The COVID-19 pandemic triggered ultra-low interest rates, extreme market volatility and record-high unemployment — conditions that generally are unfavorable for annuity sales. The good news is annuity sales should bounce back strong in 2021 and 2022, the Secure Retirement Institute reports.
Low- And Middle-Class Families Dropping Life Insurance: Study
Even before the COVID-19 pandemic hit, low- and middle-class Americans were less prepared to deal with the death of a main breadwinner, according to a survey taken in January.
We’ve been conditioned to think leadership is only attained by a position of power, or that it’s a skill you must be born with. The truth is, leadership skills can be honed and developed. Real leadership starts with a commitment to creating positive change for you and others.
Technology Touching ‘Every Aspect’ Of Insurance In Pandemic
When the COVID-19 pandemic chased everyone indoors an insurance industry that relies on face-to-face contact suddenly had to change course. What happened is insurers, middlemen and agents all learned they can rely on technology to forge a new way of selling insurance products.
Your clients still have time to realize better tax breaks this year because the tax filing deadline has been extended to July 15.
Trust In Insurance Agents At 12-Year High
Despite the economic craziness — or maybe because of it — Americans are trusting insurance agents and companies more than ever, according to LIMRA data.
LIMRA: Fraud Is On The Rise In Financial Services
A recent LIMRA survey of financial services companies identified increased fraudulent activity, as well as efforts to combat it through education and other preventive measures.
Life Insurers Falling Short With Digital Offerings: J.D. Power Analyst
According to the J.D. Power 2020 U.S. Insurance Digital Experience Study, insurers have made across-the-board improvements in clarity of information, but many still struggle with the balance of too much information and a minimalist approach.
COVID-19 has helped move a traditionally slow-to-evolve industry in a more chameleon-like way. Insurance carriers have made multiple changes to their underwriting guidelines and product portfolios. Products may have slightly different features or requirements, but they still blend seamlessly into individuals’ financial and retirement plans.
While the COVID-19 pandemic will likely impact the claims side of the insurance industry, it is also affecting another component: insurance company investment portfolios. The past decade’s historically low interest rates led insurers further into generally higher yielding assets, including IG corporate bonds.
Finding personal connections with prospects can be more challenging in this altered form of business, so we must consider the most thoughtful and impactful ways to connect while physically separated.
Fed Says ‘Full Range Of Tools’ In Play To Counter Pandemic
In its semi-annual monetary policy report to Congress, the central bank said Friday that the COVID-19 outbreak was causing “tremendous human and economic hardship across the United States and around the world.”
As states reopen, understanding the paid leave laws currently in place and having a holistic paid leave strategy will be instrumental for many employers. Here are ways benefits brokers can help.
Conquer COVID-19 Concerns For Benefits Enrollment Season
When the COVID-19 pandemic shuttered businesses across the country this spring, it may have shut the doors on some of your clients’ benefits enrollments, too. Many employees were no longer at the workplace to enroll, and even for businesses with essential workers, large gatherings to talk about benefits weren’t possible.
MetLife Inc. has agreed to pay $84 million to settle an eight-year-old class-action lawsuit filed by shareholders who claim the insurer underreported its liabilities via claims to deceased policyholders. Plaintiffs claim that MetLife failed to include data from the Social Security Administration’s “Death Master File” in tabulating its reserves.
Fed To Keep Providing Aid And Sees No Rate Hike Through 2022
The Fed has cut its benchmark short-term rate to near zero. Keeping its rate ultra-low for more than two more years could make it easier for consumers and businesses to borrow and spend enough to sustain an economy depressed by still-widespread business shutdowns from the coronavirus.
The National Association of Insurance Commissioners is converting its Summer Meeting to a virtual format.
On a year-over-year basis, May 2020 index was up 5.2% with two less business days than in the 2019 comparative period. As carriers and agents adjust to the new normal and society returns, MIB cautioned against identifying any trends given the impact of the COVID-19 exogenous event.
Through a barrage of negative news, intensified fears and an uncertain future, the COVID-19 pandemic has heightened people’s emotions. This can often affect the personal side of financial planning and overshadow the technical perspective.
