The stock market began the current bull market run on March 9, 2009 and will set a record Wednesday. Still, some analysts are concerned about the potential for a downturn amid several economic disruptions.
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Fixed index annuity sales topped the record set in the fourth quarter 2015 by 12 percent, according to LIMRA Secure Retirement Institute data. Growth was widespread with all of the top 10 manufacturers reporting double-digit growth from the first quarter 2018.
Would it surprise you to learn that American businesses lose $400 billion in productivity complying with tax laws? Or that we spend 8.9 billion hours preparing and filing taxes? The 2018 Tax Cuts and Jobs Act- the first major tax reform legislation to pass since the Reagan Administration- has offered businesses and individuals significant tax relief.
New Jersey residents who purchase their health insurance on the individual market could pay significantly less next year now that the state has received the go-ahead to create a reinsurance program to help cover high-risk residents and their costliest claims.
Sronger interest rates and fire sales among some insurance companies helped push index annuity sales to their best quarter ever, according to new data. Index annuities, which protect principal and yield limited gains tied to an external index, had been on a steady quarterly climb since the third quarter of last year.
The Centers for Medicare & Medicaid Services moved to bail out the Affordable Care Act markets today with $8.6 million in funding to 30 states and the District of Columbia. The funding will help state insurance regulators put in place plans to stabilize the markets.
A recent survey from the Employee Benefits Research Institute showed 31 percent think health care is the most critical issue in the country, far outpacing terrorism at 21 percent and nearly double the number who thought so five years ago. Critical illness insurance can alleviate your clients’ concerns on health care.
The average 65- year-old couple retiring today can expect to spend roughly $280,000 on healthcare during retirement, according to a recent report from Fidelity Investments. That includes costs like premiums, deductibles, and other out-of-pocket expenses.
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.
Fresh off two of its best earnings quarters in years, UPMC is moving on ambitious plans to expand its health care provider and insurance arms across Pennsylvania and into neighboring states, the nonprofit system’s chief operating officer said Thursday.
Humana completed sale of the stock of its wholly-owned subsidiary, KMG America Corporation, to Continental General Insurance Company, a Texas- based insurance company wholly owned by HC2 Holdings. The move involves more than 29,000 long-term care policyholders.
Agents who sell Medicare Supplement insurance should be prepared for big variations in policy costs. Among 65-year-old male non-smokers, for example, the difference in price from one policy to the next varied by 143 percent in New York City, but by only 20 percent in Boston, the survey found.
Thirty-four percent of variable annuity owners cannot remember why they bought them, a new survey finds. But at least one analyst says that is merely a sign that VAs are very versatile, with a number of different uses, and that advisors are trusted and doing a good job.
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.
Fixed annuity sales for the second quarter of 2018 were up 22 percent as compared to the prior quarter, and increased 20 percent as compared to the same period last year, based on preliminary sales figures reported by Wink’s Sales & Market Report.
The case centers on payments to health plans mandated under the Affordable Care Act’s ‘risk corridor’ program, which was intended to mitigate the financial risk borne by health plans entering health insurance marketplaces. Congress passed appropriations riders barring the full funding of the risk corridor program.
The U.S. Centers for Medicare and Medicaid Services recently announced that privately administered Medicare Advantage plans will be allowed to create step therapy policies for drugs delivered in doctors offices and other outpatient settings.
Allianz will make its annuities available on the Envestnet Insurance Exchange, the second insurer to list its products there. Advisors at banks, broker-dealers, independent insurance agencies and registered investment advisors will be able to research Allianz annuities using the exchange, which is connected to Envestnet’s wealth management platform.
There is no limit to the number of agencies, bureaus, departments, commissioners and deputies standing ready to improve the lives of each person in ways they think they should be improved. Where does that leave annuities and the promise of guaranteed income?
Affordable Care Act rates for 2019, which have recently been announced for several states, will come down for many plans, according to the Kaiser Family Foundation. Industry analysts say the markets are in a better position now than they ever have been.
Falling unemployment, fatter payrolls, tax reform, rising interest rates and the unsettled future of the Affordable Care Act are boosting benefit lines. More consumers are relying on voluntary benefits to fill in the gaps with medical and retirement needs.
If you’re like most people getting ready to retire, you’re probably counting on Social Security benefits to cover a big portion of your living expenses. Unfortunately, many future retirees significantly underestimate how much of their Social Security check will go to healthcare.
There are a huge number of “unscheduled” loans that go mostly unnoticed until they become a threat to the policy or an unwelcome tax problem for the insured. These present a clear opportunity not only to help clients, but also to create new commissionable sales.
Insurance commissioners are wrestling with rules that would allow insurers to illustrate indexed annuities using indices that have been around less than 10 years.
While more than 90% of Americans now have health insurance, what they often don’t have is peace of mind about their health care. These fears arise in part from political uncertainty, as the parties skirmish over how the Affordable Care Act is implemented, with the current administration and Congress making changes that have led to higher premiums.
Women represent the ideal client for advisors for many reasons. Women contribute more to retirement plans, are more conservative with investments and prefer to work with an advisor, a MassMutual survey found.
Drugstore chain Rite Aid and grocer Albertsons say they have called off their merger deal. Rite Aid CEO John Standley says that after hearing the views of shareholders, the company is “committed to moving forward and executing our strategic plan as a standalone company.”
Bernie Sanders is skimming over the facts in claiming that his “Medicare for all” plan will lead to big reductions in what Americans spend for health care. In a recent tweet, the Vermont independent insists the plan will cut $2 trillion from the nation’s health care bill.
A new NAIC working group will study the need for insurance in the cannabis industry. California Insurance Commissioner David Jones will lead a working group that will study the issues and report findings to the larger body.
Insurers report ups and downs in second-quarter earnings reports, with Brighthouse Financial reporting a loss. Meanwhile, long-term care policies continue to create plenty of headaches for insurers such as CNO Financial and Prudential.
Supreme Court nominee Brett Kavanaugh has expressed concern about federal agencies running amok. But his view that they should adhere strictly to laws passed by Congress worries liberals.
American Equity reported a healthy second quarter, but its late-May admission that it was negotiating with a potential buyer has distribution partners concerned. Meanwhile, the company plans to release new products during the third quarter.
Age has little to do with how retail advisors communicate with wholesalers, new research finds. Advisors gravitate either toward technology or traditional face-to-face contact based on the distribution channel in which they sell.
President Donald Trump says insurers are “going wild” about his new health care options and “millions and millions” of people will be signing up. But insurance companies say it will take time to design new plans and get approval from state regulators.
The Long-Term Care Insurance Task Force tabled a request to form a subgroup to study the idea of a uniform long-term care insurance rate review process.
New York and California insurance officials signal a steadfast willingness to fight for life insurance to be included in any NAIC annuity best-interest rule.
The National Association of Insurance Commissioners is attempting to come up with national annuity sales rules. Industry representatives express frustration with mixed messges and unclear rules.
Universal life products are hot and insurers are wasting no time tweaking their product offerings to take advantage of a fast-selling segment. First-quarter sales of indexed universal life rose 12 percent to $486 million compared to the year-ago period.
Democrats will try forcing a Senate vote on overturning President Donald Trump’s rule allowing insurers to sell short-term coverage that is cheaper but skimpier than policies allowed under the “Obamacare” health care law.
MetLife and Genworth had different challenges to overcome in the second quarter. Metlife dumped its remaining stake in Brighthouse Financial for a loss of $212 million, which pushed down earnings.
Aetna is posting strong profit numbers, easily beating second-quarter expectations on Wall Street. The Hartford, Conn., health insurer on Thursday reported earnings of $1.21 billion, or $3.67 per share. Adjusted for non-recurring gains, profit was $3.43 per share, way above industry analyst projections for $3.07 per share, according to Zacks Investment Research. Revenue was $15.6 billion, also topping expectations for $15.5 billion.
A state insurance commissioners annuity subgroup will meet in Boston Saturday and attempt to reach a consensus on a controversial annuity sales model law. New York will be represented, although the state recently passed its own tougher rules in defiance of the NAIC.
The Trump administration says it’s clearing the way for health insurers to sell short-term plans as a low-cost alternative to pricey Obama-law policies for people struggling with high premiums. But the policies for individuals have no guarantees of coverage for existing medical conditions and come with limited benefits.
Congress averted shutting down the nation’s flood insurance program in the middle of hurricane season. The Senate voted 86-12 on Tuesday to extend the National Flood Insurance Program through Nov. 30.
Nothing frustrated California’s politically dominant liberal Democrats more this year than having to live with the reality that their holy grail of single-payer health care won’t happen here for years to come. So single-payer advocates have plumped since early spring for the next best thing: Moving toward universal health insurance coverage.
The number of RIA merger-and-acquisition deals collapsed compared to the first quarter, which saw a record 49 transactions, an industry tracker reported. The reasons are numerous, but an analyst said the future prospects for M&A remain strong.
Gov. Andrew Cuomo on Monday said he wants to codify the Affordable Care Act into New York law while at the same time directing the agency that oversees the insurance industry to reject proposed large health care rate hikes.
Top advisors are able to utilize technology, prefer face-to-face meetings and find ways to put the client first, a new survey found. Those advisors diverge from the rest of their peers in some areas, while in other areas both groups exhibited similarities, the survey found.
Advisors looking to sell out need to pause and consider who they are selling to, say succession planning experts. Scammers are getting their foot in the door by buying books of business and defrauding clients, an outcome that can sully decades of good work.
A new study says “Medicare for all” would raise government health care spending by $32.6 trillion over 10 years and require historic tax increases to pay for it. The study from the libertarian the Mercatus Center analyzed Sen. Bernie Sanders’ latest plan.
The Department of Labor fiduciary rule is dead, but financial professionals selling products to retirement accounts need to be aware of new interpretations of the “five-part test” standard. DOL officials plan to be more strict in interpreting the test going forward, one industry expert says.
A new variable annuity from Sammons includes a rider making it possible for the client to receive payments before the account has been completely depleted. Company execs say it is an example of the creativity needed for VA sales to rebound.
The life insurance industry has shown relatively steady sales over the past decade, but the number of policies and resulting market penetration are in decline, according to a new study by Conning.
Paid subscribers, which account for about 90 percent of the company’s sales, are more profitable for Spotify than free users. But Spotify reported fewer users of the advertising-supported tier than a quarter ago, which is making investors nervous.
For a client in need of life insurance coverage, permanent life insurance can help address several crucial concerns by bridging the gap between their retirement savings and their retirement income goals.
The Trump administration’s decision to undo a three-week-old policy that threatened to drive up health insurance premiums for individuals came with a sigh of relief for insurance companies.
Typically, if you meet a prospect, you want the sale to close quickly. That’s human nature, and it’s understandable, but it’s also not realistic. Sometimes, the best clients are won through hard work and persistence.
Several big-name insurers recently completed, or broke ground, on new construction projects for splashy new office spaces. While life insurance sales remain flat, the infrastructure investment reflects executive-level confidence that the economy is bright for insurance products overall.
The Trump administration says it will restore Affordable Care Act payments to insurers that it had recently frozen, leading to concerns about higher premiums next year. The Centers for Medicare and Medicaid Services made the announcement Tuesday evening in an email.
Why the life insurance industry must provide senior policyholders with information on exploring alternatives to surrendering or lapsing a policy they no longer need or want. Sixty-seven percent of consumers are interested in more transparent life insurance buying options.
