CNBC Halftime Report Zinnia Todd Boehly Michele Trogni
{October 23rd, 2024} by Zinnia
Transcript Hi. Welcome back to the halftime before. We’re live, as I said, today from the Case Alternative Investment Summit in Beverly Hills, California. One of private equity’s most renowned investors has made insurance a key part of his firm’s growth strategy. In a CNBC exclusive interview, Eldridge cofounder and CEO Todd Boehly joins us now with Michelle Troney. She’s the CEO of Zinnia, a tech performer, a platform disrupting, industry. We’re also, it’s also an Eldridge portfolio company. I have to say welcome. It’s great to have you vote, with us. Michelle, welcome to you. Click HERE to view Wink’s Moore on the Market: So great to put a face with Michele Trogni of Zinnia‘s name. And Todd Boehly of Eldridge Industries too! It looks like Zinnia is all about increasing market share. Other technology platforms- be warned. […]
1/3 of investors expect recession if their favored candidates lose
{October 23rd, 2024} by Press Release
COLUMBUS, Ohio – Touted as one of the most consequential elections in decades, the 2024 presidential and congressional races could pose significant distractions for voters – particularly when it comes to their financial plans and portfolios. A majority (55%) of investors believe the results of the 2024 U.S. federal (presidential and congressional) elections will have a […]
Annuity confusion crimps customer satisfaction, finds JD Power
{October 23rd, 2024} by Leo Alamazora
A new study from JD Power reveals that a significant portion of individual annuity customers face challenges regarding their financial health and a clear understanding of the products they are purchasing. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: “A new study from JD Power reveals that a […]
IUL: What you need to know about commissions
{October 23rd, 2024} by Drew Gurley
Flexibility in a life insurance policy is a great benefit for customers. It’s a big reason why the wide range of universal life products have been so popular. However, flexibility in insurance often brings with it a more complex product, which can cause problems for both customers and agents. Among the family of universal life […]
Insurance regulators urged to get serious with receivership database
{October 23rd, 2024} by John Hilton
Peter Gould is a policyholder and a realist who knows that insurers will sometimes fail. But he wants the comfort of knowing that regulators are at least learning from those receivership cases. He’s not convinced they are. Click HERE to read the full story via INN
Globe Life to report third-quarter results amid swirling controversy
{October 23rd, 2024} by John Hilton
Globe Life executives are slated to meet with Wall Street analysts Thursday in a call that is much more interesting than it was two weeks ago. The insurer is expected to share numbers from a successful third quarter. But ongoing court cases and a troubling data breach are sure to be discussed. Click HERE to read the […]
Retirement Income, Longevity Risk and Liquidity Needs— Striking a Balance
{October 23rd, 2024} by Ted Godbout
A drawdown withdrawal strategy paired with guaranteed income from a deferred annuity can provide a high level of retirement income, while maintaining adequate liquidity for retirees. So argues a new white paper by T. Rowe Price. The paper comes as conversations about retirement have been dominated by the saving or accumulation phase, but the emphasis […]
Regulators tweak 2025 life and annuity priorities to reflect new challenges
{October 23rd, 2024} by John Hilton
State insurance regulators advanced 2025 life insurance and annuity priorities Monday with additions to reflect new efforts in reinsurance and annuity illustrations. The Life Actuarial Task Force 2025 charges include a new charge: “Coordinate with the Reinsurance (E) Task Force on actuarial items related to reinsurance.” Click HERE to read the full story via INN
“It is how billionaires get rich”
{October 16th, 2024} by Sheryl J. Moore
>>>>>>>>>>>>>>I got seriously ticked-off last night.<<<<<<<<<<<<< I had a representative from Culligan come to my house, to service our water filtration system. The young man (probably a decade younger than me?) was remarkable because he remembered when we moved into our home, seven years ago. At that time, he was working for FedEx, and remembered […]
#TheBook
{October 16th, 2024} by Sheryl J. Moore
Wow. So amazed at how some agents are marketing hashtag#TheBook! https://www.theannuitygiants.com/book Good lookin’ out, Tracy Lownsberry. -sjm
Security Benefit Releases New Fixed-Indexed Annuity With 20% Premium Bonus
{October 16th, 2024} by Cyril Tuohy
Security Benefit Life has joined the ranks of insurers rewarding buyers with a 20% premium bonus on a fixed-indexed annuity in the midst of a booming market for the product segment. Click HERE to read the full story via Life Annuity Specialist ……………………………………………………………………………………………. Athene‘s Performance Elite 15 Plus, a fixed-indexed annuity with a 15-year surrender […]
Bill to kill SEC’s RILA registration system puzzles many, faces little hope of passage
{October 16th, 2024} by Doug Bailey
A Republican Congressman’s bill to kill the SEC’s new registration system for index-linked (RILA) and market value adjustment annuities (MVA) perplexed industry groups and consumer advocates who strongly supported the rule. Rep. Gary Palmer, R-Ala., introduced House Joint Resolution 209, which would express congressional disapproval of the new RILA and MVA registration regulations. Adoption of […]
New RILA makes Corebridge the biggest company with full annuity suite
{October 16th, 2024} by John Hilton
Corebridge Financial recently launched its much-anticipated registered indexed-linked annuity, making the company the only biggest annuity seller to offer products in every major category. During recent quarterly earnings calls, Executives expressed high expectations for the new MarketLock Annuity. Corebridge subsidiary American General Life Insurance Co will issue the product. Click HERE to read the full […]
How reinvented annuities can help build security in retirement
{October 16th, 2024} by Sara Belcher
Annuities historically have not had a good reputation for helping Americans save for retirement, mostly due to their costs. However, recent changes in how annuities can be included in certain types of investment funds, such as 401(k) plans, are making them a popular option for retirement savers again. “When you want to retire, … you have […]
‘Dawn of a new era’: Insurance chatbot industry to hit $4.5B by 2032
{October 16th, 2024} by Rayne Morgan
The global insurance chatbot market has experienced such enormous growth since the advent of the COVID-19 pandemic that it’s expected to hit nearly $4.5 billion by 2032, according to a report by Allied Market Research. While this kind of technology was already in the works before, the pandemic accelerated its development and adoption in sectors […]
Millennials Set to Inherit Majority of Assets in Great Wealth Transfer
{October 16th, 2024} by Amanda Umpierrez
By 2030, over $30 trillion in assets will move to surviving successors, as a part of what the retirement planning industry has dubbed “the great wealth transfer.” A new study aims to help financial professionals better understand the sizable wealth shift. Commissioned by Equitable and conducted by The Wall Street Journal’s Intelligence unit, the study analyzes findings from […]
New Research From Fidelity® Shows 71% of Women Own Investments in the Stock Market
{October 16th, 2024} by Fidelity Investments
BOSTON–(BUSINESS WIRE)–More women are taking control of their finances and investing than ever before, according to new research from Fidelity Investments®. Fidelity’s 2024 Women & Investing Study finds 7-in-10 women own investments in the stock market, an 18% increase compared to 2023. While younger generations continue to invest in higher numbers, the percentage of Gen X and […]
Simpler Horizons Insurance Solutions and Integrity Partner to Expand Medicare Offerings through Enhanced Client-Centered Approach
{October 16th, 2024} by Integrity Marketing Group, LLC
DALLAS – OCTOBER 15, 2024 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Simpler Horizons Insurance Solutions (“Simpler Horizons”) a leading independent marketing organization based in Los Angeles, California, and led by Elka Soussana. Financial details […]
Annuities Can Provide Tax Bracket Cushions
{October 16th, 2024} by Allison Bell
Ordinary annuities convert the premiums into vehicles with distribution that are set to be taxed, eventually. Traditionally, many wealth managers have scoffed at the idea of using annuities for that reason and focused instead on careful efforts to use whole life insurance and other forms of cash-value life insurance. But Justin Haywood, a certified financial […]
U.S. Needs Bermuda to Boost Annuity Supply, Regulators Say
{October 16th, 2024} by Allison Bell
U.S. regulators are thinking about how Bermuda’s reinsurance market can help create an adequate supply of life insurance policies and annuities as well as the need to maintain high safety standards. Andrew Mais, the Connecticut insurance commissioner and National Association of Insurance Commissioners president, talked about the product supply problem recently at a life and annuity […]
Best & Worst Life Insurance Providers: J.D. Power, 2024
{October 16th, 2024} by Allison Bell
One of the main issues holding down satisfaction scores for U.S. individual life insurance this year was confusion, according to J.D. Power. The Troy, Michigan-based consumer satisfaction measurement firm revamped its life insurance survey program this year. The new results can’t be compared with results from 2023 or earlier. Click HERE to read the full story […]
FIAs ‘at a sweet spot right now,’ Security Benefit exec says
{October 16th, 2024} by Susan Rupe
The Federal Reserve made headlines in September by slashing its benchmark interest rate by a half-point. That direction of lowering interest rates makes it a good time for clients to lock in rates on investments such as fixed annuities before rates go down even further. David Byrnes, senior vice president and chief distribution officer at Security Benefit, […]
Longer lifespans mean redefining retirement
{October 16th, 2024} by Susan Rupe
Americans are living longer and that means the traditional view of retirement must change, said Ken Dychtwald, president of Age Wave. Dychtwald is a psychologist, gerontologist and the author of 19 books. He discussed how America’s changing demographics are impacting what it means to be older during a session at the Alliance for Lifetime Income […]
Study: Consumers find life insurance policies overly complex
{October 16th, 2024} by Wire Reports
Despite efforts to improve customer communications, life insurers are seen as unnecessarily complicating explanations of their policies, according to the J.D. Power 2024 U.S. Individual Life Insurance Study released Thursday. This perception is most pronounced among younger customers, including Gen Zers, according to the study. “Life insurers are facing new communication challenges as they court younger […]
Regulators opt for narrow scope with offshore reinsurance guideline
{October 16th, 2024} by John Hilton
State insurance regulators trying to get better control of offshore reinsurance reserves opted for a “narrow scope” with a new guideline. The Life Actuarial Task Force met Thursday to begin debate on its Asset Adequacy Testing Actuarial Guideline. The so-called “straw man draft” was introduced by Fred Anderson of the Minnesota Department of Commerce and […]
Retirement in America is a disaster for many. Is there hope?
{October 16th, 2024} by Kerry Hannon
For 72-year-old Jacqueline Withers, retirement has been rocky. And she’s not alone, as it turns out. Eight years ago, the Jacksonville, N.C. resident stepped away from her job as a home healthcare aide because of a heart condition. She tapped into her Social Security. But it was not — then or now — enough to […]
Rep Forged Signatures on Hundreds of Insurance Documents: FINRA
{October 16th, 2024} by Melanie Waddell
The Financial Industry Regulatory Authority has fined a broker $7,500 and suspended him for one year for forging and/or falsifying customer signatures on hundreds of insurance account documents. Click HERE to read the full story via Think Advisor. Wink’s Moore on the Market: Warning: unpopular opinion. Only $7,500‽ And a suspended license for one year‽ […]
At 70, I’ve been retired for 7 years with an $80K annual retirement income. I have $200K in CDs, but they’re coming due. What’s my move?
{October 16th, 2024} by Alisa Wolfson
Question: “I’m 70 and have been retired for seven years. I have $80,000 in annual retirement income from three retirement accounts, Social Security and a paid off rental home. My house is also paid for and the related bills I have are taxes, insurance and utilities. I have $200,000 in certificates of deposit. What do I […]
What you need to know about annuities as you near retirement
{October 16th, 2024} by WUSA9
Vanessa Patterson tells us what we need to know about annuities as we near retirement. Sponsored by: New Perspective Financial Solutions. Wink’s Moore on the Market: This “news” segment made me cringe. NEWSFLASH: Indexed annuities are not right for everyone! And I don’t even understand what was going on with the “insure/ensure” discussion. A BIG […]
Blanchett: Advisors Say They Discuss These 7 Retirement Issues. Clients Disagree.
{October 16th, 2024} by John Manganaro
There are notable gaps in the retirement income planning services financial professionals think they are providing to clients compared with the services investors are actually reporting they receive, according to the latest research from David Blanchett, managing director and head of retirement research for PGIM DC Solutions. Click HERE to read the full story via Think […]
Shaquille O’Neal drops the secret to his wealth-And it’s not what you think!
{October 16th, 2024} by Marca English
When Shaquille O’Neal talks about his fortune, people listen. The NBA legend, known for extravagant car collections and business acumen, recently unveiled the secret that set him up for life-and it wasn’t advice from Jeff Bezos or a Silicon Valley CEO. Instead, O’Neal shared that the key to his financial success lies in one word: *annuities*. “I had never heard of annuities before,” Shaq […]
Retirees With This Type of Asset Spend Money More Freely, Study Finds
{October 16th, 2024} by Chris Kissell
After decades of piling up money for their golden years, many retirees find it difficult to make the transition from saver to spender. But one group is much more comfortable cracking open their wallets. Retirees who annuitize at least a portion of their income spend twice as much as those who have an equal amount of non-annuitized […]
CC Capital and Westaim to Create Integrated Insurance and Asset Management Platform
{October 16th, 2024} by CC Capital
NEW YORK & TORONTO–(BUSINESS WIRE)–CC Capital, a private investment firm focused on investing in and operating high-quality businesses for the long term, and The Westaim Corporation (“Westaim”) (TSXV: WED) today announced the creation of an integrated insurance and asset management platform through the strategic combination of: Westaim, an investment company specializing in providing long-term capital […]
NYL’s annuities leader on where industry can improve
{October 16th, 2024} by Emile Hallez
Matt Wion did not set out to specialize in the annuities business, let alone end up leading the retail unit of one of the biggest providers in the country. Wink’s Moore on the Market: My buddy Matthew Wion, who heads up annuities for New York Life Insurance Company, sees opportunity for improvement in the […]
Annuity.com Launches New Website for Agents: JoinAnnuity.com
{October 16th, 2024} by Annuity.com
GILBERT, AZ, UNITED STATES, October 10, 2024 /EINPresswire.com/ — Annuity.com, Inc., a leading media and financial technology company, is proud to announce the launch of its new agent-focused website, JoinAnnuity.com. This innovative platform is designed to empower agents with the tools and knowledge they need to own their own agency and participate in the growth of Annuity.com […]
Protective Makes Enhancements to Its Protective® Aspirations Variable Annuity
{October 16th, 2024} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750) today announced enhancements to its flagship variable annuity product, Protective Aspirations variable annuity, which is issued by its principal subsidiary Protective Life Insurance Company (“Protective”) and debuted in 2022. These new options were added to provide customers with more choices and flexibility based on […]
Great Wealth Transfer: Equitable Study Shows Trust Is the Top Factor When Choosing a Financial Professional
{October 16th, 2024} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today released a new study, “How to Plan for the Great Wealth Transfer,” aimed at helping financial professionals better understand the characteristics and goals of those who stand to benefit from the great wealth transfer in the United States. The U.S. is undergoing […]
RIAs Are Concerned the Presidential Election Will Impact Equity Values According to Security Benefit’s “RIA Economic Outlook Index”
{October 16th, 2024} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Registered Investment Advisors (RIAs) have higher concerns about the overall economic outlook compared to the first half of the year, according to the newest Economic Outlook Index released today by Security Benefit in partnership with Greenwald Research. The index found that the RIA sentiment on economic conditions from a range of 0 (extremely […]
Protective Announces Agreements to Sell Concourse Financial Group Securities and Concourse Financial Group Agency
{October 16th, 2024} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced it has reached agreements to sell Concourse Financial Group Securities, Inc. (Concourse Securities) and Concourse Financial Group Agency, Inc. (Concourse Agency). Protective has entered into an asset purchase agreement with Cetera Financial Group (Cetera), which plans to acquire Concourse Securities, and […]
The Standard and Family First Are Collaborating to Support Employees’ Caregiving Needs
{October 16th, 2024} by Standard Insurance Company
PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals, has announced a new relationship with Family First. The Standard’s clients have the option to contract directly with Family First to access expert guidance aimed at addressing the caregiving challenges employees face. Employers and their employees […]
Allianz Is the World’s #1 Insurance Brand, Ranking Among the Top 30 Global Brands for the First Time
{October 16th, 2024} by Allianz SE
MUNICH–(BUSINESS WIRE)–Allianz’s steady rise to the top of the world’s most powerful brands continued in 2024, driven by a strong employee value proposition, a commitment to building trust through sustainability and societal leadership as well as top-tier partnerships in sport. For the first time, Allianz has been named one of the 30 most valuable brands […]
Life Insurers Miss the Mark on Clarity of Information and Personalization—Particularly Among Younger Customers, J.D. Power Finds
{October 16th, 2024} by J.D. Power
TROY, Mich.–(BUSINESS WIRE)–The life insurance industry is at an inflection point. Experiencing persistently slow growth and facing generational shift that is increasingly reliant on converting Millennial1 and Gen Z customers, the industry is working hard to improve customer communications and build trust with new customer segments. According to the J.D. Power 2024 U.S. Individual Life Insurance […]
Nationwide Continues to Lead in Customer Experience, Securing Fifth Consecutive DALBAR Award
{October 16th, 2024} by DALBAR
MARLBOROUGH, Mass., Oct. 10, 2024 /PRNewswire/ — Nationwide has once again proven its unwavering commitment to exceptional customer service, earning its fifth consecutive DALBAR Customer Experience Excellence Award. The award underscores Nationwide’s dedication to providing top-tier service across retirement live phone support channels and digital touchpoints, including online platforms and mobile interfaces. “We are incredibly honored to […]
Simplicity Acquires Concourse Financial Group Agency from Protective Life
{October 16th, 2024} by Simplicity Group
SUMMIT, N.J., Oct. 8, 2024 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”), a leading financial products distribution firm, today announced it has acquired Concourse Financial Group Agency (“CFGA”), a brokerage general agency from Protective Life Corporation (“Protective Life”). CFGA, formerly First Protective, is a highly regarded insurance distribution business with a large independent agent and institutional client base […]
Family Financial and Integrity Partner to Provide Greater Financial Security to Underserved Communities
{October 16th, 2024} by Integrity Marketing Group, LLC
DALLAS, Oct. 8, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Family Financial and Insurance Services (“Family Financial”), an independent marketing organization based in Arcadia, California, and led by Jack Yiu. Financial details of the partnership were not disclosed. […]
Only 20% of Gen Z are Saving for Retirement, TIAA Institute Study Finds
{October 16th, 2024} by TIAA Institute
Gen Z struggles to associate retirement with the financial freedom they want due to rising living costs and a lack of reliable financial advice. NEW YORK, Oct. 10, 2024 /PRNewswire/ — Unlike their parents, Gen Z is growing up with access to an abundance of financial knowledge, and while they desire independence, they struggle to associate retirement […]
Corebridge Financial Launches Registered Index-Linked Annuity (RILA), Becoming the Only Top 3 Annuity Provider with Products in Every Major Category
{October 8th, 2024} by Corebridge Financial
HOUSTON–(BUSINESS WIRE)–Corebridge Financial today announced the launch of Corebridge MarketLock® Annuity, a registered index-linked annuity (RILA) issued by its subsidiary American General Life Insurance Company. MarketLock features a powerful accumulation strategy exclusive to Corebridge, as well as many of the most popular RILA investment strategies sought by financial professionals and their clients. All the investment […]
Indexing the market: Driving life, annuity sales
{October 8th, 2024} by John Hilton
Whole life remains the dominant product, although in a sales decline, and term life remains a source of quick, direct-to-consumer sales. But Sheryl Moore, CEO of Wink Inc. and Moore Market Intelligence, is projecting record sales of indexed life insurance. “It is the fastest-growing segment of the life insurance market,” Moore said earlier this year. […]
Well, I for one, find many of these indexing methods to be complicated.
{October 8th, 2024} by Sheryl J. Moore
The structured annuity (RILA) marketplace is where the indexed annuity market was in 2002. Everyone is introducing a new way to calculate indexed interest! Well, I for one, find many of these indexing methods to be complicated. If I cannot explain it, how do you expect the agent to? And even more importantly- how do […]
Their new structured annuity has an unique feature
{October 8th, 2024} by Sheryl J. Moore
Corebridge Financial just entered the structured annuity (RILA) space. Their new MarketLock Annuity has a unique feature: “This Lock Strategy is the only available RILA strategy account option that locks and credits a rate based on actual S&P 500® index performance on the day the preset growth target is reached, securing these gains automatically and […]
I look forward to seeing how sales are for this one
{October 8th, 2024} by Sheryl J. Moore
Security Benefit launched their TopRidge Bonus Annuity, which features a 20% premium bonus. There are a couple of surprises on this bad boy. But don’t get too excited yet; you may not have access- it is proprietary to four FMOs. For all the details, check out the specs on this bad baby on Wink, Inc.’s […]
Illustration Requirements May Be Up in the Air Again
{October 8th, 2024} by Carlton Fields, Ann Young Black
At the National Association of Insurance Commissioners’ Summer 2024 National Meeting, the Life Insurance and Annuities (A) Committee received a report of its Life Actuarial (A) Task Force and a presentation on indexed universal life (IUL) and fixed indexed annuity (FIA) illustrations. Judith French, director of the Ohio Department of Insurance and chair of the […]
Test Your ‘401(k) Annuity’ Math Skills
{October 8th, 2024} by Kerry Pechter
Actuaries and math puzzle-solvers, here’s a question. Several novel target date funds (TDFs) have come to market in which deferred annuities are embedded as one of the investment sleeves. These TDFs are intended to be distributed through 401(k) plans as qualified default investment alternatives (QDIAs) for auto-enrolled participants. Here’s how they work: When participants who […]
September yields life application gains in younger age groups, MIB says
{October 8th, 2024} by Staff Reports
Life insurance application activity showed gains in the coveted younger age bands during September, according to the MIB Life Index. The month saw year-over-year growth of 2.6% for ages 0-30 and 2.5% for ages 31-50. September 2024 saw similar growth for all face amounts, in the double digits for amounts over $500,000 up to and […]
The Feeling Was De-Mutual
{October 8th, 2024} by Kerry Pechter
Ironically, the bankruptcies of multi-billion dollar life insurers owned by publicly-held Baldwin-United (in 1983), First Executive (1991), and First Capital Holding (1991) didn’t scare major mutual life insurance companies away from changing into stock companies. On the contrary. Starting with The Equitable in 1992, a wave of household-name mutuals would “demutualize” in the 1990s and […]
Protective Life CEO to Chair American Council of Life Insurers Board
{October 8th, 2024} by Allison Bell
The American Council of Life Insurers has picked Rich Bielen, the CEO of Protective Life, to be its 2025 chair. Bielen, who also serves on the board of ProAssurance, a property-casualty insurer, succeeded Paul Quaranto Jr., the chairman and CEO of Boston Mutual Life. The ACLI is a Washington-based group for life and annuity issuers. It […]
Annuities Can Help Clients Survive a Strong Economy: Executive
{October 8th, 2024} by Allison Bell
Life insurers are making the case that a non-variable annuity can also help clients cope with aches and pains caused by a surprisingly good economy. The Bureau of Labor Statistics startled investors today reported that hiring has been stronger than expected, the unemployment rate has fallen to 4.1% and hourly earnings are 4% higher than they were a […]
Top DOL Official Sees a ‘Nonsensical’ Reality at Heart of Fiduciary Fight
{October 8th, 2024} by Melanie Waddell
Atop Labor Department official in charge of spearheading the new fiduciary rule, officially called the Retirement Security Rule, foresees an unlevel playing field in the retirement planning marketplace if the rule is ultimately struck down. At the inaugural Certified Financial Planner Board of Standards Connections Conference in Washington in early October, Ali Khawar, principal deputy assistant secretary for the Employee Benefits Security […]
Here’s How Much Fixing Social Security Could Cost Your Clients
{October 8th, 2024} by John Manganaro
It’s common knowledge among financial advisors and their clients that, unless changes are made to address Social Security’s current funding shortfall, retirees will face a significant reduction in benefits in about a decade. What is less understood, according to HealthView Services CEO Ron Mastrogiovanni, is just how big of a benefit cut could be in store […]
CFP Board Spars With Annuities Industry Over Fiduciary Regulation
{October 8th, 2024} by Tracey Longo
Will commission-based registered representatives and insurance agents really begin to turn away middle-income consumers if the professionals are forced to live with a fiduciary standard that requires them to put customers’ best interest before their own? Jason Berkowitz, a representative of the annuities industry, argued during a nationally broadcast Securities and Exchange Commission panel discussion […]
Northwestern Mutual Sets Off 2025 Dividend Race
{October 8th, 2024} by Nort
Northwestern Mutual has started mutual life insurers’ dividend announcement season by predicting that it will pay $8.2 billion in dividends to its policyholder owners in 2025. Holders of eligible life insurance policies, disability insurance policies and annuities could get 12% more payments next year than they’re on track to get this year. Click HERE […]
Briefs from the ‘Bermuda Triangle’
{October 8th, 2024} by Kerry Pechter
US insurers hold more private equity, but income on PE drops; State Street sued again for recommending Athene in PRT deals; State Street and Apollo to partner on distribution of private assets; Oceanview launches ‘Topsider’ fixed indexed annuity; Munich Re wants to take longevity risk out of life insurers’ PRT deals; LeMay and Bickler to […]
Announcing Penn Mutual’s Increased Dividend Scale for 2025
{October 8th, 2024} by Penn Mutual
September 27, 2024 – Penn Mutual is pleased to share we’re increasing the interest component of our dividend scale for 2025 to 6% for all whole life products. The mortality and expense components within the dividend scale will remain unchanged. For over 20 years, we’ve led the industry in increasing or maintaining our dividend scales, thanks to […]
Apollo Projects $10 Billion of Annual Earnings in Five Years
{October 8th, 2024} by Allison McNeely
Apollo Global Management Inc. expects to generate $10 billion of annual earnings across its asset management and retirement businesses by 2029, driven by investor demand for private credit and annuities. Fee-related earnings are forecast to grow 20% on average annually for the next five years, while earnings at its Athene insurance arm will increase 10%, […]
Will Fed Rate Cuts Make Fixed Annuities Less Desirable?
{October 8th, 2024} by Ben Mattlin
Even though a cut in the Fed’s benchmark interest rate hasn’t happened yet, the anticipation is already having an effect on some annuities, advisors say. Fixed annuities, rather than variable annuities, will feel the most direct impact, they predict. “When the Federal Reserve lowers interest rates, the effective rates on fixed annuities will also decrease,” […]
‘Massive opportunity’ for indexed annuity sales growth, panelist says
{October 8th, 2024} by John Hilton
The soaring star of annuity sales – registered indexed-linked annuities – will continue selling well despite economic uncertainty, a panel agreed today. And Sarah Garrity of BlackRock knows where a “massive opportunity” lies. “What we’re not talking enough about is the massive amount of money that’s sitting in money markets,” said Garrity, director of national […]
Apollo, Athene Targeting DC In-Plan Annuity Market
{October 8th, 2024} by Alex Ortolani
Apollo Global Management Inc. and its Athene Annuity & Life Co. insurance business emphasized during an investor day presentation that they consider alternative investments and in-plan annuities in defined contribution plans as a future growth area. The asset manager, which merged with insurance, annuity and pension risk transfer provider Athene in 2022, described to investors Tuesday the […]
Retirement in America is a disaster for many. Is there hope?
{October 8th, 2024} by Kerry Hannon
For 72-year-old Jacqueline Withers, retirement has been rocky. And she’s not alone, as it turns out. Eight years ago, the Jacksonville, N.C. resident stepped away from her job as a home healthcare aide because of a heart condition. She tapped into her Social Security. But it was not — then or now — enough to […]
Lincoln Financial to Report 2024 Third Quarter Results on October 31
{October 8th, 2024} by Lincoln Financial
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial (NYSE:LNC) announced today that it will report its results for the third quarter ended September 30, 2024 at 6:00 a.m. Eastern Time on Thursday, October 31, 2024. A conference call is scheduled for 8:00 a.m. Eastern Time on the same day. Earnings materials, including the 2024 third quarter Earnings Release, Earnings […]
AM Best Revises Outlooks to Stable for Kansas City Life Insurance Company; Affirms Credit Ratings of Its Subsidiaries
{October 8th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to stable from negative and 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]. Additionally, AM Best has revised the outlook of the Long-Term ICR […]
Lincoln Financial Releases Its Q4 Market Intel Exchange Report, a Comprehensive Analysis of Top Industry Trends and Themes on the Minds of Investors
{October 8th, 2024} by Lincoln Financial
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial (NYSE: LNC) released its latest edition of Market Intel Exchange, curated from the firm’s in-house investment expertise and in partnership with industry-leading asset managers, known as Lincoln’s Multimanager Platform. In conjunction with this data, Jayson Bronchetti, Chief Investment Officer, shares a high-level overview of the takeaways, using visuals from the […]
Jackson to Report Third Quarter 2024 Financial Results
{October 8th, 2024} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.i (NYSE: JXN) (Jackson®) will announce financial results for the third quarter ended September 30, 2024, after market close Wednesday, November 6, 2024. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Thursday, November 7, 2024, at 9 a.m. ET to review […]
Penn Mutual Announces Record-Breaking Dividend Award in 2025
{October 8th, 2024} by The Penn Mutual Life Insurance Company
PHILADELPHIA, Oct. 1, 2024 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce that the Penn Mutual Board of Trustees has approved a record $265 million dividend award in 2025 to participating policyholders. Dividends are a key measure of a mutual company’s performance, and our dividend history remains one of the strongest and most […]
Gen X Women On Average Believe They Will Need Over $2 Million to Retire Comfortably – More Than Any Other Group of Women, According to Northwestern Mutual Planning & Progress Study
{October 8th, 2024} by Northwestern Mutual
MILWAUKEE, Oct. 2, 2024 /PRNewswire/ — With retirement dreams on the horizon, Gen X women on average believe they will need more than $2 million to retire comfortably, more than any other generation of women. Meanwhile, the average retirement savings goal among Boomer+ women is seven-figures smaller: $902,000. But arguably, the largest generational difference between women is one rooted in attitudes […]
Annexus & North American Win ‘Deal of the Year, Annuities’ at SRP Americas 2024 Awards
{October 8th, 2024} by Annexus
Industry-First Performance Strategy Ladder Crediting Method and 4-in-1 Retirement Benefits Rider Recognized SCOTTSDALE, Ariz., Oct. 7, 2024 /PRNewswire/ — Annexus, a leading retirement product design company, in partnership with North American Company for Life and Health Insurance®, one of the largest issuers of fixed index annuities (FIAs) in the U.S.,1 announced that its innovative work on the Secure Horizon […]
Integrity’s Technology and Resources Bolster C. Ash Group’s Capacity to Serve Community and Reach Underserved Families in Need
{October 8th, 2024} by Integrity Marketing Group, LLC
DALLAS, Oct. 2, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with C. Ash Group, an independent marketing organization based in Bedford Heights, Ohio, and led by Chester and Sherri Ash. Financial details of the partnership were not […]
Closing Out Life Insurance Awareness Month 2024
{October 8th, 2024} by Kevin Mayeux
As we conclude another impactful Life Insurance Awareness Month (LIAM), I want to take a moment to recognize the incredible efforts of our NAIFA members, corporate partners, and the broader financial services community. Together, we’ve made significant strides in educating and empowering individuals and families across the nation about the importance of life insurance and its critical role in […]
Sen. Warren Speaks Up for ‘Fiduciary Rule,’ Puts Down Annuity Sales Perks
{October 8th, 2024} by Kerry Pechter
U.S. Senator Elizabeth Warren (D-MA) has just attacked the life/annuity industry at the most sensitive spot in its organizational anatomy—its reliance on flashy sales incentives for the marketing organizations and insurance agents who distribute and sell its bread-and-butter products. Warren, a long-time, persistent scourge of the financial services industry recently published a white paper, “Cancun, Cruises […]
New CFP Board ads incite fierce backlash from advisors
{October 8th, 2024} by Rob Burgess
A series of CFP Board ads promoting the financial advisor profession to students received swift backlash from those in the industry who say it gives false expectations to those considering the career while sullying the reputations of those already in it. “Becoming a financial advisor gives you the flexibility to manage your own time,” read […]
Interest rates, AI usage among factors to drive whole life insurance growth
{October 8th, 2024} by Rayne Morgan
Whole life insurance sales are expected to increase in the months ahead due to a combination of industry trends and changing economic conditions, according to insights from LIMRA. In a recent webinar, LIMRA representatives discussed in depth some of the factors that will drive this growth, as well as some of the challenges insurance carriers […]
Security Benefit Introduces TopRidge Bonus Fixed Index Annuity with 20% Premium Bonus and Free Withdrawals Up To 30%
{October 1st, 2024} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit Life Insurance Company (Security Benefit) today introduced the TopRidge Bonus Annuity that delivers a combination of a 20% premium bonus, a broad set of index crediting strategies, and a cumulative withdrawal option. The TopRidge bonus applies on all premiums received within the first year of the contract. “We are excited to […]
Demystifying Annuities: Expert Insights for Your Financial Future
{October 1st, 2024} by The Retire Happy Podcast, International Financial Advisory Group
Curious about annuities but not sure where to start? In this month’s episode of the Retire Happy podcast, John Iammarino, RMA® and Thomas O’Connell RICP talk with Sheryl J. Moore, an international annuities expert, to break down everything you need to know—from the basics to the benefits and potential pitfalls. Whether you’re planning for retirement […]
The Get Ready Money Podcast with Sheryl Moore: Building Relationships
{October 1st, 2024} by Tony Steuer
On the latest episode of The Get Ready Money Podcast, I spoke with Sheryl Moore, President and CEO of Moore Market Intelligence and Wink, Inc. about changing the way we think about money, annuities and building relationships. In this episode we discussed: 🔹 How building relationships contributes to your success. 🔹 If you don’t understand something, […]
If you sell indexed life, this post and corresponding chart are a MUST-read
{October 1st, 2024} by Sheryl J. Moore
My thanks to Brian Manderscheid and LifePro Financial for putting together this GREAT comparison of indexed life new business rates to inforce renewal rates. One of the things that so few talk about in the insurance industry is the propensity for insurance companies to reduce their rates, once the business is on the books. It’s […]
Getting to know our Rates Wrangler Extraordinaire
{October 1st, 2024} by Wink Intel Pros
Rita, Rates Wrangler Extraordinaire, solicited a charitable contribution out of our CEO faster than any fundraiser in our history due to her love for volunteering at nonprofits. She specifically asked if she could take vacation the week of the Iowa State Fair before she was even hired (like food-on-a-stick much?!?) This former marketing support expert […]
Bill Could Kill SEC’s New Index-Linked Annuity Registration Rule
{October 1st, 2024} by Allison Bell
A member of Congress wants to cancel the U.S. Securities and Exchange Commission’s new registration system for registered index-linked annuities and annuities with market-value-adjustment features. Rep. Gary Palmer, R-Ala., has introduced House Joint Resolution 209, a measure that would express congressional disapproval of the SEC’s new RILA and MVA registration regulations. Congressional adoption of the resolution would […]
U.S. Annuity Issuers Have a Firm Grip on the Assets: S&P Global
{October 1st, 2024} by Allison Bell
U.S. life insurers appear to have taken two steps that could help them muddle through if conditions change. One is using product features such as surrender-charge periods to keep customers from running in to pull out assets every time a cloud crosses the sky. Another is relying heavily on offshore reinsurers to absorb reserve risk. […]
How New IRS Annuity Rules Could Cause Confusion
{October 1st, 2024} by Allison Bell
Federal law requires most savers who have reached a certain age to take some money out of their pretax retirement savings accounts. The IRS wants to let savers who annuitize some assets cut their required minimum distributions. The Committee of Annuity Insurers does not like how the IRS is handling that. The annuity issuer group may be protecting […]
Sen. Warren Lists 29 Life, Health and Annuity Sales Incentives
{October 1st, 2024} by Allison Bell
Sen. Elizabeth Warren has come up with a list of 14 life insurance, health insurance and annuity sales incentive offers. The destinations range from Cancun, Mexico, to Venice, Italy. One gives agents a chance to qualify for an 11-day trip to New Zealand. Warren’s staff describes the incentive travel offers in an appendix to a new […]
Sorry, not sorry
{October 1st, 2024} by Sheryl J. Moore
Well…first of all, they aren’t “EIAs.” We quit calling them “equity indexed annuities,” so that they didn’t give purchasers the mistaken impression that they perform like equities products. Responding to EIAs should be securities opinion piece in InvestmentNews by Scott Hanson. I, for one, am glad that indexed annuities were created. I have averaged […]
Insurance CEOs leaning into AI, M&As, survey finds
{October 1st, 2024} by Staff Reports
Insurance carrier CEO’s are more energized about AI than their counterparts in other industries and identified M&A as the most important strategy for achieving organizational growth objectives over the next 3 years. Those were among the key findings of the 120 insurance CEOs surveyed globally as part KPMG’s 2024 U.S. CEO Outlook Pulse Survey “Insurance CEOs recognize the […]
Regulators issue draft guidance to test compliance with annuity rules
{October 1st, 2024} by John Hilton
A state regulator group is circulating draft guidance on compliance expectations for its best interest standard for annuity sales. The National Association of Insurance Commissioners adopted the Suitability in Annuity Transactions Model Regulation #275 update in 2020 to strengthen state regulation over annuity sales. It is also a reaction to ongoing federal Department of Labor […]
“There are no bad investments ‘unless they’re bogus.'”
{October 1st, 2024} by Sheryl J. Moore
Annuity rates are still higher than they have been for more than a decade, so no- annuity sales are not going to wane much. Here’s what some voices of reason had to say in this piece, Annuities are changing, and so are advisors’ attitudes in InvestmentNews: “For advisors who ‘hate annuities and would never touch […]
‘The court is troubled’: Judge tells Security Benefit, plaintiffs to work faster
{October 1st, 2024} by John Hilton
Nearly five years after plaintiffs sued Security Benefit Life Insurance Co. over the performance of a proprietary index and companion fixed indexed annuity, the pace of the case has slowed to a crawl. And the Kansas judge assigned to hear it is not happy. “The Court does not find good cause for another 90-day extension […]
Three Ways To Reduce Sequence Of Return Risk
{October 1st, 2024} by Aaron Cirksena
One of the best strategies for succeeding in the stock market is patience. The market’s volatility can definitely lead to losses in the short term, but if you keep your money in long enough, you will see a return. However, waiting for long-term gains is not an option in some cases. For retirees and those approaching […]
$100M Suit Against Envestnet Heads to Jury Trial
{October 1st, 2024} by Melanie Waddell
A$100 million lawsuit brought by the fintech platform provider FinancialApps against the wealth management company Envestnet for trade secret misappropriation, tortious interference and unfair competition is headed to a jury trial in Delaware Federal Court. Envestnet’s acquisition by Bain Capital in a $4.5 billion deal was approved by shareholders earlier this week. Click HERE to read the full story via […]
Ameriprise Advisor Sued by Client’s Estate Over Annuity Switch
{October 1st, 2024} by Dinah Wisenberg Brin
An Ameriprise Financial advisor faces a lawsuit alleging financial abuse over investment recommendations he made to an elderly client. A representative of Edna Bubna’s estate filed suit this week in state court in Oregon against advisor Jason Doneth, Ameriprise Financial and Doneth’s previous firm, LPL Financial. Bubna, who died in 2022, was 83 when Doneth met with her […]
Chock-full of good stats…too many to list!
{October 1st, 2024} by Sheryl J. Moore
I thought long and hard about sharing this piece, Annuity Statistics: 2024 MarketWatch Guides Annuity Survey That is because this survey is not representative of the industry in a couple of different categories. That said- I still think it has some validity and valuable findings. Key takeaways: – The majority of annuity owners (55%) purchase […]
NAIC Life Insurance Tool Helps Connect Consumers With More Than $10 Billion in Unclaimed Benefits
{October 1st, 2024} by NAIC
WASHINGTON, Sept. 25, 2024 /PRNewswire/ — – The National Association of Insurance Commissioners (NAIC) proudly announces that its Life Insurance Policy Locator has connected consumers with more than $10 billion in unclaimed benefits from annuities and life insurance policies since the tool’s launch in November 2016. “When it comes to closing financial protection gaps, life insurance is crucial,” said Andrew N. Mais, NAIC […]
Symetra Retirement Division Partners with Insured Retirement Institute on New Allyship Research Initiative
{October 1st, 2024} by Symetra
BELLEVUE, Wash. & WASHINGTON–(BUSINESS WIRE)–Symetra Life Insurance Company today announced a new initiative between its Retirement Division and the Insured Retirement Institute (IRI) that will focus on understanding and advancing allyship in the financial services industry. The research agreement was unveiled by Andrew Farrell, senior vice president, Retirement Sales and Distribution, Symetra, and Frank O’Connor, vice president, […]
Allianz Life Study: Market Volatility Fuels Risk Averse Stance Among Investors
{October 1st, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Following recent market volatility, the majority of Americans want to reduce risk in their financial strategy and bolster their portfolio against future volatility, according to the 2024 Q3 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Many Americans are addressing the risk of market volatility in their financial […]
Jackson Named 2024 Blackbaud Impact Award Winner
{October 1st, 2024} by Jackson National Life Insurance Company
Jackson Named 2024 Blackbaud Impact Award Winner Jackson recognized for amplifying its volunteerism efforts in 2023 September 26, 2024 04:15 PM Eastern Daylight Time LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company (Jackson®), the main operating subsidiary of Jackson Financial Inc.i (NYSE: JXN), today announced it has been named the Fueling Greatness Award winner in the 2024 Blackbaud Impact […]
Demand Is High for Annuities as Client Needs for Guaranteed Retirement Income Grow
{October 1st, 2024} by Matt DiGangi
MassMutual Head of Annuity Distribution Matt DiGangi recently sat down with VettaFi to discuss the increasing demand he is seeing for annuities, and how MassMutual has sought to meet client investor needs. LIMRA released a report that finds U.S. annuity sales have set a record for the first half of 2024. To what do […]
EF Hutton’s Ousted CEO Fires Back, Alleging Unlawful ‘Coup’
{October 1st, 2024} by Dinah Wisenberg Brin
An emotionally charged dispute between investment bank EF Hutton’s co-founders, marked by charges of substance abuse and corporate wrongdoing, has spilled into a second lawsuit. Fired EF Hutton CEO Joseph T. Rallo, accused in a recent lawsuit of stealing millions from the firm by faking expense reports, has now filed a complaint himself, contending the investment bank’s current CEO […]
How to Keep Female Clients After the Loss of a Spouse
{October 1st, 2024} by Teresa J.W. Bailey
One of the most significant and ever-present challenges facing the financial industry is the insufficiency of retaining female clients after they experience the loss of their husbands or partners. According to Thrivent, 70% of women leave their financial advisor within the year of their spouse’s death. While we understand the need for those experiencing loss to […]
Benchmarking Costs Climb as Regulators Demand More Disclosure
{October 1st, 2024} by Kim Cash and Janice Kitzman
With the introduction of increasingly sophisticated investment strategies and asset classes like derivatives and private credit, benchmarking costs have risen in recent years. Indeed, as markets have grown in size and complexity, so have the costs of using benchmarks, such as stock indexes or private peer group data, for comparing performance against broader market activity. […]
TIAA Retail Customer Data Exposed in Vendor Breach
{October 1st, 2024} by Dinah Wisenberg Brin
Personal information for almost 9,000 retail TIAA and TIAA-CREF Life Insurance customers was exposed in a hack that appears related to a breach that caught other financial services firms, according to a disclosure filed Friday with the Maine attorney general’s office. A TIAA support services vendor, Infosys McCamish Systems, was breached between Oct. 29 and Nov. 2, when IMS […]
Strong Stock Market Pushes Up Annuity Assets
{October 1st, 2024} by Allison Bell
Stock market gains and retirement savers’ good feelings about stock funds pushed up U.S. asset totals in the second quarter. The overall total increased by 4.1% between the second quarter of 2023 and the latest quarter, to $2.4 trillion, according to the Investment Company Institute. Fixed annuity assets fell 4.3%, to $551 billion. Variable annuity assets increased […]
New Bill Increases Social Security Death Benefit
{October 1st, 2024} by Melanie Waddell
New legislation, the Social Security Survivor Benefits Equity Act, would increase the Social Security lump-sum death benefit from $255 to $2,900, indexing it for inflation annually thereafter. The bill, S.5178, was introduced by Sen. Peter Welch, D-Vt., and is co-sponsored by Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt. Click HERE to read the full story via Think […]
Sen. Warren Claims Insurance ‘Kickbacks’ Cost Retirement Savers Billion
{October 1st, 2024} by Tracey Longo
In a new report designed to support the Department of Labor’s embattled retirement security rule, Sen. Elizabeth Warren accuses the insurance and annuities industries of paying sales incentives and kickbacks that wind up costing customers billions of dollars. The report, entitled, “CANCUN, CRUISES AND CASH: How the Department of Labor’s New Retirement Security Rule Would […]
Strong annuity growth continues as reinsurers shift business offshore to Bermuda: AM Best
{October 1st, 2024} by Saumya Jain
US life/annuity (L/A) insurers have doubled their ceded reserves to $1.74 trillion between 2016 and 2023 driven by strong annuity growth on higher interest rates with an increasingly larger portion headed offshore, an AM Best report has disclosed. Recently, several private equity-owned insurers have started creating offshore reinsurance entities, resulting in approximately two-thirds of reserves […]
Prudential launches Hispanic Market Campaign that includes market awareness training for financial professionals
{October 1st, 2024} by Prudential Advisors
NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) has proudly launched a pilot campaign aiming to support Hispanic Americans with retirement planning and other financial needs. Referred to as the Hispanic Market Campaign, it includes market certification training for Prudential Advisors financial professionals to help them better understand the unique and diverse needs within the Hispanic […]
Annuity.com, Inc. Launches Consumer Portal to Meet Rising Demand for Annuities
{October 1st, 2024} by Annuity.com
GILBERT, AZ, UNITED STATES, September 26, 2024 /EINPresswire.com/ — Annuity.com, Inc. proudly announces the launch of its new consumer portal, Annuity.com, designed to meet the increasing demand for reliable information about annuities. As annuity sales surge—doubling since 2019—the new site provides a central resource for Americans seeking secure solutions for their retirement planning. The consumer-focused Annuity.com […]
iPipeline and FIDx Expanding and Strengthening Relationship to Deliver Holistic Annuity Platform
{October 1st, 2024} by iPipeline
EXTON & BERWYN, Pa.–(BUSINESS WIRE)–iPipeline®, a leading provider of digital solutions for the life insurance and wealth management industries, and Fiduciary Exchange LLC (FIDx), a leading insurance technology provider, today announced an expansion of their relationship to offer wealth management firms and their advisors a more complete experience to help them research, open, and manage their annuity […]
CFP Board Spars With Annuities Industry Over Fiduciary Regulation
{October 1st, 2024} by Tracey Longo
Will commission-based registered representatives and insurance agents really begin to turn away middle-income consumers if the professionals are forced to live with a fiduciary standard that requires them to put customers’ best interest before their own? Jason Berkowitz, a representative of the annuities industry, argued during a nationally broadcast Securities and Exchange Commission panel discussion […]
A Sea Change in RILA Regulation: Navigating the New Waters
{September 24th, 2024} by W. Thomas Conner, Harry Eisenstein, Ann Began Furman, William Kotapish
On July 1, 2024, the Securities and Exchange Commission adopted a new registration framework for registered index-linked annuity (RILA) contracts. RILA contracts allow investors to allocate purchase payments to one or more “index-linked” investment options whose performance is based in part on the return of an index or other benchmark over a crediting period, subject […]
Corebridge Tries Unusual Tweaks to Buffers, Caps on New Annuity
{September 24th, 2024} by Cyril Tuohy
Having an adjustable buffer gives the insurer more flexibility, said Peter Lamond, variable annuity product director with Wink, a life and annuity market research company. Normally, a buffer doesn’t need to be adjustable because when an account term ends, changes are made to cap, participation and trigger rates. But that doesn’t work if the lock rate is […]
Best’s Special Report: First-Half 2024 Net Income in U.S. Life/Annuity Insurance Industry Increases by 7%
{September 24th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Net income for the U.S. life/annuity (L/A) insurance industry increased by 7.1% in the first half of 2024 over the same prior-year period to $14.1 billion, driven largely by lower realized capital losses, according to a new AM Best report. This financial review is detailed in a new Best’s Special Report, titled, “First Look: Six-Month 2024 US […]
Life Insurance Awareness Month #LIAM
{September 24th, 2024} by Wink's Intel Pros
September is Life Insurance Awareness Month Wink supports Life Insurance Awareness and will be joining in this month’s awareness campaign! We will be reprinting our CEO, Sheryl Moore’s most requested life insurance-focused articles all month long; they will be indicated with “reprint” in the title. You’ll find these timeless articles are still relevant today. […]
Reliable and Relevant: Reprint #LIAM
{September 24th, 2024} by Sheryl J. Moore
I will never forget the day when Grandfather came home with tears in his eyes, talking about his client who had died unexpectedly. You see, this client’s wife had just held my grandfather’s hand for hours, as people came through a funeral home, paying their last respects to her husband. She repeatedly thanked him, looking […]
THE BASICS ON INDEXED UNIVERSAL LIFE: Reprint for #LIAM
{September 24th, 2024} by Sheryl J. Moore
February 7, 2011 It has been nearly thirty years since consumers were first offered the benefits of Universal Life (UL) and with UL came flexibility in premium payments, death benefit options, coverage amounts, and all sorts of other things that they never dreamed of. UL was the beginning of a whole new world of product […]
BlackRock Survey: Retirement Plan Advisors Demand Active and Income Strategies
{September 24th, 2024} by BlackRock
NEW YORK–(BUSINESS WIRE)–As the market regime shifts to one with higher volatility and rate uncertainty, retirement plan advisors are looking to help plan sponsors build more resilient portfolios. According to BlackRock’s 2024 Read on Retirement®: Advisor Outlook, retirement plan advisors are focused on implementing active and income strategies, and streamlining their practice management, including incorporating […]
What the Fed’s Rate Cut Means for Life and Annuity Bulls and Bears
{September 24th, 2024} by Lloyd Lofton
In a bold move reminiscent of the financial crisis of 2008, the Federal Reserve has slashed interest rates by 50 basis points. (Translation: half a percentage point.) That’s the largest single cut in more than a decade. This aggressive action initiates the central bank’s first easing campaign since the onset of the COVID-19 pandemic in […]
AM Best Affirms Credit Ratings of Massachusetts Mutual Life Insurance Company and Its Subsidiaries
{September 24th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Massachusetts Mutual Life Insurance Company (MassMutual) (domiciled in Springfield, MA) and its life/health subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT). […]
Munich Re North America Life Launches Longevity Reinsurance Solution to US and Canada Markets
{September 24th, 2024} by Munich Re
NEW YORK & TORONTO–(BUSINESS WIRE)–Munich Re North America Life has announced a new offering–longevity reinsurance–aimed at allowing clients to accumulate assets while transferring biometric risk. Clients can pass on longevity risk by converting uncertain future pension or annuity payments into a fixed cash flow stream, locking in mortality assumptions and a fee at inception. With […]
New Accumulation Whole Life Delivers More Growth and Flexibility
{September 24th, 2024} by The Penn Mutual LIfe Insurance Company
PHILADELPHIA, Sept. 23, 2024 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of Accumulation Whole Life to its robust life insurance lineup. “Accumulation Whole Life isn’t just about helping individuals protect their loved ones; it’s about empowering them to build wealth and help create a more […]
Transamerica Simplifies Final Expense Insurance for Consumers and Agents
{September 24th, 2024} by Transamerica
BALTIMORE, Sept. 18, 2024 /PRNewswire/ — Transamerica today announced the introduction of a new final expense insurance offering that provides applicants with an easy, digital experience — from quote to policy delivery — in as little as 10 minutes. The new Transamerica FE Express Solution℠ (FE Express) provides guaranteed level premiums and permanent lifetime protection, up to $50,000 for qualified applicants. […]
‘What the heck is this thing?’ Panel recalls how RILAs gave industry a jo
{September 24th, 2024} by John Hilton
Registered indexed-linked annuities are no longer just a stopgap product in response to unique economic conditions. RILA sales are growing every quarter and nearly every major insurer has a version. A Corebridge Financial RILA is the next expected entrant in what is becoming a very crowded product field. Click HERE to read the full story […]
What’s the Difference Between an Advisor, a Planner and an Agent?
{September 24th, 2024} by Howard Wolkowitz
For me, after spending 27 years in career agency life insurance sales, one thing is clear: We were not and could not be considered fiduciaries. The training, incentives, compensation and rewards were based on sales production. When I entered the life insurance sales industry in 1992, we obtained an insurance license, not a securities license. […]
DOL appeals Texas court decision freezing its new fiduciary rule
{September 24th, 2024} by John Hilton
Department of Justice attorneys filed appeals Friday in Texas federal courts, seeking to overturn a stay of its Retirement Security Rule. The rule, which represents the Department of Labor’s latest attempt to extend fiduciary duty to nearly all annuity sales, was to take effect today. Judge Jeremy D. Kernodle issued the stay on July 25 in a […]
American Life targets accumulation seekers with new FIA
{September 24th, 2024} by John Hilton
Consumers are buying annuities in record numbers, attracted to the potential to participate in the market with little or no loss at stake. American Life & Security Corp. is feeding that market need for more new products with the new MaxGrowth 10 Fixed Indexed Annuity. MaxGrowth is “designed to enhance retirement savings through accumulation while […]
777 Partners lawsuit: former IT employee stole laptops for lender
{September 24th, 2024} by John Hilton
777 Partners, the high-profile investment firm at the center of a swirling controversy over missing funds, hit back with its own lawsuit last week. The Miami-based firm is suing a former lender, claiming that Leadenhall Capital, a prominent London-based asset management firm, hired a former 777 Partners tech employee to gain access to proprietary information. […]
DOL appeals Texas court decision freezing its new fiduciary rule
{September 24th, 2024} by John Hilton
Department of Justice attorneys filed appeals Friday in Texas federal courts, seeking to overturn a stay of its Retirement Security Rule. The rule, which represents the Department of Labor’s latest attempt to extend fiduciary duty to nearly all annuity sales, was to take effect today. Judge Jeremy D. Kernodle issued the stay on July 25 in a […]
Judge grants government $1.5M forfeiture from Greg Lindberg
{September 24th, 2024} by John Hilton
A federal judge granted the government forfeiture of nearly $1.5 million in funds previously seized from disgraced financier Greg Lindberg after his bribery conviction. Lindberg, along with associate John Gray, was convicted in May of bribing North Carolina Insurance Commissioner Mike Causey for a second time. In his decision Monday, Judge Max O. Cogburn said the government […]
In-plan annuities still suffer from Ken Fisher-led reputational attacks
{September 24th, 2024} by John Hilton
Reputation might be all that is holding back annuities from taking up a steady residence inside retirement plans. Not surprisingly, it is evident that decades of trashing annuities as overpriced and ill-advised will take time to reverse, agreed a panel at the LIMRA 2024 Annual Conference. “We literally have people say, ‘I don’t know much […]
Fed Rate Cut Could Speed Up Some Annuity Sales
{September 24th, 2024} by Allison Bell
The new Federal Reserve effort to push interest rates lower could help life insurance and annuity sales, according to Jack Elder. Elder, a senior vice president at CBS Brokerage, said in an email interview that rates are still much higher than they were in early 2022, when they began to shoot up. The 50-basis-point cut that the […]
DOL Appeals Two Rulings Halting Fiduciary Rule
{September 24th, 2024} by Melanie Waddell
The Labor Department late Friday filed to the Fifth Circuit Court of Appeals to reverse two rulings from federal courts in Texas that temporarily stopped Labor’s new fiduciary rule from taking effect. Before the stays were granted, the rule was set to take effect Monday. In late July, the U.S. District Court for the Eastern District of Texas Tyler Division granted the […]
Annuities’ New Golden Age Probably Isn’t Over Yet
{September 24th, 2024} by Telis Demos
It has been a historic couple of years for annuity sales, fueled by the highest interest rates in a generation. Will falling rates put an end to that? For eight years through 2021, sales of U.S. annuity policies averaged around $230 billion a year, according to Limra, an insurance industry-funded research firm. In 2022, when […]
Strategies For Protecting Income Among High-Net-Worth Individuals
{September 24th, 2024} by Mike Vietri
As we navigate an era of financial complexities—including a volatile stock market, uncertainty concerning government entitlements and the anticipation that only an election year can bring upon us—I believe the need for robust, tailored strategies to protect high-net-worth (HNW) individuals’ income and assets has never been more critical. Click HERE to read the full story […]
How life carriers can optimize agent productivity
{September 24th, 2024} by Susan Rupe
LIMRA and Boston Consulting Group partnered to study top performing life insurance agents across all distribution channels while identifying premier carriers based on established benchmarks. The results of the study will be presented during the session “Strategizing Growth and Life Insurance Productivity” at the LIMRA Annual Conference. Bryan Hodgens, LIMRA and LOMA corporate vice president, […]
AI comes with great promise (and ethical risks) for the insurance industry
{September 24th, 2024} by John Hilton
NASHVILLE – Artificial intelligence has powerful potential, which can be classified as good or bad. Insurance is among the industries likely to be most transformed. Still, there remains a hesitancy to dive into the technology. A LIMRA survey revealed the tentative industry approach to AI, CEO Dave Levenson noted: Click HERE to read the […]
‘We’re set up properly’: Michael Vick says his NFL retirement income is over six figures annually — player benefits include annuities, cap plans and even disability
{September 24th, 2024} by Vishesh Raisinghani
Being a professional athlete is a glamorous, but short-lived career. According to RBC research, athletes typically retire before the age of 30. For the National Football League (NFL), the average retirement age is just 27.6. Fortunately, the NFL has “great benefits” for players, according to former quarterback Michael Vick. After playing in the league for 13 seasons, the […]
Four-fifths of retirement plan advisors are talking about lifetime income
{September 24th, 2024} by Leo Alamazora
A new survey from BlackRock reveals that retirement plan advisors are increasingly prioritizing active management and income strategies to help clients navigate market volatility and uncertainty. Click HERE to read the full story via InvestmentNews
Value of life insurance highlighted during Life Insurance Awareness Month
{September 24th, 2024} by Staff
September is Life Insurance Awareness Month, and the Pennsylvania Insurance Department (PID) reminds Pennsylvanians of the importance of life insurance coverage and the financial protection it provides after the death of a loved one. Life insurance provides financial protection for a family and ensures that dependents and other family members are not burdened with the […]
DOL to appeal court stays on fiduciary rule for retirement advice
{September 24th, 2024} by Dan Shaw
The Department of Labor is appealing two stays placed by Texas courts on its new fiduciary rule for retirement-related advice. The rule, released in April, was scheduled to take effect on Monday but was instead postponed by preliminary injunctions handed down in late July by a pair of federal district courts in Texas. The Biden Administration’s Retirement Security Rule, […]
Annuity Issuers Try to Talk the Same Tech Language, for Real
{September 24th, 2024} by Allison Bell
The Insured Retirement Institute is trying to slash through one of the barriers that hurts life insurers’ ability to sell annuities: Especially for financial professionals other than life insurance agents, selling annuities is annoying. The Washington-based group has started a Digital First for Annuities initiative that’s trying to close the technology canyon between annuities and […]
Diversified Brokerage Services, Inc. Launches New Annuity Department with Tech Upgrades for Enhanced
{September 24th, 2024} by Diversified Brokerage Services, Inc.
Minneapolis, Sept. 11, 2024 (GLOBE NEWSWIRE) — Minneapolis, Minnesota – Diversified Brokerage Services, Inc. has announced a new initiative to expand their service offerings. This effort aims to make client interactions smoother and enhance the overall user experience through tech upgrades and improved customer service strategies. “We’re excited to take this step forward,” said the […]
Kalsi Insurance Agency and Integrity Partner to Offer Robust Insurance Solutions to Underserved Communities
{September 24th, 2024} by Integrity Marketing Group, LLC
DALLAS – SEPTEMBER 17, 2024 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Kalsi Insurance Agency, an independent marketing organization based in Rancho Cucamonga, California, and led by Navdeep Kalsi. Financial details of the partnership were not […]
Arete Wealth Partners with Luma Financial Technologies to Elevate Structured Products and Annuities
{September 24th, 2024} by Arte Wealth
CHICAGO, Sept. 9, 2024 /PRNewswire/ — Arete Wealth, a full-service Broker-Dealer (BD) and Registered Investment Advisory Firm (RIA), has announced a new partnership with Luma Financial Technologies (“Luma”), an award-winning global independent alternative investment platform. Through this collaboration, Arete Wealth will leverage Luma’s award-winning platform to streamline the process of buying and managing structured products and annuities for […]
NCOIL SALUTES LIFE INSURANCE AWARENESS MONTH
{September 24th, 2024} by NCOIL
Belmar, NJ – The National Council of Insurance Legislators (NCOIL) is proud to highlight September as the 21st “National Life Insurance Awareness Month.” NCOIL applauds this annual initiative that serves as an important reminder to families of the value of life insurance and encourages them to view life insurance as an investment into their families’ financial security. “Life insurance […]
