Monday, July 31, 2006

 

MassMutual's San Francisco Bay Area Agency Reaches $3 Billion in Life Insurance Coverage in Force.

The San Francisco Bay Area Agency LLC, a Massachusetts Mutual Life Insurance Company (MassMutual) general agency based in Walnut Creek, Calif., announced today it has reached $3 billion of life insurance coverage in force issued by MassMutual and its affiliates.

MassMutual's San Francisco Bay Area Agency Reaches $3 Billion in Life Insurance Coverage in Force.
Source: PR Newswire

Permalink posted by armandn @ 1:10 PM
 

Help Your Parents Stay Out Of Scammers' Traps

The Securities and Exchange Commission says that more than 5 million senior citizens fall victim to financial abuse each year, but the victims are not only lonely widows and widowers.

Whether your parents live on your street or across the country, a host of people are eager to take their wealth. They range from swindlers to shady financial advisers to fast-talking telemarketers to professional caregivers and relatives who steal from the very people they're supposed to be looking after.

Help Your Parents Stay Out Of Scammers' Traps
Source: Sun Times

Permalink posted by armandn @ 1:09 PM
 

Financial Planners Try Giving Out Free Advice

Consumer credit is at an all-time high; personal savings is at an all-time low. Stock, bond and real estate markets all look volatile and dicey. Meanwhile, new and increasingly complex financial products are being created at a rapid clip.

There's no question that consumers could use professional help to make sense of it all, but only a tiny fraction of Americans seek assistance from financial planners.

Financial Planners Try Giving Out Free Advice
Source: LA Times

Permalink posted by armandn @ 1:07 PM
 

John Hancock Launches Current Assumption Universal Life Insurance Policy

John Hancock today launched its latest universal life insurance product, a current assumption policy called Performance UL.(1) With the introduction of Performance UL, John Hancock now has a full range of universal life insurance products to meet the needs of any client.

John Hancock Launches Current Assumption Universal Life Insurance Policy
Source: PR Newswire

Permalink posted by armandn @ 1:03 PM

Friday, July 28, 2006

 

Life Insurance Planning Vital

Although life insurance is one of the oldest financial instruments in our history — dating back well over 150 years — it seems that the confusion surrounding this product has resonated just as long.

Today, there are more then 2,000 insurers in the United States and Canada. Each company offers a number of policies to choose from, which results in literally tens of thousands of possibilities for the consumer or business owner. This astronomical number makes it challenging to know if people are acquiring the best policy or policies for their planning situation

Life Insurance Planning Vital
Source: Kansas City Star

Permalink posted by armandn @ 11:36 AM
 

St. Paul Travelers Profits Down 9% in Q2

St. Paul Travelers Cos. Inc. reported Thursday that its second quarter profits decreased 9 percent to $970 million, or $1.36 per diluted share, from $1.069 billion, or $1.59 per diluted share, in the second quarter of 2005. Last year's figure included a $138 million gain in the sale of part of St. Paul Traveler's stake in Nuveen Investments Inc.

The earnings surpassed analysts' expectations by 10 cents a share, according to an average of analysts surveyed by Thomson Financial.

St. Paul Travelers Profits Down 9% in Q2
Source: Biz Journals

Permalink posted by armandn @ 11:35 AM
 

Sun Life Reports Record Quarterly Earnings of $512 Million

Sun Life Financial Inc. today announced record earnings of $512 million or $0.88 per share for the quarter ended June 30, 2006. Earnings per share (EPS) were up 8.6% (14.8% in constant currency) over the second quarter of 2005. Return on equity (ROE) grew to 13.6% for the quarter, up from 13.0% in the second quarter of 2005.

Sun Life Reports Record Quarterly Earnings of $512 Million
Source: PR Newswire

Permalink posted by armandn @ 11:33 AM
 

Find the right strategy for building your CD portfolio

These past few days, I've found ads in the newspaper for a three-month certificate of deposit with a 5.41 percent annual percentage yield and a one-year CD yielding 5.56 percent.

Meanwhile, yields of 5 percent or more can be had from several online savings accounts and money market mutual funds, which are completely liquid. So, should you tie up your money in a five-year or longer certificate of deposit just to get paid 5.7 or 5.8 percent?

Find the right strategy for building your CD portfolio
Source: LA Times

Permalink posted by armandn @ 11:00 AM
 

How much life insurance do I need? A guide to online calculators

There are a range of life insurance calculators on the web. We've evaluated some of the top sites and have arrived at what we feel are five superior calculators. These tools essentially perform an interview for online users and estimate how much life insurance you need. Over the coming weeks, we'll also evaluate other online financial planning and needs analysis tools.

So, without further ado, here is our take on five of the best life insurance calculators on the web:

#1: W&SFG: How much life insurance do I need?
#2: MSN: Life insurance calculator
#3: BankRate: How much life insurance?
#4: Kiplinger: Life insurance estimator
#5: SmartMoney: Life insurance calculator

Permalink posted by markw @ 5:04 AM

Thursday, July 27, 2006

 

MetLife Analysis Reveals Five Most Costly Medical Conditions Drive 60 Percent of Lost Workdays Due to Short Term Disabilities

Approximately half of all short term disability insurance claims MetLife receives each year is a result of the five most expensive diseases and illnesses in the United States in terms of medical expenditures.(1) These five ailments - heart conditions, trauma, cancer, mental disorders and pulmonary conditions - account for an average of 60% of all lost workdays due to a short term disability (STD), according to a MetLife analysis of over 1.5 million STD income insurance claims.

MetLife Analysis Reveals Five Most Costly Medical Conditions Drive 60 Percent of Lost Workdays Due to Short Term Disabilities
Source: Yahoo! Finance

Permalink posted by armandn @ 7:51 AM
 

Vanguard Toughens Security Shield

Vanguard Group Inc. has taken a page from the book of consumer security commonly used by major banks around the country.

The Valley Forge, Pa., mutual-fund giant said that it is adopting systems to protect its clients from online fraud and identity theft, using methods unusual among fund companies but familiar to banks.

Vanguard Toughens Security Shield
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 7:50 AM
 

MassMutual Introduces Ground-Breaking Structured Settlement Annuity Concept

Massachusetts Mutual Life Insurance Company (MassMutual) today announced the introduction of MassMutual(R) Structure Plus, a new concept using a structured settlement annuity and designed to provide a more comprehensive solution for the life-care needs of catastrophically injured persons. The structure helps satisfy both the certain and uncertain needs of the injured party by providing access to trust services offered by the MassMutual Trust Company, FSB.

MassMutual Introduces Ground-Breaking Structured Settlement Annuity Concept
Source: PR Newswire

Permalink posted by armandn @ 7:48 AM
 

New York State Insurance Department Urged to Take Emergency Action to Protect Citizens

The New York State Department of Insurance has received an urgent appeal calling for an emergency regulation to prohibit the use of discretionary clauses in group disability, life, and health insurance policies. The request from Quadrino Schwartz, a nationally prominent law firm specializing in disability, life and health insurance law, comes in response to the Department's Circular Letter of June 29 (No. 14, 2006), temporarily withdrawing a ban on the controversial discretionary clauses, pending a lengthy and formal rule-making process.

New York State Insurance Department Urged to Take Emergency Action to Protect Citizens
Source: PR Newswire

Permalink posted by armandn @ 7:47 AM
 

Principal Financial Buys WM Advisors from Washington Mutual

Retirement fund and asset manager Principal Financial Group Inc. has agreed to buy the Washington Mutual Inc. asset management business, WM Advisors Inc.

Des Moines-based Principal, the nation's largest 401k retirement fund provider, said Tuesday it will pay $740 million cash.

WM Advisors, with approximately 200 employees based primarily in Seattle and Sacramento, Calif., manages the WM Funds, a family of 40 retail mutual funds and variable trust funds, broadly diversified across a range of asset classes.

Principal Financial Buys WM Advisors from Washington Mutual
Source: Insurance News Net

Permalink posted by armandn @ 7:44 AM

Wednesday, July 26, 2006

 

Insurers Prowl for Takeovers of Annuities Sellers

A hunt is on among insurers for rivals that specialize in selling financial products to aging baby boomers.

The latest example: Aviva PLC of the United Kingdom, which announced plans July 13 to buy AmerUs Group Co. for $2.9 billion. It marked the fourth major purchase involving an insurance company that sells annuities in less than a year, and analysts and investors are trying to figure out what may come next.

Insurers Prowl for Takeovers of Annuities Sellers
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 8:03 AM
 

Ready to Retire, But Still Full-Time Parents

Charles Parmalee will still be going to parent-teacher conferences in his seventies. Like a lot of late-life parents, he and his wife Jan didn't plan it this way; it just kind of happened.

Married when he was 44 and she was 32, they had two kids in the early 1990s and figured they were done. Then, in 1997, the couple saw a TV show about the austere conditions at an orphanage in Asia that pulled at their heartstrings. Within five years, they'd adopted two precious little girls from China.

Ready to Retire, But Still Full-Time Parents
Source: CNN Money

Permalink posted by armandn @ 8:02 AM
 

J.D. Power and Associates Reports: American Family Insurance Agents Recognize for Customer Service Excellence

More than 1,350 licensed American Family Insurance agents from throughout the company's 18 operating states have been recognized for customer service excellence under the J.D. Power and Associates Distinguished Insurance Agency Program(SM). This distinction acknowledges a strong commitment by American Family agents to provide their customers outstanding service.

J.D. Power and Associates Reports: American Family Insurance Agents Recognize for Customer Service Excellence
Source: PR Newswire

Permalink posted by armandn @ 8:00 AM
 

Nationwide Financial Becomes National Sponsor of Financial Planning Association

To help contribute to the solutions, training and educational resources available to today's investment professionals, Nationwide Financial Services, Inc., has signed on as National Sponsor of the Financial Planning Association® (FPA®), the leadership and advocacy organization representing the financial planning community.

Nationwide Financial Becomes National Sponsor of Financial Planning Association
Source: Yahoo! Finance

Permalink posted by armandn @ 7:59 AM
 

S&P Equity Research Sees M&A and Globalization as Growth Drivers for Life and Health Insurers

Standard & Poor's Equity Research Services sees a combination of consolidation and global expansion as the primary driver for long-term growth among life and health insurance companies. These and other findings are available in a semi-annual report on the insurance industry, Insurance: Life & Health Industry Survey, published by Standard & Poor's, a leading provider of independent investment research.

S&P Equity Research Sees M&A and Globalization as Growth Drivers for Life and Health Insurers
Source: Insurance News Net

Permalink posted by armandn @ 7:58 AM

Tuesday, July 25, 2006

 

Certified Financial Planners May See Stricter Rules

The group that grants the Certified Financial Planner credential proposed for financial advisers new rules that embrace a tougher client-care standard.

The Certified Financial Planner Board of Standards, based in Denver, put forth changes to its ethics code and practice standards that would require advisers to assume a "fiduciary" obligation to clients unless the adviser and client agree to a different standard.

Certified Financial Planners May See Stricter Rules
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 7:55 AM
 

Connecticut Investors Lead the Nation In Annuities

According to estimates by J.G. Wentworth, a Pennsylvania-based finance company, Connecticut has the highest sales volume of annuity dollars per capita of any state, with 2 percent of all annuity sales and just 1.2 percent of the U.S. population.

In 2004 alone, Connecticut residents bought $4 billion worth of annuity products, with total assets backing annuities outstanding of $36 billion at year's end, estimates J.G. Wentworth.

Connecticut Investors Lead the Nation In Annuities
Source: Insurance News Net

Permalink posted by armandn @ 7:51 AM
 

The Hartford's Christopher M. Lewis To Testify Before Congress On 'Terrorism Threats And The Insurance Market'

A risk modeler for The Hartford Financial Services Group, Inc. one of the nation's leading property and casualty insurance companies, will provide testimony on Tuesday, July 25 at a U.S. House of Representatives joint subcommittee hearing on the issue of terrorism, entitled 'Terrorism Threats and the Insurance Market.'

The Hartford's Christopher M. Lewis To Testify Before Congress On 'Terrorism Threats And The Insurance Market'
Source: PR Newswire

Permalink posted by armandn @ 7:49 AM
 

Northwestern Mutual Insurance In Force Approaches $1 Trillion

Northwestern Mutual Life Insurance Co. will approach $1 trillion of individual life insurance in force this year if sales continue at their current pace, the company's chief executive officer said Monday.

"We're seeing increases in nearly all our markets,"president and chief executive officer Edward Sore told representatives at the company's annual meeting in downtown Milwaukee.

Northwestern Mutual Insurance In Force Approaches $1 Trillion
Source: Biz Journals

Permalink posted by armandn @ 7:43 AM
 

Lifetime-income Strategies Require Some Thought, Care

Many surveys show the top financial concern of retirees and aging Baby Boomers is ensuring their money lasts as long as they do. In response, insurance companies keep rolling out innovative but often highly complicated products that guarantee lifetime income.

The slew of new products offers more choices but also more chances to go wrong because some decisions in this area are irrevocable or expensive to undo. I'll go over some of these products and suggest ways to learn more.

Lifetime-income Strategies Require Some Thought, Care
Source: Chicago Tribune (free online registration required)

Permalink posted by armandn @ 7:43 AM

Monday, July 24, 2006

 

Retirement Protection

The leading edge of the baby boomer generation turns 60 this year and finds itself facing hard decisions about how to financially survive after retirement.

The advent of 401(k) plans and Individual Retirement Accounts have created more worker involvement in pension-planning decisions rather than waiting for the company retirement benefit to kick in.

Retirement Protection
Source: Wichita Business Journal

Permalink posted by armandn @ 7:47 AM
 

Got a Plan for Your Retirement?

About 76 million baby boomers are headed toward retirement over the next three decades, and many of them are simply drifting there without a plan, says Lee Eisenberg.

"It's human nature that people don't like to think about getting old," said Eisenberg, a former Lands' End executive who wrote a bestselling book about retirement, "The Number." "When you're in your 30s or 40s, or even your 50s, you do everything in your power very frequently to deny the inevitable, which is that you are going to get old, and that there may not be too many institutions or people out there to take care of you."

Got a Plan for Your Retirement?
Source: JS Online

Permalink posted by armandn @ 7:39 AM

Friday, July 21, 2006

 

SEC Official Asks VA Sellers To Protect Seniors

North American application activity for individually underwritten life insurance was off -5.4% in June year-over-year, the largest change in the last four consecutive years of June declines, according to the MIB Life Index(SM). June-over-June changes for the 2002-2006 period have averaged -3.3%. Year-to-date (YTD), U.S. and Canadian application activity was off -2.9% year-over-year, as compared to this past May's -2.4% YTD change.

SEC Official Asks VA Sellers To Protect Seniors
Source: PR Newswire

Permalink posted by armandn @ 8:07 AM
 

Phoenix Wealth Survey Finds High Net Worth Have Great Expectations, But Lack Solid Plans for Building a Comfortable Retirement

America's millionaires are a study in contradictions, possessing lofty financial dreams but often lacking the requisite plans to reach these goals, according to the seventh annual Phoenix Wealth Survey conducted by The Phoenix Companies, Inc.

Phoenix Wealth Survey Finds High Net Worth Have Great Expectations, But Lack Solid Plans for Building a Comfortable Retirement
Source: Insurance News Net

Permalink posted by armandn @ 8:06 AM
 

SEC Official Asks VA Sellers To Protect Seniors

Members of the National Association for Variable Annuities need to take the consumer protection provision in the group's mission statement seriously.

Annette Nazareth, a commissioner who serves on the U.S. Securities and Exchange Commission, delivered that message in Washington on June 26 at a compliance conference organized by NAVA, Reston, Va.

SEC Official Asks VA Sellers To Protect Seniors
Source: Insurance News Net

Permalink posted by armandn @ 8:05 AM
 

Senate Clears Bill to Tighten Rules on Military Life Insurance Sales

The U.S. Senate unanimously passed a bill to extend state consumer protection and suitability requirements to sales of life insurance and other financial products to U.S. armed forces personnel.

With the passage of S. 418, the Military Personnel Financial Services Protection Act, Congress will need to reconcile minor differences between it and a similar measure — H.R. 458, sponsored by Rep Geoff Davis, R-Ky. — that passed the House by a 405-2 margin in June 2005.

Senate Clears Bill to Tighten Rules on Military Life Insurance Sales
Source: AM Best (subscription required)

Permalink posted by armandn @ 8:02 AM

Thursday, July 20, 2006

 

Court Orders Prudential to Pay Retirees $30M

Prudential Financial Inc. will be paying 300 retirees a total of more than $30 million based on a judgment by the Ohio Court of Appeals.

The judgment is a result of a class-action lawsuit the retirees filed in 1999 in the Marion County Common Pleas Court after a Prudential stockbroker sold more than $40 million worth of investments without the clients' authorization. The retirees said Prudential tried to fraudulently convince the them to ratify the trades to avoid reversing the unauthorized trades at its own expense.

Court Orders Prudential to Pay Retirees $30M
Source: Biz Journals/Yahoo! Finance

Permalink posted by armandn @ 9:51 AM
 

A Course In What's Next?

In the course of a lifetime, people pick up the knowledge and skills to build careers and raise families. But not much of that prepares them for life in retirement. How do you manage your time? How do you keep your mind sharp? How do you adjust to all the spousal togetherness? They sound like seminar subjects -- and they are.

A Course In What's Next?
Source: Business Week

Permalink posted by armandn @ 9:49 AM
 

Truth In Life Insurance

Over the years, National Underwriter readers have written to ask a variety of questions about life insurance. It has become clear to me that many are not getting the right information from their sources or enough information to make good business decisions. Sometimes, they've been given information that is simplistic, if not downright wrong in many cases.

Truth In Life Insurance
Source: Insurance News Net

Permalink posted by armandn @ 9:48 AM
 

Study: Savvy seniors susceptible to scams

Seniors who are falling prey to investment scams today increasingly are well-educated, financially astute people, according to a study released last week...

InvestmentNews: Study: Savvy seniors susceptible to scams

Permalink posted by markw @ 7:27 AM
 

Retirement planning for women vital

Retirement planning is especially important for women, who often need to be much more involved in their families’ financial planning than they are, experts here say...

Spokane Journal: Retirement planning for women vital

Permalink posted by markw @ 7:25 AM
 

Whole life insurance benefits you while living

Term life insurance is a good product for a short-term need until whole life can be afforded. The losses generated by owning a term life policy will be enormous if held a long time, and actually become the most expensive way to have owned life insurance. The policyholder loses his premiums, loses the earnings on the premiums, and ultimately, when he lives too long, he loses the death benefit...

El Paso Times: Whole life insurance benefits you while living

Permalink posted by markw @ 6:30 AM

Wednesday, July 19, 2006

 

A Novel Way To Live Long and Prosper

For baby boomers reluctant to take on an annuity to help fund their retirement, there's a new category of products out there that's starting to make a dent in the marketplace. But don't call them annuities--even though they may be similar. Instead, think fire insurance for a client's life.

A Novel Way To Live Long and Prosper
Source: On Wall Street

Permalink posted by armandn @ 9:35 AM
 

The Hartford Announces Sale of Omni Insurance Group

The Hartford Financial Services Group, Inc., one of the nation's leading providers of investment and insurance products, today announced a definitive agreement to sell its non-standard property and casualty subsidiary, Omni Insurance Group, to Independent Insurance Investments, Inc. (4i's), a portfolio company of Inverness Partners II, for approximately $100 million.

The Hartford Announces Sale of Omni Insurance Group
Source: PR Newswire

Permalink posted by armandn @ 9:34 AM
 

Expanded Sales Structure, New Faces Match ING Fixed Annuities' Strong Growth and Commitment to Making Financial Services Easier

ING Fixed Annuities business recently expanded and refined its national distribution organization, introducing an expanded regional structure, and adding two new regional vice presidents and a new national accounts function, according to Chad Tope, senior vice president, ING Fixed Annuities.

Expanded Sales Structure, New Faces Match ING Fixed Annuities' Strong Growth and Commitment to Making Financial Services Easier
Source: PR Newswire

Permalink posted by armandn @ 9:32 AM

Tuesday, July 18, 2006

 

NASD Foundation Study Examines What Makes Elderly Susceptible To Investment Fraud

The NASD Investor Education Foundation, in cooperation with WISE Senior Services and AARP Foundation, released a study today that looks at why certain elderly investors are more susceptible to investment fraud than others, exposes the various tactics used by criminals to exploit seniors and offers strategies to help seniors avoid becoming victims. The report -- Off the Hook Again: Understanding Why the Elderly Are Victimized by Economic Fraud Crimes -- was unveiled at the Securities and Exchange Commission's Seniors Summit in Washington, D.C.

NASD Foundation Study Examines What Makes Elderly Susceptible To Investment Fraud
Source: PR Newswire

Permalink posted by armandn @ 9:44 AM
 

MetLife Increases Monthly Income Replacement For Traditional Individual Disability Insurance Policies

MetLife announced today higher traditional Individual Disability issue and participation limits to provide the largest possible monthly income replacement available for an individual due to a disability. MetLife's underwriting enhancements went into effect for most new individual disability income insurance policies this June.

"In an era when people are still very much underinsured, our actions to provide greater monthly income during a disability is another incentive for individuals to get the disability insurance coverage they need," said Brian Griffin, vice president, MetLife Individual Disability. "It's important for individuals to be able to secure the coverage amounts they need to personalize their financial safety net."

MetLife Increases Monthly Income Replacement For Traditional Individual Disability Insurance Policies
Source: Yahoo! Finance

Permalink posted by armandn @ 9:42 AM
 

Sun Life Financial Announces Make Giving Go Further Campaign To Facilitate Life Insurance Estate Planning And Charitable Giving

The U.S. Individual division of Sun Life Financial Inc. today announced Make Giving Go Further, a new campaign focused on educating the company's distribution partners and clients about new charitable giving opportunities to complement current estate planning strategies. The campaign is the centerpiece of Sun Life's upgraded Universal Life product line, which offers lifetime death benefit guarantees and additional incentive for philanthropic-minded clients.

Sun Life Financial Announces Make Giving Go Further Campaign To Facilitate Life Insurance Estate Planning And Charitable Giving
Source: PR Newswire

Permalink posted by armandn @ 9:37 AM

Monday, July 17, 2006

 

Staying On Top of New Anti-Money Laundering Regs

Financial institutions, such as banks or securities firms, have been under scrutiny for quite some time to identify potential threats, mitigate risks and maintain regulatory compliance.

Staying On Top of New Anti-Money Laundering Regs
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 11:49 AM
 

Choose An Annuity You Can Ride For Life

As employers slash promised pension benefits, creating a guaranteed income in retirement will become more important than ever before. With the baby-boomers heading into the homestretch, annuity companies are pulling out all the stops to attract this lucrative and finicky market. You can still buy the plain-vanilla immediate annuity, or you can choose among an array of new, customized products designed for niche buyers, from those with medical conditions to individuals who only want a payout when they're very old.

Choose An Annuity You Can Ride For Life
Source: Insurance News Net

Permalink posted by armandn @ 11:45 AM
 

Great-West Buys MetLife Unit

Employees who work for a unit of MetLife in south St. Louis County will soon have a new boss.

Great-West Life & Annuity Insurance Co. of Denver announced it was acquiring MetLife Inc.'s management and service work for small and mid-sized 401(k) benefit plans.

The business is made up of 2,600 plan clients who represent about 300,000 participants, according to the companies. Those participants hold about $7.5 billion in retirement plan assets. The St. Louis operations are based in part of a facility in south St. Louis County at 13045 Tesson Ferry Road, a center that covers more than 500,000 square feet. The sale would expand Great-West's presence here where the company now has 700 employees at the south county facility.

Great-West Buys MetLife Unit
Source: St. Louis Business Journal

Permalink posted by armandn @ 11:42 AM
 

Protective Releases "Defined Objectives"

Millions of American baby boomers are approaching retirement, many with potentially disastrous deficiencies in both their levels of life insurance protection and retirement savings. To help address their needs, Protective Life Insurance Company today released Defined Objectives(SM), a groundbreaking new service designed to help prepare for long-term financial needs using variable universal life (VUL) insurance. This innovative program simplifies the process of tracking policy performance, regularly assessing the performance against expectations, and making appropriate adjustments to stay on track to meet long-term objectives.

Protective Releases "Defined Objectives"
Source: Yahoo! Finance

Permalink posted by armandn @ 11:41 AM
 

New Wrinkles For Annuities

Immediate fixed annuities convert a lump-sum payment into guaranteed monthly income for life, something that should make them attractive to retirees worried they'll outlive their money. But they're not as popular as you might think, since many retirees also worry about the reverse: that they'll die before they collect much of the money, effectively making the insurance company, not their children, the heir.

New Wrinkles For Annuities
Source: BusinessWeek Online

Permalink posted by armandn @ 11:38 AM

Friday, July 14, 2006

 

Boomers Bounce Towards Dividends: Total Return Strategy Stretches Savings

As more Americans crack open their retirement nest eggs, many are turning toward dividend-bearing investments in a scramble for greater security. "Baby Boomers have worked hard for their money, and now they want it to work for them," said Josh Peters, equities strategist and the editor of Morningstar's DvidendInvestor. "There's a pretty good opportunity to capitalize on that need," he said.

Boomers Bounce Towards Dividends: Total Return Strategy Stretches Savings
Source: Financial-Planning.com

Permalink posted by armandn @ 8:14 AM
 

Suit Against The Hartford Expires

A federal judge in Connecticut dismissed a 2004 shareholder lawsuit Thursday that had accused The Hartford of concealing payment of bonus commissions to insurance brokers and participation in bid-rigging schemes.

U.S. District Court Judge Christopher F. Droney granted The Hartford Financial Services Group Inc. a motion to dismiss, ruling that the case had been filed after a two-year statute of limitations expired.

Suit Against The Hartford Expires
Source: Hartford Courant

Permalink posted by armandn @ 8:12 AM
 

Key Trends Will Reshape Insurers' Approach to Sales and Services

Recent trends and statistics on how we live, communicate, and work today point to significant changes poised to reshape how U.S. insurance carriers respond in areas such as products, services, and the use of technology. TowerGroup believes that over the next few years, the leading insurance companies will embrace these changes and use their scale, financial strength, and flexibility to maintain a sustainable advantage.

Key Trends Will Reshape Insurers' Approach to Sales and Services
Source: Source: Insurance Networking News

Permalink posted by armandn @ 8:03 AM
 

Improving Your Retirement: Top 10 Estate-Planning Mistakes

As a financial advisor, I see all kinds of issues and problems regarding clients' estate documents. Many times we'll discover that the arrangements spelled out in the documents are not at all what a client wants today. Often, we help clients deal with sensitive family issues that need to be reflected legally. Dealing with death is never easy, but it's worth it to take the time to plan your estate. When you do, watch out for these classic mistakes.

Improving Your Retirement: Top 10 Estate-Planning Mistakes
Source: Insurance News Net

Permalink posted by armandn @ 8:00 AM

Thursday, July 13, 2006

 

Aviva Moves to Acquire AmerUS

A large United Kingdom insurer has agreed to pay $2.9 billion in cash for a major player in the U.S. equity-indexed life insurance and annuities market.

AmerUs Group Company, Des Moines, Iowa, has agreed to let Aviva P.L.C., London, acquire it, AmerUs says in a statement.

Aviva Moves to Acquire AmerUS
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 12:24 PM
 

Insurer To Appeal Annuities Verdict

An insurance company said Friday that it would appeal a $17.4-million verdict against it for selling an Inland Empire man a series of annuities that wouldn't mature until he was 97.

A Riverside County Superior Court jury awarded Ernst Hammermueller, 86, of Palm Desert $3.4 million in compensatory damages June 23 and an additional $14 million in punitive damages June 27, according to attorneys in the case.

Insurer To Appeal Annuities Verdict
Source: LA Times

Permalink posted by armandn @ 12:22 PM
 

Study: Many People Not Prepared to Retire

A study of the economic and demographic variables in 250 of the nation's largest counties finds that residents in more than half of them are not well prepared for retirement.

The analysis, to be released Thursday, was designed to draw attention to the lack of retirement preparedness nationwide and the need for individuals and governments to take action.

Study: Many People Not Prepared to Retire
Source: KFMB, Channel 8

Permalink posted by armandn @ 12:20 PM
 

Life Exchange Network Continues to Grow - Adding Trinity Financial Services

As technology continues to make an impact on all industries, Life-Exchange, has shown once again that technology and access to accurate and timely information is changing the life settlement industry. After signing 4 of the nation's largest life settlement provider companies in the past 2 months, Life-Exchange continues to add top tier life settlement broker firms as well, last month adding Trinity Financial to the fold.

Life Exchange Network Continues to Grow - Adding Trinity Financial Services
Source: Business Wire

Permalink posted by armandn @ 12:13 PM
 

Aetna Introduces Vital Savings on Health; Industry-First Offering Combines Discounted Care With Debit Card Feature

Aetna announced today a new program that provides consumers with discounts of 10 percent to 50 percent off the cost of routine health care expenses such as doctor visits and certain health care services, discounts of 10 percent to 40 percent off the average wholesale price of prescription medications, and a unique pre-paid debit card feature. The new program, called Vital Savings(SM) on Health, will be available to employers of all sizes on September 1, 2006, in Denver, Colo., and Southern N.J., and on October 1, 2006, in Tampa, Fla., and Raleigh, N.C., with additional markets being added in 2007.

Aetna Introduces Vital Savings on Health; Industry-First Offering Combines Discounted Care With Debit Card Feature
Source: dBusiness News

Permalink posted by armandn @ 12:09 PM

Wednesday, July 12, 2006

 

Conning Research: Insurance And Banking Enter Next Phase Of Integration

Though Citigroup's recent sale of Travelers Life & Annuity to MetLife may appear to indicate that the "financial supermarket" idea of full-scale mergers is an untenable working model, banks and insurers continue to find ways to integrate their services, according to a new study by Conning Research and Consulting, Inc.

The banking industry has determined that selling insurance is a profitable activity but that it is not necessary, or even desirable, to be the manufacturer of the product. Insurers have started or acquired banks to increase assets from customers. These approaches constitute the next phase in the integration of insurance and banking.

Conning Research: Insurance And Banking Enter Next Phase Of Integration
Source: PR Newswire

Permalink posted by armandn @ 12:14 PM
 

Are You Saving Enough For Retirement? A Guide To Figuring It Out And Funding It

Corporations are looking to shed their pension liabilities. Guess who's getting stuck with the tab?

As companies replace traditional defined-benefit pensions with 401(k) plans, the burden of saving and investing for retirement gets shifted to employees -- and suddenly we're the ones who don't have enough money set aside to see us through our retirement years.

Are You Saving Enough For Retirement?  A Guide To Figuring It Out And Funding It
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 12:12 PM
 

Compensation System For Many Financial Advisers Weakens Their Advice On Mutual Funds

These two spirited e-mails, typical of nearly 100 I've received on the subject, came one right after the other in response to the same column.

"I took exception to your recent putdown of load mutual funds," wrote a financial adviser who sells both load and no-load funds; that is, funds that charge a sales commission when you buy or sell, and funds that don't. "All the financial columnists I've ever read advocate no-load mutual funds," the adviser said. "The one thing that continually irks me is that you collectively think anyone can manage a stock or mutual fund portfolio and should choose no-load funds.

Compensation System For Many Financial Advisers Weakens Their Advice On Mutual Funds
Source: Florida Sun-Sentinel

Permalink posted by armandn @ 12:10 PM
 

Earnings Growth Seen Slowing For Insurers

Weaker equity markets and a flattening yield curve likely cut into second-quarter profits at major life insurance firms, according to Banc of America Securities analyst Tamara Kravec.

The analyst estimates the industry will average 8.1% earnings growth for the June quarter, down from 12.4% in the January-through-March quarter, and from 14.3% during the June 2005 quarter.

Earnings Growth Seen Slowing For Insurers
Source: Forbes

Permalink posted by armandn @ 12:08 PM

Tuesday, July 11, 2006

 

AXA Equitable Unveils New Accumulator, Adding More Choice And Flexibility

AXA Equitable Life Insurance Company, which pioneered living benefits in variable annuities, today launched a new variable annuity to its extremely successful Accumulator(R) series. The company has significantly enhanced Accumulator(R) by adding the Guaranteed Withdrawal Benefit for Life (GWBL) option. Barbara Goodstein, AXA Equitable Executive Vice President, Marketing and Product Development, made the announcement.

AXA Equitable Unveils New Accumulator, Adding More Choice And Flexibility
Source: PR Newswire

Permalink posted by armandn @ 12:45 PM
 

Free Health And Life Insurance Quotes, Side-By-Side Comparisons Are Just A Click Away At Expanded Online Consumer Resource Site

RXHealthQuotes.com, Inc., a provider of online resources for health and life insurance, has expanded its network to offer additional consumer options. Visitors to RXHealthQuotes.com can research and purchase individual, family and small-group insurance from a broadened selection of leading insurers and plans.

Free Health And Life Insurance Quotes, Side-By-Side Comparisons Are Just A Click Away At Expanded Online Consumer Resource Site
Source: PR Newswire

Permalink posted by armandn @ 12:43 PM
 

TIAA-CREF Life's Intelligent Life Product Launched In McCamish Systems' BPO

McCamish Systems announced today that TIAA-CREF Life Insurance Company's newest product, Intelligent Life(SM) variable universal life (VUL) insurance, has been launched in McCamish's BPO site in Atlanta. The product features expanded investment choices, simplified fees and charges, easy to understand product design and enhanced ease and flexibility. McCamish will be providing full back office support including policy issue, service center support, policy administration, disbursements and claims processing. TIAA, a stock life insurance company, along with its subsidiary TIAA-CREF Life Insurance Company, is one of just two insurance companies to receive the highest credit ratings from all major rating agencies.

TIAA-CREF Life's Intelligent Life Product Launched In McCamish Systems' BPO
Source: McCamish Systems

Permalink posted by armandn @ 12:42 PM
 

Aviva For Life Innovative Retirement Income Solution Addresses Boomers' Shifting Needs

As the first Baby Boomers turn 60 and begin transitioning from savers to recipients of retirement assets, Aviva Life Insurance Company (Aviva) introduces Aviva For Life, an innovative retirement income solution.

Leveraging the synergy created by combining fixed annuities designed to provide guaranteed income streams with others aimed at accumulation, Aviva For Life helps deliver reliable, inflation-adjusted income without investment risk. The strategy is built on the strong guarantees and features of Aviva's portfolio of fixed annuities including immediate, tax-deferred and tax-deferred indexed products.

Aviva For Life Innovative Retirement Income Solution Addresses Boomers' Shifting Needs
Source: Insurance News Net

Permalink posted by armandn @ 12:40 PM

Monday, July 10, 2006

 

Ben Stein: Your Golden Years Don't Have to Be Tarnished

I have a lot to say, and it's all important (but not all-important), so pay attention.

This country is in terrible trouble. First of all, we are major debtors to the rest of the world. We borrow a billion dollars a day just to buy oil. We have a net debt to the rest of the world of about $3 trillion dollars, which is very roughly the value of all the assets in a large, powerful state like Ohio. We'd have real trouble financing our lavish standard of living if we didn't have the rest of the world to lend us money...

Yahoo Finance: Your Golden Years Don't Have to Be Tarnished

Permalink posted by markw @ 10:51 AM
 

Prudential Plans Annuity Product For 401(k) Plans

Prudential Retirement Insurance & Annuity Co. is about to launch the latest entrant in the race to bring pension-type benefits to 401(k) plans.

The subsidiary of Prudential Financial Inc. is seeking approval from state insurance commissioners for Capital Guarantee Funds, group annuities that offer principal protection and stock-market exposure with a guarantee on investment gains. The funds, which offer four target maturity dates -- 2010, 2015, 2020 and 2025 -- are meant to shelter the nest eggs of risk-averse investors from the market's volatility, Prudential says.

Prudential Plans Annuity Product For 401(k) Plans
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 6:57 AM
 

Many Americans Retire Years Before They Want To

Richard Rocco, 60, of Voorhees, N.J., planned to work as a sales representative until age 65. It hasn't quite worked out that way.

In January 2005, Rocco's employer, a graphics arts company, downsized and cut his position. Despite 27 years of sales experience, Rocco couldn't find a job. Employers "could get college guys for less than half of what I wanted to work for," he says.

Many Americans Retire Years Before They Want To
Source: USA Today

Permalink posted by armandn @ 6:55 AM
 

The Principal Financial Group Provides New Ways To Stay Healthy; Discounts And Services Now Available To Group Insurance Customers

Maintaining good physical, financial and mental health is not always easy, which is why The Principal Financial Group(R) is offering additional discounts and services to insurance customers with group life, disability, dental or vision coverage. These discounted services and special products will provide help with everything from weight loss to smoking cessation with trusted names like Weight Watchers and the American Cancer Society.

The Principal Financial Group Provides New Ways To Stay Healthy; Discounts And Services Now Available To Group Insurance Customers
Source: Business Wire

Permalink posted by armandn @ 6:53 AM
 

Full-Service Brokers Losing Hold On Affluent

Full-service brokers made something of a comeback in the past year, but it remains to be seen whether they truly have ended the erosion of their market share as primary advisers to the affluent.

Full-Service Brokers Losing Hold On Affluent
Source: Financial-Planning

Permalink posted by armandn @ 6:51 AM
 

Prudential Funds Geared To Risk Averse

The subsidiary of Prudential Financial Inc. (PRU) is currently seeking approval from state insurance commissioners for Capital Guarantee Funds, a group annuity which offers principal protection and equity exposure with a guarantee on investment gains. The funds, which offer four target maturity dates - 2010, 2015, 2020 and 2025 - are meant to shelter the nest eggs of risk-averse institutional investors from the market's volatility, Prudential says.

Prudential Funds Geared To Risk Averse
Source: CBS MarketWatch

Permalink posted by armandn @ 6:49 AM

Friday, July 07, 2006

 

Old Mutual Launches Level Term Product

An insurer is introducing a life product that combines protection with a retirement savings feature.

Old Mutual Financial Network, Baltimore, a U.S. unit of Old Mutual P.L.C., London, says the product, the IncomeCertain policy, is a level term life insurance policy that comes with a return-of-premium feature.

Old Mutual Launches Level Term Product
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:07 AM
 

Study Finds Retirements Of Boomers, Gen-Xers At Risk; Retirement's Golden Age May Be Ending

Although most of today's retirees are financially secure, they may be living in a golden age that baby boomers and generation Xers largely won't enjoy when they quit working, researchers say.

Longer retirements and declines in retirement incomes as a percent of preretirement earnings will mean less comfortable retirements for many Americans, the Center for Retirement Research at Boston College says.

Study Finds Retirements Of Boomers, Gen-Xers At Risk; Retirement's Golden Age May Be Ending
Source: Insurance News Net

Permalink posted by armandn @ 7:04 AM
 

Variable Annuities: Payday Or Peril?

The two workers were part of a larger group of 32 ExxonMobil chemical plant and refinery employees. They were blue-collar and financially unsophisticated, ranging in age from 55 to 67. Some were pipefitters making maybe $45,000 per year, while others were machinist supervisors earning as much as $80,000 with overtime. During three years of meetings that began in 1997, their broker repeatedly told them: "Why are you working? I can make you more money when you're retired than when you're working."

Variable Annuities: Payday Or Peril?
Source: On Wall Street

Permalink posted by armandn @ 7:00 AM

Thursday, July 06, 2006

 

Study Finds Retirements Of Boomers, Gen-Xers At Risk; Retirement's Golden Age May Be Ending

Although most of today's retirees are financially secure, they may be living in a golden age that baby boomers and generation Xers largely won't enjoy when they quit working, researchers say.

Longer retirements and declines in retirement incomes as a percent of preretirement earnings will mean less comfortable retirements for many Americans, the Center for Retirement Research at Boston College says.

Study Finds Retirements Of Boomers, Gen-Xers At Risk; Retirement's Golden Age May Be Ending
Source: Insurance News Net

Permalink posted by armandn @ 12:56 PM
 

Old Mutual Launches Level Term Product

An insurer is introducing a life product that combines protection with a retirement savings feature.

Old Mutual Financial Network, Baltimore, a U.S. unit of Old Mutual P.L.C., London, says the product, the IncomeCertain policy, is a level term life insurance policy that comes with a return-of-premium feature.

Old Mutual Launches Level Term Product
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 12:52 PM
 

Protective Life Closes On Chase Subsidiary

A Southern insurer has completed previously announced efforts to acquire an insurance business from a giant bank holding company.

Protective Life Corp., Birmingham, Ala., ended up paying about $1.2 billion for the unit, Chase Insurance Group, Elgin, Ill., to the group’s former owner, JPMorgan Chase & Company, New York.

Protective Life Closes On Chase Subsidiary
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 12:49 PM
 

Variable Annuities: Payday Or Peril?

The two workers were part of a larger group of 32 ExxonMobil chemical plant and refinery employees. They were blue-collar and financially unsophisticated, ranging in age from 55 to 67. Some were pipefitters making maybe $45,000 per year, while others were machinist supervisors earning as much as $80,000 with overtime. During three years of meetings that began in 1997, their broker repeatedly told them: "Why are you working? I can make you more money when you're retired than when you're working."

Variable Annuities: Payday Or Peril?
Source: On Wall Street

Permalink posted by armandn @ 12:46 PM
 

Being There At Every Stage

Joe works hard for his clients. Over the years, he has helped them set up appropriate asset allocation programs, guided them in and out of sectors as markets changed and steered them clear of emotional or speculative investments. As a result, his clients have built wealth that will support them and their families for the long term.

So why do more than half of Joe's clients think he hasn't helped them prepare for retirement?

"Joe" is a composite portrait that emerges from the latest Phoenix Wealth Survey, an annual, in-depth study of more than 1,600 individuals--each of whom has a net worth of more than $1 million (excluding their primary residences). And according to the survey, only 47% of these respondents said their advisers helped them with retirement planning.

Being There At Every Stage
Source: On Wall Street

Permalink posted by armandn @ 12:43 PM

Wednesday, July 05, 2006

 

Caution: Golden Years May Not Shine

Many Americans are stumbling toward retirement with big misconceptions about how to prepare financially for old age and, to make matters worse, with inadequate savings for a time of intensified economic pressures on the elderly.

That assessment is found in a flurry of recent reports about preparations for life after work by older employees, including members of the baby boom generation. In different ways, the reports illustrate that workers are struggling to prepare for a future in which traditional pensions and Social Security will replace a relatively small proportion of their income in retirement, and that many will have only modest nest eggs to fall back on.

Caution: Golden Years May Not Shine
Source: LA Times

Permalink posted by armandn @ 9:51 AM
 

RBC Consolidates U.S. Life Insurance Ops

RBC Insurance on Monday said it has consolidated its core insurance businesses in the United States to bolster its market position as a national life insurance carrier.

A subsidiary of Raleigh-based RBC Centura, RBC Insurance merged Liberty Life Insurance Co. and Business Men's Assurance Co. of America and consolidated its marketing brands.

RBC Consolidates U.S. Life Insurance Ops
Source: Biz Journals

Permalink posted by armandn @ 9:49 AM
 

Ensuring That Your Money Lasts As Long As You Do

Numerous surveys show the top financial concern of retirees and aging Baby Boomers is making sure their money lasts as long as they do. In response, insurance companies keep rolling out innovative but often highly complicated products guaranteeing lifetime income.

Ensuring That Your Money Lasts As Long As You Do
Source: Sun-Sentinel.com

Permalink posted by armandn @ 9:46 AM
 

Americans Confused About Long-Term Care

Most Americans fear they'll need expensive long-term care in retirement, but few are doing anything about it, according to a study released Thursday.

A survey conducted for the John Hancock Life Insurance Co. found that 85 percent of respondents worry that paying for long-term care could cut into their retirement income and savings, an increase from 80 percent a decade ago.

Americans Confused About Long-Term Care
Source: Yahoo! Finance

Permalink posted by armandn @ 9:44 AM

Tuesday, July 04, 2006

 

Thayer Capital continues acquisitions

Thayer Capital Partners has completed its acquisition of Morton Welding Co., a Morton, Ill.-based supplier of machined, tubular, and assembled products to companies such as Caterpillar Inc., Deere & Co., and Allison Transmission. Financial terms were not disclosed. Corporate Finance Associates acted as exclusive advisor to Morton Welding...

Private Equity Week: Thayer Capital continues acquisitions

Permalink posted by markw @ 2:02 PM

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