ILL-PREPARED FOR THE MYGA BOOM?
{January 18th, 2023} by Sheryl J. Moore
Not to start a complaint fest, but I have never heard more complaints about service with annuity home offices, than I have over the past two months. It seems few insurers are immune. The time required to issue an app has likely never been longer. I am typically hearing three weeks just to get a […]
Top FINRA Exam Priorities in 2023
{January 18th, 2023} by Melanie Waddell
The Financial Industry Regulatory Authority’s just-released Examination and Risk Monitoring Program report gives broker-dealers insight into findings from recent oversight activities of FINRA’s Member Supervision, Market Regulation and Enforcement programs. The report “addresses topics that remain perennially important, with updates to reflect evolving risks, industry trends and findings from FINRA’s recent oversight activities,” Greg Ruppert, executive vice president […]
Confused, embarrssed. “There’s something that does not compute.”
{January 18th, 2023} by Sheryl J. Moore
Wow. Just wow. This one had me at, “there’s something that does not compute. Click to read “‘My adviser insists this is a good, low-risk investment.’ I’m semi-retired at 63 with $2 million saved. My financial adviser wants me to sink half my money in an annuity. Should I do it?” Chris Chen, CFP®, CDFA™– […]
Fractional Shares, Fixed-Income Pricing to Get Watchdog Scrutiny
{January 18th, 2023} by Lydia Beyoud
Brokers that offer traders the chance to buy less than a full share of a stock are set to face more scrutiny from a key industry watchdog. The Financial Industry Regulatory Authority said how fractional-share trades are reported will be a focus of its examinations in 2023. The industry-backed regulator said supervisors will also look […]
Security Benefit Enhances its Strategic Growth Series of Annuities with Next Generation Capabilities
{January 18th, 2023} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit Life Insurance Company (Security Benefit) today announced key enhancements to its Strategic Growth Series of Annuities, including the addition of a Rate Buy Up option across the series that allows retirement savers to enhance their potential contract accumulation, the launch of the Strategic Growth 7 product with a 7-year surrender charge […]
U.S. Life Application Activity Gets the Chills
{January 18th, 2023} by Allison Bell
U.S. individual life insurance application activity dropped in December, MIB Group reported Tuesday. The Braintree, Massachusetts-based industry organization said overall application flow fell 4.2% when compared with application flow for December 2021. Click HERE to read the full story via ThinkAdvisor
2 Annuities That Are Worth a Look Now
{January 18th, 2023} by Neal Templin
Rising rates have made annuities of all stripes more interesting investments, but two in particular are worth a hard look right now. Multi-year guaranteed annuities—MYGAs, for short—are the insurance world equivalent of a bank certificate of deposit. Just like with CDs, rates have shot up in the last year. Unlike CDs, gains in a MYGA […]
What Is a Multi-Year Guaranteed Annuity?
{January 18th, 2023} by John Egan for Forbes Advisor
In the third quarter of 2022, sales of multi-year guaranteed annuities totaled $27.4 billion, up 4.7% from the previous quarter and 138% from the same period in 2021, according to Wink’s Sales & Market Report. Wink attributes the rising popularity of MYGAs to higher interest rates. Click HERE to read the full story via Nasdaq
More consumers go online to shop for life insurance
{January 18th, 2023} by Press Release
Chicago, Jan. 12, 2023 — More than four in 10 consumers go online or use an app when shopping for life insurance, according to a new TransUnion (NYSE: TRU) report. This is a significant shift as the vast majority of consumers traditionally purchase their life insurance policies through an agent. However, this is also very much […]
Bankrate: The best in life insurance
{January 18th, 2023} by Cate Deventer
Bankrate conducted extensive research into the life insurance industry to find the best term, whole and universal life insurance companies. We analyzed factors like accessibility, number of riders, coverage capacity, if the company offered a no-exam option, financial strength ratings and customer service scores to identify the best life insurance companies for each main policy […]
Legal woes mounting for disgraced insurance magnate Greg Lindberg
{January 18th, 2023} by John Hilton
Troubled financier Greg Lindberg is set to face trial on Securities and Exchange Commission charges after a judge denied a motion to dismiss last week. Lindberg, who also faces a second federal trial on bribery charges, allegedly participated in a $75 million fraud, the SEC alleged in an August complaint. The complaint names a Malta-based […]
What if Target Date Funds Used Annuities?
{January 18th, 2023} by John Manganaro
Anew paper published by the National Bureau of Economic Research evaluates a proposed variant of the popular target date fund vehicle used in employer-sponsored retirement savings plans, with the goal of determining whether redirecting allocations from bonds to deferred income annuities boosts participant outcomes. The analysis was put together by John Shoven of the Department […]
Are Money Markets and CDs a Good Investment Now? Advisors’ Advice
{January 18th, 2023} by John Manganaro
With interest rates higher than advisors have seen in a generation, is it time to reconsider investments such as money market funds or certificates of deposit? ThinkAdvisor put this question to a stable of financial professionals with the XY Planning Network for the latest edition of the Advisors’ Advice series. We posed a simple query: […]
Stop Comparing Annuity Payout Rates to the 4% Rule
{January 18th, 2023} by David Blanchett
The recent rise in interest rates has changed the investment and lifetime income landscape. For example, payouts on immediate annuities have increased dramatically over the last year. The rise in interest rates has led to an increase in LinkedIn posts (at least, that I’m seeing) where some individual is effectively asking why someone would settle for 4% when they […]
NAFA Elects 2023 Board of Directors
{January 18th, 2023} by NAFA
WASHINGTON, Jan. 13, 2023 (GLOBE NEWSWIRE) — The general membership of NAFA, the National Association for Fixed Annuities, approved the slate of candidates presented for its 2023 board of directors at the association’s annual meeting held recently in Santa Monica, Calif. Nominations were received from the membership at large, and candidates were vetted by the current board before being proposed during the association’s 14th annual Annuity Distribution Summit. By unanimous decision, six new members and two […]
Athene COO Sees Non-Variable Annuity Sales Boom Continuing
{January 18th, 2023} by Allison Bell
Rising interest rates are continuing to push consumers to buy annuities, a top annuity issuer executive said Thursday. Mike Downing, the chief operating officer of Athene Holding, reported that sales conditions were much better than expected in 2022 and continue to be strong now. Click HERE to read the full story via ThinkAdvisor […]
Nearly two-thirds of women are delaying their retirement due to inflation
{January 18th, 2023} by Nationwide
Nationwide Retirement Institute® survey of retirement plan participants reveals that compared to men, more women’s financial and retirement goals have been derailed and their confidence is shaken COLUMBUS, Ohio, Jan. 10, 2023 /PRNewswire/ — Inflation has shaken women’s retirement security and confidence, according to a Nationwide Retirement Institute® survey of employer-sponsored retirement plan participants and sponsors. The study found […]
Integrity Closes Transformative Acquisition of Gladstone Wealth Partners to Offer Expansive Wealth Management Solutions to Americans
{January 18th, 2023} by Integrity Marketing Group
DALLAS , Jan. 11, 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 the closing of its acquisition of Gladstone Wealth Partners, LLC (“Gladstone”), a leading wealth management firm offering registered independent advisor and broker-dealer services. This transformative acquisition of Gladstone, which was […]
Simplicity Acquires Jurs Montgomery Brokerage and Adds Justin Jurs and Chris Ronshagen to its Growing Partnership
{January 18th, 2023} by Simplicity Group
SUMMIT, N.J., Jan. 17, 2023 /PRNewswire/ — Simplicity Group (“Simplicity”) today announced the acquisition of Jurs Montgomery Brokerage, LLC (Jurs Montgomery). Led by Justin Jurs and Chris Ronshagen, Jurs Montgomery is a brokerage general agency that provides access to annuity, long-term care, life, and disability income products to independent producers, along with a high-touch support network. With offices in New York and Massachusetts, […]
Aquarian Closes Acquisition of Somerset Reinsurance
{January 17th, 2023} by Aquarian Holdings
NEW YORK–(BUSINESS WIRE)–Aquarian Holdings (“Aquarian”) today announced the closing of its acquisition of Somerset Reinsurance Limited (“Somerset Re”), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market. Aquarian announced in 2022 that it had signed a definitive agreement to acquire a controlling interest in the Bermuda-domiciled reinsurer and provide a […]
Kuvare Announces Formation of New Bermuda Reinsurer – Initially Provides Kuvare Access to $400 Million of Co-Investment Capital
{January 17th, 2023} by Kuvare Holdings
CHICAGO–(BUSINESS WIRE)–Kuvare Holdings (“Kuvare”), a technology-enabled financial services platform focused on delivering life and annuity solutions to the underserved U.S. middle market, and reinsurance solutions to institutional partners worldwide, today announced the formation of Kindley Re Ltd. (“Kindley Re”). Kindley Re, a newly formed Bermuda-domiciled reinsurer, will co-invest at least $400 million with Kuvare in […]
AM Best Assigns Credit Ratings to Stellar National Life Insurance Company
{January 17th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating (FSR) of B++ (Good) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) to Stellar National Life Insurance Company (Stellar Life) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Stellar Life’s balance sheet strength, which AM Best […]
American Equity Schedules Fourth Quarter 2022 Earnings Release, Conference Call and Webcast
{January 17th, 2023} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) announced today that it will release fourth quarter 2022 earnings and other financial results after the close of market on Thursday, February 16. The fourth quarter earnings release and financial supplement will be posted on the American Equity IR website at https://ir.american-equity.com/ at that time. […]
UPDATE: Jackson to Report Fourth Quarter and Full-Year 2022 Financial Results and Provide 2023 Outlook
{January 17th, 2023} by Jackson
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the fourth quarter and full year ended December 31, 2022 after market close Tuesday, February 28, 2023. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Wednesday, March 1, 2023 at 10 a.m. […]
F&G Annuities & Life Prices $500 Million Senior Unsecured Notes Offering
{January 10th, 2023} by Fidelity & Guaranty Life
DES MOINES, Iowa, Jan. 9, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today announced that it priced a private offering of $500,000,000 aggregate principal amount of 7.40% senior notes due 2028 (the “notes”). The offering is expected to close on January 13, […]
Transamerica, a Universal Life Sales Leader, Unveils New Product
{January 10th, 2023} by Warren S. Hersch
Transamerica’s Financial Foundation IUL, a product featuring two of the index options of the company’s new offering but a lower minimum face amount — $25,000 for Foundation versus $250,000 for Choice — was the top-selling indexed life insurance in the third quarter, according to Wink’s Sales & Market Report. Transamerica ranked second for overall indexed life […]
These 22 Life Insurers Just Saw Over 10% Growth in Premiums
{January 10th, 2023} by Warren S. Hersch
National Life, the industry’s top seller of indexed life insurance according to research firm Wink, saw a doubling of renewal premiums over the last five years, according to an investor update presentation released in June. Life insurance premiums accounted for more than two-thirds of the 2021 total. Click HERE to read the full story via Life Annuity Specialist
In 2005, 40% of Indexed Annuities Sold Had This. Today? 1.6%.
{January 10th, 2023} by Aaron Smith
Sheryl Moore, CEO of market research firm Wink, thinks the monthly summing method appeared in about 2004. The following year, two-fifths of fixed-indexed annuities sold had this feature. Last year, through the first three quarters, only 1.6% did, a stunning decline. MassMutual Ascend, the former Great American, is phasing out the monthly summing option on certain annuities, according to Moore, who […]
Young, brash and wrong: FINRA study profiles investing risks
{January 9th, 2023} by Timothy Darragh
WASHINGTON //BestWire// – Hiring in the insurance industry continued chugging forward in December, as insurance companies, brokers and related businesses added another 3,800 jobs, the Bureau of Labor Statistics said. The hiring increase in the last month of the year matched hiring numbers in November, as the industry continued to rebound from the pandemic-driven downturn […]
Ameriprise Piloting Retirement Income Planning Service via Advisors
{January 9th, 2023} by Sam Del Rowe
Ameriprise Financial is piloting an advisor-based retirement income planning service, according to documents filed with the Securities and Exchange Commission on Friday. The Premier Retirement Income service “is a specialized approach to retirement income planning that builds on our current investment advisory services and products and provides advice to clients approaching or in the distribution phase of retirement,” […]
SILAC Insurance Company and Hildene Capital Management Announce Strategic Alliance
{January 9th, 2023} by SILAC Insurance Company
CARMEL, Ind. & STAMFORD, Conn.–(BUSINESS WIRE)–SILAC Insurance Company (“SILAC” or the “Company”), a leading U.S. annuity provider, and Hildene Capital Management, LLC (together with its affiliates and clients, “Hildene”), a credit-focused asset manager with approximately $12 billion of assets under management, today announced that they have entered into a long-term strategic alliance. As part of […]
Pan-American Life Insurance Group Completes Merger of Mutual Trust Life Insurance Company into Pan-American Life Insurance Company
{January 9th, 2023} by Pan-American Life Insurance Group
NEW ORLEANS–(BUSINESS WIRE)–Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, today announced that it has completed the merger of Mutual Trust Life Insurance Company®, a Pan-American Life Insurance Group Stock Company, into Pan-American Life Insurance Company (PALIC) as a fully integrated division named Mutual Trust Life […]
The Standard Adds New Stable Value Offering with The APEX Series
{January 9th, 2023} by Standard Insurance Company
PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company (The Standard) has announced The APEX Series, a new stable value investment product that offers four fund options and competitive guaranteed rates through June 2023. The APEX Series expands The Standard’s existing stable value portfolio by offering returns that reflect the rising corporate and treasury rate environment. “Stable value funds continue […]
Best’s Special Report: Rising Interest Rates Suppress Debt Appetite for U.S. Life/Annuity Insurers
{January 9th, 2023} by AM Best
OLDWICK, N.J–(BUSINESS WIRE)–Publicly traded U.S. life/annuity (L/A) insurers are taking a more-cautious approach to issuing debt given rising interest rates, and instead have put a greater focus on strengthening their enterprise risk management, corporate governance and stress testing capabilities. according to a new AM Best special report. The Best’s Special Report, “Rising Interest Rates Suppress Debt Appetite for […]
Jackson to Report Fourth Quarter and Full-Year 2022 Financial Results
{January 9th, 2023} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the fourth quarter and full year ended December 31, 2022 after market close Wednesday, February 22, 2023. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Thursday, February 23, 2023 at 10 a.m. […]
AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of SILAC Insurance Company
{January 9th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect SILAC’s […]
Foresters Financial launches Foresters Renew™
{January 9th, 2023} by The Independent Order of Foresters
TORONTO, Jan. 4, 2023 /PRNewswire/ – Foresters Financial™ (Foresters), the fraternal life insurer that’s boldly redefining the life insurance industry through innovation, purpose and wellness, today announced the launch of Foresters RenewTM grants. [1] Foresters Renew is a new member benefit aligned with Foresters core purpose to enrich the well-being of members, their families and their communities. [2] [3] Many […]
Mutual of America Financial Group Closes Acquisition of Landmark Life Insurance Company
{January 9th, 2023} by Mutual of America
NEW YORK, Jan. 4, 2023 /PRNewswire/ — Mutual of America Financial Group, a leading provider of retirement services and investments to employers, employees and individuals, completed its acquisition of Landmark Life Insurance Company, a widely licensed Texas life and annuity insurance company (“Landmark Life”) as of January 4, 2023. Landmark Life will be rebranded with plans to offer products in […]
Transamerica Unveils Financial Choice IUL
{January 9th, 2023} by Transamerica
New index universal life insurance offers opportunity for tax-advantaged choice and flexibility BALTIMORE, Jan. 5, 2023 /PRNewswire/ — Transamerica announces today the availability of the Transamerica Financial Choice IULSM, a new index universal life insurance policy to protect beneficiaries while providing flexibility and opportunity for tax-advantaged supplemental income. The Transamerica Financial Choice IUL offers life insurance protection and a variety […]
Economy, inflation are top of mind for financial services firms in 2023
{January 9th, 2023} by Ayo Mseka
In recent months, several financial services firms have released outlooks for 2023, providing critical insights for advisors as they help their clients navigate the challenges and opportunities that lie ahead. The battle against inflation, a possible recession and a potentially flat year for life insurance sales are all top of mind. The Wells Fargo Investment […]
Symetra and Mutual of America Add Annuity Affiliates
{January 9th, 2023} by Allison Bell
Two life insurers — Symetra Financial and Mutual of America Financial Group — have completed deals to support their annuity operations. Symetra has started a Bermuda-based company, Symetra Bermuda Re Ltd., to provide reinsurance for an 80% quota share of fixed deferred and non-variable indexed annuities issued by its main life insurance company on or […]
The Annuity Paradox
{January 9th, 2023} by Sheryl J. Moore
I initially thought this article, The Annuity Paradox, was pretty balanced. I mean, Financial Planning Magazine isn’t wrong in their “parsing the mortality lottery” section. I did actually LOL on the annuity comparisons against different car models. And I have to concede that there are some “very complex” annuities out there. (But no one mentions that there […]
The 2023 Life, Health and Annuity Prediction Almanac
{January 9th, 2023} by Allison Bell
The year has changed, and forecasters are busy looking at sales data, stock market data, general economic data, tea leaves, Ouija boards and anything else that can give them hints about what comes next. Here’s a catalog of some of the predictions that have flowed our way, sorted into 10 categories. Click HERE to read […]
January jump in divorces offers advisors opportunity to provide value
{January 9th, 2023} by Gregg Greenberg
The month of January sees a jump in gym memberships every year as Americans seek to fulfill their new year’s resolutions of improved health. Click HERE to read the full story via InvestmentNews
Young, brash and wrong: FINRA study profiles investing risks
{January 9th, 2023} by Steven A. Morelli
un and trendy is in with investors as they skew younger – and stodgy is dodgy, according to the latest FINRA investor study. In a survey taken last year, investors were putting more of their money into individual stocks and ETFs and less into insurance products. Click HERE to read the full story via INN
Morningstar raises ‘safe’ withdrawal rate recommendation
{January 9th, 2023} by Steven A. Morelli
Morningstar has raised its recommended retirement withdrawal rate closer to the 4% rule of thumb in an era of low equity valuations and higher bond yields. In its research, The State of Retirement Income 2022, Morningstar raised its recommended safe withdrawal rate to 3.8%, with annual inflation adjustments, up from 3.3% last year, even in an […]
American Equity rejects private equity takeover bid as problems with investor brew
{January 9th, 2023} by Tyler Jett
For the second time in just over two years, American Equity Investment Life Holding Co. has rebuffed a hostile takeover ― though the battle may still be brewing. The West Des Moines retirement funds provider, which employs about 800 people, recently disclosed that it had received two offers from private equity firm Elliott Investment Management […]
After record year, indexed universal life likely to stumble in 2023
{January 9th, 2023} by Steven A. Morelli
Although the fourth quarter is not expected to be a record-breaker on its own, it caps a banner year. Sheryl Moore, CEO of Moore Market Intelligence, projected that it will supersede last year’s blazing performance. Click HERE to read the full story via INN
‘Annuity King’ has ‘zero doubt’ of acquittal on annuity fraud charges
{January 9th, 2023} by John Hilton
The ongoing criminal case pitting the government against the self-titled “Annuity King” could finally go to trial this spring. Click HERE to read the full story via ThinkAdvisor
Beware the ghosts of retirement planning past, present and future
{January 9th, 2023} by Phil Wright
In the classic short story, A Christmas Carol by Charles Dickens, Ebenezer Scrooge, relieved after a nightmare in which he was visited by three ghosts, proclaimed: “I will live in the Past, the Present, and the Future. The Spirits of all Three shall strive within me. I will not shut out the lessons that they teach!”1 Scrooge emerges […]
WINK’S LIFESPECS USERS RECEIVE FIRST-OF-ITS-KIND DOCUMENTS LIBRARY RESOURCE
{January 4th, 2023} by Wink's Intel Pros
In the continued pursuit of our mission statement, “To provide the best darned competitive intelligence to the life insurance and annuity industries,” Wink, Inc., is excited to reveal enhancements to their LifeSpecs analysis tool. Wink added the documents library resource to LifeSpecs! It brings a plethora of product information right to you. Among the items […]
All the New Secure 2.0 and RILA Deadlines You Need to Know
{January 4th, 2023} by Allison Bell
The enormous new spending bill Congress has sent President Joe Biden could create a mountain of financial services law implementation work for federal agencies over the next 10 years. The heart of the new Consolidated Appropriations Act, 2023 (CAA, 2023) consists of appropriations provisions needed to keep the federal government running. At press time, the […]
Top 20 Life and Annuity Articles of 2022
{January 4th, 2023} by Allison Bell
What was the new year is turning into the old year, and news is turning into history. We compiled a list of the 20 most widely read articles about life insurance, annuities and closely related topics, such as long-term care insurance, that first appeared on ThinkAdvisor in 2022. The results show that readers need basic […]
The 2023 Life, Health and Annuity Prediction Almanac
{January 4th, 2023} by Allison Bell
The year has changed, and forecasters are busy looking at sales data, stock market data, general economic data, tea leaves, Ouija boards and anything else that can give them hints about what comes next. Here’s a catalog of some of the predictions that have flowed our way, sorted into 10 categories. Click HERE to read […]
Life Insurance as an Investment: Is It Right for Your Clients?
{January 4th, 2023} by Roger Wohlner
When most financial advisors and clients think about investing, life insurance is probably not at the top of the list. Stocks, ETFs, mutual funds and the like are generally the primary portfolio components for most of your clients. This is as it should be. Click HERE to read the full story via ThinkAdvisor. Wink’s […]
MQATMULY
{January 4th, 2023} by Sheryl J. Moore
I was really excited to learn about a new index recently, which is designed to show you what a typical renewal annual point-to-point participation rate should be in the present environment. Mark Waldman schooled me about this new index from Genesis Financial Products, the company that brought us the indexed annuity. My mind began racing…of […]
The end of the monthly sum?
{January 4th, 2023} by Sheryl J. Moore
I’ve been wondering how long it would take for insurance companies to start retiring their monthly point-to-point indexing methods. MassMutual Ascend recently took this action on one of their indexed annuities. The indexing method, also known as “monthly sum,” used to account 40.50% of all indexed annuity sales in 2005. However, the most recent “Wink’s […]
Banner sales a theme in year’s top 10 annuity articles
{January 4th, 2023} by Steven A. Morelli
‘Crazy’ evolution of life, annuity indexes draws scrutiny, says expert In a July 1 article, expert Sheryl Moore was featured as she raised the warning flag on insurance companies pushing boundaries with proprietary indexes. As the CEO of Moore Market Intelligence and Wink Inc., Moore has been on the front line for decades as the industry […]
Broker Words—January 2023
{January 4th, 2023} by Stephen Howard
The Howards and McAvoys have been good friends for more than 40 years. In fact, that friendship stretches back even before Broker World, to back when my father was Tom Sawyering local and regional ad prospects for our original publication Mid America Insurance Magazine. So it gives me great pleasure to congratulate Matt McAvoy for being named […]
“If I Don’t Sell That Product, It’s A Bad Product”
{January 4th, 2023} by Charlie Gipple
A while back, I posted something on LinkedIn about how to assist consumers that desperately need help get qualified for Medicaid. As you know, Medicaid can pay for long term care (nursing home care primarily), if a consumer is deemed financially incapable. It is not a replacement for long term care insurance, but it can […]
Technology Impacting Insurance Sales Through AI Leads, Digital Sales STP, And Illustration Workflow
{January 4th, 2023} by Ken Leibow
What’s the latest innovation in technology for insurance sales? Artificial Intelligence (AI) can be used for lead generation, lead follow-up, strategic marketing, customer retention, and client support. Leveraging AI gives you more control over the sales cycle, helping clients identify hot leads earlier and faster. Artificial intelligence is quickly becoming the most sought-after technology solutions […]
Changing financial tides could hit IUL cap rates
{January 3rd, 2023} by Kyle Mills
Indexed universal life (IUL) cap rates have reached low tide, which makes long-term projections much less attractive for current and future policyholders. It is not hyperbole to say “every IUL policy sold in the last 10 years illustrates lower today than it did when it was sold,” assuming maximum illustrative rates. Some will argue this, […]
Annuity vs. Mutual Fund: What’s The Difference?
{January 3rd, 2023} by Kat Tretina and Benjamin Curry
Worried about not having enough money for retirement? You’re not alone. In a recent a survey released by the Stanford Center on Longevity, 55% of pre-retirees said their finances were fragile or that they were just barely making ends meet. Click HERE to read the full story via Forbes Wink’s Note: It is not uncommon […]
A fraud-filled 2022: Scammers and lawsuits fill the news
{January 3rd, 2023} by John Hilton
The year included plenty of high-profile fraud incidents and trends. COVID-19 fraud cases consistently drove strong traffic to InsuranceNewsNet. Some of the incidents included significant settlements and impacts. Such as a May settlement by Allianz, which agreed to pay $6 billion to settle charges that its investing division defrauded clients by hiding losses and risks […]
The growth of Integrity
{January 3rd, 2023} by John Hilton
The Big Three’s relentless growth is altering the distribution landscape, said Sheryl Moore, president and CEO of Moore Market Intelligence and Wink Inc. Small to midsized IMOs and FMOs are being gobbled up so quickly, it is forcing many to reconsider their plan, she said. “It is hard to compete against an Integrity, Simplicity or […]
Life sales predicted to be flat in 2023
{January 3rd, 2023} by Maureen Shaughnessy
Over the past few years, the life insurance industry has experienced a pandemic, lockdowns, underwriting restrictions, work-from-home disruptions, life insurance tax law changes and volatile economic conditions. Life insurance premium sales soared 18% in 2021 as the result of increased consumer demand for life insurance, coupled with the impact of tax law changes allowing higher […]
Jamie Hopkins on Secure 2.0: What’s Overhyped, What’s Interesting and What to Watch
{December 27th, 2022} by John Manganaro
Last week, the closely divided U.S. Congress passed its much-anticipated omnibus spending bill, and the legislation quickly received the signature of President Joe Biden. Much to the satisfaction of the U.S. retirement planning industry, the legislation included the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022. The Secure 2.0 framework features […]
SECURE 2.0 & RILA Act Pass
{December 27th, 2022} by NAIFA
Passage of the Registered Index-Linked Annuities (RILA) Act and the SECURE Act 2.0 as part of the 2023 Omnibus Appropriations bill greatly benefits consumers as well as the insurance financial professionals who help them prepare for retirement and achieve financial security. The National Association of Insurance and Financial Advisors (NAIFA) has strongly advocated on […]
There are many more insights into the mind of an annuity buyer
{December 27th, 2022} by Sheryl J. Moore
Well, there is nothing so surprising about consumers buying annuities for guaranteed income. However, LIMRA discovered that liquidity was a major driver for annuity purchase decisions as well. This was crazy to me, as the research I have read from the American Council of Life Insurers – ACLI indicates that most annuity purchasers do not use the liquidity features […]
4 Ways the Annuity Sales Process Is Broken
{December 27th, 2022} by Michael Kazanjian
The insurance industry has been working to raise awareness around annuity products for more than a decade now. The goal: educate consumers about their potential benefits, such as security in retirement. Click HERE to read the full story via ThinkAdvisor Wink’s Note: This article should be titled “4 Ways the Annuity Sales Process Is […]
If these medical advancements become approved for use in humans, just HOW LONG could we live?
{December 27th, 2022} by Sheryl J. Moore
You always hear me say that “annuities will guarantee a paycheck for life, even if the annuitant lives to be 150 years old.” This is because I read a “Time” magazine article, over a decade ago, which indicated that the first person to live to be 150 years old was already walking the earth at […]
NAIC Task Force Adopts Index-Linked Variable Annuity Guidelines
{December 27th, 2022} by Allison Bell
A panel of regulators at the National Association of Insurance Commissioners has adopted a set of standards for a popular, relatively new type of annuity — the registered index-linked annuity, or index-linked variable annuity. Members of the Life Actuarial Task Force, part of the NAIC’s Life Insurance and Annuities Committee, approved Actuarial Guideline ILVA last […]
12 Life and Annuity Changes in $1.7T Spending Bill
{December 27th, 2022} by Allison Bell
Life insurance and annuity provisions in the Consolidated Appropriations Act, 2023 — the 4,155-page, $1.7 trillion spending bill now flying through Congress — could shape clients’ saving and investment decisions for decades to come. Groups like the American Council of Life Insurers, the National Association of Insurance and Financial Advisors and Finseca are going through […]
American Equity Rejects Offer From Elliott Investment-Backed Insurer
{December 27th, 2022} by Allison Bell
The American Equity Investment Life Holding Company board has rejected an unsolicited acquisition offer from Prosperity Group Holdings — a life insurer affiliated with Elliott Investment Management — for $45 per share in cash, or a total of $3.7 billion. David Mulcahy, American Equity’s chair, called the Prosperity offer “opportunistic” and said it “significantly undervalues […]
Indexed Life Sales May Tumble After Revision to NAIC Guideline
{December 27th, 2022} by Warren S. Hersch
“The results could be much more conservative” than adjusting the actuarial guideline that is intended just for indexed universal life, said Sheryl Moore, CEO of Wink, which publishes Wink’s Sales & Market Report. “More conservativeness in illustration handling for indexed life always seems to have a negative effect on sales.” Click HERE to read the full story via […]
American Council of Life Insurers: Congress Helps Millions Of Workers Save For Retirement With SECURE 2.0, Registration For Index-Linked Annuities Act Passage
{December 27th, 2022} by American Council of Life Insurers
CONGRESS HELPS MILLIONS OF WORKERS SAVE FOR RETIREMENT WITH SECURE 2.0, REGISTRATION FOR INDEX-LINKED ANNUITIES ACT PASSAGE WASHINGTON – American Council of Life Insurers (ACLI) President & CEO Susan Neely made the following comments today on “SECURE 2.0” and the Registration for Index-Linked Annuities (RILA) Act, retirement security measures Congress approved today as part of […]
Retire boom makes advice for golden years a top 2022 theme for advisors
{December 27th, 2022} by Doug Bailey
With a record 700,000 boomers hitting retirement age in 2022 and another huge segment approaching the milestone, it shouldn’t come as a surprise that advice on retirement investment strategies dominated topics around financial advisors. The risks, rewards, and complexities of new retirement investment products, along with deep concerns about how much money is enough to […]
Quiz: Do You Know These Social Security Facts for 2023?
{December 27th, 2022} by John Manganaro
Based on size alone, the Social Security system is one of the most important and popular programs operated by the federal government. According to the Center on Budget and Policy Priorities, in 2022, fully 21% of the federal government budget, or $1.2 trillion, will be used to pay for Social Security. Apart from the money […]
The 401(k) and IRA Changes to Consider After Congress Revised Many Retirement Laws
{December 27th, 2022} by Ashlea Ebeling
Americans will need to rethink how they save after Congress passed a series of laws that stand to overhaul parts of the country’s retirement saving system. The retirement overhaul is part of a larger bill passed by Congress just before the holidays. It includes dozens of retirement policy changes that go into effect over the next decade. Many […]
Top Executive for Financier Greg Lindberg Pleads Guilty to Charges Related to Insurance Fraud
{December 27th, 2022} by Mark Maremont and Leslie Scism
A former top lieutenant of North Carolina insurance mogul Greg Lindberg agreed to plead guilty to a federal criminal conspiracy charge. The plea is the latest episode in prosecutors’ pursuit of Mr. Lindberg and his associates, a saga that has had many twists. The guilty plea indicates that prosecutors are continuing with their investigation and could be […]
Numerous Facts Omitted From Recent Wall Street Journal Article On Greg Lindberg’s North Carolina Insurance Companies
{December 27th, 2022} by 633 Days LLC
DURHAM, NORTH CAROLINA, UNITED STATES, December 23, 2022 /EINPresswire.com/ — A spokesperson for Greg Lindberg says that the Wall Street Journal’s recent article on Greg Lindberg’s insurance companies omitted numerous facts: • Single-Family Real Estate Investment – Mr. Lindberg has never spent a single night inside the Raleigh, N.C. house referred to in the Wall […]
Greg Lindberg responds to new Justice Department allegations against Christopher Herwig
{December 27th, 2022} by 633 Days LLC
Largest Policyholder Says These False Claims Don’t Help Them DURHAM, NORTH CAROLINA, UNITED STATES, December 23, 2022 /EINPresswire.com/ — Greg Lindberg responded today to false allegations about him that were included in the Justice Department’s criminal filing against Christopher Herwig (U.S. vs. Christopher Herwig, Case No. 3:22-cr-314-MOC, filed on Monday, December 19, and unsealed today.) […]
Top life insurance stories of 2022 focused on COVD-19, business case for buying life insurance
{December 27th, 2022} by Ayo Mseka
Advisors spend a great deal of time persuading their prospects to protect themselves and their loved ones with the gift of life insurance. The most popular stories in 2022 ranged from record setting indexed life sales to re-thinking the “buy term and invest the difference” strategy, to the continuing controversy over IUL illustrations. Here’s a […]
Prosperity Issues Response to AEL
{December 27th, 2022} by Prosperity
NEW YORK–(BUSINESS WIRE)–Prosperity Group Holdings LP (“Prosperity”) today released the following statement: Yesterday, American Equity Investment Life Holding Company (“AEL” or the “Company”) (NYSE: AEL) released a statement regarding Prosperity’s interest in acquiring the Company. Prosperity is issuing this press release to affirm our interest in acquiring AEL and to address certain claims made in […]
American Equity Rejects Unsolicited Acquisition Proposal from Prosperity Group Holdings LP and Elliott Investment Management L.P.
{December 27th, 2022} by American Equity Investment Life Insurance Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), a leading provider of financial dignity solutions through general account annuities, today confirmed that its Board of Directors reviewed and rejected an unsolicited, non-binding proposal from Prosperity Group Holdings LP (“Prosperity”) and its principal shareholder, Elliott Investment Management L.P. (“Elliott”) to […]
AM Best Revises Outlooks to Positive for Fidelity & Guaranty Life Holdings, Inc. and Its Life/Health Subsidiaries
{December 27th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Fidelity & Guaranty Life Insurance Company (Des Moines, IA) and Fidelity & Guaranty Life Insurance Company of New York, (New York, NY). These […]
TIAA Applauds Passage of “SECURE 2.0” Retirement Legislation
{December 27th, 2022} by TIAA
NEW YORK, Dec. 23, 2022 /PRNewswire/ — TIAA issued the following statement from Kourtney Gibson, Chief Institutional Client Officer, upon passage of retirement provisions in SECURE 2.0: “TIAA commends Congress for uniting on this vital legislation to improve Americans’ retirement outcomes and make a financially secure future more accessible for all. Access to retirement plans and opportunities to […]
Transamerica Applauds the Passage of the SECURE 2.0 Act of 2022
{December 27th, 2022} by Transamerica
BALTIMORE, Dec. 23, 2022 /PRNewswire/ — Transamerica commends the passage of the SECURE 2.0 Act of 2022, included in the year-end government spending bill. SECURE 2.0 is a bipartisan package of provisions built to encourage retirement savings primarily through employer-sponsored, qualified retirement plans. “The passage of SECURE 2.0 is an important step in increasing Americans’ ability to […]
Academy: Today’s Passage of SECURE 2.0 Is a Win for Retirement Security
{December 27th, 2022} by American Academy of Actuaries
WASHINGTON, Dec. 23, 2022 /PRNewswire/ — The SECURE 2.0 legislation that passed today as part of Congress’ year-end, omnibus spending bill is a significant and welcome step forward in improving the U.S. retirement system, and includes key reforms that Pension Practice Council (PPC) committees of the American Academy of Actuaries have advised public policymakers are aligned with expanding access, […]
Symetra Financial Corporation Establishes Bermuda Affiliate
{December 27th, 2022} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Working with regulators in the U.S., Japan and Bermuda, Symetra Financial Corporation, a wholly owned subsidiary of Sumitomo Life Insurance Company, today announced that it had established Symetra Bermuda Re Ltd. to reinsure certain risks of Symetra Life Insurance Company, a subsidiary of Symetra Financial Corporation. Symetra Bermuda Re is registered with the […]
Lindberg Associate Pleads Guilty to Charges in Lindberg Insurance Case
{December 27th, 2022} by David Pilla
CHARLOTTE, N.C. //BestWire// – A former business associate of insurance and finance executive Greg Lindberg pleaded guilty to one or more charges related to the failure of businessman Greg Lindberg’s insurance businesses. Christopher Herwig, former chief investment officer for Lindberg-owned entities, pleaded guilty in a recently unsealed indictment in U.S. Superior Court for the Western […]
Secure 2.0 Act Still Leaves Holes in Retirement Planning
{December 27th, 2022} by Teresa Ghilarducci
Congress has passed a bill called Secure 2.0 to help American workers save for retirement. Support was bipartisan: Mitch McConnell and Alexandria Ocasio-Cortez both voted for it. But although there are some good pieces to the legislation, no one should confuse it with a solution to the nation’s retirement crises. And in fact, a better alternative was […]
10 Ways Secure 2.0, Part of Spending Bill, Changes Retirement Planning
{December 27th, 2022} by Melanie Waddell
Retirement experts are busy digesting the more than 350 pages of the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022, which has been included in the $1.7 trillion omnibus spending bill that the Senate passed Thursday afternoon. The House is expected to pass it this week. “Assuming the bill passes, and I believe […]
House Passes Secure 2.0 Act in $1.7T Spending Bill
{December 27th, 2022} by Melanie Waddell
The full House passed by a 225-201 vote Friday afternoon the omnibus spending bill, which includes the sweeping retirement package: the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022. The bill now heads to President Joe Biden for his signature. Click HERE to read the full story via ThinkAdvisor Wink’s […]
Wishing you many Christmas Blessings!
{December 20th, 2022} by Wink's Intel Pros
Wishing many Christmas blessings to you! We hope this holiday brings you all the joy and happiness you so richly deserve. -Sheryl Moore and the Wink, Inc. family The Wink offices will be closed on December 23rd & 26th to celebrate the holiday with our families. We will also be closed on […]
Stellar National Holdings Launches New Life Insurance Company
{December 20th, 2022} by Stellar National Life
CHICAGO, IL – December 13, 2022 – Stellar National Holdings, LLC today announced the acquisition and rebranding of American Labor Life Insurance Company to Stellar National Life Insurance Company (“Stellar National Life”). Stellar National Life is being launched with a focus on becoming a fully digital issuer of annuities and a partner of choice for […]
AIG to Officially Shut Unit That Failed in Financial Crisis
{December 20th, 2022} by Leslie Scism
American International Group Inc.’s infamous Financial Products unit—the one that nearly took down the global economy in 2008 with wrong-way bets on mortgages—is on its way to an official demise. AIG announced today that the unit has filed a voluntary petition for chapter 11 bankruptcy in Delaware, as a way to close for good. Back […]
DOL receives nearly 50k comments on independent contractor rule
{December 20th, 2022} by John Hilton
The U.S. Chamber of Commerce is calling on the Department of Labor to scrap its independent contractor rule. The DOL independent contractor proposal would make it harder for companies to treat workers as independent contractors, potentially upending several industries, including financial services. Controversy continues to follow the rule proposals, which affect various industries in different ways. Click […]
AIG subsidiary files bankruptcy amid ongoing lawsuit by former execs
{December 20th, 2022} by John Hilton
A subsidiary of insurer American International Group Inc. filed for Chapter 11 bankruptcy Tuesday, a move panned by a group of former executives suing the insurer. AIG Financial Products Corp. made the filing Wednesday in the U.S. Bankruptcy Court for the District of Delaware and plans to reorganize. AIG said in a regulatory filing that […]
NAIC regulators decline to move life illustration rework forward
{December 20th, 2022} by John Hilton
A state insurance task force passed on a chance to endorse reopening the overall life insurance illustration model law, leaving the effort in limbo going forward. The Life Actuarial Task Force met last week during the fall meeting of the National Association of Insurance Commissioners. During its two-day meeting, the panel declined to refer opening […]
Zurich to Stop Accepting Applications for Indexed and Term Life
{December 20th, 2022} by Cyril Tuohy
“Zurich has expanded into other product lines that have a customer demographic that is far different than the high-net-worth individuals that they typically dealt with for their indexed life sales,” Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, said in an email. Reducing sales of indexed universal life were planned as a part […]
Lincoln Financial Group Again Named One of America’s Most Responsible Companies
{December 20th, 2022} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced it has been named one of America’s Most Responsible Companies 2023 by Newsweek Magazine. This year, the ranking focuses on a holistic view of corporate responsibility that considers all three pillars of Environment, Social and Governance (ESG). “At Lincoln, we pride ourselves on being great corporate citizens, and continuously […]
Life Insurance – the Gift that Keeps on Giving
{December 20th, 2022} by SBLI
WOBURN, Mass.–(BUSINESS WIRE)–With the holidays approaching, people are frantically trying to find the perfect gifts for their children or grandchildren, whether it be a toy, a video game, or clothing. There is one gift, however, that they probably haven’t considered, but one that will leave a lasting legacy long after toys and clothes have been […]
AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Life/Health Subsidiaries
{December 20th, 2022} by AM Best
December 15, 2022 11:12 AM Eastern Standard Time 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 the life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU], referred to as Prudential. Concurrently, AM Best has affirmed […]
Nearly 1 in 3 Americans Say Their Financial Situation Worsened Over the Last Year
{December 20th, 2022} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–More Americans say their financial situation is worse than a year ago and don’t expect it to improve in 2023, according to the New Year’s Resolutions Study* from Allianz Life Insurance Company of North America (Allianz Life). Nearly one in three Americans (29%) say their financial situation is worse now than a year ago. […]
DALBAR Honors Financial Firms for Exceptional Customer Service
{December 20th, 2022} by DALBAR, Inc
MARLBOROUGH, Mass.–(BUSINESS WIRE)–DALBAR, Inc., the nation’s leading auditor of customer service in the financial services industry, published today the recipients of its prestigious 2022 DALBAR Service Award. An objective and rigorous audit using DALBAR’s proprietary measurement techniques and technology examines the customer service levels of contact centers and identifies those that stand out from the crowd. […]
RetireOne and Nationwide Partner to Distribute Menu of Advisory Annuity Solutions
{December 20th, 2022} by RetireOne
SAN FRANCISCO–(BUSINESS WIRE)–RetireOne®, the leading independent platform for fee-based insurance solutions, and industry leader Nationwide are teaming up to expand the distribution of Nationwide’s advisory annuity products, allowing Nationwide to reach new markets. RetireOne, an outsourced insurance desk (OID), will begin distributing three of Nationwide’s advisory annuity solutions and the Nationwide Advisory Variable Universal Life product through […]
AM Best Affirms Credit Ratings of Brighthouse Financial, Inc. and Its Subsidiaries
{December 20th, 2022} 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 Brighthouse Life Insurance Company (headquartered in Charlotte, NC), New England Life Insurance Company (Boston, MA) and Brighthouse Life Insurance Company of NY (New York, NY). These entities collectively are referred […]
Best’s Special Report: U.S. Insurers’ Structured Securities Holdings Continue to Rise
{December 20th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Insurers continued to follow a years-long trend by increasing their structured securities investments in 2021, with 3% growth year over year to $1.14 trillion, according to a new AM Best special report. However, indications portray an uncertain picture for 2022 as issuances have dropped significantly. The Best’s Special Report, “Insurers’ Structured Securities Holdings Continue […]
Most Americans See Room to Improve Their Overall Financial Wellness in 2023, Says New Lincoln Financial Group Study
{December 20th, 2022} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–After a holiday season racking up credit card bills, Americans considering financial resolutions in the New Year are in good company. When looking back on 2022, 88% of Americans see room for improvement in their overall financial wellness and 71% say they are likely to set financial goals in 2023, according to new […]
TIAA Traditional Increases Income Payments by 3% for 2023
{December 20th, 2022} by TIAA
A Fixed Annuity with a Long History of Paying Increases NEW YORK, Dec. 19, 2022 /PRNewswire/ — Beginning in January 2023, income payments to TIAA Traditionali annuitants, will increase by 3%. The TIAA Traditional fixed annuity has paid more than the guaranteed minimum income payment every year since 1949. In the past 25 years, TIAA has given 15 pay increases. […]
Kansas City Life Statement on Class Action Lawsuit Verdict
{December 20th, 2022} by Kansas City Life Insurance
KANSAS CITY, Mo., Dec. 13, 2022 /PRNewswire/ — As previously disclosed in its financial reports, Kansas City Life Insurance Company (the “Company”) is a party to a class action lawsuit filed in the 16th Circuit Court for the State of Missouri (Jackson County) styled Karr v. Kansas City Life Insurance Company (the “Karr Action”). On Dec. 9, 2022, the jury in […]
Future-Proofing the U.S. Retirement System Requires Addressing Demographic Disparities
{December 20th, 2022} by Transamerica Center for Retirement Studies
New report examines demographic influences and vulnerable populations in the U.S. workforce LOS ANGELES, Dec. 16, 2022 /PRNewswire/ — Almost half of U.S. workers (49 percent) expect their primary source of retirement income to come from self-funded savings such as 401(k)s, 403(b)s, IRAs, and other savings and investments. However, the total household retirement savings among workers is only $67,000 (estimated […]
America’s Youngest Adults Plan to Retire Earlier Than Any Generation Before Them
{December 19th, 2022} by Northwestern Mutual
Northwestern Mutual study shines light on the financial habits and instincts of Generation Z MILWAUKEE, Dec. 19, 2022 /PRNewswire/ — The nation’s youngest adults are taking significant steps to improve their financial wellbeing with the goal of retiring at age 59 – years ahead of the generations that preceded them. New data from Northwestern Mutual’s 2022 Planning & […]
Annuity Issuers Need Regulatory Clarity: Scott Golde
{December 19th, 2022} by Allison Bell
Scott Golde is unhappy about the current state of U.S. annuity regulation. Golde is senior vice president, chief ethics and compliance officer at Jackson Financial, a Lansing, Michigan-based annuity giant. Golde earned a bachelor’s degree in political science from Indiana University and a law degree from Washington University in St. Louis. Early in his career, […]
NAIC to Spotlight Annuity Sales Standard Update Gray Zones
{December 19th, 2022} by Allison Bell
Many states rushed to adopt an annuity sales rule revision, but big update gaps remain. As many as 14 states and the District of Columbia are still using the National Association of Insurance Commissioners‘ old sales rules, without strong indications that they will move to the new version soon, according to an NAIC implementation map. […]
15 Key Life, Health and Annuity Regulatory Stories of 2022, So Far
{December 19th, 2022} by Allison Bell
Legislators and regulators could still rush out a flurry of major life, health and annuity actions, but up till now, 2022 has been more a year of fixes than of masterpieces. Aside from beginning to build the regulatory universes spawned by the No Surprises Act, which restricts the ability of health care providers to bill […]
Prudential Ad Campaign Focuses on Cautious Optimism
{December 19th, 2022} by Allison Bell
Prudential recently launched an ad campaign with a theme based on the question “Now What?” The first television ad in the campaign shows people celebrating and then wondering what they should do next. Click HERE to read the full story via ThinkAdvisor
Insurtech Regs, ‘Dark Pattern’ Spottting on NAIC’s To-Do List
{December 19th, 2022} by Allison Bell
A consumer group wants state insurance regulators to give agents and consumers more information about how well insurers pay claims. The Center for Economic Justice told the National Association of Insurance Commissioners that states should make public company-level data from the Market Conduct Annual Statements that states already collect. Click HERE to read the full […]
RIA Fears DOL Independent Contractor Proposal Will Hurt Business
{December 19th, 2022} by Allison Bell
A North Carolina registered investment advisor told the U.S. Department of Labor that its effort to narrow the definition of the term “independent contractor” is bad for RIA firms. Laird Hepburn, a partner with an RIA firm in Apex, North Carolina, noted that state and federal law requires him to supervise the firm’s investment advisor […]
Massachusetts Adopts Annuity Sales Regulations
{December 19th, 2022} by Allison Bell
Massachusetts has adopted an annuity sales standard update developed by the National Association of Insurance Commissioners. The state Division of Insurance published the Suitability in Annuity Transactions regulation changes in the Massachusetts Register Friday. Click HERE to read the full story via ThinkAdvisor
NAIFA ASKS DOL TO EXEMPT FINANCIAL PROFESSIONALS FROM PROPOSED EMPLOYMENT CLASSIFICATION RULE
{December 19th, 2022} by NAIFA
A comment letter submitted by NAIFA President Lawrence Holzberg, LUTCF, LACP, on behalf of the association to the U.S. Department of Labor urges the department to provide an exemption or carve-out for financial professionals in a proposed rule on employee or independent contractor classification under the Fair Labor Standards Act. Independent insurance producers, brokers, and financial advisors have a long […]
Missouri Jury Awards $28.36M in Universal Life Case
{December 19th, 2022} by Allison Bell
A state court jury in Kansas City, Missouri, has awarded a $28.36 million verdict to the plaintiffs in a class-action case involving flexible-premium, adjustable universal life insurance policies. The plaintiffs filed the suit have accused the issuer, Kansas City Life Insurance Company, of basing cost-of-insurance-charge increases on factors other than future mortality experience, in conflict […]
Tontines are making a comeback and no, it’s not a movie
{December 19th, 2022} by Gregg Greenberg
Offerings of the obscure, yet historically significant, financial product have been popping up in the global retirement marketplace of late. Click HERE to read the full story via InvestmentNews
Morningstar adds Luma annuity technology to Advisor Workstation
{December 19th, 2022} by Gregg Greenberg
Independent investment research provider Morningstar announced Tuesday that it’s adding the Annuity Intelligence Center to its widely used Advisor Workstation. Click HERE to read the full story via InvestmentNews Wink’s Note: Hmmm…an annuity tool that “provides advisers with educational material and comparison functionality.” Wink, Inc.‘s AnnuitySpecs tool does that for fixed, multi-year guaranteed, indexed, […]
If Not a 60/40 Portfolio, Then What?
{December 19th, 2022} by Bill Aldrich
One of the most difficult decisions we face in life involves determining when it’s time to retire. The thought of telling your employer that, after a certain date, you won’t be coming back for another paycheck is nerve-racking. Numerous questions pop into your mind. Do I have enough saved? Will my nest egg last? What […]
Guardian Life Announces Largest Dividend in its 162-Year History, with its Dividend Interest Rate increasing to 5.75%
{December 19th, 2022} by Guardian
The company raises its dividend allocation for 2023 with a $1.26 billion payment NEW YORK, Dec. 13, 2022 /PRNewswire/ — The Guardian Life Insurance Company of America (Guardian®) announced that its Board of Directors approved a record dividend allocation of $1.26 billion to eligible individual life policyholders and increased its Dividend Interest Rate to 5.75 percent. The 2023 dividend marks the […]
Have an Annuity? Consider Investing More Aggressively
{December 19th, 2022} by Spencer Look
Analysts (including us) often find that retirees can benefit from partial allocations to annuities. But what should be done with the rest of the portfolio after the annuity has been purchased? Most of the time, the remainder should be invested more aggressively because annuities typically fall into the fixed-income asset class. Click HERE to read the […]
Why High-Net-Worth Investors Are Paying More Attention to Annuities
{December 13th, 2022} by Karen Hube
Wealthy investors are wising up to the unique benefits of annuities. While these insurance-sold investment products are known as tools for turning savings into lifetime income, they are increasingly capturing the attention of high-net-worth investors as a way to maximize after-tax gains, leave more to heirs, offset the impact of inflation, and stabilize portfolios during […]
Nassau Re/Imagine Launches New TalentBridge23 Incubator Program
{December 13th, 2022} by Nassau Re
HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Re/Imagine today announced the launch of TalentBridge23, a six-month incubation program that will connect talent, innovation, and opportunity within the Hartford insurtech community beginning in January, 2023. Nassau Re/Imagine will run the program, which is also sponsored by CGI and LTIMindtree in conjunction with the University of Connecticut (UConn), and University of […]
Athene® BCA® Honored with “Best FIA of the Year” Award at SPi USA 2022 Conference
{December 13th, 2022} by Annexus
Industry-leading Indices Available with Athene® BCA® Result in Award SCOTTSDALE, Ariz., Dec. 6, 2022 /PRNewswire/ — Annexus, a leading retirement product design company, announced that Athene BCA 2.0 Suite of Fixed Indexed Annuities (FIAs), one of its flagship FIAs, won the “FIA of the Year” award at the SPi USA 2022 “Awards for Excellence” ceremony. The event, hosted by Structured Product […]
Senate Passes RILA Annuity Bill
{December 13th, 2022} by Melanie Waddell
The full Senate late Tuesday passed S. 3198, the Registered Index-Linked Annuities Act, which directs the Securities and Exchange Commission to develop a registration form designed for RILA products within 18 months after enactment of the act. The House Financial Services Committee approved companion legislation H.R. 4865, the Registration for Index-Linked Annuities Act, on July […]
Top 10 Life and Annuity Deals of 2022, So Far
{December 13th, 2022} by Allison Bell
COVID-19, rising interest rates, a war in Europe and accounting rule change shock have put the brakes on U.S. life and annuity issuer dealmaking so far this year. At press time, life and annuity issuers had not published the values of any large, conventional mergers or acquisitions. Click HERE to read the full story via […]
The Millennials Are Getting Older: Sammons Life Executive
{December 13th, 2022} by Allison Bell
Jerry Blair wants to see consumers who are young today get life insurance today. Blair is president of the Sammons Life Insurance Group, the life insurance arm of Sammons Financial Group. He entered the world of financial services through a job in a men’s clothing store more than 30 years ago, by selling a suit. The […]
Top 10 Retail Life and Annuity Issuer Stocks
{December 13th, 2022} by Allison Bell
Retail life and annuity stocks have been outperforming the rest of the market. Worries about rising interest rates pushed the S&P 500 index down 14.16% during the 1-year period ending Wednesday. At the top 10 retail life and annuity issuers, share prices fell an average of just 0.31%. The gap was also wide for 10-year […]
12 Days of Last-Minute Christmas Gifts Sure to Impress
{December 13th, 2022} by Bryce Sanders
Since Christmas falls on a Sunday this year, the holidays have a way of sneaking up on you, and the number of shopping days left is dwindling quickly — especially if you’re shopping online. You still might be looking for client gifts or a gift for that special someone in your life. But don’t panic […]
Nebraska Adds an Insurance Agent Apprentice License
{December 13th, 2022} by Allison Bell
The Nebraska Department of Insurance has developed an application designed for people who are new to insurance sales. The department unveiled an apprentice insurance producer license earlier this month. A would-be insurance producer can use the new license to work under the supervision of a fully licensed Nebraska insurance producer for up to 120 days. […]
10 Questions Your Clients Are Asking Google About Life Insurance
{December 13th, 2022} by Allison Bell
Google wants to sell your clients everything. Alphabet’s web search service recently rolled out a new flight search tool. It seems to make yet another major effort in health insurance every few weeks or so. One sign of Google’s interest in your clients: When clients start to type in questions about life insurance, the search […]
12 Merry Retirement Statistics: 2022
{December 13th, 2022} by John Manganaro
Those who follow the financial services trade media are likely used to hearing the phrase “retirement crisis” thrown around with some abandon. The standard notion is that the widespread demise of defined benefit pension plans is leaving Americans with significantly less financial security once they leave the workforce. This fear is often cited in conjunction […]
10 Great Life and Annuity Ads From 100 Years Ago
{December 13th, 2022} by Allison Bell
Life insurers were the video streaming services and self-driving car startups of the 1800s. They clearly offered a useful service, but they had a terrible time staying in business. The 100-something-year-old life insurers of today are the survivors. Back in December 1922, as a new year was about to begin, those life insurance and annuity […]
Here’s the New ‘Safe’ Withdrawal Rate: Morningstar
{December 13th, 2022} by John Manganaro
Investors hoping to utilize a “safe” fixed real withdrawal strategy for managing their retirement income can plan to withdraw 3.8% of their portfolio’s value per year, according to Morningstar’s newly published report, “The State of Retirement Income: 2022.” In the newly published analysis, the analysts found that a starting withdrawal rate of 3.8% delivers a […]
Senate approves bill to streamline regulatory paperwork for index-linked annuities
{December 13th, 2022} by Mark Schoeff Jr.
The Senate approved legislation Tuesday that would streamline regulatory filing requirements for annuities tied to indexes, a move that supporters say would help consumers better understand the investments. Click HERE to read the full story via InvestmentNews
RILAs, fixed annuities still flying off shelves in volatile market
{December 13th, 2022} by InvestmentNews
The shaky stock market has investors loading up on RILAs and fixed annuities, says Lauren Drapeau, VP at Protective Life. Click HERE to view the video at InvestmentNews
LIMRA: Life combo products provide more options as LTCi market slows
{December 13th, 2022} by Ayo Mseka
As the market for long-term-care insurance (LTCI) slows, the need for life insurance combination products appears to be increasing, giving agents an opportunity to provide their clients with the LTC coverage they need, according to Alison Salka, senior vice president and head of LIMRA Research. LTCI sales remain low for a variety of reasons, Salka […]
Insurer: Add full in-force life insurance illustration to regulation remix
{December 13th, 2022} by John Hilton
A state regulator panel has closed an initial comment period on potential changes to the overall life insurance illustration regulation. Any changes to the regulation would be a highly sensitive, extended process difficult to complete, regulators say, so the Indexed Universal Life Illustration Subgroup is proceeding cautiously. The advertised comment period only asked for revision […]
RILA Act clears Senate, one step closer to law
{December 13th, 2022} by John Hilton
The Senate passed legislation Tuesday night to reduce market barriers for the sale of registered index linked annuities. Industry lobbyists are now pushing for the Registered Index-Linked Annuities Act to get to President Joe Biden’s desk. To do that, it needs to go back to the House for a concurrence vote. Click HERE to read […]
Retirement survey finds more than half retired earlier than planned
{December 13th, 2022} by Ayo Mseka
More than half of current retirees aged 62 to 75 surveyed say they have retired from their jobs earlier than planned, according to EBRI’s 2022 Spending in Retirement Survey. Most cited health reasons or ability to retire early. At a recent EBRI webinar, senior retirement leaders shared critical information about some of the reasons retirees […]
New York Life Partners with Human API to Further Support Consumers in the Life Insurance Purchase Experience
{December 13th, 2022} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer1, today announced a strategic partnership with Human API, a leading provider of digital health data innovation and solutions, to continue to streamline and simplify the life insurance purchase experience. Powered by Human API’s Health Intelligence Platform, New York Life, with applicant consent and in full […]
Jackson Releases Proprietary Research on Retirement Spending Attitudes of the “Golden Generation”
{December 13th, 2022} by Jackson National Life Insurance Company
Jackson Releases Proprietary Research on Retirement Spending Attitudes of the “Golden Generation” Findings demonstrate pension owners have a propensity toward annuities; reveal opportunity to better educate retirees on the value of guaranteed income solutions December 06, 2022 04:05 PM Eastern Standard Time LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company (Jackson®), the main operating subsidiary of Jackson […]
Best’s Special Report: U.S. Life/Annuity Industry Posts 25% Net Income Increase in Nine-Month 2022 Period
{December 13th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity industry reported a 25% increase in net income during the first nine months of 2022, to $31.4 billion from $25.2 billion, according to a new AM Best report, This financial review is detailed in a new Best’s Special Report, “First Look: Nine-Month 2022 Life/Annuity Financial Results,” and the data is derived from companies’ […]
