Wednesday, January 31, 2007
New Features in Pacific Life's Flex XIV Life Insurance Policy Address Employer's Concern
Retirement planning… employee turnover…changes in cash flow – these are among the main concerns of today’s small business owner. Pacific Life Insurance Company recently introduced Flex XIV (policy form no. P06F14), a whole life insurance product with features that address these concerns by bringing a new level of flexibility to defined benefit plans that use life insurance.
New Features in Pacific Life's Flex XIV Life Insurance Policy Address Employer's Concern
Source: Business Wire
New Features in Pacific Life's Flex XIV Life Insurance Policy Address Employer's Concern
Source: Business Wire
Permalink posted by armandn @ 10:57 AM 
The Skinny on GLWBs in Variable Annuities
A guaranteed lifetime withdrawal benefit (GLWB) rider on variable annuities guarantees a withdrawal of a minimum amount during the lifetime of the policyholder—the subaccounts' performance notwithstanding—and the policyholder does not have to annuitize his or her contract.
The guarantee is a specific percentage of the investment, and it increases the longer withdrawals are delayed. For example, a carrier might pay 5% at age 55, but if the policyholder reaches 70 before taking income, the carrier may raise that set percentage to 6%. It would increase at older ages.
The Skinny on GLWBs in Variable Annuities
Source: Insurance News Net
The guarantee is a specific percentage of the investment, and it increases the longer withdrawals are delayed. For example, a carrier might pay 5% at age 55, but if the policyholder reaches 70 before taking income, the carrier may raise that set percentage to 6%. It would increase at older ages.
The Skinny on GLWBs in Variable Annuities
Source: Insurance News Net
Permalink posted by armandn @ 10:55 AM
Insurance Industry Survey: Super Bowl Party Hosts Be Warned
A survey financed by the insurance industry says many Americans planning to host a Super Bowl party are underinsured.
The data finds that of the estimated 28.5 million people hosting parties between the holidays and the Super Bowl, 21.3 million do not have a personal umbrella insurance policy, leaving themselves open to potential lawsuits and facing financial ruin, should the worst occur. The remaining 7.2 million hosts say they don't know what coverage they have, leaving them vulnerable too.
Insurance Industry Survey: Super Bowl Party Hosts Be Warned
Source: Biz Journals
The data finds that of the estimated 28.5 million people hosting parties between the holidays and the Super Bowl, 21.3 million do not have a personal umbrella insurance policy, leaving themselves open to potential lawsuits and facing financial ruin, should the worst occur. The remaining 7.2 million hosts say they don't know what coverage they have, leaving them vulnerable too.
Insurance Industry Survey: Super Bowl Party Hosts Be Warned
Source: Biz Journals
Permalink posted by armandn @ 10:53 AM
AARP Lends Its Name, And Rolls, to Annuity
AARP, the nation's large retirement association, is expected to announce a deal today in which it is attaching its name to a new lifetime-income annuity designed by New York Life Insurance Co.
The group will allow the insurer to market the annuity directly to its membership, the first time AARP has lent its imprimatur to an annuity product since a limited offering in the 1980s.
AARP Lends Its Name, And Rolls, to Annuity
Source: Wall Street Journal (subscription required)
The group will allow the insurer to market the annuity directly to its membership, the first time AARP has lent its imprimatur to an annuity product since a limited offering in the 1980s.
AARP Lends Its Name, And Rolls, to Annuity
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 10:50 AM
Tuesday, January 30, 2007
Jackson Launches New Investment Offerings Within Variable Annuity Products
Jackson National Life Insurance Company® (Jackson) today announced the launch of several enhancements to its existing family of variable annuities. Jackson has added new investment options subadvised by Franklin Templeton Investments, Credit Suisse Asset Management and Pacific Investment Management Company LLC (PIMCO) to the portfolio lineup within its variable annuities.
Jackson Launches New Investment Offerings Within Variable Annuity Products
Source: Yahoo! Finance
Jackson Launches New Investment Offerings Within Variable Annuity Products
Source: Yahoo! Finance
Permalink posted by armandn @ 12:02 PM
Prudential Financial Dispels Common Tax Misconceptions in Series Geared Towards Baby Boomers
Tax season is right around the corner, and while many Americans are focused on how to save money on this year’s returns, they shouldn’t lose sight of how tax decisions they make today can affect their retirement plans tomorrow. In response, Prudential Financial has developed a series of 12 frequently asked tax questions, along with responses from company subject matter experts. This week’s question marks the first in a series that will run today through Monday, April 16.
Prudential Financial Dispels Common Tax Misconceptions in Series Geared Towards Baby Boomers
Source: Business Wire (login may be required)
Prudential Financial Dispels Common Tax Misconceptions in Series Geared Towards Baby Boomers
Source: Business Wire (login may be required)
Permalink posted by armandn @ 11:56 AM
MetLife Goes Global With Snoopy
MetLife, Inc. announced today an agreement with United Media to extend its licensing of the Charles Schulz Peanuts characters to every market in the world. This new arrangement replaces the existing limited international agreement and adds to the long-time US and Canada agreement, creating global coverage for MetLife's use of the characters for the first time. The new agreement gives MetLife exclusive rights in the financial services category to use the Peanuts characters.
MetLife Goes Global With Snoopy
Source: Yahoo! Finance
MetLife Goes Global With Snoopy
Source: Yahoo! Finance
Permalink posted by armandn @ 11:54 AM
Marshall University Student-Athletes Get a Jump Start on Financial Planning with The Hartford's 'Playbook for Life'
Basketball Hall of Famer Nancy Lieberman Shares her Personal Finance Fouls to Encourage Students to Start Planning for Tomorrow – Today Playbook for Life, an award-winning national education program designed to help student-athletes score beyond the playing field, is bringing personal finance 101 to students at Marshall University on Jan. 29. Developed by The Hartford Financial Services Group, Inc., working closely with the National Collegiate Athletic Association (NCAA), Playbook for Life gives college students the basic financial knowledge required for personal success.
Marshall University Student-Athletes Get a Jump Start on Financial Planning with The Hartford's 'Playbook for Life'
Source: dBusiness News
Marshall University Student-Athletes Get a Jump Start on Financial Planning with The Hartford's 'Playbook for Life'
Source: dBusiness News
Permalink posted by armandn @ 11:52 AM
Monday, January 29, 2007
Banks' Foray Into Life Insurance Stymied
While some bank advisers are successfully selling life insurance to middle-market clients, many are running into the same low-commission and burdensome-underwriting roadblocks that plague their non-bank counterparts.
Banks' Foray Into Life Insurance Stymied
Source: Investment News (subscription required)
Banks' Foray Into Life Insurance Stymied
Source: Investment News (subscription required)
Permalink posted by armandn @ 7:34 AM
An Automatic Boost for Your Nest Egg
The next revolution in retirement savings may be taking place without your even knowing about it. With the "automatic" features increasingly cropping up in workplace retirement plans, the point is that you don't have to.
Over the past few years, employers have turned to new 401(k) programs that aim to make smart savings habits the default option. More recently, retirement plan vendors have started introducing what could be a new generation of automatic savings options.
An Automatic Boost for Your Nest Egg
Source: Business Week
Over the past few years, employers have turned to new 401(k) programs that aim to make smart savings habits the default option. More recently, retirement plan vendors have started introducing what could be a new generation of automatic savings options.
An Automatic Boost for Your Nest Egg
Source: Business Week
Permalink posted by armandn @ 7:33 AM
U.S. Plans Stronger Oversight of 401(k)s
Congress and government regulators are planning an array of moves to strengthen oversight of 401(k) accounts, which have become the linchpin of retirement savings for millions of Americans but are often burdened by hidden fees that chip away at their value.
U.S. Plans Stronger Oversight of 401(k)s
Source: LA Times
U.S. Plans Stronger Oversight of 401(k)s
Source: LA Times
Permalink posted by armandn @ 7:31 AM
Friday, January 26, 2007
Early 2007 M&A Glimpse: Companies Taking the Frontline
Some industry analysts say that 2007 might be the year that bears witness to a proliferation of insurance company mergers and acquisitions, which may translate into reduced premium rates. After all, there’s no such thing as growing too big in the life insurance industry.
M&A articles abounded at the tail-end of 2006 and some of the bigger names being bandied about included Protective Life Insurance Co., Conseco Inc. and The Phoenix Cos. Inc.
Early 2007 M&A Glimpse: Companies Taking the Frontline
Source: Insurance News Net
M&A articles abounded at the tail-end of 2006 and some of the bigger names being bandied about included Protective Life Insurance Co., Conseco Inc. and The Phoenix Cos. Inc.
Early 2007 M&A Glimpse: Companies Taking the Frontline
Source: Insurance News Net
Permalink posted by armandn @ 7:59 AM
U.S. Life Insurers to Chinese Authorities: Open Up
US life insurers lobbied China’s regulators for greater market access after overseas companies’ share of premiums fell by more than a third in 2006.
“We’d like to see less red tape in China’s approval of new insurance products,” Frank Keating, chief executive officer of the American Council of Life Insurers, said at a briefing in Beijing. “The market should be open and transparent, and shouldn’t put foreign insurers at a disadvantage to local ones.”
U.S. Life Insurers to Chinese Authorities: Open Up
Source: Economic Times
“We’d like to see less red tape in China’s approval of new insurance products,” Frank Keating, chief executive officer of the American Council of Life Insurers, said at a briefing in Beijing. “The market should be open and transparent, and shouldn’t put foreign insurers at a disadvantage to local ones.”
U.S. Life Insurers to Chinese Authorities: Open Up
Source: Economic Times
Permalink posted by armandn @ 7:55 AM
NCOIL Votes To Stick With Own Life Settlement Model
State lawmakers have decided to address insurable interest concerns by updating their own life settlement model rather than by adopting a model developed by state insurance regulators.
Members of the National Conference of Insurance Legislators, Albany, N.Y., who participated today in a conference call voted 5-0 to build on an NCOIL viatical settlements model rather than using a life settlement model developed by the National Association of Insurance Commissioners, Kansas City, Mo.
NCOIL Votes To Stick With Own Life Settlement Model
Source: National Underwriter (subscription required)
Members of the National Conference of Insurance Legislators, Albany, N.Y., who participated today in a conference call voted 5-0 to build on an NCOIL viatical settlements model rather than using a life settlement model developed by the National Association of Insurance Commissioners, Kansas City, Mo.
NCOIL Votes To Stick With Own Life Settlement Model
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 7:52 AM
Thursday, January 25, 2007
MetLife Study Reveals That The American Dream Is Still Alive, Yet The Erosion Of Corporate Benefit Programs And Social Safety Nets Has Put The Dream A
A new study commissioned by MetLife reveals that the American dream is still alive yet the erosion of corporate benefit programs and social safety nets has put pursuit and attainment of the dream at great risk. The MetLife Study of the American Dream reveals that the dream is being propped up by American optimism; while a majority (66%) of Americans feel they have yet to achieve the dream, they remain optimistic about the future and feel it's still possible to achieve the American dream in their lifetime (67%). The study, unveiled today at a National Press Club briefing hosted by MetLife, a leading insurance and financial services company, reveals that working Americans are deeply engaged in what can be characterized as a "chase" of the dream.
MetLife Study Reveals That The American Dream Is Still Alive
Source: Yahoo! Finance
MetLife Study Reveals That The American Dream Is Still Alive
Source: Yahoo! Finance
Permalink posted by armandn @ 7:31 AM
Your Life Has Changed Over the Past Year; But Has Your Insurance Kept Up?
Major purchases and lifestyle changes such as marriage, divorce or retirement can have a profound effect on your insurance, according to the Insurance Information Institute (I.I.I.)
“To make the most of your insurance dollars, it is very important that you let your insurance agent or company representative know about alterations to your home and other major events in your life,” says Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “A great way to start the new year off on a firm financial footing is to discuss your current insurance needs with your agent, broker or company representative to make sure that it is up-to-date.”
Your Life Has Changed Over the Past Year; But Has Your Insurance Kept Up?
Source: Village Soup
“To make the most of your insurance dollars, it is very important that you let your insurance agent or company representative know about alterations to your home and other major events in your life,” says Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “A great way to start the new year off on a firm financial footing is to discuss your current insurance needs with your agent, broker or company representative to make sure that it is up-to-date.”
Your Life Has Changed Over the Past Year; But Has Your Insurance Kept Up?
Source: Village Soup
Permalink posted by armandn @ 7:30 AM
Travelers To Sell An Insurer
The St. Paul Travelers Cos. Inc. has reached an agreement to sell its Mendota Insurance Co. to Kingsway Financial Services Inc. in Toronto for an undisclosed price.
The St. Paul, Minn.-based Mendota sells non-standard auto insurance and currently writes policies in 20 states.
Travelers To Sell An Insurer
Source: Courant.com
The St. Paul, Minn.-based Mendota sells non-standard auto insurance and currently writes policies in 20 states.
Travelers To Sell An Insurer
Source: Courant.com
Permalink posted by armandn @ 7:29 AM
AIG Looks to Acquire Outstanding Shares of Auto Insurer 21st Century
American International Group, Inc. (AIG) has submitted a letter to the board of directors of 21st Century Insurance Group proposing to acquire the outstanding 38.1 percent publicly held shares of 21st Century for $19.75 per share in cash.
AIG and its subsidiaries own approximately 61.9 percent of the outstanding shares of 21st Century. The aggregate cash consideration payable would be approximately $690 million. Following the transaction, 21st Century would become a wholly owned subsidiary of AIG.
AIG Looks to Acquire Outstanding Shares of Auto Insurer 21st Century
Source: Insurance Journal
AIG and its subsidiaries own approximately 61.9 percent of the outstanding shares of 21st Century. The aggregate cash consideration payable would be approximately $690 million. Following the transaction, 21st Century would become a wholly owned subsidiary of AIG.
AIG Looks to Acquire Outstanding Shares of Auto Insurer 21st Century
Source: Insurance Journal
Permalink posted by armandn @ 7:27 AM
Wednesday, January 24, 2007
John Hancock Survey: Most Americans Prefer Planning Will To Preparing For Long Term Care
If given the choice between sitting down to plan their will or sitting down to discuss possible long term care needs, more than half (55 percent) of respondents in a survey conducted for John Hancock Life Insurance Company (John Hancock) said they'd opt for the will. A similar percentage (53 percent) said that going to a nursing home is worse than becoming bankrupt and half said they consider it worse than dying.
John Hancock Survey: Most Americans Prefer Planning Will To Preparing For Long Term Care
Source: PR Newswire
John Hancock Survey: Most Americans Prefer Planning Will To Preparing For Long Term Care
Source: PR Newswire
Permalink posted by armandn @ 9:46 AM
Jackson Diversifies Product Offering With Launch Of Retail Mutual Funds
Jackson National Life Insurance Company (Jackson) has announced the launch of a series of mutual funds that will be available to advisers through Jackson National Life Distributors LLC (JNLD). The new funds are designed to address the long-term diversification and asset growth needs of investors as they plan for retirement.
Jackson Diversifies Product Offering With Launch Of Retail Mutual Funds
Source: Yahoo! Finance
Jackson Diversifies Product Offering With Launch Of Retail Mutual Funds
Source: Yahoo! Finance
Permalink posted by armandn @ 9:44 AM
MIB Life Index Reports North American Life Insurance Activity Off 6.5% In December
Applications for individually underwritten life insurance in North America were off -6.5% in December, year- over-year, according to the MIB Life Index(SM). This marks the tenth consecutive month where 2006 activity was below that of the same month in 2005. Overall, 2006 application activity trailed that of 2005 by -3.8%. Coupled with declining years in 2005 (-3.3%) and 2004 (-2.3%), the industry is experiencing a three-year decline of -9.0% in applications for individually underwritten life insurance.
MIB Life Index Reports North American Life Insurance Activity Off 6.5% In December
Source: PR Newswire
MIB Life Index Reports North American Life Insurance Activity Off 6.5% In December
Source: PR Newswire
Permalink posted by armandn @ 9:43 AM
Insurer Settling Katrina Suits
State Farm Fire & Casualty Co. agreed Tuesday to settle hundreds of lawsuits by policyholders and reopen thousands of other disputed claims, a deal potentially worth hundreds of millions of dollars to homeowners devastated by Hurricane Katrina, a company spokesman said.
State Farm spokesman Phil Supple said the company will reopen and review claims for policyholders on Mississippi's Gulf Coast whose claims were denied, but have not sued the company.
That part of the settlement could be worth hundreds of millions of dollars for roughly 35,000 policyholders, a person with direct knowledge of the settlement said.
Insurer Settling Katrina Suits
Source: Hartford Courant
State Farm spokesman Phil Supple said the company will reopen and review claims for policyholders on Mississippi's Gulf Coast whose claims were denied, but have not sued the company.
That part of the settlement could be worth hundreds of millions of dollars for roughly 35,000 policyholders, a person with direct knowledge of the settlement said.
Insurer Settling Katrina Suits
Source: Hartford Courant
Permalink posted by armandn @ 9:42 AM
Tuesday, January 23, 2007
Individual Life and Annuity Distribution - Two Sectors Take Different Paths
The U.S. life insurance industry has experienced profound and accelerated change over the past 30 years. These changes have been broad and have included, among others, an explosion in product development; significant consolidation of the industry; evolution of the legal, regulatory and competitive environments; greater efficiency driven by advancements in information technology and the overall globalization of the industry. One of the outgrowths of these ongoing changes has been a material divergence in the direction of distribution between individual life products and individual annuity products, according to a special report by the A.M. Best Co.
Individual Life and Annuity Distribution - Two Sectors Take Different Paths
Source: Business Wire
Individual Life and Annuity Distribution - Two Sectors Take Different Paths
Source: Business Wire
Permalink posted by armandn @ 7:52 AM
America Tops 11 Countries in Retirement Savings
The U.S. leads the world in saving for retirement according to a global retirement survey by AXA Equitable, an AXA Group company. U.S. workers save on average $696 a month for retirement, more than double the amount saved by workers in Germany, Italy and France, and nearly 10 times the amount saved by workers in China. Eight of 10 working Americans surveyed have already started saving for retirement.
America Tops 11 Countries in Retirement Savings
Source: Earth Times
America Tops 11 Countries in Retirement Savings
Source: Earth Times
Permalink posted by armandn @ 7:49 AM
Travelers Launches New Risk Control Website - Delivers Up-to-Date Information to Help Customers Achieve Better Control of their Exposures
Travelers today announced its new Risk Control customer Web portal, a one-stop shop for answers to many risk control questions. riskcontrol.com highlights not only the products and services Travelers Risk Control offers, but also provides a wealth of risk control information, including timely, pertinent news alerts that can help prevent losses and even save lives.
Travelers Launches New Risk Control Website
Source: dBusiness News
Travelers Launches New Risk Control Website
Source: dBusiness News
Permalink posted by armandn @ 7:48 AM
Transamerica Retirement Services Receives Eleven ''Best in Class'' Client Satisfaction Rankings
Capping a year highlighted by industry recognition of its outstanding customer service, Transamerica Retirement Services1 (“Transamerica”) today announced it has received a total of eleven “Best in Class” ratings from the Chatham Partners' December 2006 Client Satisfaction Analysis.
Transamerica Retirement Services Receives Eleven "Best In Class" Client Satisfaction Ratings
Source: Business Wire
Transamerica Retirement Services Receives Eleven "Best In Class" Client Satisfaction Ratings
Source: Business Wire
Permalink posted by armandn @ 7:46 AM
Monday, January 22, 2007
AXA Equitable Announces New Five-Product Term Life Insurance Portfolio
AXA Equitable introduced today a new series of term life insurance products. The five-product Term Series(SM) includes redesigned 10-, 20- and 30-year level-term products, a new 15-year level-term product, and a redesigned annual renewable term (ART) product. The series introduces a new underwriting class for consumers with minor health issues and long conversion periods that allow clients to switch to permanent life insurance coverage.
AXA Equitable Announces New Five-Product Term Life Insurance Portfolio
Source: Yahoo! Finance
AXA Equitable Announces New Five-Product Term Life Insurance Portfolio
Source: Yahoo! Finance
Permalink posted by armandn @ 10:40 AM
Conning Research: Potential for Antiselection and Arbitrage in the Life Industry is on the Rise
The life insurance industry is facing a change in the way investors, agents and individuals respond to the increasing availability of financial and medical information, according to a new study by Conning Research & Consulting, Inc. New advances in medical technology and the availability of medical, genetic, and lifestyle information increase the threats of antiselection and arbitrage in life insurance, but also present opportunities for insurance companies.
Potential for Antiselection and Arbitrage in the Life Industry is on the Rise
Source: PR Newswire
Potential for Antiselection and Arbitrage in the Life Industry is on the Rise
Source: PR Newswire
Permalink posted by armandn @ 10:39 AM
AIG American General Launches Bilingual Customer Services Call Center Dedicated to Hispanic Individual Life Insurance Policyowners
American General Life Insurance Company (American General Life) and The United States Life Insurance Company in the City of New York (United States Life), member companies of American International Group, Inc. (AIG), have launched a bilingual customer service call center specifically for Hispanic individual life insurance policyowners. Callers who dial the call center’s dedicated toll-free number, 1-800-835-6458, have access to bilingual (Spanish- and English-speaking) customer service representatives, Monday through Friday, 9 a.m. to 6 p.m. (Eastern Time), to answer questions and assist with service requests on in-force individual life insurance – including universal life, term life and whole life – and individual supplemental health insurance policies issued by American General Life and United States Life, which are branded as “AIG American General,” the marketing name for the insurance companies and affiliates of AIG that comprise its domestic life insurance operations.
AIG American General Launches Bilingual Customer Services Call Center
Source: Business Wire
AIG American General Launches Bilingual Customer Services Call Center
Source: Business Wire
Permalink posted by armandn @ 10:35 AM
Long-Term Care Insurance Becomes Increasingly Popular
People expecting to live longer and foot more of the bill for their retirement needs are turning to long-term care insurance as part of financial planning.
"We certainly can't count on the government to pick up the tab," said Kathy Lee, director of special risks for the Carson Wealth Management Group in Omaha.
A private room in a nursing home can cost about $190 a day, or $70,000 a year in Nebraska, Lee said. And no one knows how many years one stay might last, she said.
Long-Term Care Insurance Becomes Increasingly Popular
Source: Insurance News Net
"We certainly can't count on the government to pick up the tab," said Kathy Lee, director of special risks for the Carson Wealth Management Group in Omaha.
A private room in a nursing home can cost about $190 a day, or $70,000 a year in Nebraska, Lee said. And no one knows how many years one stay might last, she said.
Long-Term Care Insurance Becomes Increasingly Popular
Source: Insurance News Net
Permalink posted by armandn @ 10:11 AM
Friday, January 19, 2007
Phoenix Companies, National Life Group Announce Alliance
The Phoenix Companies, Inc. and National Life Group have formed a strategic alliance to increase the sales of Phoenix’s variable annuities and offer National Life Group’s affiliated Sentinel Variable Product Funds in more variable products.
Under the alliance, Phoenix and Equity Services, Inc., a member of the National Life Group, will co-market Phoenix’s variable annuity products, including flexible premium deferred variable annuities and a single premium immediate variable annuity, through Equity Services’ registered representatives. The alliance also includes plans to add Sentinel Variable Product Funds as investment options to many of Phoenix’s variable annuity and life insurance products later this year.
Phoenix Companies, National Life Group Announce Alliance
Source: dBusiness News
Under the alliance, Phoenix and Equity Services, Inc., a member of the National Life Group, will co-market Phoenix’s variable annuity products, including flexible premium deferred variable annuities and a single premium immediate variable annuity, through Equity Services’ registered representatives. The alliance also includes plans to add Sentinel Variable Product Funds as investment options to many of Phoenix’s variable annuity and life insurance products later this year.
Phoenix Companies, National Life Group Announce Alliance
Source: dBusiness News
Permalink posted by armandn @ 10:42 AM
2007 Report on HSA Growth, Characteristics Published by Healthcare Data Firm
President Bush is expected to talk about Health Savings Accounts (HSAs) in his upcoming State of the Union address, and HSAs enter 2007 on an upswing.
HSAs are becoming a mainstream healthcare and financial services product with clear trends emerging. For insurance providers, financial institutions and industry suppliers, anticipating the market and knowing what will happen is becoming even more crucial to long-term success.
2007 Report on HSA Growth, Characteristics Published by Healthcare Data Firm
Source: Insurance News Net
HSAs are becoming a mainstream healthcare and financial services product with clear trends emerging. For insurance providers, financial institutions and industry suppliers, anticipating the market and knowing what will happen is becoming even more crucial to long-term success.
2007 Report on HSA Growth, Characteristics Published by Healthcare Data Firm
Source: Insurance News Net
Permalink posted by armandn @ 10:41 AM
Symmetra Annuities Combine Dependability with Flexibility
Symetra Life Insurance Company announced today a new "Advance Access" enhancement to its income annuities, providing investors with greater flexibility and more control over their retirement planning. Symetra income annuity policies now enable clients to take money from their annuity without incurring expensive fees.
Symmetra Annuities Combine Dependability with Flexibility
Source: PR Newswire
Symmetra Annuities Combine Dependability with Flexibility
Source: PR Newswire
Permalink posted by armandn @ 10:39 AM
Buy Long Term Care Insurance Long Before You Need It, Experts Advise
The best time to buy long term care insurance is not retirement age but in one's 50's, 40's, or 30's, according to LTC Financial Partners LLC, the nation's most experienced long term care insurance brokerage.
Buy Long Term Care Insurance Long Before You Need It, Experts Advise
Source: PR Newswire
Buy Long Term Care Insurance Long Before You Need It, Experts Advise
Source: PR Newswire
Permalink posted by armandn @ 10:34 AM
Thursday, January 18, 2007
39 Insurers Recognized As "Model Carriers"
A new report recognizes 39 insurance companies as “Model Carriers” for “doing everything right” in technology initiatives. The companies, which were cited in a report by Boston-based Celent LLC, were invited to a Model Carrier Summit, which began today in New York.
39 Insurers Recognized As "Model Carriers"
Source: Insurance Networking News
39 Insurers Recognized As "Model Carriers"
Source: Insurance Networking News
Permalink posted by armandn @ 7:02 AM
Latest Reactions to Regulated Life Settlements
While analyzing what steps to take to restrict the sale of life insurance policies purchased only to be resold again, state legislators are closely evaluating the issue of life settlements.
Usually, in life settlement transactions, an elderly person sells a survivorship, whole, universal, variable, or term life insurance policy for a certain portion of the policy's face value. Percentages are based on life expectancy. Life settlement transactions are desirable because of many factors, including estate planning needs, rise in tax liabilities, a change of business, changes of coverage needs, or changes in life situations.
Latest Reactions to Regulated Life Settlements
Source: Insurance News Net
Usually, in life settlement transactions, an elderly person sells a survivorship, whole, universal, variable, or term life insurance policy for a certain portion of the policy's face value. Percentages are based on life expectancy. Life settlement transactions are desirable because of many factors, including estate planning needs, rise in tax liabilities, a change of business, changes of coverage needs, or changes in life situations.
Latest Reactions to Regulated Life Settlements
Source: Insurance News Net
Permalink posted by armandn @ 7:00 AM
Bank Life Insurance Sales Continue Steady Growth: Kehrer-LIMRA
The typical bank in the latest Kehrer-LIMRA Bank Life Insurance Sales Study increased its new life sales revenue by an estimated 15 percent last year, on the heels of a similar increase the previous year.
“Banks are making steady progress in tapping their customer base for life sales, even though customer penetration remains low,” said Kenneth Kehrer, Ph.D., co-director of the study. ”The typical bank selling life insurance produced only $1.33 in new life sales commissions per customer household of the bank.”
Bank Life Insurance Sales Continue Steady Growth: Kehrer-LIMRA
Source: Insurance News Net
“Banks are making steady progress in tapping their customer base for life sales, even though customer penetration remains low,” said Kenneth Kehrer, Ph.D., co-director of the study. ”The typical bank selling life insurance produced only $1.33 in new life sales commissions per customer household of the bank.”
Bank Life Insurance Sales Continue Steady Growth: Kehrer-LIMRA
Source: Insurance News Net
Permalink posted by armandn @ 6:59 AM
Nationwide Financial Study Uniquely Defines Retirement Segments, Demonstrates Need To 'Know Thyself' In Planning
According to a new study released today by Nationwide Financial, 88 percent of Americans are confident they know what it will take to support their lifestyle in retirement. Yet, the updated National Risk Retirement Index, recently announced by the Center for Retirement Research at Boston College, conservatively places 44 percent of the country's households 'at risk' of being unable to maintain their standard of living in retirement. So why the disconnect?
Nationwide Financial Study Uniquely Defines Retirement Segments, Demonstrates Need To 'Know Thyself' In Planning
Source: Yahoo! Finance
Nationwide Financial Study Uniquely Defines Retirement Segments, Demonstrates Need To 'Know Thyself' In Planning
Source: Yahoo! Finance
Permalink posted by armandn @ 6:57 AM
Wednesday, January 17, 2007
The Penn Mutual Life Insurance Company Introduces New Offerings to Meet the Needs of Older Consumers
Consumers are living longer and their life expectancies continue to increase. For example, a 65-year-old woman has a 50 percent chance of living to age 88 and a 25 percent chance of reaching 94.* In addition, a married couple has a better than 50 percent chance that one of them will live well into their 90s.* As a result, they will need their life insurance and retirement income to last longer too.
To help these consumers enjoy the prospect of living longer, The Penn Mutual Life Insurance Company recently added two new offerings to its product line.
The Penn Mutual Life Insurance Company Introduces New Offerings to Meet the Needs of Older Consumers
Source: Business Wire
To help these consumers enjoy the prospect of living longer, The Penn Mutual Life Insurance Company recently added two new offerings to its product line.
The Penn Mutual Life Insurance Company Introduces New Offerings to Meet the Needs of Older Consumers
Source: Business Wire
Permalink posted by armandn @ 7:57 AM
DALBAR Announces Its 2006 Customer Service Award Winners In Financial Services
DALBAR today released the 2006 winners of its annual Customer Service Awards. For more than a decade, DALBAR has conducted rigorous testing of service delivery and, each year, identifies those mutual fund, broker/dealer, annuity, life insurance and retirement plan providers that are able to deliver industry-leading service to its customers.
DALBAR Announces Its 2006 Customer Service Award Winners In Financial Services
Source: Business Wire
DALBAR Announces Its 2006 Customer Service Award Winners In Financial Services
Source: Business Wire
Permalink posted by armandn @ 7:54 AM
Nationwide Gives Away Bowl Ad Ending
In an unusual strategy for a Super Bowl advertiser, Nationwide Mutual Insurance on Wednesday will announce the surprise ending of its ad in the game: Britney Spears' estranged hubby Kevin Federline will be dreaming of a show-biz career — while actually working at a rundown fast-food joint.
"I felt that it was a good time to come out and make fun of myself," says Federline, 28, from the ad shoot in Hollywood.
Nationwide Gives Away Bowl Ad Ending
Source: USA Today
"I felt that it was a good time to come out and make fun of myself," says Federline, 28, from the ad shoot in Hollywood.
Nationwide Gives Away Bowl Ad Ending
Source: USA Today
Permalink posted by armandn @ 7:52 AM
Insurer Unveils Annuity Line
Protective Life Insurance Company is releasing the FutureSaver II annuity, a multi-year, guaranteed, flexible-premium fixed annuity contract.
The new product allows buyers to allocate funds to interest rate accounts with guarantee periods ranging from 2 to 10 years, according to Protective Life Insurance, a unit of Protective Life Corp., Birmingham, Ala.
Insurer Unveils Annuity Line
Source: National Underwriter (subscription required)
The new product allows buyers to allocate funds to interest rate accounts with guarantee periods ranging from 2 to 10 years, according to Protective Life Insurance, a unit of Protective Life Corp., Birmingham, Ala.
Insurer Unveils Annuity Line
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 7:50 AM
Tuesday, January 16, 2007
The Life Industry Will Only Grow if We Market to the Gap
A BusinessWeek report in 2005 holds true today. From an article entitled, Tapping a Market that is Hot, Hot, Hot, “’A simple hello in Spanish,’ says Christian Sandoval, vice-president of Hispanic marketing at National City, ‘Can open the door to a Hispanic better than a product with a 4.5% interest rate.’"
The Life Industry Will Only Grow if We Market to the Gap
Source: Insurance News Net
The Life Industry Will Only Grow if We Market to the Gap
Source: Insurance News Net
Permalink posted by armandn @ 8:32 AM
AXA Equitable Announces Annual Re-Sets to Accumulator Series of Variable Annuities
AXA Equitable Life Insurance Co. announced today that it will allow customers with guaranteed living benefits to lock in annual gains in the investment accounts underlying its AXA Equitable Accumulator(R) variable annuity series. Barbara Goodstein, AXA Equitable's Executive Vice President of Marketing and Product Development, said that AXA Equitable will provide a re-set once each year instead of once every five years to certain of its Guaranteed Minimum Income Benefit (GMIB) and Guaranteed Minimum Death Benefit (GMDB) riders.
AXA Equitable Announces Annual Re-Sets to Accumulator Series of Variable Annuities
Source: PR Newswire
AXA Equitable Announces Annual Re-Sets to Accumulator Series of Variable Annuities
Source: PR Newswire
Permalink posted by armandn @ 8:30 AM
Preferred Risks Spur Life Insurance Innovation
The life insurance industry’s beloved ordinary life business is now a century and a half old. It has been having some pains as it copes with the effects of economic swings and war, but it isn’t going away. In fact, the business shows plenty of vitality such as its recent shift to writing simpler products, very large face amounts, preferred issues and older ages.
Preferred Risks Spur Life Insurance Innovation
Source: National Underwriter (subscription required)
Preferred Risks Spur Life Insurance Innovation
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 8:29 AM
Monday, January 15, 2007
Allianz Life Insurance Girds For Annuity Battle On Its Home Turf
To some industry insiders, a lawsuit filed last week against Allianz Life Insurance Company of North America is political opportunism; to others, it's a regulatory coup.
Lori Swanson, a Democrat sworn in as Minnesota's attorney general Jan. 2, sued the insurer in Hennepin County district court for allegedly violating state laws by selling "unsuitable" annuities to people over age 70.
Allianz Life Insurance Girds For Annuity Battle On Its Home Turf
Source: Investment News (subscription required)
Lori Swanson, a Democrat sworn in as Minnesota's attorney general Jan. 2, sued the insurer in Hennepin County district court for allegedly violating state laws by selling "unsuitable" annuities to people over age 70.
Allianz Life Insurance Girds For Annuity Battle On Its Home Turf
Source: Investment News (subscription required)
Permalink posted by armandn @ 12:26 PM
Protecting Retirement Contributions Through Visionary DI Products
In addressing their income-protection needs through insurance, clients should include retirement contributions in their planning.
As the defined benefit era yields to the trend toward defined contributions, more Americans are taking retirement planning into their own hands. Young people, especially, aren't counting on an old-fashioned pension or Social Security to see them through their golden years. Indeed, workers between the ages of 25 and 44 are more likely than ever to say they're saving for retirement, according to the Washington, D.C.-based Employee Benefit Research Institute.
Protecting Retirement Contributions Through Visionary DI Products
Source: Life Insurance Selling
As the defined benefit era yields to the trend toward defined contributions, more Americans are taking retirement planning into their own hands. Young people, especially, aren't counting on an old-fashioned pension or Social Security to see them through their golden years. Indeed, workers between the ages of 25 and 44 are more likely than ever to say they're saving for retirement, according to the Washington, D.C.-based Employee Benefit Research Institute.
Protecting Retirement Contributions Through Visionary DI Products
Source: Life Insurance Selling
Permalink posted by armandn @ 12:25 PM
A.M. Best Special Report: Development of 'Principal-Based' Reserves Shifting Into High Gear
In a recently issued special report, A.M. Best Co. observes that the insurance industry has aggressively stepped up efforts to develop principles-based reserves for life insurance products and fixed annuities. There are currently 20 committees of the American Academy of Actuaries devoted to this project. A.M. Best believes it is quite possible that principles-based reserve methods may be in place for life insurance products by 2009.
A.M. Best Special Report: Development of 'Principal-Based' Reserves Shifting Into High Gear
Source: Insurance News Net
A.M. Best Special Report: Development of 'Principal-Based' Reserves Shifting Into High Gear
Source: Insurance News Net
Permalink posted by armandn @ 12:21 PM
ING Inks Deal With Capital Management Strategies
The ING life companies in the U.S. have signed an agreement with Capital Management Strategies, which allows ING life company producers access to Capital Management's Capital Maximization Strategy (CMS)(SM) premium financing programs. CMS is the largest and longest running life insurance premium finance program in the insurance industry.
ING Inks Deal With Capital Management Strategies
Source: PR Newswire
ING Inks Deal With Capital Management Strategies
Source: PR Newswire
Permalink posted by armandn @ 12:01 PM
Friday, January 12, 2007
KC Will Lose 500 Transamerica Jobs
Transamerica Occidental Life Insurance Co. will consolidate its Kansas City-based insurance administrative operations into its Cedar Rapids, Iowa, headquarters and eliminate about 500 jobs in Kansas City by year's end.
The company will keep about 50 underwriting and marketing employees in Kansas City, spokeswoman Cindy Nodorft said Thursday. Most of the company's Kansas City employees are in Town Pavilion in Downtown, she said.
KC Will Lose 500 Transamerica Jobs
Source: Business Journal
The company will keep about 50 underwriting and marketing employees in Kansas City, spokeswoman Cindy Nodorft said Thursday. Most of the company's Kansas City employees are in Town Pavilion in Downtown, she said.
KC Will Lose 500 Transamerica Jobs
Source: Business Journal
Permalink posted by armandn @ 7:20 AM
Guardian and Sports Legend Bo Jackson Encourage Americans to Protect Their Income in the New Year
The Guardian Life Insurance Company of America (Guardian), its subsidiary Berkshire Life Insurance Company of America (Berkshire), and legendary dual-sport All-Star athlete, Bo Jackson, have teamed up to promote the importance and the benefits of disability income protection in the New Year. Jackson's partnership with Guardian included a radio media tour as well as select print media interviews on January 12.
Guardian and Sports Legend Bo Jackson Encourage Americans to Protect Their Income in the New Year
Source: PR Newswire
Guardian and Sports Legend Bo Jackson Encourage Americans to Protect Their Income in the New Year
Source: PR Newswire
Permalink posted by armandn @ 7:17 AM
Schwab to Stake Brokers Becoming Advisors
Charles Schwab & Co. Inc. will finance costs stockbrokers incur in becoming independent financial advisers in 11 states including New York and Illinois, the company announced today.
The San Francisco-based broker will make loans with a $100,000 minimum to finance furnishing an office, buying technology and to cover working capital requirements during the firm's first year.
Schwab to Stake Brokers Becoming Advisors
Source: Investment News (subscription required)
The San Francisco-based broker will make loans with a $100,000 minimum to finance furnishing an office, buying technology and to cover working capital requirements during the firm's first year.
Schwab to Stake Brokers Becoming Advisors
Source: Investment News (subscription required)
Permalink posted by armandn @ 7:12 AM
Annuities...Now More Than Ever
The use of annuities can be a vital part of one's retirement income strategy.
Life is full of "ifs." Fortunately, during a worker’s younger years there is time to recover from investment mistakes. Also, safety nets prevail in the form of insurance and disability programs for sickness, accidents, and premature death. However, investment mistakes can be costly as people age and retire from their active working lives. Annuities can be used to provide guarantees, tax deferral, and protection of principal as a retirement income strategy.
Annuities...Now More Than Ever
Source: Life Insurance Selling
Life is full of "ifs." Fortunately, during a worker’s younger years there is time to recover from investment mistakes. Also, safety nets prevail in the form of insurance and disability programs for sickness, accidents, and premature death. However, investment mistakes can be costly as people age and retire from their active working lives. Annuities can be used to provide guarantees, tax deferral, and protection of principal as a retirement income strategy.
Annuities...Now More Than Ever
Source: Life Insurance Selling
Permalink posted by armandn @ 7:08 AM
Thursday, January 11, 2007
'Since You Care' Guide, 'Medications and the Older Adult,' Available Free from the MetLife Mature Market Institute
The MetLife Mature Market Institute has updated its Since You Care publication, Medications and the Older Adult. The popular guide, available free to the public, now contains a section on Medicare Part D, "helpful hints" and a number of updated resources.
The Since You Care guides, produced in cooperation with the National Alliance for Caregiving, are designed to provide caregivers with information, practical suggestions and useful tools on a variety of care-related subjects.
'Since You Care' Guide, 'Medications and the Older Adult,' Available Free from the MetLife Mature Market Institute
Source: Yahoo! Finance
The Since You Care guides, produced in cooperation with the National Alliance for Caregiving, are designed to provide caregivers with information, practical suggestions and useful tools on a variety of care-related subjects.
'Since You Care' Guide, 'Medications and the Older Adult,' Available Free from the MetLife Mature Market Institute
Source: Yahoo! Finance
Permalink posted by armandn @ 11:33 AM
Sun Life Buying Genworth Division
Canadian financial services company Sun Life Financial Inc. said Thursday it is buying the U.S. group benefits business of insurance holding company Genworth Financial Inc. for $650 million. Sun Life plans to finance the acquisition with existing capital. Sun Life said the deal enhances its market share across its business lines in the U.S., and noted that Genworth's distribution network and focus on the small-case employer market will also speed the company's group insurance growth strategy.
Sun Life Buying Genworth Division
Source: Yahoo! Finance
Sun Life Buying Genworth Division
Source: Yahoo! Finance
Permalink posted by armandn @ 11:32 AM
Overcoming the Underwriting Crunch Through Outsourcing
Underwriting at any level is a very serious and specific science; it is also a discipline that can be easily underestimated in both its complexity and bottom-line impact for an insurance company. But what happens to a company’s risk experience if there is a lack of qualified talent due to attrition or workflow overload?
Overcoming the Underwriting Crunch Through Outsourcing
Source: Insurance News Net
Overcoming the Underwriting Crunch Through Outsourcing
Source: Insurance News Net
Permalink posted by armandn @ 11:29 AM
Conning Research: Life Insurers' Lackluster Gross Investment Returns Turn Up in 2005
Although life insurers suffered a steep decline in gross investment returns over the last five years, there were signs of a recovery in 2005, according to a new study by Conning Research & Consulting, Inc. Overall, gross investment income returns on investable assets for the period 2001 to 2005 dropped from 7.10% in 2001 to 5.93% in 2004, before increasing to 6.02% in 2005. Accident & Health companies posted the most favorable average investment return over the period due to their heavy allocation to bonds, while Annuity companies reported the lowest return.
Conning Research: Life Insurers' Lackluster Gross Investment Returns Turn Up in 2005
Conning Research: Life Insurers' Lackluster Gross Investment Returns Turn Up in 2005
Permalink posted by armandn @ 11:27 AM
Integrating Wealth Transfer Into Retirement Planning
There are more workers entering their retirement years now than at any other time in American history. It’s no surprise that television, magazine, and newspaper ads are all focused on retirement planning. Wealth transfer has been put on the back burner, a topic reserved for the older, affluent client. It’s time to make wealth transfer an integrated part of retirement planning.
Integrating Wealth Transfer Into Retirement Planning
Source: National Underwriter (subscription required)
Integrating Wealth Transfer Into Retirement Planning
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 11:23 AM
Wednesday, January 10, 2007
C-3 Phase II: Much to do About Nothing?
In its recently issued special report on C-3 Phase II, A.M. Best Co. discusses the process life/health companies employed to determine the revised risk-based capital (RBC) requirements for year-end 2005, the results of its survey of the top variable annuity writers, and how the new approach will be factored into Best's Capital Adequacy Ratio (BCAR) model for life/health companies for year-end 2006.
C-3 Phase II: Much to do About Nothing?
Source: Insurance News Net
C-3 Phase II: Much to do About Nothing?
Source: Insurance News Net
Permalink posted by armandn @ 11:25 AM
Actuaries Call For Revamping Their Field
The people who help U.S. insurance insurers and pension plans peer into the future need a broader education and more attention from their disciplinary board.
Members of the Critical Review of the U.S. Actuarial Profession task force have presented those conclusions in their new CRUSAP report, which makes recommendations about ways the U.S. actuarial profession can address the risks and opportunities facing actuaries.
Actuaries Call For Revamping Their Field
Source: National Underwriter (subscription required)
Members of the Critical Review of the U.S. Actuarial Profession task force have presented those conclusions in their new CRUSAP report, which makes recommendations about ways the U.S. actuarial profession can address the risks and opportunities facing actuaries.
Actuaries Call For Revamping Their Field
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 11:22 AM
Allianz Misled Seniors On Annuities, Suit Says
When then-73-year-old Leo Stulen was contemplating using his life savings to buy a deferred annuity policy from Allianz Life Insurance Co. of North America in 2001, he asked his agent what would happen if he needed some of the money to pay his wife's medical bills.
Buy an Allianz Flex-Dex Bonus annuity, Stulen said that his independent agent instructed him, assuring him that the product was flexible enough to accommodate his needs. So Stulen used the $40,000 he had tucked away to do exactly that.
But when the Hutchinson resident later tried to dip into those funds to pay the medical bills he knew were coming, he was told he'd have to pay a steep surrender charge — a whopping $6,000 — because the annuity hadn't matured.
Allianz Misled Seniors On Annuities, Suit Says
Source: TwinCities.com
Buy an Allianz Flex-Dex Bonus annuity, Stulen said that his independent agent instructed him, assuring him that the product was flexible enough to accommodate his needs. So Stulen used the $40,000 he had tucked away to do exactly that.
But when the Hutchinson resident later tried to dip into those funds to pay the medical bills he knew were coming, he was told he'd have to pay a steep surrender charge — a whopping $6,000 — because the annuity hadn't matured.
Allianz Misled Seniors On Annuities, Suit Says
Source: TwinCities.com
Permalink posted by armandn @ 11:19 AM
Sun Life Financial Wins DALBAR Service Award for Second Consecutive Year
The U.S. division of Sun Life Financial has been awarded DALBAR's Financial Intermediary Post-Sale Service Award for 2006, the second consecutive year that Sun Life has won this prestigious award. DALBAR, a firm that provides research and ratings on customer satisfaction and service in the financial services industry, annually honors financial companies that consistently exceed industry norms in post-sale servicing for brokers and broker dealers.
Sun Life Financial Wins DALBAR Service Award for Second Consecutive Year
Source: Yahoo! Finance
Sun Life Financial Wins DALBAR Service Award for Second Consecutive Year
Source: Yahoo! Finance
Permalink posted by armandn @ 11:12 AM
Tuesday, January 09, 2007
2007 Life Settlement Industry Outlook Report Released
Maple Life Financial announces the release of its 2007 Life Settlement Industry Outlook Report. Designed as a resource tool for agencies and advisors, the publication provides an inside look at where the industry is heading, including discussions on the top issues, insight from professionals, and valuable sales and marketing tips for 2007.
2007 Life Settlement Industry Outlook Report Released
Source: PR Newswire
2007 Life Settlement Industry Outlook Report Released
Source: PR Newswire
Permalink posted by armandn @ 11:02 AM
Private Annuity Trusts Await IRS Rule
Estate planners have largely stopped creating new private annuity trusts as they await a ruling next month that could limit the tax benefits of the trusts dramatically.
Private annuity trusts had been an increasingly popular vehicle for deferring taxes on the sale of property and other assets. But the Internal Revenue Service and U.S. Treasury Department issued a proposal in October that could make them much less attractive.
Private Annuity Trusts Await IRS Rule
Source: PR Newswire
Private annuity trusts had been an increasingly popular vehicle for deferring taxes on the sale of property and other assets. But the Internal Revenue Service and U.S. Treasury Department issued a proposal in October that could make them much less attractive.
Private Annuity Trusts Await IRS Rule
Source: PR Newswire
Permalink posted by armandn @ 7:36 AM
Amid Worry About the Solvency of Social Security , Those Over 50 Face The Long-Term Care Question
Insurance payrolls jumped by 3,500 in December, pushing industry employment higher by 45,500 for all of 2006. At year-end, insurance jobs totaled a record 2.320 million, up 1.8% from 2005. November’s payroll gain of 3,400 was revised slightly lower from initial reporting of 3,600. The Bureau of Labor Statistics released the seasonally adjusted data on Jan. 5.
Amid Worry About the Solvency of Social Security , Those Over 50 Face The Long-Term Care Question
Source: PRNewswire
Amid Worry About the Solvency of Social Security , Those Over 50 Face The Long-Term Care Question
Source: PRNewswire
Permalink posted by armandn @ 7:23 AM
Monday, January 08, 2007
Forecast for 2007: Changes, Challenges Lie Ahead
Members of LOMA’s Board of Directors share their thoughts on up-and-coming products, regulatory and legislative issues, M&A activity, technology’s role in the industry’s evolution, and other key issues.
Forecast for 2007: Changes, Challenges Lie Ahead
Source: LOMA.org
Forecast for 2007: Changes, Challenges Lie Ahead
Source: LOMA.org
Permalink posted by armandn @ 11:36 AM
John Hancock Launches Two New Fund of Funds
John Hancock Funds today announced that it has launched two new fund of funds products: the John Hancock International Allocation Portfolio, and the John Hancock Lifecycle Portfolios. Both are now available to retail investors through their financial advisers.
John Hancock Launches Two New Fund of Funds
Source: Yahoo! Finance
John Hancock Launches Two New Fund of Funds
Source: Yahoo! Finance
Permalink posted by armandn @ 11:34 AM
Bigger Life Insurers, Smaller Premiums
There is no such thing as being too big in the life insurance industry. So more consolidation - and the premium savings it often brings - is likely this year, according to industry analysts.
The "ultracompetitive" life insurance market will spark more mergers-and-acquisitions activity in 2007, said Kevin Ahern, a credit analyst with Standard & Poor's in New York.
Bigger Life Insurers, Smaller Premiums
Source: Investment News (subscription required)
The "ultracompetitive" life insurance market will spark more mergers-and-acquisitions activity in 2007, said Kevin Ahern, a credit analyst with Standard & Poor's in New York.
Bigger Life Insurers, Smaller Premiums
Source: Investment News (subscription required)
Permalink posted by armandn @ 11:32 AM
2006 Insurance Payrolls Soar 45,500 to Record High
Insurance payrolls jumped by 3,500 in December, pushing industry employment higher by 45,500 for all of 2006. At year-end, insurance jobs totaled a record 2.320 million, up 1.8% from 2005. November’s payroll gain of 3,400 was revised slightly lower from initial reporting of 3,600. The Bureau of Labor Statistics released the seasonally adjusted data on Jan. 5.
2006 Insurance Payrolls Soar 45,500 to Record High
Source: Insurance News Net
2006 Insurance Payrolls Soar 45,500 to Record High
Source: Insurance News Net
Permalink posted by armandn @ 11:27 AM
Friday, January 05, 2007
LOMA's Resource Survey
The life insurance industry should experience flat to modest growth in 2007, according to the annual forecast by the LOMA Board of Directors. The LOMA Board of Directors is composed of chairmen, presidents, CEOs and other top executives of leading insurance and financial services companies in the United States, Canada and internationally.
LOMA's Resource Survey
Source: Insurance News Net
LOMA's Resource Survey
Source: Insurance News Net
Permalink posted by armandn @ 12:16 PM
Designing a Successful Retirement Income Strategy
Helping your clients plan for retirement income requires a disciplined approach. It is becoming increasingly difficult to open a newspaper or magazine without being bombarded with news about the retirement of the Baby Boomer generation. But the fact of the matter is, this really is big news — not only for the 76 million boomers, but also for the ongoing success of your business.
Designing a Successful Retirement Income Strategy
Source: Insurance News Net
Designing a Successful Retirement Income Strategy
Source: Insurance News Net
Permalink posted by armandn @ 12:15 PM
New Research Suggests Variable Annuities May Be Dangerously Underpriced
Years ago, Moshe Milevsky was loved by all who disliked variable annuities. In a landmark study in the mid 1990s, the York University finance professor showed that variable annuities, which at the time offered mainly a guaranteed minimum death benefit, were overpriced.
At the time, Milevsky showed that insurance companies paid just 5 to 10 basis points, a fraction of 1%, to cover the cost of the guaranteed minimum death benefit -- but charged annuity holders upwards of 1.7% for what are called mortality and expense (M&E) fees.
New Research Suggests Variable Annuities May Be Dangerously Underpriced
Source: Market Watch
At the time, Milevsky showed that insurance companies paid just 5 to 10 basis points, a fraction of 1%, to cover the cost of the guaranteed minimum death benefit -- but charged annuity holders upwards of 1.7% for what are called mortality and expense (M&E) fees.
New Research Suggests Variable Annuities May Be Dangerously Underpriced
Source: Market Watch
Permalink posted by armandn @ 12:11 PM
Life Settlement Regulatory Proposals Continue to Make Waves
The discussion on how to curtail the sale of life insurance contracts initiated solely for the purpose of resale, which roiled the industry last year, will continue this year on several different fronts.
On Jan. 5, the National Conference of Insurance Legislators, Troy, N.Y., was to hold an informational conference call so that legislators could gather comments before determining actions to be taken.
Life Settlement Regulatory Proposals Continue to Make Waves
Source: National Underwriter (subscription required)
On Jan. 5, the National Conference of Insurance Legislators, Troy, N.Y., was to hold an informational conference call so that legislators could gather comments before determining actions to be taken.
Life Settlement Regulatory Proposals Continue to Make Waves
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 12:08 PM
Thursday, January 04, 2007
Prudential Financial Launches a New Individual Life Insurance Term Policy with a Money Back Guarantee
Prudential Financial, Inc. introduced today a new term life insurance policy that includes a money back guarantee. PruLife Return of Premium (ROP) Term, issued by Pruco Life Insurance Company (Pruco Life Insurance Company of New Jersey in NY and NJ) in 29 states**, offers consumers the powerful combination of valuable death benefit protection and the guaranteed return of all premiums paid if the insured lives past the end of the level premium paying period selected (15, 20 or 30 years).
Prudential Financial Launches a New Individual Life Insurance Term Policy with a Money Back Guarantee
Source: Yahoo! Finance
Prudential Financial Launches a New Individual Life Insurance Term Policy with a Money Back Guarantee
Source: Yahoo! Finance
Permalink posted by armandn @ 10:26 AM
Prudential Financial Launches a New Individual Life Insurance Term Policy with a Money Back Guarantee
Prudential Financial, Inc. introduced today a new term life insurance policy that includes a money back guarantee. PruLife Return of Premium (ROP) Term, issued by Pruco Life Insurance Company (Pruco Life Insurance Company of New Jersey in NY and NJ) in 29 states**, offers consumers the powerful combination of valuable death benefit protection and the guaranteed return of all premiums paid if the insured lives past the end of the level premium paying period selected (15, 20 or 30 years).
Prudential Financial Launches a New Individual Life Insurance Term Policy with a Money Back Guarantee
Source: Yahoo! Finance
Prudential Financial Launches a New Individual Life Insurance Term Policy with a Money Back Guarantee
Source: Yahoo! Finance
Permalink posted by armandn @ 10:26 AM
3Q Annuity Sales Up 9%, With VAs In The Lead
Individual annuity sales reached $58.7 billion in the 3rd quarter of 2006, making for a 9% increase over the same period in 2005, according to figures from LIMRA International, Windsor, Conn.
For the first 3 quarters of 2006, annuity sales totaled $177.9 billion, also up 9% over the same period in 2005, says LIMRA.
Variable annuities led the 3rd quarter results, reaching $37.9 billion, up 9% over the same year-earlier quarter, says LIMRA. For the first 3 quarters, VA sales hit $119.6 billion, up 18% compared to the same year-earlier period.
3Q Annuity Sales Up 9%, With VAs In The Lead
Source: National Underwriter (subscription required)
For the first 3 quarters of 2006, annuity sales totaled $177.9 billion, also up 9% over the same period in 2005, says LIMRA.
Variable annuities led the 3rd quarter results, reaching $37.9 billion, up 9% over the same year-earlier quarter, says LIMRA. For the first 3 quarters, VA sales hit $119.6 billion, up 18% compared to the same year-earlier period.
3Q Annuity Sales Up 9%, With VAs In The Lead
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 10:25 AM
Understanding Boomers' View on Retirement
According to the FDIC, boomers retirement income will center on Social Security and pension income. While Social Security is intended as a supplemental income, Americans relied on Social Security as the source for at least 80 percent of their income in 2003. This is just one statistic that reflects, generally, that retirees are seeking simple solutions to security, solutions they can rely on. This should turn on the light bulb for advisors to realize how important it is to focus on the “needs” of retiring boomers.
Understanding Boomers' View on Retirement
Source: Insurance News Net
Understanding Boomers' View on Retirement
Source: Insurance News Net
Permalink posted by armandn @ 10:22 AM
Prudential to Share Top-Tier Service Techniques at the LOMA Customer Service Conference
Prudential is recognized as a leading provider of excellent customer service and efficient operations. Patrice Kelly Ellis, senior vice president for Client Services at Prudential will provide insight on how the company provides such top-tier service and why it is critical for organizations to nurture a strong customer service culture, during the LOMA Customer Service Conference February 28-March 2, 2007 at the Mirage Las Vegas in Las Vegas, Nevada.
Prudential to Share Top-Tier Service Techniques at the LOMA Customer Service Conference
Source: PR Newswire
Prudential to Share Top-Tier Service Techniques at the LOMA Customer Service Conference
Source: PR Newswire
Permalink posted by armandn @ 10:14 AM
Wednesday, January 03, 2007
Greater Opportunities and Challenges Abound in '07 for U.S. Insurance Industry
According to some industry analysts, the battleground (or rather, the goldmine) for next year’s insurance industry will most likely be the demographic of retiring Americans. 2007 looks to be a year full of achievements, as well as challenges.
Greater Opportunities and Challenges Abound in '07 for U.S. Insurance Industry
Source: Insurance News Net
Greater Opportunities and Challenges Abound in '07 for U.S. Insurance Industry
Source: Insurance News Net
Permalink posted by armandn @ 10:28 AM
Tuesday, January 02, 2007
New York Life Introduces New Variable Annuity That Offers Growth Potential and Longevity Insurance
New York Life Insurance and Annuity Corporation (NYLIAC) announced today the introduction of the LifeStages Longevity Benefit Variable Annuity, which offers the tax-deferred growth potential of a variable annuity plus a stream of lifetime income for purchasers who live a long time and need protection against outliving their financial resources.
New York Life Introduces New Variable Annuity That Offers Growth Potential and Longevity Insurance
Source: dBusiness News
New York Life Introduces New Variable Annuity That Offers Growth Potential and Longevity Insurance
Source: dBusiness News
Permalink posted by armandn @ 11:37 AM
Financial Industries Corporation Completes Sale of Family Life Subsidiary to Manhattan Life
Financial Industries Corporation today announced that it has completed the previously announced sale of its wholly owned subsidiary, Family Life Insurance Company, to The Manhattan Life Insurance Company following receipt of approval for the transaction from the Texas Department of Insurance.
Financial Industries Corporation Completes Sale of Family Life Subsidiary to Manhattan Life
Source: Market Wire
Financial Industries Corporation Completes Sale of Family Life Subsidiary to Manhattan Life
Source: Market Wire
Permalink posted by armandn @ 11:28 AM
Take Test On Retirement Planning
Retirees today start with five to six times their average lifetime income, on average, according to Mauricio Soto, a senior associate at the Center for Retirement Research at Boston College.
"Most people today are fine, but Social Security replacement rates are going down and people are retiring earlier," he said.
As that happens, and with pensions and retiree health care disappearing, five times income isn't going to be enough, he said. "I'd say you're looking at needing between seven and 10 times income."
Take Test On Retirement Planning
Source: Hartford Courant
"Most people today are fine, but Social Security replacement rates are going down and people are retiring earlier," he said.
As that happens, and with pensions and retiree health care disappearing, five times income isn't going to be enough, he said. "I'd say you're looking at needing between seven and 10 times income."
Take Test On Retirement Planning
Source: Hartford Courant
Permalink posted by armandn @ 11:20 AM
Are GLWBs All They're Cracked Up To Be?
The guaranteed for life withdrawal benefit (GLWB) in variable annuities is being hailed as the answer to income needs in the retirement market. However, its limitations and suitability for satisfying consumer income needs (particularly when compared to life contingent payout annuities), need to be more fully understood, differentiated and disclosed. Otherwise, consumer, regulatory, and legal backlash are a real possibility.
Are GLWBs All They're Cracked Up To Be?
Source: National Underwriter (subscription required)
Are GLWBs All They're Cracked Up To Be?
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 11:17 AM
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