Thursday, April 27, 2006

 

Genworth Financial Launches Innovative Linked Insurance Providing 'Total Living Coverage'

Genworth Life Insurance Company has launched a comprehensive insurance solution that creatively merges features of universal life insurance and long term care insurance into a single product. Genworth's "Total Living Coverage(SM)" -- or "TLC" -- helps consumers control their assets, protect their beneficiaries and have access to industry-leading long term care benefits. Genworth is a leading provider of life and long term care insurance products.

Genworth Financial Launches Innovative Linked Insurance Providing 'Total Living Coverage'
Source: PRNewswire

Permalink posted by armandn @ 8:10 AM
 

Savings Bank Life Insurance Company of Massachusetts Reports Record Sales in 2005

Ranks As Leading Life Insurer In Home State For Ninth Consecutive Year

The Savings Bank Life Insurance Company of Massachusetts today reported record sales for 2005, making the company the leading writer of ordinary life insurance in force in its home state of Massachusetts for the ninth consecutive year.

SBLI also led all life insurers in the state in 2005 in total number of policies in force, number of new policies issued, insurance issued, and net growth in insurance in force.

Savings Bank Life Insurance Company of Massachusetts Reports Record Sales in 2005
Source: TMCnet

Permalink posted by armandn @ 8:08 AM
 

Life Insurance Offers Bargains

Yes, the cost of living keeps going up - if you have any doubts, drive into any gas station.

But the cost of dying is a downright bargain.

In fact, rates for plain-vanilla, term life insurance policies are the lowest they've ever been. Premiums - the annual fee you pay for a policy - have fallen by about 50 percent since 1995, according to AccuQuote, the insurance-shopping Web site.

Life Insurance Offers Bargains
Source: Philly.com

Permalink posted by armandn @ 8:06 AM
 

To Hedge or Not to Hedge: Managing Demographic Risk In Life Insurance Companies

Demographic risk, i.e., the risk that life tables change in a nondeterministic way, is a serious threat to the financial stability of an insurance company having underwritten life insurance and annuity business. The inverse influence of changes in mortality laws on the market value of life insurance and annuity liabilities creates natural hedging opportunities. Within a realistically calibrated shareholder value (SHV) maximization framework, we analyze the implications of demographic risk on the optimal risk management mix (equity capital, asset allocation, and product policy) for a limited liability insurance company operating in a market with insolvency-averse insurance buyers. Our results show that the utilization of natural hedging is optimalonly if equity is scarce. Otherwise, hedging can even destroy SHV. Asensitivity analysis shows that a misspecification of demographic risk has severe consequences for both the insurer and the insured. Thisresult highlights the importance of further research in the field ofdemographic risk.

To Hedge or Not to Hedge: Managing Demographic Risk In Life Insurance Companies
Source: Insurance News Net

Permalink posted by armandn @ 8:05 AM

Wednesday, April 26, 2006

 

Many North American Insurers Still In Planning Stage For Flu Pandemic

North American life insurance companies lag behind their international counterparts in their preparation for a possible avian influenza pandemic, according to a survey conducted during the first two weeks of April 2006. LOMA, a leading global association of life insurance companies, sponsored the survey, which was distributed to its members in North America and in the rest of the world. There were 155 responses, more than one-quarter of which were from outside North America, chiefly from Asia.

Many North American Insurers Still In Planning Stage For Flu Pandemic
Source: PRNewswire

Permalink posted by armandn @ 6:55 AM
 

Equity-Indexed Annuity Blog The World's First?

Just as they have for 60 years, baby boomers are throwing their weight around again.

This time, though, it's not a matter of how to educate, house and employ the mass of 78 million Americans in that generation, but rather how to replace their skills and knowledge in the workplace as they begin to retire.

Equity-Indexed Annuity Blog The World's First?
Source: MarketWire

Permalink posted by armandn @ 6:54 AM
 

Baby Boomer Exodus; As Millions Retire, Their Skills And Knowledge Will Be Gone, Too

Just as they have for 60 years, baby boomers are throwing their weight around again.

This time, though, it's not a matter of how to educate, house and employ the mass of 78 million Americans in that generation, but rather how to replace their skills and knowledge in the workplace as they begin to retire.

Baby Boomer Exodus; As Millions Retire, Their Skills And Knowledge Will Be Gone, Too
Source: San-Diego Union Tribune

Permalink posted by armandn @ 6:51 AM
 

Most Students Get 'F' In Financial Literacy

Test your financial literacy. Which of the following tends to have the highest growth over periods of time as long as 18 years: (a) a U.S. government savings bond; (b) a savings account; (c) a checking account, or (d) stocks?

This was one of 30 multiple-choice knowledge questions in a financial literacy test given to 5,775 high school seniors last December and January in 305 schools in 37 states, including Florida. It was the latest in a series of surveys since 1997 by the not-for-profit Jump$tart Coalition for Personal Financial Literacy.

Most Students Get 'F' In Financial Literacy
Source: Sun-Sentinel

Permalink posted by armandn @ 6:48 AM

Tuesday, April 25, 2006

 

Life Insurers Race To Meet Money-Laundering Compliance Deadline

Busy with the huge task of having to train thousands of agents over the past few months, U.S. life insurers now have less than two weeks to comply with the new anti-money laundering regulations issued by the U.S. Treasury Department last fall.

Life Insurers Race To Meet Money-Laundering Compliance Deadline
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 1:00 PM
 

Seniors Get A Hard Sell On Fee-Laden Annuities

Agents target the elderly's sizable assets, playing on their fears to push a product that may not meet their needs. Rich commissions drive tactics.

Seniors Get A Hard Sell On Fee-Laden Annuities
Source: LA Times

Permalink posted by armandn @ 12:58 PM
 

Roth 401(k) - Complexities Revealed

Many financial professionals, retirement plan sponsors, and employees have eagerly anticipated the availability of Roth 401(k). Higher-income individuals have looked forward to the ability to elect this special tax treatment without the adjusted gross income limitations imposed on Roth IRAs. However, there are a number of administrative and economic factors to consider in deciding whether Roth 401(k) is all it's cracked up to be.

Roth 401(k) - Complexities Revealed
Source: Insurance News Net

Permalink posted by armandn @ 12:57 PM
 

Americans Overconfident About Retirement Savings, Even As They Face Financial Uncertainties, According To Survey

Experts Suspect Over-Reliance on Personal Real Estate May Be the Culprit for Massive Retirement "Under-Savings Rate"

A recent study by RolloverSystems suggests there is a profound disconnect between Americans' confidence level and their behavior when it comes to retirement savings, even as they register overwhelming uncertainty about having enough money to retire comfortably.

Americans Overconfident About Retirement Savings, Even As They Face Financial Uncertainties, According To Survey
Source: Insurance News Net

Permalink posted by armandn @ 12:55 PM
 

New Legacy Secure Survivorship Life Insurance From Lincoln Benefit Life Company Enhances Estate Planning Process; Legacy

Lincoln Benefit Life Company, an Allstate company, has introduced a new Legacy Secure Survivorship Life (SL) insurance product. The product insures two people, normally a husband and wife, and may help beneficiaries cover potential estate taxes and estate settlement costs. It pays a death benefit after the second insured person dies, when estate taxes are typically due.

New Legacy Secure Survivorship Life Insurance From Lincoln Benefit Life Company Enhances Estate Planning Process
Source: Business Wire

Permalink posted by armandn @ 12:53 PM

Monday, April 24, 2006

 

Boomers More Worried About Today Than Retirement

With an increasing number of new retirees, fewer traditional pensions and people living longer, the income annuity market has been poised for growth for many years. However, sales have yet to take off.

One key reason is that the products are not widely recommended by independent advisors.

Boomers More Worried About Today Than Retirement
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 12:12 PM
 

Free Life Insurance Offered

For a family struggling to pay the mortgage or food bills, buying life insurance may seem like a luxury.

But parents earning less than $40,000 may be able to get a policy for free.

The policies, from MassMutual Financial Group of Springfield, Mass., provide $50,000 worth of coverage for a term of 10 years.

Free Life Insurance Offered
Source: Post-Gazette

Permalink posted by armandn @ 12:10 PM
 

Interested In More Advice, Employees Call For Improved Benefits Communications Based On Life Stages

Roughly one quarter (23%) of employers - and 44% of large companies with 25,000 or more employees - are interested in offering targeted benefits communications based on employee life stage and/or demographics, according to MetLife's recently released Employee Benefits Trend Study. Among certain life stages - e.g., Singles - more than 80% of employees believe their companies need to provide better benefits education to enable workers to select the best benefits options.

Interested In More Advice, Employees Call For Improved Benefits Communications Based On Life Stages
Source: Yahoo! Finance

Permalink posted by armandn @ 12:08 PM
 

Prudential Finds Americans Building Retirement Security At Home

Eighty-five percent of Americans view their homes as a reliable source for funding their retirement, even more so than other personal means, like IRAs, savings, and working in retirement, according to a new report by Prudential Real Estate Affiliates, Inc. (PREA).

As retirement looms for a huge wave of baby boomers, the realization of the need to create a retirement income has them looking to America's favorite and most trustworthy financial investment -homes. PREA's report, "Building Retirement Security At Home," highlights the impact home ownership has had on Americans' retirement prospects. PREA is the real estate brokerage franchise business of Prudential Financial, Inc.

Prudential Finds Americans Building Retirement Security At Home
Source: RISMedia

Permalink posted by armandn @ 12:05 PM

Friday, April 21, 2006

 

North American Life Insurance Activity Off 5.8% In March

North American application activity for individually underwritten life insurance was off -5.8% in March year-over-year, the second largest decline in March activity over the past four years, according to the MIB Life Index(SM). The aggregate index was impacted most by a -7.2% year-over-year decline in U.S. applications; in contrast, Canada experienced a +6.0% increase for the same period. Previous year-to-date (YTD) gains were eroded by March declines; for the first quarter 2006, North American applications are off -1.5%.

North American Life Insurance Activity Off 5.8% In March
Source: Yahoo! Finance

Permalink posted by armandn @ 10:51 AM
 

Life Settlements Face Growing Scrutiny From Regulators

State regulators are stepping up their scrutiny of life settlements -- the practice of healthy insureds selling their life insurance policies to investors for cash -- as life insurers seek to prevent the undermining of state insurable interest laws.

Life Settlements Face Growing Scrutiny From Regulators
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 10:48 AM
 

Take Note Of Warning Signs

Penny-pinching savers need to tread carefully when considering any financial investment. And this advice certainly holds true when evaluating an increasingly popular investment tool called "equity-indexed annuities."

The investment, generally sold by insurance brokers, hit its 11th record year of participation with $27.3 billion in EIA sales in 2005, according to Advantage Compendium, a St. Louis-based research and consulting firm.

Take Note Of Warning Signs
Source: Star-Telegram

Permalink posted by armandn @ 10:47 AM
 

Online retirement tools you can use

Most major financial services companies now offer online retirement planning tools. Both Ameriprise and Charles Schwab, for example, offer free retirement guides, and Ameriprise adds a free retirement check-in, during which "you'll talk one on one with an adviser to assess your retirement readiness." Lincoln has 10 different retirement calculators. The tools at these and other sites typically help consumers estimate retirement income and expenses, then set savings objectives. "The goal, of course, is to encourage boomers to invest in financial products such as annuities, long-term-care insurance, and 401(k) investments," says Brent Green, author of Marketing to Leading-Edge Baby Boomers.

Online retirement tools you can use
Source: U.S. News

Permalink posted by armandn @ 10:44 AM
 

Variable Annuity Research Report Released

Annuityiq.com has finally made its first appearance on the [web]... "I have been around the financial services industry for a long time" Scott DeMonte, owner of annuityiq.com said. "Annuityiq.com's release was long overdue."

...The need is for a completely unbiased research report, written in plain English. "I do not care if anyone buys a variable annuity, because I am not selling any." Mr. DeMonte says...

PRweb: Variable Annuity Research Report Released

Permalink posted by markw @ 4:08 AM

Thursday, April 20, 2006

 

Insurance That Pays - If You Stay Alive

Now you can buy insurance that pays you for staying alive.

This so-called "longevity insurance" pays you an income for life, but only if and when you make it to a certain age. It guards against the risk of outliving your money, arguably the top financial risk retirees face.

InsuranceThat Pays - If You Stay Alive
Source: Hartford Courant

Permalink posted by armandn @ 10:05 AM
 

Jackson National Life Insurance Company's First Quarter Variable Annuity Sales Up More Than 50%

Jackson National Life Insurance Company(R) (JNL) recorded more than $1.5 billion in variable annuity sales during the first quarter of 2006, a 51-percent increase over first quarter 2005. Higher sales of variable annuities and institutional products helped JNL generate more than $2.8 billion in total sales during the quarter, a 20-percent increase over the prior year.

Jackson National Life Insurance Company's First Quarter Variable Annuity Sales Up More Than 50%
Source: Yahoo! Finance

Permalink posted by armandn @ 10:04 AM
 

A Fresh Look At Long-Term Care

Could you afford to withdraw $250,000 from your retirement savings to pay for one year in a nursing home? Based on current charges, that's the projected cost in 25 years, when today's 55-year-old is likely to need care. And with nursing-home stays averaging about 2.5 years, your total bill could top $600,000 -- which could quickly drain your retirement accounts, leaving you and your spouse with little savings and your heirs without an inheritance.

A Fresh Look At Long-Term Care
Source: Kiplinger

Permalink posted by armandn @ 10:01 AM
 

Financial Firms Un-Sitely?

The financial services industry has taken a fall when it comes to its Internet presence.

According to the Internet Standards Assessment Report, released recently by the Web Marketing Association in West Simsbury, Conn., financial services websites are falling further behind the pack in terms of website quality.

Financial Firms Un-Sitely?
Source: Investment News (subscription required)

Permalink posted by armandn @ 9:59 AM

Wednesday, April 19, 2006

 

John Hancock Freedom 529 Tops $1.5 Billion In Assets

John Hancock today announced that assets of its John Hancock Freedom 529 college savings plan have topped $1.5 billion. The national, multi-managed 529 college savings plan was introduced in 2001 and is sold through financial consultants nationwide. John Hancock's multi-managed approach provides consumers with a choice of 19 portfolios from eight of the most respected money managers, providing a variety of strengths and expertise in different asset classes and investment styles.

John Hancock Freedom 529 Tops $1.5 Billion In Assets
Source: Yahoo! Finance

Permalink posted by armandn @ 7:09 AM
 

2005 VL Sales Slid 4.6% from 2004

Full year 2005 variable life insurance sales of $2.595 billion were 4.6% lower than full year 2004 sales of $2.72 billion, according to the VALUE survey.

2005 VL Sales Slid 4.6% from 2004
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:07 AM
 

Nationwide Financial Approved For Full-Service Banking

U.S. regulators today approved an application by Nationwide Financial Services, Inc. to extend the powers of its wholly owned subsidiary, Nationwide Trust Company, FSB, a limited-purpose federal thrift. The newly expanded thrift will be renamed Nationwide Bank and will offer a full range of banking products and services.

Nationwide Financial Approved For Full-Service Banking
Source: Insurance News Net

Permalink posted by armandn @ 7:05 AM
 

As Baby Boomers Plan To Retire ... Where Will They Get The Money?

After years of admonitions, Americans' retirement dreams are still filled with holes. But now the holes are getting harder to plug. For some, it is already too late.

With the oldest of 76 million Baby Boomers turning 60 this year, with frozen and disappearing pension plans, rising health-care costs, longer life spans and uncertainty over Social Security and Medicare, you'd think Americans would wake up and smell the danger.

As Baby Boomers Plan To Retire ... Where Will They Get The Money?
Source: L.A. Times

Permalink posted by armandn @ 7:00 AM
 

Advanced Marketing Tool-Kit Provides "Estate Strategies Using Life Insurance In Times Of Estate Tax Uncertainty"

Prudential Financial, Inc. announced today a new advanced marketing tool-kit entitled "Estate Strategies Using Life Insurance in Times of Estate Tax Uncertainty". "We specifically designed this kit to assist financial professionals who serve the unique needs of the estate marketplace," said Terri Getman, vice president of Advanced Markeing for Prudential Financial.

Advanced Marketing Tool-Kit Provides "Estate Strategies Using Life Insurance In Times Of Estate Tax Uncertainty"
Source: Yahoo! Finance

Permalink posted by armandn @ 6:57 AM

Tuesday, April 18, 2006

 

Penn Mutual Introduces Innovative Life Insurance Investment Option

According to the U.S. Census Bureau, 8,000 baby boomers will turn 60 each day this year and prepare to retire. To assist them, The Penn Mutual Life Insurance Company recently added an innovative rider to its Cornerstone Variable Universal Life IV (VUL) insurance policy, providing its policyholders with supplemental income for retirement.

Penn Mutual Introduces Innovative Life Insurance Investment Option
Source: Market Wire

Permalink posted by armandn @ 12:41 PM
 

Term-Life Rate Offer Savings For Older People

Many people assume that the way to get the best deal on basic "term" life insurance is to buy a policy as a young, healthy adult and keep it as long as needed. But term-life rates have dropped so fast in recent years that many existing policyholders may be able to save money by shopping around again.

Term-Life Rate Offer Savings For Older People
Source: Wall Street Journal (subscription require)

Permalink posted by armandn @ 12:39 PM
 

Standard Life Rebuffs Takeover Approaches

British life-insurer Standard Life Assurance Co. revealed Tuesday it recently rebuffed takeover approaches from a number of suitors and said it is pushing ahead with a planned IPO that could value it as high as 5.5 billion pounds ($9.7 billion).

Standard Life, Europe's largest mutual insurer, said the approaches included requests to take significant stakes in the company and a proposed all-share merger. Mutual insurance companies like Standard Life are owned by policyholders.

Standard Life Rebuffs Takeover Approaches
Source: FortWayne.com

Permalink posted by armandn @ 12:37 PM
 

Nest Eggs Expand With 401(k) Funds; Millions Boost Retirement Savings

An obscure paragraph added to the Revenue Act of 1978 by an unknown author has drastically changed the way Americans save for retirement and, possibly, how they vote.

Over the past 25 years, since a 38-year-old retirement consultant in Philadelphia got IRS approval to establish the first tax-deferred account system, 401(k)s have exploded, dramatically increasing the nation's investor class and boosting individuals' total savings.

Nest Eggs Expand With 401(k) Funds; Millions Boost Retirement Savings
Source: Insurance News Net

Permalink posted by armandn @ 12:35 PM

Monday, April 17, 2006

 

Insurers' Bank Marketing of Term Life Diverges

Two major life insurers are ramping up their marketing of term insurance through banks but are taking very different approaches, according to company executives.

ING U.S. Financial Services in Atlanta said last week that it will sell "simplified issue" term life through banks, targeting middle-market clients that studies have shown are underinsured or that have no life insurance.

Insurers Bank Marketing of Term Life Diverges
Source: Investment News (subscription required)

Permalink posted by armandn @ 11:24 AM
 

Pain Of Uninsurance Rising In Middle-, Higher Income-Americans

The number of uninsured Americans rose by 6 million between 2000 and 2004, primarily because of a drop in employer coverage. While about two-thirds of the increase was among people below 200% of poverty, the remaining one-third was among those above 200% of poverty, meaning the lack of health insurance clearly is beginning to affect middle- and higher-income Americans, according to a study by the Urban Institute’s John Holahan and Allison Cook reported in a Health Affairs web exclusive.

Pain Of Uninsurance Rising In Middle-, Higher Income-Americans
Source: Insurance News Net

Permalink posted by armandn @ 11:22 AM
 

Americans Need Education On Financial Literacy

While Americans traditionally approach the upcoming tax-filing deadline with a sense of dread, more and more Americans have a lot to look forward to.

Last year, more than 75 percent of Americans had the satisfaction of receiving a refund from the Internal Revenue Service. IRS data shows that the average return was $2,170 last year. That's good news for the roughly 100 million workers who received a refund. But the important question is how Americans, and those in the Latino community in particular, will use their refund?

Americans Need Education On Financial Literacy
Source: Whittier Daily News

Permalink posted by armandn @ 11:21 AM
 

Sorry State of Affairs: Americans Still Out To Lunch When It Comes To Retirement Savings

Americans are nothing if not optimistic. Indeed, some one in four Americans are very confident that they will have enough money to live comfortably through retirement. More than four in 10 Americans are somewhat confident, according to one of the longest running studies on the state of retirement in America.

Sorry State of Affairs: Americans Still Out To Lunch When It Comes To Retirement Savings
Source: CBS MarketWatch

Permalink posted by armandn @ 11:19 AM
 

Lincoln SVUL(One), Unique Hybrid Product for Suvivorship Market

Boomers who helped make the classic "Somebody Help Me Now"(1) a rock hit in 1967 are starting to think that familiar refrain as they face their financial strategy decisions. The Lincoln National Life Insurance Company is answering the plea by expanding estate planning markets into the younger Boomer client age base, while maintaining its attractiveness to traditional ages. Lincoln SVUL(ONE), a distinctive hybrid survivorship product, is one of the first to market of its kind and the most flexible available to date.

Lincoln SVUL(One), Unique Hybrid Product for Suvivorship Market
Source: Yahoo! Finance

Permalink posted by armandn @ 10:59 AM

Thursday, April 13, 2006

 

ING LifeStyle Portfolios Surpass $4 Billion Milestone in Variable Annuity Products

ING Variable Annuities, a marketing arm of ING U.S. Financial Services, announced today that its four LifeStyle portfolios within its variable annuity products have surpassed the $4 billion total assets milestone since the ready-made asset allocation choices were introduced in 2004.

ING LifeStyle Portfolios Surpass $4 Billion Milestone in Variable Annuity Products
Source: Techlinks

Permalink posted by armandn @ 7:47 AM
 

Wealthy Clients Are Primed to Talk About Long-Term Health Care Insurance

This may be remembered as the year advisors found out that even their wealthiest clients were worried about long-term health care costs.

Over half of wealthy Americans with assets ranging from $500,000 to over $10 million say "providing for my health and wellness" is their primary financial concern, according a survey by PNC Financial Services Group.

Wealthy Clients Are Primed to Talk About Long-Term Health Care Insurance
Source: Insurance News Net

Permalink posted by armandn @ 7:38 AM
 

Industry Hopes For Changes In IOLI Provision

Life insurers and producer groups believe they may succeed at persuading the Senate to remove an investor-owned life insurance provision from a tax cut bill.
Industry Hopes For Changes In IOLI Provision
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:36 AM
 

New York Life Achieves Record Sales, Revenue And Surplus In 2005

Surplus Increases $1 Billion to $12.9 Billion Insurance Sales Increase 10%, Investment Sales Rise 17%, Operating Revenue Up 8% Net Income, Excluding Realized Capital Gains and Losses, Increases 18% to $1.035 Billion

New York Life Insurance Company, America's largest mutual life insurance company, set new records for sales of insurance and investment products, as well as reached new highs in surplus, operating revenue, assets under management and other measures in 2005.

New York Life Achieves Record Sales, Revenue And Surplus In 2005
Source: BusinessWire

Permalink posted by armandn @ 7:32 AM

Wednesday, April 12, 2006

 

Generation X Lacks Confidence In Social Security And Pensions

Members of Generation X by and large understand that Social Security and pensions may evaporate by time they leave the workforce and instead are looking to themselves to fund their retirement, suggests a new poll conducted by Harris Interactive for the
American Institute of Certified Public Accountants (AICPA).

Generation X Lacks Confidence In Social Security And Pensions
Source: PR Newswire

Permalink posted by armandn @ 10:46 AM
 

Determining How Much Life Insurance You Need

Despite its name, life insurance isn't so much about life as it is about death. In fact, if you insure your life, you'll never benefit from the money since the insurance company pays the so-called death benefit -- the face value of the policy -- to the policy's beneficiary only after the sand has run out of your hourglass.

Determining How Much Life Insurance You Need
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 10:44 AM
 

MetLife Foundation Awards $150,000 To Alzheimer's Association To Expand Hispanic Outreach Initiatives

Alzheimer's disease and other related dementias know no boundaries. To better assist the rapidly growing Hispanic/Latino community, MetLife Foundation has awarded the Alzheimer's Association a $150,000 grant, to support the continuation of outreach activities in five Association chapters and help replicate these programs as "best practice" models in an additional six to eight chapters.

MetLife Foundation Awards $150,000 To Alzheimer's Association To Expand Hispanic Outreach Initiatives
Source: Yahoo! Finance

Permalink posted by armandn @ 10:27 AM
 

What You Can (And Can't) Do With Your IRA

He wasn't kidding, a reader assured me. On the advice of a tax professional, a friend had transferred $10,000 a year from his individual retirement account to each of his daughters' IRAs without paying any tax. So, the reader asked, couldn't he do it, too?

What You Can (And Can't) Do With Your IRA
Source: Sun-Sentinel

Permalink posted by armandn @ 10:25 AM
 

My-Life-Insured.com Offers Life Insurance Tips - Future Of Caring For Loved Ones

As the baby boomer generation begins to make decisions on the best ways to care for their family, many are beginning to consider life insurance more seriously.

A way to safeguard families against financial risk, life insurance policies guarantee loved ones with a designated amount of money, sometimes tax-free. In addition to helping with funeral expenses, life insurance monies may be used by families to cover everyday expenses, purchase necessities, and even pay off mortgages, thereby allowing families to continue to live in their home rather than sell it.

My-Life-Insured.com Offers Life Insurance Tips - Future Of Caring For Loved Ones
Source: PRWeb

Permalink posted by armandn @ 10:24 AM

Tuesday, April 11, 2006

 

American's Cheesy Retirement Plans

A new study of retirement readiness released today likens Americans' confidence in being able to fund a comfortable retirement to a piece of Swiss cheese: Many workers' retirement plans are simply "full of holes," the report concludes.

American's Cheesy Retirement Plans
Source: Insurance News Net

Permalink posted by armandn @ 12:30 PM
 

Term Life Insurance Coverage With No Check Ups Possible Online

Term life insurance policies traditionally required a great deal of paperwork before they went into effect.

Standard term life insurance policies have required preliminary medical check ups, multiple forms, and other time consuming steps before coverage was given.

But now the use of the Internet by the insurance industry has brought profound changes to this process.

Using the Internet, one insurance company, American Life Direct, has eliminated many of these steps, and shortened others.

Term Life Insurance Coverage With No Check Ups Possible Online
Source: PRWeb

Permalink posted by armandn @ 12:26 PM
 

ManuLife Financial Launches Online Annual Information Return Tool For Canadian Group Pension Clients

Manulife Financial is launching a new online Annual Information Return Summary Report for group pension clients across Canada, as part of its industry-leading governance program. This report reinforces a commitment by Manulife Group Savings and Retirement Solutions (GSRS) to make plan management easier for clients.

ManuLife Financial Launches Online Annual Information Return Tool For Canadian Group Pension Clients
Source: Yahoo! Finance

Permalink posted by armandn @ 12:23 PM
 

Life Insurers Challenged To Draw New Buyers To Variable Annuities

Variable annuity sales were up in 2005, though total net flows dropped, caused by a lack of new investors in the product. The industry is optimistic for 2006 and beyond, however, looking to attract the baby boomers by offering product features such as lifetime income options and death-benefit protection.

Life Insurers Challenged To Draw New Buyers To Variable Annuities
Source: A.M. Best

Permalink posted by armandn @ 12:20 PM

Monday, April 10, 2006

 

Poll finds more than half of U.S. workers have saved less than $25K for retirement

The Employee Benefit Research Institute's annual retirement confidence survey, released Tuesday, found that about 68 percent of workers are confident about having adequate funds for a comfortable retirement, up slightly from 65 percent in 2005.

Poll finds more than half of U.S. workers have saved less than $25K for retirement
Source: Lansing State Journal

Permalink posted by armandn @ 7:16 AM
 

LIMRA President Urges Insurers To Reach Out To Distributors, Public On Retirement Planning

Robert A. Kerzner, Limra International's president and chief executive officer, urged life insurers to better educate their distributors and clients about the need to view retirement differently than most now do. Kerzner spoke at the Retirement Industry Conference, which is sponsored by Limra, Loma and the Society of Actuaries.

LIMRA President Urges Insurers To Reach Out To Distributors, Public On Retirement Planning
Source: Insurance News Net

Permalink posted by armandn @ 7:14 AM
 

Prudential Financial Signs On As Exclusive Life Insurance Provider For ClubMom.com

Prudential Financial, Inc.announced today a newly formed business agreement with ClubMom. Under terms of the agreement, Prudential will become the exclusive life insurance provider for ClubMom.com, the website where millions of moms go for real-mom advice, mom-to-mom connections and rewards. An embedded Prudential microsite, on-site advertising and sponsored ClubMom member newsletters are also featured components of the agreement.

Prudential Financial Signs On As Exclusive Life Insurance Provider For ClubMom.com
Source: Yahoo! Finance

Permalink posted by armandn @ 7:12 AM
 

NASD Webcast: Equity Indexed Annuities Considerations

The National Association of Securities Dealers Inc. has put a video presentation aimed at financial professionals who sell equity-indexed annuities on its Web site.

NASD Webcast: Equity Indexed Annuities Considerations
Source: NASD

Permalink posted by armandn @ 7:10 AM

Saturday, April 08, 2006

 

AXA Likely to Quit Reinsurance After Receiving Offer for Unit

French insurer AXA SA said it is likely to quit the reinsurance market after it received a binding offer for its AXA Re unit from a newly launched company called Paris Re Holdings Ltd.

AXA said it will respond to the offer following consultation with its works councils...

Wall St. Journal (subscription required): AXA Likely to Quit Reinsurance After Receiving Offer for Unit

Permalink posted by markw @ 4:02 PM
 

Variable annuity's gains can be taxing

Dear Mr. Berko: In July 2002, Momma sold her home and moved in with Aunt Emma so they could share living costs and save money. Momma needed a guaranteed $5,000 for half the costs. So you told Momma to use $84,000 of the $129,000 selling price of her home and put it in an Equitable variable annuity. You said it would guarantee to pay her 6 percent on $84,000 and that it could grow in value...

Malcolm Berko (Sun-Herald): Variable annuity's gains can be taxing

Permalink posted by markw @ 3:54 PM

Friday, April 07, 2006

 

Using VAs To Create Retirement Income

"The income planning side of variable annuities is going to be huge," predicts Laurence Greenberg, president of Jefferson National Life, Dallas.

Long used to help people accumulate money, VAs increasingly will be used to provide a monthly income to people who no longer receive a monthly check from working, Greenberg maintains.

Using VAs To Create Retirement Income
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:45 AM
 

ING Merges Canadian Subsidiaries

Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada, both insurance subsidiaries of ING Canada Inc., have announced the completion of their amalgamation under the name of The Nordic Insurance Company of Canada.

ING Merges Canadian Subsidiaries
Source: Insurance Journal

Permalink posted by armandn @ 7:44 AM
 

Three Big Mistakes In Retirement Planning

...for every liability that's going to come down the pike, you must have a matching asset to meet it. My pal Kevin, like about 40 million other Baby Boomers racing towards retirement, had not taken the time and trouble to plan for the largest possible liability -- retirement. He mostly just never thought about it.

Source: Yahoo! Finance
Three Big Mistakes In Retirement Planning

Permalink posted by armandn @ 7:39 AM
 

Prudential Financial Challenges Conventional Wisdom As To A Tax-Wise Retirement

Prudential Financial, Inc. announced today in a new white paper that traditional approaches to tapping retirement assets might not be tax-efficient. Tax Wise Retirement Distribution Planning suggests the conventional sequence for tapping retirement assets -- access taxable accounts (such as a taxable savings account) first, partially tax deferred assets (such as stock or a mutual fund held outside of an annuity or qualified plan) second, and tax deferred accounts (an IRA, annuity or qualified retirement plan) last -- may not be the most economical course for asset longevity or maximum wealth transfer.

Prudential Financial Challenges Conventional Wisdom As To A Tax-Wise Retirement
Source: Yahoo! Finance

Permalink posted by armandn @ 7:37 AM
 

Disability Underwriting Convergence - Confounding or Convenient?

The field of disability insurance ceaselessly evolves, with several demographic and economic trends affecting the market. One key factor influencing the industry today is the state of disability underwriting and the significant changes that are occurring. Here's a look at how underwriting is helping to shape the future of the disability marketplace.

Disability Underwriting Convergence - Confounding or Convenient?
Source: Insurance News Net

Permalink posted by armandn @ 7:32 AM

Thursday, April 06, 2006

 

U.S. Teenagers Lack Financial Literacy

U.S. teenagers are making little headway when it comes to financial literacy, a survey out Wednesday shows.

High school seniors on average answered 52.4% of a 30-question financial survey correctly. That was up from 52.3% when the survey was last conducted two years ago but down from 57% in 1997, the first year for the survey, according to the Jump$tart Coalition for Personal Financial Literacy.

U.S. Teenagers Lack Financial Literacy
Source: USA Today

Permalink posted by armandn @ 8:39 AM
 

LIMRA Survey: Insurers Oppose Certain Life Settlements

It's no secret that insurers aren't particularly fond of life settlements, the sale of life policies in the secondary market. That's because the buyers hold them until insureds die and upset the writers' lapse assumptions and pricing.

Now a survey by Limra International reveals how insurers feel about more detailed aspects of life settlements. Limra released the findings at the Life Insurance Conference, sponsored by Limra, Loma, the Society of Actuaries and the American Council of Life Insurers.

LIMRA Survey: Insurers Oppose Certain Life Settlements
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 8:37 AM
 

Lincoln Acquisition Could Squeeze Advisors

Capping months of speculation, two members of the U.S. Senate Banking Committee unveiled legislation proposing an optional system of federal insurance regulation for both the life and property/casualty industries.

Lincoln Acquisition Could Squeeze Advisors
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 8:35 AM
 

Lincoln Acquisition Could Squeeze Advisors

Lincoln Financial completed its $7.5 billion acquisition of Jefferson-Pilot on Monday, creating one of the largest life insurers in the U.S. The Philadelphia insurance broker/dealer paid $1.8 billion in cash, with rest of purchase price coming in the form of its common stock.

Lincoln Acquisition Could Squeeze Advisors
Source: Insurance News Net

Permalink posted by armandn @ 8:34 AM
 

Americans Still Out To Lunch When It Comes To Retirement Savings

Americans are nothing if not optimistic. Indeed, some one in four Americans are very confident that they will have enough money to live comfortably through retirement. More than four in 10 Americans are somewhat confident, according to one of the longest running studies on the state of retirement in America.

Americans Still Out To Lunch When It Comes To Retirement Savings
Source: CBS MarketWatch

Permalink posted by armandn @ 8:33 AM
 

Affluent Consumers Plan To Boost Their Portfolios

Investment buying sentiment among mass affluent households continued an upward trend that began in August 2005, according to the February 2006 Phoenix Affluent Marketing Service (AMS), the largest continuously fielded syndicated survey of affluent households in the U.S. The Phoenix survey reports that 42 percent of mass affluent households plan to make net increases to their portfolio in the next three months, up from 38 percent in February 2005.

Affluent Consumers Plan To Boost Their Portfolios
Source: PR Newswire

Permalink posted by armandn @ 8:31 AM

Wednesday, April 05, 2006

 

Fidelity Makes Pension-Fund Push

Fidelity Investments, a household name among mutual-fund investors and do-it-yourself portfolio managers, is now making a push into pension funds and endowments.

Fidelity Makes Pension-Fund Push
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 12:15 PM
 

Insurer Prepares Producers For Disability Specialist Designation

Hartford Financial Services Group Inc. is scheduling more sessions of a 5-day group disability insurance education program for insurance producers and account managers.

Insurer Prepares Producers For Disability Specialist Designation
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 12:13 PM
 

Experts Say Most Buyers Misunderstand Guaranteed Annuity Benefits

When is a $179,000 "income base" worth only $121,000? When does a 7 percent "roll-up" end up as a mere 2.6 percent return?

Answer: When dealing with the intricacies and fine print of variable annuities that offer a guaranteed minimum income benefit, or "GMIB" for short.

Experts Say Most Buyers Misunderstand Guaranteed Annuity Benefits
Source: Florida Sun-Sentinel

Permalink posted by armandn @ 12:09 PM
 

Workers Have Retirement Overconfidence

The majority of American workers think they'll be able to retire comfortably, but most aren't saving nearly enough to meet that goal, according to a new study.

The Employee Benefit Research Institute's annual retirement confidence survey, released Tuesday, found that about 68 percent of workers are confident about having adequate funds for a comfortable retirement, up slightly from 65 percent in 2005.

Workers Have Retirement Overconfidence
Source: Houston Chronical

Permalink posted by armandn @ 12:08 PM
 

Life Insurers Endorse Insurance Reform Legislation

The American Council of Life Insurers (ACLI) strongly endorsed "The National Insurance Act of 2006," legislation introduced by Sens. John Sununu (R-N.H.) and Tim Johnson (D-S.D.) that would modernize insurance regulation for consumers and companies.

Life Insurers Endorse Insurance Reform Legislation
Source: PR Newswire

Permalink posted by armandn @ 12:06 PM

Tuesday, April 04, 2006

 

Optimism about pension prospects may not be realistic

Given the recent moves by General Motors, IBM and other major employers to slash their pension benefits, counting on a pension is like continuing to believe in Santa Claus after catching your dad putting presents under the tree.

Yet, despite evidence to the contrary, 61% of workers expect to receive income from a traditional pension when they retire, according to a survey scheduled for release today by the Employee Benefit Research Institute.

The findings, contained in EBRI's annual Retirement Confidence Survey, seem to clash with the workers' own experiences. Only 40% of those surveyed said they or their spouse is now covered by a pension. That means about 20% of workers expect to get a pension from a future employer — "a scenario that is becoming increasingly unlikely as companies cut back on their defined-benefit offerings," EBRI said...

USA Today: Optimism about pension prospects may not be realistic

Permalink posted by markw @ 4:57 AM
 

Jackson National Life Launches Rollover Campaign

Jackson National Life Insurance Company(R) (JNL(R)) today announced the launch of "Choose Your Direction," an educational initiative that is designed to support advisers as they face the more than $12.9 trillion in total U.S. retirement assets(1) that are expected to be gradually transformed into streams of income for retirees in the coming decades. Through the Choose Your Direction program, JNL provides the tools and guidance that can help advisers explore the range of available account options so they can develop customized retirement income and wealth transfer plans for their clients...

Denver dBusiness: Jackson National Life Launches Rollover Campaign

Permalink posted by markw @ 4:49 AM
 

Life Insurance Offered to Cancer Survivors

The Hartford Financial Services Group Inc. will make life insurance coverage more accessible to men with prostate cancer, recognizing rising survival rates with early detection...

SFGate.com: Life Insurance Offered to Cancer Survivors"

Permalink posted by markw @ 4:47 AM
 

Scam artists target TSP accounts, life insurance

When asked why he robbed banks, the infamous Willie Sutton quipped: "Because that's where the money is." Today, especially in Washington, the preferred target of many crooks and scam artists is your identity.

Two types of scam artists are working federal agencies in an effort to steal the personal identification of employees or to sell them life insurance policies -- which may be perfectly good -- outside of Federal Employees' Group Life Insurance (FEGLI)...

Washington Times: Scam artists target TSP accounts, life insurance

Permalink posted by markw @ 4:46 AM
 

Policy perk: Bonus pays for CEO's life insurance

Shoe Carnival seems determined to keep a longtime perk in place for Mark Lemond, chief executive of the Evansville- based shoe retailer.

It's called a split-dollar life insurance policy, and in the complex world of executive compensation it really amounts to getting something for nothing.
In this case, Shoe Carnival picks up Lemond's annual premium of $21,300 for a policy that provides his estate with $1 million in life insurance coverage, according to a recent filing with the Securities and Exchange Commission...

Indianapolis Star: Policy perk: Bonus pays for CEO's life insurance

Permalink posted by markw @ 4:44 AM

Monday, April 03, 2006

 

Lincoln Financial Group and Jefferson Pilot Complete Merger

Lincoln National Corporation completed its merger with Jefferson-Pilot Corporation today. The merged company, operating under the brand name Lincoln Financial Group, continues to be listed on the New York Stock Exchange as "LNC."

Lincoln Financial Group and Jefferson Pilot Complete Merger
Source: PR Newswire

Permalink posted by armandn @ 10:42 AM
 

An Annuity That Offers Lifetime Growth

What's the scariest thing that can happen to a retiree? Running out of money. Only health concerns, which you can't do anything about, carry an equal worry-quotient.

One solution is to buy an annuity that promises a check each month for life. But when you die, the checks stop coming, and the insurance company keeps the balance. You could also accept a smaller monthly check to cover payments over your lifetime and that of your spouse.

An Annuity That Offers Lifetime Growth
Source: TheStreet.com

Permalink posted by armandn @ 10:37 AM
 

John Hancock Group Long Term Care Insurance Reports Strong Results for 2005

John Hancock Group Long Term Care (GLTC) reported that record sales and unprecedented growth of its existing book-of-business made 2005 a very strong year, helping the company recapture the role of leading group carrier in the market for new sales premium (including new sales and reenrollment), with 28 percent market share, according to LIMRA's 2005 U.S. Employer-Sponsored Group Long Term Care
Insurance Sales report.

John Hancock Group Long Term Care Insurance Reports Strong Results for 2005
Source: PR Newswire

Permalink posted by armandn @ 10:35 AM
 

Jackson National Life Launches Rollover Campaign

Jackson National Life Insurance Company® (JNL®) today announced the launch of "Choose Your Direction," an educational initiative that is designed to support advisers as they face the more than $12.9 trillion in total U.S. retirement assets(1) that are expected to be gradually transformed into streams of income for retirees in the coming decades. Through the Choose Your Direction program, JNL provides the tools and guidance that can help advisers explore the range of available account options so they can develop customized retirement income and wealth transfer plans for their clients.

Jackson National Life Launches Rollover Campaign
Source: Yahoo! Finance

Permalink posted by armandn @ 10:34 AM

This page is powered by Blogger. Isn't yours?