Wednesday, February 28, 2007
Majority of Americans Unprepared for Financial Impact of Disability, NAIC Study Shows
Most Americans are not prepared to deal with the possibility of becoming disabled and, in turn, unable to work, according to new research by the National Association of Insurance Commissioners (NAIC). More than half (56 percent) of U.S. adults say they would be unable to pay their bills or meet expenses if they became disabled and could not work for a year or longer, according to a January NAIC national consumer survey fielded by International Communications Research.
Majority of Americans Unprepared for Financial Impact of Disability, NAIC Study Shows
Source: Insurance News Net
Majority of Americans Unprepared for Financial Impact of Disability, NAIC Study Shows
Source: Insurance News Net
Permalink posted by armandn @ 12:22 PM 
Carrier to Sell VA Contract Through Independent MGAs
Old Mutual Financial Network has introduced the Beacon Navigator flexible-premium variable annuity.
Old Mutual, Atlanta, a unit of Old Mutual P.L.C., London, will be selling the contract through independent managing general agents, the company says.
Annuity purchasers can buy an account protection package that will give annuitants and their spouses a guaranteed minimum withdrawal benefit of 5% per year.
Carrier to Sell VA Contract Through Independent MGAs
Source: National Underwriter (subscription required)
Old Mutual, Atlanta, a unit of Old Mutual P.L.C., London, will be selling the contract through independent managing general agents, the company says.
Annuity purchasers can buy an account protection package that will give annuitants and their spouses a guaranteed minimum withdrawal benefit of 5% per year.
Carrier to Sell VA Contract Through Independent MGAs
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 12:21 PM
Western & Southern Financial Group® Achieves Record Financial Results and Sharpens Focus on Core Businesses
Western & Southern Financial Group® (Western & Southern) announced today that it achieved record financial results in 2006 with net income of $306.1 million, a 14 percent increase over $267.8 million earned in 2005. According to John F. Barrett, Western & Southern chairman, president and chief executive officer, the growth in net income was the result of record operating earnings of $280.5 million, up 22 percent over $229.6 million in 2005, coupled with very solid investment performance.
Western & Southern Financial Group® Achieves Record Financial Results and Sharpens Focus on Core Businesses
Source: dBusiness News
Western & Southern Financial Group® Achieves Record Financial Results and Sharpens Focus on Core Businesses
Source: dBusiness News
Permalink posted by armandn @ 12:20 PM
John Hancock Sets Variable Annuity Sales Record in 2006
John Hancock Financial Services said today that full year sales of variable annuities reached a record $9.1 billion in 2006, up from their previous record of $7.9 billion in 2005. This full year increase of 15% marks the third consecutive year John Hancock has achieved record variable annuity sales growth.
John Hancock Sets Variable Annuity Sales Record in 2006
Source: Yahoo! Finance
John Hancock Sets Variable Annuity Sales Record in 2006
Source: Yahoo! Finance
Permalink posted by armandn @ 12:18 PM
Tuesday, February 27, 2007
MetLife Increases Compounding Income Base Component to 6% on GMIB Plus/Predictor Plus Rider with Variable Annuities
MetLife announced today that it increased the compounding income base component to 6%, up from 5%, on its enhanced Guaranteed Minimum Income Benefit riders (GMIB Plus(SM) and Predictor Plus(SM)). The 6% compounding income base (known as the annual increase amount*) is used to calculate future minimum income payments, and gives customers the ability to generate potentially increased lifetime income payments, regardless of market conditions.
MetLife Increases Compounding Income Base Component to 6% on GMIB Plus/Predictor Plus Rider with Variable Annuities
Source: Yahoo! Finance
MetLife Increases Compounding Income Base Component to 6% on GMIB Plus/Predictor Plus Rider with Variable Annuities
Source: Yahoo! Finance
Permalink posted by armandn @ 12:11 PM
Life Insurance Conference Examines Key Distribution and Marketing Trends
Life settlements, bank insurance, and consumer motivation are just some distribution and marketing topics on slate for the fifth annual Life Insurance Conference, April 16-18, 2007 at the Westin Peachtree Plaza, Atlanta, GA.
The market for life settlements could reach $160 billion within the next several years and this product continues to be a hot topic of suitability, compliance and ethical debate. The Life Insurance Conference will present a variety of insights on the current state of-and future prospects for-this particular product and niche market.
Life Insurance Conference Examines Key Distribution and Marketing Trends
Source: PR Newswire
The market for life settlements could reach $160 billion within the next several years and this product continues to be a hot topic of suitability, compliance and ethical debate. The Life Insurance Conference will present a variety of insights on the current state of-and future prospects for-this particular product and niche market.
Life Insurance Conference Examines Key Distribution and Marketing Trends
Source: PR Newswire
Permalink posted by armandn @ 12:10 PM
John Hancock Creates New Retirement Income and Rollover Solutions Business Unit
John Hancock today announced that it has launched a new business unit to develop integrated lifetime retirement solutions for individuals, utilizing the products and services provided by its Wealth Management businesses. Already a leader in variable annuities, mutual funds and 401(k) financial products, John Hancock has formed the new Retirement Income and Rollover Solutions business unit specifically to create new solutions that compliment and complete clients' lifetime retirement income goals.
John Hancock Creates New Retirement Income and Rollover Solutions Business Unit
Source: Yahoo! Finance
John Hancock Creates New Retirement Income and Rollover Solutions Business Unit
Source: Yahoo! Finance
Permalink posted by armandn @ 11:33 AM
Monday, February 26, 2007
Deloitte Finds Widespread Ignorance of Reserving Shift
Many insurance company executives are too unfamiliar with principles-based reserving efforts to answer basic questions about how their companies are preparing for the change.
Consultants from the Chicago, Washington and Richmond, Va., offices of Deloitte & Touche USA presented figures supporting that conclusion in a summary of results from a recent insurance company executive survey.
Deloitte Finds Widespread Ignorance of Reserving Shift
Source: National Underwriter (subscription required)
Consultants from the Chicago, Washington and Richmond, Va., offices of Deloitte & Touche USA presented figures supporting that conclusion in a summary of results from a recent insurance company executive survey.
Deloitte Finds Widespread Ignorance of Reserving Shift
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 8:46 AM
A.M. Best Requests Public Comment on Draft U.S. Life Insurance Liquidity Model Methodology
A.M. Best Co. is requesting public comments from market participants in the U.S. life insurance industry and other interested parties on a draft methodology document titled "A.M. Best’s U.S. Life Insurance Liquidity Model." The draft document will be available on the “Rating Methodology Section” of A.M. Best’s website. (Please visit http://www.ambest.com/ratings/methodology to download a PDF copy of the document.)
A.M. Best Requests Public Comment on Draft U.S. Life Insurance Liquidity Model Methodology
Source: dBusiness News
A.M. Best Requests Public Comment on Draft U.S. Life Insurance Liquidity Model Methodology
Source: dBusiness News
Permalink posted by armandn @ 8:42 AM
Class Action Litigation Looms As New Hurdle for EIA Insurers
Add class action litigation to the regulatory controversies, bad press and other woes plaguing insurers that sell equity index annuities.
A magistrate for the U.S. District Court for the District of Hawaii in Honolulu this month recommended certification of a class action against Sioux Falls, S.D.-based Midland National Life Insurance Co. The class members — estimated at 600 to 700 — all were Hawaii residents 65 and older when they purchased Midland EIAs between May 2001 and May 2005.
Class Action Litigation Looms As New Hurdle for EIA Insurers
Source: Investment News (subscription required)
A magistrate for the U.S. District Court for the District of Hawaii in Honolulu this month recommended certification of a class action against Sioux Falls, S.D.-based Midland National Life Insurance Co. The class members — estimated at 600 to 700 — all were Hawaii residents 65 and older when they purchased Midland EIAs between May 2001 and May 2005.
Class Action Litigation Looms As New Hurdle for EIA Insurers
Source: Investment News (subscription required)
Permalink posted by armandn @ 8:40 AM
Cost of Term Life Insurance Products Hasn't Reached Bottom; Many Factors Behind Drop
As the downward pricing trend of term life insurance continues, questions persist as to the reason behind the drop.
It is clear that several factors influence price: increased efficiency of a company, different underwriting rules, increases in investments and competition. At the end of the day, however, most industry observers agree that increased life expectancies reflected through mortality tables is more likely driving the trend.
Cost of Term Life Insurance Products Hasn't Reached Bottom; Many Factors Behind Drop
Source: Biz Journals
It is clear that several factors influence price: increased efficiency of a company, different underwriting rules, increases in investments and competition. At the end of the day, however, most industry observers agree that increased life expectancies reflected through mortality tables is more likely driving the trend.
Cost of Term Life Insurance Products Hasn't Reached Bottom; Many Factors Behind Drop
Source: Biz Journals
Permalink posted by armandn @ 8:38 AM
Friday, February 23, 2007
Entirely New Life Insurance Challenges Convention
Symetra Life Insurance Company and Future System Advisors, LLC (FSA) have developed a product that offers a whole new way to utilize life insurance as a wealth management tool. Tailor made for financial planners working with higher net worth clients, this solution allows clients to maximize financial growth while ensuring assets can later pass to heirs free of federal income taxes(1).
Entirely New Life Insurance Challenges Convention
Source: PR Newswire
Entirely New Life Insurance Challenges Convention
Source: PR Newswire
Permalink posted by armandn @ 12:34 PM
McCarran Repeal Legislation Introduced
Legislation introduced in the Senate on Feb. 15 that would repeal the insurance industry’s antitrust exemption under the McCarran-Ferguson Act would impose federal regulation on top of state regulation, according to industry officials and lawyers.
McCarran Repeal Legislation Introduced
Source: National Underwriter
McCarran Repeal Legislation Introduced
Source: National Underwriter
Permalink posted by armandn @ 12:32 PM
Long-Term Care: To Buy or Not to Buy?
As long-term care becomes an increasingly "hot topic" as baby boomers enter retirement, many retirees are left with the confusing question: "Should I buy long-term care insurance? Is it worth it?"
A long-term care policy is one way of protecting your assets if you or your spouse falls ill. Similar to a personalized financial plan, long-term care policies are as unique as the buyers themselves. Speaking with your financial advisor can provide you with necessary information tailored to your specific situation and needs.
Long-Term Care: To Buy or Not to Buy?
Source: PR Newswire
A long-term care policy is one way of protecting your assets if you or your spouse falls ill. Similar to a personalized financial plan, long-term care policies are as unique as the buyers themselves. Speaking with your financial advisor can provide you with necessary information tailored to your specific situation and needs.
Long-Term Care: To Buy or Not to Buy?
Source: PR Newswire
Permalink posted by armandn @ 12:30 PM
Great American Confirms Buyout Offer
Insurance holding company Great American Financial Resources Inc. confirmed Friday majority-owner American Financial Group Inc. offered to pay $23.50 per share in cash for the remaining 19 percent of the company it doesn't already own.
Great American Confirms Buyout Offer
Source: Yahoo! Finance
Great American Confirms Buyout Offer
Source: Yahoo! Finance
Permalink posted by armandn @ 12:15 PM
Wednesday, February 21, 2007
John Hancock's Leading Edge Long Term Care Insurance Product Now Available In 42 States
John Hancock Life Insurance Company's ground-breaking Leading Edge long term care insurance (LTCI) product has been approved for sale in 42 states, including Florida and Georgia, the company said today.
Leading Edge, the industry's first LTCI policy specifically designed to meet the needs and budgets of Baby Boomers, significantly reduces the expense and complexity of buying LTCI.
John Hancock's Leading Edge Long Term Care Insurance Product Now Available In 42 States
Source: Yahoo! Finance
Leading Edge, the industry's first LTCI policy specifically designed to meet the needs and budgets of Baby Boomers, significantly reduces the expense and complexity of buying LTCI.
John Hancock's Leading Edge Long Term Care Insurance Product Now Available In 42 States
Source: Yahoo! Finance
Permalink posted by armandn @ 11:09 AM
Indiana Teachers Sue Association Consultant, MetLife
Several northwestern Indiana teachers have sued Metlife and a consultant to the Indiana State Teachers Association, accusing the defendants of rigging retirement options to favor the financial services company.
The lawsuit contends that Metlife paid an ISTA unit to promote Metlife over other insurance options in a bid to control up to $1 billion in retirement funds.
Indiana Teachers Sue Association Consultant, MetLife
Source: Insurance Journal
The lawsuit contends that Metlife paid an ISTA unit to promote Metlife over other insurance options in a bid to control up to $1 billion in retirement funds.
Indiana Teachers Sue Association Consultant, MetLife
Source: Insurance Journal
Permalink posted by armandn @ 11:06 AM
A Lively Market in 'Death Bonds'
Your life insurance is meant as a hedge against personal tragedy. Wall Street increasingly wants to invest in it like a security.
Some of the world's largest insurers and investment banks are selling bonds linked to life insurance and the immense cash flows associated with it. They are hoping to do something similar to what home lenders did in recent decades, when they packaged mortgages into securities that could be purchased by third parties and traded in a huge secondary market.
A Lively Market in 'Death Bonds'
Source: Wall Street Journal (subscription required)
Some of the world's largest insurers and investment banks are selling bonds linked to life insurance and the immense cash flows associated with it. They are hoping to do something similar to what home lenders did in recent decades, when they packaged mortgages into securities that could be purchased by third parties and traded in a huge secondary market.
A Lively Market in 'Death Bonds'
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 11:05 AM
Tuesday, February 20, 2007
John Hancock Re-Prices its Accumulation Universal Life Product
John Hancock has re-priced its Accumulation UL policy, a universal life insurance policy designed to meet the needs of high net worth individuals and business owners who are seeking death benefit protection and the potential to accumulate significant policy cash value.
With its improved pricing, the new Accumulation UL offers better cash value accumulation potential, attractive retirement income and high early surrender values, at all ages and funding patterns.
John Hancock Re-Prices its Accumulation Universal Life Product
Source: Yahoo! Finance
With its improved pricing, the new Accumulation UL offers better cash value accumulation potential, attractive retirement income and high early surrender values, at all ages and funding patterns.
John Hancock Re-Prices its Accumulation Universal Life Product
Source: Yahoo! Finance
Permalink posted by armandn @ 10:27 AM
Are You Over Insured?
It used to be that one of the biggest mistakes people made was not having enough insurance.
Now, it's likely that the opposite is true, as insurers flog all sorts of new products and features -- from a free tow when your car breaks down, to special help paying off debts if you get sick. Some consumers also are paying too much for extra and perhaps unnecessary coverage.
Are You Over Insured?
Source: Wall Street Journal (subscription required)
Now, it's likely that the opposite is true, as insurers flog all sorts of new products and features -- from a free tow when your car breaks down, to special help paying off debts if you get sick. Some consumers also are paying too much for extra and perhaps unnecessary coverage.
Are You Over Insured?
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 10:24 AM
John Hancock Launches "Venture Vision" Level Load Variable Annuity
John Hancock Annuities has announced the addition of the Venture Vision variable annuity to its product lineup. Venture Vision, which unlike many deferred annuities does not impose a surrender charge on withdrawals, became available through John Hancock's distribution network in most states effective Monday, February 12.
John Hancock Launches "Venture Vision" Level Load Variable Annuity
Source: PR Newswire
John Hancock Launches "Venture Vision" Level Load Variable Annuity
Source: PR Newswire
Permalink posted by armandn @ 9:58 AM
Annuity Abuses Bring Call for Law
Variable annuities are confusing, expensive and loaded with fees. They also can be useful in the right circumstances.
The question for Oregon lawmakers this year is whether regulations should be tightened to curb abuses in the sale of these hybrids, which are basically mutual funds with a life insurance component.
Annuity Abuses Bring Call for Law
Source: Insurance News Net
The question for Oregon lawmakers this year is whether regulations should be tightened to curb abuses in the sale of these hybrids, which are basically mutual funds with a life insurance component.
Annuity Abuses Bring Call for Law
Source: Insurance News Net
Permalink posted by armandn @ 9:53 AM
Friday, February 16, 2007
NASD Charges Two Former Prudential Brokers With Facilitating Hedge Fund Manager's Deceptive Market Timing in Variable Annuities
NASD announced today that it has charged two Utah brokers, Jeffrey Doerr and David Corn, with facilitating a hedge fund manager's deceptive practices to market time through variable annuities offered by three different life insurance companies. Both Doerr and Corn were registered with Prudential Securities, Inc. (PSI) - now known as Prudential Equity Group - but have since left the firm. NASD also charged the brokers' branch manager, Darrel Trost, with failing to supervise their activities.
NASD Charges Two Former Prudential Brokers With Facilitating Hedge Fund Manager's Deceptive Market Timing in Variable Annuities
Source: Insurance News Net
NASD Charges Two Former Prudential Brokers With Facilitating Hedge Fund Manager's Deceptive Market Timing in Variable Annuities
Source: Insurance News Net
Permalink posted by armandn @ 6:18 AM
Ex-Insurance Chief Sees Need for Change
Former New York Superintendent of Insurance Howard Mills believes improvements are necessary in state and federal regulations of the insurance industry.
The state regulatory scheme has certain strengths in the areas of solvency monitoring and consumer protection, he said, but falls short in areas such as speed-to-market issues, transportability of products and enabling the industry to be faster with innovations.
Ex-Insurance Chief Sees Need for Change
Source: Biz Journals
The state regulatory scheme has certain strengths in the areas of solvency monitoring and consumer protection, he said, but falls short in areas such as speed-to-market issues, transportability of products and enabling the industry to be faster with innovations.
Ex-Insurance Chief Sees Need for Change
Source: Biz Journals
Permalink posted by armandn @ 6:17 AM
Family Finances: How To Make Your Life Insurance Premiums Smaller
You probably need life insurance if you have a family or are planning one. But life insurance is expensive -- don't buy it if you don't need it.
It typically doesn't pay to have life insurance if you're single and have no one depending on your income. Nor does it pay to have life insurance policies for children. There are much better ways to invest for them.
Family Finances: How To Make Your Life Insurance Premiums Smaller
Source: Post-Gazette
It typically doesn't pay to have life insurance if you're single and have no one depending on your income. Nor does it pay to have life insurance policies for children. There are much better ways to invest for them.
Family Finances: How To Make Your Life Insurance Premiums Smaller
Source: Post-Gazette
Permalink posted by armandn @ 6:15 AM
IRS Sets Rules For FSA-to-HSA Rollovers
The Internal Revenue Service has come up with complicated procedures for employers that want to help employees shift unused flexible spending account assets into health savings accounts.
IRS Sets Rules For FSA-to-HSA Rollovers
Source: National Underwriter (subscription required)
IRS Sets Rules For FSA-to-HSA Rollovers
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 6:13 AM
Thursday, February 15, 2007
For Better or Worse...Travelers Launches Wedding Insurance
More than 3,000 weddings take place every day in the U.S., with the average cost now reaching $27,000 each. Recognizing that the "big day" comes with a mighty financial commitment, Travelers announced today the launch of the Wedding Protector Plan, an insurance policy covering weddings.
For Better or Worse...Travelers Launches Wedding Insurance
Source: Insurance Journal
For Better or Worse...Travelers Launches Wedding Insurance
Source: Insurance Journal
Permalink posted by armandn @ 7:54 AM
NASD: Comp Not Valid Reason to Convert Rep's Business
A financial services company is not supposed to replace all of the variable annuities held by customers of a rep who comes over from a competitor just because the rep will have trouble getting trailing commissions from the competitor.
NASD: Comp Not Valid Reason to Convert Rep's Business
Source: National Underwriter (subscription required)
NASD: Comp Not Valid Reason to Convert Rep's Business
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 7:52 AM
Consumers Should Carefully Consider Decision to Replace Life Insurance Products
Before making a decision to replace a life insurance or annuity product, consumers should ask questions and fully consider the long-range result, advises the Insurance Marketplace Standards Association (IMSA).
"Is replacing one financial service product with another always a bad idea? No. There can be very valid reasons for considering the replacement of one product with another," said IMSA President & CEO Brian Atchinson. "However, that recommendation by an agent, bank employee or other sales professional should be made only after careful consideration of a client's long-term financial objectives and insurance needs, and an explanation of the new product features and the impact of exchanging one product for another."
Consumers Should Carefully Consider Decision to Replace Life Insurance Products
Source: Market Wire
"Is replacing one financial service product with another always a bad idea? No. There can be very valid reasons for considering the replacement of one product with another," said IMSA President & CEO Brian Atchinson. "However, that recommendation by an agent, bank employee or other sales professional should be made only after careful consideration of a client's long-term financial objectives and insurance needs, and an explanation of the new product features and the impact of exchanging one product for another."
Consumers Should Carefully Consider Decision to Replace Life Insurance Products
Source: Market Wire
Permalink posted by armandn @ 7:44 AM
MetLife Faces Challenges in 2007
The chief executive of MetLife, one of the nation's biggest insurance companies, said the company would face challenges this year because of the current interest rate environment, but reiterated that profit growth would be strong.
MetLife Faces Challenges in 2007
Source: Forbes
MetLife Faces Challenges in 2007
Source: Forbes
Permalink posted by armandn @ 7:39 AM
Wednesday, February 14, 2007
A Timeline of the Red Umbrella
Citigroup's ubiquitous umbrella logo, which was adopted by Travelers more than a century ago to represent its protection against "a rainy day," will now return to the insurance company. Here's a brief history of the red umbrella.
A Timeline of the Red Umbrella
Source: Wall Street Journal (subscription required)
A Timeline of the Red Umbrella
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 12:17 PM
Handling Insurance In Divorce
Insurance and financial advisers need to know the basics on handling insurance policies for the sake of both parties in a divorce.
When people are going through divorce, they think about their children, ongoing support, and how to divide their property. But seldom do they think about insurance. Many of the insurance decisions need to be made before the divorce is final. In any case, knowledge of some of the issues is essential.
Handling Insurance In Divorce
Source: Life Insurance Selling
When people are going through divorce, they think about their children, ongoing support, and how to divide their property. But seldom do they think about insurance. Many of the insurance decisions need to be made before the divorce is final. In any case, knowledge of some of the issues is essential.
Handling Insurance In Divorce
Source: Life Insurance Selling
Permalink posted by armandn @ 12:15 PM
Schwab's New '15-Minute IRA' Make It Easier Than Ever to Open and Fund an Individual Retirement Account
To make it as simple as possible for people to save for retirement, Charles Schwab & Co. Inc. has launched the "15-Minute IRA," a step-by-step process that makes it quick and easy to open an IRA account online. Selecting an investment vehicle can be as simple as choosing from among four Schwab Target date mutual funds, designed to adjust over time to help meet retirement goals, included on the application.
Schwab's New '15-Minute IRA' Make It Easier Than Ever to Open and Fund an Individual Retirement Account
Source: PR Newswire
Schwab's New '15-Minute IRA' Make It Easier Than Ever to Open and Fund an Individual Retirement Account
Source: PR Newswire
Permalink posted by armandn @ 12:13 PM
MetLife Profits Wallop Last Year's Numbers
MetLife, the largest life insurance company in the United States, said on Tuesday fourth-quarter earnings increased fivefold from a year ago on gains from the sale of New York apartment complexes and higher revenues.
Analysts and investors had expected the apartment sale to boost earnings but were surprised by the 10 percent gain in revenues, which enabled MetLife to beat their estimates by 18 cents a share.
MetLife Profits Wallop Last Year's Numbers
Source: CNN/Money
Analysts and investors had expected the apartment sale to boost earnings but were surprised by the 10 percent gain in revenues, which enabled MetLife to beat their estimates by 18 cents a share.
MetLife Profits Wallop Last Year's Numbers
Source: CNN/Money
Permalink posted by armandn @ 12:06 PM
Monday, February 12, 2007
Boomer Needs Create Opportunity: Annuities Take a New Direction
Baby boomers will want annuities with features tailored to fit their retirement needs.
The oldest "boomers" have now turned 60. Those born between 1946 and 1964, sometimes referred to as The New America, collectively number 78 million strong.
Boomer Needs Create Opportunity: Annuities Take a New Direction
Source: Life Insurance Selling
The oldest "boomers" have now turned 60. Those born between 1946 and 1964, sometimes referred to as The New America, collectively number 78 million strong.
Boomer Needs Create Opportunity: Annuities Take a New Direction
Source: Life Insurance Selling
Permalink posted by armandn @ 11:20 AM
NAVA Launches Industry-Wide Initiative to Standardize an Automated Annuity Sales Process
NAVA today announced an industry-backed initiative to establish a comprehensive set of standards for simplifying and improving the electronic annuity purchasing process for consumers, insurers, distributors, and regulators. The goal of NAVA's Straight-Through Processing Standards Initiative (STP Initiative) is to (1) create a set of operational standards for a process that is paper free, (2) garner regulatory acceptance of the process and (3) assist the industry in the implementation of the STP standards. In agreeing with these uniform processes and procedures, the industry intends to establish a means of delivering clearer information about annuities to better inform consumers.
NAVA Launches Industry-Wide Initiative to Standardize an Automated Annuity Sales Process
Insurance News Net
NAVA Launches Industry-Wide Initiative to Standardize an Automated Annuity Sales Process
Insurance News Net
Permalink posted by armandn @ 11:18 AM
National Planning Corporation Launches ETF-Based 401(k) Program
National Planning Corporation (NPC) today announced the launch of a 401(k) retirement plan program designed for small and mid-sized companies that gives all plan participants access to personalized, one-on-one investment advice from an experienced financial advisor. The program uses exchange-traded funds (ETFs) designed and managed by Avatar Associates as the plan’s primary investment option.
National Planning Corporation Launches ETF-Based 401(k) Program
Source: Business Wire/Google News
National Planning Corporation Launches ETF-Based 401(k) Program
Source: Business Wire/Google News
Permalink posted by armandn @ 11:17 AM
Rich In Life, Rich In Death
It's showtime for Barry Kaye. The Boca Raton businessman, who gives seminars on life insurance, is proselytizing on how wealthy people can leave millions of dollars to their children and favorite charities.He is impossible to ignore. Kaye's baritone voice and sweeping hand gestures snap you to attention. His delivery is so intense, so energetic, it's hard to believe he's 78 years old. Imagine a charismatic speaker, a Billy Graham or a Barack Obama, selling life insurance, and you have Barry Kaye.
Rich In Life, Rich In Death
Source: Sun-Sentinel
Rich In Life, Rich In Death
Source: Sun-Sentinel
Permalink posted by armandn @ 11:15 AM
Friday, February 09, 2007
Equity-Indexed Annuities, Evolving
EIAs continue to cause a lot of scratching of heads – some experts think they are perfect for retirees because of the balance of risk and guarantees, while others say “don’t do it.”
It’s becoming more likely that EIAs will evolve to lure participation from the banking industry pretty soon. Perhaps sooner than we expect.
Equity-Indexed Annuities, Evolving
Source: Insurance News Net
It’s becoming more likely that EIAs will evolve to lure participation from the banking industry pretty soon. Perhaps sooner than we expect.
Equity-Indexed Annuities, Evolving
Source: Insurance News Net
Permalink posted by armandn @ 9:48 AM
NASD Investor Alert Cautions Investors About Life Settlements
NASD today warned seniors about the potential pitfalls of selling their existing life insurance polices for cash in transactions known as "life settlements" or "senior settlements."
The transaction involves selling a life insurance policy that's no longer wanted or needed to a third party -- a person or business entity other than the insurance company that issued the policy -- typically for more than the policy's cash surrender value but less than its net death benefit.
NASD Investor Alert Cautions Investors About Life Settlements
Source: PR Newswire
The transaction involves selling a life insurance policy that's no longer wanted or needed to a third party -- a person or business entity other than the insurance company that issued the policy -- typically for more than the policy's cash surrender value but less than its net death benefit.
NASD Investor Alert Cautions Investors About Life Settlements
Source: PR Newswire
Permalink posted by armandn @ 9:47 AM
The Hartford, AARP Extend Longtime Sales Agreement
Selling auto and homeowners' insurance to AARP members has become a hugely important business to The Hartford - $2.7 billion of premiums last year alone - and the company will now have that exclusive arrangement at least until 2020.
The Hartford Financial Services Group Inc., which has sold through AARP since 1984, announced this week the extension of the agreement, which would have expired in 2010.
The Hartford, AARP Extend Longtime Sales Agreement
Source: Hartford Courant
The Hartford Financial Services Group Inc., which has sold through AARP since 1984, announced this week the extension of the agreement, which would have expired in 2010.
The Hartford, AARP Extend Longtime Sales Agreement
Source: Hartford Courant
Permalink posted by armandn @ 9:45 AM
John Hancock Enhances Its Protection Variable Universal Life
John Hancock has enhanced its guaranteed death benefit variable universal life insurance policy, Protection VUL,(1) with an improved Extended No-Lapse Guarantee rider (ENLG).
The new early funding option within the ENLG rider enables clients who opt within 10 policy years to meet the premium requirement for guaranteed death benefit coverage to realize significant savings.
John Hancock Enhances Its Protection Variable Universal Life
Source: PR Newswire
The new early funding option within the ENLG rider enables clients who opt within 10 policy years to meet the premium requirement for guaranteed death benefit coverage to realize significant savings.
John Hancock Enhances Its Protection Variable Universal Life
Source: PR Newswire
Permalink posted by armandn @ 9:38 AM
Thursday, February 08, 2007
AEGON Unit Unveils UL Product With 21% Cap
Transamerica Occidental Life Insurance Company has introduced the TransIndex UL policy.
The policy is an individual, flexible-premium, equity indexed universal life policy, according to Transamerica Occidental, Los Angeles.
AEGON Unit Unveils UL Product With 21% Cap
Source: National Underwriter (subscription required)
The policy is an individual, flexible-premium, equity indexed universal life policy, according to Transamerica Occidental, Los Angeles.
AEGON Unit Unveils UL Product With 21% Cap
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 6:44 AM
EIAs Get a Makeover to Shed Bad Image and Gain Bank Reps Support
In recent months equity-indexed annuities (EIAs), like the Hope Diamond, have become a magnet for publicity. Take the case of Allianz Life Insurance of North America. Allianz sold more than 4,900 deferred annuities including EIAs since 2000 - valued at around $260 million - to senior citizens over 70 in Minnesota. Last month, the state’s Attorney General Lori Swanson sued the insurance giant after numerous complaints from consumers who bought them.
EIAs Get a Makeover to Shed Bad Image and Gain Bank Reps Support
Source: Insurance News Net
EIAs Get a Makeover to Shed Bad Image and Gain Bank Reps Support
Source: Insurance News Net
Permalink posted by armandn @ 6:43 AM
Northwestern Mutual Reaches $1 Trillion of Life Insurance In Force
Northwestern Mutual announced today that it has reached $1 trillion(1) of individual life insurance protection in force(2), making it the first direct provider of life insurance -- and the only mutual company -- to reach such an historic milestone.
Northwestern Mutual Reaches $1 Trillion of Life Insurance In Force
Source: PR Newswire
Northwestern Mutual Reaches $1 Trillion of Life Insurance In Force
Source: PR Newswire
Permalink posted by armandn @ 6:41 AM
Young Doesn't Mean Invincible: A D.I. Message Worth Your Time
If someone was to tell you: “The odds of a 32 year-old suffering a serious disability of 90 days or longer before age 65, is six and a half more times likely than death.” What would you say?
Truth be told, those who fall into the above category, would soon realize, these disabilities last just under 5 years. Perhaps, statistics mean little to you now….Why? You are of the opinion that becoming disabled means you would fall into a category of unfortunate people and that’s just not you! You’re invincible. Perhaps.
Young Doesn't Mean Invincible: A D.I. Message Worth Your Time
Source: Insurance News Net
Truth be told, those who fall into the above category, would soon realize, these disabilities last just under 5 years. Perhaps, statistics mean little to you now….Why? You are of the opinion that becoming disabled means you would fall into a category of unfortunate people and that’s just not you! You’re invincible. Perhaps.
Young Doesn't Mean Invincible: A D.I. Message Worth Your Time
Source: Insurance News Net
Permalink posted by armandn @ 6:40 AM
MetLife Foundation Awards $300,000 to Alzheimer's Association to Expand Hispanic Outreach Efforts
Alzheimer's disease and other related dementias know no boundaries. To better assist the rapidly growing Hispanic/Latino community in the United States, which is at greater risk for Alzheimer's than the general population, and to provide helpful news about Alzheimer's, MetLife Foundation has awarded the Alzheimer's Association $300,000. The grant will fund Hispanic education initiatives nationally and the Association's internet news bureau. Over the past two decades, MetLife Foundation has contributed more than $3.2 million to the Alzheimer's Association.
MetLife Foundation Awards $300,000 to Alzheimer's Association to Expand Hispanic Outreach Efforts
Source: Yahoo! Finance
MetLife Foundation Awards $300,000 to Alzheimer's Association to Expand Hispanic Outreach Efforts
Source: Yahoo! Finance
Permalink posted by armandn @ 6:38 AM
Wednesday, February 07, 2007
Variable Annuities: The Lowdown
Insurance salesmen often push variable annuities -- mutual fund-like instruments (which generate hefty commissions) upon investors. But although there are now some annuities out there that are more attractive than those of yesteryear, in general annuities usually aren't the
Variable Annuities: The Lowdown
Source: Motley Fool
Variable Annuities: The Lowdown
Source: Motley Fool
Permalink posted by armandn @ 6:14 AM
Middle Class Has Itself To Blame For Many Of Its Financial Woes
Lou Dobbs, the strongly opinionated news commentator on CNN, is always asking why it takes middle-class American families two incomes "just to get by."
"It's time for answers," he demands.
Middle Class Has Itself To Blame For Many Of Its Financial Woes
Source: LA Times
"It's time for answers," he demands.
Middle Class Has Itself To Blame For Many Of Its Financial Woes
Source: LA Times
Permalink posted by armandn @ 6:13 AM
Baby Boomers: One Eye Open, One Eye Shut to Income Needs
This year’s latest batch of customer-tailored products which are particularly intended for post-retirement revenues are still being designed by annuity insurance companies.
Increasingly, insurance companies are paying attention to the concerns of American retirees even though many realize it’s still too early to be worrying about it. The retirement income market is still in its adolescent stages but is slowly reaching maturity. Not only companies, but advisors and producers are going through those growing pains as well.
Baby Boomers: One Eye Open, One Eye Shut to Income Needs
Source: Insurance News Net
Increasingly, insurance companies are paying attention to the concerns of American retirees even though many realize it’s still too early to be worrying about it. The retirement income market is still in its adolescent stages but is slowly reaching maturity. Not only companies, but advisors and producers are going through those growing pains as well.
Baby Boomers: One Eye Open, One Eye Shut to Income Needs
Source: Insurance News Net
Permalink posted by armandn @ 6:11 AM
Tuesday, February 06, 2007
Equity-Indexed Annuities Sales Take A Hit As Proposed Regulations Seek To Protect Naive Investors
As we know, EIAs offer both guaranteed principle and a guaranteed minimum interest rate and are tax-deferred. But what makes them different from other fixed annuities is that EIAs’ crediting rates are based on S&P 500 Index (or other stock market indexes selected by the company) performance.
Equity-Indexed Annuities Sales Take A Hit As Proposed Regulations Seek To Protect Naive Investors
Source: Insurance News Net
Equity-Indexed Annuities Sales Take A Hit As Proposed Regulations Seek To Protect Naive Investors
Source: Insurance News Net
Permalink posted by armandn @ 11:55 AM
New Website Educates Individuals on Value of Fixed Annuities in Strengthening Retirement Portfolios; Offers Access to Innovative Fixed Annuities
ELM Income Groupsm, Inc., independent insurance agents, announced today the launch of its new website, www.elmannuity.com. The new website helps individuals learn about the value of fixed annuities in retirement income planning, helps them review the ELM fixed annuity products, and helps them purchase products from the customer service centers of the insurers providing the products. The ELM purchase process lowers marketing costs, which generally works to increase the competitiveness of the interest rates and income payments offered by the ELM fixed annuities.
New Website Educates Individuals on Value of Fixed Annuities in Strengthening Retirement Portfolios
Source: Business Wire
New Website Educates Individuals on Value of Fixed Annuities in Strengthening Retirement Portfolios
Source: Business Wire
Permalink posted by armandn @ 11:54 AM
Nationwide Buys NWD for $225 Million
Nationwide Corp., a unit of Nationwide Financial Services, announced late Monday that it would buy the Philadelphia-based retail operations of NWD Investment Management.
According to the terms of the deal, Columbus, Ohio-based Nationwide will acquire the company for $225 million in cash, plus the value of tangible shareholders' equity on the balance sheet at closing.
Nationwide Buys NWD for $225 Million
Source: The Street
According to the terms of the deal, Columbus, Ohio-based Nationwide will acquire the company for $225 million in cash, plus the value of tangible shareholders' equity on the balance sheet at closing.
Nationwide Buys NWD for $225 Million
Source: The Street
Permalink posted by armandn @ 11:50 AM
Monday, February 05, 2007
Prudential Financial Dispels Common Tax Misconceptions in Series Geared toward 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 second in a series that will run through Monday, April 16.
Prudential Financial Dispels Common Tax Misconceptions in Series Geared toward Baby Boomers
Source: Yahoo! Finance
Prudential Financial Dispels Common Tax Misconceptions in Series Geared toward Baby Boomers
Source: Yahoo! Finance
Permalink posted by armandn @ 1:23 PM
Turning a Blind Eye To LTC Insurance
If given the choice between planning a will and discussing long-term-care needs, 55% of respondents in a recent survey said they would rather plan a will.
Turning a Blind Eye To LTC Insurance
Source: Investment News (subscription required)
Turning a Blind Eye To LTC Insurance
Source: Investment News (subscription required)
Permalink posted by armandn @ 1:22 PM
Non-Insurance Regulators Close In On Annuity Sales
Time was when state insurance departments ruled the roost where regulation of insurance and insurance sales was concerned. But increasingly, non-insurance regulators are muscling in on the action with insurance-related administrative and enforcement actions of their own.
Non-Insurance Regulators Close In On Annuity Sales
Source: National Underwriter (subscription required)
Non-Insurance Regulators Close In On Annuity Sales
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 1:20 PM
Life Insurers: Technology a Barrier in Growth Process
A number of life insurance executives recently surveyed by Deloitte & Touche USA LLP's insurance industry group related that technology is more likely to be considered a barrier at this point in time, rather than a strength. Many stated they can do better in terms of streamlining the growth processes to enhance the distributor and customer experience, and they do not believe their technology is as advanced as it can and should be.
Life Insurers: Technology a Barrier in Growth Process
Source: Insurance Networking News
Life Insurers: Technology a Barrier in Growth Process
Source: Insurance Networking News
Permalink posted by armandn @ 1:18 PM
Thursday, February 01, 2007
AXA Equitable Becomes First-Time Super Bowl Advertiser
AXA Equitable Life Insurance Company announced today that it will premier two new commercials in its recognized "800-pound gorilla" series of spots in selected cities in connection with Super Bowl XLI. This marks the first time in the company's history that AXA Equitable has advertised during the Super Bowl. The company will also begin advertising on a local basis in nine markets nationwide, an expansion from four markets last year.
"As the only insurer dedicating its entire broadcast advertising program to promoting the benefits of annuities, AXA Equitable delivers an excellent value proposition to the affluent pre-retirement market," said Barbara Goodstein, AXA Equitable's Executive Vice President of Marketing and Product Development. "The message of our ads - specifically guaranteed income for life - is quite a departure from the beverages and snacks promotions often seen during sporting events."
AXA Equitable Becomes First-Time Super Bowl Advertiser
Source: PR Newswire
"As the only insurer dedicating its entire broadcast advertising program to promoting the benefits of annuities, AXA Equitable delivers an excellent value proposition to the affluent pre-retirement market," said Barbara Goodstein, AXA Equitable's Executive Vice President of Marketing and Product Development. "The message of our ads - specifically guaranteed income for life - is quite a departure from the beverages and snacks promotions often seen during sporting events."
AXA Equitable Becomes First-Time Super Bowl Advertiser
Source: PR Newswire
Permalink posted by armandn @ 12:37 PM
NAIC Panel Unveils Nonforfeiture Draft
State regulators are moving ahead with efforts to update the rules that govern what customers get when they give up life insurance policies.
Members of the Life and Health Actuarial Task Force, an arm of the National Association of Insurance Commissioners, Kansas City, Mo., have voted during a recent conference call to expose the Standard Nonforfeiture for Law for Life Insurance draft to public review.
NAIC Panel Unveils Nonforfeiture Draft
Source: National Underwriter (subscription required)
Members of the Life and Health Actuarial Task Force, an arm of the National Association of Insurance Commissioners, Kansas City, Mo., have voted during a recent conference call to expose the Standard Nonforfeiture for Law for Life Insurance draft to public review.
NAIC Panel Unveils Nonforfeiture Draft
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 12:33 PM
Average Age of Canadians Shopping Online for Life Insurance Announced by Kanetix
Today, kanetix (www.kanetix.ca), Canada's insurance marketplace, released the results of a study that show the average age of shoppers getting online life insurance quotes through www.kanetix.ca/term-life-insurance was 42 in 2006.
“Life insurance is typically purchased when a person is going through the stages of life, typically referred to as life events,” explains Gregory Ellis, Co-founder of kanetix. “These are times in a person’s life, like getting married, starting a family, buying a home, starting a business and retiring, when financial protection is needed most. By age 42, most Canadians have reason to need life insurance, whether it’s to protect a mortgage, business partner or loved ones, and it only makes sense this is the average age when we come to fully appreciate and understand those needs.”
Average Age of Canadians Shopping Online for Life Insurance Announced by Kanetix
Source: The Open Press
“Life insurance is typically purchased when a person is going through the stages of life, typically referred to as life events,” explains Gregory Ellis, Co-founder of kanetix. “These are times in a person’s life, like getting married, starting a family, buying a home, starting a business and retiring, when financial protection is needed most. By age 42, most Canadians have reason to need life insurance, whether it’s to protect a mortgage, business partner or loved ones, and it only makes sense this is the average age when we come to fully appreciate and understand those needs.”
Average Age of Canadians Shopping Online for Life Insurance Announced by Kanetix
Source: The Open Press
Permalink posted by armandn @ 12:08 PM
Life Insurance Blunders to Avoid
Other than insurance salesmen, no one likes to talk about life insurance. After all, no one wants to be reminded about their looming death. However, it's hard not to suspect that keeping this subject taboo is more in the interest of insurance companies than consumers. Better informed buyers are more likely to spend wisely. And like dentistry, life insurance can't be ignored forever.
Five for the Money usually advises readers on how to spend or invest wisely. This week, we're twisting it slightly to look at some of the biggest mistakes people make after inhaling deeply and deciding that as adults, they should probably pick up some life insurance.
Life Insurance Blunders to Avoid
Source: Business Week
Five for the Money usually advises readers on how to spend or invest wisely. This week, we're twisting it slightly to look at some of the biggest mistakes people make after inhaling deeply and deciding that as adults, they should probably pick up some life insurance.
Life Insurance Blunders to Avoid
Source: Business Week
Permalink posted by armandn @ 12:06 PM
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