Enhancing Executive Retention Strategies Through Indexed Universal Life Insurance
{September 5th, 2023} by Laurence Williams
Businesses serve as the lifeblood of our economy, driving innovation and progress. In the intricate landscape of business, cultivating and retaining top-level executives is pivotal for sustained growth and success. As a financial advisor, you’re well aware of the multifaceted challenges businesses face in attracting and keeping valuable talent. In this article we’ll delve into […]
Broker Words—September 2023
{September 5th, 2023} by Broker World
I was saddened, as will be the NAILBA community and many in our industry, to learn recently of the April passing of a vibrant and engaging jewel of the brokerage business, Melinda Meyer. Melinda graduated from Illinois State University with a BS in Special Education and Psychology. She began her career in Florida as a […]
A Little About “RILAs”
{September 5th, 2023} by Charlie Gipple
Much of what I write about is derived from what I hear from the hundreds of agents that work with my company as their IMO. With that, something that has come up a lot in recent months from many of my agents is the topic of RILAs, or Registered Indexed Linked Annuities. The two questions […]
Whole Life: The Foundation Of A Successful Plan For Retirement And Legacy
{September 5th, 2023} by Kip Kip Walker
Most families are concerned about retirement and what they will leave behind for their loved ones when they are gone. Will they have enough income to maintain their standard of living in retirement? Will they have to work into their 70s to afford retirement? Will they ever be able to retire? Will they be able […]
RILAs: How Do Insurance Companies Do It?
{September 5th, 2023} by Charlie Gipple
One of the most popular whitepapers that I have created for financial professionals is titled Indexed Products: How the Watch Is Built. This whitepaper speaks to how insurance companies price fixed indexed products (annuities and life). In this whitepaper, I effectively create an indexed annuity based on today’s interest rates and options prices. Click HERE to […]
Risk Management & Insurance Major
{September 5th, 2023} by Sheryl J. Moore
Look at who now offers an insurance and risk management undergrad program! So excited by this, University of Iowa! -sjm Risk Management & Insurance Major This major begins Fall 2023 Understand risks, reap big rewards To make smart decisions about any project, businesses need to look at what might go wrong and come up with […]
‘Annuity King’ sentencing delayed a month to permit character witnesses
{September 5th, 2023} by John Hilton
Sentencing for Phillip Roy Wasserman, the self-styled “Annuity King” convicted on fraud charges, was postponed until Oct. 5. Wasserman had been scheduled for sentencing Wednesday, with the government recommending a prison term of 324 to 405 months. Instead, Judge Charlene Edwards Honeywell granted Wasserman’s motion for a continuance so that four out-of-town witnesses can testify […]
Annuities can help manage income risks in retirement
{September 5th, 2023} by Susan Rupe
During their years in the workforce, employees spend decades accumulating retirement savings. But when it’s time to retire, the focus switches from accumulating savings to generating retirement income. The challenge is to develop a retirement income strategy that provides a desired lifestyle without concern over running out of money. Click HERE to read the full […]
12 Cheapest States for Retirees — 2023
{September 5th, 2023} by Michael S. Fischer
How much money to save for retirement is a top-of-mind concern for most Americans at a time when inflation and market volatility are impeding their ability to save. In fact, 55% of participants in a Bankrate survey reported that their savings are not where they should be, and 35% acknowledged that they are seriously behind. For these, relocating to […]
TIAA Hit With Second Class-Action Suit Over MOVEit Hack
{September 5th, 2023} by Melanie Waddell
TIAA has been hit with a second lawsuit over a data breach related to the cyberattacking exploiting MOVEit file-transfer software. The first suit was filed on Aug. 8 in the U.S. District Court for the Southern District of New York, on behalf of former and current employees of companies that used TIAA to process benefits. Click HERE […]
Honor a Loved One for Life Insurance Awareness Month
{September 5th, 2023} by Allison Bell
Life Happens wants to help people think about death by asking them to honor loved ones who have died. The nonprofit, Washington-based insurance education group has set up a memory wall website to support this year’s Life Insurance Awareness Month campaign, which start[ed September 1st.] Click HERE to read the full story via Think Advisor
Wink, Inc. Releases Second Quarter, 2023 Life Sales Results
{September 5th, 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 and […]
Morningstar Researcher Casts Doubt on Exotic Index Performance
{September 5th, 2023} by Cyril Tuohy
At the end of last year, there were 157 different indexes upon which consumers could earn interest on a fixed-indexed annuity, according to Wink’s AnnuitySpecs tool. Click HERE to read the full story via Life Annuity Specialist
Principal Financial Group Inc. Buys 8,997 Shares of F&G Annuities & Life, Inc. (NYSE:FG)
{September 5th, 2023} by Defense World
Principal Financial Group Inc. lifted its stake in shares of F&G Annuities & Life, Inc. (NYSE:FG – Free Report) by 4.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,251 shares of the company’s stock after acquiring an additional 8,997 shares during the […]
Special Edition! A note from Wink
{September 1st, 2023} by Wink's Intel Pros
We delayed the newsletter this week to coincide with the publishing of Wink’s Sales & Market Report’s life insurance sales report. Check it out HERE! Be sure to read our CEO’s Sheryl Moore’s much-requested compiled information on annuity issuer’s CEO compensation. Click HERE to read! September is Life Insurance Awareness Month (LIAM) and starting with next […]
SECOND QUARTER 2023 LIFE INSURANCE SALES
{September 1st, 2023} by Sheryl J. Moore
Non-Variable UL Sales for the second quarter of 2023 were $827 million, compared with sales of $790 million for the second quarter of 2022. Second quarter non-variable life sales were up more than 13% when compared to the previous quarter and up nearly 5% as compared to the same period last year. Total 2Q2023 […]
Wink, Inc. Releases Second Quarter, 2023 Life Sales Results
{September 1st, 2023} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED LIFE SALES SET TO BREAK RECORDS IN 2023 Wink, Inc. Releases Second Quarter, 2023 Life Sales Results Des Moines, Iowa. August 31, 2023– Wink, Inc. released the second quarter, 2023 life sales results in its 104th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report […]
Allianz, Athene and Corebridge Lead 2Q Fixed-Indexed Annuity Sales
{September 1st, 2023} by Cyril Tuohy
Second-quarter sales of fixed-indexed annuities surged 28% from a year ago to $25.1 billion with three familiar carriers at the top of the league table, market researcher Wink reported Thursday. Allianz Life was the top-selling fixed-indexed annuity company followed by Athene and Corebridge Financial, which was spun off from American International Group last September, according to Wink’s Sales & Market Report. Click HERE to […]
Solving the retirement planning puzzle — With Todd Taylor
{September 1st, 2023} by Paul Feldman
Todd Taylor, as head of New York Life’s retail annuities business, has helped shape the business for an industry leader that had more than $22 billion in sales in 2022. He believes being a mutual company has given New York Life an advantage over competitors in riding the recent annuity juggernaut. He has spent about […]
North American Company Announces New Goldman Sachs Index
{September 1st, 2023} by North American Company for Life and Health Insurance
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Today North American Company for Life and Health Insurance®, a member company of Sammons® Financial Group, announced a new crediting index sponsored by Goldman Sachs. The Goldman Sachs Equity TimeX Index (the “Index”) offers exposure to the equity market while providing greater option-cost stability through volatility control and an excess return structure. The Index uses calendar-based […]
Jackson Refines Perspective Variable Annuity Benefit Suite
{September 1st, 2023} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today announced the launch of Flex Suite, a streamlined and simplified menu of add-on living benefits available within the Perspective family of variable annuity products. Flex Suite includes 14 options of add-on living benefits. Each of these options […]
Mixed expectations for impending DOL fiduciary rule
{September 1st, 2023} by John Hilton
The Department of Labor stayed silent Wednesday on a new fiduciary rule rewrite it promised to unveil by the end of August. Now termed “Conflict of Interest in Investment Advice,” the much-delayed rule proposal remained docked in the “Proposed Rule Stage.” Anticipation remains sky high for financial professionals, not all of whom are opposed to […]
Life insurance shows potential to solve growing LTC concerns
{September 1st, 2023} by John Hilton
Life insurance is a versatile product that Americans use for protection, tax planning, a savings tool and many other important life planning options. Of late, Americans are turning to life insurance to solve long-term care concerns as well. While life insurance-LTC combo products have existed for years, recent activism on LTC issues is pushing these […]
LIMRA: Young people want life insurance, but aren’t buying it
{September 1st, 2023} by John Hilton
The concept of life insurance sells itself and always has. Few Americans argue against the idea of setting aside a few dollars for protection against the financial consequences of an untimely death. Converting that popular concept into a life insurance sale is where the difficulty comes in. It’s a difficulty many producers are currently having […]
Charting the course of life insurance
{September 1st, 2023} by John Forcucci
Rising interest rates have not helped life insurance in the same way they have helped other investment products, according to Wink’s Sheryl Moore “My take is that the life insurance products haven’t been able to take advantage of increased rates as much, just because they primarily use portfolio crediting rather than new money,” Moore explained. […]
What other reasons do you think have led to the decline in sales of life insurance?
{September 1st, 2023} by Sheryl J. Moore
Charting the Course of Life Insurance, John Forcucci‘s Letter From the Editor in InsuranceNewNet Magazine, outlines possible reasons for the decline in life insurance sales. John correctly points to the fact that there is a huge portion of our country that are underserved. He hits the nail on the head that companies are focusing on cash […]
Lawmakers Tell DOL to ‘Cease’ Work on New Fiduciary Rule
{September 1st, 2023} by Melanie Waddell
Top lawmakers on the Senate Health, Education, Labor and Pensions (HELP) Committee and the House Education and the Workforce Committee told Acting Labor Secretary Julie Su on Thursday to “cease further action” on a new fiduciary rule. Sen. Bill Cassidy, R-La., ranking member of the HELP Committee, and Rep. Virginia Foxx, R-N.C., chairwoman of the Education […]
12 Fast Facts About Annuity Issuers’ Graders
{September 1st, 2023} by Allison Bell
Ateam at the Society of Actuaries has come out with a critical new tool for annuity professionals: a guide to the insurance rating process. Your clients are looking at annuities because they’re hungry for retirement income guarantees. But, as all annuity issuers state near any mention of guarantees, the guarantees depend on the strength of […]
Finseca Applauds FSP, Life Happens, and NAIFA’s Intent to Merge
{September 1st, 2023} by Finseca
WASHINGTON, D.C. (August 24, 2023) – Today, Finseca issued the following statement of support after The Society of Financial Service Professionals (FSP), Life Happens, and the National Association of Insurance and Financial Advisors (NAIFA) announced their intent to merge. “On behalf of our Board of Directors, team, and the membership at Finseca, I want to offer […]
Annexus CEO Ron Shurts & Zebra Capital’s Roger Ibbotson Ring the NYSE Closing Bell in Celebration of the 6-Year Anniversary of the NYSE Zebra Edge Index
{September 1st, 2023} by Annexus
SCOTTSDALE, Ariz., Aug. 28, 2023 /PRNewswire/ — Annexus CEO and co-founder Ron Shurts and renowned economist Prof. Roger Ibbotson had the honor of ringing the closing bell on the New York Stock Exchange on Monday, Aug. 21, in celebration of six years of the NYSE® Zebra Edge® Index. Annexus, a leading independent developer of financial and insurance products, and Zebra Capital Management, an esteemed […]
NAIFA to boost training and education through proposed merger
{September 1st, 2023} by Tobias Salinger
The National Association of Insurance and Financial Advisors would reach nearly 20,000 members through a merger with two other organizations that’s up for a vote this fall. NAIFA, an Arlington, Virginia-based networking, certification and advocacy organization for financial advisors, insurance agents and their firms, would absorb two other groups it has already collaborated with over […]
New Study Shows Interest in Life Insurance at All-Time High in 2023
{August 31st, 2023} by LIMRA and Life Happens
Windsor, Conn. and Washington, D.C. ― While two-thirds of Americans report their lives have largely returned to normal following the COVID-19 pandemic, the 2023 Insurance Barometer Study shows a record-high proportion of consumers (39%) who say they intend to purchase life insurance coverage within the next year. The intent to buy is even higher among […]
Insurance Company Executive Compensation: Not What You Would Expect
{August 31st, 2023} by Sheryl J. Moore
There are a couple of things that have put the matter of life insurance company executive compensation front and center with me over the past couple of months. First- I recently had the opportunity to read an article from Life Annuity Specialist regarding the extreme pay being collected by the head of a sleepy little […]
Wells Fargo Faces John Hancock Suit Over Life Insurance Issue
{August 31st, 2023} by Allison Bell
Anew federal court case could affect what happens when the owner of a life insurance policy uses the policy as loan collateral and then sells the policy through a life settlement. John Hancock Life Insurance Co. (U.S.A.) filed the suit in the U.S. District Court of Massachusetts against two parties — Wells Fargo and Monterey […]
NAIFA to Join With Life Happens and the Society of Financial Service Professionals
{August 31st, 2023} by Allison Bell
The National Association of Insurance and Financial Advisors plans to join with two other groups, Life Happens and the Society of Financial Service Professionals, through a merger, the groups announced today. The Life Happens and FSP boards have already approved the merger. They hope to get member approvals early this fall. Click HERE to read […]
Sales of a Hot Fixed Annuity Product Start to Cool
{August 31st, 2023} by Allison Bell
U.S. retail annuity sales continue to grow, but sales of one type of product that has been especially popular — the multi-year guaranteed annuity contract — are cooling. Total individual annuity sales increased to $80 billion in the second quarter, up 9.6% from total for the second quarter of 2022, according to new annuity issuer […]
Jackson Keeps Variable Annuity Benefits Guarantees on Menu
{August 31st, 2023} by Allison Bell
Jackson Financial will still have something to offer variable annuity buyers who want income guarantees. The Lansing, Michigan-based life insurer today reaffirmed its commitment to providing annuity benefits guarantees by introducing the Flex Suite family of variable annuity living benefits. Click HERE to read the full story via ThinkAdvisor
NASAA launches program letting advisors maintain licenses longer while out of industry
{August 31st, 2023} by Mark Schoeff Jr.
‘As a mother of three young kids … I am so pleased to see NASAA recognizing the need for some flexibility,’ an advisor says. Click HERE to read the full story via InvestmentNews
Finseca Flash
{August 31st, 2023} by Finseca
While appropriate regulations enhance transparency and accountability in the financial sector, an excessive load of compliance and regulatory burden can lead to many unintended consequences that ultimately hurt the very individuals they aim to protect as well as all the financial security professionals (FSPs) providing that service. In case you missed it, the latter – […]
The Annuity Market Might Split: CFRA Analyst
{August 31st, 2023} by Allison Bell
A split between two different kinds of life insurance company owners could lead to a split in the U.S. retail annuity market. Catherine Seifert, a vice president at CFRA Research, discusses that possibility in a new review of U.S. and Canadian life insurers. Click HERE to read the full story via Think Advisor
TIAA Exec: Put Deferred Fixed Annuities in 401(k) Plans
{August 31st, 2023} by Allison Bell
Many investment strategists believe in using annuities for retirement savings held outside 401(k) plans. Phil Maffei II, the managing director at TIAA’s corporate retirement solutions unit, disagrees. Click HERE to read the full story via ThinkAdvisor
A Way To Make Annuities Easier For Advisors Is On The Horizon, Industry Officials Say
{August 31st, 2023} by Ben Mattlin
Many advisors don’t have the tools to handle annuities easily, says the Insured Retirement Institute (IRI). But that’s about to change. IRI, a Washington, D.C.-based industry group, is working with dozens of annuity providers and distributors to offer new resources designed to clear away roadblocks that inhibit advisors from including annuities in their standard financial […]
Athene’s Q2 YTD Annuity Sales Soared 132% Over Last Year
{August 31st, 2023} by Cyril Tuohy
In the second quarter, the Allianz Benefit Control Annuity was the best-selling fixed-indexed contract, market researcher Wink reported earlier. Click HERE to read the full story via Life Annuity Specialist
AM Best Affirms Credit Ratings of Massachusetts Mutual Life Insurance Company and Most of Its Subsidiaries
{August 31st, 2023} 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). […]
Venerable Announces Planned Creation of Investment Adviser
{August 31st, 2023} by Venerable
WEST CHESTER, Pa.–(BUSINESS WIRE)–Venerable Holdings, Inc. (“Venerable”) today announced plans to establish a Venerable-owned registered investment adviser (“VIA”) and a variable insurance trust (“VIT”) comprised of mutual funds managed by VIA that will serve as investment options for insurance company separate accounts. This initiative is part of our ongoing effort to grow and optimize our […]
AM Best Affirms Credit Ratings of Sammons Financial Group, Inc. and Its Subsidiaries
{August 31st, 2023} 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 Midland National Life Insurance Company (Midland National) and North American Company for Life and Health Insurance (North American) (both domiciled in West Des Moines, IA). In addition, AM Best has affirmed […]
Pacific Life denies fault, asks court to dismiss IUL lawsuit in Washington state
{August 31st, 2023} by John Hilton
Pacific Life denied all claims and asked a Washington state federal judge to dismiss a lawsuit brought by a Richland couple dissatisfied with a PDX indexed universal life policy. Simona G. Marie and Thomas Lewis, from Richland, Wash., filed a lawsuit June 27 against Pacific Life, Harding Financial Partners and Andrew Brown, the producer who sold them […]
Don’t Buy an Indexed-Universal Life Policy Until You Read This
{August 31st, 2023} by Ben Manderscheid
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. So-called “finfluencers” are preying on naïve investors, promising unrealistic returns while generating excessive commissions for themselves. Their bait is an indexed-universal life (IUL) policy. Read this to avoid making a costly mistake. Click HERE to read the full […]
How Do Annuity Death Benefits Work?
{August 31st, 2023} by Roger Wohlner
Annuities are primarily known for their living benefits, but in many cases, they can offer a death benefit to the contract holder’s beneficiaries. If your client has an annuity or is considering investing in one, it’s important to review the contract’s death benefit options with them. Not all annuities have a death benefit. What Is an […]
Groups Move to Support Advisor in Annuity Switching Case
{August 31st, 2023} by Jeff Berman
The National Association for Fixed Annuities and Investor Choice Advocates Network have filed amicus curiae briefs in the U.S. District Court for the District of Massachusetts on behalf of the advisor who was charged by the Securities and Exchange Commission in March with defrauding clients as part of an annuity replacement scheme. The SEC declined […]
Pulling back the curtain on hybrid indices
{August 31st, 2023} by Sheryl J. Moore
You need to do your due diligence on hybrid indexes, which are used on indexed life insurance and indexed annuities. The index provider may limit gains on the index through a monthly cap on performance. In these instances, there is no cap on downward index performance. And- this is IN ADDITION TO the limit on […]
Venerable Aims to Power Variable Annuity Issuers’ Fund Menus
{August 31st, 2023} by Allison Bell
Venerable Holdings — a reinsurer that has taken responsibility for giant blocks of variable annuities off the shoulders of companies like Voya, Equitable and John Hancock — wants to provide the investment funds inside the annuities. The West Chester, Pennsylvania-based company announced Tuesday that it’s setting up its own RIA and its own variable insurance trust to help insurers […]
Retirement plan confusion creating advisor opportunities
{August 30th, 2023} by Gregg Greenberg
Although 76% of sponsors were extremely satisfied with their current plan advisor, 22% reported they were actively looking to switch. Click HERE to read the full story via InvestmentNews
False and Misleading Long-Term Care Insurance Marketing Tactics
{August 30th, 2023} by California Insurance Commissioner
August 23, 2023— The California Department of Insurance (Department) has received several complaints regarding misleading marketing and communications by some long-term care insurers and agents in connection with the work of the California Long-Term Care Insurance Task Force (Task Force). These communications falsely assert that a new payroll tax will be imposed in the near […]
Life Insurance Consumer Advocacy Center Shares Concerns Over New Proposed California Law That Works a Fraud on Consumers
{August 30th, 2023} by LICAC
PLEASANT HILL, Calif., Aug. 29, 2023 /PRNewswire/ — A proposed new California law would allow life insurance agents to mislead their consumer customers by saying they have no conflicts of interest with the consumer even if the agent stands to gain many thousands of dollars if the consumer accepts the agent’s recommendation. The same law allows agents to tell […]
Financial Advisors Have Used FIDx’s Platform for More Than $1B in New Annuity Contracts; $50B in Overall Annuity Contracts Now Actively Managed on FIDx Platform
{August 30th, 2023} by FIDx
BERWYN, Pa., Aug. 29, 2023 /PRNewswire/ — Fiduciary Exchange LLC (FIDx) is celebrating a significant milestone: financial advisors have utilized FIDx’s platform, which includes tools and integrated technology solutions for managing annuities, for more than $1 billion in new annuity contracts since the platform’s full market launch in September 2021. “Our mission at FIDx is simple—equip every financial advisor nationwide […]
Debate: Should the DOL Revert to the 2016 Fiduciary Standard?
{August 30th, 2023} by Robert Bloink and William H. Byrnes
After the Department of Labor’s 2016 fiduciary rule and best interest contract exemption were vacated, the standard reverted back to the “old” five-part test that has historically been used to determine investment advice fiduciary status. Now, it is widely expected that the DOL will release a newly revised fiduciary test before the end of the summer. Many […]
Massachusetts Fiduciary Rule Upheld by Top Court
{August 30th, 2023} by Melanie Waddell
The Massachusetts Supreme Judicial Court ruled Friday to uphold the Massachusetts fiduciary rule and allow Secretary of State William Galvin’s administrative case against Robinhood to move forward. In April, Galvin, Massachusetts’ top securities regulator, appealed a Superior Court judge’s decision issued last March that struck down the state’s fiduciary rule. Click HERE to read the full […]
Fortitude Re Engages IBM to Transform and Optimize Its Life Insurance and Annuity Third Party Administration Operations
{August 28th, 2023} by Fortitude Re
ARMONK, N.Y. and HAMILTON, Bermuda, Aug. 24, 2023 – IBM (NYSE: IBM) and FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), today announced they have entered into a $450 million agreement to transform Fortitude Re’s life insurance policy servicing operations with the implementation of AI technology and other automation tools designed to deliver a best-in-class […]
Features, taxation of individual annuities help middle-class Americans feel confident about retirement
{August 28th, 2023} by Press Release
Washington, DC (August 24, 2023) – A recent Gallup survey of Americans who own annuity contracts provides new evidence that individual annuities are used primarily by the middle class to accumulate savings and provide income for their retirement. The survey also found that the current federal tax rules for individual annuities are important in encouraging these Americans to […]
Indexed annuity products set record of $25.1B in Q2, Wink finds
{August 28th, 2023} by Staff Reports
Indexed annuity sales roared even higher during the second quarter, according to the Wink Sales & Market Report, setting an all-time quarterly record. “With rates being as strong as they are, it is no surprise that indexed annuity sales are setting records all over the place,” said Sheryl Moore, CEO of both Wink, Inc., and […]
What Are the ‘Worst’ Annuities?
{August 28th, 2023} by John Stevenson
Having a philosophy for knowing the difference between the best and worst annuities is crucial if you’re helping retirees plan for retirement. Products on the market come with unique features. Some are better than others or make more sense for different financial situations. Here’s my position: For my own retirement income planning clients, an annuity […]
Life insurance can offer more than a death benefit
{August 27th, 2023} by Carma McCallie
Life insurance can address a multitude of life concerns. The death benefit is especially helpful in providing a replacement for lost income to the insured’s family, covering estate settlement costs, including estate taxes or providing liquidity for business buyouts. But specific policies offer more than just the death benefit. Click HERE to read the full […]
You “represent every carrier that there is?” How unusual.
{August 25th, 2023} by Sheryl J. Moore
This came up on my Google alerts. Click HERE to listen to “Steven DeJean on annuities.” I am sure you want listeners to inquire about indexed annuities the most, but ALL annuities are like a personal pension. And really- you don’t need an “income rider” to guarantee a paycheck for life. Every annuity offers this […]
Wink, Inc. Releases 2nd Quarter, 2023 Deferred Annuity Sales Results
{August 24th, 2023} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED AND STRUCTURED ANNUITIES SMASH RECORDS! Wink, Inc. Releases 2nd Quarter, 2023 Deferred Annuity Sales Results Des Moines, Iowa. August 24, 2023– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 104th edition report for 2nd […]
Second Quarter 2023 Annuity Sales
{August 24th, 2023} by Sheryl J. Moore
Deferred Annuity Sales Total 2Q2023 deferred annuity sales were $79,742 million, compared with sales of $72,735 million for the second quarter of 2022. Second quarter deferred annuity sales were down nearly 6% when compared to the previous quarter and up nearly 10% when compared to the same period last year. Non-Variable Deferred Annuity Sales […]
NAIFA, FSP and Life Happens announce plan to unite
{August 24th, 2023} by Susan Rupe
Three industry associations today announced their plan to unite into a single organization. The National Association of Insurance and Financial Advisors, the Society of Financial Service Professionals and Life Happens announced plans to come together as one organization, pending membership approval. The merger will take place following a vote of each organization’s membership and that vote is expected to take […]
Annuity sales are down for the quarter, but up from this time last year!
{August 24th, 2023} by Sheryl J. Moore
Annuity sales are down for the quarter, but up from this time last year! LINE OF BUSINESS SALES % Chng Qtr / % Chang YTD All Deferred Annuities $79.74B -5.90% / 9.63% >Non-Variable Deferred Annuities $56.13B -10.78% / 21.32% >>Indexed Annuities $25.16B 11.33% / 28.36% >>Fixed Annuities $503.31M 31.43% / 3.85% >>MYG Annuities $30.46B -23.70% […]
Triple-I: Education Is Key to Life Insurance Awareness Month
{August 24th, 2023} by Triple-I
NEW YORK–(BUSINESS WIRE)–If someone depends on you financially, you should consider purchasing a life insurance policy, according to the Insurance Information Institute (Triple-I). September is Life Insurance Awareness Month and Triple-I participates each year as the insurance industry focuses on educating the public about the essential financial protection a life insurance policy provides,” said Michael Barry, chief […]
Prudential Sued Over MOVEit HackPrudential Sued Over MOVEit Hack
{August 24th, 2023} by Allison Bell
Prudential Financial is being sued over the MOVEit file transfer system breach by a plaintiff who thinks affected customers should get 10 years of free credit monitoring. Prudential, like many of the affected financial services companies, has offered the 320,840 customers believed to be affected by the breach two years of free credit monitoring services […]
‘Annuity King’ deemed a flight risk as sentencing nears on fraud conviction
{August 24th, 2023} by John Hilton
A pair of Tampa judges rejected two appeals this week by Phillip Roy Wasserman, the self-styled “Annuity King,” as his sentencing on fraud charges nears. Judge Sean P. Flynn denied Wasserman’s request to be freed on bond. Wasserman, scheduled to be sentenced Sept. 6 on fraud charges, is under 24-hour home incarceration with electronic monitoring, […]
Fortitude Re Engages IBM to Transform and Optimize Its Life Insurance and Annuity Third Party Administration Operations
{August 24th, 2023} by Fortitude Re
ARMONK, N.Y. & HAMILTON, Bermuda–(BUSINESS WIRE)–IBM (NYSE: IBM) and FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), today announced they have entered into a $450 million agreement to transform Fortitude Re’s life insurance policy servicing operations with the implementation of AI technology and other automation tools designed to deliver a best-in-class customer experience for […]
Retirement Reconsidered: F&G Survey Reveals Half of Americans Are Pushing Back or Coming Out of Retirement
{August 23rd, 2023} by Fidelity & Guaranty Life
DES MOINES, Iowa, Aug. 23, 2023 /PRNewswire/ — Half (50%) of pre-retirees and retired Americans1 are considering delaying or coming out of retirement, according to a new survey from F&G Annuities & Life, Inc. (“F&G”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients. F&G’s survey explored how the current market environment […]
Transamerica and MIT AgeLab Survey Provides Insights for Employers, Financial Professionals to Help Workers Prepare for Longer More Fulfilling Lives
{August 23rd, 2023} by Transamerica
BALTIMORE, Aug. 23, 2023 /PRNewswire/ — Longevity is enabling new approaches to the traditional three-part American journey of education, work, and retirement. Employers and financial professionals who recognize this unique opportunity can empower their employees and clients to navigate a life course very different from what their parents and grandparents experienced, according to new research from Transamerica […]
OneAmerica® Celebrates 10 Years of ‘Week of Caring’
{August 23rd, 2023} by OneAmerica
INDIANAPOLIS, Aug. 21, 2023 /PRNewswire/ — OneAmerica® continues a 10-year tradition of dedicating a full week of volunteer service to its local communities. From coast to coast, hundreds of associates will assist 29 nonprofits during the 10th annual Week of Caring. Through both in-person and virtual volunteer activities, OneAmerica associates will dedicate their time and talents across several […]
Majority of U.S. adults believe Social Security benefits will dry up in their lifetime
{August 23rd, 2023} by Nationwide
COLUMBUS, Ohio, Aug. 22, 2023 /PRNewswire/ — Since 2014, the Nationwide Retirement Institute has surveyed Americans annually on their perceptions, concerns and understanding of the U.S. Social Security system. This year’s survey marks its 10th edition and reveals how Americans’ attitudes towards Social Security have shifted significantly over the past decade. The 2023 Social Security survey delivered concerning findings: three-fourths (75%) of […]
LIBRA Insurance Partners Announces Partnership with Highland Capital Brokerage
{August 23rd, 2023} by LIBRA
BALTIMORE, Aug. 23, 2023 /PRNewswire/ — LIBRA Insurance Partners (LIBRA), the largest independently-owned life insurance marketing organization (IMO) in the United States, announces a partnership with Highland Capital Brokerage (HCB), a national life insurance and annuity distribution company and a subsidiary of Osaic. “Highland Capital Brokerage is a formidable organization and we are excited they have selected LIBRA […]
New NAIC Rule to Hit Some Life and Annuity Issuer Assets
{August 23rd, 2023} by Allison Bell
State insurance regulators want life and annuity issuers to think twice before trying to increase their returns by investing in riskier slices of asset-backed securities. The National Association of Insurance Commissioners today approved two measures that will cut how much of those assets’ value life insurers can include when calculating their “risk-based capital” ratios, or […]
Some Annuities Offer Big LTC Benefits Boosts
{August 23rd, 2023} by Allison Bell
True Tamplin thinks one annuity feature that agents and advisors should consider talking more about is long-term care benefits boosters. Most financial professionals know that annuities can provide a steady stream of income in retirement, but they may not understand what some products can do for the holders later in life, Tamplin, founder of Finance Strategists, said in […]
Where a New DOL Fiduciary Rule Stands Now
{August 23rd, 2023} by Melanie Waddell
As it stands now, the Labor Department has not filed its new fiduciary rule at the Office of Management and Budget. But the rule appears to be on track to hit OMB any day now, some observers say. Labor’s spring regulatory flexibility agenda signaled that a new fiduciary rule would be released in August. Click HERE to read the […]
MOVEit Hack Hit These Life, Annuity and Retirement Firms
{August 23rd, 2023} by Allison Bell
The attack this year on the MOVEit file transfer system by the Cl0P ransomware gang has been especially cruel to your favorite clients. The attack hit the conscientious people who buy life insurance to protect their loved ones; use life insurance, annuities or individual investment accounts to save for a dignified retirement; or participate in employer-sponsored […]
New Study Examines Fixed Indexed Annuity Contract Owner Behavior
{August 23rd, 2023} by Society of Actuaries Research Institute and LIMRA
WINDSOR, Conn., and SCHAUMBURG, Ill., Aug. 16, 2023 – A new study finds that in 2019 and 2020 owners of a fixed indexed annuity (FIA) with a guaranteed lifetime withdrawal benefit (GLWB) were less likely to surrender their contracts than those without a GLWB. The Fixed Indexed Annuity Contract Owner Behavior Study, conducted jointly by LIMRA and […]
Annuities: Maximizing retirement income in 2023 and beyond
{August 23rd, 2023} by Doug Wolff
As financial advisors look toward the second half of the year and beyond, they seek differentiated investment strategies that can provide all-weather protection and income in an unpredictable rate environment. Recent stock market volatility, inflation and rising interest rates also have financial advisors acting on a renewed demand for savings options that have a greater […]
Whole life insurance: An opportunity in a changing market
{August 23rd, 2023} by Stefan Greenberg
Geopolitical instability – including rising tension between the U.S. and China, the war in Ukraine, inflation, rising interest rates, bank failures and volatile stock markets – are factors contributing to a challenging environment that many investors did not anticipate. The question that we’re hearing many investors ask is whether there might be a way to […]
Lincoln Financial Group celebrates 35 years of its pioneering hybrid life/long-term care product suite
{August 23rd, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–This month, Lincoln Financial Group (NYSE: LNC) celebrates the 35th anniversary of its MoneyGuard® product suite by encouraging all Americans to have open and realistic discussions about long-term care. According to new research, almost half of Americans surveyed (43%) are concerned about paying for long-term care services for themselves or a family member – […]
AM Best Affirms Credit Ratings of Oxford Life Insurance Company and Its Subsidiaries
{August 23rd, 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 Ratings (Long-Term ICR) 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 Group. Concurrently, AM Best has […]
As U.S. Cash Balances Reach Record High1, Lincoln Financial Group Enhances Its Best-Selling Registered Indexed-Linked Annuity to Help Protect Against Market Volatility
{August 23rd, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) continues to innovate its best-selling registered indexed-linked annuity (RILA), Lincoln Level Advantage®, with the introduction of two new crediting strategies – Dual Performance Trigger and Dual15 Plus – designed to allow for more upside in down markets. These enhancements come as 85% of U.S. adults say they’d like to invest their money in a […]
There is no time to spare!
{August 23rd, 2023} by Pam Sheehan
The new edition of Aspire Magazine is online; ready to help you keep up with it all because that’s just how we roll!
American Life & Security Corp., a subsidiary of Midwest Holding Inc., is proud to announce the launch of an exciting new annuity product
{August 23rd, 2023} by American Life & Security Corp
LINCOLN, Neb., Aug. 16, 2023 /PRNewswire/ — American Life & Security Corp., a subsidiary of Midwest Holding Inc. (NASDAQ: MDWT), is proud to announce the launch of an exciting new annuity product, American Fusion. The product, distributed by American Life’s IMO partners, combines key characteristics of a Multi-Year Guaranteed Annuity (MYGA) and a Fixed Index Annuity (FIA), offering […]
The Scary Clause in Fixed Index Annuity Contracts
{August 23rd, 2023} by Jonathan Ping
Allan Roth takes a closer look at the role of fixed index annuities as part of an “efficient” portfolio, and as usual makes some great observations. The first thing about fixed index annuities is that no two are the same – the insurance companies don’t want to create a standardized product where they have to compete […]
This piece is in response to a paper that my friend Wade Pfau was commissioned to write, by the Alliance for Lifetime Income.
{August 23rd, 2023} by Sheryl J. Moore
I show grace to Wade not mentioning that inforce annuity rates can, and often do, change. This is a practice that typically occurs with products sold in the independent agent distribution. It is likely a little too “in the weeds” for Mr. Pfau. Click HERE to read the full story Are Fixed Annuities More Efficient […]
Literally rolling my eyes at the entire section on annuity fees in this piece. Don’t get me started.
{August 23rd, 2023} by Sheryl J. Moore
I wonder- wouldn’t one be compelled to speak to an insurance professional, when writing about life insurance and/or annuities? Click HERE to view “Should you Buy an Annuity?” via Forbes. It doesn’t always happen. And while a “zero-coupon bond offers a similar tax deferral [to an annuity] but is taxed at capital gain rates,” it […]
Worried Investors Leaving Money On Sidelines, Allianz Survey Finds
{August 23rd, 2023} by Edward Hayes
A significant number of investors are still keeping their money out of the market because of recession fears, according to a new study from Minneapolis-based Allianz Life Insurance Company of North America. Of more than 1,000 investors over the age of 18 surveyed for Allianz’s 2023 Q2 Quarterly Market Perceptions Study, 66% said they are […]
The Hidden Benefit In Annuities
{August 23rd, 2023} by Bob Carlson
Annuity sales are soaring, but still only a minority of retirees own them. If more people were aware of one key advantage of annuities, they probably would reposition part of their retirement portfolios into annuities. In this post I’m talking about annuities that pay guaranteed lifetime income. These generally are the single premium immediate annuity […]
SEC’s lawsuit is a stretch to regulate insurance, lawyer says
{August 23rd, 2023} by Emile Hallez
An SEC case against a Massachusetts advisor has big implications for the regulator’s oversight of insurance products, a law firm cautioned in a brief filed Monday with the federal court. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: More on the Cutter case… He made over $1M/year in […]
Mix Of Strategies, Products Best Optimizes Retirement Income, BlackRock Finds
{August 23rd, 2023} by Tracey Longo
Americans seeking to optimize income in retirement could benefit from a strategic approach to planning that considers guaranteed income products, optimal asset allocation and even delaying retirement and Social Security benefits, according to a white paper released recently by BlackRock. While investors with access to a retirement plan are frequently encouraged to save, the paper, […]
Models Used To Sell Fixed-Indexed Annuities Are Often Misleading, Morningstar Says
{August 23rd, 2023} by Tracey Longo
Fixed-indexed annuities may be the darling of the moment, but some of the illustrations detailing the way they are likely to perform in the future are misleading, Spencer Look, associate director for The Morningstar Center for Retirement & Policy Studies, says in a new research report. Financial professionals selling fixed-indexed annuities (FIAs)—a type of annuity where the rate of […]
Replacement activity much
{August 23rd, 2023} by Sheryl J. Moore
Nearly 40% of all indexed annuity sales in 2Q2023 had a premium bonus. Find out more in Wink’s Sales & Market Report -sjm
10 New Stats on How Cash Comes Out of Indexed Annuities
{August 23rd, 2023} by Allison Bell
Cash is coming out of clients’ annuities now. Life insurers want to understand how — and how well advisors like you are helping the clients find benefit guarantees that are great for them and hard on the annuity issuers. Click HERE to read the full story via ThinkAdvisor Wink’s Moore on the Market: The […]
Nearly 1 in 5 Americans say, “Cash is king,” according to new Empower research
{August 23rd, 2023} by Empower
GREENWOOD VILLAGE, Colo., Aug. 15, 2023 /PRNewswire/ — “Cash is king,” according to nearly 1 in 5 of Americans (17%) who prefer the minimal risk and convenience of cash — and rising interest rates may prove some savers right, according to new research from Empower, a leader in planning, investing and advice. Soaring rates and yields for high […]
Washington state couple sues Pacific Life over IUL illustration
{August 23rd, 2023} by John Hilton
A Washington state couple said they are out hundreds of thousands of dollars they expected to help fund retirement after being misled on a Pacific Life indexed universal life insurance policy. Simona G. Marie and Thomas Lewis, from Richland, Wash., filed a lawsuit June 27 against Pacific Life, Harding Financial Partners and Andrew Brown, the […]
Regulators give insurers a break on reporting interest rate losses
{August 23rd, 2023} by John Hilton
State insurance regulators voted Sunday to adopt a key rule change on how insurers report interest rate-related losses. An industry trade group lobbied for the rule change, which Reuters reports will free up hundreds of millions of dollars that insurers can use to write new policies or reinvest in business innovation. The change is to the interest […]
‘Scary’ study: young people don’t consider insurance fraud a crime
{August 23rd, 2023} by John Hilton
More than a quarter of Americans under age 35 say they would be “envious” and “motivated” by someone they know committing insurance fraud. The finding came from a new study by Verisk and the Coalition Against Insurance Fraud. Likewise, 23% say they would submit a false claim to their vehicle insurer for previous damage after an accident. […]
PRIVATE EQUITY
{August 23rd, 2023} by NAIC
Issue: Private equity (PE) has an increasing presence in the insurance industry. The relationship between PE and the insurance industry has emerged in two directions. First, U.S. insurance companies—particularly life insurers—invest in PE to increase the return on their balance sheet portfolios. This activity accelerated during the extended period of low interest rates following the 2008 financial crisis and […]
Brookfield Re eyes $10B in annuity sales when American Equity deal closes
{August 15th, 2023} by John Hilton
Both companies announced second-quarter earnings this week. It is the final quarterly report for American Equity, ending a multi-year run as a target of pursuers. Brookfield Re, established in late 2020, continues to flex its private-equity muscle with an aggressive acquisition strategy. Click HERE to read the full story via INN
A Counterintuitive Annuity Strategy That Can Reduce Risk
{August 15th, 2023} by Scott Stolz
According to a 2021 LIMRA study on structured annuities, almost half of all structured annuity sales utilized a strategy term of five or six years. The other half was broken down between one- and two-year indexed terms. So why are so many advisors choosing to make their clients wait five or six years before interest gets credited to […]
Brighthouse Financial Announces Second Quarter 2023 Results
{August 15th, 2023} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Results The company reported a net loss available to shareholders of $200 million in the second quarter of 2023, or $3.01 per diluted share, compared with net […]
The Standard’s Retirement Plan Business Introduces New Products and Services to Its Recordkeeping Platform
{August 15th, 2023} by The Standard
PORTLAND, Ore.–(BUSINESS WIRE)–The Standard has introduced seven new products and services to its retirement plan recordkeeping business, including Pooled Employer Plans, Automated Clearing House electronic loan repayment and a unique practice to return foreign tax credits to participant accounts. The enhanced offerings follow The Standard’s recent acquisition of Securian Financial’s retirement plan recordkeeping business. “We’ve brought […]
AmericanTCS Partners with Allianz Life to Add an In-Plan Guaranteed Retirement Income for Life Option
{August 15th, 2023} by Allianz Life
MEMPHIS, Tenn.–(BUSINESS WIRE)–Two members of the AmericanTCS family of companies, American Trust Retirement, a leading, full-service provider of retirement solutions to small- and mid-sized plan sponsors, and American Trust Custody, a leading custodian and trading platform for retirement plans, have partnered with Allianz Life Insurance Company of North America (Allianz Life) to add its guaranteed lifetime income annuity […]
FNF Reports Second Quarter 2023 Financial Results
{August 15th, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Aug. 8, 2023 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE:FNF) (“FNF” or the “Company”), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, […]
Midwest Holding Inc. Reports Second Quarter 2023 Results
{August 15th, 2023} by Midwest Holding Inc
LINCOLN, Neb., Aug. 11, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), today announced financial results for the quarter and six months ended June 30, 2023. Highlights for the second quarter 2023: GAAP net income for the quarter was negative $(3.9) million compared with a positive $9.3 million recorded in the second quarter of 2022. GAAP earnings were negative $(1.04) per share (diluted) versus $2.47 per share […]
OneAmerica®, Ensight™ Team Up to Encourage Better Long-Term Life Planning
{August 15th, 2023} by OneAmerica
INDIANAPOLIS, Aug. 14, 2023 /PRNewswire/ — OneAmerica®, in collaboration with Ensight, the leading life, long-term care (LTC) and annuity digital sales acceleration platform, is proud to announce a first-of-its-kind offering that will promote stronger LTC planning conversations between clients and financial professionals. The new Asset Care Sales Story experience will turn coverage options into LTC solutions through the […]
New Gallagher Study Reveals Business Owners are Looking for Tailored, Increased Insurance Protection
{August 15th, 2023} by Gallagher
ROLLING MEADOWS, Ill., Aug. 8, 2023 /PRNewswire/ — Gallagher, a global insurance brokerage, risk management and consulting services company, commissioned a survey of 1,000 U.S. business owners aimed to glean insights on their mindset around risk mitigation. Despite the majority (97%) of business owners having business-related insurance policies, an overwhelming 83% expressed worries about specific events or […]
National Western Life Group, Inc. Announces 2023 Second Quarter Earnings
{August 15th, 2023} by National Western Life Group, Inc.
AUSTIN, Texas, Aug. 8, 2023 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today second quarter 2023 consolidated net earnings of $29.6 million, or $8.38 per diluted share of Class A Common Stock, compared with restated consolidated net earnings of $96.5 million, or $27.30 per diluted share of Class A […]
F&G Annuities & Life Reports Second Quarter 2023 Results
{August 15th, 2023} by Fidelity & Guaranty Life
DES MOINES, Iowa, Aug. 8, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the second quarter ended June 30, 2023. Net earnings for the second quarter of $130 million, or $1.04 per diluted share (per share), compared […]
Finseca: Three Tools for Americans Who are Lacking Confidence in Their Ability to Retire
{August 15th, 2023} by Finseca
WASHINGTON, Aug. 9, 2023 /PRNewswire/ — A recent survey by the Employee Benefit Research Institute (EBRI), found that nearly 4 in 10 Americans fear retirement could be forever out of reach. Unfortunately, that number is up nearly 10 percent from just a year ago. At Finseca our mission is right there in our name, Financial Security for All. It’s […]
More Than a Third of Americans Say Uncertainty About Their Finances Keeps Them Up at Night at Least Monthly
{August 15th, 2023} by Northwestern Mutual
Northwestern Mutual’s 2023 Planning & Progress Study finds Americans feel stronger about their friendships, mental health, physical health and job stability than they do about their finances An arc of financial anxiety emerges – peaking for Millennials and sitting at the lowest levels for Boomers+ Disciplined planners and those who work with a financial advisor […]
Integrity Transforms the Agent & Client Experience with One-of-a-Kind, AI-powered “Ask Integrity™”
{August 15th, 2023} by Integrity Marketing Group, LLC
DALLAS, Aug. 10, 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 Ask Integrity™ — the one-of-a-kind, revolutionary, AI-powered and voice-activated technology that leverages in-the-moment data analysis and intelligence to streamline processes and empower agents to build stronger client relationships. […]
Just 10% plan to wait until age 70 to claim Social Security, survey finds. Why experts say it’s often best to delay
{August 15th, 2023} by Lorie Konish
Research suggests it’s best to hold off on claiming Social Security retirement benefits until age 70, if possible, to get the biggest monthly payments available to you. However, just 10% of nonretired Americans plan to wait until that age to start their monthly benefit checks, a new survey from asset management company Schroders finds. That […]
Jackson Announces Second Quarter 2023 Results
{August 15th, 2023} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the second quarter ended June 30, 2023. Key Highlights Net income attributable to Jackson Financial Inc. common shareholders of $1,204 million, or $14.21 per diluted share, including the net impact of market risk benefits and hedging results Adjusted operating earnings1 of $283 million, or […]
Using High Tech to Scale High-Touch: Jeff Donaldson, SEVP, Mutual of America
{August 15th, 2023} by Anthony R. O'Donnell
Founded in 1945, Mutual of America Financial Group is a Fortune 1000 company providing annuities and retirement products and services. The company has dedicated itself to helping its customers build and preserve assets, not only with innovative products for through high-touch personalized service. In 2017 the company embarked on the transformation initiative to scale its […]
Elevating women in the financial security profession
{August 15th, 2023} by Suzy Jacobs
Women are underrepresented in a number of professions. And research has shown there are many barriers that prevent women from establishing careers in male-dominated professions. Some examples of these barriers are being excluded from male-focused networks, stereotyping women as technically incompetent, perceiving women first and foremost in terms of sexuality and appearance — and these […]
Jackson Financial touts indexed-linked annuity sales gains in Q2
{August 14th, 2023} by John Hilton
Jackson Financial touted progress in the second quarter rebuilding its annuity suite to compete better in a strong sales market. During a conference call with analysts today, CEO Laura Prieskorn pointed to several positive developments in the second quarter: Click HERE to read the full story via INN
Brighthouse surprises with solid Q2 earnings, beating estimates
{August 14th, 2023} by Doug Bailey
Brighthouse Financial Inc., one of the nation’s largest providers of annuities and life insurance, surprised investors a bit this week with what it said was “solid” second quarter financial results, buoyed by increased life insurance sales and some accounting wizardry. The company reported an adjusted net income of $271 million, or $4.13 per share, (a […]
How captive insurance companies provide bank-like benefits
{August 14th, 2023} by Christopher Gallo
The role of captive insurance companies has undergone a remarkable metamorphosis in the ever-evolving landscape of modern business. Captive insurance has transcended traditional risk mitigation to become true pioneers of financial empowerment. Much like the transformative journey of banks, captive insurance companies now play a pivotal role in enabling businesses to safeguard their assets while […]
How term life insurance can maximize your client’s retirement stash
{August 14th, 2023} by William Scott Page
Term life insurance is commonly perceived as a financial shield, a measure put in place to safeguard a family’s financial future should an untimely event occur. Many agents have underwritten hundreds, if not thousands, of term life insurance policies with the primary objective of protecting their clients’ assets. The premise is simple yet profound: to […]
Gig economy workers need life insurers to address their needs
{August 14th, 2023} by Bob Gaydos
With each passing year, the gig economy continues to grow, with some estimates projecting that by 2027, 86.5 million people in the U.S. will be freelancing. As contract workers instead of employees, most of them won’t have access to any traditional employee benefits. For life insurers, this is a massive opportunity to tap into a new market, […]
8 Reasons to Buy an Annuity
{August 14th, 2023} by Roger Wohlner
Annuities can be a great tool for many clients looking to build a retirement income stream. They offer a number of potential advantages, but also disadvantages, and are not always the right retirement income solution for a client. Still, annuities can take many forms and come with a range of options that make them a […]
Nationwide to Distribute MassMutual Indexed Annuities for RIAs
{August 14th, 2023} by Allison Bell
Nationwide is going outside to expand its annuity menu. The Columbus, Ohio-based, policyholder-owned insurer said it will court registered investment advisors by offering them fee-based, non-variable indexed annuities from Massachusetts Mutual Life’s MassMutual Ascend unit. Click HERE To read the full story via ThinkAdvisor
At Jackson, RILA Buyers Are Different
{August 14th, 2023} by Allison Bell
Executives from Jackson Financial said Wednesday that registered index-linked annuities (RILAs) appeal to a somewhat different market than the other annuities the company writes. “The average age of a RILA policyholder is five years younger than our traditional variable annuity buyer,” Jackson CEO Laura Prieskorn told securities analysts during a conference call. Prieskorn talked about […]
Brighthouse Executive Expects RILA Market to Get More Competitive
{August 14th, 2023} by Allison Bell
Executives at Brighthouse Financial are predicting that competition in the market for registered index-linked annuities (RILAs) will continue to grow. RILAs, which are sometimes called index-linked variable annuities, are variable annuities that tie crediting rates to the performance of investment indexes, not to menus of mutual funds. Click HERE to read the full story via ThinkAdvisor
Fed Seeks Life Insurance Experts for Advisory Panel
{August 14th, 2023} by Allison Bell
The Federal Reserve Board is recruiting members for its Insurance Policy Advisory Committee, or IPAC, according to a Fed notice that’s set to be published in the Federal Register. Traditionally, the Fed has focused on regulating banks. IPAC helps the Fed understand the insurance industry. Click HERE to read the full story via ThinkAdvisor
U.S. Life Application Activity Softened in July
{August 14th, 2023} by Allison Bell
Changes in some life insurers’ sales and marketing strategies might have shaped U.S. individual life insurance application activity in July. MIB Group, an organization that helps life insurers share some of the information used in the life insurance underwriting process, found that overall individual life application activity was 0.6% lower than in July 2022. Click […]
American National Seeks to Void Another Life Policy
{August 14th, 2023} by Allison Bell
American National Insurance is continuing what it says is an effort to cancel life insurance policies obtained by people who used fraudulent applications to take out life insurance on unrelated people. The insurer has asked for court permission to cancel a life insurance policy owned by Michelle Sherlock of North Augusta, South Carolina, in a […]
Midland National Refreshes IndexBuilder Fixed Index Annuity
{August 8th, 2023} by Midland National Life Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Midland National® Life Insurance Company, a member company of Sammons Financial Group, today introduced an updated version of its popular MNL IndexBuilder® 10 and MNL IndexBuilder® 14 fixed index annuities (FIA). The new versions of MNL IndexBuilder offer clients an immediate premium bonus1 on each of the annuities in the first 7 years. […]
OPINION: Is New York’s Dept of Insurance Discriminating Against the Middle Market? – Living Benefit Review
{August 8th, 2023} by Ramona Neal, CLU, CHFC, CLTC, REBC
Regulators by by definition lead by authority. With New York’s Department of Financial Security, (fka: New York Department of Insurance), we have seen them exercise dominion for decades. It reminds me of a chokehold. Click HERE to read the full story via Living Benefit Review, LLC. Wink’s Moore on the Market: New York state […]
A mixed bag for Equitable’s Q2 earnings
{August 8th, 2023} by Doug Bailey
Equitable Holdings Inc., one of the nation’s largest financial service companies, turned in a mixed financial scorecard for the second quarter of this year, showing a blend of successes with some challenges across its various business segments. In the second quarter of 2023, Equitable reported a net income attributable to Holdings of $759 million, or […]
Lincoln Financial execs reassure analysts on delayed Fortitude Re deal
{August 8th, 2023} by John Hilton
Near the end of an hour-long call with analysts, Lincoln Financial CEO Ellen Cooper delivered a four-minute answer on why the insurer is not see the same explosive annuity and life insurance sales as competitors. “I want to be really clear that we are not seeing any pushback from anybody as it relates to the […]
Annuity leader Athene’s sales drive 75% net income boost for Apollo in Q2
{August 8th, 2023} by John Hilton
Apollo Global Management leveraged strong annuity sales from its Athene business to drive a 75% increase in year-over-year adjusted net income. “These are truly exceptionally good times,” said Marc Rowan, co-founder, CEO and director of Apollo, during a call with analysts today. Apollo found a successful formula investing the capital brought in by annuities provider […]
AIG delivers strong Q2 results off exiting life and retirement unit
{August 8th, 2023} by John Hilton
American International Group continues a slow offload of its life and retirement unit, a business that delivered crucial second-quarter premiums and deposits exceeding $10 billion. The life and retirement business, now known as Corebridge Financial, saw a 42% increase in premium and deposits compared to the prior-year quarter. The business delivered adjusted pretax income of […]
Insurance legislators adopt biomarker testing model regulation
{August 8th, 2023} by John Hilton
The National Council of Insurance Legislators adopted a model law to regulate how health insurers cover biomarker testing. The NCOIL Biomarker Testing Insurance Coverage Model Act was passed by the Health Insurance and Long-Term Care Issues Committee and was subsequently adopted by the organization as a whole during its July summer meeting in Minneapolis. Click […]
Chasing the Index: Life and annuity indexed products explode
{August 8th, 2023} by John Hilton
It seems that every insurance company wants a product tied to an index these days. And why not? Indexed life insurance and annuity products are selling faster than contracts can be processed. Literally. Click HERE to read the full story via INN
Nationwide, MassMutual Ascend partner to distribute advisory annuities
{August 8th, 2023} by Nationwide and MassMutual Ascend
Columbus, OH – August 7, 2023 – Nationwide and MassMutual Ascend are teaming up to help registered investment advisors tap into more fee-based solutions to protect their clients from the risks posed by today’s economic environment. Nationwide will begin distributing three of MassMutual Ascend’s advisory fixed-indexed annuity solutions, broadening the company’s diverse portfolio with a new […]
Prudential posts strong Q2 results off investment gains, FlexGuard sales
{August 8th, 2023} by John Hilton
Like many insurers, Prudential Financial enjoyed a healthy second quarter thanks to stronger investment income and much stronger product sales. For Prudential, it added up to a 21.5% rise in second-quarter adjusted profit. The Newark, N.J.-based insurer reported net income attributable of $511 million, compared to a net loss of $1.010 billion for the second […]
Athene enhances its fixed indexed annuity lineup
{August 8th, 2023} by Athene USA
WEST DES MOINES, Iowa GLOBE NEWSWIRE) — Athene USA (“Athene”), a premier provider of retirement savings products for individuals and institutions, has added three new indices to its market-leading suite of retail fixed indexed annuities.1 The indices employ proprietary market analysis and advanced technology to optimize risk-adjusted returns across market environments. They include the S&P 500 […]
Whole life, term, drive life premium and policy growth in Q2, LIMRA finds
{August 8th, 2023} by Staff Reports
Life insurance premium reversed three straight quarters of declining growth, LIMRA reported, with $4.04 billion in new premium in the second quarter, a 2% increase. Even better, preliminary results from LIMRA’s U.S. Retail Individual Life Insurance Sales surveys and estimates also show an increase in policies sold. “Overall, whole life and term products recorded the […]
Global Atlantic buoys KKR Q2 earnings, while insurance costs soar
{August 8th, 2023} by Doug Bailey
Amid swirling reports that it was about to close a blockbuster deal to acquire publisher Simon & Schuster, private investment giant KKR & Co. Inc. released second quarter earnings results Monday that topped Wall Street expectations as profits from its traditional private equity portfolio sparked improved performance. Assets under management and fee-related earnings rose as […]
Corebridge sheds health care business to focus on massive annuity sales
{August 8th, 2023} by John Hilton
Corebridge Financial continues to streamline, separate from American International Group and shed businesses that do not involve the record-setting annuity market. Corebridge reported net income of $771 million in the second quarter as premiums and deposits increased 42% year over year. The results follow a 26% bump in premiums and deposits in Q1. Click HERE to […]
Indexed Annuities Can Move the Volatility Out of the Client’s Hair
{August 8th, 2023} by Allison Bell
Employers are buying big group annuities to carry out pension risk transfers. Greg Fortier believes that more investment advisors should talk to their clients about using individual annuities to do something similar. Fourier, a financial advisor at Centinel Financial, talked about the value of individual annuities in reducing clients’ portfolio risk recently in an email […]
Warn Clients They Can Lose the Ability to Buy Life Insurance
{August 8th, 2023} by Allison Bell
Financial advisors should talk to clients about the importance of buying life insurance as early as possible — and take a matter-of-fact approach to clients who are applying for coverage late. Brandon Carter, president of USAA Life Insurance Co., gave that advice in a recent email interview. Click HERE to read the full story via […]
