Americans on average expect to retire two years sooner than they did five years ago and many more say they intend to retire before age 60, potentially reflecting a spike in 401 balances, according to research from Massachusetts Mutual Life Insurance Co.
Read moreIndexes have increased in choice but with more choice comes greater complexity. Comparisons between indexes too often are made without a firm understanding of the structure behind the index. This causes both financial professionals and their clients frustration with something that should be viewed as a positive.
A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.
National Association of Insurance Commissioners members are debating how to best create an online resource of life insurance information for consumers. The effort is meant to supplement the NAIC Life Insurance Buyer’s Guide. More consumers are getting information online, so that’s where regulators want to be.
Indexes have increased in choice but with more choice comes greater complexity. Comparisons between indexes too often are made without a firm understanding of the structure behind the index. This causes both financial professionals and their clients frustration with something that should be viewed as a positive.
Millennials with life insurance have a self-reported life insurance gap of $352,000 in 2018, with enough life insurance protection in place to cover only 22 percent of their self-reported coverage needs. The Millennial generation’ s gap is sharply higher — 60 percent greater — than the gap for the general population, which is 49 percent.
NEW YORK, November 13, 2018 — The Millennial generation is now the least prepared for unexpected life events due to…
A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.
Nov. 10– A Williamsville man admitted in federal court on Friday he stole from the International Union of Painters and Allied Trades and an insurance company after the death of his brother, the U.S. Attorney’s Office said. Timothy McCluskey was eventually issued $2,500 in life insurance proceeds, according to prosecutors. The U.S. Department of Labor Office of…
From volunteering for pro-public education candidates to running for office in record numbers, California educators proved once again that when it comes to their students, they are willing to do what it takes to make sure they get the public education they deserve. California’s millions of public school students were big winners last night as voters joined…
-Sun Life Financial Inc. today announced its results for the third quarter ended September 30, 2018. “In the third quarter, underlying net income was strong at $730 million, and return on equity was 14%, at the high end of our target range,” said Dean Connor, President and CEO, Sun Life Financial. Underlying net income in the third quarter of 2018 increased $87 million to…
–Massachusetts Mutual Life Insurance Company announced today that its Board of Directors has approved a record $1.72 billion estimated dividend payout in 2019 to eligible participating policyowners and members, once again demonstrating outstanding policyowner value and underscoring its strong financial position. Further, over the past decade,…
_ Brighthouse Financial Inc. on Monday reported a loss of $271 million in its third quarter. The Charlotte, North Carolina- based company said it had a loss of $2.26 per share. Brighthouse Financial shares have dropped 27 percent since the beginning of the year.
Northwestern Mutual has paid a dividend every year since 1872– even in challenging economic conditions. Northwestern Mutual leads the industry in total dividends paid to policyowners for both life and disability income insurance. “This record dividend clearly demonstrates our consistent performance, our overriding commitment to do what’s best for our…
Life insurance provides a financial safety net for families. “If there’s no one else depending on your income, you probably don’t need much or any at all,” said Alyssa Lum, certified financial planner and founder of Luminate Financial Planning in Sterling, Virginia. Stay-at-home parents don’t need as much, but should have some coverage, said Greg Klingler, a…
The American Council of Life Insurers issued the following statement by President and CEO Susan Neely on the Family Savings Act, which was approved by the House Ways and Means Committee:. “The Family Savings Act of 2018 approved today by the House Ways and Means Committee falls short of what is needed to help address challenges facing America’s retirement…
–In support of its holistic retirement offerings, John Hancock announced today that Gary Tankersley has been promoted to head of Sales and Distribution for John Hancock Retirement Plan Services. In this role, Mr. Tankersley is accountable for growing JHRPS business in all segments of the market, encompassing start-ups to large organizations and the…
MetLife, a provider of insurance, annuities and employee benefit programs, issued the following news release:. MetLife, Inc. today announced that its board of directors has approved a new $2 billion authorization for the company to repurchase its common stock. In May 2018, MetLife announced a $1.5 billion repurchase authorization and the company has bought…
Voya Financial is halting alll new life insurance sales on Dec. 31, company officials said this week. The company will retain its in-force block. Voya previously sold its closed block of variable annuities and said in February that it would review its life business.
The American Council of Life Insurers issued the following news release:. These and other industry highlights are included in the American Council of Life Insurers 2018 Life Insurers Fact Book released today. “The new data tells a familiar but important story- life insurers provide invaluable assistance to American families and the U.S. economy,” said ACLI…
Universal life was a very popular product in the 1980s, when interest rates routinely hit double digits. When interest rates nosedived, however, it began a negative spiral that took UL policyholders down a financial rabbit hole. While some surrendered their policies and took the loss, others keep paying much-higher premiums. What can be done?
Gloria Camp, owner of Main Source& Associates, describes how she got into the insurance industry as a “divine appointment” about 15 years ago. Camp has now been a business owner for over 35 years and has been the owner of Main Source& Associates for 15 years. Main Source& Associates is located at 1170 Washington St., Clarkesville.
Police say Stephanie Rogers of Monticello, a former political candidate and wife of former Mayor Joe Rogers, plotted to kill his ex-wife and then Rogers himself so she could collect on a life insurance policy and inherit his business. No hits were carried out and Stephanie Rogers was jailed on $500,000 bond.
–The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.27 per share on October 22, 2018. Kansas City Life Insurance Company was established in 1895 and is based in Kansas City, Missouri. SOURCE Kansas City Life Insurance Company.
The United Services Automobile Association issued the following news release:. To learn more about USAA life insurance, visit usaa.com/life. This is the second rate reduction for term products by USAA in the last two years.
Did you ever dream of hitting a huge lottery jackpot? The odds might be astronomical, but someone will win what is the second-largest prize in history. In the hectic days that follow, one must is to assemble an accountant/financial planning team, analysts say.
Imagine you have just lost a loved one. As affairs are sorted out over the subsequent days, you unfortunately come to discover that the beneficiary listed on that loved one’s life insurance policy is inaccurate, having not been updated in decades. This situation is actually much more common than you might imagine.
National Association of Insurance Commissioners members are debating how to best create an online resource of life insurance information for consumers. The effort is meant to supplement the NAIC Life Insurance Buyer’s Guide. More consumers are getting information online, so that’s where regulators want to be.
Recognizing the need for long-term local assistance for those who have experienced a natural disaster or act of mass violence, New York Life and the Alliance for Strong Families and Communities today announced the selection of 16 non-profit, community-based organizations to receive grants to continue their work in communities affected by disasters in…
–Northwestern Mutual is committed to the fight against childhood cancer, and the company, through its Foundation, today announced the funding of four new grants to support additional research for better cures and treatments. Each Young Investigator grant recipient will receive $150,000 from Northwestern Mutual over three years. Northwestern Mutual is…
The American Council of Life Insurers issued the following news release:. The American Council of Life Insurers, whose member companies provide financial and retirement security to 90 million American families, elected its chair, officers and ACLI Board of Directors at the 2018 ACLI Annual Conference today. Ameritas CEO JoAnn Martin will serve as chair for…
Lansing, MI – Oct. 12, 2018 – Jackson National Life Insurance Company® today announced that Chief Executive Officer Barry Stowe…
The accused defrauded older clients out of more than $2.5 million by “(holding) herself out as a financial adviser specializing in retirement planning,” according to the criminal complaint filed in the U.S. District Court in the Illinois Northern District. Lucita Zamoras focused on the elderly, particularly immigrants.
Longtime CEO Robert Kerzner is stepping down at the end of the year, and will be replaced by a former colleague at The Hartford. LIMRA/LOMA are the world’s largest association of life insurance and financial services companies.
UT Life Insurance, a major player in the life insurance industry in Ghana, has rebranded to miLife Insurance with a promise to deploy technology to deepen life insurance penetration in the country. The corporate re-branding consist of a new corporate brand name, a new identity, a new slogan Live More and a renewed focus. Speaking at the rebranding programme in…
A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.
Braintree, MA. (October 9, 2018) — U.S. life insurance application activity was off slightly in September, down -0.4% year-over-year, according…
Transamerica Life Insurance Company has agreed to settle a class action lawsuit brought on behalf of policyholders across the United States alleging that Transamerica improperly increased the monthly charges that the company withdrew from the accounts of policyholders who own certain “universal life” insurance policies. Under the proposed settlement,…
A few creative new life insurance and annuity products hit the market recently, led by Allstate’s Monthly Income Term.
NEW YORK, October 2, 2018 – New York Life Ventures, the venture capital arm of New York Life, has identified…
LAS VEGAS, Oct. 03, 2018 (GLOBE NEWSWIRE) — Millennial families are not buying life insurance at nearly the pace of…
–Pegasystems Inc., the software company empowering customer engagement at the world’s leading enterprises, today announced the results of a new survey that revealed how consumers perceive their insurance companies. While the majority are very satisfied with their insurers, this does not always equate to customer loyalty– 71 percent said simply receiving a…
The California Department of Insurance issued the following news release:. An investigation by the California Department of Insurance revealed that Peter Kim, a licensed insurance agent, allegedly sold two policies to his wife, Jin Kim, and falsely listed her as a niece and beneficiary of the insured. During the same time, Jin Kim purchased another life…
By a News Reporter-Staff News Editor at Insurance Weekly News– Prudential Financial, Inc. announced that its Board of Directors has appointed Charles Lowrey as the company’s next CEO and member of the Board, effective December 1, 2018. Lowrey, who currently serves as executive vice president and chief operating officer, International Businesses of…
John Hancock is transitioning all of the company’s life insurance policies to policyholders who commit to making healthy choices. The interactive policies will track fitness and health data through a variety of smartphones and wearable devices such as the Fitbit.
Frederick, Maryland, Sept. 19, 2018 – Legal & General America (LGA), today announced the appointment of Mark Holweger as President…
HOUSTON – September 18, 2018 – American International Group, Inc. (NYSE: AIG) has announced newly reduced rates for Select-a-Term, the…
NEW YORK – Life insurance is Social Security’s mirror image in the private sector, an auxiliary safety net that has…
Braintree, MA — U.S. life insurance application activity held its own in the dog days of summer, flat at -0.1%…
Nestle today announced that it agreed to sell the Gerber Life Insurance Company, to Western& Southern Financial G roup for USD 1.55 billion in cash. The transaction does not include Nestle’s Gerber Products business, a household brand in baby food and baby care, which Nestle will continue to develop. Nestle CEO Mark Schneider said: “We are delighted to have found an…
A new Deloitte survey finds insurers well behind the ball when it comes to meeting consumers’ needs digitally. Consumers are self-educating about life insurance online and carriers and agents need to respond better to that market if they want to increase life insurance ownership, the survey concludes.
Arlington, Va. – Sept. 12, 2018 – The nonprofit Life Happens is pleased to announce the promotion of Faisa Stafford…
The New York Department of Financial Services passed tough cybersecurity rules for financial services last year, and more states are working on their own versions.
This year, the campaign’ s theme is“ A Journey to Financial Fitness,” and Danica Patrick, professional athlete and entrepreneur, is the spokesperson for Life Insurance Awareness Month. “Foresters is proud to support the annual LIAM campaign so that everyone can learn more about how life insurance can help protect them and their family,” said Knut Olson, President,…
A new Pacific Life communication tool will alert advisors to customer account activity – new contract issuance, additional investments, distributions, etc. – within 15 minutes via text or email. The service will improve customer relations and put a dent in fraud, execs say.
After three consecutive quarters of declines, individual life insurance sales growth rebounded in the second quarter of 2018.
Indexed life sales shot up during the second quarter to a near-record $552.7 million. That figure represents a more than 13.6 percent over the prior quarter, and more than 13.9 percent compared to the same period last year. Only the fourth-quarter 2017 showed higher sales, according to Wink data.
–Ohio National Financial Services announced today that its Board of Directors has appointed Christopher A. Carlson President and Chief Operating Officer, effective immediately.. In 2010, he was appointed Executive Vice President and Chief Investment Officer and in January 2016 was promoted to Vice Chairman, Strategic Businesses. He has also held a role in…
A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.
Boosting the numbers of advisors and improving the productivity of those already serving the group retirement market is a big priority for AXA Equitable, the company says.
