Friday, September 30, 2005

 

ING Unit Must Pay $2.9 Million

ING Group's U.S. mutual fund unit has been penalized $2.9 million and censured by regulators in a settlement for market-timing arrangements dating from the 1990s.

The NASD, the industry regulator formerly called the National Association of Securities Dealers, fined Scottsdale, Ariz.-based ING Funds Distributors LLC $1.5 million and ordered the company to reimburse its funds $1.4 million, a filing with the U.S. Securities and Exchange Commission said Wednesday.

ING Unit Must Pay $2.9 Million
Source: Hartford Courant

 

Fear Factor: Buy Life Insurance, but Don't Over Do It

In the wake of Hurricane Katrina, there's been hand-wringing about whether Americans have enough insurance, especially flood insurance.

That's mostly a good development, if it prompts consumers to take a critical look at their insurance. But it may also cause some to be overly cautious and buy more than they need.

Remember, insurance is supposed to protect you from financial disasters, not little financial hiccups, which is why low deductibles are a bad idea. And a lot of insurance being sold today is duplicative of insurance you already have.


Fear Factor: Buy Life Insurance, but Don't Over Do It
Source: Sun-Sentinel

 

ING launches new life insurance product

ING Australia hopes its latest product will overcome a major hurdle against people taking out life insurance - having to think about death.

ING is carrying out an extensive launch of its life insurance product OneCare, which is aimed at the baby boomer generation with a focus on benefits that can be received while the customer is still alive.

ING launches new life insurance product
Source: smh.com.au

 

AIG sues Greenberg firm

American International Group started a legal battle with former Chief Executive Maurice "Hank" Greenberg this week over control of more than $17 billion of its shares.

Starr International Company Inc. (SICO), a private Bermuda-based firm headed by Greenberg owns about 290 million AIG shares, or about 12% of the outstanding stock, according to documents the insurer filed in U.S. district court in the southern district of New York this week.

AIG sues Greenberg firm
Source: CBS Marketwatch

Thursday, September 29, 2005

 

Spitzer Subpoenas St. Paul Travelers

The St. Paul Travelers Cos. Inc. said Wednesday it has received a subpoena from the office of New York Attorney General Eliot Spitzer asking for documents and information about the reporting of workers' compensation premiums.

Spitzer Subpoenas St. Paul Travelers
Source: Hartford Courant

 

Companies Start Income Ed For Boomer Advisors-Finally

Donald Haas, a financial gerontologist and president of Haas Financial Services, Southland, Mich., spends a lot of time speaking with financial advisors and product providers about retirement income planning for baby boomers and others.

What he is finding is that a few providers of income products, solutions and services have started ramping up to educate advisors on this market-but only a few. "Most advisors are still not aware" and they need the education, he says.

Companies Start Income Ed For Boomer Advisors-Finally
Source: Insurance News Net

 

Lincoln Independence(SM), a Lincoln Financial Group Retirement Product, is Now Available

Lincoln Independence(SM), a defined contribution retirement product intended to give companies of all sizes the ability to offer their employees a comprehensive retirement benefit, is now available. Lincoln Independence(SM) is a scalable, multi-manager mutual fund-based plan that was designed through the retirement expertise of Lincoln Financial Group, Delaware Investments and BISYS® Retirement Services.

Lincoln Independence(SM), a Lincoln Financial Group Retirement Product, is Now Available
Source: Yahoo! Finance

 

MetLife Study Finds Most Employees Who Have Experienced a Recent Major Life Event Own Life Insurance, but Half Admit Coverage is Inadequate

The majority of employees (81%) who have experienced a major life event* in the last 18 months own life insurance, yet only half (51%) think the amount of coverage they have is adequate, according to a recent survey conducted by MetLife. More than one-quarter (26%) of this group report owning less than three times their annual household salary in coverage which can be seriously underinsured given their new financial situations.

MetLife Study Finds Most Employees Who Have Experienced a Recent Major Life Event Own Life Insurance, but Half Admit Coverage is Inadequate
Source: Yahoo! Finance

Wednesday, September 28, 2005

 

Study Finds Privacy Well Protected by Top U.S. Insurers

A comprehensive report by the District of Columbia's Department of Insurance, Securities and Banking concludes what agency Commissioner Larry Mirel already guessed to be true: That the bulk of insurers in the United States are in compliance with federal and state privacy compliance laws.

(subscription req'd)
Study Finds Privacy Well Protected by Top U.S. Insurers
Source: A.M. Best

 

Nationwide Financial Eyes Banking as Supplement to Insurance, Financial Services

Nationwide Financial Services Inc. said it has filed an application with federal regulators to launch Nationwide Bank, which, if approved, would engage in several activities that could supplement the company's existing insurance and financial services products.

Nationwide said in a recent statement that it filed the application with the Office of Thrift Supervision to expand the powers of its subsidiary, Nationwide Trust Co., FSB, a federal savings thrift. The expanded thrift is expected to start operating by spring 2006.

(subscription req'd)
Nationwide Financial Eyes Banking as Supplement to Insurance, Financial Services
Source: A.M. Best

 

ChoicePoint(R) Joins The Hartford as Strategic Investors in XDimensional Technologies, Expanding Information Services Available to Independent Agents

XDimensionalTechnologies, Inc. today announced that ChoicePoint and The Hartford Financial Services Group, Inc. have co-led a $20 million strategic investment that funds the company's expansion in the independent insurance agency market. Additional terms of the transaction were not disclosed.

ChoicePoint(R) Joins The Hartford as Strategic Investors in XDimensional Technologies, Expanding Information Services Available to Independent Agents and Brokers
Source: PRNewswire

 

Consumer Reports Money Adviser Says Aging Baby Boomers Should Consider Roth IRA Accounts Over 401k Plans

Consumers have all been told to "max out" their 401k plans to amass money for retirement. But, research done by Consumer Reports Money Adviser, the personal finance newsletter published by the editors of Consumer Reports and Boston University economist Lawrence Kotlikoff, Roth IRA accounts could be a better choice over 401k plans for most Americans planning to retire soon. Aging consumers sticking religiously to their 401k could actually be decreasing their spending power upon retirement.

Consumer Reports Money Adviser Says Aging Baby Boomers Should Consider Roth IRA Accounts Over 401k Plans
Source: Insurance News Net

 

Study: U.S. economy not most competitive

Nordic countries have some of the world's most competitive economies, despite high taxes and extensive social security systems, with Finland in the lead, according to a study issued Wednesday.

In the study, the Geneva-based World Economic Forum set the United States second after Finland in its annual competitiveness league but recorded growing business concern over the Bush administration's handling of the nation's finances.

Study: U.S. economy not most competitive
Source: CNN Money

Tuesday, September 27, 2005

 

401(k) Plan Participants May Have More Options in 2006

What's good for an IRA is good for a 401(k). That was the thinking behind the new Roth 401(k) that takes effect on Jan. 1, 2006. On March 2, the Internal Revenue Service's treasury division issued a proposal to expand the 401(k) retirement plan by adding a Roth feature. Soon, 401(k) Roth contributions will be under the same rules as Roth IRAs, meaning the contributions will be expected to remain in the plan for five years to receive the tax-free advantage.

401(k) Plan Participants May Have More Options in 2006
Source: Financial-Planning.com

 

NASD Chairman Calls For Annuity Sales Harmonization

A top official at the National Association of Securities Dealers says his group wants to take a closer look at sales of annuities.

NASD Chairman Robert Glauber talked about NASD annuity sales rules Friday in New York at a conference organized by the Securities Industry Association, New York.

Glauber talked about the need to create a level playing field for the mutual fund companies by ensuring that sales of other, competing products are subject to similar sales and disclosure rules.

(subscription req'd)

NASD Chairman Calls For Annuity Sales Harmonization
Source: National Underwriter

 

MassMutual Offers Extended Grace Period for Policyholders in Areas Affected by Hurricane Rita

Massachusetts Mutual Life Insurance Company (MassMutual) announced today that it has extended the grace period for premium payments for policy owners in areas affected by Hurricane Rita.

As the company did for victims of Hurricane Katrina, the premium-paying grace period for MassMutual life insurance, long term care insurance, disability income insurance and annuity contracts for which premium payments are required has been extended by 62 days to 93 days (normal 31-day grace period plus 62 days) in response to the damage and disruption caused by Hurricane Rita.

MassMutual Offers Extended Grace Period for Policyholders in Areas Affected by Hurricane Rita
Source: PRNewswire

 

InsWeb Launches AgentInsider Lead Generation Program for Insurance Agents Nationwide

InsWeb Corp., a pioneer and leader in online consumer insurance for over a decade, today announced the launch of AgentInsider(TM), its new local agent lead generation program. AgentInsider significantly extends the reach of local agents by providing a cost effective way to connect with the millions of online consumers shopping for auto and homeowners insurance coverage at InsWeb, the world's most visited online insurance marketplace.

InsWeb Launches AgentInsider Lead Generation Program for Insurance Agents Nationwide
Source: PRNewswire

 

Manulife Joint Venture Wins 10th License in China

Canada's Manulife Financial Corp. said its life insurance joint venture in China was cleared by regulators to open an office in the city of Shenzhen, the 10th such city license the company gained in the country.

The China Insurance Regulatory Commission approved Manulife-Sinochem Life Insurance Co. Ltd.'s bid to open a sales office in Shenzhen, giving the company a foothold in one of the fastest-growing economic areas in China. "We plan to be operational in Shenzhen, China's wealthiest city by almost every measure, in the first quarter of 2006," Marc Sterling, chairman of Manulife-Sinochem, said in a statement.

(subscription req'd)

Manulife Joint Venture Wins 10th License in China
Source: A.M. Best

Monday, September 26, 2005

 

Life Insurers Protest Suitability Rule For Deferred Variable Annuity Sales

A new rule from the National Association of Securities Dealers governing suitability and supervision for deferred variable annuity products would impose unnecessary and duplicative burdens on producers, according to the American Council of Life Insurers.

Life Insurers Protest Suitability Rule For Deferred Variable Annuity Sales
Source: Insurance News Net

 

Web Targets

As insurance products become more commoditized, carriers need to improve their focus on their Internet presence to attract the affluent baby boomer market.

One day, members of Generations X and Y may become the prime targets for life insurers and other financial services companies, but for now, the money still is with the baby boomer generation.


Web Targets

Source: Insurance News Net

 

Sharing genetic information has effect on private insurers

Advancements in medical technology are offering unprecedented breakthroughs in doctors' ability to treat, cure and determine predisposition to certain diseases. Particularly promising are breakthroughs in the field of genetics.

While it's clear that genetic science offers hope to many, just who has access to and the authority to use genetic test results is currently being debated.

Central to the debate is the private insurance industry and its interest in genetic information for underwriting purposes.

Sharing genetic information has effect on private insurers
Source: BizJournals

 

Banking rebirth -- tough for investors

Some of the nation's biggest financial services firms have turned to new managers to get past scandals in recent months -- but the new blood hasn't done much for the company's stocks, at least not yet.

Banking rebirth -- tough for investors
Source: CNN Money

Friday, September 23, 2005

 

Reaching Affluent Senior Life Settlement Prospects; Agents need to demonstrate the value of these arrangements to the high net worth

When marketing life settlements to high-net-worth seniors, the most important consideration for agents and brokers is demonstrating the value of those arrangements to customers. For high-net-worth seniors, the value comes from getting a chance to use the cash proceeds from a life settlement to pay for annuities or other investments, or to fund new estate planning or planned giving strategies that might be a better fit for their current financial goals.

Reaching Affluent Senior Life Settlement Prospects
Source: Insurance News Net

 

2Q 2005 Variable Life Sales Rose 2%

Variable life sales with single premiums included at 10% for the 42 companies reporting in Tillinghast's VALUE survey for 2nd quarter 2005 were $630 million. This is a 2.1% increase over 1st quarter 2005 sales, which were $617 million, and a 9.7% decrease from 2nd quarter 2004 sales, which totaled $698 million.

2Q 2005 Variable Life Sales Rose 2%
Source: Insurance News Net

 

Lincoln Financial Group Receives Highest Score Possible on Corporate Equality Index

Lincoln Financial Group attained a perfect 100 percent score on the Human Rights Campaign(HRC) Foundation's 2005 annual report card on corporate America's treatment of gay, lesbian, bisexual, and transgender employees.

Lincoln Financial Group Receives Highest Score Possible on Corporate Equality Index
Source: PRNewswire

 

Selling Policies May Make Sense For Some High-Net-Worth Clients

The Financial Accounting Standards Board Web site already offers a detailed discussion about how to account for life settlements.

That means that life settlements must be here for the long haul and that we must determine how we can best use life settlements in the comprehensive financial plans we create and maintain for our most affluent clients.

For moderately affluent clients, life settlements can provide monies for liquidity and cash flow needs, but few high-net-worth individuals who employ wealth transfer strategies that include life insurance have cash flow issues. So, why would the potential liquidity event of a life settlement become a viable part of an advanced wealth transfer strategy?

Selling Policies May Make Sense For Some High-Net-Worth Clients
Source: Insurance News Net

 

Lincoln Benefit Life president to retire

B.E. “Gene” Wraith, president of Lincoln Benefit Life Company, has announced his plans to retire.

Larry Dahl, Lincoln Benefit Life’s executive vice president of sales management, will be appointed to the president position effective November 1, the company said in a news release. Wraith will assist in the leadership transition until his April 30 retirement.

Lincoln Benefit Life president to retire
Source: journalstar.com

 

Care Pathways, LTC Insurance Planners Join to Educate Families on Senior Care Needs

According to www.Long-Term-Care-Insurance-Planners.com, people just entering their retirement years are at risk for seeing their assets depleted due to rising health-care costs. A recent study shows that 40 percent of people age 65 and older will need some form of long-term care, yet most people have not invested in coverage to pay for it, and other forms of health care, such as major medical policies or Medicare, do not cover it. Today, the annual cost of nursing home care has risen to the average of $70,000.

Care Pathways, LTC Insurance Planners Join to Educate Families on Senior Care Needs
Source: Insurance News Net

Thursday, September 22, 2005

 

NAIC Reports Multi-State Regulatory Settlement with Marsh & McLennan Cos.

More than 30 state insurance regulators working collaboratively through the National Association of Insurance Commissioners (NAIC) on Wednesday announced a multi-state regulatory settlement with the nation's largest insurance broker, Marsh & McLennan Cos. Inc. (Marsh).

The settlement agreement is designed to see that the extensive compensation and disclosure reforms are implemented by Marsh. The agreement adopts Marsh's agreement made in January 2005 to pay its clients $850 million in restitution to resolve allegations of fraud and anti-competitive practices leveled by New York Attorney General Eliot Spitzer and New York State Insurance Superintendent Howard Mills.

NAIC
Reports Multi-State Regulatory Settlement with Marsh & McLennan Cos.

Source: Insurance Journal

 

Nationwide Financial Prices $200 Million Debt Offering

Nationwide Financial Services, Inc. today announced that it has priced and will issue in a public offering $200 million of senior notes at an interest rate of 5.10% per year, due October 1, 2015. Nationwide Financial intends to use the net proceeds from this offering for the redemption of all of the outstanding 7.10% Trust Preferred Securities of Nationwide Financial Services Capital Trust II, which are due in 2028. The redemption is scheduled to take place on September 28, 2005.


Nationwide Financial Prices $200 Million Debt Offering
Source: Yahoo! Finance

 

Genworth Financial's Class A Common Stock Priced at $29.50 in GE's Secondary Public Offering

Genworth Financial today announced the pricing of GE's secondary public offering of Genworth's Class A common stock. GE agreed to sell a total of 80 million shares at a price to the public of $29.50 per share. GE also agreed to sell 21 million shares to Citigroup Global Markets Inc., an affiliate of which will issue securities exchangeable for Genworth Class A shares. GE granted over-allotment options to permit the underwriters of the common stock offering to purchase an additional 12 million shares and to permit Citigroup Global Markets Inc. to purchase an additional 3.15 million shares.

Genworth Financial's Class A Common Stock Priced at $29.50 in GE's Secondary Public Offering
Source: PRNewswire

 

Boomers start thinking of retirement income

Like millions of Americans, I'm back at work after a little time off. And like millions of Americans, returning to work triggers one thought: early retirement.

Got a hankering to call it quits? Toting up your portfolio's value isn't enough. You've also got to figure out how much income your savings could generate.

Boomers start thinking of retirement income
Source: Insurance News Net

Wednesday, September 21, 2005

 

Sun Life to Spend C$300 Million on Asian Expansion, CEO Says

Sun Life Financial Inc., Canada's second-largest insurer, has earmarked C$300 million ($256.7 million) to expand in Asia in the next three years, with C$100 million of that for China, Chief Executive Donald Stewart said.

Sun Life to Spend C$300 Million on Asian Expansion, CEO Says
Source: Bloomberg

 

MetLife Receives Perfect Score on 2005 Corporate Equality Index for Third Consecutive Year

For the third year in a row, MetLife has received a perfect score of 100 in the Human Rights Campaign Foundation's (HRC) 2005 Corporate Equality Index, a rating system for how major U.S. corporations treat their gay, lesbian, bisexual and transgender (GLBT) employees, consumers and investors.

MetLife Receives Perfect Score on 2005 Corporate Equality Index
for Third Consecutive Year

Source: Yahoo! Finance

 

Interest Rates Likely to Keep Rising

The decision of the Federal Reserve to keep raising interest rates in the face of a devastating hurricane means one thing to many economists: Rates will keep going up and are likely to head higher than previously expected.

Interest Rates Likely to Keep Rising
Source: Courant.com

Tuesday, September 20, 2005

 

Katrina Causes Lawmakers to Shelve Industry Issues

With the nation's attention now focused on rebuilding New Orleans and other Gulf Coast cities devastated by Hurricane Katrina, a pair of key mutual fund industry issues that were front-burner topics before Congress broke for the summer likely won't get much attention now that lawmakers are back to work.

Katrina Causes Lawmakers to Shelve Industry Issues
Source: Financial-Planning.com

 

Speakers at The Compliance & Market Conduct Exchange will reveal the top five compliance mistakes that insurance companies make and how to avoid them.

Speakers at The Compliance & Market Conduct Exchange will reveal the top five compliance mistakes that insurance companies make and how to avoid them. The special session combines the unique perspectives from the corporate side and from the litigation side of insurance companies. The annual conference, hosted by LOMA and LIMRA International, will be held November 13-15, 2005 in Miami Beach, FL.

Speakers at The Compliance & Market Conduct Exchange will reveal the top five compliance mistakes ...
Source: Insurance News Net

 

Life Insurance Tips After Katrina

In a matter of hours, Hurricane Katrina caused billions of dollars in property damage. Yet at a time when survivors are in the greatest need, the task of filing a claim for life insurance can be a daunting one.

With life insurance policies destroyed in the storm and death certificates hard to come by, policy holders may find themselves overwhelmed and confused as to how to obtain their benefits.

Life insurance tips after Katrina
Source: Insurance News Net

 

Senate Bill Would Allow 401(k) Distributions for Long-Term-Care Insurance

Long-term care insurance could be purchased using funds accumulated in tax-advantaged 401(k) and 403(b) retirement accounts under terms of a new bill introduced in the U.S. Senate.

Sponsored by Sen. George Allen, R-Va., the Long-Term Care Act seeks to raise the proportion of Americans who purchase long-term care coverage from the current level of 6%, as well as to induce more consumers to purchase the coverage at earlier ages, Allen said in introducing the legislation. Under terms of the bill, individuals would be free to use pretax dollars to pay long-term care premiums for policies covering themselves or their spouses without any early withdrawal penalty.

(subscription req'd)

Senate Bill Would Allow 401(k) distributions for Long-Term-Care Insurance
Source: A.M. Best

 

Class-Action Lawsuit Focused on Pacific Life's Annuity Sales Moving Forward

Individuals and entities who purchased from Pacific Life Insurance Co. individual deferred variable annuity contracts or made an additional investment in a variable annuity that was placed in a tax-deferred retirement plan are expected to receive notices this week alerting them about a pending class-action lawsuit against the insurer and their rights as members of the class.

(subscription req'd)

Class-Action Lawsuit Focused on Pacific Life's Annuity Sales Moving Forward
Source: A.M. Best

Monday, September 19, 2005

 

Bankers Urges Americans to Make Their Voices Heard on Long-Term Health Care

Bankers Life and Casualty Company wants Americans to make their wishes known on the subject of long-termcare. The life and health insurer is joining the grassroots Long-Term Care Champions Network, a project of America's Health Insurance Plans (AHIP), to focus public and legislative attention on the issue.

Bankers Urges Americans to Make Their Voices Heard on Long-Term Health Care
Source: PR Newswire

 

Independent Agents Have Beaten the Internet; Now Face Opportunities in Exchanges

Independent insurance agents have outplayed and outscored the Web-based insurance distribution systems that tried to eliminate them and are on the verge of even greater victories, one of the industry's technology pioneers has proclaimed.

In addition, the industry is poised for a dramatic redesign of its distribution model under which independent agents will gain access to most of the markets they need, according to Richard Kerr, president and chief executive officer of online wholesale broker Market Scout.

Independent Agents Have Beaten the Internet; Now Face Opportunities in Exchanges
Source: Insurance Journal

 

Spitzer Seeks More Information on Hartford's Variable Annuity Products

The latest subpoena issued by Attorney General Eliot Spitzer focuses on Hartford's variable annuity products that were purchased in the past five years through funds from a tax-qualified plan or where the variable annuity purchased or exchanged was a subaccount of a tax-qualified plan, Hartford said in a regulatory filing. Spitzer also wants the insurer to provide information regarding reporting of workers' compensation premiums.

(subscription req'd)

Spitzer Seeks More Information on Hartford's Variable Annuity Products
Source: A.M. Best


Friday, September 16, 2005

 

Aging: A Disease Technologists Are Getting Ready to Tackle

Society's long-held view of aging probably left us years behind in research, as few scientists want to be seen as chasing anything silly or impossible. Fortunately, those days are over, and numerous scientists are working on finding ways to extend human life by fighting aging.

Aging: A Disease Technologists Are Getting Ready to Tackle
Source: Technology News World

 

NAIC Unveils Enhanced Web Site

The National Association of Insurance Commissioners (NAIC) has redesigned its Web site with a more user-friendly format for both NAIC members and first-time visitors.

Work on the new site began in May after an internal audit was conducted to focus on potential areas of improvement and enhancement, with the goal in mind to create an easier, more accessible online resource for all audiences.

NAIC Unveils Enhanced Web Site
Source: Insurance Journal

 

'Can I retire by 50?'

I see a lot of people asking you if they can retire early based on the assets they have. But I want to know how I can retire early. I'm 25 now and I contribute 10 percent of my income to my 401(k) each year and I maxed out on my Roth last year. I have about $10,000 saved so far. What more should I do so I can retire by age 50?

'Can I retire by 50?'
Source: CNN Money

Thursday, September 15, 2005

 

New Diversified Survey Reveals Vast Majority of 'Generation Y' Is Concerned with Saving for Retirement;Nearly Half of Gen Y Adults Consider Retirement

Nearly all (94%) of "Generation Y" adults acknowledge that it is important to save for the future, with 8 in 10 at least somewhat motivated to save specifically for retirement, according to 'Generation Y' Attitudes and Perceptions, a new survey conducted by Diversified Investment Advisors. In fact, nearly half (48%) of those Gen Y adults surveyed said they were very or extremely motivated to save for retirement.

New Diversified Survey Reveals Vast Majority of 'Generation Y' Is Concerned with Saving for Retirement; Nearly Half of Gen Y Adults Consider Retirement Benefits a Very Important Factor in Choosing a Job
Source: Insurancenewsnet

 

North American Life Insurance Activity Off 3.1% in August

North American application activity for individually underwritten life insurance declined -3.1% in August, year-over-year, according to the MIB Life Index. It was the Index's seventh consecutive monthly year-over-year decline since January 2005. Year- to-date, North American figures remained unchanged at -3.3%.

American Life Insurance Activity Off 3.1% in August
Source: Insurancenewsnet

 

Prudential Financial Ranked among Top 10 of ''2005 Working Mother 100 Best Company''

Prudential Financial, Inc. was listed among the top 10 companies of the "100 Best Companies for Working Mothers" by Working Mother magazine. This was the fifth year that Prudential made the top 10 list.

Prudential Financial Ranked among Top 10 of ''2005 Working Mother 100 Best Company''
Source: Yahoo! Finance

 

'Market Agility' Sets Winning Life Insurance Companies Apart: DiamondCluster Report

DiamondCluster, the global management consulting firm performed a quantitative and qualitative data analysis of 20 leading life insurance companies to reveal the management processes and operational assets that enable companies to succeed despite these rapidly changing marke tdynamics. A key underlying driver behind the success of leading life insurersis what DiamondCluster calls "Market Agility" -- the ability to drive relevant products to the marketplace ahead of competitors, at speed and with volume.

'Market Agility' Sets Winning Life Insurance Companies Apart: DiamondCluster Report
Source: PRNewswire

 

Life Insurers Will Meet Next Month in Nation's Capital at ACLI Annual Conference

Leaders of the life insurance industry will meet in the nation's capital Oct. 9 - 11 at the Omni Shoreham Hotel for ACLI's 30th annual conference to discuss retirement security, taxes and regulatory reform. The meeting -- attended annually by more than 500 life insurance executives -- is the premier conference for an industry offering financial protection and retirement security products to millions of Americans.

Life Insurers Will Meet Next Month in Nation's Capital at ACLI Annual Conference
Source: PRNewswire

Wednesday, September 14, 2005

 

When Income, Not Wealth Accumulation, Becomes the Goal of Your Investments

"In the 1980s and 1990s, it was all about accumulation," says James Mallozzi, a senior vice president with Prudential Financial's retirement division. "Now, people are interested in converting that principal into income." And that's when their thoughts will turn to insurance.

Spending down a portfolio in retirement is a treacherous business, because you don't know how long you will live and what investment returns you will earn. In the past, to cope with these risks, we have relied on Social Security retirement benefits and traditional company pensions.

(subscription req'd)

When Income, Not Wealth Accumulation, Becomes the Goal of Your Investments
Source: WSJ Online

 

MetLife and Babson College Host 2nd Annual E-Commerce Conference

MetLife and Babson Executive Education held their second annual Thought Leadership Conference on September 7 and 8 in Wellesley, MA, which brought together key players in the Internet and multi-channel marketing arena to discuss innovative practices for understanding the multi-channel marketing mindset. With the emergence of new customer channels, including blogs, tags and mobile marketing, the speakers discussed innovative practices for integrating new and traditional marketing channels, as well as barriers to success and emerging measurement tools.

MetLife and Babson College Host 2nd Annual E-Commerce Conference
Source: Yahoo! Finance

 

Pan-American Life Finds 300 Of 450 Employees

Pan-American Life has set up a fund to help employees devastated by the fund. Chief Executive Jose Suquet has pledged to contribute $10,000, and Pan-American Life will be seeking additional contributions from company vendors, business partners and other Pan-American Life managers, Richert says.

(Subscription req'd)

Pan-American Life Finds 300 Of 450 Employees
Source: National Underwriter

 

Fidelity Launches New Products To Buoy Retirement Offerings

In the latest move to beef up its retirement offerings, Fidelity Investments yesterday launched two no-frills, low-cost variable annuities.

One is the Fidelity Personal Retirement Annuity, which is designed for investors who are still years from retirement and looking to supplement their future retirement income. It has an annual maintenance charge of 0.25%, compared with an industry average of 1.41%, according to the firm.

The other, Fidelity Freedom Lifetime Income, a variable income annuity, is for those approaching or already in retirement. It pays a guaranteed amount in retirement and has an annual management fee of 0.6%, which the firm said compares with an industry average of 1.12%.

(subscription req'd)

Fidelity Launches New Products To Buoy Retirement Offerings
Source: WSJ Online

 

Nationwide Financial Launches Managed Asset Allocation Service

A new managed asset allocation service that helps consumers match their risk tolerance with their investment goals is now available to them through their financial professional.

Nationwide Allocation Architect(SM) is a managed asset allocation service available on certain variable universal life (VUL) products issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, OH.

Nationwide Financial Launches Managed Asset Allocation Service
Source: Yahoo! Finance

 

SEC Delays Enforcement Of Investment Advisor Rule

Broker-dealers are getting 4 more months to comply with a new regulation that will affect sales of variable life and variable annuity products through financial planners and discretionary brokerage accounts.

(subscription req'd)

SEC Delays Enforcement Of Investment Advisor Rule
Source: National Underwriter

 

How to Retire Early

If you retire at 50, you'll have at least 12 years until you can begin collecting Social Security, and if you start at the earliest possible age, 62, you'll get a much smaller benefit than if you hold off until full retirement age.

This means you're going to be depending on your investment portfolio a lot longer than if you retire at a more traditional 65 or so. Indeed, in addition to starting early, you must also plan for the fact that people are living a lot longer these days. The odds of living to age 90, 95 or 100 are a lot higher than many people think. So if you retire at 50, you could be drawing on your savings for 40 years or longer.

How to Retire Early
Source: Insurancenewsnet

 

New York Life Finds Magic With Sales Genie

New York Life is getting a new life in sales activity thanks to infoUSA's Sales Genie.
The nation's largest mutual life insurance company started using Sales Genie, infoUSA's Web-based sales prospecting tool, earlier this year.

The Sales Genie subscription service (http://www.salesgenie.net/) lets businesses access unlimited sales leads from 12 databases online for a monthly fee of $250.

Customers can access business sales leads from 13 million U.S. businesses, 2.6 million new businesses, 11.4 million executives and professionals, 600,000 manufacturers, 218,000 big businesses and 5 million small business owners. They also can access consumer sales leads from 200 million consumers, 57 million homeowners, 18 million new movers, 3.7 million new homeowners, 1.7 million bankruptcy filers and 12.5 million households with children.

New York Life Finds Magic With Sales Genie
Source: DMNews

Monday, September 12, 2005

 

Lincoln Financial losing reps in wake of restructuring

The bleeding continues at Lincoln Financial Advisors Corp. Over the summer, two top veteran registered representatives affiliated with Lincoln left the Fort Wayne, Ind., firm for Securities America Inc. of Omaha, Neb. Lori Resnick Price of Wilton, Conn., who had been affiliated with Lincoln Financial Advisors since 1988, broke ties with the firm in August...

Lincoln Financial losing reps in wake of restructuring

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