Senior Market Sales® White Paper: Solving Retirement Crisis Requires New Industry Thinking, Solutions
{July 16th, 2024} by Senior Market Sales
OMAHA, Neb., July 15, 2024 /PRNewswire/ — To successfully navigate the mounting challenges in the retirement planning industry, insurance agents and financial advisors must rethink traditional planning paradigms, practices and even their own roles, a new white paper by Senior Market Sales® (SMS) asserts. “The Retirement Planning Mind Shift: New Thinking for Growth in a New Era” examines the […]
New SEC RILA Rules: Implementation Issues and Practical Considerations
{July 16th, 2024} by Carlton Fields
On July 1, 2024, the Securities and Exchange Commission (SEC) announced new rules for registered index-linked annuities (RILAs) and registered market-value adjustment annuities (MVAs). The new rules will significantly impact existing RILA and MVA issuers, as well as insurers that may have been waiting in the wings for these rules before venturing into the RILA space. The […]
Nationwide names next leader for annuity business
{July 16th, 2024} by Leo Alamazora
Around three months after the president of its annuity business announced plans to retire at the end of the year, Nationwide has found a suitable successor to the role. Click HERE to read the full story via InvestmentsNews
Integrity Marketing Group expands into wealth management
{July 16th, 2024} by Susan Rupe
Integrity Marketing Group has expanded into the wealth management realm with the launch of its wealth management division, Integrity Wealth. Craig Walling, a financial industry veteran with more than 30 years of experience, was named Integrity Wealth’s president. With more than $46 billion in assets under management and advisement and an extensive network of wealth […]
Verisk rolls out index for actuarial risk pattern analysis
{July 16th, 2024} by Global Data
Data analytics and technology provider Verisk has unveiled the ISO Experience Index, a new tool designed to modernise risk pattern analysis for actuaries in the insurance sector. The index is a response to the growing volatility and scale of loss patterns, offering a contemporary and timely indicator of underwriting experience. This tool aims to provide […]
House committee votes to prohibit DOL spending on fiduciary rule
{July 16th, 2024} by Staff Reports
A House committee today approved a budget rider today that would prevent the Department of Labor from spending any funds to implement its fiduciary rule. The House Appropriations Committee voted 31-25 to send the Fiscal Year 2025 Labor, Health and Human Services, Education, and Related Agencies bill to the House floor. The bill is expected […]
Nassau Annuity sponsors USAT Collegiate Conference, USAT NYS High School and Age Group Championships
{July 16th, 2024} by Gary
Hartford, Connecticut-based investment firm Nassau Annuity has returned as the swim partner for the USAT Collegiate Conference Championship and Long Course Triathlon hosted by the TOUGHMAN Triathlon. The event takes place on September 14-15, 2024, at Lake Welch in Harriman State Park, Stony Point, NY. This year, the USAT Collegiate Conference, High School, and NYS Championship is […]
FSI, SIFMA join federal lawsuit to overturn DOL fiduciary rule
{July 16th, 2024} by Doug Bailey
The Financial Services Institute (FSI) and the Securities Industry and Financial Markets Association (SIFMA) have joined a federal lawsuit that seeks to overturn a recently finalized Department of Labor rule that broadens the definition of a “fiduciary” and, according to the plaintiffs, endangers investors’ access to essential advice and education. The legal complaint asserts that […]
The Future Of Life Insurance Underwriting: Embracing AI And Data
{July 16th, 2024} by Ken Leibow
As many of you know from my previous articles, I attend numerous life insurance and insurtech conferences each year—typically around 15-20 events. At these conferences, I engage with leading software solution providers who offer platforms for carriers, distributors, insurance and financial advisors. AI has become a prevalent topic in both general and breakout sessions, with […]
Brighthouse Financial Inc. (NASDAQ: BHF) Highlighted for Surprising Price Action
{July 16th, 2024} by IBN
Brighthouse Financial, Inc. (NASDAQ: BHF) has caught the attention of the investment community today with its bullish price action. The company’s shares have moved 4.76% on the day to $45.81. Brighthouse Financial, Inc. provides annuity and life insurance products in the United States. It operates through three segments: Annuities, Life, and Run-off. The Annuities segment offers variable, fixed, index-linked, and […]
Trusted Fraternal Life announces second merger in three months
{July 16th, 2024} by Press Release
Milwaukee, WI (July 10, 2024) – Trusted Fraternal Life, a Milwaukee-based fraternal life insurance organization, is pleased to announce its second merger in three months. Catholic United Financial, headquartered in Arden Hills, Minnesota, intends to join the Trusted Fraternal Life family of brands, which was established by Catholic Financial Life earlier this year. The merger marks […]
‘Stupid, stupid, stupid:’ Former Georgia insurance commissioner gets 3.5 years in prison
{July 16th, 2024} by INN Insider News
Former Georgia insurance commissioner and gubernatorial candidate John Oxendine was sentenced Friday to 3.5 years in prison in a federal case accusing him of taking part in a $3 million health care fraud scheme. He told an Atlanta judge that his actions were“ stupid, stupid, stupid.”. Click HERE to read the full story via INN […]
The Fiduciary Rules Are Changing for Advisors. What Investors Need to Know.
{July 16th, 2024} by Lisa Scherzer
If you buy an annuity in a rollover individual retirement account a few months from now, you might get a better deal on it. That’s because your insurance agent will be required to act as a fiduciary in your best interest. It’s just one of the changes in a new Department of Labor rule set […]
Lincoln takes $300k fine over VUL marketing arrangement
{July 16th, 2024} by Leo Alamazora
Finra has imposed a $300,000 fine on Lincoln Financial Distributors, Lincoln’s wholesale distribution franchise, for making transaction-based compensation payments to an unregistered entity. Click HERE to read the full story via InvestmentNews
New Rollover Reality Set To Kick In
{July 16th, 2024} by Rich Blake
Following various attempts over the years to redefine what it means to have a fiduciary role when touching investors’ retirement assets, the U.S. Department of Labor (DOL) recently announced some new rules that, once again, aim to take the bar higher. As a result, a large swath of advisors will find themselves beholden to a […]
Maybe I can get that message to Grandpa’s wife, before it is too late for her children.
{July 10th, 2024} by Sheryl J. Moore
I was out of the office attending the funeral of my husband’s grandfather. It was my first funeral since my son took his life. That will be 11 years ago this month. Grandpa Lasnek lived 89 years. He had eight children, countless grandchildren, and even a few great-grandchildren. By all measures, he lived a long […]
National Western and Prosperity Life Group Announce Closing of $1.9 Billion Cash Merger
{July 10th, 2024} by National Western Life Group, Inc.
AUSTIN, Texas, July 9, 2024 /PRNewswire/ — National Western Life Group, Inc. (“National Western” or the “Company”), and Prosperity Life Group (“Prosperity Life Group”) today announced the closing of the previously announced acquisition of National Western by Prosperity Life Group company S. USA Life Insurance Company, Inc. (“SUSA”). At the closing, SUSA acquired National Western in an […]
Symetra Introduces SwiftProtector(SM)
{July 10th, 2024} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company today announced the launch of Symetra SwiftProtectorSM, a protection-focused indexed universal life insurance product with a new, streamlined, and fully-automated digital online process — from application through illustrations and policy delivery — that can offer coverage in as little as 25 minutes to qualified applicants. “We are excited to […]
NAIC urged to address issues related to use of AI in insurance
{July 10th, 2024} by Rayne Morgan
A host of consumer advocates and organizations have brought new concerns to the attention of the National Association of Insurance Commissioners’ Innovation, Cybersecurity, and Technology (H) Committee, urging them to address matters of how insurers are using AI even as regulations are still under development. At a recent NAIC meeting, advocates presented on three specific […]
Judge to decide if whistleblower can proceed with Globe Life lawsuit
{July 10th, 2024} by John Hilton
A Michigan judge will decide whether an ex-Globe Life executive turned whistleblower can proceed with his lawsuit for wrongful termination. Scott Dehning claims that Globe Life and subsidiary American Income Life Insurance Co. fired him in May 2023 after he reported “a clear practice of unethical and potentially illegal business practices” to Michigan regulators. Defendants filed for […]
Private equity driving activity in insurance sector despite ‘lackluster’ deals market
{July 10th, 2024} by Rayne Morgan
Increasing interest from private equity is expected to support steady activity in the insurance deals market, during a time when other sectors are not experiencing comparable volume, according to PwC’s 2024 Midyear Outlook Report. Private equity involvement in insurance books through acquisition, reinsurance and sidecar vehicles in the life insurance and annuity sector in particular […]
New York Life Aims for Your Executive Clients’ Retirement Money
{July 10th, 2024} by Allison Bell
New York Life wants to help more top executives save for retirement. The company has hired Joe Grieco to head distribution for efforts to use corporate-owned life insurance to fund small non-qualified deferred compensation programs. He will market the program to registered investment advisors as well as through other channels. Click HERE to read the […]
Why Pru, TIAA and State Street Put $5M Into Micruity’s Annuity Platform
{July 10th, 2024} by John Manganaro
Building scalable retirement income solutions requires the development of flexible technologies that create a seamless way for data and information to flow across the full defined contribution plan ecosystem. In the past, such interconnectivity was an illusive goal, according to Micruity founder and CEO Trevor Gary, primarily due to asset managers, recordkeepers, insurers and other key service […]
House Panel to Vote on Resolution to Kill DOL Fiduciary Rule
{July 10th, 2024} by Melanie Waddell
The House Education and Workforce Committee has scheduled for Wednesday a vote on a Congressional Review Act resolution to disapprove the Labor Department’s new fiduciary rule, according to a notice on the committee’s website. The Insured Retirement Institute, which calls the rule an “attempt to impose a one-size-fits-all fiduciary standard on virtually all financial professionals who sell retirement products,” said that it […]
Life and Annuity Tech Firm IMS Reports Breach Affected 6.1M People
{July 10th, 2024} by Allison Bell
Infosystem McCamish Systems and customers reported in the spring that a fall ransomware attack on IMS systems had affected about 108,000 financial services company customers. IMS hired an outside company to help it investigate the attack, and it now believes the attack may have affected the records of about 6.1 million people. Click HERE to […]
Brighthouse Financial Announces Conference Call to Discuss Second Quarter 2024 Results
{July 10th, 2024} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) announced today that it plans to hold a conference call and audio webcast to discuss its financial results for the second quarter ended June 30, 2024, at 8:00 a.m. Eastern Time on Thursday, August 8, 2024. The call will follow the issuance of the Brighthouse Financial […]
Americans with a financial advisor expect to retire two years earlier according to Northwestern Mutual’s Planning & Progress Study
{July 10th, 2024} by Northwestern Mutual
MILWAUKEE, July 9, 2024 /PRNewswire/ — Americans who work with a financial advisor expect to retire two years earlier and feel significantly more confident about their financial preparedness for the future. The impact of financial advice from an expert advisor is evident even among wealthy Americans – and it’s especially apparent among Black and African Americans. These […]
AM Best Revises Outlooks to Positive for EquiTrust Life Insurance Company
{July 10th, 2024} 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 B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of EquiTrust Life Insurance Company (EquiTrust) (headquartered in Chicago, IL). The Credit Ratings (ratings) reflect EquiTrust’s balance sheet strength, which AM Best assesses as adequate, as […]
AM Best Affirms Credit Ratings of New York Life Insurance Company and Its Subsidiaries
{July 10th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aaa” (Exceptional) of New York Life Insurance Company, New York Life Insurance and Annuity Corporation (NYLIAC), Life Insurance Company of North America (LINA), New York Life Group Insurance Company of NY (NYLGICNY) and NYLIFE […]
Fidelity National Financial Releases 2023 Sustainability Report
{July 10th, 2024} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., July 8, 2024 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF” or the “Company”), today published its 2023 Sustainability Report. The report details notable highlights from the past year for FNF’s sustainability program. Mike Nolan, Chief Executive Officer of FNF, commented, “I am pleased to announce the publication of our fifth annual sustainability report, which demonstrates […]
How Interest Rates Affect Annuities
{July 10th, 2024} by David Rodeck
Annuities base their returns on market interest rates. Given that rates were recently at their highest level since 2001, conditions over-all are favorable for buying an annuity. But higher rates benefit some products more than others. Here, we look at how higher interest rates impact different types of annuities. Click HERE to read the full story […]
New SEC RILA Rules Accentuate the Negative, Commissioner Says
{July 10th, 2024} by Allison Bell
The new U.S. Securities and Exchange Commission regulations for registered index-linked annuities and another product, market-value-adjusted annuities, reflect anti-RILA bias, according to SEC Commissioner Hester Peirce. The SEC announced Monday that it has completed regulations that will let life insurers register RILAs and MVA contracts on the relatively simple SEC Form N-4, rather than using the […]
Retirees spend twice as much when they have guaranteed income, research finds
{July 10th, 2024} by Emile Hallez
Guaranteed income sources like Social Security, pension assets, and annuities give people a “license” to spend more in retirement, new research found. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: Illuminating! “A survey that was part of the research found that nearly 60 percent of respondents said they […]
Here’s How Much Money It Takes to Feel Financially Secure: Survey
{July 10th, 2024} by Michael S. Fisher
Three-quarters of Americans say they do not feel financially secure, up from 72% who said this last year, Bankrate reported Monday. Respondents said they would need an annual salary of $186,000 to feel secure — more than twice the median income of $79,209. Bankrate’s report is based on an online survey it commissioned YouGov Plc to conduct in […]
GE sued over $1.7 billion pension risk transfer
{July 10th, 2024} by Emile Hallez
The company is the latest among several large companies sued over similar practices this year, all of which made pension risk transfers to Athene Annuity and Life Co. Click HERE to read the full story via InvestmentNews
Lincoln Financial Group Shares Insights Into Investors’ Mindsets Through Its Quarterly Overview of Market Trends
{July 10th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Today, Lincoln Financial Group (NYSE: LNC) released its quarterly edition of Market Intel Exchange, a comprehensive analysis of market trends and themes currently on the minds of investors, curated from the company’s investment expertise and industry-leading asset management partnerships. In conjunction with the Market Intel Exchange, Jayson Bronchetti, Chief Investment Officer, shares a high-level […]
Prudential Financial Data Breach Impacts 2.5 Million
{July 10th, 2024} by Ionut Arghire
The insurance giant initially disclosed the data breach in February in a filing with the US Securities and Exchange Commission, and announced in late March that more than 36,000 individuals might have been affected. In an incident notice update filed with the Maine Attorney General’s Office last week, Prudential said that the incident resulted in the data of 2,556,210 individuals being […]
Corebridge Financial Renames Direct-to-Consumer Life Insurance Business from AIG Direct to Corebridge Direct
{July 10th, 2024} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–Corebridge Financial, Inc. (NYSE: CRBG) today announced the name change of its long-standing direct-to-consumer life insurance business from AIG Direct to Corebridge Direct. Corebridge Direct offers a simple and convenient approach to help people find life insurance that works for them. Individuals can directly secure coverage by starting online at corebridgedirect.com or by calling the quote […]
Getting to know our Chief of Techie Stuff
{July 9th, 2024} by Wink's Intel Pros
Wink’s CTO, Vince Lozada is one of three Wink employees that worked with our CEO over 20 years ago. He actively serves as a Bible study leader, camping enthusiast, AND a killer Java Technical Lead and once taught German and Italian software sales engineers (in the auto industry) how to use the software while speaking […]
Happy 4th of July!
{July 3rd, 2024} by Wink's Intel Pros
Wink will be closed July 4th and 5th for an extended holiday.
The Bermuda Triangle’s 1980s Roots
{July 3rd, 2024} by Kerry Pechter
The resemblances between today’s Bermuda Triangle strategy and the business model that Executive Life used in the years leading up to its record-breaking bankruptcy in 1991 are too many and too striking to be chalked up to coincidence, confirmation bias, or hindsight. Click HERE to read the full story via RIJ
SEC finalizes rule altering registration of index-linked annuities
{July 3rd, 2024} by Courtney Degen
The SEC finalized a rule that will create a tailored registration form for registered index-linked annuities, or RILAs. “Sales of RILAs reached approximately $47.4 billion in 2023 alone, more than quintupling since 2017,” SEC Chair Gary Gensler said in a news release July 1. “It is important that investors receive the information they need — […]
Bermuda Shorts
{July 3rd, 2024} by Kerry Pechter
Nassau Financial gets $200 million from Golub Capital; AM Best affirms ratings of Aspida Group, backed by Ares Mgt; 3M swaps its $2.5bn DB pension for a MetLife group annuity; Bermuda-based Apex Group sells $1.1 bn of payment-in-kind notes to Carlyle and Goldman Sachs; Oceanview establishes reinsurer in Cayman Islands; Bermuda Triangle insurer receives ‘negative’ […]
Offshore Regulatory Arbitrage by US Insurers Explained
{July 3rd, 2024} by Kerry Pechter
“Regulatory arbitrage” has been cited by RIJ and others as a reason for the use of Bermuda reinsurance private equity-led U.S. life/annuity companies. But what does that jargonish expression mean in this context? Indeed, it would take an expert in international accounting rules to explain it accurately. https://retirementincomejournal.com/article/bermuda-triangle-arbitrage-explained-by-moodys/
SEC to Let Insurers Register RILAs on a Simpler Form
{July 3rd, 2024} by Allison Bell
The U.S. Securities and Exchange Commission has adopted a final rule that will let annuity issuers register market-value-adjusted and registered index-linked annuities on a much simpler form. The new SEC rule means that issuers of RILAs and MVA contracts can create new products using the same relatively short SEC Form N-4 that issuers of traditional variable annuities typically […]
Pru, TIAA, State Street Put $5M in 401(k) Plan Annuity Tech Firm
{July 3rd, 2024} by Allison Bell
Micruity is moving ahead with efforts to build a new nervous system for retirement services providers with new backing from some giant financial firms. The company has raised an additional $5 million to expand support for annuities and other income planning tools to its Micruity Advanced Routing System, it announced Tuesday. Click HERE to read the […]
Finseca: Keep Your Budget Cool This Summer – Tips for Financial Security
{July 3rd, 2024} by Finseca
WASHINGTON, July 2, 2024 /PRNewswire/ — Summer is heating up, but that doesn’t mean your budget has to. With exciting activities and outdoor festivities come extra expenses that might catch you off guard. Summer is often the second most expensive season, primarily due to increased vacation and travel costs. However, with a bit of foresight, you can enjoy […]
Royal Neighbors of America® reports a record $31.2 million in social good impact for communities
{July 3rd, 2024} by Royal Neighbors of America
ROCK ISLAND, Ill., June 27, 2024 /PRNewswire/ — Royal Neighbors of America, a nonprofit life insurance organization has reported a record $31.2 million in Social Good impact. This achievement exemplifies Royal Neighbors’ commitment to providing Insurance with a Difference℠ as they continue to prioritize their mission of Insuring Lives, Supporting Women, and Serving Communities℠. The organization assesses its social impact each year by measuring […]
Lincoln Financial Group to Report 2024 Second Quarter Results on August 1
{July 3rd, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced today that it will report its results for the second quarter ended June 30, 2024 at 6:00 a.m. Eastern Time on Thursday, August 1, 2024. A conference call is scheduled for 8:00 a.m. Eastern Time on the same day. Earnings materials, including the 2024 second quarter Earnings Release, […]
Jackson to Report Second Quarter 2024 Financial Results
{July 3rd, 2024} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the second quarter ended June 30, 2024, after market close Wednesday, August 7, 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, August 8, 2024, at 10 a.m. ET to review […]
3 reasons for RILAs’ growing popularity
{July 3rd, 2024} by Susan Rupe
Since they entered the marketplace in 2010, registered index-linked annuities have become the fastest growing category of annuities. RILA sales surpassed variable annuity sales for the first time in the fourth quarter of 2023, LIMRA reported. Momentum for RILAs is expected to grow, given that RILAs provide investors with a level of protection coupled with […]
Oceanview Expands Global Reinsurance Operations with New Cayman Islands Subsidiary, Oceanview Secure Reinsurance Ltd., offering Global Reach and Tailored Solutions
{July 3rd, 2024} by Oceanview Holdings, Ltd
GRAND CAYMAN, Cayman Islands–(BUSINESS WIRE)–Oceanview Holdings Ltd. (Oceanview), a prominent provider of annuities and reinsurance solutions, today announced the establishment of its new subsidiary, Oceanview Secure Reinsurance Ltd., in the Cayman Islands. This strategic expansion strengthens Oceanview’s ability to deliver innovative reinsurance solutions globally. Oceanview Secure Reinsurance Ltd. has been awarded a Class D Insurer’s […]
Making the most of National Insurance Awareness Day
{July 3rd, 2024} by Ayo Mseka
Friday, June 28, is National Insurance Awareness Day, when agents and advisors can remind their clients and prospects about the numerous benefits of insurance, share information about the many insurance solutions available, and promote a culture of preparing for many of life’s uncertainties. “The relationships that agents are able to build with their clients are […]
Insurers, A.M. Best reach preliminary settlement in financial ratings case
{July 3rd, 2024} by Doug Bailey
The parties in a case accusing the credit rating agency A.M. Best of unfairly downgrading a pair of life insurers have reached a preliminary settlement, according to a letter filed with the court. Atlantic Coast Life Insurance and Sentinel Security Life Insurance want to stop A.M. Best from downgrading their financial strength ratings, which would […]
Experts warn insurance industry to buckle up for AI regulation, litigation
{July 3rd, 2024} by Rayne Morgan
With litigation related to the use of artificial intelligence expected to increase, industry experts are strongly recommending American insurance companies to prepare themselves before that reality takes hold. “Given our litigious society, it’s just a fact of life that, as an insurance company, if you’re going to be using AI, you’re going to be, unfortunately, […]
401(k) Annuities Still A Hard Sell Despite SECURE Act, Advisors Say
{July 3rd, 2024} by Ben Mattlin
In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act made it easier for defined-contribution retirement plans such as 401(k)s to offer annuities. Nearly five years later, though, the results are mixed, according to advisors. “We are still not seeing much adoption,” said Wei Hu at Edelman Financial Engines in Santa Clara, Calif. […]
I don’t believe in investing in anything I don’t understand.
{July 3rd, 2024} by Sheryl J. Moore
I just watched “Dumb Money,” at the prompting of one of my followers. I have to be honest with you. I have never purchased stocks. Why? I don’t believe in investing in anything I don’t understand. Now, don’t get me wrong- I am diversified. I have other investments with equity exposure. But this movie has […]
Imagine giving your clients PEACE OF MIND!
{July 3rd, 2024} by Sheryl J. Moore
My friend Michael Finke indicates that those with annuities spend more freely than those without. Imagine giving your clients PEACE OF MIND! Click HERE to check out his latest post which begins with”Will a retiree with $500,000 in a savings account spend as much as a retiree who has a $35,000 pension? Our findings were […]
Finra bars two ex-Raymond James advisors who sold unapproved products
{July 3rd, 2024} by Bruce Kelly
Two Raymond James Financial Services Inc. financial advisors on Monday were barred from the securities industry for not cooperating in investigations, according to the Financial Industry Regulatory Authority Inc.; both had previously been flagged by Raymond James for selling products to customers the firm had not signed off on as well as selling away, which involves […]
I Called Dave Ramsey About 8% – Dave’s Rant EXPLODES!
{July 3rd, 2024} by HopeFilled Financial Coaching
This is my reaction to the call I made to the Ramsey Show Live on November 2nd, 2023. This is the call that broke X (Twitter) with over 4M Views. This isn’t near all the context that you will want to know about. A lot happened leading up to this call. Subscribe if you don’t […]
Suze Orman Says Indexed Universal Life Insurance Is a ‘Horrific’ Investment That Will Get You In Trouble — ‘I Am Begging You Not To Do Them’
{July 3rd, 2024} by Jeannine Mancini
Financial guru Suze Orman has consistently and emphatically cautioned against indexed universal life insurance (IUL) policies, characterizing them as “horrific” and fraught with potential financial pitfalls. Click HERE to read the full story via Yahoo! Finance Wink’s Moore on the Market: Suze Orman has her sights set on indexed life now. Reading this, I am in […]
SIFMA, FSI Join Suit to Strike Down DOL Fiduciary Rule
{July 3rd, 2024} by Melanie Waddell
The Securities Industry and Financial Markets Association along with the Financial Services Institute filed a complaint Friday against the Labor Department’s new fiduciary rule, asking the U.S. District Court for the Northern District of Texas court to vacate the rule. SIFMA and FSI have joined via a plaintiff-intervenors’ complaint the suit filed on May 24 by nine insurance industry trade […]
Statement on the Registration for Index-Linked Annuities and Registered Market-Value Adjustment Annuities
{July 3rd, 2024} by Commissioner Mark T. Uyeda
July 1, 2024 While the universe of securities is broad, the Securities Act of 1933 (“Securities Act”) generally requires that any offer or sale of a security to the public be registered with the Commission. For that reason, the Commission should take steps to ensure that registration statement disclosure is material and informative to prospective […]
RILA Re-Form: Statement on Registration for Index-Linked Annuities and Registered Market-Value Adjustment Annuities; Amendments to Form N-4 for Index-Linked Annuities, Registered Market-Value Adjustment Annuities, and Variable Annuities
{July 3rd, 2024} by Commissioner Hester M. Peirce
July 1, 2024 In the last few years, the Commission’s staff has often had to complete rulemakings on tight deadlines. Even with aggressive time constraints, the staff succeeded admirably in meeting the congressional mandate to provide a tailored form to register the offerings of registered index-linked annuities (“RILAs”). [1] I support the Commission’s general approach to implementing […]
Statement on RILAs and Registered MVA Annuities
{July 3rd, 2024} by Chair Gary Gensler
July 1, 2024 Today, the Commission adopted amendments to provide a tailored form to register the offerings of registered index-linked annuities (“RILAs”) and registered market value adjustment annuities (“registered MVA annuities”). I am pleased to support this adoption because it fulfills the congressional mandate to adopt a registration form specific to RILAs. RILAs are a […]
Calamos Structured ETFs: An alternative to FIAs
{July 3rd, 2024} by Kerry Pechter
There are non-insurance alternatives to fixed indexed annuities (FIAs) as savings vehicles For cautious who want to eliminate all risk of investment loss on part of their portfolio but fear “missing-out” on a stock market rally, there’s a non-insurance solution. Click HERE to read the full story via RIJ Wink’s Moore on the Market: […]
DOL Lets Pension Risk Transfer Rules Stand – For Now
{July 3rd, 2024} by Kerry Pechter
The Department of Labor has decided not to shake up the regulatory foundation of the “pension risk transfer” (PRT) business—the replacement of defined benefit pensions by group annuities issued by life insurers—by amending its 30-year-old Interpretative Bulletin 95-1. Click HERE to read the full story via RIJ
What Recordkeepers Think about 401(k) Annuities
{July 3rd, 2024} by Kerry Pechter
When we talk or write about embedding payout options in 401(k) plans—annuities, systematic withdrawal processes, etc.—the role of recordkeepers doesn’t always get as much attention as the roles of plan sponsors, plan advisers, life/annuity companies, asset managers or participants. Click HERE to read the full story via RIJ
These 10 Variable Annuity Carriers Watched $61B Flee Their Products Last Year
{July 3rd, 2024} by Warren S. Hersch
Variable annuity carriers that have developed RILAs are “okay with a shift in sales mix to these products,” Wink CEO Sheryl Moore speculated, “given that most of them do not have living benefits riders on them, which are more difficult to price for.” Click HERE to read the full story via Life Annuity Specialist
RILAs take off as consumers look for balance, protection
{July 3rd, 2024} by Teodor Panaitisor
As more Americans retire without the backstop of a pension, the individual annuity market is stepping up to provide the ability to layer on protection and security to an investor’s portfolio. Registered index-linked annuities were first introduced in 2010 following the financial crisis of 2008-2009. However, RILA sales didn’t really take off until more than […]
Morningstar Investment Conference 2024: From AI Investing to Annuities
{July 3rd, 2024} by Laura Lallos
Summer in Chicago means excursions to Navy Pier for boat tours, outdoor dining, and rides on the iconic Ferris wheel—and this year, the annual Morningstar Investment Conference on June 26 and 27, 2024. Each year, investors and advisors head to Chicago for Morningstar’s signature research and analysis, as well as insights from thought leaders across the industry. […]
SEC updates annuity disclosure rules for RILAs, MVAs
{July 3rd, 2024} by Leo Alamazora
The SEC has unveiled new disclosure requirements and registration processes for registered index-linked annuities and registered market value adjustment annuities as it hopes to provide investors with clearer and more specific information about the products. Click HERE to read the full story via InvestmentNews
20 insurers with the largest annuity market share
{July 3rd, 2024} by Digital Insurance Staff
The top five insurance companies in the ranking have an average annuity market share of 5.82% as of December 31, 2023. The combined direct premiums written by the top five were more than $145 billion. Scroll through to see which insurance companies are in the top 20 and how they fared through the end of December 2023. Source: National Association of Insurance […]
RIAs report greater interest in FIAs
{June 26th, 2024} by Susan Rupe
In today’s environment, many fiduciary advisors are turning to protection products such as fixed indexed annuities and fixed annuities to offset client portfolio risk. That was one of the findings from Security Benefit’s Registered Investment Advisor Benchmark Study. The study looked into RIAs’ perspectives regarding client practices, economic sentiment, product diversification and the impact of the upcoming […]
AM Best Upgrades Credit Ratings of Athene Holding Ltd. and Its Subsidiaries
{June 26th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “a+” (Excellent) of the members of Athene Group (Athene). Athene is the consolidation of the organization’s U.S. operating companies, along with its affiliated reinsurance companies domiciled in […]
AM Best Affirms Credit Ratings of NLV Financial Corporation and Its Insurance Subsidiaries
{June 26th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of National Life Insurance Company (NLIC) (Montpelier, VT) and its wholly owned subsidiary, Life Insurance Company of the Southwest (LSW) (Addison, TX). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings […]
AM Best Affirms Credit Ratings of Aspida Life Insurance Company and Aspida Life Re Ltd
{June 26th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Aspida Life Insurance Company (Aspida Life) (Durham, NC) and Aspida Life Re Ltd. (Aspida Re) (Bermuda), collectively referred to as Aspida Group. The outlook of these Credit Ratings (ratings) is stable. The ratings […]
Regulators move forward with offshore reinsurance ‘concepts’
{June 26th, 2024} by John Hilton
The Life Actuarial Task Force voted Thursday to expose a pair of reinsurance documents designed to move regulators closer to an actuarial guideline to tighten oversight of offshore arrangements. The documents deal with different aspects of asset adequacy testing. Comments will be received until July 20. Regulators spent the better part of the hour-long call […]
Nassau Financial Sues Its Insurers for Help With Paying Its Legal Bills
{June 26th, 2024} by Allison Bell
Nassau Financial, the parent of life insurance and annuity issuers, has sued its own insurers for help with paying bills related to lawsuits involving universal life insurance policies. James Kenney, the owner of a universal life policy written by PHL Variable Insurance, is seeking permission from the U.S. District Court in Connecticut to represent a […]
The Power of Us: Lincoln Financial Group Releases 2023 Corporate Social Responsibility Report
{June 26th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) today shared its 2023 Corporate Social Responsibility (CSR) report, The Power of Us, highlighting the company’s progress in advancing its purpose to provide financial protection and security to customers and their families and its environmental, social and governance (ESG) initiatives. The firm’s annual CSR Report, which covers activities from Jan. […]
Securian Financial launches surplus lines insurance company
{June 26th, 2024} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial has launched Securian Specialty Lines, Inc., a new surplus lines insurance company, to provide additional innovative insurance solutions to financial institutions and associations. AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Securian Specialty Lines. “For decades, […]
Americans Less Fearful About a Recession and Investing
{June 26th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–With the market making steady gains across the first half of the year, Americans are feeling more comfortable with the economy and less nervous about investing, according to the 2024 Q2 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). ompared to this time last year, fewer Americans are […]
Welcome To The New Financial Well-Being Movement
{June 26th, 2024} by Maggie Seidel
As the home of the top financial security professionals, Finseca’s sole focus is on creating an environment that enables people to protect and enhance financial well-being — for themselves, their families, and their businesses. Since our inception in 2020, Finseca has orchestrated the consolidation of four pivotal organizations. Among them are GAMA, which represents career […]
Redefining Retirement: The Impact Of Fully Digitized Annuities In The Age Of AI And Blockchain
{June 26th, 2024} by Santiago Jeyaseelan, VP of Product Management & Design at Gainbridge
In today’s quickly changing financial services industry, digitizing annuity products represents a tremendous opportunity to reshape retirement planning and financial security for future generations. By incorporating advanced technologies like artificial intelligence (AI) and blockchain, the annuities sector is poised to transform how these financial products are handled, tailored and bought, bringing in a new era […]
UPDATED: US DEPARTMENT OF LABOR ISSUES REPORT TO CONGRESS ON CONSIDERATIONS FOR DEFINED BENEFIT PENSION PLAN FIDUCIARIES CHOOSING AN ANNUITY PROVIDER
{June 26th, 2024} by DOL
Report finds amendments to existing guidance are not unwarranted. WASHINGTON – The Department of Labor announced its Employee Benefits Security Administration today issued a report to Congress on an interpretive bulletin related to fiduciary standards when selecting an annuity provider for a defined benefit pension plan. Interpretive Bulletin 95-1, which outlines these Employee Retirement Income Security Act fiduciary requirements, was […]
Gen X finally tops boomer 401(k) balances, but will it be enough to retire?
{June 26th, 2024} by Medora Lee
For the first time ever, Gen X workers saw their 401(k) balances top those of baby boomers, Fidelity data showed. Balances for Gen X workers who have been saving for 15 years averaged $543,400, or $200 more than boomers’, according to the financial service firm’s analysis of its more than 22 million accounts in the first three […]
The Largest Life Insurance Companies in the US in 2024: Business Insider
{June 26th, 2024} by Ronda Lee and Alani Asis;
Northwestern Mutual, New York Life, and MassMutual are the largest life insurance companies in the US. State Farm, Nationwide, and MassMutual rank the highest in life insurance customer satisfaction. It’s also important to compare costs, eligibility, coverage options, financial stability, and other factors. There are many life insurance companies to choose from, but most Americas […]
John Hancock Adds Whole-Body MRI Discounts to Wellness Program
{June 26th, 2024} by Allison Bell
John Hancock has added a discount on the Prenuvo whole-body MRI scan to its Vitality wellness incentive program. Life insurance insureds ages 18 and older outside New York state who participate in the Vitality program and complete a health review can get the scans for $500 less than the full $2,499 price. Click HERE to read […]
Kansas City Life Accuses Ex-Employee of Burning, Stashing Policies at Home
{June 26th, 2024} by Allison Bell
Kansas City Life Insurance Co. has filed a suit that focuses attention on a potential data security threat: administrative assistants who work from home. The company alleges that a woman who previously worked as an assistant for life insurance general agents, or distributors, accumulated about 200 life insurance policies and policy correspondence files […]
How long is ‘forever’ when it comes to permanent life insurance?
{June 26th, 2024} by Marc Barnes
When presenting permanent life insurance solutions, clients frequently ask how long they will need to make premium payments. When products are sold based on covering a specific need, such as a mortgage or college for kids, once clients are in their retirement years with a paid-off mortgage and grown kids, they may wonder what the […]
Former FBI ‘Most Wanted’ Advisor Pleads Guilty to Fraud, Money Laundering
{June 26th, 2024} by Dinah Wisenberg Brin
A former financial advisor in Iowa who appeared on the Federal Bureau of Investigation’s “most wanted” list has pleaded guilty to wire fraud and money laundering charges. William Jack Berg, 51, who was arrested in April, pleaded guilty on June 10 in connection to defrauding over a dozen people by encouraging them to transfer their […]
2024 PULSE OF THE AMERICAN RETIREE SURVEY: MIDLIFE RETIREMENT ‘CRISIS’ OR A 10-YEAR OPPORTUNITY?
{June 26th, 2024} by Prudential Financial, Inc.
NEWARK, N.J., June 24, 2024 – As a record number of Americans reach the traditional 65-year retirement age in 2024, a younger demographic of critically underprepared pre-retirees begins a 10-year countdown to protect retirement outcomes, according to Prudential Financial, Inc.’s 2024 Pulse of the American Retiree Survey. Fifty-five-year-old Americans are far less financially secure than […]
Indexed universal life persistency risks abound: Don’t repeat the misestimations of the past!
{June 26th, 2024} by Nik Gordon
In 2023, I co-wrote an article on underperformance of indexed universal life (IUL) blocks. One of the potential drivers of that underperformance was policyholder behavior. Throughout the course of time, actuaries have learned many hard lessons about misestimating policyholder behavior and the efficiency of policyholders. In this article, I expand on the potential areas of […]
NATIONAL ANNUITY AWARENESS MONTH EDITION
{June 26th, 2024} by Wink's Intel Pros
June is National Annuity Awareness Month! We will be reprinting our Chief Storyteller, Sheryl Moore’s most requested annuity-focused articles all month long; they will be indicated with “reprint” in the title. You’ll find these timeless articles are still relevant today. National Annuity Awareness Month aligns perfectly with Wink’s top priority of ensuring that the public […]
Reprint: How to Change the Narrative Around Annuities, Annuity Awareness Month
{June 26th, 2024} by Sheryl J. Moore
June is Annuity Awareness Month, which is basically like a big, nerdy party for an annuity evangelist like me. This is primarily because I get to be on stage more often, do more webinars and Zooms than is typical. Heck, a few years ago, I even had the opportunity to work with my former Governor […]
Reprint: Americans Are Demanding Annuities #AnnuityAwarenessMonth
{June 26th, 2024} by Sheryl Moore
I have seen the demand for annuities grow stronger and stronger over the past couple of decades. When I talk about this with colleagues in the annuity industry, they think I am being facetious. What? You haven’t seen the same? Well, let me show you about the demand for annuities from my own perspective. Click […]
REPRINT: 100 facts your clients need to know about annuities: #AnnuityAwarenessMonth
{June 26th, 2024} by Sheryl J. Moore
Did you know that that the top fear of Americans is outliving their retirement income? Death comes in as the second top fear. It’s easy to see that annuities are still the black box of the insurance industry … what a shame. Did you know that the top fear of Americans is outliving their retirement income? (Death […]
REPRINT: ANNUITY ILLUSTRATIONS: LIABILITY YOUR AGENTS DON’T NEED #AnnuityAwarenessMonth
{June 26th, 2024} by Sheryl J. Moore
When it comes to life insurance sales, you cannot close the deal without an illustration. Thanks to the National Association of Insurance Commissioner’s (NAIC’s) Life Insurance Illustration Model Regulation, there are very few instances where one need not collect an illustration to get a life policy issued. However, when it comes to the annuity side […]
Symetra Enhances Trek® Plus RILA with New Crediting Strategies
{June 20th, 2024} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company unveiled multiple enhancements to Symetra Trek® Plus, its signature registered index-linked annuity (RILA), including two new indexed account options that add some downside protection and higher potential returns in flat markets. “Symetra has been very diligent about building a set of annuity products that work in a variety of economic […]
We Have Regulators Too, Bermuda’s Insurers Say
{June 20th, 2024} by Allison Bell
The life and annuity insurers and reinsurers of Bermuda want the world to know something: Bermuda has insurance regulators, too. The companies’ trade group, Bermuda International Long Term Insurers and Reinsurers, has posted a paper that makes the case for why Bermuda is a sophisticated, attractive insurance regulatory jurisdiction, not primarily a place where U.S. life and […]
National Life Group is a ‘progressive mutual,’ CEO says, with record sales
{June 20th, 2024} by John Hilton
National Life Group is one of the oldest mutual insurance companies in the United States, but CEO Mehran Assadi likes to call the insurer, “a progressive mutual.” “Basically, it’s all about performing and being focused like a stock company with a long-term perspective of a mutual insurance company,” Assadi said during an investor call this […]
Reprint: Compensation: Commission vs. Fees #AnnuityAwarenessMonth
{June 20th, 2024} by Sheryl J. Moore
Never in my decades of insurance experience have I witnessed a debate on social media that is more heated and passionate than that of fee-based advisors versus those who are commissioned. The argument? “One cannot act in the client’s best interests unless they are a fiduciary who does not get paid a commission.” Fiduciaries […]
Reprint: Innovation in Annuities #AnnuityAwarenessMonth
{June 20th, 2024} by Bloomberg
A fireside chat with three annuity industry experts and a BI economist to discuss the space, as it relates to sales metrics, distribution and product innovation. Topics include the sales growth outlook for the Annuity space (Fixed, Variable, Indexed, RILA), product innovation in the index area, opportunities in the 401(k) market, competitive dynamics and the […]
Advocate concerned that NAIC accelerated underwriting effort lacks teeth
{June 20th, 2024} by John Hilton
After putting accelerated underwriting aside for a year, state insurance regulators are out with tentative guidance on the topic. But one longtime consumer advocate wonders what took so long. Birny Birnbaum, executive director of the Center for Economic Justice, noted that regulators have studied accelerated underwriting for at least eight years. Click HERE to read the full […]
Globe Life reports web portal breach as troubling year continues
{June 20th, 2024} by John Hilton
Globe Life Insurance Co. self-reported a potential web portal breach Friday, the latest in a series of troubling incidents for the company. In a Form 8-K filing, Globe Life said it was contacted Thursday by a state insurance regulator about the potential breach. The insurer “initiated a review of potential vulnerabilities related to access permissions and […]
S&P 500 Races Toward 30th All-Time High of 2024
{June 20th, 2024} by Rita Nazareth
Stocks headed toward fresh all-time highs as several big techs climbed despite a jump in Treasury yields, with traders gearing up for retail-sales data and a slew of Federal Reserve speakers. The S&P 500 was set to close with its 30th record this year. Some Wall Street strategists rushed to raise their targets even as many hedge funds grow […]
Annuity salesman sentenced to 19 years in what prosecutors call epic 17-year fraud scheme
{June 20th, 2024} by Lee Rood
On Wednesday, federal court Judge Rebecca Goodgame Ebinger sentenced Flaherty to 19 years in prison, a rarity for a so-called white-collar crime. U.S. Attorney Richard Westphal’s office had sought a harsh sentence of 17½ to 20 years in part because of the number of vulnerable seniors Flaherty swindled and his lack of remorse. The judge […]
Ken Fisher’s Fortune to More Than Double on Private Equity Sale
{June 20th, 2024} by Devon Pendleton
Finance billionaire Ken Fisher’s net worth is poised to rise by $7 billion following the sale of a minority stake in his investment adviser, Fisher Investments. Private equity firm Advent International and a unit of Abu Dhabi Investment Authority are paying at least $2.5 billion and potentially as much as $3 billion for a stake that values […]
Annuity Owners Face Online Information Gap
{June 20th, 2024} by Allison Bell
Typical annuity owners appreciate what you’re telling them about annuities, but they think that much of the annuity information posted online is useless. About 84% of the annuity owners who participated in a recent Nationwide survey said that they had learned a lot about annuities from their financial professionals, and 48% said they had looked […]
Survey: Most Americans Do Not Fully Understand Insurance Coverage…Yet 86% Say They Do
{June 20th, 2024} by Independent Insurance Agents & Brokers of America (the Big “I”) and Trusted Choice
ALEXANDRIA, Va.–(BUSINESS WIRE)–Consumers have many questions about insurance coverage, and a new survey shows that even the most discerning policyholders do not fully understand the intricacies. Ahead of National Insurance Awareness Day on June 28, Trusted Choice–the national consumer brand representing the members of the Independent Insurance Agents & Brokers of America (the Big “I”)–surveyed consumers about their […]
Best’s Special Report: U.S. Life/Annuity Industry’s Net Income Drops 80% in First-Quarter 2024
{June 20th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity industry saw its net income drop by 80% in the first quarter of 2024 compared with the same prior-year period, according to preliminary financial results. This financial review is detailed in a new AM Best report, “First Look: Three-Month 2024 US Life/Annuity Financial Results,” and the data is derived from companies’ three-month […]
Carriers Serve Up a New Flavor of Fixed-Rate Annuities
{June 20th, 2024} by Cyril Tuohy
“The point here is to offer consumers a simple product with greater upside potential,” said Sheryl Moore, CEO of Wink, publisher of Wink‘s Sales & Market Report, which tracks life and annuity markets. Regular fixed-rate contracts, known as multiyear guaranteed annuities, or MYGAs, offer a fixed return, typically over three, five or seven years, but sometimes more. Their […]
Guardian and Pelago launch new partnership to support tobacco-free lifestyle and inspire well-being®
{June 20th, 2024} by Guardian
NEW YORK, June 17, 2024 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) has announced a new partnership with Pelago, the leading digital clinic partner to U.S. businesses and health plans for substance use management. For Guardian members with workplace-sponsored dental insurance, Pelago will guide and support individuals through a personalized and confidential tobacco cessation program leveraging […]
Foresters Financial celebrates 150 years of protecting families: A century and a half of service across Canada, the United States, and the United Kingdom
{June 20th, 2024} by The Independent Order of Foresters
TORONTO, June 17, 2024 /PRNewswire/ – Foresters Financial™ (Foresters), the global life insurer helping its members do more of the good they want to do, today proudly celebrates its 150th anniversary. This milestone not only marks a century and a half of unwavering commitment to its members but also reinforces its dedication to the core values of community, […]
John Hancock Becomes First Life Insurer to Offer Customers Discounted Access to Prenuvo Whole-Body MRI Scans
{June 20th, 2024} by John Hancock
BOSTON, June 18, 2024 /PRNewswire/ – John Hancock, a unit of Toronto-based Manulife, today announced it is the first insurer in the U.S. to offer discounted access to Prenuvo’s1 state-of-the-art, whole-body MRI scans to eligible John Hancock Vitality customers.2 An industry first, John Hancock Vitality members will receive a $500 discount3 on Prenuvo’s whole-body scans. With this offering, John Hancock strengthens its commitment […]
“Higher for longer” interest rate environment is boosting life insurance demand, Swiss Re Institute
{June 20th, 2024} by Jack Willard
Swiss Re Institute is forecasting a 40% rise in insurers’ investment income on average, for insurers in the largest eight life markets in the five years to 2027, driven primarily by higher bond yields. In a recent blog authored by James Finucane, Senior Economist, Swiss Re Institute & Loïc Lanci, Economist, Swiss Re Institute, the […]
Integrity Launches Integrity Wealth to Expand Access to Comprehensive Life, Health and Wealth Solutions for More Americans
{June 20th, 2024} by Integrity Marketing Group, LLC
DALLAS, June 18, 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 the official brand launch of Integrity Wealth. With more than $46 billion in assets under management and advisement and an extensive network of wealth advisors across all 50 states, […]
IRS To Crack Down On ‘Basis Shifting’ Tax Avoidance By Business Partnership
{June 20th, 2024} by Tracey Longo
The Biden administration is ramping up new audit teams and regulations to collect some $50 billion in taxes over the next decade from business partnerships such as hedge funds, real estate investors and wealthy individuals it says inappropriately use “basis shifting” to avoid paying taxes, the Treasury Department announced. The Biden administration says business partnerships […]
Lincoln National Life settles with DOL over insurability practices
{June 20th, 2024} by Kenneth Araullo
A unit of Lincoln Financial Group has reached a settlement agreement with the US Department of Labor to revise its evidence of insurability requirements, the federal agency announced. Lincoln National Life Insurance Co will adjust its “proof of good health” requirement for participants in job-based life insurance plans, according to the DOL. As per AM Best, […]
Agonizing over “Fiduciary”
{June 20th, 2024} by Dan Solin
I support the efforts of The Institute for the Fiduciary Standard to subject all those providing financial services to a fiduciary standard of care. The Department of Labor has embarked on a “fourteen-year-old quest” to define fiduciary status. Its latest effort is outlined in its Retirement Security Rule, published on April 25, 2024, which defines an investment advice fiduciary. […]
Fidelity® and Envestnet Expand Relationship to Deliver Next-Generation Unified Wealth & Advisory Platform
{June 20th, 2024} by Fidelity Investments
BOSTON & BERWYN, Pa.–(BUSINESS WIRE)–Fidelity Investments and Envestnet (NYSE: ENV) today announced the expansion of their 20+ year relationship to deliver a comprehensive wealth and advisory solution that builds on the success of Fidelity Managed Account Xchange® (FMAX), Fidelity’s wealth management platform, and the firms’ long-standing collaboration that has grown to more than $500 billion across […]
How to Explain RILAs Better
{June 20th, 2024} by Myles J. Lambert
In the previous two articles in this series, I gave an overview of what registered index-linked annuities, or RILAs, are and the benefits that they can bring to a client’s retirement portfolio. In this final article of the series, I will share some tips to help financial professionals drive more effective client conversations about RILAs. […]
FIRST QUARTER 2024 LIFE INSURANCE SALES
{June 13th, 2024} by Sheryl J. Moore
All Universal Life Sales for the first quarter of 2024 were $1,040 million. Given that this is the first quarter that Wink has collected data on sales of all life insurance products, comparisons will be available in future quarters. All universal life (UL) products include fixed UL, indexed UL, and variable UL products. Total 1Q2024 […]
Wink, Inc. Releases First Quarter, 2024 Life Sales Results
{June 13th, 2024} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE Life insurance sales fall in the First Quarter Wink, Inc. Releases First Quarter, 2024 Life Sales Results Des Moines, Iowa. June 12, 2024– Wink, Inc. released the first quarter, 2024 life sales results in its 107th edition of Wink’s Sales & Market Report. Wink’s Sales & Market […]
REPRINT: DON’T ASSUME PROSPECTS KNOW ANNUITIES, #AnnuityAwarenessMonth
{June 13th, 2024} by Sheryl J. Moore
DON’T ASSUME PROSPECTS KNOW ANNUITIES April 21, 2013 by Sheryl J. Moore By Sheryl J. Moore, President and CEO of Moore Market Intelligence, an indexed product resource in Des Moines, IA. I was speaking to a health insurance agent today who was looking for information on life insurance and annuities. He was genuinely interested […]
Reprint: Wink’s Annuity Quick Reference by Sheryl J. Moore #AnnuityAwarenessMonth
{June 13th, 2024} by Sheryl J. Moore
Originally posted on March 1, 2022 “I do not endorse any company/product. It’s not that I want people to buy annuities; I just want them to have credible information about them so that they can make a decision about if they are right for them.” Wink’s CEO, Sheryl J. Moore Click to view Wink’s […]
Reprint: How to Change the Narrative Around Annuities: #AnnuityAwarenessMonth
{June 13th, 2024} by Sheryl J. Moore
June is Annuity Awareness Month, which is basically like a big, nerdy party for an annuity evangelist like me. This is primarily because I get to be on stage more often, do more webinars and Zooms than is typical. Heck, a few years ago, I even had the opportunity to work with my former Governor […]
Kenneth King’s webinar regarding A-Cap and 777 Re
{June 13th, 2024} by THE ESK
I fully appreciate it won’t be for everyone, but for completeness and given the level of attention it has attracted in the UK media and particularly the ongoing 777 Partner situation at Everton, I thought it worth placing as a matter of record. There’s both an audio recording of the webinar and a full transcript. […]
Everton Gets Funding Offer From Firm Behind Previous Bidder
{June 13th, 2024} by David Hellier and Jill R. Shah
(Bloomberg) — Advantage Capital Holdings LLC has made a proposal to invest in Everton FC, people familiar with the matter said, adding another unexpected twist to the takeover saga surrounding the English Premier League football club. New York-based A-Cap and a partner firm have submitted a plan that would see them refinance all of Everton’s […]
777 Re credit ratings withdrawn by AM Best
{June 13th, 2024} by Kenneth Araullo
Following a string of troubles, AM Best has withdrawn the financial strength rating of C- (Weak) and the long-term issuer credit rating of “ccc-“ (Weak) of 777 Re Ltd., based in Hamilton, Bermuda. At the time of the withdrawal, these ratings were under review with negative implications. Click HERE to read the full story via […]
FMOs doing due diligence on carriers has struck a chord.
{June 13th, 2024} by Sheryl J. Moore
I love my FMOs. The principals of the FMOs are some of my closest friends in this business. They have taught me so much about this business, over the past 25 years. That said- my recent post about FMOs doing due diligence on carriers has struck a chord. Several marketing groups reached out to me, […]
I mean, I know this isn’t exactly warm and fuzzy news about annuities, but…
{June 13th, 2024} by Sheryl J. Moore
Is it just me? Or, does it seem that InvestmentNews is getting less and less friendly toward annuities over the past few weeks? Click HERE to read I mean, I know this isn’t exactly warm and fuzzy news about annuities, but… “…an expensive and often misunderstood investment product?” I guess my life insurance policy could […]
Higher interest rates transforming life insurance growth and profitability: Swiss Re
{June 13th, 2024} by Kane Wells
Higher interest rates worldwide are reportedly transforming the outlook for life insurance growth and profitability, with a new high anticipated for US fixed annuity sales this year after record sales in 2022 and 2023, as per a new Swiss Re Institute report. Jérôme Jean Haegeli, Swiss Re’s Group Chief Economist, commented, “Higher interest rates are […]
Insurers, AM Best trade accusations in lawsuit over ratings downgrade
{June 13th, 2024} by John Hilton
Atlantic Coast Life Insurance and Sentinel Security Life Insurance … The insurers are part of the A-Cap insurance … Universal Life Insurance Solution … Click HERE to read the full story via INN Wink’s Moore on the Market: A-CAP email drama! Looks like we’ll know more about this case after June 28, 2024. Thanks for […]
Prioritizing Protected Growth
{June 13th, 2024} by Daniel Herr
It’s no secret that the fixed indexed annuity (FIA) market is booming, with sales expected to reach nearly $100 billion in 20251. This growth is attributed to the fact that FIAs are a perfect fit for the growing number of consumers who want to prioritize protection, but don’t want to sacrifice opportunities for growth. In […]
Coming DOL fiduciary rule likely pushing annuity sales higher, Wink says
{June 13th, 2024} by Staff Reports
Deferred annuity sales were up nearly 19% in the first quarter over the same period last year, Wink, Inc. reported today. Click HERE to read the full story via INN Wink’s Moore on the Market: I predict that the DOL’s fiduciary rule is going to start a “fire sale” mentality in the annuity business. […]
Life and Annuity Issuers Prepare to Feast on Commercial Real Estate
{June 13th, 2024} by Allison Bell
The same higher interest rates that are hurting typical commercial real estate market players are helping life and annuity issuers make great investment deals. John Murray, a portfolio manager at PIMCO, talked about the effects of the health gap Wednesday at S&P Global Ratings’ 40th insurance conference in New York The same higher interest rates that […]
How Likely Is That Annuity to Stick?
{June 13th, 2024} by Allison Bell
Will your client’s new annuity stay in force for decades, or only until the surrender-charge period ends? Or, will it suddenly just go poof? Members of the Society of Actuaries Research Institute’s Individual Annuity Experience Committee studied that topic together with LIMRA. Click HERE to read the full story via Think Advisor Wink’s Moore […]
The Middle Market Has Changed
{June 13th, 2024} by Allison Bell
Ordinary Americans of all ages are having trouble with planning and saving, and financial services players need to step up and help. Terrance Williams, the president and chief executive officer of TruStage, talked about his vision for easing the strain on those customers in a recent interview. Click HERE to read the full story via […]
U.S. Life Application Activity Cools
{June 13th, 2024} by Allison Bell
U.S. life insurance application activity cooled in May, after heating up in April. Shoppers submitted 0.6% fewer applications last month than in May 2023, MIB Group reports. MIB, a Braintree, Massachusetts-based life insurance industry underwriting support group, bases its monthly activity reports on its application checking systems’ processing volume. Click HERE to read the full story via […]
MassMutual CEO Aims for Bigger Role in Annuities
{June 13th, 2024} by Allison Bell
Roger Crandall, the chief executive officer of MassMutual, said Wednesday that he wants the company to expand its annuity business the way it’s expanded its cash-value life business. “We think scale matters,” Crandall said in New York at S&P Global Ratings’ 40th insurance conference. “It’s just harder if you don’t have scale.” Click HERE to […]
5 Questions: Vanguard’s New Report on Annuities in Retirement Plans
{June 13th, 2024} by Allison Bell
Vanguard put a team of its experts to work on answering one of the major retirement planning questions of the day: Will adding an annuity, or an annuity-like feature, to a target-date fund inside a 401(k) plan really help workers get a modern alternative to the old defined benefit pension plan, or will it just create all […]
Financial challenges hit harder for widowed women
{June 13th, 2024} by Press Release
MINNEAPOLIS, June 12, 2024 /PRNewswire/ — A new Thrivent survey reveals more than half of widowed women experienced financial challenges after their spouse’s passing, with 51% either living paycheck to paycheck or struggling to manage their bills. A lack of proactive financial planning could be to blame: 41% of the widowed women surveyed said they didn’t have […]
Goldman Sachs survey finds RILA acceptance, rise ‘meteoric’
{June 13th, 2024} by Doug Bailey
Reacting to expanding investor demands, annuity sellers are emphasizing value propositions that strike a balance between managing downside risk while offering opportunities for upside participation. Buffered annuities, such as Registered Index Linked Annuities (RILAs), have seen acceptance that is “rather meteoric,” according to Marci Green, head of Retirement Intermediary and Insurance Distribution at Goldman Sachs. […]
Insurers, AM Best trade accusations in lawsuit over ratings downgrade
{June 13th, 2024} by John Hilton
Update: Late Tuesday, Judge Rukhsana L. Singh ordered AM Best to deliver the disputed documents to him by Thursday. Singh will review the documents sought by plaintiffs, his ruling states. A pair of life insurers suing AM Best over a potential ratings downgrade say the defendant is refusing to share emails related to the controversial move. AM […]
South Carolina couple sue advisor, Symetra over IUL-funded plan
{June 13th, 2024} by John Hilton
A South Carolina couple claims that using an indexed universal life policy in a retirement planning strategy cost them substantial life savings. Beth and David Yokel, of Greenville County, claim their advisor sold them on a retirement plan centered around loans from a Symetra Accumulator IUL policy. Four years of premium payments totaling $800,000 was […]
Whole life down as life insurance sales slump in Q1, Wink reports
{June 13th, 2024} by Staff Reports
Depressed whole life sales led a disappointing first quarter for the life insurance market, Wink, Inc. reported. Whole life sales hit $1 billion for the quarter, down 12.8% compared with the previous quarter, and down 7.4% compared to Q1 last year. Items of interest in the whole life market included the top primary pricing objective […]
Jackson Awards $775,000 in Grants to Nonprofits Across Lansing, Nashville and Chicago
{June 13th, 2024} by Jackson National Life Insurance Company
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 awarded $775,000 to nonprofits serving the communities where Jackson has offices: Lansing, Michigan; Nashville, Tennessee; and Chicago, Illinois. These funds will support the ability for nonprofit clients to obtain affordable financial services, establish savings […]
Pacific Life Honored for Marketing Achievement in the Areas of Lifetime Income and ESG
{June 13th, 2024} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life’s Institutional business team was honored with three Hermes Creative Awards, two Stevie® Awards from The American Business Awards®, and four Telly Awards for work that includes a financial literacy white paper, an ESG motion graphic video, and The Wave Strength podcast series. Decoding Retirement: Key Insights into Participant Preferences for Lifetime Income Options, […]
Gen X Approaching Retirement Crunch Time with Savings Regrets
{June 13th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Gen Xers, who are mostly in their late 40s and 50s, are approaching an important time in preparing to retire. Yet, Gen Xers are feeling less confident than ever about their finances and more worried about retirement than boomers or millennials, according to the 2024 Annual Retirement Study* from Allianz Life Insurance Company of […]
