Many Americans are leaving 2019 in debt. In fact, almost one in four people say “credit card debt” is their biggest financial regret of the past decade, according to a survey from Policygenius. An even bigger percentage (32.4%) of Americans say “paying down debt” is their biggest financial goal for next year.
New York Life will acquire Cigna’s group life and disability insurance business for $6.3 billion.
Voya Financial has an agreement with Resolution Life Group Holdings whereby Voya will divest its Individual Life and other legacy non-retirement annuities businesses. The general account assets associated with the products included in this transaction were $24 billion, Voya said.
Global shares were mixed Wednesday after Wall Street logged fresh record highs but investor optimism faded about an interim U.S.- China trade deal announced last week. U.S. shares were set to drift slightly higher with Dow futures inching up to 28,288. S&P 500 futures were also slightly higher at 3,195.90.
The IBD/TIPP Economic Optimism Index, a leading national poll on consumer confidence, rose 7.8%, moving from 52.9 in November to 57.0 in December. The IBD/TIPP Economic Optimism Index has established a strong track record of foreshadowing the confidence indicators issued later each month by the University of Michigan and The Conference Board.
House leaders unveiled a $1.4 trillion government-wide spending package with an unusually large load of unrelated provisions catching a ride on the last train out of Congress this year. The financial services industry comes out a winner with the inclusion of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 in the 2020 spending package.
The deadline to enroll in health insurance through the Affordable Care Act marketplace at HealthCare.gov has been extended to 3 a.m. Wednesday, Dec. 18, after widespread reports of technical glitches preventing people from signing up.
Retired coal miners and longtime opponents of Obama-era taxes on high-cost health plans are eyeing big wins as top congressional leaders and the Trump White House close in on a deal on a government-wide spending bill that’s also carrying lots of overdue Washington business.
Working with an advisor appears to help Americans understand the importance that fixed income plays in retirement planning. For example, when asked at what point in time the average investor should consider adding fixed income to their investment portfolios, nearly two-thirds (64%) of those surveyed said “before retiring.”
Under Paul Volcker’s leadership from 1979 to 1987, the Fed switched from controlling interest rates to controlling the supply of money, and then letting financial markets set its price. The resulting inflation left Volcker staring down many critics from both sides of the aisle.
The independent broker-dealer space is growing at a healthy pace, but just not as healthy as registered investment advisors are, one leading analyst said. That is one trend line not likely to change anytime soon, said Chip Roame, managing partner of Tiburon Strategic Advisors.
The indictment accuses the former players of submitting phony insurance claims, which included an ultrasound machine used for women’s health examinations and electromagnetic therapy devices used to treat horses. Each insurance submission amounted to $40,000 to $50,000, and a total of $3.9 million in fraudulent claims.
Three times since August, the Federal Reserve has cut the federal funds rate — the rate banks charge each other for overnight loans and that strongly influences the short-term rates they charge businesses. However, Chairman Jerome Powell has made clear the Fed won’ t lower rates further as long as the economy continues to grow at its current moderate pace.
But worries about a potential recession have faded since midyear thanks to more positive reports on the economy and a supportive interest rate policy from the Federal Reserve. Investors have focused mainly on larger stocks, especially through futures, while small-cap stocks remain below their long-term average values and still have room to grow, according…
New York Life, America’s largest mutual life insurer, is set to advertise during the Feb. 2 Super Bowl in Miami. The company’s 60-second commercial will run between the 1st and 2nd quarters. The commercial coincides with a larger brand campaign launch scheduled for New York Life’s 175th anniversary in 2020.
A group of top economists arrived at a consensus 2020 economic and real estate forecast today at the National Association of Realtors (R) first-ever Real Estate Forecast Summit. The economists expect the U.S. economy to continue expanding next year while projecting real estate prices will rise and reiterating that a recession remains unlikely.
For the third year in a row, Christmas trees are in short supply as the holiday season nears. Why is the past economic misfortune to blame? Simple math: because Christmas trees grow an average of a foot per year, the Great Recession impact on the tree industry was not felt until 2017.
The Federal Reserve left its benchmark interest rate alone Wednesday and signaled that it expects to keep low rates unchanged through next year. It reflects its view that the U.S. economy has so far withstood the U.S.- China trade war and a global slump and remains generally healthy.
Americans are more focused on improving their health and wellness than their finances in 2020, with only 14% of people including financial planning as a resolution in 2020 – down from 18% last year. In addition, when asked about their top focus areas for the New Year, more than half of Americans said health and wellness while only 27% chose financial stability.
Annuity sales fell in the third quarter 2019, decreasing 8.4% as the combined sales of fixed and variable annuities totaled $55.7 billion, according to data compiled by Beacon Research and Morningstar. Annuity sales are up 7.5% on a year-to-date basis, the report found.
Insurers did suffer losses on Obamacare’s marketplace, as customers’ claims exceeded expectations, but Congress later enacted appropriation riders restricting the funds that could be used to pay the insurers. The Federal Circuit Court sided with the government, saying the subsequent moves by Congress repealed the original guarantee.
The Federal Reserve is set to leave its benchmark interest rate unchanged Wednesday and will likely signal that it expects rates to remain low well into next year despite a robust job market. Many economists have said they think sluggish growth will even compel the Fed to cut rates at least once in 2020.
Released in late November, the Pete Buttigieg retirement plan focuses on ensuring “all Americans experience dignity and security in retirement.” Buttigieg’s plan identifies the three biggest short comings of retirement savings in America.
Private health insurers will seek to convince the Supreme Court Tuesday that the federal government owes them $12 billion in lost revenue, for selling plans under the Affordable Care Act to persons who otherwise would not have qualified.
Paul Volcker, who as Federal Reserve chairman in the early 1980s elevated interest rates to historic highs and triggered a recession, always maintained it was the price to be paid for quashing double-digit inflation.
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.
With the start of a new decade just around the corner, Americans are feeling optimistic about their current and future financial situation, but reducing the burden of personal debt will be a priority for many who acknowledge they bit off more than they could chew in 2019, according to a Fidelity Investments’ survey.
With ongoing trade tensions, geopolitical uncertainty, and unpredictable policymaking becoming the new normal, Vanguard expects U.S. growth to decelerate below trend to around 1% in 2020, with the risk of recession still elevated.
National health spending reached $3.6 trillion– about $11,172 per person– in 2018, a 4.6% increase from the previous year, according to an annual report by the Office of the Actuary at the Centers for Medicare and Medicaid Services, published online in Health Affairs. Employer-sponsored health insurance is getting more expensive as well.
Friday’ s November jobs report will provide insight into whether steady hiring remains a source of strength for the U.S. economy even as the Trump administration’ s trade conflicts have heightened uncertainties for employers. Renewed concerns that trade will continue to hamper the U.S. economy drove stock prices lower earlier this week.
A majority of Americans still prefer private health insurance over government-run alternatives, a new survey shows. The House energy and commerce committee will hold a hearing next week to evaluate public concepts, including the “Medicare For All”- style plans favored by presidential candidates Bernie Sanders and Elizabeth Warren.
The survey found that most people are moderately satisfied with their health insurance, with an aggregate satisfaction score of 78 percent overall across all ages. Survey respondents indicated their individual cost is the top factor contributing to satisfaction, and they are willing to take on more risk and healthy behaviors to drive down those costs.
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?
Citing “improved financial conditions, a better housing and employment outlook, some relaxation of trade tensions and a modest improvement in business fixed investment,” the UCLA Anderson Forecast has upgraded its national economic forecast through 2020.
Total U.S. individual life insurance new annualized premium increased 2% in the third quarter, compared with 3Q 2018, according to LIMRA. Indexed Universal Life sales climbed 7% for the quarter and the year so far, with half of the companies reporting increases, LIMRA said.
Foresters Financial is changing its underwriting guidelines across its non-medical life insurance product portfolio so more Americans who use cannabis can qualify for coverage. “We made the decision to modernize our products to stay in step with this evolving trend,” said Matt Berman, chief distribution officer, Foresters.
The proposal will impose a uniform fiduciary conduct standard on broker-dealers, agents, investment advisors and investment advisor representatives providing financial advice to any clients in Massachusetts. A public hearing will be held on the proposal next month, officials said Monday, with adoption to follow as soon as Feb. 1.
Employers are experiencing record high levels of confidence about their businesses and financial future, the new MetLife Small Business Index finds. Not only are small business owners confident in what they see as healthy local economies, more than half believe that the U.S. economy is in good health.
Two U.S. presidents have been formally impeached by Congress: Andrew Johnson and Bill Clinton. In addition, two other U.S. presidents have faced formal impeachment inquiries: Richard Nixon and Donald Trump. So far, no U.S. president has been removed from office through the full impeachment process.
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.
Employers that provide coverage expect to continue to provide health insurance and other healthcare benefits to their employees, with only 4% expecting their company to reduce coverage as much as possible, according to the latest Transamerica healthcare employer survey.
With all three major stock market indices reaching record highs in November, wealthy investors moved assets back into stocks, ignoring the ongoing barrage of political and geopolitical risks facing the U.S., according to the December edition of Spectrem’s High Net Worth Insights Journal.
While the third quarter is typically a tough quarter for life insurance sales, this year is was “particularly challenging,” said Sheryl Moore, president and CEO of Wink, Inc. With state insurance commissioners working to tighten up regulation of illustrations, it might remain a tough market.
As growth slows on the longest economic expansion in U.S. history, nearly a third (31 percent) of credit cardholders hold higher card balances than they’ve had on average since 2009 amidst the Great Recession, according to the latest survey from Bankrate.
UnitedHealthcare is launching new service centers for Medicare beneficiaries in more than a dozen Walgreens stores– a second partnership in as many years between the pharmacy giant and Minnetonka- based UnitedHealth Group, which is parent company to United’ s large health insurance business.
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.
While 93% of Americans believe it is important to set a plan for their family and their own financial future, 47% of them – nearly half of the entire country – struggle to discuss finances with their loved ones. A new Lincoln Financial Group campaign aims to change that.
Testifying to Congress this month, Federal Reserve Chair Jerome Powell sent a message seldom heard from his predecessors: That the Fed should consider the struggles of the lowest-income Americans in setting its interest-rate policies.
“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.
By taking a data-driven approach to understanding who is in-market, agents can reach their prospects and customers at the right time with the right message, improving acquisition, placement, cross-sell and retention.
Charles Schwab is in talks to buy TD Ameritrade, CNBC reported today, a blockbuster deal that would combine two of the largest online brokers. If consummated, the deal would create a brokerage firm with $5 trillion in assets. The blockbuster deal could be announced today.
Competition for employees is fierce, but if employers are trying to attract Gen Z to their workforce by focusing on perks like free avocado toast and ping-pong tables, they’ re going about it all wrong. A recent study from Lincoln Financial Group and the Center for Generational Kinetics shows that traditional benefits like retirement plans and insurance are more important.
Most Federal Reserve officials believed last month that the three rate cuts they have made this year would be enough unless the economy weakened significantly. The consensus is that the Fed will now pause after having cut rates three times in 2019, with its benchmark rate now in a range of 1.5% to 1.75%. The central bank’s key rate influences many consumer and business loans.
The latest technology allows for easier and smoother business processes for consumers, but it also opens up new avenues for criminal activity. The very defenses that companies set up to combat fraudsters can negatively affect the customer experience that they work so hard to cultivate.
Given the rise of corporate reputations blowing up in personnel scandals, and the speed with which losses can be accelerated by social media, do insurance carriers need to take a deeper look at workplace culture and risk?
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
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