Friendship is one of the linchpins of a successful advisory practice.
Linda Koco, MBA, is a contributing editor to InsuranceNewsNet, specializing in life insurance, annuities and income planning. Linda can be reached at [email protected]eedback.com.
Linda Koco
Which is the most pressing objective for Americans in 2016 — retirement planning or getting out of debt?
Annuities got more than a few accolades in a final report issued by the 2015 White House Conference on Aging.
Nationwide has debuted a long-term care accelerated benefits rider for survivorship universal life insurance policies that company insiders informally dub the “parents rider.”
A look-back at the annuity industry in 2015 shows that carriers are no longer hiding from the recession.
The long-term care insurance business may get a lift from the Federal Reserve’s recent move to increase a key interest rate for the first time in nearly 10 years.
A researcher predicts new sales of fixed annuity products will likely increase in the wake of the 0.25 percent jump in a key interest rate the Federal Reserve announced Wednesday.
An investor bulletin on variable annuities from the Securities and Exchange Commission includes a caution to investors to watch out for policy charges.
If the proposal gets legs, it could spur more use of immediate annuities with qualified retirement assets and thus greater use of annuitization to ensure lifetime income.
The rule outlines a safe harbor that would allow states to run their own retirement savings plans for people who have no workplace savings options from certain private sector employers.
FIAs Heat Up With Volatility Control Options
Genworth is the newest carrier to enter the increasingly crowded market for volatility controlled indices inside of fixed index annuities (FIAs).
The third quarter produced some surprises in the fixed index annuity market. Nationwide vaulted from 22nd place in the third quarter last year to 5th this year.
A wave of retirements among the baby boomers, combined with increased longevity rates, are leading this trend.
FA Competition Shifting into High Gear
The latest fixed/variable sales statistics show heavy movement on the fixed side, and few significant changes among variable sellers.
The total advisor headcount inched upward in 2014 for the first time in nine years, Cerulli reported. But the industry is on the brink of a new decline in the number of advisors, the same study said.
A new carrier plans to enter the long-term care insurance market, with a policy slated to debut in the first quarter of 2016.
This lack of familiarity can set the stage for annuities to be presented as solutions that address concerns many women have about retirement.
The Department of Labor’s fiduciary rule is coming in some form, a leading ERISA lawyer said. Industry professionals dealing with retirement funds have work to do to get ready.
Proposal bill would give Social Security recipients a one-time $580 payment. If approved, it would add to the list of recent changes to the retirement program.
Variable annuity carriers need to focus carefully on disclosures they make in their buyout offers to policyholders, a Securities and Exchange Commission (SEC) official said.
FIAs Give Traditional VAs A Jolt
Living benefit features in fixed index annuities are helping fuel their growth in sales, according to researchers.
As fixed index annuity (FIA) sales continue their meteoric rise, their risk profile has been increasing as well. The guaranteed income rider is a key factor in this trend, according to a report.
Department of Labor staffers might move fixed index annuities out of a key exemption when its final “conflict of interest” rule is released, an insurance executive said.
Recommending funds or annuity products to place into an individual retirement account or 401(k) is one way that an advisor could fall into a “fiduciary trap,” according to an analyst.
Retired women are more generous than retired men in giving funds to worthy causes as well as to family members, a study showed. This has implications for retirement planners.
Consumers are failing to plan for long-term care expenses, even though they’re “scared” of the risk, according to a Lincoln Financial study.
Education Needed to Trigger Annuity Market
Financial professionals are still pushing accumulation strategies when older clients are most worried about outliving their funds, survey says.
Our longer lifespans have numerous implications for the variable annuity industry.
More Financial Advisors Looking To Go Independent
But if they do, they might not go solo, according to a report.
New data shows longevity continues to increase, putting more pressure on Americans to save for retirement.
Fed is monitoring several factors, including the global economy, in its quest to find the best timing for an interest rate hike, Stanley Fischer said.
Cannex third-quarter numbers show a 138 percent increase in searches for QLAC products. High-net-worth clients are the main customers.
Carriers have escalated their efforts to bring increasingly complex products into the market.
The Coalition to Protect Retirement Security and Choice formed to fight the Department of Labor’s fiduciary only proposal.
Survey: potential caregiving expenses can chip away at retirement nest eggs and should be emphasized by advisors during planning stages.
At least 29 states have made efforts in recent years to expand retirement savings program coverage for private sector workers, according to a new Government Accountability Office (GAO) report.
Industry Moves From Life/Health To Life/Annuity
It seems as if the life and annuity business is moving along one set of tracks, and the health insurance business is moving along another set. Here is a look at how this is playing out.
Millennials Crave Face-to-Face Advice
When it comes to obtaining financial advice, most millennials say that a financial advisor “must” be willing to meet with them — in person.
An affiliate of Aegon’s Transamerica unit — Transamerica Retirement Solutions — will acquire Mercer’s defined contribution administration book of business
Longevity annuities could be entering a period where they will see broader use in the U.S. than has already been made possible by the qualifying longevity annuity contract (QLAC).
The Oregon Insurance Division is developing rules to eliminate “Last In, First Out” calculations when assessing early withdrawal charges under…
State-Based Retirement Programs Inch Closer To Becoming Reality
The establishment of state-based retirement programs for workers moved a few inches closer to reality on both the federal and state levels last week.
Traditional fixed annuities (FAs) and multi-year guaranteed annuities (MYGAs) might seem like yesteryear’s afterthought, shivering as their sales are in the shadow of the soaring fixed index annuity (FIA) sales. But it might be a mistake for annuity professionals to give these products the cold shoulder.
Former Iowa Insurance Regulator Mumford Dies
James R. Mumford, a retired Iowa insurance regulator, was widely known for supporting and helping advance numerous “balanced” annuity regulations and compliance initiatives.
Women are taking steps to improve their financial wellness, according to a think tank.
Voya Financial reaches $90 billion deal to sell block of life insurance policies.
A Conning report says size is not the best indicator of a top life and annuity company.
Longevity annuities have received an unexpected vote of encouragement from the National institute on Retirement Security (NIRS). These contracts “may…
The average worker will need to save 11 times their final pay at retirement (age 65) to keep their pre-retirement lifestyle, according to a new Aon Hewitt study.
The hybrid registered investment advisory (RIA) business has a new player — Voya Financial Advisors, the independent broker/dealer (BD) of Voya Financial Inc.
With the exception of second quarter 2014, fixed index annuity (FIA) sales were “greater this quarter than in any other second quarter in the history of the product line,” said Sheryl J. Moore, president and CEO of both Wink Inc. and Moore Market Intelligence.
What’s Behind The Numbers In The Latest IRS Tax Data?
The most recent batch of tax data shows the ongoing financial recovery. The information also could open some opportunities for advisor/client discussions.
The Employment Benefit Research Institute (EBRI) came out with a report that will boost interest in qualifying longevity annuity contracts (QLACs).
The newest annuity products to hit the marketplace are focused on retirement income — and retirement security. Here are a few examples of the different ways this is playing out.
Much of the growth in cash balance retirement plans was driven by the small/medium business crowd, according to a new report.
The second quarter annuity industry sales estimates published by LIMRA Secure Retirement Institute (LIMRA SRI) reveal that sales declined compared to one year ago. However, that does not mean annuities are losing their luster.
Those Who Have Advisors Are More Likely To Diversify Holdings
Although Americans seem to be following the advice not putting all their eggs in one basket, the tendency to diversify is more pronounced among those who have an advisor, a study found.
Retirement planning practitioners may benefit by offering withdrawal planning services to older clients.
In a definitive agreement signed last week, 134-year-old Meiji Yasuda Life, a Tokyo insurer, said it will buy 109-year-old StanCorp Financial Group, a Portland, Ore., group insurer.
The measure, Senate Bill 426 (Leyva), requires that, when fixed deferred annuities are issued to consumers age 65 or older, the death benefit must at least equal the annuity amount or the accumulation value.
