Terry Rasmussen’s long journey to becoming the CEO of Thrivent
{October 11th, 2023} by Mary Ellen Egan
Teresa “Terry” Rasmussen’s love of learning set her on a circuitous career path that ultimately led her to the top job at Thrivent, a financial services company with $162 billion assets under management. Rasmussen’s role makes her a rare female CEO in this industry (although because Thrivent is a nonprofit, she isn’t eligible for our […]
‘Annuity King’ sentencing delayed again as judge sorts out appeals
{October 11th, 2023} by John Hilton
A Florida judge rejected two appeals Monday and postponed sentencing again for Phillip Roy Wasserman, convicted of orchestrating a massive fraud scheme on senior citizens. Judge Charlene Edwards Honeywell paved the way, however, for Wasserman’s second trial on tax evasion charges to begin on schedule later this month. An evidentiary hearing will take place before […]
NAIC task force: no life illustrations rework planned in 2024
{October 11th, 2023} by John Hilton
State insurance regulators advanced 2024 charges today and revealed no plans to confront a full-scale rewrite of the life insurance illustrations model. The Indexed Universal Life Illustration Subgroup is tasked with providing “recommendations for the consideration of changes to the Life Insurance Illustrations Model Regulation (#582) to the [Life Actuarial] Task Force, as needed.” That […]
What Minnesota’s Revised Suicide Exclusions Statute Means for Insurers
{October 11th, 2023} by Bill Hittler and Leah Kippola-Friske
While the life insurance policy suicide exclusion is not an easy subject, most life insurance industry professionals are very familiar with those provisions. The provisions bar beneficiaries from receiving payment on death claims when the insured party dies as a result of suicide. Click HERE to read the full story via Think Advisor
California Annuity Sales Rule Bill Stalls
{October 11th, 2023} by Melanie Waddell
The California State Legislature is not moving forward with SB 263, a bill to update annuity sales standards that is supported by the insurance industry but has drawn fierce opposition from consumer groups. The bill sailed through the state Senate in May, with no opposing votes at the committee level or on the state Senate […]
Sigma Financial Owner Has a New Name
{October 11th, 2023} by Jeff Berman
Ann Arbor, Michigan-based SPS Family has changed its brand name to Axtella, while separately announcing that financial services industry veteran Rob Engle joined the firm as chief revenue officer. Axtella is the parent company of broker-dealers Sigma Financial and Parkland Securities and registered investment advisor Sigma Planning Corp. The 40-year-old company serves a network of […]
Under DOL Rule’s Shadow, Fiduciary Fight Rages On
{October 11th, 2023} by Melanie Waddell
The fiduciary duty debate is raging once again with two recent developments: the Massachusetts fiduciary rule being upheld by the state’s highest court and the Labor Department’s new fiduciary rule being reviewed by the Office of Management and Budget. With the ruling by the Massachusetts Supreme Judicial Court in late August, broker-dealers in Massachusetts providing […]
MOVEit Breach Suits Against Genworth, TIAA and Others Head to Boston
{October 11th, 2023} by Allison Bell
A judge in Boston will manage the pretrial proceedings for all of the MOVEit-related data breach lawsuits, including the suits naming life and annuity issuers such as Genworth Financial, Prudential Financial and TIAA as defendants. Judge Karen Caldwell and two other judges on a multidistrict litigation panel ruled last week that Judge Allison Burroughs of […]
U.S. Life Activity Tilts Toward Bigger Policies
{October 11th, 2023} by Allison Bell
U.S. individual life insurance application activity fell 2.6% in September, but the picture differed based on the size of the policies. MIB Group, the organization that compiles the monthly life application activity index reports, says application volume for policies providing up to $250,000 in coverage was more than 10% lower than in September 2022. Click […]
Annuities Are Becoming a Mainstream Tool for RIAs
{October 11th, 2023} by Mike Reidy
We believe annuities are becoming a strategic solution for forward-looking RIA’s who are using them as an asset allocation tool to provide reliable accumulation potential and retirement income for their clients. Click HERE to read the full story via Advisor Hub Wink’s Moore on the Market: Come on, Michael Reidy. Annuities offer “income that will last. […]
A ‘Shadow’ Lending Market in the U.S., Funded by Insurance Premiums
{October 11th, 2023} by Maureen Farrell
Apollo was the first to use annuities to build a major financing business. Others followed, driving the growth of the private lending market and worrying regulators. Click HERE to read the full story via The New York Times
Insurance Companies Binged on Private Credit. Moody’s Is a Little Worried About It.
{October 11th, 2023} by Michael Thrasher
“Insurance companies have been turning increasingly to alternative asset managers and have invested more in private credit, boosting investment returns. But it’s heightened risks, too, ratings and research agency Moody’s Investors Service warned in a report this week.” Check it out with Institutional Investor HERE
Pacific Life lawsuit back on track after complaint refiled
{October 11th, 2023} by John Hilton
A lawsuit against Pacific Life by a Washington couple dissatisfied with a PDX indexed universal life policy is back on track after a round of refilings. Simona G. Marie and Thomas Lewis, from Richland, Wash., initially filed a lawsuit June 27 against PacLife, Harding Financial Partners and Andrew Brown, the producer who sold them a PacLife PDX […]
Overlooked Benefits of Bonus Annuities
{October 11th, 2023} by SmartAsset Team
Bonus Annuities are a compelling investment option offered by insurance companies, which frequently provide an upfront bonus or first-year interest rate bonus, on your initial investment. Click HERE to read Often Overlooked Benefits of Bonus Annuities via SmartAsset Wink’s Moore on the Market: First of all- there are annuities available today with bonuses as […]
From less than seven to nearly 40!
{October 11th, 2023} by Sheryl J. Moore
When I started Wink, Inc., 18 years ago, the average number of indexing method choices on an indexed annuity was less than seven. Today, there are products that have nearly 40 different indexing method options on a single product. Good or bad? Why? Why not? Join in my LinkedIn discussion HERE! – sjm
Independent Distribution: Never Being “Outproducted”
{October 11th, 2023} by Charlie Gipple
Back in the early 2000s I worked for one of the large career life insurance companies that we all have heard of. This was and still is a great company that I was proud to represent. However, eventually, I decided to leave to work with one of the carriers here in Des Moines that was […]
AM Best Revises Outlooks to Negative for GCU
{October 11th, 2023} 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 Rating of “a-” (Excellent) of GCU (Beaver, PA), formerly known as the Greek Catholic Union of the USA. The Credit Ratings (ratings) reflect GCU’s balance sheet strength, which AM Best […]
AM Best Assigns Credit Ratings to TruSpire Retirement Insurance Company
{October 11th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to TruSpire Retirement Insurance Company (TruSpire) (Irving, TX). The outlook assigned to these Credit Ratings (ratings) is stable. TruSpire is a newly formed entity under Mutual of America Life Insurance Company (MoA), which is […]
AuguStar(SM) Retirement rocketing to success with competitive new products and distribution expansion
{October 11th, 2023} by AuguStar Retirement
CINCINNATI, Oct. 10, 2023 /PRNewswire/ — AuguStarSM Retirement, a subsidiary of Constellation, has been making waves in the annuity marketplace since its launch in late July. The company is thrilled to announce the introduction of new and enhanced products, alongside its strategic expansion into the independent marketing organization (IMO) sales channel. This strategic move is in line with AuguStarSM Retirement’s […]
LifeQuotes.com Salutes Breast Cancer Awareness Month with a Good News Survey: Life Insurance Prices for Recovering Breast Cancer Patients are Lower than Four Years Ago
{October 11th, 2023} by LifeQuotes.com
WESTMONT, Ill., Oct. 9, 2023 /PRNewswire/ — LifeQuotes.com, the life insurance price comparison service that offers instant quotes from 50 highly-rated life insurers and allows customers nationwide to buy from any company shown, today released the results of a new life insurance survey that confirms the availability of life insurance at competitive prices for recovering breast cancer patients. […]
Prosperity Life to Buy Annuity Issuer for $1.9B
{October 11th, 2023} by Allison Bell
An insurer backed by Elliott Investment Management lost out on an effort to acquire one publicly traded U.S. annuity issuer in February, but now it has reached an agreement to acquire another. The insurer, Prosperity Life Group, has agreed to pay about $1.9 billion in cash for National Western Life Group. Click HERE to read […]
PNC Advisor Platform to Offer Transamerica Annuities and Living Benefits
{October 11th, 2023} by Transamerica
BALTIMORE, Oct. 6, 2023 /PRNewswire/ — Transamerica is pleased to announce it has entered into a business arrangement with PNC, a leading provider of financial expertise. Transamerica’s suite of annuity and living benefit products are now available for PNC customers. PNC and Transamerica are committed to providing products and services that help individuals prepare to achieve a […]
Northwestern Mutual kicks off construction phase of downtown north office building modernization project
{October 11th, 2023} by Northwestern Mutual
MILWAUKEE, Oct. 3, 2023 /PRNewswire/ — Northwestern Mutual today held a kickoff celebration with the Milwaukee community for its $500 million North Office Building Modernization project. The North Office Building, located at 818 East Mason Street in downtown Milwaukee, will be transformed to expand the company’s world-class workplace and employee experience. “Today marks a major milestone in our investment to create a connected, world-class […]
Integrity Expands its Reach by Partnering with Prosper with Purpose Financial
{October 10th, 2023} by Integrity Marketing Group, LLC
DALLAS, Oct. 3, 2023 /PRNewswire/ — 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 Prosper with Purpose Financial, a leading independent marketing organization (“IMO”) located in Doral, Florida, and led by Marco Conde. Financial details of the partnership were not […]
Americans Strongly Opposed to AI Insurance Agents, Survey Finds
{October 10th, 2023} by GeSure
GREENBRAE, Calif., Oct. 2, 2023 /PRNewswire/ — 1.6 million U.S. insurance agents can breathe a little easier this morning, thanks to a recent survey by GetSure, a leading online insurance agency. “AI is coming to Insurance distribution and has the potential to do wonders for the customer experience,” said Rikin Shah, Founder & CEO of GetSure. “Getting this right, […]
Northwestern Mutual’s Black Founder Accelerator® program celebrates its third year of empowering Black entrepreneurs
{October 10th, 2023} by Northwestern Mutual
MILWAUKEE, Oct. 9, 2023 /PRNewswire/ — Furthering its commitment to championing diversity, equity and inclusion, Northwestern Mutual, in partnership with gener8tor, a nationally ranked startup accelerator, announced this year’s fall cohort of five Black-owned tech startups to its Black Founder Accelerator program. Research shows that Black founders receive less than two percent of venture capital. To combat […]
Despite Competing Financial and Social Pressures, Emerging Adults Ages 18-34 Are Positive about Their Future and Value the Simple Things in Life
{October 10th, 2023} by Edward Jones
ST. LOUIS, Oct. 10, 2023 /PRNewswire/ — The majority of Americans ages 18 to 34 (80%) currently view themselves as struggling or merely surviving in life, but are optimistic about their future, according to new research from financial services firm Edward Jones. In partnership with Next360 Partners and MarketCast, Edward Jones set out to define this age group […]
NWL is being acquired; it will be interesting to see what this means for the companies
{October 10th, 2023} by Sheryl J. Moore
Well, I guess Ross Moody has some extra time on his hands now. National Western Life Insurance Company (NWL) is being acquired by Prosperity Life’s S. USA Life Insurance Company’s subsidiary. As of 2Q2023, the companies have a combined market share of 1.18% of the $79.7 billion deferred annuity market. They also hold 0.39% of the $914.3 million in […]
Omaha insurance giant ordered to change procedures, pay life insurance benefits United of Omaha denied benefits due to lack of ‘proof of good heal
{October 10th, 2023} by Paul Hammel
LINCOLN — A federal investigation found that an Omaha life insurance company had denied numerous insurance claims based on a technicality after taking premiums for years — a practice one labor official labeled “terrible.” The United of Omaha Life Insurance Co., its parent company, Mutual of Omaha Insurance, and United’s subsidiary, Companion Life Insurance Co., […]
How do you leverage Wink’s data?
{October 3rd, 2023} by Sheryl J. Moore
I have to have a client put together a “use case,” describing how they leverage Wink, Inc.‘s data. Are any of you open to helping out with this? This would be on display on our new website. (i.e. You’ll be famous!!) *sjm groveling* Shoot us a note on the online chat or support@winkintel.com if you’d like […]
Wink’s extended family is growing!
{October 3rd, 2023} by Wink's Intel Pros
Wink’s president, Victoria and her husband, Zach, are delighted to announce the birth of their daughter, Remi Lee Jean. Remi surprised everyone, born four weeks early on September 23, 2023, and was welcomed home last week by her big brother, Jameson, and two older sisters, Layla and Violet. “Now, I can totally feed those […]
Bloomberg Launches First of its Kind Global Momentum Strategy Index
{October 3rd, 2023} by Bloomberg
The new Bloomberg Global Momentum Diversified Leaders 5% multi-asset index captures momentum across four different time horizons NEW YORK, Sept. 26, 2023 /PRNewswire/ — Bloomberg today announced the launch of its Bloomberg Global Momentum Diversified Leaders 5% ER Index, which joins Bloomberg’s suite of multi-asset indices as a first of its kind innovation in how momentum index strategies are […]
Farmers Life Insurance Company Introduces Its Harvest™ Fixed Index Annuity
{October 3rd, 2023} by Farmers Life Insurance
Expanded Product Line Aims to Address Growing Retirement Needs KNOXVILLE, Tenn., Sept. 28, 2023 /PRNewswire/ — Farmers Life Insurance Company, a Tennessee domiciled life insurance company, has officially launched its first fixed index annuity (FIA) product called the Harvest. This retirement solution seeks to provide meaningful accumulation potential without exposure to market declines, helping consumers protect a portion of […]
John Hancock Unveils Hybrid Indexed Life Product for the Worksite
{October 3rd, 2023} by Warren S. Hersch
The unveiling comes at a propitious time for sales of indexed life products. Volume in the second quarter, including for indexed universal and indexed whole life insurance, rose to $812.6 million, up 18.5% from the year before, according to Wink’s Sales & Market Report. Wink reported that products geared toward cash accumulation accounted for nearly three-quarters, or […]
Securian Delinks Cap Rates on New and In-Force Indexed Universal Life Policies
{October 3rd, 2023} by Cyril Tuohy
Indexed universal life sales have been a consistent bright spot for the industry with second quarter sales increasing 5.9% from a year ago to $726.2 million, according to Wink’s Sales & Market Report. Top sellers in the second quarter were National Life Group, Transamerica and Pacific Life, Wink reported. Carrier Protections “Good luck suing for this,” said Sheryl Moore, CEO of Wink, […]
You Have Gaps to Close
{October 3rd, 2023} by Allison Bell
Lincoln Financial’s Stafford Thompson Jr. wants you to think about both retirement needs and life insurance. Stafford Thompson Jr. hopes agents and advisors will observe Life Insurance Awareness Month by helping members of underserved communities get the coverage they need. Click HERE to read the full story via ThinkAdvisor
RIAs seeing increase in client anxiety over retirement plans, survey shows
{October 3rd, 2023} by Gregg Greenberg
Recent market volatility is causing concerned clients to phone their RIAs with worries about whether they will be able to retire as planned. Click HERE to read the full story via InvestmentNews
I am a life-long learner.
{October 3rd, 2023} by Sheryl J. Moore
Fifteen years ago, I embarked on a journey that I would like to share with you tonight. I am a life-long learner:
Why Are We Averse to Annuities?
{October 3rd, 2023} by Jessica Bebel
On this episode of The Long View, CEO and founder of Hueler Companies, Kelli Hueler, discusses Income Solutions, retirement, and the role of annuities. Here are a few excerpts from Hueler’s conversation with Morningstar’s Christine Benz and Jeff Ptak: Click HERE to read Wink’s Moore on the Market: This was an interesting read. Kelli Hueler had […]
This is the kind of bologna that makes me despise the “credible” sources
{October 3rd, 2023} by Sheryl J. Moore
Oh, Kiplinger– you’re on one. Wish I knew the author of this whammy, so that I could drop a little annuity knowledge on them. Click HERE to read “Advisory Annuities Let You Eliminate the Middlemen” on Yahoo! Finance. Of course a well-structured retirement plan could outpace an annuity; annuities are insurance, after all. A retirement plan […]
Engineered indices debate continues
{October 3rd, 2023} by Sheryl J. Moore
And the debate continues… Hybrid indices (or “engineered indices,” as my friend Bobby Samuelson calls them) have been juicing the illustrations arms race on both indexed life insurance and indexed annuities. Read here, in The Annuity Edge for Bobby’s take on the matter “Engineered Indices & FIA
Americans Strongly Opposed to AI Insurance Agents, Survey Finds
{October 3rd, 2023} by GetSure
GREENBRAE, Calif., Oct. 2, 2023 /PRNewswire/ — 1.6 million U.S. insurance agents can breathe a little easier this morning, thanks to a recent survey by GetSure, a leading online insurance agency. “AI is coming to Insurance distribution and has the potential to do wonders for the customer experience,” said Rikin Shah, Founder & CEO of GetSure. “Getting this right, […]
Delaware Life Marketing Announces New President and CEO, Colin Lake
{October 3rd, 2023} by Group 1001
ZIONSVILLE, Ind., Sept. 28, 2023 /PRNewswire/ — Delaware Life, a Group 1001 company, today announced the appointment of Colin Lake as President and CEO of Delaware Life Marketing. Lake brings more than 26 years of experience to the role with a track record of leading sales teams toward sustainable, exponential growth. Tom Seitz, who has been instrumental in […]
SEC Proposes Tightening RILA Registration
{October 3rd, 2023} by Melanie Waddell
The Securities and Exchange Commission on Friday proposed to update the offering process and disclosure requirements for registered index-linked annuities, or RILAs. The proposal, a congressional directive, would require RILAs to use a registration form tailored to their characteristics. Click HERE to read the full story via Think Advisor
Bill Could Limit Treasury Unit’s Ability to Probe Insurers
{October 3rd, 2023} by Allison Bell
Agroup of House Republicans wants to keep federal financial regulators out of insurers’ hair. The lawmakers introduced H.R. 5535, the Insurance Data Protection Act bill, last week. The bill would discourage the Federal Insurance Office and some other federal agencies, such as the Office of Financial Research, from getting data directly from insurers. Click HERE to […]
What Colorado’s New Data Regulations Could Mean for Insurers, Agents
{October 3rd, 2023} by Allison Bell
The Colorado Division of Insurance last week adopted major regulations that will govern life insurers’ use of any “external consumer data and information source,” or ECDIS. That definition appears to include traditional data streams and analytical systems as well as artificial intelligence-based systems. Click HERE to read the full story via Think Advisor
Annuities in Play as Colorado Regulates Life Insurance Data, Attorneys Predict
{October 3rd, 2023} by Allison Bell
Two insurance regulatory law specialists say the effort that created the new Colorado life insurance technology unfair discrimination regulation will likely expand to affect annuities. The Colorado regulation will also do more to affect how insurers operate than other state efforts to address concerns about new forms of decision-support technology, the lawyers predicted. Paige Waters, a […]
How annuities optimize retirement income
{October 3rd, 2023} by Susan Rupe
Financial advice often focuses on the accumulation phase of retirement planning. But the decumulation phase — when households seek to generate sufficient income in retirement to meet their spending needs — requires an equal focus. Research from BlackRock and the Bipartisan Policy Center showed how a comprehensive approach to retirement planning that includes annuities can […]
Brighthouse Financial Announces Conference Call to Discuss Third Quarter 2023 Results
{October 3rd, 2023} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) announced today that it plans to hold a conference call and audio webcast to discuss its financial results for the third quarter ended September 30, 2023, at 8:00 a.m. Eastern Time on Wednesday, November 8, 2023. The call will follow the issuance of the Brighthouse Financial […]
WisdomTree Siegel Strategic Value Index™ Wins FIA Index of the Year Award
{October 3rd, 2023} by WisdomTree, Inc.
NEW YORK–(BUSINESS WIRE)–WisdomTree, Inc. (NYSE: WT), a global financial innovator, today announced that the WisdomTree Siegel Strategic Value Index™ (BBG Ticker: CIBQWS6E) (the “Siegel Index”) won the FIA Index of the Year Award by Structured Retail Products (SRP). The Siegel Index was developed by Professor Jeremy Siegel, Senior Economist to WisdomTree and Emeritus Professor of […]
Jackson to Report Third Quarter 2023 Financial Results
{October 3rd, 2023} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the third quarter ended September 30, 2023, after market close Wednesday, November 8, 2023. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Thursday, November 9, 2023, at 10 a.m. ET to review […]
Lincoln Financial Group named 2023 “Best Variable Index Annuity Carrier” by Structured Retail Products Americas
{October 3rd, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) has been named the 2023 “Best Variable Index Annuity Carrier” by Structured Retail Products (SRP) Americas, a leading provider of structured products data and intelligence, for a third time. Lincoln was recognized for its best-selling registered indexed-linked annuity (RILA), Lincoln Level Advantage ®, which also earned the award in 2019 and […]
Best’s Special Report: Growth in Insurers’ Private Equity Investments Slowed Significantly in 2022
{October 3rd, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–U.S. insurance companies’ private equity investments slowed in 2022, rising just 3.3% in 2022 to $132.0 billion, following a year of exceptional growth in the previous year, according to a new AM Best report. In its Best’s Special Report, titled, “Growth in Insurers’ Private Equity Investments Slowed Significantly in 2022,” AM Best states that life/annuity insurers, which […]
Life Insurance Exchange Rules Confuse Firms, Could Cost Them
{October 3rd, 2023} by Caleb Harshberger
Proposed regulations around Section 1035 life insurance policy exchanges may lead some companies to stumble into taxable exchanges without realizing it, IRS officials were told at a Thursday hearing. Federal Policy Group consultant Ken Kies, representing Finseca, an association of financial planning professionals, told the IRS at the hearing—and Finseca wrote in a comment letter—that the […]
Study: RIAs Say Clients Worried About Retirement; How They’ll Be Able to Do It, When They’ll Be Able to Do It, and How Well They’ll Be Able to Do It
{October 3rd, 2023} by RetireOne
SAN FRANCISCO–(BUSINESS WIRE)–RetireOne, the leading independent platform for fee-based insurance solutions, in partnership with Allianz Life Insurance Company of North America (Allianz) released their joint 2023 RIA Protected Accumulation + Retirement Income Survey today. he survey reveals that Investment Advisor Representatives (IARs) of Registered Investment Advisory firms (RIAs) understand that clients are increasingly worried about their retirement prospects, grappling […]
Brickell Insurance Holdings to Sell Merit Life Insurance Co.
{October 2nd, 2023} by Brickell Insurance Holdings
MIAMI–(BUSINESS WIRE)–Brickell Insurance Holdings LLC (“Brickell”) announced today that it has entered into a definitive agreement to sell Merit Life Insurance Co. (“Merit” or the “Company”) to a private investor group. Founded in 1957 and headquartered in Charlotte, N.C., Merit is an A- rated* insurance company providing innovative, digital-first retirement solutions. Merit plans to roll […]
Deviled eggs and FIA annual reset — who knew?
{October 2nd, 2023} by Jeff Barnes
Like a lot of us, I love deviled eggs, and I tend to enjoy more than my fair share of them at parties. That is, until I made them for the first time. My wife warned me it wouldn’t be a simple task. Click HERE to read the full story via INN Wink’s Moore […]
Northwestern Mutual Expects Record-Breaking $7.3B Dividend Payout in 2024
{October 2nd, 2023} by Northwestern Mutual
After a decade of unprecedented market volatility, ongoing inflation, and other economic pressures on financial institutions, Northwestern Mutual is proud to share that we expect a record-setting dividend payout of $7.3 billion in 2024. Our philosophy has always been to share our success with policyowners by paying the highest possible dividends over time while maintaining our financial […]
Why Corebridge Embraces Term Life
{October 2nd, 2023} by Allison Bell
Corebridge Financial likes selling permanent life insurance policies and also enjoys selling term life insurance. Tim Heslin, president of life insurance at the Houston-based life and annuity giant, talked in a recent email interview about the company’s strategy in selling a product that some competitors have dismissed as a commodity. Click HERE to read the […]
Too Heavy in Stocks? Annuities Could Be a Rebalancing Option
{October 2nd, 2023} by Kevin Nuss
When Fidelity Investments recently crunched the data on its retirement accounts customers, it found that 37% of those born between 1946 and 1964 (so-called Baby Boomers) have more equity holdings than they should. Depending on age, people in this age bracket should have 47% to 67% in equities, Fidelity said. But well more than a third were […]
VUL is a Swiss Army knife for small-business owners
{October 2nd, 2023} by Hector Martinez
Balancing cash flows with costs has always been a challenge for small businesses. But stubborn inflation and turmoil in the banking industry now are making it more difficult for entrepreneurs to access money when they need it most. And as small-business bank loan approvals continue to plunge, business leaders will need another way to keep […]
Building success on a history of experience — With Eric Henderson
{October 2nd, 2023} by Paul Feldman
Eric Henderson, president of Nationwide Financial’s annuity business segment, has seen the annuity business grow and change since 1985. He began his career at Nationwide as an actuarial assistant in 1985 and spent much of his career as an actuary. He climbed the ladder at Nationwide and now is responsible for the financial health and […]
Cetera, Avantax quiet on $1.2B deal that’s poised to shift industry power
{October 2nd, 2023} by Tobias Salinger
With its parent securing an agreement for the largest M&A deal among independent brokerages this year, Cetera Financial Group is on track to become the fourth largest firm in the channel. The pending all-cash acquisition of Dallas-based Avantax by Los Angeles-based Cetera Holdings announced earlier this month values the selling firm at about $1.2 billion […]
Hexure Acquires Vive
{October 2nd, 2023} by Hexure
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry, announced the acquisition of Vive, a quote and e-submission platform for life insurance, to create a single, best-in-class distribution platform for the life and annuity industries. With a focus on delivering a modern enrollment experience for carrier, […]
AuguStar(SM) Life expands distribution and marks entry into the brokerage channel
{September 26th, 2023} by AuguStar Life
CINCINNATI, Sept. 20, 2023 /PRNewswire/ — AuguStarSM Life, a Constellation company, announces it has entered the brokerage channel, further expanding its distribution footprint. This strategic move is part of AuguStar Life’s ongoing commitment to offering a wide range of top-tier insurance products to a broad range of financial professionals and their clients. AuguStar Life is building on a […]
Fluff pieces for warm fuzzies
{September 26th, 2023} by Sheryl J. Moore
Do not be fooled by insurance companies publishing a 1-2 pager about their inforce renewal rates. These are fluff pieces, intended to make you feel warm and fuzzy. If an insurance company TRULY publishes their inforce renewal rates, their history will include pages of interest rates/caps/pars/spreads on it. Know the difference. If the insurance company […]
Go forth and multiply your giving
{September 26th, 2023} by Sheryl J. Moore
Last week, I spent three hours with my middle son, volunteering for MEALS FROM THE HEARTLAND. Our group of volunteers packaged enough meals to feed 25,000 children for a year! It was competitive. It was fun. It was necessary. Teaching our children to have the heart of a volunteer is so important. Also, my son […]
AmeriLife Wealth Announces New Distribution Growth and Wealth Transformation Division
{September 26th, 2023} by AmeriLife Group, LLC
LEARWATER, Fla. | September 19, 2023 09:00 AM Eastern Daylight Time AmeriLife Group, LLC (“AmeriLife”), a national leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions, today announced the formation of Distribution Growth and Wealth Transformation, a newly created division within AmeriLife Wealth designed to support business development and organic growth, and […]
Loss-Reversal Features Are the Latest ‘Must-Have’ for Buffered Variable Annuities
{September 26th, 2023} by Cyril Tuohy
“These dual strategies are providing additional ways for companies to innovate,” said Peter Lamond, variable annuity product director with Wink, which tracks the life and annuity market. The features offer clients not just protection, but some return in addition to protection, he said. For advisors looking to reassure clients, “down-is-up” features are a good selling point as […]
Upstream Life Inks Annuity Reinsurance Deal with Buyer of Midwest Holding
{September 26th, 2023} by Warren S. Hersch
Market research firm Wink also named the insurer as the fastest-growing annuity issuer in the first quarter of 2020. The company’s annuity sales grew more than 130 times to reach $25 million from less than $200,000 in the same period the previous year. Click HERE to read the full story via Lif Annuity Specialist
U.S attorney alleges obstruction, seeks stiffer sentence for ‘Annuity King’
{September 26th, 2023} by John Hilton
Government prosecutors are waging an escalating battle of obstruction charges against Phillip Roy Wasserman as a Florida judge prepares to sentence the former “Annuity King” on fraud charges. U.S. Attorney Roger B. Handberg filed a presentencing report with the District Court for the Middle District of Florida detailing a lengthy list of obstruction allegations against […]
Why aren’t more women buying life insurance?
{September 26th, 2023} by Ayo Mseka
So what’s preventing more women from buying life insurance? That was the main question and topic for advice during a recent LinkedIn event. Executives from LIMRA and LOMA shared some useful insights into women’s ownership of life insurance and suggested a few steps advisors can take to persuade them to obtain life insurance or to […]
Colorado Regulators Approve Life Insurance AI Rules
{September 26th, 2023} by Allison Bell
The Colorado Division of Insurance has approved a closely watched regulation that could affect how life insurers use outside vendors’ artificial intelligence systems, and any other outside sources of data or analytical technology, in life insurance underwriting. The new regulation prohibits life insurers from using data and tech from outside sources in a way that […]
5 Trends Defining Success in the Life and Annuity Industries
{September 26th, 2023} by Christopher Boorman
The high inflation environment has consumers reevaluating their insurance and investments. As more financial services are transacted online, it gets easier to switch providers. These circumstances pressure the insurance and annuity industry and their advisors to find new opportunities for revenue generation, customer retention and satisfaction. Here’s what insurers you work with must keep in […]
Goldman Sachs Sees the Birth of New Types of Annuities
{September 26th, 2023} by Allison Bell
Goldman Sachs analysts have spotted shadows of new types of annuities, or annuity-like products, spawning. The firm gives a glimpse of the children of today’s annuities in a summary of results from a survey of 138 annuity market players at 30 insurers. Click HERE to read the full story via ThinkAdvisor Wink’s Moore on the Market: WTH […]
John Hancock and Talcott Re Face Lawsuits Tied to 2017 Tax Cuts
{September 26th, 2023} by Allison Bell
Attorneys with Susman Godfrey have filed two federal lawsuits that could affect what happens to life insurance policy cost-of-insurance charges when tax rules change. In the suits, filed on behalf of policy owners against John Hancock and Talcott Re, the plaintiffs contend that insurers should have used the Tax Cuts and Jobs Act of 2017 […]
Life Insurance Awareness Month: Why It Should Be a Year-Round Event
{September 26th, 2023} by Bob Mittel
September is traditionally celebrated as Life Insurance Awareness Month, a time when individuals are encouraged to review their life insurance needs and assess their financial protection. While this annual event is essential, maybe it’s time to consider why it should be a year-round initiative focused on enhancing financial wellness and assisting clients in meeting all […]
For 33rd consecutive year, Northwestern Mutual achieves highest-available financial strength ratings
{September 26th, 2023} by Northwestern Mutual
All four major ratings agencies recognize Northwestern Mutual as industry standout MILWAUKEE, Sept. 21, 2023 /PRNewswire/ — For more than 165 years, Northwestern Mutual’s superior financial strength has meant that policyowners can always count on the company to be there whenever they need. And recently, that proud legacy continued as AM Best, one of the nation’s leading financial […]
Transamerica to Collaborate with Bestow to Enhance Financial Protection Offerings
{September 26th, 2023} by Transamerica
BALTIMORE, Sept. 19, 2023 /PRNewswire/ — Transamerica is pleased to announce its strategic partnership with Bestow, a leading technology company in the life insurance industry. Together, Transamerica and Bestow will offer customers an intuitive digital platform with enhanced self-service options for Transamerica’s life insurance products. Transamerica and Bestow have aligned behind the mission to empower people to […]
Legacy Protectors Life Group Expands Holistic Insurance Offerings by Partnering with Integrity
{September 26th, 2023} by Legacy Marketing Group
Joining the Integrity partner platform offers agency of young, dynamic leaders an opportunity to expand through access to exclusive technology and mentorship of industry leaders DALLAS, Sept. 19, 2023 /PRNewswire/ — 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 […]
F&G Annuities & Life to Host Investor Day on October 3, 2023
{September 26th, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Sept. 21, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G” or “Company”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today announced that it will host an Investor Day in New York City on Tuesday, October 3, 2023. The event will feature presentations from F&G’s senior leadership team […]
58% of Americans say they’d consider post-retirement employment to seek personal fulfillment: new Empower research
{September 26th, 2023} by Empower
GREENWOOD VILLAGE, Colo., Sept. 21, 2023 /PRNewswire/ — Over half (58%) of Americans (64% of Baby Boomers and Gen Xers) may be in the job market post-retirement, and are open to working indefinitely – but the reasons aren’t purely financial according to new research from Empower, a leader in financial planning, investing, and advice. Would-be working retirees are motivated […]
Lincoln Financial Group Partners with UNCF to Launch a Scholar Development Program
{September 26th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group’s (NYSE: LNC) Lincoln Financial Foundation and UNCF (United Negro College Fund) have partnered to establish the UNCF Lincoln Financial Scholars Program – a competitive career development program, focused on students studying at historically Black colleges and universities (HBCUs). The program was developed as part of Lincoln’s steadfast commitment to diversity, […]
DPL Financial Partners acquiring AnnuityFix to help breakaway advisors retain annuity assets and better serve clients
{September 26th, 2023} by DPL Financial Partners
LOUISVILLE, Ky.–(BUSINESS WIRE)–DPL Financial Partners, the leading commission-free insurance platform for RIAs, today announced that it is acquiring AnnuityFix and its affiliated broker-dealer, Johnstone Brokerage Services. The acquisition enhances DPL’s Breakaway Accelerator program, which allows financial advisors to transition their legacy annuity business to a fee-based business model, enabling many to go completely independent. DPL […]
Upstream Life Insurance Company Announces $300 Million Transaction with Antarctica Capital
{September 26th, 2023} by Upstream Life Insurance Company
NEW YORK–(BUSINESS WIRE)–Upstream Life Insurance Company (the “Company”) announced that they have entered into an agreement under which the Company may cede up to $300 million of fixed annuity statutory reserves to Antarctica Capital. The reinsured block may consist of certain durations of the Company’s Secure Legacy MYGA statutory reserves over the 2023 and 2024 […]
AM Best Affirms Credit Ratings of Kansas City Life Insurance Company and Its Subsidiaries
{September 26th, 2023} 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 Rating (Long-Term ICR) of “a-” (Excellent) of Kansas City Life Insurance Company (KCL) (Kansas City, MO) [OTCQX: KCLI]. The outlook of these Credit Ratings (ratings) is negative. Additionally, AM Best has affirmed the FSR of B++ (Good) […]
Best’s Special Report: First-Half 2023 Net Income in U.S. Life/Annuity Insurance Industry Declines by More Than 39%
{September 26th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Net income for U.S. life/annuity (L/A) insurance industry decreased by 39.5% in the first half of 2023, dropping to $13.2 billion from $21.9 billion in the same prior-year period, according to a new AM Best report. This financial review is detailed in a new Best’s Special Report, titled, “First Look: Six-Month 2023 U.S. Life/Annuity Financial Results,” and […]
DPL Financial Partners acquiring AnnuityFix to help breakaway advisors retain annuity assets and better serve clients
{September 26th, 2023} by DPL Financial Partners
Founder Grant Johnstone joins RIA insurance platform as CCO LOUISVILLE, KY, September 20, 2023 – DPL Financial Partners, the leading commission-free insurance platform for RIAs, today announced that it is acquiring AnnuityFix and its affiliated broker-dealer, Johnstone Brokerage Services. The acquisition enhances DPL’s Breakaway Accelerator program, which allows financial advisors to transition their legacy annuity […]
Faith-Based Advisors Seek Freedom to Be Their Full Selves at Work
{September 26th, 2023} by Brianna Monsanto
When Robert Netzly, chief executive officer of Inspire Investing, became interested in biblically responsible investing — a strategy that uses biblical morals and values to guide investment choices — and found that his then broker–dealer lacked products that aligned with this strategy, he felt he had two options: leave the industry or go independent. Click HERE to […]
IAA Asks the SEC to Redefine ‘Small Advisor
{September 26th, 2023} by Patrick Donachie
The Investment Adviser Association wants the SEC to rethink how it classifies small businesses, a longstanding grievance that has gained new resonance in light of “the ongoing burden of regulations piling on top of each other,” according to its chief lawyer. IAA President and CEO Karen Barr sent a rulemaking petition to the commission this week, urging […]
CFO Daily
{September 26th, 2023} by Shawn Tully
Good morning. Fortune senior correspondent Shawn Tully here. Recently I spent time in the Manhattan offices of Apollo Global Management working on an in-depth look into CEO Marc Rowan’s ideas about where the investment world is heading. Nicknamed inside Apollo as “the professor,” Rowan, who is “slight of build and sporting an open-collared white shirt, describes his […]
Legacy Marketing Group® Announces Addition of the S&P 500® IQ Index for Use With FIAs
{September 19th, 2023} by Legacy Marketing Group
PETALUMA, Calif.–(BUSINESS WIRE)–Legacy Marketing Group today announced the addition of S&P Dow Jones Indices’ S&P 500 IQ Index* for licensed use with fixed indexed annuities (FIAs). This index aims to provide exposure to the S&P 500 while applying an intraday volatility control mechanism. By choosing S&P DJI’s S&P 500 IQ Index for use with FIAs, […]
Northwestern Mutual doubles down on commitment in the fight against childhood cancer, reignites social media #LemonTopChallenge for Childhood Cancer Awareness Month
{September 19th, 2023} by Northwestern Mutual
MILWAUKEE, Sept. 14, 2023 /PRNewswire/ — Every day, more than 1,000 children worldwide are diagnosed with childhood cancer. Today Northwestern Mutual, a leading financial services company, announced it is recommitting its efforts to help fund further research and provide support to patients, survivors and families through additional investments, a social media challenge and local activations in honor of Childhood […]
Simplicity Continues Impressive Growth with the Acquisition of The Dempsey Companies
{September 19th, 2023} by Simplicity Group
SUMMIT, N.J., Sept. 18, 2023 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced the acquisition of The Dempsey Companies (“Dempsey”), comprised of insurance and securities businesses that operate under the Dempsey brand. With this transaction, Kay Dempsey becomes a Simplicity Partner. “We are thrilled to welcome Kay Dempsey and her team, who are nationally recognized for their years of service, […]
Invictus Marketing Solutions Joins Integrity to Offer Industry-Leading Technology Solutions for Agents
{September 19th, 2023} by Integrity Marketing Group, LLC
Leading IMO partners with Integrity to create greater efficiencies for agents and utilize full-stack insurtech platform to accelerate growth DALLAS, Sept. 14, 2023 /PRNewswire/ — 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 Invictus Marketing Solutions (“Invictus”), a leading independent […]
Northwestern Mutual Research Shows that Nearly Half of American Millionaires Believe Their Financial Plans Need Improvement, and a Third Think They Could Outlive Their Savings
{September 19th, 2023} by Northwestern Mutual
MILWAUKEE, Sept. 12, 2023 /PRNewswire/ — Wealthy Americans don’t sit back and assume they have nothing to be concerned about financially, according to the latest findings from Northwestern Mutual’s 2023 Planning & Progress Study. U.S. adults aged 18+ with more than $1 million in investable assets are active, disciplined long-term planners who take very little for granted: nearly half (47%) […]
Senior Market Sales® Adds EMG Insurance Brokerage to Growing Network of Health and Wealth Companies
{September 19th, 2023} by Senior Market Sales
OMAHA, Neb., Sept. 12, 2023 /PRNewswire/ — Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations (IMOs), has acquired EMG Insurance Brokerage, one of the oldest and most well-respected IMOs in the country. SMS President Jim Summers touted the new partnership as a major win for SMS and parent company Alliant Insurance Services as they build a network […]
Sammons Financial Group Employees Deliver $175,000 to Area Charities
{September 19th, 2023} by Sammons Financial Group
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Sammons® Financial Group, Inc. announced the results of its annual Community Outreach Program. The initiative, started in 2018, empowers employees to nominate their favorite local charities each spring. The employees who choose to make nominations are then given the opportunity to educate their coworkers on the mission of the organization and why they […]
Diverse Investors Warm to Financial Advice
{September 19th, 2023} by The Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–The Allianz Life Insurance Company of North America (Allianz Life) 2023 annual consumer survey of Americans’ views on retirement planning found that diverse Americans are re-engaging with professional financial advisors in 2023, rebounding from a drop reported in 2022. Allianz Life found that 36% of Black Americans reported having a professional financial advisor in […]
Does low knowledge of annuities help explain low adoption among advisors?
{September 19th, 2023} by David Blanchett
As advisors’ knowledge about annuities increases, so does their perception of these products. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: My buddy David Blanchett is dropping some annuity knowledge this morning. Recent research indicates “advisors with low knowledge of annuities don’t think there is interest and therefore demand for […]
Overall takeaway: buffer strategies offer more risk, but greater potential for returns.
{September 19th, 2023} by Sheryl J. Moore
My one and only PGIM homey- David Blanchett, is all over my LinkedIn! This time, he is discussing structured annuities (a.k.a. RILAs). Click HERE to read RILAs: Buffers are still much better than floors Now remember- with a structured annuity that has a floor on losses, “the downside is limited to a stated percentage, such as […]
“Insurancism”
{September 19th, 2023} by Michelle Richter-GordonMichelle Richter-Gordon
In the InsuranceNewsNet article below, John Hilton accurately cites me as saying: “We [insurance experts] deserve parity with financial professionals,” MRG said. “We deserve ‘insurance advisement’ as an additional regulatory frame that could be used just as financial professionals may hold both a brokerage [noun-sale] and advisement [verb-sale] affiliation.”
Sound Investments: 31 rap/R&B songs about money and wealth
{September 19th, 2023} by Justin L Mack
In the immortal words of legendary rapper, actor and Future Proof Festival headliner Method Man, “cash rules everything around me.” To close out the summer with a bang — and plenty of head nods — the staff of Financial Planning has spent some of September crafting our inaugural “Sound Investments” playlist series. Released every Friday of the month, the […]
Does Life Insurance Cover Suicide?
{September 19th, 2023} by Barbara Marquand
Along with the profound and painful questions that follow the loss of a loved one from suicide, there are practical and financial issues to address, too. If the loved one had life insurance, a common question is whether the policy will still cover the death. In general, there is coverage if your loved one: Had […]
Out of the Darkness
{September 19th, 2023} by Sheryl J. Moore
Yesterday was an emotionally exhausting day. I participated in the American Foundation for Suicide Prevention’s central Iowa Out of the Darkness walk. This walk is intended to raise money for suicide prevention. I have walked every year since my son killed himself. Usually, I am overcome with sadness because of the loss of my firstborn. Yesterday […]
Salt Financial and Nasdaq Expand Nasdaq-100 Volatility Control Indexes Suite for Insurance Companies: An Alternative for Fixed Index Annuities
{September 19th, 2023} by Salt Financial and Nasdaq
GREENWICH, Conn., Sept. 18, 2023 /PRNewswire/ — Salt Financial and Nasdaq, Inc. are proud to announce the launch of the Nasdaq-100 Volatility Control™ Indexes, designed exclusively for insurance companies. This suite expands the existing offering to include additional volatility targets to help solidify its position as a versatile solution for insurance companies looking to offer access to the […]
Be leery of high illustrated returns.
{September 19th, 2023} by Sheryl J. Moore
Reading a class action lawsuit filing and came across a point that I have made in the past. “If buying options [on indexed insurance products] is so incredibly profitable…then why doesn’t everyone do it and why aren’t life insurers employing this strategy to generate higher returns in their own general accounts?” ***********************Be leery of high […]
NC regulators release $1.2B from former Lindberg insurers in receivership
{September 19th, 2023} by John Hilton
North Carolina regulators are releasing funds to long-suffering policyholders who own life insurance and annuities with insurers formerly controlled by Greg Lindberg. The insurers are now in receivership as regulators and investigators continue to unravel Lindberg’s complex web of companies and investments. Lindberg faces several counts of fraud and attempted bribery of North Carolina Insurance […]
DOL not done defending existing investment advice rules in court
{September 19th, 2023} by John Hilton
Just days after sending its new fiduciary rule out for review, the Department of Labor alerted a Texas judge that it isn’t done defending the legality of existing rules. The DOL filed a brief reiterating its defense of investment advice rules published during the Trump administration. Those rules were sued in Florida and Texas upon taking effect […]
DOL fiduciary rule likely to tinker with popular exemption, analysts say
{September 19th, 2023} by John Hilton
In a world where regulations and rules come and go at a dizzying pace, Prohibited Transaction Exemption 84-24 achieved legendary status in the life insurance and annuity space. Created in 1977 and amended several times over the years, PTE 84-24 allows producers to receive commissions when retirement plans and IRAs purchase insurance and annuity contracts. […]
John Hancock steps up redefining life insurance with ‘Longevity Symposium’
{September 19th, 2023} by John Forcucci
BOSTON – Beginning in 2018, John Hancock turned life insurance on its head by making the act of buying life insurance as much about living a longer and healthier life as about preparing for death. Yesterday, the company, a unit of Toronto-based Manulife, took yet another step on this journey, hosting its first Longevity Symposium in its […]
LIMRA: Record number of Americans plan to purchase life insurance
{September 19th, 2023} by John Hilton
The life insurance story in the United States is some good news offset by a little bit of bad news. First, the bad news: Just 52% of U.S. adults report having life insurance, down from 63% in 2011, LIMRA reported. On the plus side, a record-high number of Americans (39%) say they plan to purchase […]
Life Happens celebrates 20th Life Insurance Awareness Month with a focus on single parents
{September 19th, 2023} by Life Happens
Washington, D.C. — Life Happens, a national nonprofit committed to educating people about the importance of life insurance, is celebrating the 20th anniversary of Life Insurance Awareness Month this September. This annual initiative helps people understand the key role life insurance plays in a financially secure future and that it is both affordable and easy […]
Annuity Constraints Can Be the Client’s Friend
{September 19th, 2023} by Allison Bell
Keeping something like the current annuity surrender charge system could work better for many clients than trying to develop new contracts without any restrictions on what clients do with their money. Mike Reidy, head of RIA distribution at Security Benefit, included that suggestion in a recent email interview. One question was about the ultimate outcome […]
Indexed Life Insurance Sales Climbed 7.6% Since Q2 2022: Wink
{September 13th, 2023} by Allison Bell
Some of the same forces that have been increasing indexed annuities in recent years pushed up sales of indexed life insurance in the second quarter, according to new survey data from Wink. Sales of the kinds of U.S. individual non-variable, cash-value life insurance policies that Wink tracks increased 7.6% between the second quarter of 2022 […]
Life Insurers Ride Brisk Sales in Second Quarter, Wink Says
{September 13th, 2023} by Warren S. Hersch
In a press statement, Sheryl Moore, CEO of Wink and Moore Market Intelligence, said that indexed-life sales mirrored the record-setting pace of fixed-indexed annuities. “If sales keep setting records like this, the par whole life carriers will have no choice but to develop their own indexed solution,” she said, referencing insurers of participating whole life products that […]
Finseca: September is Life Insurance Awareness Month
{September 13th, 2023} by Finseca
WASHINGTON, Sept. 11, 2023 /PRNewswire/ — September is Life Insurance Awareness Month and the perfect time for you to think about your financial security plan. Life insurance is often overlooked, despite it being a fundamental component of a sound financial strategy. Whether you’re looking to cover your final expenses, pay off debts, provide for your family, or leave […]
Industry accuses SEC of ‘outright hostile’ regulatory approach to technology
{September 13th, 2023} by John Hilton
Industry trade organizations blasted the Securities and Exchange Commission’s “continued war on technology” in a comment letter addressing a new SEC rule proposal. Thirteen trade and industry groups, including the U.S. Chamber of Commerce, signed the Monday letter urging the SEC to withdraw its proposed rule, Conflicts of Interest Associated with the Use of Predictive […]
DOL sends new fiduciary rule to the White House for review
{September 13th, 2023} by John Hilton
The Department of Labor sent its long-delayed fiduciary rule rewrite to the White House Office of Management and Budget late Friday. The move signals that the DOL has completed the rule, although its details are still unknown. OMB is charged with reviewing all rules for compliance with administration goals and budgetary priorities. Click HERE to […]
iCover Expands Into Annuities, With or Without Agents
{September 13th, 2023} by Aaron Smith
For example, PlanEasy announced in July that it launched Annuity Marketplace, an online platform to sell multi-year guaranteed annuities, or MYGAs. But according to Wink CEO Sheryl Moore, direct-to-consumer sales are only a tiny sliver of the annuity market, representing just 0.4% of deferred annuity sales in the fourth quarter of 2022. Click HERE to read the full story via Life […]
U.S. Life Application Activity Inched Higher in August: MIB
{September 13th, 2023} by Allison Bell
U.S. individual life insurance application activity continued to be stronger for younger consumers than for older consumers in August, and the overall level of year-over-year change was an increase of 1.8%, according to MIB Group. MIB is an organization that helps life insurers with the underwriting process. It uses its application processing activity levels to […]
MassMutual’s Digital Agency Makes Distribution Deals
{September 13th, 2023} by Allison Bell
Haven Life is ignoring the recent gloom about insurance technology companies and adding distribution relationships. MassMutual’s New York-based digital life insurance agency announced two new distribution alliances Monday. Click HERE to read the full story via Think Advisor
10 States Where Annuity Sales Rules Still Look Different
{September 13th, 2023} by Allison Bell
Ateam at the National Association of Insurance Commissioners has posted a new map that hints at whether the U.S. Securities and Exchange Commission will get a new chance to regulate fixed annuities in at least some states. Drafters created the map to show which states have adopted the 2020 update to the NAIC’s Suitability in […]
TIAA Thought Leader Goes Solo to Help Advisors Use Annuities
{September 13th, 2023} by John Manganaro
This week, former TIAA managing director Tamiko Toland took to LinkedIn to announce the launch of a new consulting practice exclusively focused on helping the advisor industry better utilize annuities, both in the institutional retirement plan and retail advice settings. “Whether the focus is product development, concept framing or ‘nerdy marketing,’ please reach out!” Toland […]
Prudential, Warburg Pincus Team Up to Back New Reinsurer
{September 13th, 2023} by Allison McNeely
Prudential Financial Inc. and Warburg Pincus are among investors that contributed a combined $1 billion of equity to create a Bermuda-based reinsurer, Prismic Life Reinsurance Ltd. In its first deal, Prismic is taking on $10 billion of structured settlement annuity contracts from Prudential, freeing up capital for it to write new insurance business. The transaction […]
Jamie Hopkins to Exit Carson Group
{September 13th, 2023} by Jeff Berman
Jamie Hopkins is stepping down as Carson Group managing partner of wealth solutions at the end of September to join a local firm closer to home in October, where he will be able to spend more time with family and less time traveling, he told ThinkAdvisor on Tuesday morning. Hopkins, who declined to name the […]
BUY TERM AND “INVEST” THE REST WITH INDEXED UNIVERSAL LIFE: Reprint #LIAM
{September 13th, 2023} by Sheryl J. Moore
For as long as I’ve been handling my own finances, I’ve been hearing that people should “buy term and invest the difference.” I have never really taken stock in the concept. I mean, I am a financial services professional that cut her teeth on whole life, but who would adopt this theory centered around buying […]
Innovative sales strategies: Stories wanted
{September 13th, 2023} by Sheryl J. Moore
My friend Pam Sheehan is the brilliant individual behind Aspire Magazine. She is searching for submissions for her “Raising the Bar” sales stories. Specifically, she is looking for the innovative sales strategies and processes that are raising the bar in our profession. Sales efforts by advisors in life insurance, LTC, DI, annuities, or senior markets that have made […]
Symetra Named a Fortune 2023 Best Workplace in Financial Services and Insurance™
{September 13th, 2023} by Symetra
September 11, 2023 12:00 PM Eastern Daylight Time BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company announced that Fortune® magazine and Great Place to Work®, the global authority on workplace culture, have recognized Symetra as one of the 2023 Best Workplaces in Financial Services and Insurance™. Symetra was among the top 50 organizations in the best large […]
Agam Capital Advises PFI in Its Formation and Launch of Prismic Life Reinsurance, Ltd.
{September 13th, 2023} by Agam Capital Management, LLC
TEANECK, N.J. & NEWARK, N.J. & HAMILTON, Bermuda–(BUSINESS WIRE)–Agam Capital (“Agam”), an analytics driven platform strategically partnering with insurance companies to explore opportunities to enhance their financial flexibility, is advising Prudential Financial, Inc. (“PFI”), a US-based global financial services leader and premier active global investment manager, in the formation and launch of Prismic Life Reinsurance, […]
Prudential Financial, Inc. and Warburg Pincus announce launch of Prismic Life Re
{September 13th, 2023} by Prudential
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) (Prudential) and Warburg Pincus today announced the launch of Prismic Life Reinsurance, Ltd. (Prismic), a licensed Class E Bermuda-based life and annuity reinsurance company. Prudential and Warburg Pincus, together with a group of investors, have agreed to make equity investments in Prismic and will oversee its long-term strategy through participation […]
Lincoln Financial Group shares three actions consumers can take now to prioritize protection during Life Insurance Awareness Month
{September 13th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Consumers report that taking care of their families financially is a top priority, yet 68% are prioritizing other financial goals or investments ahead of life insurance, according to new research from Lincoln Financial Group1 (NYSE: LNC). During Life Insurance Awareness Month throughout September, Lincoln Financial is offering three actions consumers can take now to make life […]
Delaware Life Accelerator Prime® Variable Annuity Named Barron’s Best Annuities and Due Diligence Works’ #1 Annuity for Income
{September 13th, 2023} by Group 1001
WALTHAM, Mass., Sept. 6, 2023 /PRNewswire/ — The Delaware Life Accelerator Prime® Variable Annuity (the APVA) has been named Best Annuities: Guaranteed Income with Some Flexibility, Liquidity, and Growth Potential by Barron’s. The list includes “annuities with the most competitive payouts or guarantees, all offered by insurers with top credit ratings.” The article highlights the APVA as a standout. This is […]
Advisor Focus: Preparation, Not Prediction
{September 13th, 2023} by Doug Wolff
Financial advisors and their clients should have a continual focus on portfolio preparation, and not so much on prediction, as we look ahead to 2024 and beyond. Protecting clients’ assets by rethinking 60/40 portfolios and utilizing products that offer risk protection can help weather a variety of potential market outcomes. This is especially important for […]
UCL Financial Group reaches 100-year milestone
{September 13th, 2023} by Ameritas
LINCOLN, Neb., Sept. 11, 2023 /PRNewswire/ — UCL Financial Group is celebrating its 100th anniversary this year, marking a historic achievement for the Memphis-based agency. Throughout its history, the UCL Financial Group has had an impact on its clients’ lives and continues as a business that can be reliable for generations. From working with farmers in the Mississippi Delta during […]
The Penn Mutual Life Insurance Company named to 2023 Best Workplaces in Financial Services & Insurance List
{September 13th, 2023} by Penn Mutual
HORSHAM, Pa., Sept. 12, 2023 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is proud to be selected by Great Place To Work® and Fortune for the 2023 Fortune Best Workplaces in Financial Services & Insurance™ List. This is Penn Mutual’s first time being named to this prestigious list. Penn Mutual is ranked among the […]
Simplicity Acquires Breakthrough Insurance Group and Welcomes Tim Kelly as Partner
{September 13th, 2023} by Simplicity Group
SUMMIT, N.J., Sept. 6, 2023 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced that it has acquired Breakthrough Insurance Group (“BIG”), a New Jersey-based full-service life, annuity, and long-term care insurance general agency. With this deal, Tim Kelly becomes Simplicity’s newest Partner. “Tim has built a strong team who will immediately benefit from access to Simplicity’s array of carriers, […]
Annuity Riders, Explained
{September 13th, 2023} by Roger Wohlner
Annuity riders are add-ons that can be used to enhance and customize the benefits of an annuity contract to better align the contract with your client’s needs. There are a variety of annuity riders available across the insurance industry. However, not all riders are available from every company or for all types of annuity contracts. […]
Penn Mutual expands offerings with Survivorship Protection Variable Universal Life
{September 13th, 2023} by Penn Mutual
HORSHAM, Pa. , Sept. 6, 2023 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of Survivorship Protection Variable Universal Life (SPVUL). Issued through Penn Mutual’s wholly-owned subsidiary, The Penn Insurance and Annuity Company, this last-survivor permanent life insurance product provides guaranteed lifetime protection for two people plus the […]
Delaware Life Accelerator Prime® Variable Annuity Named Barron’s Best Annuities and Due Diligence Works’ #1 Annuity for Income
{September 13th, 2023} by Group 1001
WALTHAM, Mass., Sept. 6, 2023 /PRNewswire/ — The Delaware Life Accelerator Prime® Variable Annuity (the APVA) has been named Best Annuities: Guaranteed Income with Some Flexibility, Liquidity, and Growth Potential by Barron’s. The list includes “annuities with the most competitive payouts or guarantees, all offered by insurers with top credit ratings.” The article highlights the APVA as a standout. This is […]
Annuities Have an Awareness Problem: Why That Matters
{September 13th, 2023} by Jason Fichtner and Jean Statler
In the 1934 comedy classic It’s a Gift, W.C. Fields’ character encounters an aggressive, slick-talking annuities salesman in an indelible scene that helped shape a negative perception of the product. Despite decades of product innovation and the adoption of industry-wide operating principles benefiting consumers, some would have you believe that selling annuities has changed little […]
Simplicity Welcomes Susan Cimini as the Group’s Newest Partner with the Acquisition of Hancock Brokerage
{September 13th, 2023} by Simplicity Group
SUMMIT, N.J., Sept. 7, 2023 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced the acquisition of Hancock Brokerage (“Hancock”). Based in Louisiana and specializing in life insurance and life settlements, Hancock is led by Susan Cimini who becomes a Simplicity Partner following this transaction. “During the process of building a thriving business, Susie has proven herself to be a leader in […]
Milliman’s 2023 Variable Annuity Industry Experience Studies show policyholder behavior is highly sensitive to interest rates and benefit guarantees
{September 13th, 2023} by Milliman, Inc.
SEATTLE, Sept. 7, 2023 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today announced the results of its two 2023 Variable Annuity Industry Experience Studies, which analyze policyholder behavior across 22 companies spanning 15 years. The two studies cover surrender behavior and partial withdrawals, focusing on income utilization for guaranteed lifetime withdrawal benefit (GLWB) […]
Senior Market Sales® Adds EMG Insurance Brokerage to Growing Network of Health and Wealth Companies
{September 13th, 2023} by Senior Market Sales
OMAHA, Neb., Sept. 12, 2023 /PRNewswire/ — Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations (IMOs), has acquired EMG Insurance Brokerage, one of the oldest and most well-respected IMOs in the country. SMS President Jim Summers touted the new partnership as a major win for SMS and parent company Alliant Insurance Services as they build a network […]
RILAs: Buffers are Still Much Better than Floors
{September 13th, 2023} by David Blanchett
Registered index-linked annuities (RILAs), also called indexed-variable annuities and structured annuities, continue to gather significant assets. I originally released a paper for the Alliance for Lifetime Income, as well as series of articles in Advisor Perspectives (see here, here, here and here), exploring RILAs in April 2021. In one particular article, I noted that buffer RILAs were significantly more efficient than floor RILAs. These […]
Tess Grace Joins Integrity as President of Integrity Life
{September 13th, 2023} by Integrity Marketing Group, LLC
Experienced, top-tier executive will lead Integrity’s efforts to provide innovative life insurance solutions to agents and consumers as part of its holistic life, health and wealth mission DALLAS, Sept. 12, 2023 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today […]
Pros and cons of annuities as havens amid recent market turmoil
{September 13th, 2023} by Dan Shaw
Annuities may be enjoying unprecedented popularity in this time of economic uncertainty and rising interest rates. But that doesn’t necessarily mean every advisor should join the crowd and rush to add them to their clients’ portfolios. Click HERE to read the full story via Financial Planning
Annuities Can Be Tricky for Advisors to Buy and Manage. How Insurers Hope to Change That.
{September 6th, 2023} by Karen Hube
Annuity companies have been trying to win over more wealth managers and independent investment advisors for years. They have lowered contract expenses, built new types of annuities to address common retirement planning risks, and created fee-based versions of traditional commissioned annuities. Now, annuities look better than ever after rising interest rates boosted payouts and guarantees. […]
Indexed life sales up 28%, drives strong Q2 for life insurance, Wink says
{September 6th, 2023} by Staff Reports
“Like indexed annuities, indexed life is setting sales records,” said Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “If sales keep setting records like this, the par whole life carriers will have no choice but to develop their own indexed solution.” Click HERE to read the full story via INN
A.M. Best, S&P Global Ratings Each Affirm Strong Performance by OneAmerica
{September 5th, 2023} by OneAmerica
INDIANAPOLIS, Sept. 5, 2023 /PRNewswire/ — OneAmerica® today announced that A.M. Best 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 OneAmerica companies, for their financial strength. A.M. Best affirmed an A+ (Superior) rating, which is the second-highest of 15 rating […]
