Wink, Inc. revealed enhancements to their industry-leading analysis tool for annuities, “annuity intel in your pocket,” AnnuitySpecs.
Read moreApparently, my kids don’t go to school and brag about how their dad sells indexed annuities. Stocks and bonds are clearly more glamorous. I wonder if my kids have watched too many Ken Fisher commercials?
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.
A class-action lawsuit alleging that Security Benefit Life Insurance Co. defrauded consumers by implementing a “fraudulent scheme” involving a proprietary index used in two fixed indexed annuities was quietly withdrawn last week.
A key National Association of Insurance Commissioners’ committee put its tentative stamp of approval Sunday on a strengthened suitability in annuity transactions model law. The annuity sales model could be sent to the states early in 2020.
PHP Leadership Continues to Expand ADDISON, Texas- December 5, 2019-. Robert Kerzner, CLU, ChFC, former President and CEO of LIMRA, LOMA, and LL Global Inc., is joining the PHP Agency Inc. Board of Directors. After graduating from Central Connecticut State University in 1974, Bob joined Hartford Life and set performance records in field sales and management.
HOLON, Israel, Dec. 5, 2019/ PRNewswire/– Sapiens International Corporation,, a leading global provider of software solutions for the insurance industry, announced today that Patriot Life Insurance Company, a North American life insurance provider with an extensive network of independent agents, upgraded to Sapiens UnderwritingPro for Life& Annuities…
Apparently, my kids don’t go to school and brag about how their dad sells indexed annuities. Stocks and bonds are clearly more glamorous. I wonder if my kids have watched too many Ken Fisher commercials?
The Annuity Suitability Working Group is preparing to present a tentative draft of its annuity sales model, which the group voted to finalize Nov. 5, to its parent committee this weekend in Austin, Texas. The model incorporates a best-interest standard into existing suitability principles.
Eight in 10 employers say their employees are struggling financially as they face persistent problems such as saving for retirement, paying down debt and dealing with medical expenses, to name a few, according to new research from Massachusetts Mutual Life Insurance Company. The 2019 MassMutual Workplace Financial Wellness Study 1 finds that 79% of…
Variable annuity sales in the third quarter were $21.2 billion, an increase of 1% over the previous quarter. Variable annuities have no floor, and potential for gains/losses that are determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
The U.S. life/annuity industry increased its holdings in structured notes by one-third over a three-year period, with book adjusted/carrying value reaching $16 billion in 2018, up from $12 billion in 2015, according to an AM Best report. Larger insurers are the primary purchasers of structured notes, as they typically have more sophisticated investment…
“Moderate growth” is the projection for both the property & casualty and life/health sectors going forward, a leading analyst says, but far greater opportunities exist for certain products. In particular, long-term care insurance and longevity annuities could and should grow, said Chip Roame, managing partner of Tiburon Strategic Advisors.
Year-to-date pension buy-out sales were $16.7 billion, more than 4% higher than the first nine months of 2018. There were 111 new buy-out contracts sold in the third quarter bringing the year-to-date total to 301 compared with 281 contracts sold in the first nine months of 2018. Half of the companies reported an increase in contracts sold.
Its facility was at 1520 Germantown St. in Dayton, with a satellite office at 8145 N. Main St. in Clayton. The judgment announced Wednesday follows an investigation by the U.S. Department of Labor’s Employee Benefits Security Administration’s Cincinnati office, which found that the mental health service provider and fiduciaries Gayle Johnson and Akil Sharif…
Variable annuity sales were $26.5 billion in third quarter 2019, 6% higher than third quarter 2018, according to the Secure Retirement Institute. This represents the highest quarterly VA sales results in three years
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…
–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,…
BOSTON – Nov. 13, 2019 – One-third of 65-year-olds will likely live past 90, but many are underfunded for that…
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.
Baltimore, Md. (November 7, 2019)— LifeMark Partners and BRAMCO Financial Resources have joined forces to create LIBRA Insurance Partners (LIBRA),…
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.
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 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.
To safeguard your financial health, now would be a great time to give your holdings a thorough checkup, looking carefully for any potential weak spots.
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…
Three consumers filed a class-action lawsuit alleging that Security Benefit Life Insurance Co. defrauded consumers by implementing a “fraudulent scheme” involving a proprietary index used in two fixed indexed annuities.
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.
1035 exchanges let you trade up for a better annuity or trade in unneeded life insurance.
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 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.”
Foresters Financial today announces that it has entered into a definitive agreement with Nassau Financial Group, subsidiary Nassau Life Insurance Company, to acquire Foresters Financial Holding Company, Inc. and its subsidiary Foresters Life Insurance and Annuity Company.
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…
MINNEAPOLIS – Americans’ fear of a recession continues to rise, as half of Americans now say they are worried a…
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.
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…
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…
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…
The collaboration enables Jackson’s wholesalers to show financial professionals how to use eMoney’s comprehensive financial planning software to evaluate how protected lifetime income can help address certain needs in retirement.
Take some lessons from the mistakes many retirees made during the downturn that socked stocks in 2008. By adjusting accordingly, you don’t have to fear outliving your retirement portfolio, even if you’re about to retire.
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.
