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Defining What Good Customer Experience Looks Like Is Crucial: LIMRA

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WINSOR, Connecticut, Nov. 14– LIMRA issued the following news release:. We all know good customer experience when we see it. “Today’s consumers are comparing the experiences they have with financial services companies with the ones they have with tech firms, like Amazon, Apple and the like,” said Todd Silverhart, Ph.D., corporate vice president and director of LIMRA…

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The Independent Insurance Agents and Brokers of New York filed an appeal Monday challenging a New York Supreme Court ruling upholding Regulation 187. The state’s new regulations governing annuity and life insurance sales, Regulation 187 is viewed by the industry as being too punitive.

Actress and model Brooke Shields, 54, is a near perfect fit for this year’s Life Insurance Awareness Month campaign, said Faisa Stafford, president and chief financial officer of Life Happens. So far, more than 60 million people have seen either Shields’ television or radio ads.

State insurance regulators moved briskly through four topics as they try to thread the needle between suitability and fiduciary in crafting an annuity sales model law.

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–The Guardian Life Insurance Company of America announced today that Andrew McMahon, an industry veteran and head of the company’s largest business, has been elected President by its Board of Directors. Mr. McMahon’s appointment is part of Guardian’s regular succession planning process and is effective January 1, 2020. Mr. McMahon, who joined Guardian in 2017,…

These legal documents can’t just be put in a drawer and forgotten for years and years. They need to be tended to periodically, or else they may cause problems when you need them the most.
The National Association of Insurance Commissioners creates model laws for states to pass.

An NAIC working group tentatively approved a new annuity sales model Tuesday. But the rule remains a long ways from the finish line. Next, the parent Life Insurance and Annuities (A) Committee will take up the rule during the fall meeting of the National Association of Insurance Commissioners.

Industry executives are stepping up lobbying efforts to persuade Senate Majority Leader Mitch McConnell, R-Ky., and Senate Minority Leader Chuck Schumer, D-N.Y., to take action on the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

_ Brighthouse Financial Inc. on Monday reported third-quarter net income of $683 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Charlotte, North Carolina- based company said it had net income of $6.06. Brighthouse Financial shares have increased 31% since the beginning of the year.
The National Association of Insurance Commissioners creates model laws for states to pass.

Insurance commissioners tabled a proposal today to create a Life Insurance and Annuity Illustration Working Group to complete a comprehensive and coordinated review of annuity and life insurance illustrations. The proposed working group would coordinate illustration issues, particularly with indexed products, across annuity and life insurance.
The National Association of Insurance Commissioners creates model laws for states to pass.

The Annuity Suitability Working Group will hold a two-hour conference call Tuesday that could run longer if that’s what it takes to finish, the group said. According to a call invite, the working group “wants to finish its work and forward the draft to the Life Insurance Committee for its consideration at the end of this call,” which would require a vote.

Less than three months after receiving an IRS Private Letter Ruling that eases the taxation of advisory fees, Great American Life ® released a new endorsement that goes one step further to simplify the payment of advisory fees from an annuity. Plus, clients had to consider how the withdrawal would affect their annuity benefits,” says Tony Compton, Great…

Security Benefit Life Insurance Company today announced the launch of its new Strategic Growth Series Annuities, two new fixed index annuities which offer contract-holders the ability to safely accumulate and grow retirement assets without the risk of market losses. “We set out to design an annuity series that provides financial representatives and…

VA sales have declined steadily over the last decade, having peaked at $184 billion in 2007. In 2018, VA sales dropped to approximately $100 billion, down 46% from 2007. Today, fixed annuity sales, led by FIAs, now surpass VA sales, stemming from the uncertainty created by the potential fiduciary rules the U.S. Department of Labor had contemplated a few years ago.
Annuities are attractive for advisors and clients because they offer income retirees cannot outlive.

A new study from BNY Mellon Investment Management revealed the majority of Americans surveyed have limited understanding about fixed income investing regardless of age, income or education level. For example, only 8% of those surveyed were able to identify the definition of fixed income investments.

Today it’s common for Americans to spend two, three or even four decades in retirement. This means people have ample time to relax and achieve a bucket list of dreams. Consider this example: a retired couple planning to live on $60,000 in 1994 would require $103,842 today to maintain their standard of living, according to the Bureau of Labor Statistics, Consumer…
The National Association of Insurance Commissioners creates model laws for states to pass.

The Annuity Suitability Working Group is making a furious bid to nail down language of an annuity sales model law by the NAIC fall meeting the first week of December. The group took on the heart of the model this week: “The Duties of Insurers and Producers,” starting with “Best Interest Obligations.”

As you near retirement, you might look back and think that saving for this next stage of life was the easy part. During your working years, the big decisions were how much to save and where to invest. Once you’ve nailed down your anticipated expenses, subtract all your expected guaranteed sources of income, such as a pension, annuity and Social Security.

Lincoln Financial Group announced it has introduced two new products for registered investment advisors: a commission-free, single premium immediate annuity, Lincoln Insured Income SM Advisory and a commission-free deferred income annuity, Lincoln Deferred Income Solutions SM Advisory. These new solutions will help fee-only advisors provide options…
The National Association of Insurance Commissioners creates model laws for states to pass.

The Annuity Suitability Working Group wants to make sure its annuity sales model law will not disturb exemptions granted under Dodd-Frank. The group is holding two-hour conference calls in a bid to finally complete the model law before the National Association of Insurance Commissioners’ fall meeting in December.

As more Boomers are becoming caregivers themselves for their parents and loved ones, the realities of the costs and work involved are sinking in. It’s time to make a plan for yourself.

A broker who sued Ohio National to recoup trail commissions will appeal an Oct. 2 ruling dismissing his lawsuit, his attorney says. Stephen Cook, a Dallas-based advisor affiliated with Triad Advisors, filed a class-action lawsuit filed in March challenging Ohio National’s decision to stop paying trail commissions on certain variable annuities.
Annuities are attractive for advisors and clients because they offer income retirees cannot outlive.

A judge for the Southern District of Ohio tossed out a pair of lawsuits by separate brokers last week, bolstering Ohio National’s 2018 decision to eliminate trail commissions on certain variable annuities. But a pair of other lawsuits can proceed, judges have ruled.

The Annuity Suitability Working Group is holding two-hour conference calls in a speeded-up timeline designed to finally complete the model law. The group wants to present the model to the A Committee during the National Association of Insurance Commissioners’ fall meeting in December.

Nassau Financial Group today announced its entry into the accumulation-focused fixed indexed annuity space with its inaugural product, Nassau SM Growth Annuity. In addition, Nassau continues to take a leading role in the Hartford region’ s insurance and insurtech industry through its incubator, Nassau Re/Imagine. Nassau Growth Annuity Nassau Growth…

The U.S. Attorney for the Southern District of New York, Geoffrey S. Berman, issued the following news release:. Geoffrey S. Berman, the United States Attorney for the Southern District of New York, and Peter C. Fitzhugh, the Special Agent in Charge of the New York Field Office of Homeland Security Investigations, announced today the unsealing of an Indictment…

Pacific Life announced today that Pacific Index Foundation ®, a deferred fixed indexed annuity, is now available to TD Ameritrade clients. TD Ameritrade has offered a curated lineup of fixed annuities and fee-based variable annuities to clients since 2012, and now Pacific Index Foundation becomes the first fixed indexed annuity to be offered on the…

–Simplicity Group Holdings is pleased to announce that it has acquired Executive Brokerage Services, Inc., an independent insurance distribution company founded over 35 years ago, and that it welcomes Bernie Vukelich and Brian Lipinski as its newest Principals. Under the current leadership team of Bernie Vukelich and Brian Lipinski, they have expanded…
Total annuity sales were up in the second quarter, according to Beacon Research and Morningstar sales data.

The combined sales of fixed and variable annuities totaled $60.7 billion, compared to sales of $57.7 billion in the first quarter of 2019, according to data reported by Beacon Research and Morningstar.

–ADISA, the nation’s largest trade association for the retail alternative investment space, announced today that its government relations team met with regulators in New Jersey earlier this week to discuss the state’s impending fiduciary rule. ADISA board member and former president, John Grady, along with Thomas Rosenfield, attended the meeting.

Great American Life Insurance Company ® is pleased to announce its fee-based fixed-indexed annuity, Index Protector 7, is now available on BNY Mellon’ s Pershing registered investment advisor custody platform. According to Tony Compton, Great American Life Vice President of Broker/Dealer and RIA Sales,“ Great American is committed to supporting the RIA…
The National Association of Insurance Commissioners creates model laws for states to pass.

After roughly 18 months of meetings, the group is in tentative agreement on a best interest standard for annuity sales. But New York officials are adamant that the standard apply to in-force policies, a move other regulators are hesitant to make.

Sep. 16– Good question, and yes, everyone’s asking. The U.S. economy has experienced 10 recessions since 1950, according to the National Bureau of Economic Research. The most severe was the Great Recession of 2008-2009, and the mildest was 2001, according to Dan Roccato, president of Quaker Wealth Management in Moorestown, N.J..

Leading direct-to-consumer life insurance provider Vantis Life Insurance Company has introduced a new series of annuity products available for direct purchase online. Vantis Life is rated A+ by A.M. Best, the world’ s most authoritative insurance rating and information source. Since 1942, Vantis Life Insurance Company has specialized in providing…

–Following the recent IRS Private Letter Ruling allowing favorable tax treatment of advisory fees from non-qualified annuities, Nationwide Advisory Solutions continues to optimize its retirement income solutions built expressly to fit the way RIAs and fee-based advisors work, launching a new lifetime income rider and two new enhancements to…
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The Independent Insurance Agents and Brokers of New York filed an appeal Monday challenging a New York Supreme Court ruling upholding Regulation 187. The state’s new regulations governing annuity and life insurance sales, Regulation 187 is viewed by the industry as being too punitive.

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.

Pacific Life Insurance Company just introduced Protected Investment Benefit, an optional benefit available with certain Pacific Life variable annuities. As a long-term investment designed for retirement, a Pacific Life variable annuity can provide guaranteed lifetime income and unlimited growth potential. “When clients are closing in on retirement,…

The 57- year-old from Ogemaw County in northern Michigan recently won $17 million on the ticket he ended up buying the next day, according to the Michigan Lottery. “I usually buy a Lotto 47 ticket every Friday along with a Mega Millions ticket,” the man, who chose to remain anonymous, told the Michigan Lottery. “I got up Sunday and checked my ticket with my phone,” he told…
Ash Brokerage and AIMCOR have reached a deal to join forces.

Ash Brokerage, a Fort Wayne, Ind. brokerage general agency, is becoming a member of the AIMCOR Group. A national insurance marketing organization, AIMCOR distributes and services life, disability, LTC and annuity products through a variety of independent and other channels.

Between your 401 or pension, your IRA and Social Security, you hope to have enough to enjoy a comfortable retirement lifestyle. Yet, you may want, or need, to find other financial resources one of which might be a fixed annuity, which offers a guaranteed interest rate and can be structured to provide a lifetime income stream.

Accenture today announced that Principal Financial Group (R) has implemented the Accenture Life Insurance& Annuity Platform to enable its digital growth strategy with enhanced service levels and operating efficiency. “ALIP will help us improve our customer and advisor experience by providing the foundation to enhance our digital capabilities, deliver…

If you participate in a pension plan at work, you might be offered a buyout at some point. This could happen if your employer wants to shrink its future pension obligations or if your company has been bought, and your new employer decides to terminate your existing pension plan. Other sources of retirement income- If you don’t think you will have enough money from…
Brooke Shields succeeds racecar driver Danica Patrick as the face of Life Insurance Awareness Month.
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Actress and model Brooke Shields, 54, is a near perfect fit for this year’s Life Insurance Awareness Month campaign, said Faisa Stafford, president and chief financial officer of Life Happens. So far, more than 60 million people have seen either Shields’ television or radio ads.
Pension buy-out sales continue to set records, LIMRA reports.

U.S. single-premium pension buy-out product sales surpassed $4.7 billion in the second quarter 2019, which is the 18th consecutive quarter of $1 billion+ sales. This also represents the second consecutive quarter of sales over $4.7 billion, according to the LIMRA Secure Retirement Institute.

Allianz Life Insurance Company of North America announced today that it has received a favorable private letter ruling from the Internal Revenue Service regarding the tax treatment of advisory fees taken from nonqualified, fee-based annuities. About Allianz Life Insurance Company of North America. Allianz Life Insurance Company of North America, one of…
Many seniors are not prepared for the cost of retirement.

The Life Insurance and Annuities Committee established the Retirement Security Working Group during the NAIC Summer Meeting in New York City earlier this month. The group’s efforts could include working with the Interstate Insurance Product Regulation commissioner to develop new lifetime income products.

Aug. 24– ALBANY– Veterans in the Empire State are getting some extra protections against potential scammers known as “pension poachers.” The measure, dubbed the Pension Poaching Prevention Act, will help stop scammers who profit by selling unsuspecting veterans financial products they don’t need or charging them to apply for benefits from the U.S. Department of…
Annuities are attractive for advisors and clients because they offer income retirees cannot outlive.

Second-quarter annuity sales were up sharply again across the board, continuing a sales rebound that began with the defeat of the Department of Labor fiduciary rule early in 2018. Sales were led by fixed indexed annuities. In the first six months of 2019, FIA sales were $38 billion, an increase of 18%, compared with the first six months of 2018, LIMRA reported.

Aug. 21– Two life insurance companies have agreed to pay more than $117,000 to refund 25 Pennsylvanians who were sold financial products that unnecessarily cost them thousands of dollars, the state Insurance Department said Tuesday. A pair of agents from Pittsburgh, Donald L. Gilberg and Nicole P. Gilberg, convinced consumers to replace their annuities with new…

CUNA Mutual Group issued the following news release:. CUNA Mutual Group today announced the launch of Zone Income Annuity, which includes features that address all phases of retirement, including a protected lifetime income feature that locks in a minimum income stream to the policyholder for life. “One of peoples’ biggest fears–and they share it every day…

Legal and General Group, a provider of insurance, savings and investment management products, issued the following news release, dated August 14:. Legal& General today announced that in H1 2019 it completed a bulk annuity transaction with the Hitachi Data Systems Retirement Benefits Plan, covering around 120 members. This is the third transaction between Legal&…