Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]
People who aren’t yet retired are worried about running out of money after they do retire. But they aren’t communicating that fear to their financial advisors, an Allianz Life study revealed.
Employers are in crisis management mode and facing uncertainty as the COVID-19 pandemic has led to record high numbers of jobless as well as concerns over business reopening. At a time like this, it’s easy to wonder whether employers will quit offering health benefits to their workers.
How are you adapting your business and systems to deliver an extraordinary client experience in the new business reality? Clients are scared and looking for a lot from their financial advisor.
The chief global strategist for J.P. Morgan Asset Management said we are not finished with the COVID-19 pandemic yet, and the economic situation will remain “uncomfortable” until we are.
The COVID-19 pandemic has decimated the ranks of the U.S. workforce. Those who are working report feeling more financial stress than they did before the crisis. They also have a new appreciation for employee benefits, according to MetLife’s 18th annual U.S. Employee Benefit Trends Study.
A number of major employers nationwide are cutting salaries in an effort to cope with the financial fallout from the COVID-19 pandemic. In the insurance world, Principal Financial and Aon announced they are reducing salaries for a percentage of their workforce.
Just as flight attendants give the safety speech at the beginning of every airline trip, advisors must give their clients their own version of the “safety card speech” at the beginning of the investment journey.
Annuity carriers are always making changes to their products. But those changes came fast and furious during the month of March, as the COVID-19 pandemic sent shock waves through the financial industry. Now, two months later, some carriers are returning the products to the market.
The pandemic is forcing everyone to take stock of what needs to change and what needs to stay the same, said the CEO of the American Council of Life Insurers. As for the life insurance industry, the biggest change coming from COVID-19 will be a more sophisticated use of technology.
How do advisors serve a diverse clientele? By being authentic and helping people solve problems. These advisors are making it their mission to help change the past and to build practices that fill a need for insurance and benefits solutions for minority-owned businesses.
The Families First Coronavirus Response Act is an enormous growth opportunity for benefits brokers, said the head of Prudential’s group insurance business. Morning Consult research said nearly half of Americans have heard very little or nothing about the new leave benefit and only 13% said they had heard a lot about it.
Everyone is talking about “a new normal” in the wake of the COVID-19 pandemic. But what does it mean for the financial services industry? A panel of four industry association leaders provided their thoughts of what the next year or so could mean for their members, and here are some of the highlights.
There’s a tax freight train coming your clients’ way – and their individual retirement accounts and 401(k) accounts are on the tracks, an advisor and author said.
Accelerated underwriting already was gaining traction in the life insurance world before COVID-19 hit, but the restrictions placed on nonessential medical treatment as a result of the pandemic have moved accelerated underwriting more to the forefront.
Optimism is a choice and one that can give agents a leg up on the competition, said Scott Brennan, former president of the Million Dollar Round Table and a MassMutual agent from South Bend, Ind. Brennan gave some of his insights Thursday on being successful in the business and in life.
U.S. life insurance death benefit claims from COVID-19 could range anywhere from $8 billion to $160 billion, Moody’s Investors Service said in a new report.
A lot of uncertainty surrounds the effects of COVID-19 on insurance, analysts with the American Academy of Actuaries said during a webinar on Tuesday.
The current financial crisis stemming from COVID-19 is different from other recent financial downturns because the present situation has given consumers the fear of death and disability in addition to the fear of losing their money. That was the word from Joe Jordan, industry speaker and author of A Life Of Significance.
The 4% rule doesn’t apply in today’s low-interest world, said a retirement researcher who also is the author of several books on retirement planning and spending.
Consumers and their financial advisors spend so much effort on accumulating retirement savings, but often lack a strategy for how to draw down those assets in the post-employment years. Could a sequence of returns deplete your client’s retirement savings?
U.S. health insurers will likely remain profitable despite the uncertainty surrounding COVID-19 and its financial impact, Moody’s Investors Service said in a new report. However, U.S. life insurers could face some financial challenges.
In order to lead effectively, advisors must answer the question: How do I want to show up for the people I lead? “You must decide in advance who you’re going to be or else your attitude will be blown in the wind,” said Deidre Van Nest, an industry consultant.
The Paycheck Protection Program has exhausted its $350 billion allocation and is not accepting any more lenders or applications at this time, the Small Business Administration announced Thursday.
The COVID-19 crisis has given many of us an unexpected blessing in the form of a pause, a business coach told financial professionals.
The No. 1 challenge for advisors right now is to give clients permission to contact them and work with clients through “the new normal,” a behavioral finance expert said.
The Coronavirus Aid, Relief and Economic Security Act contains a number of provisions that can benefit your clients in the midst of the COVID-19 pandemic and market downturn. Don’t wait to reach out to business and individual clients to help them take advantage of this new law. In addition, some portions of the CARES Act can help your own practice.
The recent market crash presents an opportunity for advisors to ease their clients’ fears on everything from how to deal with future tax increases to how to generate lifetime retirement income,
The current working environment “is a huge opportunity to pick up clients, market share and new opportunities moving forward,” said an advisor who is running his practice virtually.
Technology enables advisors to keep their practices humming and continue serving their clients in the midst of the COVID-19 crisis, said an advisor from Tennessee who described what he is doing now that social distancing has required him to work from home.
Advisors can choose not to participate in the negativity stemming from the COVID-19 pandemic, a retirement income specialist and author told members of the National Association of Insurance and Financial Advisors.
Clients are “looking for a port in a storm” in the midst of the COVID-19 crisis, and are looking for advisors to be the community of leaders they can count on. That was the word from Jill Judd, former president of the National Association of Insurance and Financial Advisors.
Clients want human interaction in this time of social isolation, and they need to have their advisors communicate with them. Brock Jolly, financial advisor at Veritas Financial, shared some tips for communicating with clients during a webinar held Monday for members of the National Association of Insurance and Financial Advisors.
Clients may have some confusion about the COVID-19 virus. Health insurance brokers can help break through that confusion and be a trusted source of information.
Health care costs keep rising and consumers aren’t the only ones feeling the financial pain. Employers also are seeing their expenses rise, and are beginning to question those expenses.
As the number of baby boomers head into their retirement years, Medicare will be under pressure to continue providing benefits while being financially stable. Still, despite challenges, a panel of health care experts said Medicare is here to stay.
The American health care system is failing those who need to access life-saving treatment, according to author Den Bishop, the author of “The Voter’s Guide To Healthcare.” He spoke at the National Association of Health Underwriters 2020 Capitol Conference.
The head of the Centers for Medicare and Medicaid Services reinforced today the Trump administration’s opposition to replacing the current health insurance system with a public option or a single-payer plan.
Seema Verma, administrator of the Center for Medicare and Medicaid Services, will be one of the keynote speakers as the National Association of Health Underwriters gathers in Washington for their annual Capitol Conference Monday and Tuesday.
Democratic presidential candidate Michael Bloomberg wants to resuscitate the DOL rule if he becomes president, according to information he released in his financial reform policy. The DOL rule, which originated during the Obama administration, expanded the definition of “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974.
Transamerica’s chief investment officer sees the 2020 market environment as investor-friendly, or what he calls a “Goldilocks” scenario: an economic and market backdrop not too hot or too cold, but just enough for stock and bond investors to generate good returns in the year ahead.
Your client is about to get a windfall, courtesy of the IRS. What should they do with their tax refund? Splurge on something? Sock it away? Make an additional principal payment (or two) on their mortgage or their student debt?
Surprise medical billing is a source of anger and frustration to consumers. Now, two House committees are releasing their proposals to protect consumers from the practice.
An industry association is taking aim at the nation’s lack of financial literacy. The National Association of Insurance and Financial Advisors is looking at the issue from two sides: lack of basic consumer financial education and a need for financial professionals to provide services.
During their annual visit to Washington, Health Agents for America looked to lawmakers to help their clients save money on health care while being able to choose the right products for their needs.
What would you rather have – free universal health care or total student loan forgiveness? LendEDU surveyed 1,000 Americans and found 60% opted for the free health care as opposed to 40% who want to see the nation’s $1.61 trillion in student loan debt erased.
Elder financial abuse has been categorized as “a crime of the 21st century,” according to the presenter of a webinar on understanding elder financial exploitation and fraud.
A study from Allianz Life finds worries about market volatility are on the wane. But consumers are still worried about the rising cost of living and its impact on retirement income.
Some finance pros are suggesting that clients consider protecting some of the gains they earned during the market surge of the past year by moving them into a safer product – an insurance product.
Between 2013 and 2018, compound annual growth rate in life insurance premium growth has been 1.7%, the EY report said. Gross written premium grew from $661 billion in 2013 to $718 billion in 2018.
Health insurance CEO pay is outpacing the growth of revenue and growth of other top executives’ pay according to a report. The most recent survey showed that total direct compensation (the sum of base salary plus annual incentives and long-term incentives) for health insurance CEOs increased 12% from 2018 to 2019.
The National Financial Educators Council conducted a survey with a single question: “When you have a financial question, who do you turn to for trusted financial guidance?” The most popular answer to the question depended on the age of the respondent.
Annuities provide guaranteed lifetime income, something that should be attractive to those who fear running out of money in retirement. So why aren’t more Americans buying annuities?
An aging population and the need for workers to protect themselves were two recurring themes in InsuranceNewsNet’s most-read health-related articles in 2019.
Consumers still want to have the option to explore coverage online, but they also want to be able to talk to a professional, the survey revealed. More than two-thirds of those surveyed (68%) said they would buy life insurance through an agent, while 38% said they would likely buy coverage online.
The National Association of Insurance and Financial Advisors is joining forces with the American Council of Life Insurers to coordinate advocacy efforts in seven states in 2020, with plans to expand those efforts into the remaining states in 2021.
Advisors are fighting their own battles with the rapid pace of change, disengagement among their team members, and a churn of conflict keeping their message from reaching their prospects and clients, said decorated war veteran Scott Mann. Humans are “meaning, seeking, emotional, social creatures,” he added.
If you want to convince someone of the need for an annuity, position it as part of a strategy instead of merely presenting it as a product.
A higher percentage of Gen Xers are looking more like millennials than baby boomers as far as their retirement confidence is concerned, according to a study by the Employee Benefit Research Institute. This is troublesome as the oldest members of Gen X are getting very close to retirement age.
The DOL issued a regulation expanding multi-employer retirement plans under the Employee Retirement Income Security Act. The rule is aimed at expanding access to saving options by clarifying the circumstances under which an employer group or association or professional employment organization may sponsor a multiple employer workplace retirement plan.
The Employee Benefit Research Institute looked at spending patterns of older households and found that spending varies upon whether the households are singles or couples, or whether they are in retirement or currently working.
