Thursday, August 31, 2006

 

Lincoln Benefit Life Strengthens Life Insurance Portfolio with New 'TrueTerm'

Now, more than ever, is the time to consider purchasing term life insurance. An aging population and competition driven by the Internet have attributed to the recent decline in the cost of term life insurance policies. Lincoln Benefit Life Company has followed suit with the Sept. 1 introduction of a new term product, TrueTerm(SM). Compared to its previous term offerings, Lincoln Benefit Life has significantly decreased TrueTerm premiums for face amounts below $500,000. In many cases, these rate reductions reflect a substantial savings, as much as 15 to 35 percent.

Lincoln Benefit Life Strengthens Life Insurance Portfolio with New 'TrueTerm'
Source: Google News/BusinessWire

Permalink posted by armandn @ 12:58 PM
 

Popular ING Annuity Withdrawal Feature Expands to Match Married Couples' Retirement Income Needs

ING has announced it has added a spousal withdrawal benefit to the family of ING Variable Annuities. The new ING Joint LifePay withdrawal feature offers a guaranteed lifetime benefit for married couples, and it further expands the highly successful ING LifePay withdrawal feature for individuals that was introduced in November 2005. Both ING LifePay and ING Joint LifePay provide guaranteed minimum withdrawal benefits for life (GMWB-for-life) and are designed to convert savings into a reliable income stream for retirement years or other immediate income needs.

Popular ING Annuity Withdrawal Feature Expands to Match Married Couples' Retirement Income Needs
Source: PR Newswire

Permalink posted by armandn @ 12:57 PM
 

3 Retirement Deals You Can Do Without

Last December, Tom Donofrio decided it was time to get serious about retirement. So with the help of a financial adviser affiliated with MetLife, the 39-year-old father of two transferred money that had been sitting in a 401(k) at a previous job into an IRA rollover account invested in mutual funds.

Or so he thought. Donofrio didn't understand that the bulk of his retirement savings - some $22,000 - had actually ended up in a variable annuity, an insurance product that puts your money into a fund-like portfolio but typically carries fees that are much higher than those of funds. In Donofrio's case, those charges can run as high as 2.8 percent a year, at least double what he could be paying for a portfolio of funds.

3 Retirement Deals You Can Do Without
Source: CNN/Money

Permalink posted by armandn @ 12:55 PM

Wednesday, August 30, 2006

 

Allstate Receives U.S. Patent Related To Treasury-Linked Annuities

Methods used in connection with Allstate's innovative deferred fixed annuity products, the Allstate(R) Treasury-Linked Annuity (T-Link) and Allstate(R) Treasury-Linked Annuity Plus (T-Link Plus), are now subject to patent protection through a patent issued to Allstate by the U.S. Patent and Trademark Office. Allstate first introduced T-Link in 2002 followed by T-Link Plus in 2003, both of which quickly stirred the interest of producers and consumers due to the unique ability of the products to keep pace with rising rates.

Allstate Receives U.S. Patent Related To Treasury-Linked Annuities
Source: Insurance News Net

Permalink posted by armandn @ 12:37 PM
 

September's Life Insurance Awareness Month Calls Attention to the Need for Financial Protection

Whether your hopes for the future include buying a home, sending your children to college or relaxing in retirement, it is important that life insurance be the foundation of the plan that gets you there. Life insurance makes sure that no matter what twists and turns life sends your way, your family’s goals and financial dreams will remain on track.

Today nearly 68 million Americans have no life insurance coverage and those who do are often grossly underinsured, setting their families up for financial disaster if tragedy were to strike.

September's Life Insurance Awareness Month Calls Attention to the Need for Financial Protection
Source: Hispanic PRWire

Permalink posted by armandn @ 12:36 PM
 

Financial Analysts Have More Training Than Planners

When it comes to financial planning, there are dozens of professional titles that advisors can earn.

But one designation -- Chartered Financial Analyst -- has been gaining in popularity and recognition in recent years. Financial advisors earn this designation by studying investment tools like financial statement and quantitative analysis, as well as portfolio management and asset evaluation.

Financial Analysts Have More Training Than Planners
Source: Insurance News Net

Permalink posted by armandn @ 12:34 PM
 

Fees Can Outweigh The Benefits of Annuities

Variable annuities are hybrid insurance and investment products that allow investors to put money in mutual funds within the wrapping of an insurance contract. They generally offer the option of a lifetime stream of payments after some initial period, plus a death benefit if the owner dies before the payments stop. The overall amount depends on how well the underlying mutual funds do. They are commonly used to allow investment money to grow on a tax-deferred basis – no income tax is due until withdrawals are made.

Fees Can Outweigh The Benefits of Annuities
Source: FortWayne.com

Permalink posted by armandn @ 12:33 PM

Tuesday, August 29, 2006

 

New Life Insurance Products Offer More Flexibility

Responding to the changing needs of consumers, the life insurance industry has developed some exciting alternatives. These alternatives go much further in satisfying a variety of financial needs and objectives than traditional types of insurance and annuities.

New Life Insurance Products Offer More Flexibility
Source: Montgomery Advisor

Permalink posted by armandn @ 1:19 PM
 

John Hancock Launches Back-to-School Campaign to Jump Start 529 Plan Sales Season

John Hancock College Savings is launching a 7-week back-to-school campaign to jump start the 529 sales season, providing information and tools to help financial consultants talk to customers and prospects about using 529 plans to save for education. The campaign's main components include distribution of direct mail and sales ideas for the professionals and a fun, college savings-oriented tool kit they can leave with clients.

John Hancock Launches Back-to-School Campaign to Jump Start 529 Plan Sales Season
Source: Yahoo! Finance

Permalink posted by armandn @ 1:18 PM
 

Allstate Adds Critical Illness Policies

A giant insurer says it will be giving voluntary benefits brokers more ways to help employers protect workers against life-threatening illnesses.

Allstate Adds Critical Illness Policies  
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 1:16 PM

Monday, August 28, 2006

 

MIB Life Index Reports North American Life Insurance Activity Off 5% in July

North American application activity for individually underwritten life insurance was off -5.0% in July year-over-year, the fifth consecutive month of 2006 declines, according to the MIB Life Index(SM). Year-to-date (YTD), U.S. and Canadian application activity was off -3.1% compared to the same seven month period in 2005.

MIB Life Index Reports North American Life Insurance Activity Off 5% in July
Source: PR Newswire

Permalink posted by armandn @ 11:48 AM
 

Index Annuity Sales Dropped 14% in 2nd Quarter

Sales of index annuities in the second quarter of 2006 dropped 14% to $6.37 billion from the prior year's second quarter, while sales were flat from the first quarter of 2006, according to Advantage Compendium, a research firm.

Index Annuity Sales Dropped 14% in 2nd Quarter
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 11:06 AM
 

Don't Treat Your 401(k) Like A Piggy Bank

I'm always fascinated by the various rationalizations people come up with to justify almost anything they want. A $70,000 BMW SUV? That's not just ego gratification. It's a necessity for navigating those treacherously steep suburban driveways.

And spending $100,000 to transform a normal bathroom into a sybaritic palace with marble walls and a pool-sized hot tub isn't an extravagance. It's an investment in real estate!

Besides, if you can pay for all this by dipping into your 401(k), well, what's the harm? You're paying interest to yourself, so the more you borrow, the more you're feeding your 401(k), right?

Wrong. The idea of a 401(k) as some sort of easy-to-tap piggy bank is dangerous for several reasons.

Don't Treat Your 401(k) Like A Piggy Bank
Source: CNN/Money.com

Permalink posted by armandn @ 11:02 AM
 

Prudential Agrees to Market-Timing Settlement

A long-running probe into alleged market timing at Prudential Financial is expected to come to a close Monday, according to a weekend media report.

Federal and state regulators are expected to announce a civil settlement Monday with the company's securities unit, according to a report in The Wall Street Journal late Friday that cited two people familiar with the situation.

Prudential Agrees to Market-Timing Settlement
Source: TheStreet.com

Permalink posted by armandn @ 10:59 AM

Friday, August 25, 2006

 

Minnesota Life Group Insurance Site Receives Highest Rating

LifeBenefits.com, the self-service group life insurance site provided by Minnesota Life, received a higher rating than any of the companies listed in this year's insurance Customer Respect Study published by The Customer Respect Group. The Minnesota Life site received a 7.3 rating out of ten; the highest ranking from the insurance industry study was 7.1.

Minnesota Life Group Insurance Site Receives Highest Rating
Source: PR Newswire

Permalink posted by armandn @ 11:39 AM

Thursday, August 24, 2006

 

New Long Term Care Insurance Product Designed to Cure Sales Slump

A new, agent-designed long term care insurance (LTCi) product has been designed to pull LTCi sales out of the slump they have been in since 2004. Products are sometimes described as too complex and the perceived benefit too many years out in the future for today's baby boomer buyer. Policy riders designed to sweeten the pot for consumers haven't been compelling -- until now! Republic Marketing Group, Inc. is the national distributor of Security Advantage(TM), a revolutionary new product with groundbreaking riders, which will give the industry a shot of adrenaline, making sales faster and easier.

New Long Term Care Insurance Product Designed to Cure Sales Slump
Source: PR Newswire

Permalink posted by armandn @ 10:21 AM
 

Life Insurance Settlement Association Announces the Release of the Organization's First White Paper

The Life Insurance Settlement Association (LISA) today announced the release of a white paper entitled "Cashing in on Unneeded Life Insurance Policies: How Seniors Are Benefiting from Life Settlements." The 16-page document provides an overview of the industry, an explanation of the life settlement product along with case scenarios illustrating the advantages of a life settlement for qualifying seniors. The white paper was produced in response to requests for information from consumers, regulators, news media and others who are seeking reliable information on the rapidly-growing $10 billion life settlement industry.

Life Insurance Settlement Association Announces the Release of the Organization's First White Paper
Source: MarketWire

Permalink posted by armandn @ 10:06 AM
 

Agents Get $9 Million from Kentucky Central Life Liquidation

More than $40 million has been released to former agents and other creditors by the Kentucky Central Life Insurance Company estate. The distribution on August 11 included $9 million in deferred compensation to about 650 former Kentucky Central agents.

Agents Get $9 Million from Kentucky Central Life Liquidation
Source: Insurance Journal

Permalink posted by armandn @ 10:04 AM
 

Omaha Carrier Launches Single Premium Life Plan

Mutual of Omaha has introduced a Single Premium Life insurance product designed to protect estates from taxes while offering clients access to funds in emergencies.

Omaha Carrier Launches Single Premium Life Plan
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 10:01 AM

Tuesday, August 22, 2006

 

Millions Face Poorer Future As Result of Pension Reforms

MILLIONS could end up poorer in retirement if government plans to reform pensions go ahead, according to research from leading insurers.

'Pensions Reform in the Workplace', a report sponsored by Aegon, AXA, Scottish Widows and Standard Life, analyses the results of a detailed survey of 750 employers, which indicates that companies will cut back what they are contributing to employees' pensions, under the planned regime.

Millions Face Poorer Future As Result of Pension Reforms
Source: Insurance News Net

Permalink posted by armandn @ 11:56 AM
 

Beyond Identity Theft: Darwin Launches Website Dedicated to Educating Agents, Brokers, and Commercial Insurance Purchasers about Technology and .....

Darwin Professional Underwriters, Inc. (Darwin) today announces the launch of its new web site, http://www.tech-404.com, dedicated to educating agents, brokers, and commercial insurance purchasers about the inherent technology and information liabilities facing traditional businesses, including cyber liability, Internet liability, and technology errors and omissions (E&O).

Beyond Identity Theft: Darwin Launches Web Site Dedicated to Educating Agents, Brokers, and Commercial Insurance Purchasers about Technology and Information Liabilities
Source: PR Newswire

Permalink posted by armandn @ 11:54 AM
 

The Best Retirement...Is Simple

With the market struggling to eke out even meager gains this year, you may be tempted to look beyond traditional investments for something, anything, to fatten up your retirement account.

Financial services firms, of course, are only too eager to oblige with a growing smorgasbord of "alternative" investments - oil-well partnerships, direct investments in privately held companies, foreign currency ETFs - that seem to offer an inside track to superior gains.

The Best Retirement...Is Simple
Source: CNN/Money

Permalink posted by armandn @ 11:52 AM

Monday, August 21, 2006

 

Seven Key Issues Stand Between Baby Boomers and a Comfortable Retirement Lifestyle

Gregory Salsbury, Ph.D., believes that the label of "crisis" is not an overstatement when discussing the seriousness of America's retirement outlook. In his new book, "But What If I Live: The American Retirement Crisis: A Retirement Guide for Baby Boomers," Dr. Salsbury explains that a confluence of forces - some fiscal and some psychological - are creating a "perfect storm" resulting in seven key issues that now stand between Boomers and their retirement goals.

Seven Key Issues Stand Between Baby Boomers and a Comfortable Retirement Lifestyle
Source: Yahoo! Finance

Permalink posted by armandn @ 8:05 AM
 

Equity Index Troubles Spark Allianz Layoffs

Broker-dealer anxiety over complying with NASD regulation is causing once-highflying equity index annuities to lose some of their luster, prompting layoffs at the industry's largest EIA insurer.

Minneapolis-based Allianz Life Insurance Company of North America, which specializes in EIAs and has a 33% market share, this month said that it was laying off 200 employees - about 7% of its U.S. workforce.

Equity Index Troubles Spark Allianz Layoffs
Source: Investment News (subscription required)

Permalink posted by armandn @ 8:03 AM
 

Variable Annuities Not Always Lemons

Most variable annuities are the lemons of retirement vehicles because of many sour features: They are generally overpriced, oversold and fully taxable when you withdraw the moneyfrom them.

That's not the end of discussion, though, when it comes to these complex amalgams of insurance and mutual funds. There are instances when annuities make eminent sense, although you have to choose them carefully.

When combined with thoughtful financial planning, annuities can provide a reliable, insured income stream at retirement. They essentially guarantee a monthly payment and are especially valuable when you don't have a defined-benefit pension.

Variable Annuities Not Always Lemons
Source: InsideBayArea.com

Permalink posted by armandn @ 8:02 AM
 

The Hartford's Playbook for Life Kicks Off Fall Season at Notre Dame

Playbook for Life, the award-winning national education program designed to help student-athletes get a jump start on their financial future, will open academic year on August 21 with a visit to the University of Notre Dame, the alma mater of the program's captain and star player, Allen Pinkett.

The Hartford's Playbook for Life Kicks Off Fall Season at Notre Dame
Source: PR Newswire

Permalink posted by armandn @ 8:00 AM

Friday, August 18, 2006

 

Fort Dearborn Life Completes Acquisition of Life and Disability Business From HM Life Insurance Company

Fort Dearborn Life Insurance Company, a subsidiary of Health Care Service Corporation (HCSC), a Mutual Legal Reserve Company, has completed the acquisition of the life and disability business of HM Life Insurance Company (formerly Highmark Life Insurance Company).

Fort Dearborn Life Completes Acquisition of Life and Disability Business From HM Life Insurance Company
Source: PR Newswire

Permalink posted by armandn @ 8:35 AM
 

The disappearing inheritance

Remember those headlines of the 1990s that suggested baby boomers would reap a megawindfall of trillions of dollars -- one of the largest intergenerational transfers of wealth in history?

As many are learning, it's not quite panning out that way.

The disappearing inheritance
Source: North Jersey.com

Permalink posted by armandn @ 8:33 AM
 

Financial Advisors to Help Boomers Navigate Critical Retirement Planning Years

To assist financial advisors in creating comprehensive retirement income plans for baby boomers during the "Transition 10"(SM) years -- the five years immediately before retirement and the first five years in retirement -- OppenheimerFunds, Inc., a leading asset manager, has launched a comprehensive retirement income planning process which includes new advisor and investor tools as well as educational materials.

Financial Advisors to Help Boomers Navigate Critical Retirement Planning Years
Source: TheMatureMarket.com

Permalink posted by armandn @ 8:31 AM
 

Transferring Life Insurance To and From ILITs

In my December 2004 column, I commented on an almost universal phenomenon involving irrevocable life insurance trusts (ILITs): no matter how close the relationship may have been between the insured and the trustee when the ILIT was drafted, within a few years the insured is going to want to change trustees. There is another equally universal phenomenon involving ILITs: no matter how much thought went into their drafting, they become outdated. The insured may become dissatisfied with the terms of an ILIT for his or her family, or an ILIT created as part of a corporate buy-sell agreement may no longer be necessary.

Transferring Life Insurance To and From ILITs
Source: Insurance News Net

Permalink posted by armandn @ 8:29 AM

Wednesday, August 16, 2006

 

The Hartford Offers New Insurance Policy to Protect Directors and Officers

The Hartford Financial Services Group, Inc., responding to the evolving protection needs of corporate directors and officers, has introduced a next generation "Side A" directors and officers (D&O) insurance policy that addresses these emerging risks for executives in public and private organizations of all sizes.

The Hartford Offers New Insurance Policy to Protect Directors and Officers
Source: PR Newswire

Permalink posted by armandn @ 7:24 AM
 

Long-Term Care Insurance Leader John Hancock Introduces LTCI in Puerto Rico

Long term care insurance (LTCI) leader John Hancock today introduced its long term care insurance in Puerto Rico. The company will sell its Essential Care II product through the John Hancock Financial Network agency in Puerto Rico and other distribution channels.


Long-Term Care Insurance Leader John Hancock Introduces LTCI in Puerto Rico
Source: Yahoo! Finance

Permalink posted by armandn @ 7:22 AM
 

Books Offer Glimpses Into Why We Spend Too Much and Don't Invest Wisely

Some of the most readable books on personal finance these days are not really about money.

They are mostly about you, and how your personality, impulses and behavior affect the way you handle or mishandle money.

With a spate of books coming out on the subject, many are repeating one another (and having more sizzle than substance). But a few are worth a read. I'll give capsule reviews of two of them after a basic overview of the subject.

Books Offer Glimpses Into Why We Spend Too Much and Don't Invest Wisely
Source: Sun-Sentinel

Permalink posted by armandn @ 7:21 AM
 

Bank Annuity Sales Surge in May

Bank annuity sales increased to $4.9 billion in May, up 36% from the total for May 2005.

Variable annuity sales in banks rose 60%, to $2.4 billion, while bank sales of fixed annuities rose 19%, to $2.5 billion, according to Kenneth Kehrer Associates, Princeton, N.J.

Bank Annuity Sales Surge in May  
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:18 AM

Tuesday, August 15, 2006

 

Advisors Laud Pension Protection Act

Financial planners cheered the passage earlier this month of a bill that permanently extends the tax benefits of state-sponsored 529 college savings plans. Money in these plans can grow tax-deferred, and be withdrawn tax-free, if used to pay for qualified education expenses. These tax benefits were set to expire in 2010 until the passage of the Pension Protection Act of 2006, which President Bush is expected to sign into law soon.

Source: Financial Planning.com
Advisors Laud Pension Protection Act

Permalink posted by armandn @ 7:56 AM
 

New Punch for VUL

Some carriers are refashioning their variable universal life products to underscore VUL’s retirement security role.

They’re not dousing VUL’s primary role of providing death benefit protection, but they definitely are strengthening VUL’s functionality in retirement planning.

New Punch for VUL
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:54 AM
 

John Hancock Lifestyle Portfolios Produce Better Results for 401(k) Plan Participants

Participants in John Hancock 401(k) plans who invested only in a target-risk Lifestyle Portfolio from 2001 to 2005 fared better than John Hancock plan participants who chose their own asset allocations, according to a study conducted by Burgess + Associates for John Hancock USA. The survey also showed that 93.5% of these Lifestyle Participants experienced results superior to the S&P 500 Index, an investment industry benchmark. John Hancock Lifestyle Portfolios are professionally managed portfolios of funds that reflect a particular investment objective and risk strategy.

John Hancock Lifestyle Portfolios Produce Better Results for 401(k) Plan Participants
Source: Yahoo! Finance

Permalink posted by armandn @ 7:53 AM
 

Qualify for Life Insurance After Illness

If you've had a serious medical condition, don't assume that life insurers will snub you. Thanks to recent medical advances, even individuals with some types of cancer can now qualify for life insurance at standard rates.

Last year, Hartford Life Insurance Co. started offering policies at standard rates for women who have had breast cancer, and this year it followed up with coverage for men who have had surgery for prostate cancer. In the past, insurers would have rejected applicants with these conditions or required them to wait a few years and then pay high rates.

Qualify for Life Insurance After Illness
Source: Insurance News Net

Permalink posted by armandn @ 7:19 AM

Monday, August 14, 2006

 

New York Proposes UL Reserve Rule Update

Empire State regulators say they want to stop life insurers from using tricky policy designs to lower policy reserve requirements.

The New York State Insurance Department has proposed an amendment to Regulation Number 147 that would tighten reserving requirements for certain types of universal life insurance products that come with secondary guarantees, such as provisions that keep premiums level for a set number of years or provisions that let policyholders “catch up” on the payments needed to keep coverage in force.

New York Proposes UL Reserve Rule Update
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 10:25 AM
 

Senior Healthcare Consultants (SHC) and Pyramid Life Team Up to Serve the Midwest Senior Market

Pyramid Life, a subsidiary of Universal American Financial Corp. (UAFC), and Senior Healthcare Consultants (SHC), of Dallas, TX, have announced an alliance. Pyramid Life specializes in Medicare products, annuities, and senior life insurance. SHC is one of the nation's largest and most successful independent career-marketing organizations. It offers an exceptionally high level of marketing support and comprehensive training for its captive field agents. It is the only organization of its kind to provide daily preset sales appointments for its exclusive staff of agents in their senior health division, as well as their senior life division.

Senior Healthcare Consultants (SHC) and Pyramid Life Team Up to Serve the Midwest Senior Market
Source: PR Newswire

Permalink posted by armandn @ 10:23 AM
 

Delaying a Bit Can Make Retirement Easier

When workers hear they will have to stay on the job longer than today's retirees, many imagine populating a cubicle into their 80s or 90s.

But some retirement specialists say workers really may only need to put in an extra couple of years.

The typical retirement age is 63 for men and 62 for women. Continuing to work until 65 can make a big difference in the standard of living of future retirees, said Alicia Munnell, director for the Center for Retirement Research at Boston College.

Delaying a Bit Can Make Retirement Easier
Source: Hartford Courant

Permalink posted by armandn @ 10:21 AM

Friday, August 11, 2006

 

John Hancock's Roth 401(k)s Gain Momentum

John Hancock Retirement Plan Services announced today that more than 1,600 401(k) plans have been added the Roth 401(k).

The plans have been popular with participants aged 41 to 50.

John Hancock's Roth 401(k)s Gain Momentum
Source: Investment News (subscription required)

Permalink posted by armandn @ 6:55 AM
 

Raymond James Mandates Less Pricey Variable Annuities

Nine of the 18 insurance firms that provide variable annuities through financial advisors affiliated with Raymond James Financial Inc. will begin offering new, less expensive investment products this week, meeting a deadline set by the financial services firm.

Raymond James Mandates Less Pricey Variable Annuities
Source: WebCPA

Permalink posted by armandn @ 6:53 AM
 

Eight Principles of Strategic Wealth Management

Stuart E. Lucas is an unusual financial advisor: a wealthy man who dispenses advice on building wealth. He is afourth-generation heir to the Carnation fortune; Carnation, which made products like evaporated milk and non-dairy creamers, was a family-owned business before Nestle bought it in 1985. Moreover, Lucas is chairman of Wealth Strategist Network, an organization that helps wealthy families manage their fortunes. In the following excerpt from his book, Wealth: Grow It, Protect It, Spend It and Share It, published by Wharton School Publishing, he summarizes his guiding principles.

Eight Principles of Strategic Wealth Management
Source: Insurance News Net

Permalink posted by armandn @ 6:51 AM

Thursday, August 10, 2006

 

How to Have Guaranteed Income for Life

Social Security benefits aren't going to disappear in your lifetime, and neither will traditional defined-benefit pension plans. But there is a very strong likelihood that both will play a much smaller role for new and future retirees than they did for earlier generations.

This means that unless you take specific steps -- no matter how much you've saved -- it's increasingly likely that you'll be left without a critical component of your retirement needs: guaranteed income for life.

To replace or supplement an old-style pension or Social Security, you may want to consider spending up to 30 percent of your nest egg on an immediate-fixed annuity. This could help make certain you can cover your living expenses and won't outlive your money...

Yahoo Finance: How to Have Guaranteed Income for Life

Permalink posted by markw @ 2:17 PM
 

NASD Fines Firms For Sales Tactics

Regulators took a series of new steps in their efforts against abusive mutual-fund sales practices, as they wind down a crackdown on brokerage firms that allegedly collect special payments to promote favored funds.

NASD Fines Firms For Sales Tactics
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 7:57 AM
 

Hartford Mutual Funds Family Cracks Top Ten

The Hartford Financial Services Group, Inc., one of the nation's leading providers of investment and insurance products, announces the ten year anniversary of The Hartford Mutual Funds with sales of its family of funds reaching an all-time high in the second quarter of 2006.

Hartford Mutual Funds Family Cracks Top Ten
Source: Insurance News Net

Permalink posted by armandn @ 7:55 AM
 

Americans Choose Middle Lane of Retirement Highway

Most Americans see themselves just cruising into retirement with their peers, regardless what kind of savings and spending habits they have in place now, according to Allstate's 2006 "Retirement Reality Check" survey.

The sixth-annual survey, which measures Americans' attitudes toward and savings for retirement, showed that, regardless of age, gender, education, income or geography, Americans generally consider themselves only "somewhat" prepared financially for retirement, and thus they have some fears about the years ahead. But when specifically asked, "If saving for retirement were like driving on the highway, where would you be?" almost half (48 percent) said they are "in the middle lane, keeping up."

Americans Choose Middle Lane of Retirement Highway
Source: Insurance News Net

Permalink posted by armandn @ 7:54 AM
 

John Hancock Passes 1,600 Plans with Roth 401(k) Feature

John Hancock Retirement Plan Services (JHRPS) announced today that more than 1,600 401(K) plans have added the Roth contribution feature. JHRPS is seeing increasing interest and demand for this relatively new retirement savings program.

John Hancock Passes 1,600 Plans with Roth 401(k) Feature
Source: Yahoo! Finance

Permalink posted by armandn @ 7:52 AM
 

Conseco Names C. James Prieur as Chief Executive Officer, James E. Hohmann as President and Chief Operating Officer

Conseco, Inc. today announced that C. James Prieur has been named chief executive officer of Conseco, effective September 7, 2006. Prieur will also join Conseco's board of directors.

Conseco Names C. James Prieur as Chief Executive Officer, James E. Hohmann as President and Chief Operating Officer
Source: PR Newswire

Permalink posted by armandn @ 7:50 AM

Wednesday, August 09, 2006

 

Update To Prudential Financial Underwriting Guidelines Offer Improved Life Insurance Rates For Bladder Cancer Patients

In response to medical advances, Prudential Financial, Inc. announced today new individual life insurance underwriting guidelines that offer improved rates for best-case bladder cancer patients.

"Staying current with advancements in medicine and health care keeps Prudential competitive by providing better premium rates for our customers," said Mike McFarland, Vice President, Individual Life Insurance Underwriting at Prudential. "These changes in our bladder cancer underwriting guidelines demonstrate our continued progressive approach to underwriting."

Update To Prudential Financial Underwriting Guidelines Offer Improved Life Insurance Rates For Bladder Cancer Patients
Source: Yahoo! Finance

Permalink posted by armandn @ 7:37 AM
 

Boomers Retiring Not So Rich

As the baby boomer generation reaches retirement age, many are facing the harsh reality of a less-than-cushy nest egg. Some put their kids through college at the expense of long-term savings. Others simply didn't save enough.

Indeed, the 78 million Americans born between 1946 and 1964 are on track to replace about 60 percent of their annual incomes after retirement, according to the Fidelity Retirement Index. The national survey by Boston-based mutual fund giant Fidelity Investments also found that boomers set aside an average 4 percent of annual income. So much for maintaining their current standards of living.

Boomers Retiring Not So Rich
Source: Bankrate.com

Permalink posted by armandn @ 7:36 AM
 

Rich, Old Unloved

Indeed, the allegations that 104-year-old New York socialite Brooke Astor was abused and neglected by her 82-year-old son are giving more than the tabloids' fodder; financial planners and attorneys are seizing hold of the story, posting it on their Web sites and in their trade publications, to showcase the need for professional advice before you are too old to heed it.

Rich, Old Unloved
Source: CBS Marketwatch

Permalink posted by armandn @ 7:34 AM
 

Life Insurers Face the Future, Grudgingly

Fate continues to shower blessings on the greatest generation. Elderly Americans may soon be able to supplement their incomes by collecting fees from investors who wish to bet on their life expectancy. That, at least, is the fear of the life insurance industry, still wondering how to get the "viatical" genie back into the bottle.

Life Insurers Face the Future, Grudgingly
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 7:33 AM

Tuesday, August 08, 2006

 

Life Settlements Special Section in the Journal of Structured Finance

Institutional Investor Journals and the Life Insurance Settlement Association (LISA) today announced the publication and release of a special section on the growing life settlement industry which appears in the Summer 2006 edition of The Journal of Structured Finance. The special section was a joint initiative between the publisher of Institutional Investor Journals and LISA in response to the growing demand for information on the emerging life settlement marketplace.

Life Settlements Special Section in the Journal of Structured Finance
Source: dBusiness News

Permalink posted by armandn @ 8:22 AM
 

How to Pick a Long Term Care Insurance Agent: Six Questions to Identify a Real Pro

People seeking long term care insurance should buy it through an independent agent. That's what most experts advise. But there's a problem. "How do you find the right agent?" says CEO Cameron Truesdell, CEO of LTC Financial Partners, the nation's most experienced long term care insurance brokerage.

How to Pick a Long Term Care Insurance Agent: Six Questions to Identify a Real Pro
Source: PR Newswire

Permalink posted by armandn @ 8:21 AM
 

The Power to Protect Your Nest Egg

In 96 mostly raucous years, Kate Hepburn cultivated a tough edge and a skeptical eye that enabled her to prevail over a succession of self-interested people -- Hollywood studio dragons, leading-man lovers (Howard Hughes, Spencer Tracy, et al) -- who otherwise might have exploited her.

It's a shame that Hepburn could not pass her hard-won wisdom on to her East Side Manhattan neighbor, Brooke Astor, the fabulously wealthy philanthropist and social lioness who has lived 94 years and counting. Poor, trusting Brooke did not develop that protective edge. And now, with her mind apparently addled, her grandson, her son, her daughter-in-law and others close to her are publicly squabbling with each other over control of her nine-digit fortune.

The Power to Protect Your Nest Egg
Source: CBS MarketWatch

Permalink posted by armandn @ 8:20 AM
 

For Boomers, Not-So-Great Expectations of a Windfall

People seeking long term care insurance should buy it through an independent agent. That's what most experts advise. But there's a problem. "How do you find the right agent?" says CEO Cameron Truesdell, CEO of LTC Financial Partners, the nation's most experienced long term care insurance brokerage.

For Boomers, Not-So-Great Expectations of a Windfall
Source: Kentucky.com

Permalink posted by armandn @ 8:00 AM

Monday, August 07, 2006

 

Independent Study Finds Corporate Investment in Ethical Business Practices Tied to Financial Performance, Satisfied Consumers

Life insurance and annuity consumers are far more likely to be treated better and be more satisfied when dealing with companies that demonstrate a real, ongoing commitment to ethical business practices. The same companies show better financial performance including a higher return on equity and more efficient use of capital, concludes a study just released by Georgia State University's Center for Risk Management and Insurance Research at the American Risk and Insurance Association meeting here today.

Independent Study Finds Corporate Investment in Ethical Business Practices Tied to Financial Performance, Satisfied Consumers
Source: Business Wire

Permalink posted by armandn @ 7:44 AM
 

Estate Planning Not Just for the Wealthy

If you want to leave more of your assets to your beneficiaries rather than Uncle Sam, it's wise to start thinking about estate planning and estate taxes as soon as possible. Don't make the mistake of assuming that estate planning is a task only for the wealthy.

CPAs point out that with more individuals setting aside retirement and other savings earlier in life, they are likely to have larger estates that may potentially be subject to estate taxes. And this can be costly.

Estate Planning Not Just for the Wealthy
Source: AL.com

Permalink posted by armandn @ 7:43 AM
 

The Roth Way To Riches

With all the recent tax-code changes, it seems a number of taxpayers have forgotten the Roth IRA. That's a shame, because it's far more than an ordinary retirement savings account.

Roth IRAs are tax-favored accounts to which qualified taxpayers can make non-deductible, after-tax contributions. Those contributions can grow tax-free, and neither they nor the earnings they generate are subject to tax if withdrawn as a qualified distribution.

The Roth Way To Riches
Source: Yahoo! Finance

Permalink posted by armandn @ 7:40 AM
 

FSFG Releases New Instant Term Product for Banks

Four Seasons Financial Group is pleased to roll out a new Term insurance product designed for financial institutions.

James J. Sorebo, President & CEO, says, "The opportunity to release a
transactional term product for banks that can be underwritten, premium
collected and issue a policy in minutes is tremendous. Helping large or
small banks establish a transactional life insurance sales culture, while
tapping the underinsured middle market of their customers, offers huge
potential."

FSFG Releases New Instant Term Product for Banks
Source: PR Newswire

Permalink posted by armandn @ 7:38 AM

Friday, August 04, 2006

 

Equity Indexed Annuities Can Come Back To Bite You If Cash Needed

An elderly woman in my community learned not too long ago that she needed dentures. She had enough money to pay for the new teeth, but she discovered that her funds, while technically hers, couldn't be touched.

The bad guy in this pitiful case was an insurance company, which had capitalized on an ingenious way to make money off an easy mark.

Equity Indexed Annuities Can Come Back To Bite You If Cash Needed
Source: Insurance News Net

Permalink posted by armandn @ 11:44 AM
 

MassMutual Praises Congress for Passage of Pension Reform Bill

MassMutual Financial Group applauded today the overwhelming passage by the U.S. Senate of H.R. 4, the Pension Protection Act, legislation that reflects the bipartisan agreement reached last week by House and Senate negotiators to reform outdated worker pension laws.

MassMutual Praises Congress for Passage of Pension Reform Bill
Source: PR Newswire

Permalink posted by armandn @ 11:41 AM
 

NASD Amends Controversial Deferred VA Rule

Although NASD has amended a controversial proposal that would boost standards involving the sale of deferred variable annuities, some industry interests continue to put up a fight.

In comment letters filed last month, more than 100 industry representatives took shots at the latest changes to a proposal that would require sellers of deferred variable annuities to meet special suitability requirements.

NASD Amends Controversial Deferred VA Rule
Source: Investment News (subscription required)

Permalink posted by armandn @ 11:39 AM
 

Don't Gamble With Retirement

A key part of planning is amassing enough money that can last a lifetime. So be on the safe side when it comes to life expectancy.

Don't Gamble With Retirement
Source: CNN Money

Permalink posted by armandn @ 11:36 AM

Thursday, August 03, 2006

 

Prudential, CareScout Partner on LTC Tools

An arrangement between The Prudential Insurance Co. of America and the National Eldercare Referral Systems, Inc., will make the process of finding a long-term care provider easier by offering an array of valuable local and national long-term care information, quality ratings, and discounts, the companies report.

Prudential, CareScout Partner on LTC Tools
Source: Insurance Networking News

Permalink posted by armandn @ 11:49 AM
 

SEC To Examine Gap Between IA and B-D Rules

The U.S. Securities and Exchange Commission will be hiring researchers to study how the different regulatory structures for investment advisors and broker-dealers affect investors.

The SEC has issued a request for study contract proposals.

SEC To Examine Gap Between IA and B-D Rules
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 11:47 AM
 

John Hancock Introduces New Module on the Use of Life Insurance in Charitable Lead Trusts

The Advanced Markets unit of John Hancock Life Insurance Company has introduced a JH Solutions module on the use of life insurance in Charitable Lead Trusts (CLT). The new module uses Hancock's cutting-edge concept illustration software to enable producers to create a presentation of a CLT specifically tailored to their client's situation.

John Hancock Introduces New Module on the Use of Life Insurance in Charitable Lead Trusts  
Source: PR Newswire

Permalink posted by armandn @ 11:46 AM
 

Long Term Care Insurance: Know Options

You buy car insurance in case you're in a wreck. You get homeowner's insurance in case there's a fire. Doesn't it make sense to get long-term care insurance in case your health goes downhill?

It might. But the issue is complicated. States require car insurance, and the mortgage lender requires a homeowner's policy. But no one forces you to have long-term care insurance, and most people don't.

And if you are considering one of these policies, there are lots of coverage options to be weighed.

Long Term Care Insurance: Know Options
Source: Hartford Courant

Permalink posted by armandn @ 11:44 AM
 

Profits Fall 43% Percent at Prudential

Life insurance and investment giant Prudential Financial Inc. on Wednesday reported second-quarter profit fell 43 percent from a year ago, as income fell at its insurance division.

Quarterly financial services profit was $424 million, or 89 cents a share, compared with $754 million, or $1.48 a share, for the same period in 2005.

Profits Fall 43% Percent at Prudential
Source: Yahoo! Finance

Permalink posted by armandn @ 11:41 AM

Wednesday, August 02, 2006

 

John Hancock Adds Lifestyle Funds to John Hancock Freedom 529 Investment Lineup

John Hancock today enhanced its 529 college savings plan, expanding its investment options to include three new Lifestyle 529 portfolios, which offer varying levels of risk and reward potential based on investors' goals and risk tolerance.

John Hancock Adds Lifestyle Funds to John Hancock Freedom 529 Investment Lineup
Source: Yahoo! Finance

Permalink posted by armandn @ 11:47 AM
 

Midland National Introduces One of the Most Innovative Variable Annuities Designs for the Registered Investment Market

Midland National Life Insurance Company, a member of the $25 billion Sammons Financial Group based in Chicago, IL, announced today that it has introduced the Vector Series Variable Annuity(SM), a fully unbundled variable annuity designed specifically for the Registered Investment Advisor Market. The Vector Variable Annuity is the first variable annuity to have unlimited trading restrictions on 49 actively traded funds(1) from Profunds, Rydex and DireXion, including 5 funds(1) that may be traded twice daily. Additionally, there are 30 core funds(1) from some of the strongest fund families in the industry.

Midland National Introduces One of the Most Innovative Variable Annuities Designs for the Registered
Source: MarketWire

Permalink posted by armandn @ 11:45 AM
 

Making Saving for Retirement Automatic

Shannon Scrivens discovered a surprise in her paycheck earlier this year: It went down.

But the mother of four was happy with the modest pay cut, because the money she missed was going into a retirement savings plan.

Making Saving for Retirement Automatic
Source: LA Times

Permalink posted by armandn @ 11:44 AM
 

St. Paul Settles with CT, IL, NY Attorneys General Over Broker Compensation

The St. Paul Travelers Companies Inc. has entered into a $77 million settlement with the attorneys general of New York, Connecticut and Illinois, as well as with the New York State Department of Insurance, resolving issues relating to those states' industry-wide investigations into producer compensation, insurance placement practices and finite reinsurance products.

St. Paul Settles with CT, IL, NY Attorneys General Over Broker Compensation
Source: Insurance Journal

Permalink posted by armandn @ 11:39 AM

Tuesday, August 01, 2006

 

Mutual of Omaha Survey Says Family Influences LTCi Decisions

Family is the most significant driver of long-term care insurance (LTCi) purchases, according to a new Mutual of Omaha survey.

Of those surveyed, 41 percent said their primary reason for purchasing
LTCi was to not be a burden on their family. Sixty-five percent discussed
long-term care with their family and 53 percent had a family member
involved in their decision to purchase LTCi.

Mutual of Omaha Survey Says Family Influences LTCi Decisions  
Source: PR Newswire

Permalink posted by armandn @ 12:51 PM
 

Prudential Offers Service to Simplify Long-Term Care Choices For Customers

Prudential Financial, Inc. announced today a new service available this month to all of its individual and group long-term care insurance policyholders and their family members offered through an arrangement between The Prudential Insurance Company of America and National Eldercare Referral Systems, Inc. (CareScout). The Prudential Long-Term Care Resource Center makes the process of finding a long-term care provider easier by offering an array of valuable local and national long-term care information, quality ratings, and discounts.

Prudential Offers Service to Simplify Long-Term Care Choices For Customers
Source: Yahoo! Finance

Permalink posted by armandn @ 12:38 PM
 

Smokers Can Afford Life Insurance

If you've been putting off shopping for life insurance because you're a smoker, or think you are paying exorbitant premiums because of your habit, it's time to start shopping around. Many people are overpaying for their life insurance because they don't realize that there are deals to be had out there.

Smokers Can Afford Life Insurance
Source: The Evening Tribune

Permalink posted by armandn @ 12:03 PM

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