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–AmeriLife Group, LLC, a national leader in developing, marketing and distributing annuity, life and health insurance solutions, today announced an expanded partnership with One Resource Group that will enable ORG’s 10,000 agents and advisors to refer their clients with confidence to AmeriLife Direct’s Medicare experts and full-service platform.
Read more“I think there’s a ton of tailwind for this product,” one expert said.
Annuity sales rebounded in a big way throughout 2018, Wink reports. For example, total non-variable deferred annuities sales were $113.6 billion, an increase of 29.1 percent over 2017. Non-variable deferred annuities include the indexed annuity, traditional fixed annuity, and MYGA product lines.
Ohio National tells a federal judge that “and” is the key word in its selling agreements. If the judge agrees, then the insurer’s controversial decision to end trail commissions on certain variable annuity contracts might stand.
A group annuity risk transfer product, such as a pension buy-out product, allows an employer to transfer all or a portion of its pension liability to an insurer. These product sales surpassed $4.7 billion in the first quarter 2019, an increase of 240% year-over-year.
Allianz Life Insurance Company of North America added new benefit features to several of its fixed index annuities (FIAs), with “the goal of helping provide clients with more flexibility, choice, and control.”
Overall, U.S. annuity sales were $60.8 billion; an increase of 17% from the first quarter 2018 results. It is the highest first quarter for total annuity sales going back a decade.
–The Impact Partnership expands its product offering for high net worth individuals through the launch of Lincoln Impact Advantage ® Plus. The bonus fixed indexed annuity option developed with Lincoln Financial Group helps savers jump-start their retirement goals through accumulation and income. “Lincoln is excited to continue our relationship with…
The U.S. Attorney for the District of Connecticut, John H. Durham, issued the following news release:. John H. Durham, United States Attorney for the District of Connecticut, announced that ALAN GIACOMI, 46, of Watertown, was sentenced today by U.S. District Judge Michael P. Shea in Hartford to 41 months of imprisonment, followed by three years of supervised release, for…
At the Insured Retirement Institute’s Action19 conference, a panel of experts shared how new technology solutions and best interest duties are expanding and changing the fee-based space.
“I think there’s a ton of tailwind for this product,” one expert said.
AIG Life& Retirement, a division of American International Group, Inc., today announced a number of enhancements to the Power Series of Index Annuities designed to increase the level of flexibility and choice in these retirement accumulation and income solutions. Moreover, the newly enhanced Power Series of Index Annuities now also provides policyholders…
What happens when a fixed income investment — such as a certificate of deposit or a deferred fixed annuity — reaches its maturity date? Fidelity Investments found alarming misunderstanding in a new survey. Only 3% of respondents correctly indicated that a fixed indexed annuity is reinvested for the next 12 months at a lower interest rate.
The Retirement Enhancement and Savings Act (RESA) and the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act, are very similar bills that would boost annuity use in retirement plans. The House is expected to vote on the SECURE Act before a Memorial Day recess period.
–RegEd, the leading provider of Compliance Education and Product Training solutions for the financial services industry, has announced a partnership with the Insured Retirement Institute to deliver a course to help meet New York Regulation 187 requirements. “Producers must be equipped to comply with the new requirements of New York Regulation 187, and…
–Midland National Life Insurance Company, a member of Sammons Financial Group and one of America’ s leading insurance companies, today unveiled their MNL Income Planning Annuity, a new 10- year fixed index annuity. “Guaranteed lifetime income can be vital for a stable retirement, and the MNL Income Planning Annuity clarifies what the lifetime payment amount…
_ Brighthouse Financial Inc. on Monday reported a loss of $737 million in its first quarter. On a per-share basis, the Charlotte, North Carolina- based company said it had a loss of $6.31. Brighthouse Financial shares have climbed 40% since the beginning of the year.
Stop procrastinating. It’s not as hard as you think when you use turn-by-turn instructions.
The award is believed to be the largest ever paid in upstate New York and also the largest imposed on AXA in arbitration. The elderly victims oversaw the successful Fitzpatrick Poultry Farm in Whitesville, NY, for many years before suffering millions of dollars in damages at the hands of AXA and its financial advisor, Francesco Puccio, formerly of Webster, NY.
–Certified Financial Planner Board of Standards, Inc. announced today public disciplinary actions against the following individuals, effective immediately or on the date noted in each case. Public disciplinary actions taken by CFP Board, in order of increasing severity, include letters of admonition, suspensions and permanent revocations.
Since 2011, accumulation-focused annuity product sales have experienced steady growth, which LIMRA SRI researchers predict will continue over the next five years. As a result of low interest rates, income-focused annuity sales had been declining since 2015 until interest rates increased in 2018.
Securian Financial has entered the $41.5 billion bank distribution channel for individual annuities with customized products and a new sales team. Securian will offer its complete portfolio of individual annuities to banks, the company said in a news release, and is also developing specific products for the channel.
American International Group, Inc. announced that Avery Dennison Corporation, a global materials science company specializing in the design and manufacture of a wide variety of labeling and functional materials, has signed an agreement transferring approximately $750 million of pension obligations to American General Life Insurance Company, part of…
Prudential Retirement ®, a unit of Prudential Financial, Inc., has concluded about $2.6 billion in previously undisclosed longevity reinsurance contracts, an important signal of an unprecedented start to the 2019 U.K. pension risk transfer market. The funding level of the average U.K. pension scheme stood at 100.1% on March 29, 1 putting many in a favorable…
MADISON, W is.- A 24- year-old Wisconsin man stepped forward Tuesday to claim a $768 million Powerball prize, the nation’s third-largest lottery jackpot, saying he “pretty much felt lucky” the day he bought his tickets and has been worried that people want to steal his ticket. Manuel Franco, of West Allis, said he was sorting through $10 worth of quick-pick tickets…
The simulations have been run and the numbers have been crunched: annuities help improve retirement outcomes compared to investments alone. This is according to new research commissioned by Principal Financial Group ® and conducted by Michael Finke, Ph.D., CFP ®, and Wade Pfau, Ph.D., CFP ®. “Workers show strong interest in guaranteed income 1, but one-third of…
Kevin Hogan, head of insurer AIG’s Life & Retirement division, discusses living to 100 and planning for retirement
Massachusetts Mutual Life Insurance, a life insurance company, issued the following news release:. As the growth of its pension risk transfer business accelerates, Massachusetts Mutual Life Insurance Company has enhanced its website to serve PRT annuitants, improving navigation, providing more self-service features and information, and offering mobile…
The Great American Insurance Group, a property and casualty insurance company, issued the following news release:. These new products offer indexed strategies linked to well-known indexes and ETFs, including the S&P 500 (R), iShares U.S. Real Estate ETF, and iShares MSCI EAFE ETF, providing upside potential in diverse markets with complete protection against…
If you are planning to retire sometime in the next several years, then you should stress test your plans— living arrangements, retirement portfolio and income and anticipated leisure pursuits— because retirement is like your first days in kindergarten, full of surprises. In our 40 s and 50 s, as the pressures of college tuition, aging parents perhaps approaching…
Saving for future goals is not easy. Hopefully, I can help explain the differences between two commonly used tools: certificates of deposit and Deferred Annuities. CDs are issued by commercial banks or credit unions and are guaranteed by the Federal Deposit Insurance Corp. or National Credit Union Administration.
More than half of Americans say they’ d earn a“ C” or lower when it comes to financial literacy, according to a new survey conducted by Harris Poll on behalf of Prudential Financial, Inc.. “Our industry needs to drive home the importance of financial education, and lead the way in providing it, to help clear a path toward financial wellness,” said Caroline Feeney, head of…
Judge Denise J. Casper ruled that an addendum to the Ohio National selling agreement commits them to arbitration with Commonwealth Equity Services. The broker-dealer is challenging Ohio National’s decision to end trail commissions on a specific variable annuity.
NEWPORT BEACH, Calif. and NEW YORK, April 9, 2019/ PRNewswire/– Pacific Life and InsurTech firm Blueprint Income, today announced a collaboration to modernize the purchase of annuities. “We’ve heard a clear desire— especially among Generation X— to have the security of a pension that their parents relied on to achieve financial peace of mind,” said Blueprint Income…
Overall annuity sales rose 9.7 percent in 2018, with the combined sales of fixed and variable annuities reaching $218 billion, according to the Insured Retirement Institute (IRI), citing final 2018 market data for the U.S. annuity industry from Beacon Research and Morningstar.
While the Department of Labor fiduciary rule is gone, tossed out by a federal appeals court one year ago, the compliance spotlight it shone on commission annuity sales remains. If the industry doesn’t figure out how to effectively provide distribution of annuities via advisory channels, “sales are just going to fall off a cliff,” one executive says.
The annuity sales landscape changed in a major way in 2018. Sales rebounded strongly in virtually every product line, in some cases 40 to 50 percent year-over-year. Fixed annuities led the way.
Indexed annuities are positioned for significant growth, while the market share for variable annuities will continue to erode, LIMRA Secure Retirement Institute’s five-year analysis predicts.
To help clients navigate the sometimes-confusing required minimum distribution process while also enhancing their financial legacy, Allianz Life Insurance Company of North America today announced the launch of its Legacy by Design℠ fixed index annuity solution. Legacy by Design is a combination of two FIAs that work together to systematically and…
The Wisconsin Lottery says a single ticket that matched all six Powerball numbers to win the third-largest jackpot in U.S. lottery history was sold in a Milwaukee suburb. The ticket worth an estimated $768.4 million, or a cash option of $477 million, was sold in New Berlin. The city of about 40,000 people is roughly 14 miles (22.5 kilometers) southwest of Milwaukee. Lottery officials didn’t immediately identify the retailer that sold the ticket. The retailer will receive a $100,000.
A survey of 1,000 middle-income Americans with household incomes between $29,000 and $106,000 was completed in February and found that many families are not taking steps toward a secure future. Only half of middle-income Americans believe their financial security will improve in the next five years.
–Vernon Litigation Group recently filed a significant FINRA arbitration claim against Cuso Financial Services. Based on the foregoing, a FINRA arbitration claim was filed last month in Texas on behalf of the client against Cuso, including allegations of breach of fiduciary duty and negligence and supervision lapses. Previously, Vernon Litigation Group did…
“We see fixed index annuities as a huge opportunity to expand our leadership position in the annuities market,” said Joe Boan, Transamerica Chief Sales Officer. The new Transamerica Secure Retirement Index II Annuity features the NYSE ® Expanded Opportunities™ Index, which mimics the advanced quantitative finance techniques used by Morgan Stanley…
March 24– Mar. 24– More than half a billion dollars is up for grabs Saturday night in the Powerball, making the drawing the 7th- largest jackpot in U.S. lottery history. No winner was selected Wednesday, helping to boost the Powerball jackpot to $638.8 million. This is the 4th- largest Powerball jackpot, and about a third the size of the largest lottery prize of all time, a…
In a unanimous decision, the Illinois Supreme Court has affirmed the judgment of the Illinois Appellate Court and ruled that fixed indexed annuities are not securities under Illinois state law.
–Milliman, Inc., a premier global consulting and actuarial firm, announces the results of a first-of-its-kind, industry-wide study that examines insurers’ experience with combination products– those that couple life or annuity policies with Long-Term Care or Chronic Illness riders. The study, which includes data from 11 insurers focused primarily on…
For the first time since 2007, AIG Companies has taken over as the top seller of annuities according to LIMRA Secure Retirement Institute. In addition, there are two new companies in this year’s top five compared to 2017 sales.
Ameriprise Financial issued the following news release:. Ameriprise Financial, Inc. announced today that its insurance subsidiary, RiverSource Life Insurance Company, has entered into an agreement with Commonwealth Annuity and Life Insurance Company, a subsidiary of Global Atlantic Financial Group, to reinsure approximately $1.7 billion of fixed…
Annuity sales rebounded in a big way throughout 2018, Wink reports. For example, total non-variable deferred annuities sales were $113.6 billion, an increase of 29.1 percent over 2017. Non-variable deferred annuities include the indexed annuity, traditional fixed annuity, and MYGA product lines.
The Powerball jackpot continues to climb after no one matched all six numbers in Saturday’ s drawing. According to lottery officials, it’s the eighth largest Powerball prize in history. In 2016, ticket holders in three states split a nearly $1.6 billion Powerball jackpot.
Long-term-care costs can shatter your retirement nest egg, but here are some ways to pay for these potentially big bills. Traditional long-term-care policies: These are usually the most efficient way to cover costs if you end up needing care. This tends to increase premiums by 15 percent to 30 percent per year but may make you more comfortable choosing a shorter…
PartnerRe is pleased to announce that it has entered into a transaction with The Manufacturers Life Insurance Company to reinsure longevity risk from an in-force block of Canadian group payout annuities. Alan Ryder, CEO of PartnerRe North America Life commented: “PartnerRe is excited to have partnered with a company such as Manulife in completing its first…
Nationwide Advisory Solutions launched Nationwide Advisory Retirement Income Annuity (NARIA)℠, a new variable annuity (VA) with an income guarantee designed…
William Neil “Doc” Gallagher, Gallagher Financial Group, Inc., and W. Neil Gallagher, Ph.D. The Securities and Exchange Commission announced that it has charged Texas resident William Neil “Doc” Gallagher- the self-styled “Money Doctor” featured on three Dallas- area radio stations-in an emergency action to shut down a $19.6 million Ponzi scheme targeting elderly…
March 13– Mar. 13– A North Carolina man was a bit skeptical when a caller told him he’d won a $1 million prize. “I couldn’t believe it was true,” Richard Costantino of Concord told state lottery officials when he claimed his Extreme Millions prize at lottery headquarters in Raleigh on Monday, according to a lottery news release Tuesday evening. He could choose a $1…
A new lawsuit was field Monday challenging Ohio National’s decision to stop paying trail commissions on certain variable annuity contracts. Stephen K. Cook, an investment advisor representative with Triad Advisors, a Dallas, Texas broker-dealer, filed the class-action lawsuit in the Southern District of Ohio court.
Genworth is halting long-term care insurance and annuity sales through the broker general agency channel. All LTCi and annuity products will continue to be sold through other channels, Genworth said. In-force policies are not affected, the insurer added.
But much of the credit for the rebound goes to the demise last year of the fiduciary rule- the U.S. Department of Labor rule that would have required brokers and others to put clients’ financial interests ahead of their own when giving retirement-account advice. Kiplinger’s often recommends the plain-vanilla type to retirees: an immediate income annuity that…
RALEIGH Terry Splawn of Concord said he’s still in shock after he purchased a $1 million lottery ticket for the second time in two years. His first run in with good luck happened in April 2017 when he bought a Millionaire Bucks ticket from Sam’s Mini Stop on Old Charlotte Road in Concord. The second happened Wednesday, less than two years later, when he bought a $150…
A bill regulating fixed indexed annuities cleared the Arizona State Senate this week by a 29-1 vote. The bill, which sets tougher rules for disclosures and illustrations, goes to the state House of Representatives for a vote.
MetLife, a provider of insurance, annuities and employee benefit programs, issued the following news release:. MetLife, Inc. today announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. He will succeed Michel Khalaf, president, U.S. Business and EMEA, who becomes MetLife president…
A National Association of Insurance Commissioners’ working group proposed a strong plan Thursday, including doubling the time indexes must be in existence to be used in annuity illustrations. Indexes must be in existence at least 20 years under the proposed change.
–Crump Life Insurance Services and SelectQuote, an Overland Park, Kan. and San Francisco- based direct marketing organization, today announced the start of a multi-faceted strategic relationship that will bring much needed life insurance and retirement protection coverage to more distributors, businesses and consumers. We believe combining the resources…
