Tuesday, May 30, 2006
Concerns About Savings, Dealing With Debt Arise
Their dream is to spend more time with each other, and once in a while, go canoeing or take a trip to Europe. But Willie and Jennifer Jackson of Hampton, Ga., worry that their savings might be too little, too late, to allow them to retire in 10 years and live out their dream.
The couple began building up their retirement funds only five to seven years ago. So far, they have about $80,000 combined in workplace retirement plans. Also, they each have a traditional pension plan that will pay them a guaranteed monthly sum in retirement. Willie Jackson, 51, is already collecting a military pension.
Still, he's worried that they're not saving enough: "I don't feel like we're where we should be. We just got a late start," he says.
Concerns About Savings, Dealing With Debt Arise
Source: USA Today
The couple began building up their retirement funds only five to seven years ago. So far, they have about $80,000 combined in workplace retirement plans. Also, they each have a traditional pension plan that will pay them a guaranteed monthly sum in retirement. Willie Jackson, 51, is already collecting a military pension.
Still, he's worried that they're not saving enough: "I don't feel like we're where we should be. We just got a late start," he says.
Concerns About Savings, Dealing With Debt Arise
Source: USA Today
Permalink posted by armandn @ 10:41 AM 
Some Life Insurers Play By Different Rules
Faced with the daunting prospect of buying life insurance, many Americans turn to someone they believe they can trust: a representative of a fraternal organization, often associated with their church.
But the people who own such policies, or are considering buying one, may be unaware that these organizations, such as Thrivent Financial for Lutherans or Woodmen of the World Life Insurance Society, play by different rules than other insurers -- rules that critics say can put buyers at a disadvantage.
Some Life Insurers Play By Different Rules
Source: Wall Street Journal (subscription required)
But the people who own such policies, or are considering buying one, may be unaware that these organizations, such as Thrivent Financial for Lutherans or Woodmen of the World Life Insurance Society, play by different rules than other insurers -- rules that critics say can put buyers at a disadvantage.
Some Life Insurers Play By Different Rules
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 10:39 AM
Long Term Care Insurance Sales On Gradual Upswing; In Step With Aging Baby Boomer Population
As the Baby Boomer generation continues its grinding march toward senior citizenship, sales of insurance products associated with aging, such as long term care (LTC) insurance, are also keeping pace, according to a recent analysis of data from the Claritas Insurance CLOUT(tm) database. The database houses current-year estimates and five-year projections of product usage and demand for insurance products and services.
Long Term Care Insurance Sales On Gradual Upswing; In Step With Aging Baby Boomer Population
Source: MarketWire
Long Term Care Insurance Sales On Gradual Upswing; In Step With Aging Baby Boomer Population
Source: MarketWire
Permalink posted by armandn @ 10:38 AM
Millions Fall Through Insurance Net's Holes
Whenever Sandra Skvara's heart starts to race for no apparent reason she tells herself, "OK, calm down."
Yet seeing a doctor is out of the question.
The 56-year-old substitute teacher hasn't visited a medical office once--not even for routine screenings--during the four years since she and her retired steelworker husband lost his employer-paid health insurance.
"It's scary," said Skvara, whose husband, Stephen, is disabled. "Until I reach Medicare age I won't have any health insurance because we cannot afford coverage for both me and him," and her husband needs it more.
Millions Fall Through Insurance Net's Holes
Source: Chicago Tribune
Yet seeing a doctor is out of the question.
The 56-year-old substitute teacher hasn't visited a medical office once--not even for routine screenings--during the four years since she and her retired steelworker husband lost his employer-paid health insurance.
"It's scary," said Skvara, whose husband, Stephen, is disabled. "Until I reach Medicare age I won't have any health insurance because we cannot afford coverage for both me and him," and her husband needs it more.
Millions Fall Through Insurance Net's Holes
Source: Chicago Tribune
Permalink posted by armandn @ 10:36 AM
Thursday, May 25, 2006
Life Settlement Institute Strongly Opposes ACLI Proposed Excise Tax On Life Settlements
The Life Settlement Institute (LSI) sharply criticized the American Council of Life Insurers' (ACLI) proposed anti-consumer and anti-competitive excise tax on life settlements. LSI believes the proposal is anti-consumer as it denies consumers valuable property rights in their life insurance policies. LSI also questioned whether the ACLI's attack on American consumers', particularly senior citizens', property rights would backfire and accelerate measures to change the current favorable tax treatment of other life insurance products.
Life Settlement Institute Strongly Opposes ACLI Proposed Excise Tax On Life Settlements
Source: PR Newswire
Life Settlement Institute Strongly Opposes ACLI Proposed Excise Tax On Life Settlements
Source: PR Newswire
Permalink posted by armandn @ 8:01 AM
Sun Life Financial Wins Better Business Bureau 2006 Torch Award For Excellence In Promoting Ethical Business Practices
The U.S. division of Sun Life Financial Inc. today announced it has won the Better Business Bureau's 2006 Local Torch Award for Excellence, the third time in the last four years the company has won the award in the category for businesses with over 1,000 employees. The award, given by the BBB serving eastern Massachusetts, Maine and Vermont, selected Sun Life based on a number of criteria including its high standards of excellence toward customers, employees, suppliers, shareholders, and communities in which it conducts business, and its reputation for ethical business practices.
Sun Life Financial Wins Better Business Bureau 2006 Torch Award For Excellence In Promoting Ethical Business Practices
Source: Yahoo! Finance
Sun Life Financial Wins Better Business Bureau 2006 Torch Award For Excellence In Promoting Ethical Business Practices
Source: Yahoo! Finance
Permalink posted by armandn @ 8:00 AM
Beacon's Fixed Annuity Premium Study Reports First Quarter's Fixed Annuity Sales
U.S. sales of fixed annuities reached $17.3 billion in first quarter, 2006, a 3% increase from the previous quarter. Improvement was steady throughout first quarter, with March showing the highest monthly sales. But results were 4% below the same period last year, according to new data from the Beacon Research Fixed Annuity Premium Study based on sales of 51 insurance companies. First quarter indexed annuity sales were $7.2 billion, up almost 8% from the prior quarter and 13.1% above first quarter, 2005.
Beacon's Fixed Annuity Premium Study Reports First Quarter's Fixed Annuity Sales
Source: Insurance News Net
Beacon's Fixed Annuity Premium Study Reports First Quarter's Fixed Annuity Sales
Source: Insurance News Net
Permalink posted by armandn @ 7:58 AM
Variable Annuity Living Benefits Explained
Annuity IQ releases an easy to understand guide to understanding variable annuity living benefits. This free resource is available at http://www.annuityiq.com under the free e-book link in the menu.
“I decided to release this free e-book after reading an article from Humberto Cruz who brought to light the fact that variable annuity owners do not understand their variable annuity living benefits and how they work. This confirmed my thoughts and was the primary reason for starting Annuity IQ. It also opened another opportunity for me to help people.” Scott DeMonte, owner of annuity IQ, said. Mr. Cruz and several experts have said that upwards of 90% of annuity owners do not understand how their living benefits work.
Variable Annuity Living Benefits Explained
Source: eMediaWire
“I decided to release this free e-book after reading an article from Humberto Cruz who brought to light the fact that variable annuity owners do not understand their variable annuity living benefits and how they work. This confirmed my thoughts and was the primary reason for starting Annuity IQ. It also opened another opportunity for me to help people.” Scott DeMonte, owner of annuity IQ, said. Mr. Cruz and several experts have said that upwards of 90% of annuity owners do not understand how their living benefits work.
Variable Annuity Living Benefits Explained
Source: eMediaWire
Permalink posted by armandn @ 7:57 AM
Wednesday, May 24, 2006
VA 'arms race' seen by Hartford execs
Pressure on variable annuity net flows is creating an "arms race," as insurers try to outdo each other with offers of increasingly potent lifetime guarantees and then strive to consolidate in order to subsidize those guarantees.
That was among the observations made by executives of The Hartford Financial Services Group Inc. during the company's investor conference today in New York.
VA 'arms race' seen by Hartford execs
Source: Investment News (subscription required)
That was among the observations made by executives of The Hartford Financial Services Group Inc. during the company's investor conference today in New York.
VA 'arms race' seen by Hartford execs
Source: Investment News (subscription required)
Permalink posted by armandn @ 8:07 AM
A Solution For Baby Boomers With Early Long Term Care Claims
A new insurance product allows Baby Boomers to potentially have access to 400% more benefits at a reasonable price. The Maximum Lifetime Benefit Acceleration Rider (hereby called the "Value Rider"), available from the Loyal American Life Insurance Company(R) Security Advantage(TM) LTC insurance product, helps Baby Boomers by increasing their long term care pool of money for use during early claims.
A Solution For Baby Boomers With Early Long Term Care Claims
Source: PR Newswire
A Solution For Baby Boomers With Early Long Term Care Claims
Source: PR Newswire
Permalink posted by armandn @ 7:25 AM
Fort Dearborn Life Launches New Fixed Annuity Product
Fort Dearborn Life Insurance Company, a subsidiary of Health Care Service Corporation (HCSC), a Mutual Legal Reserve Company, today announced the introduction of its Platinum Fortifier(SM) annuity product.
"The Platinum Fortifier represents the value we place in providing
consumer-oriented features and pricing," said Linda K. Wagner, vice
president, retirement products at Fort Dearborn Life. "The new product
expands our already competitive annuity product line and reaffirms our
commitment to making it easy for our valued partners to do business with
us."
Fort Dearborn Life Launches New Fixed Annuity Product
Source: PR Newswire
"The Platinum Fortifier represents the value we place in providing
consumer-oriented features and pricing," said Linda K. Wagner, vice
president, retirement products at Fort Dearborn Life. "The new product
expands our already competitive annuity product line and reaffirms our
commitment to making it easy for our valued partners to do business with
us."
Fort Dearborn Life Launches New Fixed Annuity Product
Source: PR Newswire
Permalink posted by armandn @ 7:17 AM
Sharing the Wealth: Health Savings Accounts Offer Rich Opportunities For Banks
Consumer-directed healthcare is as much about shifting responsibility and cost to consumers as it is respecting their autonomy, and thejury is still out as to which consumers, and to what extent, will benefit from health savings accounts (HSAs). Created in December 2003 as part of the Medicare Modernization Act (MMA), HSAs allow individuals enrolled in high-deductible health plans (HDHPs) to accumulate funds that can be used for health expenses, including those not covered by their health plans, such as dental and vision treatment. What is certain, however, is that the transfer of funds traditionally directed to the payment of insurance premiums into cash accounts presents a potentially huge opportunity for banks.
Sharing the Wealth: Health Savings Accounts Offer Rich Opportunities For Banks
Source: Insurance News Net
Sharing the Wealth: Health Savings Accounts Offer Rich Opportunities For Banks
Source: Insurance News Net
Permalink posted by armandn @ 7:11 AM
Tuesday, May 23, 2006
More Than 75 Million North American Life Insurance And Annuity Policies Now Administered On CSC Software
Computer Sciences Corporation today announced that its policy administration systems now support more than 75 million life insurance and annuity policies in North America. CSC reached this milestone with Sammons Financial Group's recent conversion of an acquired block of policies onto CSC's CyberLife software.
More Than 75 Million North American Life Insurance And Annuity Policies Now Administered On CSC Software
Source: PR Newswire
More Than 75 Million North American Life Insurance And Annuity Policies Now Administered On CSC Software
Source: PR Newswire
Permalink posted by armandn @ 10:24 AM
The Power of Variable Annuities
OK. You did thorough research, identified investments that had good earning prospects, bought them at a great price, and now you're ready to sell them for a substantial profit. Hats off! That's what good investing is all about -- right?
The Power of Variable Annuities
Source: The Street
The Power of Variable Annuities
Source: The Street
Permalink posted by armandn @ 10:22 AM
Principal Financial Group Launches New Universal Life Product; Universal Life Protector III Offers Lower Cost And Greater Flexibility
Principal Universal Life Protector III(SM) (Protector III) is the latest addition to a broad portfolio of universal life insurance products available from the Principal Financial Group(R). Businesses and individuals with life insurance needs will benefit from a low cost, guaranteed(a) death benefit combined with the flexibility of a universal life product design.
Principal Financial Group Launches New Universal Life Product; Universal Life Protector III Offers Lower Cost And Greater Flexibility
Source: Business Wire
Principal Financial Group Launches New Universal Life Product; Universal Life Protector III Offers Lower Cost And Greater Flexibility
Source: Business Wire
Permalink posted by armandn @ 10:20 AM
Strong Variable Annuities, Weak Fixed Annuities Highlight Life Insurers' First-Quarter Results
Sales of variable annuities with options such as withdrawal for life helped boost some U.S. life insurers' first-quarter profits. Others saw slowed sales of fixed and equity-indexed annuities, as bank certificates of deposit offered more competitive rates. As for life insurance sales, some chief executives described a highly competitive market - with universal life taking center stage.
Strong Variable Annuities, Weak Fixed Annuities Highlight Life Insurers' First-Quarter Results
Source: A.M. Best (subscription required)
Strong Variable Annuities, Weak Fixed Annuities Highlight Life Insurers' First-Quarter Results
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 10:17 AM
Monday, May 22, 2006
Lincoln Financial Group Completes Merger Financing
Lincoln National Corporation today announced the recent completion of its offering of $800 million of 7% Capital Securities due 2066. Lincoln used the proceeds of this offering along with the proceeds from its recent offerings of senior notes, capital securities and cash from the sale of various equity investments to repay the bridge facility used to finance the cash portion of the merger consideration paid to shareholders of Jefferson Pilot along with its accelerated stock repurchase program.
Lincoln Financial Group Completes Merger Financing
Source: Yahoo! Finance
Lincoln Financial Group Completes Merger Financing
Source: Yahoo! Finance
Permalink posted by armandn @ 11:40 AM
Responding To Baby Boomer, Retiree Needs For Retirement Income Solutions, MassMutual Unveils Retirement Management Account
Staking claim to a leadership position in the emerging retirement income market, MassMutual today unveiled the Retirement Management Account (RMA), an innovative advisory program and rollover IRA that enables financial advisors to help their clients turn qualified retirement savings into inflation-protected monthly payouts that last their lifetime. This new, multi-faceted program is in some ways like a pension, plus more.
Responding To Baby Boomer, Retiree Needs For Retirement Income Solutions, MassMutual Unveils Retirement Management Account
Source: Insurance News Net
Responding To Baby Boomer, Retiree Needs For Retirement Income Solutions, MassMutual Unveils Retirement Management Account
Source: Insurance News Net
Permalink posted by armandn @ 11:34 AM
Pacific Life's Life Insurance Division Improves Business Intelligence By Standardizing Data Management on Microsoft Software
The Life Insurance Division of Pacific Life Insurance Company, a leading provider of life insurance products and services, today announced it has selected Microsoft Corp. to help it standardize its data infrastructure, thus reducing overall costs and bringing improved business intelligence (BI) capabilities to more than 800 employees nationwide.
Pacific Life's Life Insurance Division Improves Business Intelligence By Standardizing Data Management on Microsoft Software
Source: PR Newswire
Pacific Life's Life Insurance Division Improves Business Intelligence By Standardizing Data Management on Microsoft Software
Source: PR Newswire
Permalink posted by armandn @ 11:31 AM
NASD: Disclosure Needs To Be Priority
NASD's chairman and CEO wants the regulator's proposed mutual fund point-of-sale-disclosure form extended to cover exchange traded funds, separately managed accounts and all forms of annuities.
"Let's not limit the Profile Plus to mutual funds," Robert Glauber told the 1,250 attendees at the Investment Company Institute's general membership meeting last week in Washington.
NASD: Disclosure Needs To Be Priority
Source: Investment News (subscription required)
"Let's not limit the Profile Plus to mutual funds," Robert Glauber told the 1,250 attendees at the Investment Company Institute's general membership meeting last week in Washington.
NASD: Disclosure Needs To Be Priority
Source: Investment News (subscription required)
Permalink posted by armandn @ 11:29 AM
Friday, May 19, 2006
NASD Introduces Compliance Podcasts
Beginning today, NASD is using a new and popular venue to get important, timely information into the hands - and ears - of compliance personnel: the podcast.
Free online audio recordings that highlight industry news, regulatory updates and hot compliance topics are now available. Users can listen online or download to a portable digital media player or computer. Users can also sign up for a free subscription to receive new podcasts automatically.
NASD Introduces Compliance Podcasts
Source: Finextra
Free online audio recordings that highlight industry news, regulatory updates and hot compliance topics are now available. Users can listen online or download to a portable digital media player or computer. Users can also sign up for a free subscription to receive new podcasts automatically.
NASD Introduces Compliance Podcasts
Source: Finextra
Permalink posted by armandn @ 10:47 AM
U.S. Boomers House-Rich, Retirement Poor, Survey Says
Eight in 10 U.S. baby boomers own a home and one-quarter have more than one property, an industry group said on Thursday, warning the huge generation is still ill-equipped for retirement.
Nearly two-thirds of baby boomers surveyed by the National Association of Realtors said the cost of living was too high to fully retire. One-third believe they will alternate between leisure and labor -- working full or part-time or starting a business.
U.S. Boomers House-Rich, Retirement Poor, Survey Says
Source: Reuters
Nearly two-thirds of baby boomers surveyed by the National Association of Realtors said the cost of living was too high to fully retire. One-third believe they will alternate between leisure and labor -- working full or part-time or starting a business.
U.S. Boomers House-Rich, Retirement Poor, Survey Says
Source: Reuters
Permalink posted by armandn @ 10:44 AM
ACLI Promotes Annuity-LTC Hybrid Concept
Congress should help workers save for ordinary retirement costs and the cost of long term care at the same time.
Greg Jenner, an executive vice president at the American Council of Life Insurers, Washington, made the case for that position Wednesday at a hearing of the House Energy and Commerce Subcommittee on Health.
ACLI Promotes Annuity-LTC Hybrid Concept
Source: National Underwriter (subscription required)
Greg Jenner, an executive vice president at the American Council of Life Insurers, Washington, made the case for that position Wednesday at a hearing of the House Energy and Commerce Subcommittee on Health.
ACLI Promotes Annuity-LTC Hybrid Concept
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 10:43 AM
Integrity 'Paramount,' The Hartford's CEO Says
The Hartford's chief executive touted company integrity twice in a brief speech to shareholders Wednesday, responding to long-running industry investigations that have alleged legal and ethical violations at his and other companies.
Chairman and CEO Ramani Ayer also told the annual meeting at The Hartford Financial Services Group Inc.'s headquarters that he sees ``a world of opportunities'' and that ``my confidence in the future of this company has never been stronger.''
Integrity 'Paramount,' The Hartford's CEO Says
Source: Insurance News Net
Chairman and CEO Ramani Ayer also told the annual meeting at The Hartford Financial Services Group Inc.'s headquarters that he sees ``a world of opportunities'' and that ``my confidence in the future of this company has never been stronger.''
Integrity 'Paramount,' The Hartford's CEO Says
Source: Insurance News Net
Permalink posted by armandn @ 10:41 AM
Thursday, May 18, 2006
Guardian To Buy San Francisco Investment Firm
Guardian Life Insurance Co., one of the nation's largest mutual life insurance firms, agreed to buy a majority stake in a San Francisco boutique investment firm to expand its services.
Guardian To Buy San Francisco Investment Firm
Source: New York Business
Guardian To Buy San Francisco Investment Firm
Source: New York Business
Permalink posted by armandn @ 11:43 AM
The Hartford Offers Accounting Professional Liability Program
The Hartford Financial Products, an underwriting unit of The Hartford, is now offering an Accountants Professional Liability product that provides coverage for certified public accountants and other accounting professionals, including public accountants, enrolled agents, tax preparers and bookkeepers. Firms with up to 50 accountants are eligible.
The Hartford Offers Accounting Professional Liability Program
Source: Insurance Journal
The Hartford Offers Accounting Professional Liability Program
Source: Insurance Journal
Permalink posted by armandn @ 11:41 AM
New Merrill Lynch Retirement Study Reveals Americans And Their Employers Don't See Eye To Eye
Merrill Lynch today announced the findings of a groundbreaking study that uncovers a startling disconnect between how Americans and their employers view retirement. The Merrill Lynch New Retirement Study - a one-of-a-kind study that surveyed both individuals and employers - reveals that while many people are actually working in retirement or have taken steps for a new retirement career, most employers are not on track to prepare for this phenomenon.
New Merrill Lynch Retirement Study Reveals Americans And Their Employers Don't See Eye To Eye
Source: Merrill Lynch
New Merrill Lynch Retirement Study Reveals Americans And Their Employers Don't See Eye To Eye
Source: Merrill Lynch
Permalink posted by armandn @ 11:39 AM
Wednesday, May 17, 2006
Exchange Traded Funds May Be The Next Big Thing In VAs
Exchange traded insurance funds may be available as a variable annuity subaccount investment option within six months, according to a firm that is seeking patent protection on the product.
ETIFs are exchange traded funds that could be used in insurer products, such as variable annuities, after approval by regulators.
Exchange Traded Funds May Be The Next Big Thing In VAs
Source: Investment News (subscription required)
ETIFs are exchange traded funds that could be used in insurer products, such as variable annuities, after approval by regulators.
Exchange Traded Funds May Be The Next Big Thing In VAs
Source: Investment News (subscription required)
Permalink posted by armandn @ 11:20 AM
It Looks Like Retirement Will Be A Full-Time Job, Or Perhaps Two
The title of the newest PBS "Frontline" special asks you a question: "Can You Afford to Retire?"
If you're like an increasing number of Americans, the correct answer will be "No."
You're not saving nearly enough money, your company's pension plan -- if there is one -- may not be there when you need it, and you're probably putting your 401(k) money in all the wrong places. Or, worse yet, you're not depositing anything at all into the 401(k).
It Looks Like Retirement Will Be A Full-Time Job, Or Perhaps Two
Source: Insurance News Net
If you're like an increasing number of Americans, the correct answer will be "No."
You're not saving nearly enough money, your company's pension plan -- if there is one -- may not be there when you need it, and you're probably putting your 401(k) money in all the wrong places. Or, worse yet, you're not depositing anything at all into the 401(k).
It Looks Like Retirement Will Be A Full-Time Job, Or Perhaps Two
Source: Insurance News Net
Permalink posted by armandn @ 11:18 AM
SellingLTC.com Develops Deficit Reduction Act of 2005 Marketing Product To Help Long-Term Care Insurance Salespeople Sell More LTCI
SellingLTC.com, LLC, the leader in providing long-term care insurance sales and marketing solutions for insurance producers, today announced the release of the SellingLTC.com. Deficit Reduction Act LTCI Marketing Pak, a complete marketing kit designed to assist insurance producers in reaching prospects for the purpose of discussing long-term care insurance as part of sound financial planning.
SellingLTC.com Develops Deficit Reduction Act of 2005 Marketing Product To Help Long-Term CareInsurance Salespeople Sell More LTCI
Source: PR Newswire
SellingLTC.com Develops Deficit Reduction Act of 2005 Marketing Product To Help Long-Term CareInsurance Salespeople Sell More LTCI
Source: PR Newswire
Permalink posted by armandn @ 11:16 AM
Lawsuit Alleges Axa Equitable Life Policies Classified All Minors As Smokers
A U.S. life insurance unit of French financial services group Axa is the target of a lawsuit alleging the company harmed policyholders who bought coverage for their juvenile children by classifying all of those children as smokers.
The lawsuit, filed in U.S. District Court for the Southern District of New York, seeks class-action status on behalf of policyholders who bought life policies for their juvenile children from Axa Equitable Life Insurance Co. The complaint doesn't give a range of dates for the proposed class of plaintiffs.
Lawsuit Alleges Axa Equitable Life Policies Classified All Minors As Smokers
Source: Insurance News Net
The lawsuit, filed in U.S. District Court for the Southern District of New York, seeks class-action status on behalf of policyholders who bought life policies for their juvenile children from Axa Equitable Life Insurance Co. The complaint doesn't give a range of dates for the proposed class of plaintiffs.
Lawsuit Alleges Axa Equitable Life Policies Classified All Minors As Smokers
Source: Insurance News Net
Permalink posted by armandn @ 11:14 AM
Tuesday, May 16, 2006
Regulator Sees Danger In Annuity Specialization
Some brokerage representatives are concentrating on selling one type of annuity and are making unsuitable sales as a result, according to the Alabama securities commissioner.
Industry officials acknowledge that product specialization exists, but they argue that it is a healthy trend that is occurring as a result of the increased number of annuity products being offered and the fact that the 76 million baby boomers are closing in on retirement.
Regulator Sees Danger In Annuity Specialization
Source: Investment News (subscription required)
Industry officials acknowledge that product specialization exists, but they argue that it is a healthy trend that is occurring as a result of the increased number of annuity products being offered and the fact that the 76 million baby boomers are closing in on retirement.
Regulator Sees Danger In Annuity Specialization
Source: Investment News (subscription required)
Permalink posted by armandn @ 7:08 AM
Baby Boomers and Empty Nesters Take Their Wealthy Inner Children on Vacation
America's suburban families are growing up -- and out. As baby boomers say good-bye to their adult children, this career-driven segment of society is rediscovering leisure time. The trend of swapping their city apartments (originally purchased as relief from killer commutes) with like-minded travel-bugs worldwide, has been on the rise, according to a recent member survey conducted by the website http://www.digsville.com. Helen Bergstein, founder of the Digsville Home Exchange Club says, "secondary/vacation home listings have been increasing every year and now comprise over 20% of the Digsville database."
Baby Boomers and Empty Nesters Take Their Wealthy Inner Children on Vacation
Source: PR Newswire
Baby Boomers and Empty Nesters Take Their Wealthy Inner Children on Vacation
Source: PR Newswire
Permalink posted by armandn @ 7:05 AM
The Long-Term Care Puzzle Gets Tougher
Do you think you should be able to preserve your assets for an inheritance while Uncle Sam picks up the tab for your nursing-home stay? Or is it your responsibility to spend your own money on long-term care, even if it means your heirs get less or nothing when you die?
No matter how you come down on these questions, one thing's now clear: It's become much harder to get the government to pay for a long stint in a nursing home. In February, President Bush signed a new law that imposes sharp limits on the ability of people with homes and other assets to tap Medicaid for help.
The Long-Term Care Puzzle Gets Tougher
Source: Insurance News Net
No matter how you come down on these questions, one thing's now clear: It's become much harder to get the government to pay for a long stint in a nursing home. In February, President Bush signed a new law that imposes sharp limits on the ability of people with homes and other assets to tap Medicaid for help.
The Long-Term Care Puzzle Gets Tougher
Source: Insurance News Net
Permalink posted by armandn @ 7:03 AM
MetLife Named a 2006 Best Company for Women of Color by Working Mother Magazine
MetLife has been recognized by Working Mother magazine for its efforts to advance diversity and create a multicultural and work/life friendly environment.
Working Mother has, for the first time ever, named MetLife to the magazine's 2006 Best Companies for Women of Color list, which recognizes companies for their strong practices and leading policies for supporting African-American, Asian-American, Latina and Native-American women in the workplace. The 2006 Best Companies for Women of Color list will appear in the magazine's June 2006 issue.
MetLife Named a 2006 Best Company for Women of Color by Working Mother Magazine
Source: Yahoo! Finance
Working Mother has, for the first time ever, named MetLife to the magazine's 2006 Best Companies for Women of Color list, which recognizes companies for their strong practices and leading policies for supporting African-American, Asian-American, Latina and Native-American women in the workplace. The 2006 Best Companies for Women of Color list will appear in the magazine's June 2006 issue.
MetLife Named a 2006 Best Company for Women of Color by Working Mother Magazine
Source: Yahoo! Finance
Permalink posted by armandn @ 7:00 AM
Many Unsure How To Make Retirement Last
Most Americans aren't sure how much money they can withdraw from their savings each year to fund retirement without running short, according to a survey released Monday.
Experts say retirees can safely spend about 4 percent of their assets each year, but a study conducted by Mathew Greenwald & Associates for the New York Life Insurance Co. found that just one in 10 respondents knew that rate.
In fact, some 36 percent of those surveyed believed retirees could spend up to 14 percent a year, and 40 percent didn't know what a safe spending rate would be.
Many Unsure How To Make Retirement Last
Source: The Olympian Online
Experts say retirees can safely spend about 4 percent of their assets each year, but a study conducted by Mathew Greenwald & Associates for the New York Life Insurance Co. found that just one in 10 respondents knew that rate.
In fact, some 36 percent of those surveyed believed retirees could spend up to 14 percent a year, and 40 percent didn't know what a safe spending rate would be.
Many Unsure How To Make Retirement Last
Source: The Olympian Online
Permalink posted by armandn @ 6:56 AM
Monday, May 15, 2006
Many Forced to Retire Early
American workers, who face growing financial pressure to stay in the workforce, are far more likely to be forced into an early retirement than many expect, according to a study being released today.
Four out of 10 retired workers left their jobs sooner than they had planned, usually because of health problems or the loss of employment, according to the report by McKinsey & Co., which was based on a national survey of 3,086 people.
Many Forced to Retire Early
Source: L.A. Times
Four out of 10 retired workers left their jobs sooner than they had planned, usually because of health problems or the loss of employment, according to the report by McKinsey & Co., which was based on a national survey of 3,086 people.
Many Forced to Retire Early
Source: L.A. Times
Permalink posted by armandn @ 11:55 AM
Enough Riders To Make Heads Spin
The good old days of just offering a few life insurance riders that have been around for 50 years are over. Today, companies are offering a plethora of riders that cover everything from unemployment to critical illness.
Common riders such as waiver of premium, guaranteed insurability options, accidental death and dismemberment, and term riders have been around the industry for a long time.
Enough Riders To Make Heads Spin
Source: National Underwriter (subscription required)
Common riders such as waiver of premium, guaranteed insurability options, accidental death and dismemberment, and term riders have been around the industry for a long time.
Enough Riders To Make Heads Spin
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 11:54 AM
Conning Research: Expect Increased Insurance M&A Activity in 2006 & 2007
Insurance industry mergers and acquisitions increased in 2005 to the highest level since 2001 and may foreshadow an acceleration of activity this year and the next, according to a new study by Conning Research and Consulting, Inc.
"There are a number of factors that lead us to expect a continuing increase," said Stephan Christiansen, director of research at Conning Research & Consulting. "The insurance industry is growing capital faster than revenues, and while revenue growth is anemic, prospective profitability appears relatively solid. Stock performance for the industry has been relatively strong as well, with each of the sectors outperforming the S&P 500 from 2002 through 2005. In addition, we believe advantages of scale are increasing in the industry for a variety of reasons."
Conning Research: Expect Increased Insurance M&A Activity in 2006 & 2007
Source: PR Newswire
"There are a number of factors that lead us to expect a continuing increase," said Stephan Christiansen, director of research at Conning Research & Consulting. "The insurance industry is growing capital faster than revenues, and while revenue growth is anemic, prospective profitability appears relatively solid. Stock performance for the industry has been relatively strong as well, with each of the sectors outperforming the S&P 500 from 2002 through 2005. In addition, we believe advantages of scale are increasing in the industry for a variety of reasons."
Conning Research: Expect Increased Insurance M&A Activity in 2006 & 2007
Source: PR Newswire
Permalink posted by armandn @ 11:51 AM
John Hancock Financial Network Launches Newly Redesigned Website
John Hancock Financial Network recently launched its newly redesigned, content-rich website for customers and potential recruits at http://www.jhnetwork.com, announced Kathy Klingler, Senior Vice President of Marketing and Business Development.
"As JHFN has grown and changed over the last few years, especially since our merger with Manulife Financial, we felt it was imperative to update and showcase all the products, services and career opportunities we have available. Most important, we wanted to enhance the experience for our visitors with even more content and easier ways to reach the company and our offices nationwide," explained Klingler.
John Hancock Financial Network Launches Newly Redesigned Website
Source: Yahoo! Finance
"As JHFN has grown and changed over the last few years, especially since our merger with Manulife Financial, we felt it was imperative to update and showcase all the products, services and career opportunities we have available. Most important, we wanted to enhance the experience for our visitors with even more content and easier ways to reach the company and our offices nationwide," explained Klingler.
John Hancock Financial Network Launches Newly Redesigned Website
Source: Yahoo! Finance
Permalink posted by armandn @ 11:49 AM
Friday, May 12, 2006
Long-Term Care Concerns For Women
Over one hundred years ago, men and women had very similar life expectancies-49 years in 1900. Today, as the longevity of Americans has increased overall by 20 years, women generally are expected to live five years longer than men. A newborn girl today has a life expectancy of approximately 80 years, compared to almost 75 years for a newborn boy. Statistics, based on 2003 population data, reflect a similar disparity in today's aging population-women represent 58 percent of the population age 65 and older. The figures increase dramatically for women ages 85 and older, who comprise 70 percent of this senior segment of the population.
Long-Term Care Concerns For Women
Source: The Daily Independent
Long-Term Care Concerns For Women
Source: The Daily Independent
Permalink posted by armandn @ 10:40 AM
Equitable, Wharton School Team To Create Advanced Retirement Planning Curriculum
AXA Equitable Life Insurance Company today announced a partnership with The Wharton School of the University of Pennsylvania establishing a program in retirement planning for the company's financial professionals. The At Retirement(SM) Program is designed to enhance the in-depth understanding of the unique challenges facing the 77 million baby boomers, who are currently near or in retirement.
AXA Equitable, Wharton School Team To Create Advanced Retirement Planning Curriculum
Source: PR Newswire
AXA Equitable, Wharton School Team To Create Advanced Retirement Planning Curriculum
Source: PR Newswire
Permalink posted by armandn @ 10:38 AM
Retirement-Planning Products, Services Need To Be More Helpful
The demographics are changing. And so too are the ways in which financial products and services, such as variable annuities and investment advice, are being developed and marketed to seniors and baby boomers.
Financial firms are churning out tons of new services and products with all sorts of bells and whistles aimed at helping folks save for retirement or generate income during retirement.
Retirement-Planning Products, Services Need To Be More Helpful
Source: CBS MarketWatch
Financial firms are churning out tons of new services and products with all sorts of bells and whistles aimed at helping folks save for retirement or generate income during retirement.
Retirement-Planning Products, Services Need To Be More Helpful
Source: CBS MarketWatch
Permalink posted by armandn @ 10:33 AM
Thursday, May 11, 2006
VA Volume Soars
Bank sales of annuities climbed to $3.2 billion in February, up 7% from the total for February 2005.
Although fixed annuity sales fell 18%, to $1.5 billion, variable annuity sales increased 42%, to $1.8 billion, according to a survey by Kenneth Kehrer Associates, Princeton, N.J.
VA Volume Soars
Source: National Underwriter (subscription required)
Although fixed annuity sales fell 18%, to $1.5 billion, variable annuity sales increased 42%, to $1.8 billion, according to a survey by Kenneth Kehrer Associates, Princeton, N.J.
VA Volume Soars
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 8:00 AM
Speed To Market Takes More Than Just Technology
The life insurance industry has emerged from a cost-cutting agenda to a new era that promises growth. Innovative insurance and annuity products will be key to helping drive that growth, but few carriers can predict the future. Most can only hope to position themselves as fast followers of emerging trends. Unfortunately, many are continually losing market share in the innovation race. Their systems, proceses and organizational culture simply can't react quickly enough to design and introduce new products.
Speed To Market Takes More Than Just Technology
Source: LOMA (PDF File)
Speed To Market Takes More Than Just Technology
Source: LOMA (PDF File)
Permalink posted by armandn @ 7:59 AM
Retirement Planning Should Start When Career Does
It might be tough for a twentysomething to focus on retirement, but the brave new world of do-it-yourself retirement plans requires you to. These plans might not provide retirement security even if you do play by the rules, but if you don't, you're likely to be digging yourself a hole you'll never get out of.
Retirement Planning Should Start When Career Does
Source: Hartford Courant
Retirement Planning Should Start When Career Does
Source: Hartford Courant
Permalink posted by armandn @ 7:57 AM
Mainsail UL 2006 Offers Competitive Design
Columbus Life announced that an updated Mainsail Universal Life product is now available in most states. Mainsail UL offers clients lifetime guaranteed death benefits at affordable and competitive premium levels. Mainsail UL is designed to appeal to affluent clients in personal estate and business planning applications where long-term death benefit guarantees are of primary importance. It can also provide affordable protection for young families as a permanent alternative to term insurance.
Mainsail UL 2006 Offers Competitive Design
Source: PR Newswire
Mainsail UL 2006 Offers Competitive Design
Source: PR Newswire
Permalink posted by armandn @ 7:55 AM
Wednesday, May 10, 2006
Hartford Financial Settles Fraud Settles for $20 Million
State authorities in New York and Connecticut filed a $20 million settlement of civil fraud charges against Hartford Financial Services Group Inc., stemming from that company's secret payments to brokers who sold its annuities to pension plans in recent years.
Hartford Financial Settles Fraud Settles for $20 Million
Source: Wall Street Journal (subscription required)
Hartford Financial Settles Fraud Settles for $20 Million
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 11:51 AM
Prudential Retirement Expands Patent-Pending Income Bridge Approach To Help Maximize Social Security Benefits To Retail Clients
Prudential Retirement announced today that it is introducing its patent-pending Income Bridge® product offering to any individual retiring with qualified IRA, defined contribution, or cash balance rollover assets. Previously, the product was only available to retirees in defined contribution plans serviced by Prudential Retirement. Prudential Retirement is a business of Prudential Financial, Inc.
Prudential Retirement Expands Patent-Pending Income Bridge Approach To Help Maximize Social Security Benefits To Retail Clients
Source: Yahoo! Finance
Prudential Retirement Expands Patent-Pending Income Bridge Approach To Help Maximize Social Security Benefits To Retail Clients
Source: Yahoo! Finance
Permalink posted by armandn @ 11:46 AM
The Secret To Investing Is That There Is No Secret
You chase after the latest "hot" fund touted in the newspapers and magazines. Or you buy whatever the market "guru" on television is blabbing about, no matter how risky the investment is or whether it even fits with the rest of your portfolio.
The Secret To Investing Is That There Is No Secret
Source: Sun-Sentinel
The Secret To Investing Is That There Is No Secret
Source: Sun-Sentinel
Permalink posted by armandn @ 11:43 AM
LISA Announces New Life Settlement Information Services To Policymakers And The General Public
The Life Insurance Settlement Association is pleased to announce the release of its first newsletter: "The Voice of The Industry." With this publication, LISA will introduce the life settlement industry and itself to legislators and policy makers and interested parties. "The Voice of the Industry" will provide a broad, issue oriented view of the life settlement industry and the timeliest related issues. In the first issue, which succinctly discusses a variety of emerging issues such as policy owner disclosure, the responsibilities of brokers and providers, and some of the issues related to the emerging premium finance controversy, LISA establishes its positions.
LISA Announces New Life Settlement Information Services To Policymakers And The General Public
Source: Market Wire
LISA Announces New Life Settlement Information Services To Policymakers And The General Public
Source: Market Wire
Permalink posted by armandn @ 11:40 AM
Tuesday, May 09, 2006
Look To The Future...Lincoln's 4Later Advantage VA Feature Allows Baby Boomers To Plan For Their Retirement Future
Lincoln Financial Group today announced the launch of its latest variable annuity Income4Life(R) innovation: 4LATER(SM) Advantage, an optional benefit that, together with the patented i4LIFE(R) Advantage feature, offers a unique retirement income planning strategy. 4LATER(SM) Advantage is available to Baby Boomers who are not yet ready for retirement - but are ready to "look to the future" and plan for it. 4LATER(SM) Advantage serves as an advanced planning tool, allowing Baby Boomers to help forecast the investment needed for a guaranteed minimum income stream, beginning when they need income.
Look To The Future...Lincoln's 4Later Advantage VA Feature Allows Baby Boomers To Plan For Their Retirement Future
Source: PR Newswire
Look To The Future...Lincoln's 4Later Advantage VA Feature Allows Baby Boomers To Plan For Their Retirement Future
Source: PR Newswire
Permalink posted by armandn @ 12:12 PM
InsureMe Launches Blog For Consumers
Englewood, Colo.-based InsureMe, a consumer-agent link to finding insurance online, has launched InsureMe Insurance Blog, an online forum targeted at consumers with insurance-related questions.
The blog allows authors to post short articles and commentary, addresses the top news in health, life, home and auto insurance, as well as state-specific issues and related topics facing consumers. The blog is interactive, which allows readers to post their questions and comments on each entry.
InsureMe Launches Blog For Consumers
Source: Insurance Journal
The blog allows authors to post short articles and commentary, addresses the top news in health, life, home and auto insurance, as well as state-specific issues and related topics facing consumers. The blog is interactive, which allows readers to post their questions and comments on each entry.
InsureMe Launches Blog For Consumers
Source: Insurance Journal
Permalink posted by armandn @ 11:48 AM
Can UL Survive The New Millenium?
Have you thought about how many problems UL can solve for your clients?
Here was the battle cry that began an evolution in the life insurance business: "Buy term and invest the rest!"
OK, perhaps I'm being a little dramatic, and there certainly were other reasons insurance companies built, priced, and developed universal life (UL) insurance, but you have to agree that A.L. Williams and that sales system fueled the fire.
Can UL Survive The New Millenium?
Source: Life Insurance Selling
Here was the battle cry that began an evolution in the life insurance business: "Buy term and invest the rest!"
OK, perhaps I'm being a little dramatic, and there certainly were other reasons insurance companies built, priced, and developed universal life (UL) insurance, but you have to agree that A.L. Williams and that sales system fueled the fire.
Can UL Survive The New Millenium?
Source: Life Insurance Selling
Permalink posted by armandn @ 11:46 AM
AXA Equitable Advises Baby Boomers To Stop Ignoring The '800-Pound Gorilla' When It Comes To Their Retirement Planning
AXA Equitable today announced a new national advertising campaign aimed at encouraging the approximately 77 million baby boomers in America to cease ignoring the "800-pound gorilla" in the room when it comes to their retirement planning.
The new national advertising campaign urges baby boomers to take action
to ensure their income needs in retirement are addressed. The TV and print ads raise awareness of annuities as a valuable option that could guarantee income for life. The campaign is part of a broader initiative aimed at helping boomers prepare for retirement.
AXA Equitable Advises Baby Boomers To Stop Ignoring The '800-Pound Gorilla' When It Comes To Their Retirement Planning
Source: PR Newswire
The new national advertising campaign urges baby boomers to take action
to ensure their income needs in retirement are addressed. The TV and print ads raise awareness of annuities as a valuable option that could guarantee income for life. The campaign is part of a broader initiative aimed at helping boomers prepare for retirement.
AXA Equitable Advises Baby Boomers To Stop Ignoring The '800-Pound Gorilla' When It Comes To Their Retirement Planning
Source: PR Newswire
Permalink posted by armandn @ 10:44 AM
Monday, May 08, 2006
Investors Pummel Conseco Over CEO's Resignation
Analysts and investors lashed out at Conseco Inc. management during a conference call Friday and demanded more details about why the insurer's chief executive resigned after 21 months at the helm.
Conseco also disclosed that it will keep on Chief Executive William Kirsch, whose resignation is effective May 23, as an employee through the end of August, shortly after a large chunk of his stock options will vest.
Investors Pummel Conseco Over CEO's Resignation
Source: Wall Street Journal (subscription required)
Conseco also disclosed that it will keep on Chief Executive William Kirsch, whose resignation is effective May 23, as an employee through the end of August, shortly after a large chunk of his stock options will vest.
Investors Pummel Conseco Over CEO's Resignation
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 11:41 AM
NASD Warns Against Cashing Out Of 401(k)s
The NASD has issued an alert on its website warning that cashing out even a small fraction of a 401(k) investment account could be detrimental to one's retirement savings. The alert, entitled "Think Twice Before Cashing Out Your 401(k)," talks about the consequences of withdrawing money from a 401(k) before turning 59 1/2. "It could be very tempting for employees to tap their 401(k) plans to pay bills or take that special vacation," said NASD Vice Chairman Mary Shapiro. "It is our hope that this will help workers make better investment choices that take into account their long-term goals of retirement security."
NASD Warns Against Cashing Out Of 401(k)s
Source: Financial-Planning.com
NASD Warns Against Cashing Out Of 401(k)s
Source: Financial-Planning.com
Permalink posted by armandn @ 11:39 AM
Life Insurers Say Life Settlement Help Consumers
Concurrent with the start of the Life Insurance Settlement Association's (LISA) 12th bi-annual spring meeting, which concluded today in New York, the National Association of Insurance Commissioners (NAIC) on Wednesday held a public hearing, "Premium Financing of Life Insurance, Life Settlements, and the Relationship with State Insurable Interest Laws."
Life Insurers Say Life Settlement Help Consumers
Source: Market Wire
Life Insurers Say Life Settlement Help Consumers
Source: Market Wire
Permalink posted by armandn @ 11:37 AM
MassMutual Offers 5,000th Free Life Insurance Policy To Working Parents
Massachusetts Mutual Life Insurance Company today announced the issuance of its 5,000th free $50,000 policy under its LifeBridge(SM) Free Life Insurance Program. The action marks a major milestone in this unique national life insurance program launched by MassMutual just three years ago.
MassMutual Offers 5,000th Free Life Insurance Policy To Working Parents
Source: PR Newswire
MassMutual Offers 5,000th Free Life Insurance Policy To Working Parents
Source: PR Newswire
Permalink posted by armandn @ 11:35 AM
Wachovia to Acquire Golden West for $25B
Wachovia Corp., the nation's fourth largest bank, is muscling into the West with a $25.5 billion deal to buy Golden West Financial Corp., a mom-and-pop shop that blossomed into a prized savings and loan.
The stock-and-cash acquisition, announced late Sunday, values Golden West at $81.07 per share -- 15 percent above the company's closing price last week on the New York Stock Exchange...
AP: Wachovia to Acquire Golden West for $25B
The stock-and-cash acquisition, announced late Sunday, values Golden West at $81.07 per share -- 15 percent above the company's closing price last week on the New York Stock Exchange...
AP: Wachovia to Acquire Golden West for $25B
Permalink posted by markw @ 7:57 AM
Friday, May 05, 2006
Regulatory Standards For Annuities Should Be Clear And Consistent, Whether State Or Federal, According To IMSA
Consumers, companies and sales professionals deserve better, more efficient regulation that reflects dynamic product changes and increasing consumer expectations, not the disorganized and inconsistent patchwork of laws and regulations that exist today said Brian Atchinson, President and CEO of the Insurance Marketplace Standards Association (IMSA) at today's NASD Annuity Roundtable.
"Consumers purchasing annuities and other financial service products should be adequately protected, no matter who regulates the products they are considering," said Atchinson.
Regulatory Standards For Annuities Should Be Clear And Consistent, Whether State Or Federal, According To IMSA
Source: Business Wire
"Consumers purchasing annuities and other financial service products should be adequately protected, no matter who regulates the products they are considering," said Atchinson.
Regulatory Standards For Annuities Should Be Clear And Consistent, Whether State Or Federal, According To IMSA
Source: Business Wire
Permalink posted by armandn @ 7:34 AM
NAIC Life Insurance Committee Examines Controversial Settlement Issues
More than 300 insurance regulators, industry representatives and interested parties attended an Interim Meeting of the NAIC's Life Insurance and Annuities (A) Committee today in New York City.
The meeting featured a public hearing on "Premium Financing of Life Insurance, Life Settlements, and the Relationship with State Insurable Interest Laws." Six panel discussions included testimony from financial and life insurance experts, life insurance settlement advocates and consumer representatives. Most of the testimony centered on life insurance policies that are financed and purchased with the specific intent of selling them for cash settlements.
NAIC Life Insurance Committee Examines Controversial Settlement Issues
Source: Insurance News Net
The meeting featured a public hearing on "Premium Financing of Life Insurance, Life Settlements, and the Relationship with State Insurable Interest Laws." Six panel discussions included testimony from financial and life insurance experts, life insurance settlement advocates and consumer representatives. Most of the testimony centered on life insurance policies that are financed and purchased with the specific intent of selling them for cash settlements.
NAIC Life Insurance Committee Examines Controversial Settlement Issues
Source: Insurance News Net
Permalink posted by armandn @ 7:32 AM
Aviva Brings Two Fixed Indexed Annuities To the 457(b) Market
Aviva Life Insurance Company (Aviva) announces that two fixed indexed annuities -- the Aviva Progressive Index Annuity and the Aviva Elite Index Annuity -- are now available for the 457(b) governmental plan market. "Progressive" and "Elite" join Aviva's three existing 457(b) plan products: Flex 9, Aviva Flex Select and Aviva Flex Plus, all of which are flexible premium deferred annuities.
Aviva Brings Two Fixed Indexed Annuities To the 457(b) Market
Source: PR Newswi
Aviva Brings Two Fixed Indexed Annuities To the 457(b) Market
Source: PR Newswi
Permalink posted by armandn @ 7:29 AM
Using a life-insurance trust
Life insurance is an important ingredient in making sure that your family is taken care of after you die. While income tax does not apply to a life-insurance payout, the dreaded estate tax does.
If you have a substantial policy that could push the value of your estate above the tax threshold (currently $2 million) you can create an irrevocable life-insurance trust, a legal entity that will own the policy while you're alive and pay the proceeds to the beneficiaries you've designated after you die. A trust works with both cash-value (whole, universal) and term policies.
Using a life-insurance trust
Source: Star-Telegram
If you have a substantial policy that could push the value of your estate above the tax threshold (currently $2 million) you can create an irrevocable life-insurance trust, a legal entity that will own the policy while you're alive and pay the proceeds to the beneficiaries you've designated after you die. A trust works with both cash-value (whole, universal) and term policies.
Using a life-insurance trust
Source: Star-Telegram
Permalink posted by armandn @ 6:36 AM
Thursday, May 04, 2006
Consumers Show Marked Improvement In Knowledge About The Realities Of Long-Term Care
Although Californians are showing a marked improvement in their understanding of long-term care issues, 65.4 percent underestimate the cost of long-term care and have not thought about the financial impact on themselves and their families, according to results of a statewide poll released today by the California Department of Health Services' (CDHS) California Partnership for Long-Term Care program (Partnership). The poll was conducted by the Field Institute.
Consumers Show Marked Improvement In Knowledge About The Realities Of Long-Term Care
Source: Marketwire
Consumers Show Marked Improvement In Knowledge About The Realities Of Long-Term Care
Source: Marketwire
Permalink posted by armandn @ 12:10 PM
New Consumers Life Web Site Includes More Security, Helpful Online Tools
Members can do everything from determining deductibles to accessing claims information on the redesigned Web site of Consumers Life Insurance Company at http://www.ConsumersLife.com.
Creating a Web presence that would help members better understand and
utilize their health insurance benefits was a priority, according to Chris
Hoffman, manager of Internet Communications.
New Consumers Life Web Site Includes More Security, Helpful Online Tools
Source: PR Newswire
Creating a Web presence that would help members better understand and
utilize their health insurance benefits was a priority, according to Chris
Hoffman, manager of Internet Communications.
New Consumers Life Web Site Includes More Security, Helpful Online Tools
Source: PR Newswire
Permalink posted by armandn @ 12:08 PM
Life Insurers Face Backlash Over Policy On Foreign Travel
As more Americans travel to remote parts of the world for both business and pleasure, controversy is growing over a little-known insurance-industry practice: denying customers life insurance because of their foreign-travel plans.
Life Insurers Face Backlash Over Policy On Foreign Travel
Wall Street Journal (subscription required)
Life Insurers Face Backlash Over Policy On Foreign Travel
Wall Street Journal (subscription required)
Permalink posted by armandn @ 12:06 PM
More Companies Quit Pensions
The nation's largest companies continue to move away from providing traditional pensions, with slightly more than a third now offering the benefit to newly hired workers, a sharp drop during the past few years, according to a survey released Wednesday.
More Companies Quit Pensions
Source: Hartford Courant
More Companies Quit Pensions
Source: Hartford Courant
Permalink posted by armandn @ 12:02 PM
North American Life Insurance Activity Off 2.8% In April
North American application activity for individually underwritten life insurance was off -2.8% in April year-over-year, according to the MIB Life Index(TM). Year-to-date (YTD), U.S. and Canadian applications are off -1.7% compared to a decline of -3.1% seen during the first four months of last year. YTD declines for all ages are hovering about the same level: -1.9%, -0.8% and -2.8% behind the first four months of 2005 for ages 0-44, 45-59 and 60+, respectively.
North American Life Insurance Activity Off 2.8% In April
Source: PR Newswire
North American Life Insurance Activity Off 2.8% In April
Source: PR Newswire
Permalink posted by armandn @ 12:00 PM
Wednesday, May 03, 2006
Parents: Are Your Grads Ready For The Real World? National Survey Finds College Grads Likely To Fall Through Gaps In Health Insurance Coverage
A new national survey finds as parents celebrate their child's graduation, they and their children may not be prepared for all the "real world" costs. When asked if their child had a medical emergency or needed health care while uninsured, only 44 percent of parents say they would pay for their child's health expenses, while 39 percent would offer to share the cost or teach their child how to take out a loan.
Parents: Are Your Grads Ready For The Real World? National Survey Finds College Grads Likely To Fall Through Gaps In Health Insurance Coverage
Source: Market Wire
Parents: Are Your Grads Ready For The Real World? National Survey Finds College Grads Likely To Fall Through Gaps In Health Insurance Coverage
Source: Market Wire
Permalink posted by armandn @ 8:15 AM
Morningstar Unveils Retirement Website
Morningstar Inc. of Chicago said today that it has created the Retirement Income Education Center, a website that offers retirement income content and tools for financial advisers to use with their clients.
The center includes articles and presentations for advisers and investors that cover a wealth of retirement income topics, such as longevity, market risk, withdrawal-rate choices, and the effect of inflation and savings decisions.
Morningstar Unveils Retirement Website
Source: Investment News (subscription required)
The center includes articles and presentations for advisers and investors that cover a wealth of retirement income topics, such as longevity, market risk, withdrawal-rate choices, and the effect of inflation and savings decisions.
Morningstar Unveils Retirement Website
Source: Investment News (subscription required)
Permalink posted by armandn @ 8:14 AM
Social Security Financial Health Declining
Social Security and Medicare trustees say the financial condition of the government's two biggest benefit programs deteriorated slightly over the past year.
That assessment on Monday prompted Democrats and Republicans to hurl familiar charges at each other in a repeat of last year's pitched battle over what to do about Social Security.
Democrats accused the Bush administration of overstating the problems in the two programs as a way of getting Congress to enact draconian benefit cuts, while Republicans said Democrats were refusing to face serious funding shortfalls.
Social Security Financial Health Declining
Source: Insurance News Net
That assessment on Monday prompted Democrats and Republicans to hurl familiar charges at each other in a repeat of last year's pitched battle over what to do about Social Security.
Democrats accused the Bush administration of overstating the problems in the two programs as a way of getting Congress to enact draconian benefit cuts, while Republicans said Democrats were refusing to face serious funding shortfalls.
Social Security Financial Health Declining
Source: Insurance News Net
Permalink posted by armandn @ 8:11 AM
The Midland Company Acquires Southern Pioneer Life Insurance Company
The Midland Company, a highly focused provider of specialty insurance products and services, today announced that its wholly owned subsidiary, American Modern Insurance Group, reached an agreement to acquire all of the outstanding stock of Southern Pioneer Life Insurance Company. Southern Pioneer is a privately held insurance company, headquartered in Trumann, Arkansas. Southern Pioneer has written credit life and disability insurance since 1980 and its annualized credit insurance premiums are approximately $15 million. The acquisition is subject to regulatory approval and terms of the purchase were not disclosed.
The Midland Company Acquires Southern Pioneer Life Insurance Company
Source: RN Newswire
The Midland Company Acquires Southern Pioneer Life Insurance Company
Source: RN Newswire
Permalink posted by armandn @ 8:10 AM
Tuesday, May 02, 2006
Investors Seek Profit In Stranger's Death
Regulators are poking into an unusual and fast-growing corner of the life-insurance world in which investors can profit when complete strangers die.
The business involves individuals selling the right to death benefits from their life-insurance policies -- often $1 million or more -- to investors. In exchange, individuals get cash while they're still alive.
Investors Seek Profit In Stranger's Death
Source: Wall Street Journal (subscription required)
The business involves individuals selling the right to death benefits from their life-insurance policies -- often $1 million or more -- to investors. In exchange, individuals get cash while they're still alive.
Investors Seek Profit In Stranger's Death
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 12:51 PM
Insurers Should Expect Next Influenza Pandemic To Be Severe, Experts Say
Risk experts are warning insurance companies that they may be underestimating their risk if they assume that a new influenza pandemic would be no worse than the 1918 influenza pandemic.
While some published studies have already illustrated the effects of various pandemic scenarios, most commonly a repeat of the 1918 influenza pandemic that had a mortality level of 0.67 percent in the U.S. and even more severe effects in other countries, RMS says its analysis of the virology and epidemiological science shows that more severe pandemics are possible. There is a one in five chance of a pandemic that is more severe than that experienced in 1918.
Insurers Should Expect Next Influenza Pandemic To Be Severe, Experts Say
Source: Insurance Journal
While some published studies have already illustrated the effects of various pandemic scenarios, most commonly a repeat of the 1918 influenza pandemic that had a mortality level of 0.67 percent in the U.S. and even more severe effects in other countries, RMS says its analysis of the virology and epidemiological science shows that more severe pandemics are possible. There is a one in five chance of a pandemic that is more severe than that experienced in 1918.
Insurers Should Expect Next Influenza Pandemic To Be Severe, Experts Say
Source: Insurance Journal
Permalink posted by armandn @ 12:49 PM
The Hartford Earns Top Spot In Group Disability Sales
The Hartford Financial Services Group, Inc. recently became the No. 1 seller of new group short- and long-term disability insurance, according to the 2005 market share report issued by LIMRA International.
In 2005, The Hartford(R), through its Group Benefits Division, posted
$328.9 million in new fully-insured disability sales premium, a 47 percent
increase over 2004, as reported by LIMRA International, a worldwide
research and consulting organization focused on the insurance and financial
services industry. The $328.9 million in new fully-insured disability sales
premium consists of $105.9 million for new short-term disability (STD) and
$223 million in new long-term disability (LTD).
The Hartford Earns Top Spot In Group Disability Sales
Source: PR Newswire
In 2005, The Hartford(R), through its Group Benefits Division, posted
$328.9 million in new fully-insured disability sales premium, a 47 percent
increase over 2004, as reported by LIMRA International, a worldwide
research and consulting organization focused on the insurance and financial
services industry. The $328.9 million in new fully-insured disability sales
premium consists of $105.9 million for new short-term disability (STD) and
$223 million in new long-term disability (LTD).
The Hartford Earns Top Spot In Group Disability Sales
Source: PR Newswire
Permalink posted by armandn @ 12:48 PM
John Hancock Introduces New Lapse Protection Survivorship Universal Life Insurance Policy
John Hancock has introduced a new survivorship universal life insurance policy, Protection SUL-G(1). The product is designed for clients who need competitively priced, lifetime guaranteed death benefit coverage for two lives. The policy is priced and designed using the 2001 CSO mortality table, which allows for an extension of the premium paying period and death benefit guarantee duration to age 121 of the younger insured. This flexibility often results in the most affordable premium possible.
John Hancock Introduces New Lapse Protection Survivorship Universal Life Insurance Policy
Source: PR Newswire
John Hancock Introduces New Lapse Protection Survivorship Universal Life Insurance Policy
Source: PR Newswire
Permalink posted by armandn @ 12:11 PM
Monday, May 01, 2006
Sun Life Financial Announces Secured Returns For Life Plus Benefits Now Available With Masters Variable Annuities
In line with its strategy of meeting the needs of retirement focused customers, the U.S. division of Sun Life Financial Inc. (NYSE, TSX: SLF) today announced a new optional living benefit, Secured Returns for Life Plus(SM), available with its Masters(SM) variable annuity (VA) product line. This new benefit offers a new step-up program, and the Plus 5 Program that awards clients annual bonuses for deferring income. The new enhancements, combined with Sun Life's guaranteed principal and income benefits, provide clients the opportunity to increase their guaranteed amounts in any market condition, maximizing their opportunity to grow retirement income.
Sun Life Financial Announces Secured Returns For Life Plus Benefits Now Available With Masters Variable Annuities
Source: PR Newswire
Sun Life Financial Announces Secured Returns For Life Plus Benefits Now Available With Masters Variable Annuities
Source: PR Newswire
Permalink posted by armandn @ 11:16 AM
MetLife Profit Declines by 28%; Hartford, Up 8%
A bond-market bet contributed to MetLife Inc.'s recording a 28% drop in first-quarter net income, while Hartford Financial Services Group Inc. said it had a 9% increase.
Both companies, which reported after the close of trading, said their underlying life-insurance businesses grew briskly and raised their earnings guidance for the full year, as an aging population increasingly turns to products like annuities in a search for retirement income.
MetLife Profit Declines by 28%; Hartford, Up 8%
Source: Wall Street Journal (subscription required)
Both companies, which reported after the close of trading, said their underlying life-insurance businesses grew briskly and raised their earnings guidance for the full year, as an aging population increasingly turns to products like annuities in a search for retirement income.
MetLife Profit Declines by 28%; Hartford, Up 8%
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 11:14 AM
John Hancock Retirement Plan Services To Sponsor First 400 Registrants For A Free Advisor HealthCheck
John Hancock Retirement Plan Services is partnering with international consulting firm Business Health to offer through the Center for Due Diligence a free comprehensive diagnostic analysis of the retirement plan professional's business for the first 400 financial advisors who register at http://www.401kduediligence.com/CFDDconference2006.asp. Programs of this type usually cost approximately $1,000.
John Hancock Retirement Plan Services To Sponsor First 400 Registrants For A Free Advisor HealthCheck
Source: PR Newswire
John Hancock Retirement Plan Services To Sponsor First 400 Registrants For A Free Advisor HealthCheck
Source: PR Newswire
Permalink posted by armandn @ 11:13 AM
Jackson National Life Offers New GMWB Features In Variable Annuity Products
Jackson National Life Insurance Company® (JNL®) today announced several enhancements to its Perspective(SM) family of variable annuities. The company has added five new guaranteed minimum withdrawal benefit (GMWB) options that provide contract holders with a guaranteed return of premium and lifetime income, two of which offer continuation of benefits for joint survivors(1). In addition, JNL has expanded its existing fund lineup across its variable annuity products to include new offerings from Goldman Sachs Asset Management, L.P., Lazard Asset Management, Franklin Templeton Investments and Mellon Capital Management.
Jackson National Life Offers New GMWB Features In Variable Annuity Products
Source: Yahoo! Finance
Jackson National Life Offers New GMWB Features In Variable Annuity Products
Source: Yahoo! Finance
Permalink posted by armandn @ 11:11 AM
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