Wednesday, October 31, 2007

 

Nearly Half of American Voters Worry Their Retirement Plans Are Inadequate

Forty-five percent of American voters are not confident they will have the money to cover even their fixed monthly costs during retirement and one in six voters, or approximately 20 million voters, have no retirement plan at all according to a new national survey released today by Americans for Secure Retirement (ASR). The survey also finds broad support for tax incentives for lifetime annuities, which help strengthen financial security in retirement.

Nearly Half of American Voters Worry Their Retirement Plans Are Inadequate
Source: Insurance News Net

Permalink posted by armandn @ 10:22 AM
 

Ups and Downs, Ins and Outs of Buying Annuities as Part of Your Retirement Plans

Annuities are (a) a great way to make your money last as long as you do; (b) fee-laden, lousy investments pushed by greedy commission-hoarding salesmen; (c) so complicated they make your head hurt.

The correct answer, of course, is (d), all of the above. But I'm risking Excedrin headache number 65 to review some of the newer developments in the annuities market, because some of them are getting better. And because we're not getting any younger.

Ups and Downs, Ins and Outs of Buying Annuities as Part of Your Retirement Plans
Source: Boston.com

Permalink posted by armandn @ 10:21 AM
 

Lincoln National Corp. Net Income Drops 9.5% in Third Quarter

Lincoln National Corp.'s net income dropped 9.5 percent in the third quarter, and income from operations fell short of analysts' expectations.

Lincoln reported third-quarter net income of $329.6 million, or $1.21 a share, after the stock market closed on Tuesday. That compares with $364.1 million, or $1.29 a share, in the 2006 quarter.

Lincoln National Corp. Net Income Drops 9.5% in Third Quarter
Source: Hartford Courant

Permalink posted by armandn @ 10:17 AM
 

Long-Term Care Insurance Buyers Younger

Long-term insurance is appealing to an increasingly younger cohort of clients, a survey conducted by the American Association for Long-Term Care Insurance reported.

Long-Term Care Insurance Buyers Younger
Source: Investment News (subscription required)

Permalink posted by armandn @ 10:16 AM

Tuesday, October 30, 2007

 

Transamerica Launches New Business Division and Consumer Retirement Service, "SecurePath"

Transamerica Life Insurance Company, an AEGON company, launched a new business, Transamerica Retirement Management, Inc. This new division, being promoted to consumers as SecurePath by Transamerica, addresses the growing need of pre-retirees to secure income through retirement, as well as the multitude of non-financial issues involved with retirement transition.

Transamerica Launches New Business Division and Consumer Retirement Service, "SecurePath"
Source: Business Wire

Permalink posted by armandn @ 9:10 AM
 

Are You Saving Enough For Retirement?

One of the most vexing and controversial questions in planning for a financially secure retirement has to do with how much to save during your working years to maintain your standard of living in retirement. Fortunately, most retirees can live just as well on less than they made while they were working. Various studies suggest income "replacement rates" (typically defined as a percentage of your final working year's salary that would be required to maintain your standard of living) in the 60% to 80% range, with some advisors suggesting full replacement.

Are You Saving Enough For Retirement?
Source: Morningstar

Permalink posted by armandn @ 9:09 AM
 

Should You Continue to Sell Long-Term Care Insurance?

Expect rough sailing ahead if you have sold long-term insurance (LTCi) – at least if you’ve sold LTCi products from Genworth Financial Incorporated. Last month, Genworth Financial Inc. announced that it would raise premiums for existing customers by 8% to 12% on most of its LTCi policies starting October 2007.

Should You Continue to Sell Long-Term Care Insurance?
Source: Insurance News Net

Permalink posted by armandn @ 9:06 AM
 

MetLife Introduces Portability Enhancements to Group Term Life and AD&D Insurance Offerings

MetLife today announced a number of portability enhancements to its group term life and accidental death and dismemberment (AD&D) insurance benefits plans. Central to the enhancements is an increase in the number of circumstances for which a person is eligible for portability as well as doubling the maximum amount of life insurance an employee can “port.”

MetLife Introduces Portability Enhancements to Group Term Life and AD&D Insurance Offerings
Source: Yahoo! Finance

Permalink posted by armandn @ 9:04 AM

Monday, October 29, 2007

 

Estate Planning Can Help You Rest Easier

When you die without a will or trust, your estate -- meaning your assets -- generally gets swept into a process called probate, in which a court decides, based on state law, who gets what. Usually that means that what's left of your estate after your debts are paid goes to your surviving spouse and children. If there is no surviving spouse or children, your assets go to your nearest relatives by blood or adoption.

Estate Planning Can Help You Rest Easier
Source: LA Times

Permalink posted by armandn @ 9:52 AM
 

Insure.com Named as a 'Best Web Site' by Kiplinger's Personal Finance Magazine for Second Year in Row

Insure.com, Inc. today announced that it has been once again named as a "Best Site" for life insurance by Kiplinger's Personal Finance magazine in its November 2007 issue, which contains, for the second year in a row, a special report entitled "The Best List."

Insure.com Named as a 'Best Web Site' by Kiplinger's Personal Finance Magazine for Second Year in Row
Source: Business Wire

Permalink posted by armandn @ 9:49 AM
 

Jackson Marketing Efforts Earn Industry Accolades

Jackson National Life Insurance Company® (Jackson) today announced that “But What If I Live? The American Retirement Crisis” was named Best of Show in the Insurance & Financial Communicators Association’s (IFCA’s) 2007 awards competition. The book, a retirement guide for Baby Boomers by Gregory Salsbury, Ph.D., executive vice president of Jackson National Life Distributors LLC, earned top honors in the writing category.

Jackson Marketing Efforts Earn Industry Accolades
Source: Business Wire

Permalink posted by armandn @ 9:48 AM
 

American's Assets For Retirement Rise by $200 Billion

Americans have $16.6 trillion designated for retirement as of the end of the first quarter of 2007, according to the Investment Company Institute, the national association of U.S. investment companies, up more than $200 billion since the end of 2006. Individual Retirement Accounts held more than $4.3 trillion on March 30, up $100 billion from Dec. 31, 2006.

American's Assets For Retirement Rise by $200 Billion
Source: Financial-Planning.com

Permalink posted by armandn @ 9:44 AM

Friday, October 26, 2007

 

MetLife Blimp Program Celebrates 20 Years Since Maiden Voyage

MetLife, Inc. will celebrate the 20 th anniversary of the maiden voyage of the MetLife blimp program on October 27, 2007. The blimp program, a major part of MetLife’ s brand marketing mix consists of two blimps, “Snoopy One” and “Snoopy Two,” as well as a celebratory blimp, “Snoopy Three.” The blimps, which are the most recognized blimps in the United States, according to a MetLife advertising awareness study, provide aerial television coverage for sporting, news, and special events.

MetLife Blimp Program Celebrates 20 Years Since Maiden Voyage
Source: Insurance News Net

Permalink posted by armandn @ 7:29 AM
 

The Hartford Reports Net Income Up 12% and Life Assets Under Management up $65 Billion Over Prior Year

The Hartford Financial Services Group, Inc., one of the nation’s largest diversified financial companies, today reported third quarter 2007 net income of $851 million, or $2.68 per diluted share. The Hartford’s core earnings in the third quarter of 2007 were $1.06 billion, or $3.33 per diluted share. Financial performance for the third quarter of 2007 compared to the third quarter of 2006 is provided in the table below.

The Hartford Reports Net Income Up 12% and Life Assets Under Management up $65 Billion Over Prior Year
Source: Business Wire

Permalink posted by armandn @ 7:25 AM
 

Marketers Use Trickery to Evade No-Call Lists

Older Americans around the country are getting duped by a seemingly innocuous tactic that can expose them to hard-sell pitches from the insurance industry.

The technique is centered on a marketing tool called the lead card, and it became popular after the federal government created its Do Not Call Registry in 2003 to shield consumers from unwanted solicitors. Sent through the mail, the lead card invites the recipient to mail off an enclosed reply for free information about, say, estate planning.

Marketers Use Trickery to Evade No-Call Lists
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 7:23 AM

Thursday, October 25, 2007

 

Lincoln Financial Group Supports Long-Term Care Planning Month

According to U.S. Department of Health and Human Services, at least 60% of people over age 65 will require some form of long- term care services during their lives. And, that care will be expensive. In 2006, the average national cost of nursing home care was $171 per day or $62,415 per year for a semi-private room and $194 per day or $70,810 per year for a private room. The month of October is designated as Long-Term Care Planning Month to highlight the skyrocketing costs of healthcare and the need to protect yourself and your family. Lincoln Financial Group is leading the charge to educate Americans about the importance of planning to meet the expenses of long-term care and the many new options available to them. Purchasing a policy with long-term care coverage can offer protection from unexpected challenges to you retirement income security such as chronic illness or disability to ensure a sufficient nest egg for retirement.

Lincoln Financial Group Supports Long-Term Care Planning Month
Source: PR Newswire

Permalink posted by armandn @ 1:10 PM
 

Optional Federal Chartering Would Increase Competitiveness of Life Insurance Industry

A well-structured optional federal regulatory system would increase competitiveness, efficiency and innovation in the life insurance industry, according to a new study.

The study found that an optional federal chartering system (OFC) such as the one proposed in S. 40 and H.R. 3200 would reduce regulatory barriers that inhibit life insurers from achieving their full potential.

Optional Federal Chartering Would Increase Competitiveness of Life Insurance Industry
Source: Insurance News Net

Permalink posted by armandn @ 1:09 PM
 

Hancock LTC Chief Says Industry Should Stand By Its Record

Long-term-care insurers should view recent public scrutiny of the industry's claims-payment processes as an opportunity to defend their record and raise awareness of the products they offer, according to the chief of LTC insurance for John Hancock Life Insurance Co.

Hancock LTC Chief Says Industry Should Stand By Its Record
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 1:08 PM
 

Prudential Launches Wharton Executive Education Program

Prudential Annuities, the domestic annuity business for Prudential Financial, Inc. today announced that it has partnered with the University of Pennsylvania’s Wharton School to launch an executive education program for financial professionals. As part of an effort to further distinguish their Masters Council program, Prudential Annuities is offering select financial professionals an opportunity to attend A New Model for Understanding Retirement Risk, a unique two and a half day program offered through an exclusive partnership with the prestigious University of Pennsylvania business school. The program will provide financial professionals with extensive training in retirement income strategies.

Prudential Launches Wharton Executive Education Program
Source: Business Wire

Permalink posted by armandn @ 1:06 PM

Wednesday, October 24, 2007

 

Promising Security, U.S. Annuities Business Takes On A New Life

Wall Street swings between fear and greed. With U.S. stock markets hitting record highs this month, greed seems to be back in the saddle.

Still, the current wave of retirees, the first of the baby boomers, is as fearful as any group leaving the work force has ever been, many still shell-shocked from the bursting of the technology bubble five years ago, which wiped out huge paper gains.

This group is now looking at a future without gainful employment and only their often diminished portfolios to fall back on.

They do not like what they see.

Promising Security, U.S. Annuities Business Takes On A New Life
Source: International Herald Tribune

Permalink posted by armandn @ 6:49 AM
 

Life Settlement Transactions Benefit Both Client and Agent

It’s becoming increasingly mainstream. The policies purchased are even being packaged into one of Wall Street’s new investment products. And it can benefit both you and your clients. But for most life insurance agents, the questions surrounding life settlements are anything but settled.

Life Settlement Transactions Benefit Both Client and Agent
Source: Life Insurance Selling

Permalink posted by armandn @ 6:47 AM
 

IRAs for Kids: It's Never Too Soon

What's the best age to start saving for retirement? A common answer is when you start your first "real" job and can sign up for a 401(k) or other plan offered by your employer.

But often children are working long before that. If their parents encouraged it, probably even more young people would do appropriate work, such as babysitting or dog-walking, for pay. And that's all it takes to do what may be the best way to help your kids get a head start on retirement savings: Put some or all of their earnings into an IRA.

IRAs for Kids: It's Never Too Soon
Source: Yahoo! Finance

Permalink posted by armandn @ 6:46 AM
 

Prudential Annuities Wins Readers' Choice Award for Third Consecutive Year

Prudential Annuities announced today that for the third consecutive year, one of its variable annuity optional living benefits has won Boomer Market Advisor’s Readers’ Choice award. Prudential Annuities is Prudential Financial’s domestic annuity business.

Prudential Annuities Wins Readers' Choice Award for Third Consecutive Year
Source: Yahoo! Finance

Permalink posted by armandn @ 6:44 AM

Tuesday, October 23, 2007

 

Allianz Sees Demographic Change as Opportunity

Executives from three Allianz companies in the United States outlined ways financial companies are taking advantage of the nation’s changing demographic patterns through new product and service offerings today at a media roundtable. Three different aspects of this trend were addressed.

Allianz Sees Demographic Change as Opportunity
Source: Business Wire

Permalink posted by armandn @ 11:11 AM
 

The Ins and Outs of the Two-Tiered Annuity

A two-tiered annuity is a fixed annuity where the investment’s interest rate depends on the distribution option chosen by the owner. The insurance provider that issued the annuity uses a lower interest rate if the owner chooses to convert the contract as a lump sum during the surrender period and after the surrender period. A higher interest rate is used when the owner opts to receive a series of payouts over a period of time.

The Ins and Outs of the Two-Tiered Annuity
Source: Insurance News Net

Permalink posted by armandn @ 11:09 AM
 

Jackson National Nine-Month Sales Rise 20% to Nearly $10 Billion

Jackson National Life Insurance Company recorded total sales of more than $9.9 billion during the first nine months of 2007, up 20 percent from the same period a year ago. Retail sales in Jackson’s core life insurance and annuity product lines increased 21 percent year over year during the first nine months of 2007 to $8.3 billion, driven by a 33-percent year-over-year increase in variable annuity (VA) sales to $6.8 billion.

Jackson National Nine-Month Sales Rise 20% to Nearly $10 Billion
Source: Yahoo! Finance

Permalink posted by armandn @ 11:07 AM
 

Americans Flunk Long-Term Care Quiz

Most Americans have a good understanding of their risk of eventually needing long-term care (LTC), but wildly underestimate the cost while overestimating Medicare's role in paying for it. A survey of 959 people ages 21 to 75 released today found that most Americans lack the basic information necessary to insure that they and their families will be able to get good care, if the need arises. This survey is part of a national educational effort launched by John Hancock Life Insurance Company (Hancock). A majority of respondents failed the 14-question quiz on LTC basics, with most answering only six correctly.

Americans Flunk Long-Term Care Quiz
Source: PR Newswire

Permalink posted by armandn @ 11:02 AM

Monday, October 22, 2007

 

Phoenix, Jefferson agree to focus on fee-based advisers

The Phoenix Cos. Inc. has formed an alliance with Jefferson National Life Insurance Co. in which Phoenix will use the Jefferson technology platform to offer no-load variable annuities to fee-based advisers at wirehouses and regional broker-dealers... The annuities take the form of living-benefit riders to Phoenix investment products...

Investment News: Phoenix, Jefferson agree to focus on fee-based advisers

Permalink posted by markw @ 10:25 AM
 

Crump Group Announces New President for Life Insurance Services

Crump Group, Inc. announced today that Brian Winikoff has been named president of its life insurance services division and that Dave Obenauer has replaced Winikoff as chief financial officer of Crump Group, Inc. Both Winikoff and Obenauer report to John Howard, president and CEO of Crump Group, Inc...

...Crump Group, Inc. is the largest wholesale insurance distributor in the United States, and one of the leading U. S. providers of recordkeeping and support services to company-sponsored retirement plans...

dBusiness, Newark: Crump Group Announces New President for Life Insurance Services Division and New Corporate CFO

Permalink posted by markw @ 10:23 AM
 

Best Announces Rating Actions on Munich Re/Midland Acquisition

A.M. Best Co. has commented that the financial strength rating (FSR) of 'A+' (Superior) and the issuer credit ratings (ICR) of "aa-" of Germany's Munich Re Group and the FSR of 'A' (Excellent) and the ICRs of "a" of Munich Re America Corporation Group (MRACG) "remain unchanged following Munich's announcement that it intends to acquire The Midland Company"...

Insurance Journal: Best Announces Rating Actions on Munich Re/Midland Acquisition

Permalink posted by markw @ 10:21 AM
 

John Hancock Annuities Wins Two 'Best In Show' Awards From Insurance & Financial Communicators Association

John Hancock Annuities won two "Best in Show" awards from the Insurance & Financial Communicators Association (IFCA), presented at IFCA's Annual Meeting in Dallas, Texas, earlier this month. IFCA gave the top awards to John Hancock Annuities' advisor web site and to the John Hancock Venture Variable Annuity Sales Kit...

EarthTimes: John Hancock Annuities Wins Two 'Best In Show' Awards From Insurance & Financial Communicators Association

Permalink posted by markw @ 8:40 AM
 

MetLife Changes How Long-Term Care is Purchased with Launch of New Long-Term Care Insurance Product

Long-term care insurance (LTCI) has been getting a warmer reception from younger Baby Boomers. To meet this growing demand, MetLife today announced that it is introducing an innovative long-term care insurance solution for every stage of life called MetLife LTC LifeStage Advantage.

MetLife Changes How Long-Term Care is Purchased with Launch of New Long-Term Care Insurance Product
Source: Yahoo! Finance

Permalink posted by armandn @ 6:46 AM
 

New Funds Offer Annuity-Like Payouts But No Guarantees of Mutual Interest

Investors who use target-date funds to put their investments on cruise control until retirement face a common question: How will I manage my money so it holds out once I've stopped working?

A new type of mutual fund could appeal to some investors asking this question. Fidelity Investments, the nation's largest fund manager, this month rolled out a set of funds designed to provide enough of a return to last someone through retirement.

New Funds Offer Annuity-Like Payouts But No Guarantees of Mutual Interest
Source: Insurance News Net

Permalink posted by armandn @ 6:40 AM
 

Union Central Life Insurance Company Welcomed As Member of FHLBank of Cincinnati

The Union Central Life Insurance Company (Union Central) has been approved for membership at Federal Home Loan Bank of Cincinnati (FHLBank). Rated AA- (Very Strong) by Standard & Poor's, Union Central is the 12th insurance company to join FHLBank and is among more than 145 insurance companies in the 12-district FHLBank system. With $7.3 billion in assets, Union Central is affiliated with the UNIFI Companies, a mutual holding company that includes Ameritas Life, Acacia Life, Union Central Life and their affiliated companies. The UNIFI Companies offers a wide range of insurance and financial services to individuals, families and businesses.

Union Central Life Insurance Company Welcomed As Member of FHLBank of Cincinnati
Source: PrimeNewswire

Permalink posted by armandn @ 6:17 AM

Friday, October 19, 2007

 

ICI: Americans hold $16.6 trillion for retirement

Americans' assets earmarked for retirement rose to $16.6 trillion at the end of the 2007 first quarter, up more than $200 billion from the end of 2006, the Investment Company Institute said on Thursday...

The institute, which represents U.S. mutual funds and investment companies, previously issued an annual report on American retirement assets but said it would now do so on a quarterly basis... The new report also showed Individual Retirement Accounts (IRAs) held more than $4.3 trillion on March 30, up $100 billion from Dec. 31...

Reuters: Americans hold $16.6 trillion for retirement

Permalink posted by markw @ 8:01 AM
 

Think Twice About Equity-Indexed Annuities

These may not be the best bets for your mom and dad.

If you've ever heard of equity-indexed annuities (EIAs), there's a good chance you did so from your mom or dad. And there's a good chance they learned about them at a "free seminar." I know that that's how I first heard about them. My dad enjoyed the free meal and the sales pitch (er... seminar), but told me he was skeptical about the EIA he was being pitched. He understood that this particular EIA would put a cap on his potential gains. Well, it turns out dad may have been more right than he realized...

MSNBC: Think Twice About Equity-Indexed Annuities

Permalink posted by markw @ 7:54 AM
 

How to Check Out an Adviser

Q: I am considering hiring an investment adviser to handle a portion of my portfolio. Is there a way to check on whether any complaints have been filed against the adviser?

A: That's a great question. Too many people take the adviser's word for it and don't check out his or her records first. In fact, a recent survey by the Financial Industry Regulatory Authority found that 65% of seniors did not check the registration status of a broker and 78% did not check a broker's background for any broken laws or violations...

Kiplingers: How to Check Out an Adviser

Permalink posted by markw @ 7:53 AM
 

Obtaining life insurance for your children not a bad idea

We all buy health insurance, auto insurance, homeowners insurance and life insurance. But what about life insurance on our kids?

Life insurance for children is not something we ever think about. Buying life insurance for them is admitting the possibility that the unexpected could happen to them. Some of us may think that if we do not acknowledge this fact, then it cannot happen...

Bradenton.com: Obtaining life insurance for your children not a bad idea

Permalink posted by markw @ 7:50 AM
 

Big Plans for China's Life Insurance Market

Foreign firms' share of the overall insurance market is expected to hit 10% by 2010, according to a recent PricewaterhouseCoopers study

China's life insurance sector is becoming crowded. Just seven years ago there were no more than a dozen companies active in the market. At the end of 2006, this had risen to 46, over half of them foreign joint ventures.

At least 10 more foreign names are likely to be added to this list over the next three years, according to the majority of overseas insurers interviewed for a recent PricewaterhouseCoopers (PwC) survey. A similar number of respondents said they expect the foreign firms' share of the overall insurance market to hit 10% by 2010. Last year, this share stood at 5.9% in the life sector and 1.2% in the property and casualty sector...

Business Week: Big Plans for China's Life Insurance Market

Permalink posted by markw @ 7:42 AM
 

A.M. Best reviewing Midland subsidiaries' credit ratings

The announcement that Midland Co. will be acquired by a German firm has prompted a credit review by insurance rating agency A.M. Best Co... A.M. Best said Thursday it is placing the financial strength rating and issuer credit ratings of Midland subsidiary American Modern Insurance Group under review with negative implications. It also is reviewing the ratings of subsidiaries American Modern Life Insurance and Southern Pioneer Life Insurance Co. with developing implications.

BizJournals: A.M. Best reviewing Midland subsidiaries' credit ratings

Permalink posted by markw @ 7:40 AM

Wednesday, October 17, 2007

 

Pacific Life Adds Lifecycle Portfolio from Fidelity

Diversify. Diversify. Diversify. Clients with variable life insurance policies may hear this all the time but how do they achieve it? One way is through lifecycle portfolios, asset allocation strategies that automatically adjust over time. Pacific Life Insurance Company and Pacific Life & Annuity Company recently added the Fidelity VIP (Variable Insurance Portfolio) Freedom Income portfolio and five Fidelity VIP lifecycle portfolios to the investment options available through their variable universal life insurance products.

Pacific Life Adds Lifecycle Portfolio from Fidelity
Source: Business Wire

Permalink posted by armandn @ 8:09 AM
 

Set the Immediate Annuity Record Straight

According to a recent survey, financial advisors consider annuities to be the most popular investment vehicles today. The study showed 53% of financial advisors – significantly higher than last year – recommended annuities to their clients because of the built-in guarantees.

Set the Immediate Annuity Record Straight
Source: Insurance News Net

Permalink posted by armandn @ 8:08 AM
 

John Hancock Study of 401(k) Participants Investment Outcomes Reveals Common Investing Behaviors

A study commissioned by John Hancock showed common investing behaviors amongst 401(k) participants that selected their own investments. As well, the study showed that a large majority of non-Lifestyle participants, 84.2%, would have fared better in a single risk-equivalent Lifestyle Portfolio than they fared by selecting their own investments. In the 10-year analysis (1997-2006), participants who had chosen to allocate all of their contributions to a single Lifestyle Portfolio earned, on average, 7.2% versus 5.3% for the non-Lifestyle participants. (For further information, please see John Hancock Press Release of September 2007.

John Hancock Study of 401(k) Participants Investment Outcomes Reveals Common Investing Behaviors
Source: Yahoo! Finance

Permalink posted by armandn @ 8:07 AM
 

Nationwide Issues a Retirement Wake-Up Call During National Save for Retirement Week Oct. 21-27

A recent survey by Nationwide found that 50 percent of people worry about not having enough money when they retire. More and more people are looking to their employer for help in making important savings decisions. Nationwide recognizes the many demands placed on employers and is reaching out to plan sponsors during National Save for Retirement Week Oct. 21-27 with resources to help educate and engage employees in the retirement savings process.

Nationwide Issues a Retirement Wake-Up Call During National Save for Retirement Week Oct. 21-27
Source: Yahoo! Finance

Permalink posted by armandn @ 8:05 AM

Tuesday, October 16, 2007

 

First Baby Boomer Files for Social Security Benefits

Kathleen Casey-Kirschling filed for early retirement Monday, becoming the first baby boomer to start collecting Social-Security.

Born one second after midnight in January 1946, the retired teacher leads the way for as many as 80 million individuals who will qualify for the retirement payout.

First Baby Boomer Files for Social Security Benefits
Source: Fox News

Permalink posted by armandn @ 7:51 AM
 

Why Healthy People Should Consider Individual Disability Insurance

When you are healthy, purchasing disability insurance can seem counter-intuitive. Purchasing disability insurance protects your most precious financial asset: your ability to earn a living, says Frank N. Darras, the nation's leading disability and long-term care insurance lawyer.

Why Healthy People Should Consider Individual Disability Insurance
Source: PR Newswire

Permalink posted by armandn @ 7:50 AM
 

Buying Life Insurance is a Calculated Risk

Living longer is a good thing. And the insurance industry has taken note of Americans' longer life expectancies by steadily lowering the premiums for term life policies in the last decade.

According to the Insurance Information Institute, a trade group, premiums for term insurance now are less than half what they were in the mid-1990s. Steven Weisbart, the group's chief economist, said he expects rates to drop about 1 percent next year.

Buying Life Insurance is a Calculated Risk
Source: Insurance News Net

Permalink posted by armandn @ 7:49 AM
 

Aviva's New Wellness for Life Program Offers Wellness Services from Mayo Clinic Health Solutions

Aviva USA, part of Aviva plc, the world’s fifth largest insurance group, announced today that it will offer its insurance customers a variety of wellness products and services from Mayo Clinic Health Solutions. These wellness-oriented services are a core feature of Aviva’s new Wellness for Life Program that offers life insurance customers incentives and rewards for leading a healthy lifestyle.

Aviva's New Wellness for Life Program Offers Wellness Services from Mayo Clinic Health Solutions
Source: Business Wire

Permalink posted by armandn @ 7:47 AM

Monday, October 15, 2007

 

Get To Know Your Future Self

In 2006, the investment services category spent $3.5 billion(1) on advertising to tell consumers how to manage their money for their retirement years. Rather than speak to consumers in this way, Lincoln Financial Group will instead speak with individuals through its new national advertising campaign, which recognizes that no one knows what you want for your financial future better than you ... your futureself.

Get To Know Your Future Self
Source: Yahoo! Finance

Permalink posted by armandn @ 12:55 PM
 

Retiree Silence May Speak Volumes

Many of my long-term clients are retirees. I helped them plan for their transition in retirement from earned income to portfolio income. Typically, we used Monte Carlo simulations and historical audits to estimate their retirement needs and odds of success.

Recent events have made me aware of how difficult it is for retirees to grasp the psychological significance of retirement finances.

Retiree Silence May Speak Volumes
Source: Life Insurance Selling

Permalink posted by armandn @ 12:54 PM
 

Whole Live Enjoys Revival After Long Hibernation

Insurance companies are bringing whole-life insurance back into the fore, this time for a customer base of thirtysomethings.

In the past, whole life has lived in the shadow of term life insurance. The latter offers cheaper premiums and the attendant opportunity to invest elsewhere money that would have been spent on a costlier whole-life policy.

Whole Live Enjoys Revival After Long Hibernation
Source: Investment News (free)

Permalink posted by armandn @ 12:53 PM
 

Life Lights Up with Ultra Index Universal Life

With their industry sales growing 462 percent1 in just six years, indexed universal life products have caught on fire in the life insurance industry, practically making them the must-have product in any agent’s product arsenal. The reason for the sales heat up? For many customers, indexed universal life products not only answer their life insurance needs, but also what could be their desire for growth potential—with less risk than similar alternatives.

Life Lights Up with Ultra Index Universal Life
Source: Business Wire

Permalink posted by armandn @ 12:53 PM

Friday, October 12, 2007

 

New York Life's African-American Marketing Unit Launches Career Web Site and Resource Center

New York Life Insurance Company announced it has launched a Web site for African-Americans seeking information about the benefits of a career in life insurance at all stages of professional development.

New York Life's African-American Marketing Unit Launches Career Web Site and Resource Center
Source: Business Wire

Permalink posted by armandn @ 7:52 AM
 

Principal Introduces Wellness Incentive Program

A health insurer will cut health insurance costs up to 6% for group plan members who take steps to improve their own health.

Principal Financial Group Inc., Des Moines, Iowa, says it will require members of group plans that adopt the wellness incentive program to complete a health risk assessment and wellness screening process.

Principal Introduces Wellness Incentive Program
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:51 AM
 

Regulation Settles In For Life Settlement Industry

“The frost is on the pumpkin, and the hay is in the barn …” so goes a line from one of my favorite James Taylor songs, “Walking Man.” October is harvest time, and not just for the agricultural set. The life settlement industry, our main theme subject this month, is beginning to harvest greater credibility and respect as a member of the financial services community.

Regulation Settles In For Life Settlement Industry
Source: Life Insurance Selling

Permalink posted by armandn @ 7:51 AM
 

Surveys Say 401(k) Habits Vary By Race

Employers have begun to discover troubling racial differences within their 401(k) retirement plans, a gap they say could leave today's black workers far less financially prepared for retirement than whites.

Surveys Say 401(k) Habits Vary By Race
Source: CNN/Money

Permalink posted by armandn @ 7:49 AM
 

Ben Stein Talks About Investing

Most of us remember Ben Stein from the hit 1986 John Hughes comedy, "Ferris Bueller's Day Off,: where he gave that inimitable performance as the ever-droning high school teacher who labored to explain intellectually challenging economic concepts such as "voodoo economics" to a group of thoroughly disinterested teens.

Not unlike in the popular film, the affable economist, lawyer, former White House speechwriter, Hollywood personality and author is reprising his role as educator; but this time the subject is much more serious and the information he has to convey could be life altering, depending on whether or not his "students" actually pay attention.

Ben Stein Talks About Investing
Source: USA Today

Permalink posted by armandn @ 7:48 AM

Thursday, October 11, 2007

 

Building Your Financial House

“Imagine yourself living here,” is uttered by real estate agents daily. But when it comes to your financial house, how many of us avoid thinking ahead, “imagining ourselves there?” That’s why Pacific Life Insurance Company and Pacific Life & Annuity Company have introduced a new consumer education guide, Building Your Financial House, to help explain the benefits of owning permanent cash value life insurance.

Building Your Financial House
Source: Business Wire

Permalink posted by armandn @ 12:29 PM
 

AnnuitySpecs.com Data On Second-Quarter Equity-Indexed Annuity Rise Conflicts with LIMRA Numbers Showing Drop

Second-quarter 2007 sales of equity-indexed annuities in the United States rose nearly 4% to $6.6 billion from the same period a year ago, according to AnnuitySpecs.com.

However, according to data from Limra International, released last month, sales of indexed annuities dropped 2% from the prior-year second quarter to $6.4 billion.

AnnuitySpecs.com Data On Second-Quarter Equity-Indexed Annuity Rise Conflicts with LIMRA Numbers Showing Drop
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 12:27 PM
 

Transaction Transparency Has Arrived for Life Settlements

The concept of transparency in life settlement transactions is nothing new. Quite frankly, it was probably on the agenda of the first institutional funding company that ever considered investing in a life settlement portfolio. Since then, it has been widely debated, and finally the industry is on a path toward embracing it.

Transaction Transparency Has Arrived for Life Settlements
Source: Life Insurance Selling

Permalink posted by armandn @ 12:26 PM
 

Long-Term Insurance Gains Greater Importance in Estate-Planning Under Deficit Reduction Act of 2005

In some cities some lawyers are taking legal action against financial advisors who are unable to prove that they proposed long-term care insurance to their clients.

According to one source, lawyers lure potential plaintiffs with billboards and TV ads asking people if they have LTCi. If they don’t own an LTCi policy they are encouraged to call the advertising lawyers’ office. When people do call, the lawyers ask if they have advisors. If they have financial advisors the lawyers would say they might have a potential grounds for a lawsuit against them for not having offered elder care planning.

Long-Term Insurance Gains Greater Importance in Estate-Planning Under Deficit Reduction Act of 2005
Source: Insurance News Net

Permalink posted by armandn @ 12:25 PM

Wednesday, October 10, 2007

 

The Phoenix Companies Team Up With Jefferson National to Enter Fee-Based Advisor Market

The Phoenix Companies, Inc. and Jefferson National Life Insurance Company have formed a strategic alliance to target the rapidly growing segment of fee-based advisors in wirehouses, regional broker-dealers and financial institutions by developing a low-cost, no-load financial product built on Jefferson National’s industry-leading technology platform and unsurpassed range of investment options.

The Phoenix Companies Team Up With Jefferson National to Enter Fee-Based Advisor Market
Source: Business Wire

Permalink posted by armandn @ 12:49 PM
 

Manulife May Be Targeting Lincoln National, Principal Financial for U.S. Acquisition

Manulife Financial Corp. could be the next Canadian financial services company to spend its sky-high loonies on a deal in the U.S., said RBC Dominion Securities Inc. analyst Andre-Philippe Hardy.

Manulife is well positioned to make an acquisition because it has more than C$3-billion in capital available to spend, because of the soaring Canadian dollar, and because a purchase could lead to significant synergies with the insurer’s existing U.S. business, Mr. Hardy said in a note to clients.

Manulife May Be Targeting Lincoln National, Principal Financial for U.S. Acquisition
Source: Seeking Alpha

Permalink posted by armandn @ 12:48 PM
 

Retirement Savings Expected to Surge as New Rules Kick In

Participation in 401(k) retirement plans is set to skyrocket, climbing 30% in the next 12 to 18 months. That will increase the number of Americans investing in workplace defined contribution plans to 65 million.

Retirement Savings Expected to Surge as New Rules Kick In
Source: Kiplinger

Permalink posted by armandn @ 12:47 PM
 

Retirement Funds Offer Payouts Like Low-Fee Annuities But Carry No Guarantee

Investors who use target-date funds to put their investments on cruise control until retirement face a common question: How will I manage my money so it holds out once I've stopped working?

A new type of mutual fund could appeal to some investors asking this question. Fidelity Investments, the nation's largest fund manager, this month rolled out a set of funds designed to provide enough of a return to last someone through retirement.

Retirement Funds Offer Payouts Like Low-Fee Annuities But Carry No Guarantee
Source: Insurance News Net

Permalink posted by armandn @ 12:46 PM

Tuesday, October 09, 2007

 

U.S. Treasury Department Estimates that 25 Million Americans Will Use Health Savings Accounts as Part of Their Insurance Plans by 2010

Research and Markets has announced the addition of Health Savings Accounts in the United States 2007 to their offering.

Health Savings Accounts (HSAs) are the latest addition to the field of consumer directed health plans. This report provides an overview of the HSA, its penetration in the marketplace (including who is enrolling in the product) and where future opportunities may lie.

U.S. Treasury Department Estimates that 25 Million Americans Will Use Health Savings Accounts as Part of Their Insurance Plans by 2010
Source: Insurance News Net

Permalink posted by armandn @ 10:42 AM
 

Life Insurance and Life Settlements Companies Working Together Toward Success

As the life settlement market continues to grow, brokers in the life insurance industry will come across more opportunities to work with the secondary market. For some brokers, the life settlement market has been considered a threat to their livelihood. These brokers are concerned that life settlements have the potential to harm the market and the well-established life insurance business model. The secondary market should not be viewed this way. In fact, life insurance and life settlement companies can work together to not only increase revenue, but also to create ways to provide clients with more effective financial planning options.

Life Insurance and Life Settlements Companies Working Together Toward Success
Source: Life Insurance Selling

Permalink posted by armandn @ 10:40 AM
 

Prudential Introduces My Life Legacy - A Unique Wealth Transfer Concept

Prudential Financial, Inc. announced today My Life LegacySM, a unique marketing concept that can provide an efficient way of transferring wealth through the purchase of a universal life insurance policy. My Life LegacySM is designed to be attractive to individuals in retirement who are interested in leveraging specific assets in an effective way to create a legacy.

Prudential Introduces My Life Legacy - A Unique Wealth Transfer Concept
Source: Business Wire

Permalink posted by armandn @ 10:39 AM
 

Lincoln Employer Markets Launches New Retirement Program - 'LincolnSmart Future'

Lincoln Employer Markets, a division of Lincoln Financial Group, announces the launch of Lincoln SmartFuture(SM), a retirement program with a mutual-fund and collective trust- based platform designed for small-to-mid size plans providing features generally reserved for plans of larger organizations, including bundled recordkeeping and administrative solutions.

Lincoln Employer Markets Launches New Retirement Program - 'LincolnSmart Future'
Source: Yahoo! Finance

Permalink posted by armandn @ 10:36 AM

Monday, October 08, 2007

 

Learning To Separate True Annuity Innovations from Marketing Stunts Pays Off

Steve Jobs, the iconic founder of Apple Computers, Pixar Animation Studios and the successful line of the iLifestyle, is a fan of product innovation. In fact, it is one of his rules for success. Jobs says product innovation sets the leaders from the pack. Product or service innovation has been defined as the result of finding a new way to solve the customer's problem that benefits both the customer and the seller.

It appears that annuity producers are failing in this area. According to some experts, some so-called annuity product innovations that are being rolled out are nothing more than fine-tunings that fail to meet the definition of true product innovations. In fact, many new annuity innovations often succeed in making an already complicated product even more confounding.

Learning To Separate True Annuity Innovations from Marketing Stunts Pays Off
Source: Insurance News Net

Permalink posted by armandn @ 11:11 AM
 

Using Annuity Laddering for Retirement Income

Why is there such a gap between what retirees want—a steady, guaranteed stream of income—and what they traditionally do with their retirement savings?

It’s a question that has puzzled academics, economists and others for years. But it’s one for which a solution appears to be emerging.

Retirees say they want a regular income check that will be there no matter what. In effect, they want the equivalent of a pension, a dependable source of income that is not subject to the vagaries of the market or other uncertainties.

Using Annuity Laddering for Retirement Income
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 11:09 AM
 

Nationwide Financial Unveils Next Generation Corporate Variable Universal Life Insurance

Providing innovative solutions to complex problems is nothing new for Nationwide Financial Services, Inc. The company today unveiled a revolutionary new corporate-owned life insurance (COLI) product called Next Generation Corporate Variable Universal LifeSM, which provides on-demand customization of COLI policies to suit the special needs of corporate purchasers.

“When it comes to corporate-owned life insurance, one size does not fit all,” said April VanDervort, associate vice president for Nationwide Financial’s corporate insurance market. “Each of our corporate clients has unique goals and objectives. Next Generation Corporate VUL enables COLI producers to work closely with their corporate clients to provide the client with the solution they need.

Nationwide Financial Unveils Next Generation Corporate Variable Universal Life Insurance
Source: Business Wire

Permalink posted by armandn @ 11:07 AM
 

Finances Aren't Just Personal - They Are Generational

For those coming from the baby boom generation, discussions about money were taught to be private. Outside of providing details to a financial adviser, accountant or tax preparer, boomers generally felt they should not share it with any one else, including parents and children. Today’s changing financial landscape may require a different approach when it comes to money. This is particularly true for those “sandwiched” between financially supporting elderly parents and adult children.

Finances Aren't Just Personal - They Are Generational
Source: Ft. Worth Business Press

Permalink posted by armandn @ 11:04 AM

Thursday, October 04, 2007

 

Nationwide to Sponsor Former Busch Series

Continuing the trend of insurers aggressively sponsoring Nascar racing, Nationwide Insurance announced a seven-year agreement valued between $70 million and $80 million to become the title sponsor of the former Busch Series.

Nationwide to Sponsor Former Busch Series
Source: Ad Age (subscription required)

Permalink posted by armandn @ 12:51 PM
 

The Role of the Longevity Annuity in Retirement Planning

According to the US Census Bureau, life expectancy of Americans in 2006 was 77.85 years. By 2050, the average American is expected to reach between the mid-80s and the early 90s. In the year 2100, an estimated 5.3 million people are expected to live beyond 100 years.

When toasting loved ones, wishing them a long life is commonly viewed as a blessing, yet there is a downside to living long. The longer a person lives, the more his or her future becomes an issue, sociologists say. For instance, there are cases of 70-year-old individuals who are taking care of their still living parents in their 90s or older.

The Role of the Longevity Annuity in Retirement Planning
Source: Insurance News Net

Permalink posted by armandn @ 12:49 PM
 

The Street.com Ratings Announce Life and Health Insurers Return to Double-Digit Profit Growth

Net income of the nation’s life and health insurers jumped 17.4% in the first six months of 2007 compared to a decline of 0.8% for the year-ago period, according to TheStreet.com Ratings’ quarterly review of 1,048 life and health insurers. TheStreet.com Ratings is a wholly owned subsidiary of TheStreet.com, Inc., a leading provider of financial news and ratings, business and investment content and custom advertising solutions.

Insurers earned $20.9 billion through the second quarter of 2007, up $3.1 billion from $17.8 billion through the second quarter of 2006. The industry has not experienced double-digit income growth since 2004, when it was up 63.2% for the first half of the year.

The Street.com Ratings Announce Life and Health Insurers Return to Double-Digit Profit Growth
Source: Business Wire

Permalink posted by armandn @ 12:47 PM
 

Fidelity Launches Innovative Investment Products That Make It Easier to Create Retirement Income That Can Last a Lifetime

Fidelity Investments today launched a suite of new retirement income products and services for individual investors and advisors that can make it easier for retirees to convert their savings into regular, monthly income payments that can last a lifetime.

“Retirees struggle to understand how much of their savings they can comfortably tap each year without placing their future lifestyle at risk,” said Rodger A. Lawson, president, Fidelity Investments. “To alleviate those concerns, we’re launching two innovative products with unique benefits for retirees – a new deferred variable annuity with an income guarantee and a new type of mutual fund designed to provide income replacement. These products meet specific needs in a retiree’s income portfolio, and also can work together to satisfy investor demand for guaranteed income, investment growth, product flexibility and low costs -- a combination of benefits that redefines industry leadership.”

Fidelity Launches Innovative Investment Products That Make It Easier to Create Retirement Income That Can Last a Lifetime
Source: Business Wire

Permalink posted by armandn @ 12:46 PM
 

John Hancock Retirement Plan Services Honored for Excellence of Marketing and Communications

The Insurance and Financial Communicators Association (IFCA) awarded John Hancock Retirement Plan Services (JHRPS) "Best in Show" honors for its JH Signature(TM) website. The website was built for financial representatives to introduce JHRPS' new multi-class structure.

JHRPS was also honored with an "Award of Excellence" for APEX, Advisors Pursuing Excellence, John Hancock's multi-module practice management program for financial representatives and third party administrators. JHRPS' Real Results Campaign and the internal sales newsletter, Dashboard, received Honorable Mentions.

John Hancock Retirement Plan Services Honored for Excellence of Marketing and Communications
Source: Yahoo! Finance

Permalink posted by armandn @ 12:45 PM

Tuesday, October 02, 2007

 

Retiring on your own terms

In 1993, roughly three out of 10 Americans age 55 or older worked. By 2005, the numbers increased to four out of 10, according to a new research report from the Employee Benefit Research Institute, or EBRI. Those numbers are expected to trend higher.

Retiring on your own terms
Source: BankRate.com

Permalink posted by armandn @ 6:08 AM
 

Premium Financing: A Tool to Pay Life Insurance Premiums

Premium financing may offer high-net-worth individuals the ability to borrow the premiums to pay for an insurance policy, allowing them the use of funds they might have otherwise used to pay for the insurance. Premium financing makes most sense when the individual has a definite need for insurance. The goal of a well-structured premium financing program is to have the individual pay as little out-of-pocket as possible for life insurance, balanced against the risk that the interest rate of the loan will exceed the performance of the policy. Premium loans can be repaid in three main ways: 1. during life, from the borrower's available assets, 2. during life, from policy cash values, and 3. at death, from policy proceeds.

Premium Financing: A Tool to Pay Life Insurance Premiums
Source: Insurance News Net

Permalink posted by armandn @ 5:25 AM
 

Did Allianz mislead older buyers on annuity sales?

The current CEO, Gary Bhojwani, testified this month on Capitol Hill that Allianz runs a clean operation. Less than 1 percent of its annuity buyers have filed complaints, he added.

"If you look at the magnitude of the company, if you look at the number of transactions, I think the data says there's not this huge systemic problem," he said in a recent interview with the Star Tribune.

Did Allianz mislead older buyers on annuity sales?
Source: Star Tribune

Permalink posted by armandn @ 5:22 AM

Monday, October 01, 2007

 

John Hancock Targets 'Income Now' Market with New, Optional Guaranteed Withdrawal Benefit Rider

John Hancock Annuities today announced the introduction of "Principal Returns," its newest, optional guaranteed withdrawal benefit rider. Principal Returns has two distinct features: it provides an 8% withdrawal rate for clients seeking "income now," and offers an accumulation benefit feature for those seeking principal protection while investing in the markets. The new rider complements John Hancock's popular lifetime withdrawal benefits which were designed with the "income later" client in mind.

John Hancock Targets 'Income Now' Market with New, Optional Guaranteed Withdrawal Benefit Rider
Source: PR Newswire

Permalink posted by armandn @ 5:21 PM
 

Manulife Investments Offers First Lifetime Guaranteed Minimum Withdrawal Benefit for Canadians

One of the most popular retirement planning products to hit the Canadian marketplace in years, Manulife Investments' IncomePlus, has been enhanced to offer guaranteed retirement income for life, to address a growing financial concern among older Canadians.

Manulife Investments Offers First Lifetime Guaranteed Minimum Withdrawal Benefit for Canadians
Source: CNW Group

Permalink posted by armandn @ 5:18 PM
 

Interstate Compact Moves Closer to Self-Sufficiency

The Interstate Insurance Product Regulation Commission will begin assessing annual registration fees Jan. 1 for filing companies, in addition to the per-filing fees implemented last month, as the 30-member compact moves closer to its goal of self-sustaining operations.

Interstate Compact Moves Closer to Self-Sufficiency
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 5:15 PM

This page is powered by Blogger. Isn't yours?