On Jan. 1, the 2017 Principle-Based Reserving and Commissioners Standard Ordinary Table both took effect. Insurers had three years to meet the new standards, but some were certainly more prepared than others, one actuarial expert said.
The SECURE Act includes three significant provisions relating to lifetime income. These new provisions have the potential to both fundamentally reframe how participants view their accumulated 401(k) plan savings, and to generate an increasing level of participant interest in gaining “in-plan” access to lifetime income products.
There are myriad objections to buying DI, but the No. 1 reason people don’t buy it is they were never asked to buy. Here are the common objections to buying disability insurance, and some methods for getting past those objections.
In the United States, providing patient care costs every American man, woman and child an average of $2,497 per year. Across the border in Canada, where a single-payer system has been in place since 1962, the cost of administering health care is $551 per person.
Insurers must figure out how to appeal to Generation Z without alienating consumers of older generations. Members of Gen Z want to buy what they want, when they want and how they want. This group is totally online, mostly mobile.
The passage of the SECURE Act opens new possibilities for your clients and your practice. Here is how to open the discussion with clients.
The repeal of an unpopular fine for people without health insurance has had little impact on “Obamacare” sign-ups or premiums, a gap between the real world and legal arguments from conservatives again challenging the Affordable Care Act.
U.S. consumers slowed their borrowing in November, mainly by piling up less credit card debt. Consumer borrowing is closely watched for signals it can provide about Americans’ willingness to take on debt to finance consumer spending, which accounts for 70% of U.S. economic activity.
Massachusetts Gov. Charlie Baker sent a letter Tuesday to Secretary of the Commonwealth William Galvin urging him to defer action on proposed fiduciary regulation. The proposal creates “confusion,” and ignores other state and national regulatory efforts, Baker wrote.
Uncertainty about the U.S. economic outlook for 2020, no doubt, has edged up after a U.S. drone strike on Jan. 2 took out a top Iranian military commander, Qassem Soleimani. Early Tuesday evening, the White House confirmed that President Donald Trump had been briefed about an attack by Iran against an air base in Iraq housing U.S. troops.
Model Paulina Porizkov and rocker Ric Ocasek were married for 30 years, but allegedly separated when she discovered him dead, in his Manhattan home on September 15, 2019. Ocasek’ s purported Last Will and Testament is dated August 28, 2019 and it leaves no provision for Porizkov or two sons, Christopher and Adam from an earlier marriage.
The study estimated that cutting U.S. administrative costs to Canadian levels would have saved more than $600 billion in 2017.. Health administration costs were more than fourfold higher per capita in the U.S. than in Canada which implemented a single-payer Medicare for All system in 1962. The authors note that in Canada hospitals are financed through…
More than two-thirds of independent RIAs participating in the TD Ameritrade Institutional 2020 RIA Sentiment Survey are optimistic about the U.S. economy, and more than half expect stock prices to continue to increase. Even as RIAs see a relatively smooth road ahead in 2020, they are watching headlines on the U.S. economy, corporate earnings and trade for…
In findings published Monday in the journal Health Affairs, researchers noted that, for some American families, average out-of-pocket healthcare spending for maternity care– including during pregnancy, delivery and three months postpartum– jumped from $3,069 in 2008 to $4,569 in 2015, a nearly 50 percent increase.
Bill Gates started the last decade worth more than $50 billion and with a pledge to donate large parts of his fortune to charity. By the end of the decade, he’d given billions of dollars to fight poverty and improve health care and education. But his fortune also more than doubled during the period, a result of soaring stock markets and favorable tax policies.
The yield curve was relatively flat at the end of 2018 and then inverted in 2019, with the interest rates for the 10- year Treasury lower than the shorter-term maturities such as the 3- month Treasury. An inverted yield curve often proceeds a recession as the Federal Reserve is pushing the target federal funds rate higher.
Could the U.S. economy really avoid a recession in 2020? The longest economic expansion in U.S. history, which kicked off in June 2009, apparently has more gas in the tank, according to one leading economist.
The funded status of the nation’ s largest corporate pension plans edged up slightly in 2019 as historically low interest rate levels mostly offset the strongest investments gains witnessed by plan sponsors since 2003, according to an analysis by Willis Towers Watson.
Three key provisions of the SECURE Act will likely affect the way client’s handle their IRA. These provisions went into effect on Jan. 1 and include 1) eliminating the stretch provision on inherited IRAs, 2) increasing the RMD age from 70½ to 72, and 3) allowing individuals older than 70½ to make contributions to traditional IRAs.
By the end of 2020, the landscape for the Affordable Care Act could look very different. However, a mid-December ruling from the Fifth Circuit Court of Appeals leaves a lot of questions to be answered about the future of former President Barack Obama’s signature law.
Wall Street closed the books Tuesday on a blockbuster 2019 for stock investors, with the broader market delivering its best returns in six years. The S&P 500 closed with a gain of 28.9% for the year, its best annual performance since 2013, while the Dow Jones Industrial Average gained 22.3%, led by Apple.
The Life Insurance and Annuities (A) Committee voted to pass a strengthened annuity sales standard on to the NAIC Executive Committee and Plenary. The executive committee could take the final vote on the annuity rule changes early in 2020.
An aging population and the need for workers to protect themselves were two recurring themes in InsuranceNewsNet’s most-read health-related articles in 2019.
Regulatory concerns about the marketing and long-term viability of indexed universal life insurance policies made plenty of news in 2019. Those topics were among the most-read stories we published during the year.
The way companies are doing business is changing rapidly. It’s no longer “business as usual.” We not only need to navigate the tsunami of change for our own businesses; we also must lead our clients through the same tsunami. Here are five simple ways to integrate lifetime learning into any busy schedule.
The final week of 2019 is a big week for key business events and economic indicators. The year has largely been a success for investors and the economy at large. Here are some data to watch out for this week.
Marketing techniques may change but sales will always be sales.
The Nasdaq composite climbed above 9,000 points for the first time as Apple led technology stocks higher.
Tiburon counts 335,000 financial advisors — a stagnant figure over the past 15 years — controlling nearly $25 trillion in assets. While the number of advisors remains the same, the assets they control has more than doubled since 2010. In the future, the independent channels should continue to grow, Tiburon predicted.
The number of uninsured has gone back up and health insurance premiums have never been higher. More consumers than ever are saddled with health care debt and are being forced into bankruptcy. How can health agents help?
Over the past year, four housing indicators have moved in ways consistent with patterns seen before three previous recessions, a Federal Reserve official says. These indicators are mortgage rates, existing home sales, real house prices and the momentum of residential investment.
Dramatic shifts in family-building benefits place brokers in a prime position to deliver custom packages to their most influential client base. Employers have never been more competitive in their need to attract and retain top talent, offering inclusive benefits that are tailored to meet the needs of today’s evolving millennial workforce.
More than any other perk, workers want generous paid time off and flexibility from their employers, an Unum study revealed.
If the A Committee formally adopts the reworked annuity sales model next week, as expected, then it will go to the National Association of Insurance Commissioners’ Executive Committee and Plenary for final approval. States will then be able to adopt the new rules in 2020.
Congress passed an important retirement-savings law called Setting Every Community Up for Retirement Enhancement, or the SECURE Act of 2019. For example, the bill raises the age for required minimum distributions (RMDs) from 70 1/2 to 72 years old. As long as you’re working, you can still contribute to your IRA after age 70 1/2. Previously, you couldn’t.
North Carolina Department of Insurance investigators had been looking into Stacy Hunsucker’s 2018 death, when she collapsed at home, not breathing, after her mother, Suzie Robinson, accused her husband of insurance fraud. After Stacy died, her two life insurance policies paid out $250,000.
The bill also expands opportunities for workers to obtain guaranteed lifetime income products, increases the age at which required minimum distributions must be taken from retirement accounts and repeals the age limit for IRA contributors – all of which can help ensure that retirees do not outlive their retirement savings.
Millennials’ confidence in their ability to pay off their debts (mortgage, car loans, credit cards, etc.) hit a low in 2019, with only 77% of Millennials feeling somewhat to very confident, versus 83% of Millennials surveyed in 2017, and 86% in 2015.
Existing-home sales fell in November, taking a small step back after October’s gains, according to the National Association of Realtors (R). The median existing-home price for all housing types in October was $271,300, up 5.4% from November 2018, as prices rose in all regions.
U.S. long-term mortgage rates were unchanged this week, staying near historically low levels. Mortgage buyer Freddie Mac says the average rate for a 30- year fixed-rate mortgage held at 3.73% for the second straight week. But interest rates have tumbled over the past 12 months.
Today’s workers have saved $50,000 in all household retirement accounts, but savings vary dramatically across demographic segments, according to A Compendium of Findings About U.S. Workers, a new report released today by nonprofit Transamerica Center for Retirement Studies.
A federal appeals court ruled Wednesday that the ACA’s individual mandate runs afoul of the Constitution because it is no longer a tax following President Trump’s decision to rearrange his predecessor’s program. The decision to punt the case back down the judicial ladder makes it likely that another Obamacare showdown before the Supreme Court.
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.