guidance on compliance expectations for its best interest standard for annuity sales. The National Association of Insurance Commissioners adopted the Suitability in Annuity Transactions Model Regulation #275 update in 2020 to strengthen state regulation over annuity sales. It is also a reaction to ongoing federal Department of Labor […]
“There are no bad investments ‘unless they’re bogus.'”
{October 1st, 2024} by Sheryl J. Moore
Annuity rates are still higher than they have been for more than a decade, so no- annuity sales are not going to wane much. Here’s what some voices of reason had to say in this piece, Annuities are changing, and so are advisors’ attitudes in InvestmentNews: “For advisors who ‘hate annuities and would never touch […]
‘The court is troubled’: Judge tells Security Benefit, plaintiffs to work faster
{October 1st, 2024} by John Hilton
Nearly five years after plaintiffs sued Security Benefit Life Insurance Co. over the performance of a proprietary index and companion fixed indexed annuity, the pace of the case has slowed to a crawl. And the Kansas judge assigned to hear it is not happy. “The Court does not find good cause for another 90-day extension […]
Three Ways To Reduce Sequence Of Return Risk
{October 1st, 2024} by Aaron Cirksena
One of the best strategies for succeeding in the stock market is patience. The market’s volatility can definitely lead to losses in the short term, but if you keep your money in long enough, you will see a return. However, waiting for long-term gains is not an option in some cases. For retirees and those approaching […]
$100M Suit Against Envestnet Heads to Jury Trial
{October 1st, 2024} by Melanie Waddell
A$100 million lawsuit brought by the fintech platform provider FinancialApps against the wealth management company Envestnet for trade secret misappropriation, tortious interference and unfair competition is headed to a jury trial in Delaware Federal Court. Envestnet’s acquisition by Bain Capital in a $4.5 billion deal was approved by shareholders earlier this week. Click HERE to read the full story via […]
Ameriprise Advisor Sued by Client’s Estate Over Annuity Switch
{October 1st, 2024} by Dinah Wisenberg Brin
An Ameriprise Financial advisor faces a lawsuit alleging financial abuse over investment recommendations he made to an elderly client. A representative of Edna Bubna’s estate filed suit this week in state court in Oregon against advisor Jason Doneth, Ameriprise Financial and Doneth’s previous firm, LPL Financial. Bubna, who died in 2022, was 83 when Doneth met with her […]
Chock-full of good stats…too many to list!
{October 1st, 2024} by Sheryl J. Moore
I thought long and hard about sharing this piece, Annuity Statistics: 2024 MarketWatch Guides Annuity Survey That is because this survey is not representative of the industry in a couple of different categories. That said- I still think it has some validity and valuable findings. Key takeaways: – The majority of annuity owners (55%) purchase […]
NAIC Life Insurance Tool Helps Connect Consumers With More Than $10 Billion in Unclaimed Benefits
{October 1st, 2024} by NAIC
WASHINGTON, Sept. 25, 2024 /PRNewswire/ — – The National Association of Insurance Commissioners (NAIC) proudly announces that its Life Insurance Policy Locator has connected consumers with more than $10 billion in unclaimed benefits from annuities and life insurance policies since the tool’s launch in November 2016. “When it comes to closing financial protection gaps, life insurance is crucial,” said Andrew N. Mais, NAIC […]
Symetra Retirement Division Partners with Insured Retirement Institute on New Allyship Research Initiative
{October 1st, 2024} by Symetra
BELLEVUE, Wash. & WASHINGTON–(BUSINESS WIRE)–Symetra Life Insurance Company today announced a new initiative between its Retirement Division and the Insured Retirement Institute (IRI) that will focus on understanding and advancing allyship in the financial services industry. The research agreement was unveiled by Andrew Farrell, senior vice president, Retirement Sales and Distribution, Symetra, and Frank O’Connor, vice president, […]
Allianz Life Study: Market Volatility Fuels Risk Averse Stance Among Investors
{October 1st, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Following recent market volatility, the majority of Americans want to reduce risk in their financial strategy and bolster their portfolio against future volatility, according to the 2024 Q3 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Many Americans are addressing the risk of market volatility in their financial […]
Jackson Named 2024 Blackbaud Impact Award Winner
{October 1st, 2024} by Jackson National Life Insurance Company
Jackson Named 2024 Blackbaud Impact Award Winner Jackson recognized for amplifying its volunteerism efforts in 2023 September 26, 2024 04:15 PM Eastern Daylight Time LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company (Jackson®), the main operating subsidiary of Jackson Financial Inc.i (NYSE: JXN), today announced it has been named the Fueling Greatness Award winner in the 2024 Blackbaud Impact […]
Demand Is High for Annuities as Client Needs for Guaranteed Retirement Income Grow
{October 1st, 2024} by Matt DiGangi
MassMutual Head of Annuity Distribution Matt DiGangi recently sat down with VettaFi to discuss the increasing demand he is seeing for annuities, and how MassMutual has sought to meet client investor needs. LIMRA released a report that finds U.S. annuity sales have set a record for the first half of 2024. To what do […]
EF Hutton’s Ousted CEO Fires Back, Alleging Unlawful ‘Coup’
{October 1st, 2024} by Dinah Wisenberg Brin
An emotionally charged dispute between investment bank EF Hutton’s co-founders, marked by charges of substance abuse and corporate wrongdoing, has spilled into a second lawsuit. Fired EF Hutton CEO Joseph T. Rallo, accused in a recent lawsuit of stealing millions from the firm by faking expense reports, has now filed a complaint himself, contending the investment bank’s current CEO […]
How to Keep Female Clients After the Loss of a Spouse
{October 1st, 2024} by Teresa J.W. Bailey
One of the most significant and ever-present challenges facing the financial industry is the insufficiency of retaining female clients after they experience the loss of their husbands or partners. According to Thrivent, 70% of women leave their financial advisor within the year of their spouse’s death. While we understand the need for those experiencing loss to […]
Benchmarking Costs Climb as Regulators Demand More Disclosure
{October 1st, 2024} by Kim Cash and Janice Kitzman
With the introduction of increasingly sophisticated investment strategies and asset classes like derivatives and private credit, benchmarking costs have risen in recent years. Indeed, as markets have grown in size and complexity, so have the costs of using benchmarks, such as stock indexes or private peer group data, for comparing performance against broader market activity. […]
TIAA Retail Customer Data Exposed in Vendor Breach
{October 1st, 2024} by Dinah Wisenberg Brin
Personal information for almost 9,000 retail TIAA and TIAA-CREF Life Insurance customers was exposed in a hack that appears related to a breach that caught other financial services firms, according to a disclosure filed Friday with the Maine attorney general’s office. A TIAA support services vendor, Infosys McCamish Systems, was breached between Oct. 29 and Nov. 2, when IMS […]
Strong Stock Market Pushes Up Annuity Assets
{October 1st, 2024} by Allison Bell
Stock market gains and retirement savers’ good feelings about stock funds pushed up U.S. asset totals in the second quarter. The overall total increased by 4.1% between the second quarter of 2023 and the latest quarter, to $2.4 trillion, according to the Investment Company Institute. Fixed annuity assets fell 4.3%, to $551 billion. Variable annuity assets increased […]
New Bill Increases Social Security Death Benefit
{October 1st, 2024} by Melanie Waddell
New legislation, the Social Security Survivor Benefits Equity Act, would increase the Social Security lump-sum death benefit from $255 to $2,900, indexing it for inflation annually thereafter. The bill, S.5178, was introduced by Sen. Peter Welch, D-Vt., and is co-sponsored by Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt. Click HERE to read the full story via Think […]
Sen. Warren Claims Insurance ‘Kickbacks’ Cost Retirement Savers Billion
{October 1st, 2024} by Tracey Longo
In a new report designed to support the Department of Labor’s embattled retirement security rule, Sen. Elizabeth Warren accuses the insurance and annuities industries of paying sales incentives and kickbacks that wind up costing customers billions of dollars. The report, entitled, “CANCUN, CRUISES AND CASH: How the Department of Labor’s New Retirement Security Rule Would […]
Strong annuity growth continues as reinsurers shift business offshore to Bermuda: AM Best
{October 1st, 2024} by Saumya Jain
US life/annuity (L/A) insurers have doubled their ceded reserves to $1.74 trillion between 2016 and 2023 driven by strong annuity growth on higher interest rates with an increasingly larger portion headed offshore, an AM Best report has disclosed. Recently, several private equity-owned insurers have started creating offshore reinsurance entities, resulting in approximately two-thirds of reserves […]
Prudential launches Hispanic Market Campaign that includes market awareness training for financial professionals
{October 1st, 2024} by Prudential Advisors
NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) has proudly launched a pilot campaign aiming to support Hispanic Americans with retirement planning and other financial needs. Referred to as the Hispanic Market Campaign, it includes market certification training for Prudential Advisors financial professionals to help them better understand the unique and diverse needs within the Hispanic […]
Annuity.com, Inc. Launches Consumer Portal to Meet Rising Demand for Annuities
{October 1st, 2024} by Annuity.com
GILBERT, AZ, UNITED STATES, September 26, 2024 /EINPresswire.com/ — Annuity.com, Inc. proudly announces the launch of its new consumer portal, Annuity.com, designed to meet the increasing demand for reliable information about annuities. As annuity sales surge—doubling since 2019—the new site provides a central resource for Americans seeking secure solutions for their retirement planning. The consumer-focused Annuity.com […]
iPipeline and FIDx Expanding and Strengthening Relationship to Deliver Holistic Annuity Platform
{October 1st, 2024} by iPipeline
EXTON & BERWYN, Pa.–(BUSINESS WIRE)–iPipeline®, a leading provider of digital solutions for the life insurance and wealth management industries, and Fiduciary Exchange LLC (FIDx), a leading insurance technology provider, today announced an expansion of their relationship to offer wealth management firms and their advisors a more complete experience to help them research, open, and manage their annuity […]
CFP Board Spars With Annuities Industry Over Fiduciary Regulation
{October 1st, 2024} by Tracey Longo
Will commission-based registered representatives and insurance agents really begin to turn away middle-income consumers if the professionals are forced to live with a fiduciary standard that requires them to put customers’ best interest before their own? Jason Berkowitz, a representative of the annuities industry, argued during a nationally broadcast Securities and Exchange Commission panel discussion […]
