Thursday, June 29, 2006

 

TIAA-CREF Life Insurance Company Announces Launch Of Intelligent Life Variable Universal Life Insurance

TIAA-CREF, the financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields, today announced the launch of Intelligent Life(SM) Variable Universal Life (VUL) insurance offered through TIAA-CREF Life Insurance Company.

TIAA-CREF Life Insurance Company Announces Launch Of Intelligent Life Variable Universal Life Insurance
Source: PR Newswire

Permalink posted by armandn @ 7:16 AM
 

NASD Ponders Flu Pandemic Emergency Guidelines

The National Association of Securities Dealers is trying to prepare for an influenza epidemic that could force half of member firms’ employees to stay home for extended periods.

The NASD, Washington, has issued a request for comment about the types of regulatory relief that it ought to offer firms facing a major flu epidemic.

NASD Ponders Flu Pandemic Emergency Guidelines
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:15 AM
 

ACLI Push For U.S. Life Sector International Solvency Involvement

The American Council of Life Insurers' Board of Directors last week unanimously approved a resolution calling for the ACLI to actively engage with the National Association of Insurance Commissioners (NAIC) and the International Association of Insurance Supervisors (IAIS) regarding international solvency issues.

ACLI Push For U.S. Life Sector International Solvency Involvement
Source: Insurance News Net

Permalink posted by armandn @ 7:14 AM
 

Genworth Buying AssetMark For $230 Million

Holding company Genworth Financial Inc. said Thursday it will acquire AssetMark Investment Services, a provider of outsourced managed account services to independent financial advisors, for $230 million in cash plus additional performance-based payments of up to $110 million over five years.

Genworth Buying AssetMark For $230 Million
Source: Yahoo! Finance

Permalink posted by armandn @ 7:12 AM
 

Taking Your Annual Financial Pulse

An annual financial checkup is the most important part of the financial planning process. Yet many people downplay its significance.

This annual review is an opportunity for you and your financial planner to examine your strategy, or "to do" list, and measure the progress you're making toward your goals.

It's also a time to incorporate any new life changes that have occurred during the past year -- the birth of a child, the death of a loved one, a new marriage, a business startup or expansion, or even a major purchase -- into your financial plan to help you chart a new course, if needed, or to further affirm that you're on the right track. Remember, your life is dynamic, not static, and your financial plan should be as well.

Taking Your Annual Financial Pulse
Source: The Street

Permalink posted by armandn @ 7:10 AM

Wednesday, June 28, 2006

 

Survey By A Subsidiary Of The Hartford Finds Insurance Agencies Rewarding Organic Growth, Profitability And Business Retention

With fewer large books of business changing hands recently, insurance agencies are relying on staff- driven, organic growth to expand their operations. Compensation packages and new recruitment and training strategies have shifted to reflect this trend, and also to address the shortage of trained sales professionals, according to the recently-published Business Management Group, Inc. 2006-2007 Owner, Executive and Producer Compensation Survey.

Survey By A Subsidiary Of The Hartford Finds Insurance Agencies Rewarding Organic Growth, Profitability And Business Retention
Source: PR Newswire

Permalink posted by armandn @ 6:33 AM
 

Equity-Indexed Annuity Would Have Outperformed Stock Market In Previous Long-Term "Sideways" Markets, Study Shows

A $100,000 deposit in a representative EIA in 1966 would have grown to $202,905 by 1982, compared to a lackluster $178,449 from the Dow Jones Industrial Average, including reinvested dividends.*

An EIA pays an interest rate linked to the performance of a stock-market index, with a guaranteed minimum rate if held to maturity. Pete Winer, a Chartered Financial Consultant with Covenant Reliance Producers, assumed the annuity would credit 50% of index's growth during up years without a cap on earnings. The EIA's value would be unchanged in down years.

Equity-Indexed Annuity Would Have Outperformed Stock Market In Previous Long-Term "Sideways" Markets, Study Shows
Source: Market Wire

Permalink posted by armandn @ 6:32 AM
 

Allstate Retirement Survey Reveals Three Out Of Four Boomers Admittedly Ill-Prepared For Retirement

Allstate's 2006 Retirement Reality Check survey shows that 70 percent of Americans polled-regardless of age, gender, household income and education-describe themselves as "financially independent." But, despite such optimism, 40 percent of respondents admit they are not saving seriously for retirement.

Allstate Retirement Survey Reveals Three Out Of Four Boomers Admittedly Ill-Prepared For Retirement
Source: Insurance News Net

Permalink posted by armandn @ 6:29 AM
 

Nationwide Financial Launches ULtimate Universal Life Policy

For consumers who want lifetime protection, strong living benefits and simplified policy maintenance, Nationwide Financial Services, Inc., today launched its new Nationwide ULtimate Universal Life(SM) product. ULtimate is a universal life insurance policy designed to provide consumers with low-cost, permanent life insurance with a guaranteed death benefit. Nationwide Financial guarantees the policy will be there when the consumer (or their beneficiary) needs it, as long as the regularly scheduled no-lapse premium is paid.

Nationwide Financial Launches ULtimate Universal Life Policy
Source: Yahoo! Finance

Permalink posted by armandn @ 6:26 AM
 

Why men don't know jack about retirement

Withdraw 10% a year? Yikes! Guys, you've got more to learn than you think about long-range planning.

Are men better retirement planners than women? They sure seem to think so.

When New York Life asked 1,002 retirees and pre-retirees to assess their grasp of retirement issues as part of a recent national survey, men thought they knew more than women did...

Money Magazine: Why men don't know jack about retirement

Permalink posted by markw @ 4:51 AM
 

ING Debuts New Life Insurance Product

Financial Services firm ING Group is sellings targeting its newest term life insurance product to low- and middle-income customers. The new product, introduced today, will enable customers to bypass medical exams or lab tests and leave bank and credit union branches with a life insurance policy in-hand...

BankNet 360: ING Debuts New Life Insurance Product

Permalink posted by markw @ 4:51 AM
 

Surgeon general: No safe level of secondhand smoke

Steer clear of smokers and any of their drifting fumes. That's the advice of the surgeon general, who on Tuesday declared the debate about the dangers of secondhand smoke over.

"The science is clear: Secondhand smoke is not a mere annoyance but a serious health hazard," said Richard Carmona...

CNN: Surgeon general: No safe level of secondhand smoke

Permalink posted by markw @ 4:51 AM
 

Boomer inheritances shrink as parents live longer, health care costs rise

Unless you're reading this column from the deck of your yacht while your first mate fetches up a pitcher of martinis, you probably won't get an inheritance.

That's the conclusion of an AARP study that looked at how much boomers have inherited. As of 2004, only about 19% of boomers — born 1946 to 1964 — had received any inheritance. Of those, the median amount received was $49,000, adjusted for 2005 dollars...

USA Today: Boomer inheritances shrink as parents live longer, health care costs rise

Permalink posted by markw @ 4:50 AM

Monday, June 26, 2006

 

Insurance changes debated

...Garden State drivers still pay the highest premiums in the country, with Massachusetts drivers second. However, New Jersey state officials have said that drivers have saved nearly $500 million since competition was introduced into the market.

The state now has 39 companies providing auto insurance, up 17 from when the competition took effect, and 20 more than Massachusetts has.

...Massachusetts Gov. Mitt Romney has criticized his state's "Soviet style" system in which the insurance commissioner sets uniform rates. He said Massachusetts should use New Jersey as a model to attract big national insurance carriers...

Berkshire Eagle: Insurance changes debated

Permalink posted by markw @ 1:14 PM
 

Prudential Financial Airs New Ads to Emphasize Love as a Motivator for Owning Life Insurance

Prudential Financial, Inc. (NYSE: PRU - News ) has introduced two thought-provoking multi-cultural ads. Referred to as "This Much" and "Happy Birthday," the television commercials capture family activities that take place in households across America and show how life has little ways of reminding families of the importance of having life insurance protection...

Yahoo Finance: Prudential Financial Airs New Ads to Emphasize Love as a Motivator for Owning Life Insurance

Permalink posted by markw @ 1:13 PM
 

JNL Enhances Perspective VAs with Five New Options

Jackson National Life Insurance Co. of Lansing, Mich., has made several enhancements to its Perspective variable annuities...

Investment News: JNL Enhances Perspective VAs with Five New Options

Permalink posted by markw @ 1:12 PM
 

Policy Replacement Binge for Term Life May be at Hand

Competition, longer life spans and Internet sales of term life insurance are lowering premiums to the point where it might make sense to replace older policies with new ones, according to industry observers...

Investment News: Policy Replacement Binge for Term Life May be at Hand

Permalink posted by markw @ 1:11 PM
 

Boomers Ask Advisors About Retirement Income Tactics

Phone calls from baby boomers eager to talk about ways to generate income during retirement have started to increase, said John Gingas, a financial adviser with Financial Technology Inc. in East Lansing, Mich...

Investment News: Boomers Ask Advisors About Retirement Income Tactics

Permalink posted by markw @ 1:10 PM

Friday, June 23, 2006

 

One Of The Largest U.S. Financial Solutions Providers, Asset Marketing Systems, Teams Up With Raike Financial Group

Working together, both companies will have an opportunity to expand their products and services by leveraging existing broker-client relationships. The strategic partnership provides a win-win opportunity for both companies -- Raike Financial Group, Inc. now has an opportunity to expand its product line, marketing services, sales and training support on the Fixed Index Annuity, LTC and Life Insurance avenues giving them a competitive advantage in the marketplace. AMS will provide Raike Financial Group, Inc. with best practices for running fixed index annuity (FIA) business, which has recently become challenging given increasing industry regulation. AMS is one of the nation's largest FIA marketers with extensive experience in providing highly effective marketing and service support for agents who sell them.

One Of The Largest U.S. Financial Solutions Providers, Asset Marketing Systems, Teams Up With Raike Financial Group
Source: Business Wire

Permalink posted by armandn @ 10:25 AM
 

Sun Life Financial To Expand Employee Assistance Program And Work-Life Services To All Group Life And Disability Customers

The U.S. division of Sun Life Financial Inc. announced today that its Group Insurance Division has expanded the offering of its comprehensive employee assistance program (EAP) -- including a wide range of work-life services -- to all of its group life, long-term disability (LTD), short-term disability (STD) and self-insured customers. The new offering was previously available with the company's LTD plans. This expansion is offered through a partnership with ComPsych® Corporation.

Sun Life Financial To Expand Employee Assistance Program And Work-Life Services To All Group Life And Disability Customers
Source: Yahoo! Finance

Permalink posted by armandn @ 10:22 AM
 

Critical-Illness Insurance Is Group Product Champion

Group insurers have crowned critical-illness insurance the new growth champion, but former group champ universal life still is going strong on the individual side.

Critical-illness insurance - covering medical and living expenses from cancer, heart disease and other conditions listed in the policy - was group insurers' top growth product, supplanting employer-provided universal life insurance, according to a 2006 biennial study released this month by Eastbridge Consulting Group Inc. in Avon, Conn.

Critical-Illness Insurance Is Group Product Champion
Source: Investment News

Permalink posted by armandn @ 10:11 AM

Thursday, June 22, 2006

 

MetLife Chairman, President And CEO Rob Henrikson Testifies About The Importance Of Managing Longevity Risk Before The U.S. Senate's Special Committee

C. Robert Henrikson, chairman of the board, president and CEO of MetLife, Inc., today told members of the U. S. Senate's Special Committee on Aging that as the burden of retirement has increasingly shifted to the individual, we are now asking individuals to do something that they have never done before: fund and finance the rest of their lives.

MetLife Chairman, President And CEO Rob Henrikson Testifies About The Importance Of Managing Longevity Risk Before The U.S. Senate's Special Committee
Source: Yahoo! Finance

Permalink posted by armandn @ 12:47 PM
 

Jackson National Life Strengthens Corporate Giving Program; Jackson National Community Fund To Give $2 Million Over The Next Three Years

Jackson National Life Insurance Company(R) (Jackson) today announced that it will dedicate a portion of its annual pretax profits to support community investment efforts in those locations where the company maintains a strong business presence. Through the newly formed Jackson National Community Fund (JNCF), Jackson and its employees will donate a minimum of $2 million in corporate donations and sponsorships over the next three years to community enrichment programs, institutions of higher learning and charitable organizations - with a focus on organizations, programs and events dedicated to enhancing the lives of children and the elderly.

Jackson National Life Strengthens Corporate Giving Program; Jackson National Community Fund To Give $2 Million Over The Next Three Years
Source: Business Wire

Permalink posted by armandn @ 12:45 PM
 

NASD Eyes Regulation Of Insurance Products

NASD of Washington continues to press for more clarity in the oversight of insurance products.

Robert Glauber, NASD chairman and Chief Executive, said yesterday that NASD had recently convened a summit of regulators to discuss how insurance products are regulated.

NASD Eyes Regulation Of Insurance Products
Source: Investment News (subscription required)

Permalink posted by armandn @ 12:44 PM
 

LIMRA, LOMA, NACII and SOA Unite To Create Innovative, Interactive Critical Illness Insurance Conference

For the first time, four organizations -- LIMRA International, LOMA, the National Association for Critical Illness Insurance, and the Society of Actuaries -- have come together to create a dynamic, broad-reaching event, Critical Illness: Evolving Product, Evolving Market, Sept. 25-27 in Phoenix. This unique, highly-interactive conference will provide a wide array of informative sessions such as strategies for introducing or not introducing critical illness products; lively breakouts in which attendees will get to discuss and debate their companies' perspectives on hot strategic and practical issues; an examination of priority issues by market and discipline bringing together actuarial, underwriting and claims and sales and marketing viewpoints; the reinsurer's perspective; and question and answer time with companies already familiar with the successes and challenges of critical illness products.

LIMRA, LOMA, NACII and SOA Unite To Create Innovative, Interactive Critical Illness Insurance Conference
Source: PR Newswire

Permalink posted by armandn @ 12:42 PM

Wednesday, June 21, 2006

 

Rethinking Our Tobacco Follies: Life And Health Insurers Need To Take Another Look At Tobacco-Use Underwriting Issues

As smoking issues heat up in the public domain--dare we observe the high-handed extent of employers not only refusing to hire smokers but also having the gall to terminate currently smoking employees--what better time than now for us to judiciously rethink our own follies in tobacco underwriting?

Rethinking Our Tobacco Follies: Life And Health Insurers Need To Take Another Look At Tobacco-Use Underwriting Issues
Source: Insurance News Net

Permalink posted by armandn @ 8:14 AM
 

New MetLife Brand Ad Campaign Focuses On Financial Burden Shift For Consumers

MetLife today launched a new national brand advertising campaign to help consumers create a guaranteed "personal safety net" and take control of their financial future. The new campaign, entitled "if", speaks about both the possibilities and uncertainties consumers face throughout their lives - the ifs in life.

New MetLife Brand Ad Campaign Focuses On Financial Burden Shift For Consumers
Source: Yahoo! Finance

Permalink posted by armandn @ 8:12 AM
 

Estate Tax Foes Unveil New Proposal

A House Republican has introduced a major estate tax reform bill that stops short of calling for full repeal.

The new compromise bill, H.R. 5638, the Permanent Estate Tax Relief Act of 2006, could reduce federal tax revenue by about $280 billion over the first 10 years, according to the Congressional Budget Office.

Estate Tax Foes Unveil New Proposal
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 8:09 AM
 

Life Insurance CEOs Selling Their Policies On Capitol Hill

Grassroots lobbying season is reaching its peak on the Hill, bringing citizen activists to their lawmakers' Capitol doorsteps with talking points in hand. But the American Council of Life Insurers (ACLI) is sending a more seasoned crew to make its case: more than 30 top chief executive officers.

Life Insurance CEOs Selling Their Policies On Capitol Hill
Source: The Hill

Permalink posted by armandn @ 8:08 AM

Tuesday, June 20, 2006

 

NAIC Advances Change To Viatical Settlement Model Law

A firm established last year to protect adults against identity theft now will also protect the identity of kids under age 16.

"Children's identities are easier theft targets than adults' identities because no one monitors them," said Todd Davis, chief executive of Scottsdale, Ariz.-based identity protection firm LifeLock. "The kids often don't find out that their identities were stolen until they graduate from high school, or apply for their first job or loan."

NAIC Advances Change To Viatical Settlement Model Law
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 7:07 AM
 

Planners See Big Potential For Retirement Income

While financial planners see a tremendous market in the years ahead for retirement income, they believe that the complexities of planning an income strategy for each client combined with compliance issues will keep that growth at a slow pace, according to a survey by the Financial Planning Association released last Monday. Although they foresee retirement income growing only through personal, hands-on attention, they agree that it will be an important part of their practice in the years ahead.

Planners See Big Potential For Retirement Income
Source: Financial Planning

Permalink posted by armandn @ 7:05 AM
 

Aegon To Acquire 49% Of Mexican Life Insurance Provider

Aegon has signed a deal to acquire a 49% interest in Seguros Argos, a Mexican life insurance company specializing in the sale of life cover to individuals through their employers. The price of the stake has not been disclosed.

According to Aegon, Seguros Argos is the seventh largest life insurance company in Mexico. At the end of 2005 Argos had more than 420,000 policies in force and MXN1,266 million (E86.6 million) in premium income.

Aegon To Acquire 49% Of Mexican Life Insurance Provider
Source: Insurance Business Review

Permalink posted by armandn @ 7:03 AM
 

For Seniors, Creative Financing Catches On

As the number of seniors taking advantage of new financing options escalates, companies providing "reverse mortgages" and "life settlements" are enjoying unprecedented growth in demand for their services. For thousands of seniors who have paid off their home mortgages and find themselves asset rich but cash poor, reverse mortgages are translating into tax-free monthly "pension" checks, providing a source of capital to help finance eldercare services like homecare and other necessities.

For Seniors, Creative Financing Catches On
Source: PR Newswire

Permalink posted by armandn @ 7:01 AM

Monday, June 19, 2006

 

Living Well During Golden Years At Great Risk

A recent retirement study provides further evidence that a growing number of Americans are at risk of a diminished standard of living once they stop working.

The Center for Retirement Research's new retirement-risk index shows 43 percent of working households were in danger in 2004 of having too little income to fund their retirement.

Living Well During Golden Years At Great Risk
Source: Delaware Online

Permalink posted by armandn @ 6:56 AM
 

Genworth Financial Expands Branding Efforts As A Lead Sponsor For NBC's 'Treasure Hunters' Groundbreaking Reality Series

Genworth Financial, Inc. announced today it will be a lead sponsor of NBC's summer reality entertainment series "Treasure Hunters," in partnership with NBC Universal Television Studio, Madison Road Entertainment, Magical Elves and Imagine Television. This fast-paced adventure/mystery reality series features 10 teams competing to find a treasure, to be provided by Genworth Financial, that is billed as one of the largest prizes in television history. A special two-hour premiere of "Treasure Hunters" will air on NBC Sunday, June 18 from 8-10 p.m. ET, and then move to its regular Monday timeslot from 9-10 p.m. ET beginning on Monday, June 19.

Genworth Financial Expands Branding Efforts As A Lead Sponsor For NBC's 'Treasure Hunters' Groundbreaking Reality Series
Source: PR Newswire

Permalink posted by armandn @ 6:54 AM
 

Jackson National Life Unveils New Corporate Brand

Jackson National Life Insurance Company® (Jackson) today announced a new corporate branding campaign designed to increase awareness of the company's rich tradition, bold vision and innovative approach to developing retirement planning solutions. The company's new logo and color scheme also strengthen brand synergy between Jackson and its parent company, Prudential plc of the United Kingdom.

Jackson National Life Unveils New Corporate Brand
Source: Yahoo! Finance

Permalink posted by armandn @ 6:53 AM

Friday, June 16, 2006

 

ING Reinsurance Consolidates Life, Accident, And Disability Units To Better Serve Customers

ING, a leader in both the disability and group life and accident reinsurance markets, has consolidated these respective high performing teams in order to streamline customer service and offer a more comprehensive approach to meeting the reinsurance needs of its clients. The new unit will be under the direction of Scott Machut, Vice President and Head of Life, Accident and Disability Reinsurance; and Jim Rathburn, Vice President of Life, Accident and Disability Reinsurance.

ING Reinsurance Consolidates Life, Accident, And Disability Units To Better Serve Customers
Source: PR NewsWire

Permalink posted by armandn @ 8:07 AM
 

To Rise And Fall By The Indexed Annuity Product

Have you ever set one of those New Years weight loss resolutions with intentions of shedding an extra 10 pounds? Maybe you've promised yourself that you would go back to college, in order to land that job you've been wanting. Or perhaps you've pledged to yourself that along with your new promotion you're going to start "socking away" extra money, so that you can increase your savings by $2,000 a year for retirement.

To Rise And Fall By The Indexed Annuity Product
Source: Insurance News Net

Permalink posted by armandn @ 8:06 AM
 

Three Leading Insurance Carriers Select New Offering

American National, Lincoln Benefit Life, and Mutual of Omaha are the first life insurance companies to take advantage of the partnership between iPipeline and Brainshark. These carriers have integrated Brainshark on-demand presentations into iPipeline's extensive insurance product database. In doing so, they are able to easily present crucial product knowledge, sales tips, and advanced marketing concepts to the more than 750 General Agents, Broker Dealers, Banking Institutions and other Distributors who use iPipeline's platform to conduct business.

Three Leading Insurance Carriers Select New Offering
Source: Yahoo! Finance

Permalink posted by armandn @ 8:03 AM
 

Secondary Market For Life Insurance

Imagine a world where we had to sell our car back to the original dealer, or our house back to the developer, or even stocks to the original seller. This would be a world without secondary markets. It's the world that most life-insurance policyholders have faced historically. But the life settlement market is becoming increasingly fashionable as investors attempt to capitalize on what they deem to be a "mispriced" niche in the life insurance market.

Secondary Market For Life Insurance
Source: Morningstar

Permalink posted by armandn @ 6:52 AM
 

Weak Outlook On Life Insurance Stocks

UBS analyst Andrew Kligerman turned cautious on shares of several big life insurers, following a drop in the sector since last week.

The UBS life insurance index has dipped 2.5% since last Friday, mirroring a similar dip in the S&P 500 Index.

Weak Outlook On Life Insurance Stocks
Source: Forbes.com

Permalink posted by armandn @ 6:50 AM

Thursday, June 15, 2006

 

Court Reinstates Wal-Mart's Suit Against AIG, Hartford Over Corporate-Owned Life Policies

Delaware's highest court has paved the way for giant retailer Wal-Mart Stores Inc. to pursue a fraud claim against AIG Life Insurance and Hartford Life Insurance Co.

Wal-Mart, which filed suit in 2002, alleges that AIG and Hartford sold it sham corporate-owned life insurance policies that caused the company to sustain more than $100 million in damages. The policies allegedly failed to generate significant tax benefits as was purported.

Court Reinstates Wal-Mart's Suit Against AIG, Hartford Over Corporate-Owned Life Policies
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 10:09 AM
 

AmerUs Group Launches Guaranteed Lifetime Income Benefit Available For Fixed Indexed Annuities

AmerUs Group, a leading producer of life insurance and annuity products, today announced the launch of an optional guaranteed lifetime income benefit for its fixed indexed annuity product line.

"Indexed annuities are growing in popularity with consumers planning for retirement due to the protection of principal, index-linked interest earnings potential, and annual lock-in of interest credits. Our new optional guaranteed lifetime income benefit further enhances retirement planning security by guaranteeing an annual cash flow for life," said Brian J. Clark, executive vice president and chief product officer.

AmerUs Group Launches Guaranteed Lifetime Income Benefit Available For Fixed Indexed Annuities
Source: Yahoo! Finance

Permalink posted by armandn @ 10:05 AM
 

Strong VA Sales Offset Falling FA Sales

Variable annuity sales rose during the first quarter as fixed annuity sales fell.

VA sales climbed 20% between the first quarter of 2005 and the first quarter of 2006, to $39 billion, according to preliminary results from LIMRA International's latest quarterly annuity sales survey.

Strong VA Sales Offset Falling FA Sales
Source: Insurance News Net

Permalink posted by armandn @ 10:03 AM
 

Phoenix Taking Steps To Rejuvenate Its Brand

The Phoenix Cos., which has been fighting to gain favor from skeptical investors and Wall Street, introduced a new logo Wednesday and said it signifies the company is strong and "poised for growth."

In addition, Hartford-based Phoenix this week took a step closer to a deal that would give the company more money for a possible acquisition or other investments.

Phoenix Taking Steps To Rejuvenate Its Brand
Source: Hartford Courant

Permalink posted by armandn @ 10:01 AM

Wednesday, June 14, 2006

 

Cost Of Term Life Insurance Is Coming Down

An aging population and the Internet are helping to push down the cost of term life insurance. Yet many Americans are still holding on to more-expensive policies bought years ago, or simply haven't insured themselves adequately.

Cost Of Term Life Insurance Is Coming Down
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 12:54 PM
 

Pacific Life Offers Innovative Retirement Solution

Pacific Life Insurance Company launched Destination Independence(SM) -- a campaign designed to promote retirement security planning for the estimated 77 million baby boomers in the United States.

Destination Independence was developed to help both retirees and those planning for retirement on how to combat the effects of rising healthcare costs, inflation, and market uncertainty for their investments. Americans can only rely on their pensions and Social Security for 56 percent of their retirement income, according to the Social Security Administration.(1) Many have not saved nearly enough to cover the 44 percent shortfall for what may be 25-30 years without working. Without proper planning, the end result could be a reduction in lifestyle, or worse, running out of money too soon.

Pacific Life Offers Innovative Retirement Solution
Source: Business Wire

Permalink posted by armandn @ 12:53 PM
 

Golden Years Losing Their Luster: Nearly One-third Of Employed Americans Have No Retirement Savings

While many Americans have dreams of retiring as millionaires, many are on a path that stops well short of that goal.

According to USAA's recent "Money Snapshot" survey, conducted by Harris Interactive(R), 51 percent of employed U.S. adults who are not retired say they want to save $1 million or more for retirement, but close to one-third (30 percent) haven't set aside anything at all for their golden years. Only about one-fourth (26 percent) have saved more than $50,000.

Golden Years Losing Their Luster: Nearly One-third Of Employed Americans Have No Retirement Savings
Source: Insurance News Net

Permalink posted by armandn @ 12:52 PM
 

Manulife Eyes Asian Growth As Industry Consolidation In Canada Nears End

Manulife Financial Corp. continues to see plenty of growth opportunities even as industry consolidation in Canada draws to a close, says its chief executive.
Dominic D'Alessandro made the comments Tuesday as Canada's largest insurance company held an investor conference.

Manulife Eyes Asian Growth As Industry Consolidation In Canada Nears End
Source: CBC

Permalink posted by armandn @ 12:50 PM
 

Women Wanted: Securian Financial Advisors of ND Seeks Female Advisors

Flexibility, unlimited earnings potential and the opportunity to positively affect lives make financial advising a great career for women. Securian Financial Services of North Dakota is out to spread the word about this career and recruit more women.

The 18-person firm, based in Mandan and with offices in Minot, Valley
City and Mayville, is hosting a luncheon for women wanting to learn more
about the financial advisory profession, June 27 from 11:30 a.m. to 1:00
p.m. at the Bistro American Cafe, 1103 East Front Ave., Bismarck.

Women Wanted: Securian Financial Advisors of ND Seeks Female Advisors
Source: PR Newswire

Permalink posted by armandn @ 12:48 PM

Tuesday, June 13, 2006

 

Insurer Celebrates Well-Lived Lives

Many marketers have avoided using the elderly in commercials targeting baby boomers, worried that reminders of aging would turn them off. But insurer Genworth Financial is featuring six centenarians -- wrinkles and all -- in a series of television and print ads starting this week.

Insurer Celebrates Well-Lived Lives
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 11:36 AM
 

Regulators Propose New Standards For Title Insurance And Annuity Products

Working through the National Association of Insurance Commissioners (NAIC), state insurance regulators are making progress in developing new examination standards addressing marketing and sales practices for title, life and annuity products.

Regulators Propose New Standards For Title Insurance And Annuity Products
Source: Insurance Journal

Permalink posted by armandn @ 11:35 AM
 

Perennial Leaders Still Top Dalbar Rankings Of Websites

New York Life, Fidelity Investments and Lincoln National Life held on to their customary positions as the top three consumer sites in the rankings by Dalbar Inc. of life insurance and annuity websites during the first quarter. Massachusetts Mutual Life Insurance Company, Lincoln Life and Allstate Financial retained their standings as the leading sites for financial professionals.

Perennial Leaders Still Top Dalbar Rankings Of Websites
Source: Insurance News Net

Permalink posted by armandn @ 11:34 AM
 

John Hancock Retirement Plan Services Launches Communication Campaign -- Fiduciary Standards Warranty Extends To Financial Representatives

John Hancock Retirement Plan Services (JHRPS) launched a communication campaign to advise financial representatives that the John Hancock Fiduciary Standards Warranty protects them too. Financial representatives who are plan fiduciaries can be confident that the Warranty extends to them. The Warranty provides all 401(k) plan fiduciaries with specific assurances that the JHRPS investment selection and monitoring process satisfies the prudence requirement established under the Employee Retirement Income Security Act (ERISA).

John Hancock Retirement Plan Services Launches Communication Campaign -- Fiduciary Standards Warranty Extends To Financial Representatives
Source: Yahoo! Finance

Permalink posted by armandn @ 11:30 AM

Monday, June 12, 2006

 

MetLife Continues Focus On Retirement Income Needs With Lifetime Withdrawal Guarantee Rider.

MetLife today announced the most recent enhancement to its line up of optional living benefits with the launch of the new Lifetime Withdrawal Guarantee (LWG) rider for most new variable annuities sold. The LWG rider allows customers to withdraw up to 5% of their purchase payments for as long as they live, beginning as early as age 59 1/2.

MetLife Continues Focus On Retirement Income Needs With Lifetime Withdrawal Guarantee Rider
Source: Yahoo! Finance

Permalink posted by armandn @ 10:44 AM
 

John Hancock Funds Launches Newly Redesigned, Content Rich Web Site

John Hancock Funds today launched its newly redesigned web site, http://www.jhfunds.com. The content-rich site features customized views for the individual investor, financial adviser, broker-dealer and home office sales audiences, as well as offering expanded tools and services.

John Hancock Funds Launches Newly Redesigned, Content Rich Web Site
Source: PR Newswire

Permalink posted by armandn @ 10:42 AM
 

Americans Owning Up To The Need To Save For Retirement

I don't have proof. But I get the unmistakable sense that many Americans are coming to terms with the fact that their poor savings habits have them headed for trouble - and it's up to them to straighten themselves out.

My main evidence is a significant attitude change I've noticed whenever I write a column about how little Americans save or how ill-prepared aging baby boomers are for retirement.

Americans Owning Up To The Need To Save For Retirement
Source: Hartford Courant

Permalink posted by armandn @ 10:41 AM
 

Fight Vowed If Settlement Halt Advances

A prominent figure in the life settlements industry promised a "frontal assault" if regulators place a moratorium on the ability to settle a life insurance policy during the first 5 years of a contract.

Fight Vowed If Settlement Halt Advances  
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 10:38 AM

Friday, June 09, 2006

 

Beacon Research: U.S. Sales of Fixed Annuities Drop 7.4% From Prior-Year First Quarter

Although the yield curve started to steepen in March, sales of fixed annuities in the United States, including indexed annuities, dropped to $16.8 billion in the first quarter of 2006. That's down 7.4% from the prior-year first quarter, according to estimates by Beacon Research, an independent research organization.

Beacon's fixed annuity premium study is based on sales of 51 insurance companies.

Beacon Research: U.S. Sales of Fixed Annuities Drop 7.4% From Prior-Year First Quarter
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:39 AM
 

Nationwide Applauds Launch Of National Retirement Risk Index

Nationwide Financial Services, Inc. today applauded the debut of the National Retirement Risk Index. Developed by the Center for Retirement Research (CRR) at Boston College and funded by Nationwide, the new Index is a unique, comprehensive and ongoing measurement of our nation's retirement readiness.

Nationwide Applauds Launch Of National Retirement Risk Index
Source: Yahoo! Finance

Permalink posted by armandn @ 7:37 AM
 

MassMutual White Paper Reveals Behaviors And Attitudes About Savings For Retirement

MassMutual Retirement Services has published a white paper entitled, "A Behavioral Approach to Retirement Planning: Automation, Personalization and Engagement." Co-authored by MassMutual's director of behavioral communication and research, Alison Salka, Ph.D., and vice president, Ian Sheridan, the white paper explores trends in retirement saving behavior and offers a program of suggested solutions based on behavioral economics research.

MassMutual White Paper Reveals Behaviors And Attitudes About Savings For Retirement
Source: PR Newswire

Permalink posted by armandn @ 7:35 AM
 

Statement Of Best Practices For The Life Insurance Premium Finance Industry

The Life Insurance Finance Association (LIFA) represents the Life Insurance Premium Finance Industry, and other life insurance, financial planning and loan professionals who support that industry. Life insurance premium loans enable consumers to purchase and maintain valuable life insurance coverage for their family and business needs. The impetus for LIFA's formation was the need for life insurance premium finance professionals actively to promote and embrace standards for "best business practices" and assist policymakers, insurance carriers and the public in understanding and differentiating between legitimate premium finance transactions from schemes merely cloaked as premium finance transactions that violate insurable interest, anti-rebating, anti-inducement or other insurance laws. To further this goal, LIFA's Board of Directors has adopted the following Statement of Best Practices for the life insurance premium finance industry.

Statement Of Best Practices For The Life Insurance Premium Finance Industry
Source: Yahoo! Finance

Permalink posted by armandn @ 7:33 AM
 

It Is The Estate Tax Rate That Matters

This week, the U.S. Senate is expected to turn its attention to the Federal estate tax.

Under current law, the estate tax is being phased out, with repeal set for 2010. But then in 2011 the old law is scheduled to be restored, with marginal tax rates that can exceed 50%. The old law was capricious, complex, and inefficient -- bringing it back to life in 2011 would be bad policy.

It Is The Estate Tax Rate That Matters
Source: Insurance News Net

Permalink posted by armandn @ 7:31 AM
 

Big Brother Big Sisters Receives $1 Million Grant From MetLife Foundation To Connect Baby Boomers With Young People

Big Brothers Big Sisters (BBBS) has announced a $1 million grant from MetLife Foundation to launch a second phase of the MetLife Foundation Partnership for School-Based Mentoring. The focus of the new grant is to expand BBBS' school-based mentoring program, with an emphasis on connecting the nation's large baby boomer population with young people in need of mentors. BBBS of the Capital Region is one of 10 BBBS organizations around the country that will participate in the initiative. It will receive $40,000.

Big Brother Big Sisters Receives $1 Million Grant From MetLife Foundation To Connect Baby Boomers With Young People
Source: PR Newswire

Permalink posted by armandn @ 7:29 AM
 

Grim Retirement Awaits Many

Almost 1 in 2 American families is headed toward years of financial struggle in retirement, according to a new report that says workers are unprepared for cuts in pension and Social Security income.

Much of the pain will fall on Generation X, those born between 1965 and 1972, the report said. That's primarily because these younger workers face the prospect of diminished Social Security income and fewer of them will have pensions.

Grim Retirement Awaits Many
Source: LA Times

Permalink posted by armandn @ 7:28 AM
 

U.S. State Accuses ING Units Of Fraud

New Hampshire regulators accused two units of Dutch insurer ING Group of committing fraud and allowing improper trading in a state retirement plan the companies are involved in.

Authorities on Thursday gave ING Life Insurance and Annuity Co. and ING Financial Advisors LLC 30 days to respond to various allegations relating to their involvement in the retirement plan, which has about $180 million in assets.

U.S. State Accuses ING Units Of Fraud
Source: Reuters

Permalink posted by armandn @ 7:26 AM

Tuesday, June 06, 2006

 

Life Insurers' Risky Reach For Growth

The second half of 2006 promises many rewards for the U.S. life-insurance industry. Higher interest rates, coupled with moderately positive equity market movements, create the potential for double-digit increases in operating profits -- admittedly from a fairly low base. Standard & Poor's Ratings Services believes that life companies with strong capabilities in product innovation, distribution, and enterprise risk management will do well. Those that lack these key strengths will find themselves in compromised positions.

Life Insurers' Risky Reach For Growth
Source: Business Week

Permalink posted by armandn @ 8:26 AM
 

MassMutual Expands Distribution For Group Executive Life Insurance

MassMutual Financial Group is making its executive group life insurance product more widely available to employers by increasing the number of insurance professionals who can sell it.

To make executive group life insurance more widely accessible for
employers to add to their benefits offerings, MassMutual's Strategic Group
Universal Life(R) insurance product, which includes an account value
accumulation feature, can now be sold by non-registered representatives.
This allows employers the flexibility to work with insurance professionals
who are handling their other insurance needs and may not be registered
representatives. Professionals in the health insurance field, disability
income insurance, long-term care insurance, and the like -- who most often
have established relationships with employers -- can now add MassMutual's
Strategic Group Universal Life(R) insurance product to their portfolio of
executive benefit solutions.

MassMutual Expands Distribution For Group Executive Life Insurance
Source: PR Newswire

Permalink posted by armandn @ 8:24 AM
 

Pacific Life Insurance Fined By Minnesota

Pacific Life Insurance Co. and an Indiana insurance company were fined Monday by the Minnesota Department of Commerce to settle charges that they sold unsuitable investments to Minnesota consumers.

Minnesota fined Newport Beach-based Pacific Life $975,000 and Carmel, Ind.-based Conseco Inc. $2.5 million. The companies also were charged with using unfair and deceptive advertisements by some agents in the state.

Pacific Life Insurance Fined By Minnesota
Source: Los Angeles Business

Permalink posted by armandn @ 8:22 AM
 

New Life Insurance Calculator for Women Estimates "The Value Of All You Do."

Prudential Financial, Inc. announced today a new tool that can assist families with selecting the right amount of life insurance coverage. While Life Insurance can never replace the emotional loss a family suffers in the event of a death, The Value of All You Do Calculator, now available on the company's website, estimates the economic value of many services women provide for their families, such as managing the home, caring for children, running errands, preparing food, and tutoring.

New Life Insurance Calculator for Women Estimates "The Value Of All You Do."
Source: Yahoo! Finance

Permalink posted by armandn @ 8:21 AM

Monday, June 05, 2006

 

Allstate, Minority Customers Reach Settlement in Texas Insurance Scoring Lawsuit

Attorneys representing Allstate's minority customers announced a nationwide settlement today, regarding allegations of racial discrimination in insurance pricing, that was preliminarily approved by a federal judge in Texas today.

Allstate, Minority Customers Reach Settlement in Texas Insurance Scoring Lawsuit
Source: PR Newswire

Permalink posted by armandn @ 8:19 AM
 

Former Tax Dodge Could Boost Fixed Annuity Sales

As a result of recent tax law changes, insurers can expect to see an increase in annuity sales by late-start retirees who own business or professional corporations.

The changes, which present a major opportunity for issuers of fixed annuities, including fixed index annuities (FIAs, also known as equity index annuities or EIAs), involve 412(i) defined benefit plans.

Former Tax Dodge Could Boost Fixed Annuity Sales
Source: Insurance News Net

Permalink posted by armandn @ 8:17 AM
 

NASD: Regulatory Harmony For Annuities

The NASD has set out its agenda and outlined a smattering of projects that are currently in the works. The pronouncement came from Robert Glauber, chairman and chief executive officer of the NASD, speaking at the Investment Company Institute's General Membership Meeting here earlier this month. Upcoming projects of the NASD include the convergence of regulations for 529 college savings plans; the potential harmonization of rules governing fixed, variable and equity index annuities; the development of a fund breakpoint database; and the development of a point-of-sale disclosure document dubbed Profile Plus for funds and possibly exchange-traded funds and separately managed accounts.

NASD: Regulatory Harmony For Annuities
Source: Financial-Planning.com

Permalink posted by armandn @ 8:15 AM
 

Banks Making Push Into Estate-Planning Services

Local banks are making a major push into estate planning, offering financial services to help well-heeled clients negotiate a maze of accounting, investment and legal issues.

Charlotte trust and estate lawyer Vicky Windell says she knows of at least six former Deloitte & Touche accountants who have joined Wachovia Corp.'s wealth-management division in the past year. The move bolsters the bank's ability to offer tax consulting services to its wealthy customers.

Banks Making Push Into Estate-Planning Services
Source: Biz Journals

Permalink posted by armandn @ 7:50 AM

Friday, June 02, 2006

 

Phoenix Completes Strategic Alliance With Harris Investment Management; Broadens Its Multi-Style, Multi-Manager Platform

The Phoenix Companies, Inc. announced that it finalized its strategic alliance with Harris Investment Management including the adoption of the Harris Insight(R) Funds, now called Phoenix Insight Funds.

The adoption adds $10.7 billion to the $12.7 billion in mutual fund assets under management by Phoenix as of March 31, 2006, as follows: $2.4 billion of equity fund assets, $912 million of fixed income fund assets and $7.3 billion of money market fund assets. As a result of the alliance, Phoenix will add 19 funds to its existing mutual fund product line up including a diverse mix of equity, international, fixed income and money market funds.

Phoenix Completes Strategic Alliance With Harris Investment Management; Broadens Its Multi-Style, Multi-Manager Platform
Source: dBusiness News

Permalink posted by armandn @ 8:03 AM
 

Assessing Annuities' Value For Retirees

Using come-ons honed by marketing experts, unscrupulous agents play on seniors' fears by suggesting that stock mutual funds, even federally insured bank accounts, are too shaky to depend on. They depict annuities as a secure alternative without explaining the accompanying fees and restrictions.

Some sales agents offer estate-planning services or free financial workshops for seniors to gain access to their financial information. Then they zero in on those with sizable assets, delivering a hard sell for annuities regardless of whether they meet the clients' needs.

Assessing Annuities' Value For Retirees
Source: Courant.com

Permalink posted by armandn @ 8:02 AM
 

New York Life Investment Management Enhances Retirement Plan Website For Plan Sponsors

In an effort to further strengthen its total retirement outsourcing platform, NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), announced it has enhanced its website for plan sponsors. The enhancements create a more personalized, functional and user-friendly way for plan sponsor clients to interact with all their retirement plan information.

New York Life Investment Management Enhances Retirement Plan Website For Plan Sponsors
Source: PR Newswire

Permalink posted by armandn @ 7:59 AM
 

John Hancock Funds' Unit Named Finalist For 2006 American Business Awards

John Hancock Signature Services, Inc. (JHSS), the transfer and shareholder services agent for the John Hancock Funds, has been chosen as one of four finalists for the 2006 American Business Awards in the category of Best Customer Service Organization, Financial Services. The winner will be announced at the fourth annual awards ceremony on June 12 at the Marriott Marquis in New York.

John Hancock Funds' Unit Named Finalist For 2006 American Business Awards
Source: Yahoo! Finance

Permalink posted by armandn @ 7:58 AM

Thursday, June 01, 2006

 

Class Actions Target Alleged Mutual Fund Steering By AIG Advisers

Lawsuits seeking class-action status on behalf of buyers of Scudder and WM mutual funds target the AIG Advisor Group for allegedly failing to disclose incentives that led sales personnel to market the funds aggressively.

The two complaints — both filed in U.S. District Court in Manhattan by Radnor, Pa.-based law firm Schiffrin & Barroway — each accuse American International Group Inc. and its affiliates of steering clients to a limited number of shelf-space funds on the basis of financial incentives provided by the funds to AIG’s financial advisers.

Class Actions Target Alleged Mutual Fund Steering By AIG Advisers
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 8:03 AM
 

Prudential Financial Finalizes Its Acquisition of Allstate Financial's Variable Annuity Business

Prudential Financial, Inc. today announced the closing of its acquisition of Allstate Financial's variable annuity business through a reinsurance transaction. This makes Prudential the third largest provider of advisor-sold* variable annuity products as measured by assets under administration and management and the fourth largest as measured by sales.

Prudential Financial Finalizes Its Acquisition of Allstate Financial's Variable Annuity Business
Source: Yahoo! Finance

Permalink posted by armandn @ 8:02 AM
 

John Hancock Long Term Care Launches FamilyCare Marketing Campaign on Fourth Anniversary of Long Term Care Insurance Benefit

On the fourth anniversary of its revolutionary FamilyCare long term care insurance (LTCI) coverage, John Hancock Long Term Care Insurance is launching a marketing campaign to call attention to what the division calls its "best-kept secret." Sold as an option on its flagship Custom Care II policy, FamilyCare is one of the most innovative LTC insurance benefits on the market today, remaining the only LTCI benefit that can cover an entire family on a single policy.

John Hancock Long Term Care Launches FamilyCare Marketing Campaign on Fourth Anniversary of Long Term Care Insurance Benefit
Source: Yahoo! Finance

Permalink posted by armandn @ 8:01 AM
 

The Life Insurance Equation

As discussed in my December 2005 column ("The Human Capital Equation"), the risk and return characteristics of human capital should be taken into account when building portfolios for individual investors over their lifecycle. In this column, I want to extend the discussion from the classical asset allocation framework to include the demand for life insurance. These two decisions (asset allocation and life insurance needs) should be determined jointly since financial assets and human capital serve as risk substitutes for each other. I'll begin with a brief review of the financial and statistical interaction between human capital, asset allocation and life insurance. Then I'll delve into a detailed description of the integrated framework and the model which are based on the recent paper of Chen, Ibbotson, Milevsky and Zhu (2005).

The Life Insurance Equation
Source: On Wall Street

Permalink posted by armandn @ 8:00 AM
 

Protective Life Buys Western General

Protective Life, a financial services provider, said its unit, Lyndon Insurance Group, agreed to buy the vehicle extended service contract business of Western General for $33 million in cash, plus contingent consideration based on future performance.

The transaction, which is expected to close in the third quarter, is subject to regulatory approval and other customary conditions to closing.

Protective Life Buys Western General
Source: The Street

Permalink posted by armandn @ 7:59 AM

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