Annuity News
Annuity News RSS Get our newsletter

Kiplinger’s: Annuities Can Help Clients Afford Long-Term Care

Annuity News No comments.

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…

Read more

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.

Even if the stock market rebounds from last year, a fixed indexed annuity still provides more retirement income than the same investment in the S&P 500. The major drawback is liquidity, but this is where an advisor can make the difference through effective planning.

Market volatility and loss make this the right time for clients to turn to the security of a fixed indexed annuity.

Latest Exclusives >

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…

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…
Annuities are attractive for advisors and clients because they offer income retirees cannot outlive.

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…
Annuities are attractive for advisors and clients because they offer income retirees cannot outlive.

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…
The National Association of Insurance Commissioners creates model laws for states to pass.

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…

After reviewing FINRA’s monthly disciplinary reports, press releases, and online database, Eversheds Sutherland analysts found that in 2018 the amount of fines increased compared with 2017, although the number of cases and amount of restitution were down. In addition, anti-money laundering cases continued to lead to the largest amount of fines.

A Pella woman was sentenced Monday in Jasper County Court to three-years probation for embezzlement. Christan D. Maddison, 36, received her probation order from District Court Judge Thomas Murphy. Maddison was charged with financial exploitation, a class D felony, and dependent adult abuse of a Newton resident after a federal Financial Crimes…

TRENTON- The only Mega Millions jackpot winning ticket from Friday night’s drawing, worth an estimated $267 million, was sold in Warren County. James A. Carey Jr., acting executive director of New Jersey Lottery, announced the sale Saturday in a news release, along with the winning numbers: 29, 33, 39, 60 and 66. A $10,000 winning ticket was also sold at Banner Deli and…

March 02– Mar. 2– ST. LOUIS COUNTY– St. Louis County has settled a discrimination and retaliation lawsuit for $750,000, five years after retired Sgt. County counselor Peter Krane released the settlement agreement to the Post-Dispatch Thursday in response to a Sunshine request. Tim Fitch was the police chief when O’Neil sent a letter to him and other police…

AXA Equitable Holdings, Inc. today announced financial results for the full year and fourth quarter ended December 31, 2018. Mr. Pearson continued,“ In less than a year as a publicly traded company, AXA Equitable Holdings has returned more than $1 billion to our shareholders in the form of quarterly dividends and share repurchases. As of December 31, 2018, total…
Annuities are attractive for advisors and clients because they offer income retirees cannot outlive.

Envestnet Insurance Exchange, a new insurance network that integrates insurance solutions into the wealth management process on the Envestnet platform, has agreements with six carriers — Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Company and Nationwide.

Financial advisors looking to invest client assets in annuities rank Jackson National, Lincoln Financial Group and Pacific Life in their top five across three types of annuities: variable, fixed and indexed. While Jackson National stands out as advisors’ favorite for variable annuities, Lincoln Financial Group achieves the highest consideration for fixed…

The American Council of Life Insurers issued the following statement:. The American Council of Life Insurers, the Association for Advanced Life Underwriting, and the National Association of Insurance and Financial Advisors today issued a statement announcing their support for rules requiring all financial professionals, when making a recommendation, to…
Annuity sales are booming, LIMRA reports.

Arizona is the latest state to consider its own regulation of annuity sales with a Senate bill that is moving quickly through the Legislature. The Arizona version would ban the use of indices that have not been in existence for more than 10 years in all fixed indexed annuity illustrations.

AXA Equitable Life, a leading financial services company and subsidiary of AXA Equitable Holdings, Inc., today announced Nick Lane has assumed his previously announced position as President of AXA Equitable Life with responsibilities for the company’ s Retirement, Wealth Management and Protection Solutions businesses as well as its Marketing and Digital…
Annuity sales are booming, LIMRA reports.

Total 2018 annuity sales increased 14 percent to $232.1 billion, compared with 2017 results, according to LIMRA. Rising interest rates and the elimination of the Department of Labor fiduciary rule are seen as factor boosting annuity sales, which are the best LIMRA has seen since it began tracking sales.
The National Association of Insurance Commissioners creates model laws for states to pass.

A National Association of Insurance Commissioners’ working group debated its annuity sales model throughout 2018 — mostly without success due to a few thorny issues. Finally, they put out a draft rule that skipped over many of those issues and accepted comments through Feb. 15. Those comments were released today.

Lincoln Financial Group today announced the introduction of Lincoln IRA Income Plus SM, a solution that is specifically designed to help savers maximize their retirement income on qualified savings— or the money they’ ve saved in tax-deferred retirement accounts such as IRAs. Lincoln IRA Income Plus SM is an optional benefit available with Lincoln variable…

The Insured Retirement Institute issued the following news release:. -Continued Coordination with SEC “Essential to Achieving Regulatory Consistency”. The Insured Retirement Institute filed comments today on a crucial state regulatory model affecting annuity transactions.
The indexed universal life insurance market is apparently too lucrative for Arthur J. Gallagher & Co. to ignore.

Arthur J. Gallagher & Co. acquired Partners Advantage Insurance Services and AMZ Financial Insurance Services on Jan. 28. The move marked the first substantial entry by Gallagher into the independent marketing organization channel of insurance distribution.

The Teachers Insurance and Annuity Association issued the following news release:. Future features are slated to include personalized account information, daily market briefings and information about TIAA Bank accounts. The TIAA Virtual Assistant has supported over 35,000 customer interactions and answered more than 104,000 questions since its…
Many Americans trust and want to work with financial advisors on their retirement plan.

A retirement plan has two major objectives. One is to provide assurance that you will not run out of money at an advanced age. Reflecting this objective, and because only an annuity pays you until you die, with few exceptions every retirement plan should contain an annuity.

Dramatic moves in the market may cause you to question your strategy or worry about your money. When the market moves it can be a good reminder to review investments regularly. Diversification1 can help the overall risk in your portfolio and match your personality and goals.

At its annual all-company meeting, Securian Financial announced solid preliminary 2018 financial results, including year-over-year increases in total sales, top-line revenue and earnings. “In 2018, Securian Financial achieved strong financial performance while significantly advancing our strategic priorities and increasing our community…

The Securities and Exchange Commission issued the following news release:. The Securities and Exchange Commission today announced that it is extending for one month the comment period on the proposed rulemaking to amend rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance…

Feb. 15– A historic home in Pasadena, the Kelsey House, is the grand prize in this year’s Palos Verdes Art Center Dream House Raffle. The 2,803- square-foot home, set on a woodsy, two-thirds acre above the 7th fairway of the Annandale Country Club, was designed in 1962 by noted architects Thornton Ladd and John Kelsey for Kelsey and his family. The house last sold for…

RGA Life Reinsurance Company of Canada, a subsidiary of Reinsurance Group of America, Incorporated, a leading global life reinsurer, today announced the completion of a transaction with The Manufacturers Life Insurance Company to reinsure longevity risk from an in-force block of Canadian group payout annuities. “We have a long-standing partnership with…
A new agreement between Jackson National and DPL will bring Jackson annuities into the RIA channel.

DPL Financial Partners and Jackson National Life Insurance Company have an new agreement to bring the carrier’s advisory annuity products to fee-only advisors. The deal represents Jackson’s first distribution partnership targeting the independent RIA channel.

_ Brighthouse Financial Inc. on Monday reported fourth-quarter net income of $1.44 billion. On a per-share basis, the Charlotte, North Carolina- based company said it had net income of $12.14. Brighthouse Financial shares have climbed 17 percent since the beginning of the year.

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating of B++ (Good) of EquiTrust Life Insurance Company (EquiTrust).

That’s the big question I’m always asked. By the time you are ready to put in your final notice, you’ve got money squirreled away in a million different places; 401 s, IRAs, Roth IRAs, brokerage accounts, savings accounts the list goes on. And all you really want to know is, “How do I actually take the money out?

Feb. 08– A South Carolina woman was grocery shopping when she decided to treat herself to a birthday gift, and bought a Powerball ticket, the North Carolina Education Lottery said in a news release. Konopacke was shopping at a Publix in Hendersonville, and was in her car about to leave the parking lot when she realized she had not bought a Powerball ticket, according…
The Rolling Stones are touring again, with sponsorship from an unusual source.

The Alliance for Lifetime Income, formed last year to promote retirement income options, has signed on as the sole sponsor of The Rolling Stones’ 2019 “No Filter” U.S. stadium tour. The tour kicks off April 20 at the Hard Rock Stadium in Miami and continues into late June.

Feb. 05– A South Carolina man drove across the border to play Carolina Keno, his favorite NC lottery game, when, on a lark, he also bought a scratch-off ticket in a different game, NC Education Lottery officials said in a news release Tuesday morning. Mark Murphy of Lancaster is glad he did, as he won a $1 million prize with the $10,000,000 Colossal Cash scratch-off…
Ohio National faces several lawsuits over its decision to end trail commissions.
Exclusive

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.

Annuities are attractive for advisors and clients because they offer income retirees cannot outlive.

A letter signed by 14 IMO executives was sent last month to the leading trade associations that represent annuity sellers. They say trade groups are too accepting of best-interest ideas put forth by the National Association of Insurance Commissioners.

Several ways exist for individuals to leave assets to their favorite charities. The following are some examples of how that can be done:. Using your will and trust to make gifts to charities by making specific gifts in those documents;.

Ameriprise Financial, Inc. today reported fourth quarter 2018 net income of $539 million, or $3.76 per diluted share. Adjusted operating earnings excluding items increased 12 percent to $544 million, with adjusted operating earnings per diluted share excluding items up 21 percent to $3.80. These market challenges also create opportunities for Ameriprise…

Accenture has integrated RGA’ s AURA ® underwriting rules engine into the Accenture Life Insurance and Annuity Platform, making ALIP the first such platform to provide an out-of-the-box option. “Until now, underwriting time and capacity constraints have impeded the progress of fully underwritten and simplified-issue life insurance products,” said Patti…

Lockheed Martin Corporation has transferred approximately $1.8 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc.. Peggy McDonald, a Prudential vice president who helped negotiate this agreement, said,“ We are proud that Lockheed Martin…

MetLife will pay retroactive benefits to policyholders in New York State and elsewhere totaling more than $189 million. The insurer has already paid $123 million of the approximately $189 million to consumers whose group annuity benefits had been lost or delayed.

–Today, DPL Financial Partners, the insurance network for registered investment advisors, and Security Benefit Life Insurance Company launched a new fixed index annuity built in response to feedback from DPL’ s RIA members. “The launch of this ClearLine FIA reflects the power of the DPL network in action,” said DPL Founder and CEO David Lau.“ We gathered feedback…
Exclusive

Even if the stock market rebounds from last year, a fixed indexed annuity still provides more retirement income than the same investment in the S&P 500. The major drawback is liquidity, but this is where an advisor can make the difference through effective planning.

Arthur J. Gallagher & Co. is acquiring Partners Advantage Insurance Services, a blockbuster deal that gives the Chicago-based insurance giant an entry into the insurance marketing organization space. Established in 1927, AGC is the third-largest insurance broker in the world.

The business to be transferred, which has been marketed under the Great-West Financial brand, includes bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities, and a portion of Great-West’s closed block life insurance and annuities.

“With Bermuda’ s leadership position within this industry, it is paramount to have a strong presence at ReFocus to continue raising our profile and attracting further interest from prospective clients,” said Jereme Ramsay, Business Development Manager for Risk Solutions at the BDA.“ The content and audience offer a natural fit for Bermuda- based carriers and…

Joe Wilson, R- S.C., has introduced legislation to amend title 10, U.S. Code, “to repeal the requirement for reduction of survivor annuities under the Survivor Benefit Plan for military surviving spouses to offset the receipt of veterans dependency and indemnity compensation.” John A. Yarmuth, D- Ky. It was referred to the House Armed Services Committee.

Brighthouse joins other insurers such as Allianz, Jackson National and Global Atlantic on the Envestnet exchange. The platform is designed to help advisors from a need-specific versus a product-specific perspective, so as to steer client discussions toward protecting income and then searching for a solution via software.

LPL Financial broker Lance Browning refiled a lawsuit Friday seeking damages from Ohio National’s surprise decision to cut trail commissions on certain variable annuities. The plaintiff strategy is shifting from a class-action request to individual lawsuits on behalf of brokers, an attorney said.