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.
AIG Exec: 5 Ways To Protect Clients From Elder Fraud
Only one in 44 cases of elder fraud is actually reported, according to the National Adult Protective Services Association.
Life Actuarial Task Force members voted 15-2 in a “straw poll” to proceed with language put forth by the American Council of Life Insurers. The language is designed to shore up Actuarial Guideline 49 and bring IUL illustrations more in line with actual returns.
From closed businesses, stock market crashes and income reductions (including an absolute stop of income for some), cash flow is being affected in ways unlike previous recessions. This makes the pandemic a real test of forced retirement.
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.
The Arizona House of Representatives this week approved and sent to Gov. Doug Ducey a bill to adopt a model regulation for annuity sales that requires financial professionals to act in the best interests of the consumer.
Term life insurance premium increased 8% in the first quarter, the highest since the second quarter 2007, according to LIMRA’s First Quarter 2020 U.S. Individual Life Insurance Sales Survey. Sixty percent of term life writers reported positive growth.
Three industry organizations are partnering on a joint mortality experience study that will compare individual life mortality involving COVID-19 now and into the near future. LIMRA, the Society of Actuaries (SOA) and TAI are working on an inaugural report to release later this summer.
Franklin Templeton Disavows Racism After Twitter Outrage Over Central Park Incident
Franklin Templeton Investments fired an employee following a confrontation in New York’s Central Park that was caught on video and sparked a discussion on race.
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.
1Q Deferred Annuity Sales Strong, Despite Late COVID-19 Impact
Despite COVID-19, deferred annuity sales remained strong in the first quarter at $52.7 billion, a slim 1.1% decline, according to Wink’s Sales & Market Report. The pandemic affects came late in the first quarter, industry sources note, and its impacts might be seen in second quarter results.
Carriers Cut Age Groups From Coverage
The over-60 age group had been the largest group of life insurance applicants, but carriers have had to restrict new coverage for older consumers because of COVID-19.
A new rule published today by the U.S. Department of Labor today will permit private-sector employers to post retirement plan information online or send by email.
Registered index-linked annuity (RILA) sales were $4.9 billion in the first quarter 2020, up 38% from the prior year results, according to final results from the Secure Retirement Institute U.S. Individual Annuity Sales Survey.
U.S. life insurance application activity was down 3% year-over-year in April, according to the MIB Life Index — the second consecutive month of decline.
Technology use during meetings went from being (arguably) optional to necessary in a matter of weeks for many communities, including financial advisors. As if learning new technology wasn’t tricky enough, may advisors have found themselves managing virtual client relationships with regularity for the first time.
Life Insurance ‘Will Still Be A People Business’ Despite Greater Tech
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.
U.S. single premium buy-out sales totaled $4.5 billion in the first quarter, according to the Secure Retirement Institute U.S. Group Annuity Risk Transfer Sales Survey. This represents the second-highest first-quarter sales results and only the second time first-quarter sales have exceeded $4 billion.
Early Withdrawals From 401(k)s Should Be A Last Resort
Financially stressed workers may be tempted to withdraw funds from the 401(k) accounts. But employees should explore all alternatives prior to withdrawing from their 401(k) whether it’s during this pandemic or anytime.
