Friday, February 29, 2008

 

ING Introduces New 'WisdomTree' Global-High Yielding Equity Index Portfolio as Variable Annuity Option

ING and WisdomTree Investments, Inc. have announced the launch of ING WisdomTree Global High-Yielding Equity Index Portfolio (the "Portfolio"), a new fundamentally weighted index portfolio that will be available exclusively as a variable investment option within an ING variable annuity issued by ING USA Annuity and Life Insurance company.

ING Introduces New Wisdom Global-High Yielding Equity Index Portfolio as Variable Annuity Option
Source: Yahoo! Finance

Permalink posted by armandn @ 12:16 PM
 

The Pursuit of Greater Interest Rate Potential with Indexed Universal Life Insurance

Long term interest rates remain low and the volatility of the equities market can be an unsettling ride for some life insurance buyers. That is why Pacific Life Insurance Company is introducing Pacific Indexed Accumulator III, a new indexed universal life insurance product that combines death benefit coverage with greater upside potential than traditional universal life insurance because the product’s credited interest is based in part on the positive performance of the S&P 500 (excluding dividends).

The Pursuit of Greater Interest Rate Potential with Indexed Universal Life Insurance
Source: Business Wire


Permalink posted by armandn @ 12:16 PM

Wednesday, February 27, 2008

 

Protecting Your Retirement No Matter Who's President

No matter who's elected president, there is a good chance taxes are going up. But that doesn't mean tax-deferred accounts are a bad idea.

Lately, readers have been writing in, fretting that tax-deductible individual retirement accounts and 401(k) plans will mean huge tax bills in retirement.

But even if tax rates leap, these accounts will likely remain a great investment. My advice: Keep funding that 401(k) -- but, if you're planning a 2007 IRA contribution by the April 15 deadline, plunk it in a Roth account. Here's why.

Protecting Your Retirement No Matter Who's President
Source: Yahoo! Finance/Wall Street Journal

Permalink posted by armandn @ 8:19 AM
 

Annuitization Can Be A Boon, Says Expert

There is value to annuitization through a single premium immediate annuity, but it’s simply a matter of communicating that point to advisers, according to a panel of insurance industry experts.

Annuitization Can Be A Boon, Says Expert
Source: Investment News (subscription required)

Permalink posted by armandn @ 8:18 AM
 

More Insurer Trials Likely

The clubby and once-cloaked insurance industry is bound to face more criminal cases after a Hartford jury's conviction this week of five former insurance executives in a complex fraud scheme, some legal experts predict.

More Insurer Trials Likely
Source: Hartford Courant

Permalink posted by armandn @ 8:17 AM

Tuesday, February 26, 2008

 

John Hancock Financial Leads Industry in Life Insurance Sales for Second Year

For the second consecutive year, John Hancock led the industry in total individual life insurance sales in 2007, according to a recent survey of 78 major life insurers by LIMRA International (LIMRA).

According to LIMRA, John Hancock increased sales in 2007 to $846 million in total annualized premium, a 14.9 percent increase over 2006, nearly doubling the industry's growth rate of 7.6 percent. In addition, the company boosted its industry-leading market share to more than seven percent.

John Hancock Financial Leads Industry in Life Insurance Sales for Second Year
Source: Yahoo! Finance

Permalink posted by armandn @ 10:32 AM
 

Annuities: Friend or Foe to Seniors?

Are annuity products suitable for investors who are 65 years old and above? This thorny issue has been sticking in the side of the industry, and many media reports as well as opinion columns from financial experts say some features of annuity contracts make them unsuitable for seniors. In one Wall Street Journal article, they were described as a siren song, bringing in unknowing investors and leading them to financial ruin.

Annuities: Friend or Foe to Seniors?
Source: Insurance News Net

Permalink posted by armandn @ 10:30 AM
 

AIG American General Launches AIG Protection Advantage VUL

American General Life Insurance Company (American General Life), a member company of American International Group, Inc., has announced the launch of AIG Protection Advantage VUL, a new variable universal life insurance product that offers long-term guaranteed death-benefit protection while allowing clients to choose their investment allocation.

AIG American General Launches AIG Protection Advantage VUL
Source: Fox Business

Permalink posted by armandn @ 10:29 AM

Monday, February 25, 2008

 

Planning for Retirement After a Spouse Dies

It's a question nobody wants to think about, much less answer: How would the death of your spouse affect you financially?

Despite the question's unpleasantness, a new survey by the Hartford Financial Services Group and the MIT AgeLab suggests that asking it, and having an answer for it, can make a big difference in how prepared seniors are for becoming widows or widowers. "We see this pattern of widowed women facing financial challenges later in life," says Maureen Mohyde, the Hartford's director of corporate gerontology. Advance planning can go a long way toward mitigating later financial stress, she says.

Planning for Retirement After a Spouse Dies
Source: U.S. News

Permalink posted by armandn @ 12:38 PM
 

Lincoln Financial Distributors Builds Data-Driven Strategies with SPSS Predictive Analytics

Lincoln Financial Distributors, Inc., the wholesale distribution and marketing arm of Lincoln Financial Group, has selected market-leading Predictive Analytics software from SPSS Inc. to help gain a deeper understanding of its financial intermediary customer base and use that knowledge to develop more effective sales and marketing campaigns.

Lincoln Financial Distributors Builds Data-Driven Strategies with SPSS Predictive Analytics
Source: Business Wire

Permalink posted by armandn @ 12:37 PM
 

AXA Equitable Helps Americans Prepare for Long Retirement

Acknowledging that Americans are living longer than ever in retirement, AXA Equitable Life Insurance Company is offering a new way to help them afford the lifestyle they choose. The newest rider available with the company's top-selling Accumulator variable annuity provides for a minimum 200% benefit base guarantee if no withdrawals are taken during the first 10 years of the contract or until age 70, whichever is later.

AXA Equitable Helps Americans Prepare for Long Retirement
Source: Sun Herald

Permalink posted by armandn @ 12:36 PM

Friday, February 22, 2008

 

Education is the Key to LTC

It’s no secret that people are living longer and the cost of medical care continues to rise. Long term care insurance (LTCI) is perhaps the most dynamic living insurance product to be developed. But despite the media coverage that this topic receives, many agents and clients still don’t truly understand the issue or how they can benefit from LTCI products.

Education is the Key to LTC
Source: Producer's Web

Permalink posted by armandn @ 11:14 AM
 

Online Service Sees Further Drop in Term Rates

Premiums for individual term life insurance policies continue to fall, reports a company that provides on-line insurance quotes to consumers.

Online Service Sees Further Drop in Term Rates
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 11:11 AM
 

Lincoln Financial Group Announces Lincoln Lifetime Income Advantage

Lincoln Financial Group today announced its new optional Guaranteed Lifetime Withdrawal Benefit (GLWB) rider, Lincoln Lifetime Income Advantage, available with the American Legacy and Choice Plus variable annuity product suite issued by The Lincoln National Life Insurance Company, Fort Wayne, IN.

Lincoln Financial Group Announces Lincoln Lifetime Income Advantage
Source: PR Newswire

Permalink posted by armandn @ 11:10 AM
 

AnnuitySpecs.com Releases Fourth Quarter, 2007 Indexed Sales Results

Fifty-six Indexed Annuity carriers participated in the 42nd edition of the Advantage Index Sales & Market Report, representing 99% of Indexed Annuity production. Data was collected on sales Indexed Annuities registered as securities as well.

AnnuitySpecs.com Releases Fourth Quarter, 2007 Indexed Sales Results
Source: Insurance News Net

Permalink posted by armandn @ 11:08 AM

Thursday, February 21, 2008

 

Prudential Earns DALBAR Awards

Prudential Financial’s ability to deliver industry-leading service and participant communications to clients across the United States has earned its retirement and annuities businesses several Service and Communications Awards from DALBAR, Inc., the nation’s leading financial services market research and consulting firm. Both Prudential Retirement and Prudential Annuities are businesses of Prudential Financial Inc.

Prudential Earns DALBAR Awards
Source: Yahoo! Financial

Permalink posted by armandn @ 11:47 AM
 

ING Introduces ROP Term Life Insurance in New York

ING has introduced return of premium term life insurance in New York state. Issued by ReliaStar Life Insurance Company of New York, ING Return of Premium Term NY offers individuals valuable death-benefit protection from term life insurance with the ability to get all of their premiums back at the end of the policy's term (excluding flat extras).

ING Introduces ROP Term Life Insurance in New York
Source: PR Newswire

Permalink posted by armandn @ 11:45 AM
 

John Hancock 2007 Variable Annuity Sales in Bank Channel Set Record of $1.4 Billion

John Hancock Financial said today that full year sales of variable annuities in the bank channel reached $1.4 billion in 2007, up from $1.0 billion in 2006. This full year increase of 41% marks the fifth consecutive year John Hancock has achieved record bank sales of variable annuities while operating in a very dynamic and competitive marketplace.

John Hancock 2007 Variable Annuity Sales in Bank Channel Set Record of $1.4 Billion
Source: PR Newswire

Permalink posted by armandn @ 11:43 AM
 

Prudential Financial Outlines Practical Investment Tips You Should Consider in the Retirement Zone

Whether it’s taking stock of all your potential income sources, making sure you don’t miss out on maximum Social Security benefits or figuring out how to fund post-retirement health-care coverage, there are a number of critical investment decisions Americans in The Retirement Red Zone—the five years before and after retirement—should make.

Prudential Financial Outlines Practical Investment Tips You Should Consider in the Retirement Zone
Source: Business Wire

Permalink posted by armandn @ 11:42 AM

Wednesday, February 20, 2008

 

Major Insurance Companies Compete for Lowest Term Life Insurance Rates

According to AccuQuote.com, premiums for individual term life insurance policies continue to fall to the lowest levels in history. The company expects the current term life insurance rate war to heat up throughout 2008 as major life insurance companies compete for the lowest term life insurance rates.

Major Insurance Companies Compete for Lowest Term Life Insurance Rates
Source: PR Web

Permalink posted by armandn @ 8:00 AM
 

A Growing Industry Involves Buying, Selling and Profiting from Life Insurance

Investing in people's lives and collecting on their deaths is a growing enterprise. As investors began to pool these investments and sell them as a package, these securities soon attracted hedge funds, pension funds and institutional endowments.

A Growing Industry Involves Buying, Selling and Profiting from Life Insurance
Source: LA Times

Permalink posted by armandn @ 7:59 AM
 

Sun Life Financial Enhances Sun Universal ProtectorPlus by Adding Long Term Care Rider, Lowering Premiums

The U. S. Division of Sun Life Financial today announced several enhancements to its Sun Universal ProtectorPlus universal life product including a new, optional Long Term Care (LTC) rider that can provide up to $20,000 in monthly benefits for qualifying insureds, and reducing premiums from 3-8% for non-tobacco issue ages 35 – 65.

Sun Life Financial Enhances Sun Universal ProtectorPlus by Adding Long Term Care Rider, Lowering Premiums
Source: Business Wire

Permalink posted by armandn @ 7:58 AM
 

New Generation of Retirement Products Provides Income to Last a Lifetime

Retirees who rely solely on target date funds to provide lifetime income may outlive their money, according to research and analysis from Ernst & Young. The research demonstrates a need for products that provide guaranteed income streams—enough to last for 20 to 30, or even more, years in retirement, according to a report about that research released today by Prudential Financial, Inc.

New Generation of Retirement Products Provides Income to Last a Lifetime
Source: Business Wire

Permalink posted by armandn @ 7:56 AM

Tuesday, February 19, 2008

 

Fixed Annuity Companies Pledge Help to Stop Unfair Sales Practices

Fixed annuities are insurance products that provide protection by insuring savings and income (whether today or in the future) and are designed to give peace of mind. While most financial professionals are qualified and ethical, it is regrettable that there are also those who are not.

Fixed Annuity Companies Pledge Help to Stop Unfair Sales Practices
Source: Insurance News Net

Permalink posted by armandn @ 7:30 AM
 

Most Americans Unprepared for Retirement

A majority of American workers will not be able to maintain their current standard of living after they retire, according to a report released Tuesday.

The Center for Retirement Research (CRR) estimates 61% of households are "at risk" of being unable to live the way they would like and pay for their health care when they get old.

Most Americans Unprepared for Retirement
Source: CNN/Money

Permalink posted by armandn @ 7:27 AM
 

Cashing Out Life Insurance May Be Unwise

With home equity tapped and investment yields down, some income-hungry retirees may be tempted to siphon cash from permanent life insurance policies.

The industry does not track the number of customers taking cash out of policies, but interest has increased in recent months, said Marvin Feldman, an agent and chief executive of the Life and Health Insurance Foundation for Education in Arlington, Va.

Cashing Out Life Insurance May Be Unwise
Source: Hartford Courant

Permalink posted by armandn @ 7:27 AM
 

Americans' Short-Term Financial Worries Grow

The uncertain economy may be hitting home with Americans, as they continue to lose confidence in their personal level of financial security. The COUNTRY Financial Security Index recorded its second consecutive decline, slipping .3 points in February to 68.5. The drop is due to heightened concerns about short-term finances.

Americans' Short-Term Financial Worries Grow
Source: PR Newswire

Permalink posted by armandn @ 7:25 AM

Friday, February 15, 2008

 

The Power of Two: New Research from The Hartford and MIT AgeLab Identifies the New Retirement Couple

Across America, Valentine’s Day sees couples reaffirming their emotional partnership but, like every other day of the year, communicating about their financial partnership is often a much taller task. Long after the cards are exchanged, the challenge still remains to put in place an effective long-term financial plan for many more Valentine’s Days during their retirement years. The Hartford Financial Services Group, Inc. and the MIT AgeLab teamed up to explore how couples approach their finances and communicate about long-term goals. Today, they unveil results from a nationwide study of pre-retirees and retirees, identify four financial planning styles and share the habits of highly effective planning couples.

The Power of Two: New Research from The Hartford and MIT AgeLab Identifies the New Retirement Couple
Source: Business Wire

Permalink posted by armandn @ 7:42 AM
 

Mass Mutual's Center for Behavioral Research Launches Web Site

MassMutual's Retirement Services Division has launched a new Web site [http://www.massmutual.com/behavior] as a vehicle to share insights and information discovered in its Center for Behavioral Research. The research will be published for the benefit of participants, plan sponsors, and the financial professionals who serve them.

Mass Mutual's Center for Behavioral Research Launches Web Site Source: PR Newswire

Permalink posted by armandn @ 7:41 AM
 

LISA Applauds Kentucky Proposal to Fight Stranger Originated Life Insurance

The Kentucky House of Representatives has taken an important step to protect life insurance consumers with a ban on stranger originated life insurance (STOLI) schemes, according to the Life Insurance Settlement Association. HB 348, unanimously passed last week, protects consumers by succinctly and directly prohibiting initiation of life insurance for wager purposes -- without rolling back a policy owner's property right to gain or utilize the market value of a properly initiated policy as he sees fit.

LISA Applauds Kentucky Proposal to Fight Stranger Originated Life Insurance
Source: Market Wire

Permalink posted by armandn @ 7:40 AM
 

SPIA Versus Retirement Endowments

Generally, there are two types of retirement assets: personal savings and IRA rollover accounts. But, some more fortunate among us have no choice — they have pensions that do not offer lump sums and are saddled with just cashing checks for the rest of their lives. Pardon the cynicism. The typical planner automatically adopts the endowment theory for personal savings and the systematic preservation of fully taxable IRA assets. What does this offer? Well, not much, to be honest; and probably not the best alternative.

SPIA Versus Retirement Endowments
Source: Producer's Web

Permalink posted by armandn @ 7:39 AM

Thursday, February 14, 2008

 

Rooting Out a Twisted Form of Life Insurance

Grandma has a STOLI, and it has nothing to do with vodka.

Is this something to worry about?

The Indiana General Assembly thinks so. This morning a state Senate committee will hear testimony on a bill to make selling STOLIs -- stranger- originated life insurance policies -- a fraudulent act.

Rooting Out a Twisted Form of Life Insurance
Source: Indy Star

Permalink posted by armandn @ 11:02 AM
 

State Farm and LeBron James Announce Marketing Relationship

State Farm and LeBron James NBA All-Star of the Cleveland Cavaliers have entered into an agreement that will bring two winning brands together. The relationship will focus on efforts targeting the young adult market, and on initiatives that help provide children and young adults with safer, stronger, and better-educated communities.

State Farm and LeBron James Announce Marketing Relationship
Source: PR Newswire

Permalink posted by armandn @ 11:00 AM
 

AgStar Financial Services Offers Customers "MyTerm," a New Online Life Insurance Product

Prudential Financial, Inc.today announced an agreement between its Individual Life Insurance business and AgStar Financial Services to offer MyTermSM, a simplified issue term life insurance policy available through the Internet, to AgStar Financial Services customers. Through an online automated underwriting process that can be accessed from virtually anywhere, MyTermSM delivers a policy in about 10 minutes to qualified customers that can then be saved electronically or printed locally.

AgStar Financial Services Offers Customers "MyTerm," a New Online Life Insurance Product
Source: Business Wire

Permalink posted by armandn @ 10:56 AM
 

Allianz Life Insurance Settles California Annuities Complaint

Taking what they described as a significant step to protect senior citizens, state regulators have persuaded the biggest seller of annuities in California to promise to stop targeting the elderly with pitches allegedly designed to sell them pricey policies that could never pay off.

Allianz Life Insurance Settles California Annuities Complaint
Source: LA Times

Permalink posted by armandn @ 10:53 AM
 

US Treasury says don't restrict wealth funds

A senior U.S. Treasury Department official warned on Wednesday that Congress risks retaliation against U.S. companies overseas if it proposes laws to force sovereign wealth funds to disclose more about the purposes of their U.S. investments.

However, the chairman of the congressional Joint Economic Committee said with Middle Eastern and Asian wealth funds taking huge stakes in companies like Citigroup, Morgan Stanley and Merrill Lynch, concern was rising about the impact on the U.S. economy and to national security...

Reuters: US Treasury says don't restrict wealth funds

Permalink posted by markw @ 7:16 AM

Wednesday, February 13, 2008

 

Life Insurance in Welfare Benefit Plans: Proceed With Caution

Will the curtain rise or fall on the use of cash value life insurance to fund Section 419 single-employer welfare benefit plans? That’s what producers were asking themselves after the recent comment from the Internal Revenue Service on such plans.

Life Insurance in Welfare Benefit Plans: Proceed With Caution
Source: Life Insurance Selling

Permalink posted by armandn @ 8:13 AM
 

Looking Into Annuities Options

As growing numbers of investors search for less volatile alternatives to the stock market, many of them are taking a close look at annuities.

Looking Into Annuities Options
Source: Seacoast Online

Permalink posted by armandn @ 8:12 AM
 

Survey: Wealthy Americans Still Fret Over Financial Stability, Security Issues

High-net-worth Americans with investment assets in excess of $1 million believe having money brings overall peace of mind, yet these wealthy Americans still have a variety of financial and security concerns, according to two recent national surveys. This is particularly true of the "newly affluent" – individuals who achieved their wealth in the last five years.

Survey: Wealthy Americans Still Fret Over Financial Stability, Security Issues
Source: Insurance Journal

Permalink posted by armandn @ 8:12 AM
 

AXA Acquires Leading Mexican Insurer ING Seguros

AXA announced today it has reached an agreement with ING for the acquisition of 100% of the share capital of its Mexican insurance subsidiary ING Seguros, for a consideration of USD 1.5 billion (ca. Euro 1.0 billion).

AXA Acquires Leading Mexican Insurer ING Seguros
Source: Yahoo! Finance

Permalink posted by armandn @ 8:11 AM

Tuesday, February 12, 2008

 

Phoenix Companies' life insurance units' IFSRs affirmed - Fitch

Fitch Ratings said it has affirmed the 'A+' insurer financial strength ratings (IFSR) of the life insurance subsidiaries of The Phoenix Companies (NYSE:PFX) (NYSE:PNX) Inc with a stable outlook, following a review of Phoenix Companies' fourth quarter earnings and announced intention to spin-off its asset management business to shareholders...

CNN Money: Phoenix Companies' life insurance units' IFSRs affirmed - Fitch

Permalink posted by markw @ 9:56 AM
 

NAFA Releases Statement On the Annuity Disclosure Initiative

On February 4th, the Iowa Insurance Commissioner Susan Voss announced that the Iowa Insurance Division has embarked on a project to strengthen disclosure information pertaining to fixed annuity products purchased by Iowa consumers. The Iowa Insurance Division and the American Council of Life Insurers (ACLI) have agreed to participate in a joint initiative designed to ensure that consumers receive all the information they need before they purchase two popular retirement planning products...

PrimeNewsWire: NAFA Releases Statement On the Annuity Disclosure Initiative

Permalink posted by markw @ 9:55 AM
 

MIB Life Index Reports North American Life Insurance Activity Up 1.4% in December

Application volume off 2.5% in 2007

North American application activity for individually underwritten life insurance was up +1.4% in December, year-over-year. For the year, 2007 application activity lagged
that of 2006 by -2.5%, according to the MIB Life Index(SM). Despite early year first quarter declines, the 60+ age demographic was the only age group to post 2007 year-to-date gains, up +1.8%. Consistent with the trend, strong fourth quarter gains (up +7.8% Q3/Q4 2007) drew 2007's Q4 activity level with 2006 -- off a modest -0.5%...

PR News Wire: MIB Life Index Reports North American Life Insurance Activity Up 1.4% in December

Permalink posted by markw @ 9:54 AM
 

Protecting Your Nest Egg From a Bear

I can't tell you how many folks I've heard from in the past several weeks patting themselves on the back for getting out of the market as it continued sinking, locking in losses that until then had been only on paper.

And some of the losses were considerable. The Center for Retirement Research at Boston College estimates 401(k) savings plans lost about 9 percent of their value between the market's peak on Oct. 11, 2007, and the end of January...

Washington Post: Protecting Your Nest Egg From a Bear

Permalink posted by markw @ 9:45 AM

Monday, February 11, 2008

 

Outline your purpose for life insurance

Q. MY WIFE AND I agree that I need more life insurance but I am not sure as to what type of insurance I need. I'm an 42-year-old with two children, ages 9 and 10.

I have $300,000 of life insurance provided by my employer. We have a $195,000 mortgage, our total savings is $73,000 which includes my 401k. My wife said a radio talk show host advises buy term and invest the difference and at age 65 or so we will not have need for life insurance because the mutual funds will be sufficient amount of protection at retirement. We do not like a lot of risk, what would you advise?

Hattiesburg American: Outline your purpose for life insurance

Permalink posted by markw @ 9:01 AM
 

Term or Perm Life Insurance? What Are Consumers Buying?

According to data aggregated by InsureMe in 2007, 47 percent of their shoppers chose term life insurance compared to the 31 percent who chose permanent types of life insurance... While more people are shopping online for insurance, life insurance appears to be a more complex product than other policies.

The findings also indicate that consumers are becoming increasingly uncertain about what type of life insurance to purchase. The percentage of people who have selected that they were unsure which kind of life insurance policy they wanted (information collected during an online quote request) increased from 16.4 percent to 20.7 percent over the last five years.

Both findings could be the result of consumer confusion when it comes to the often convoluted subject of life insurance, notes InsureMe statistician Peter Deusterman...

PR-Web: Term or Perm Life Insurance? What Are Consumers Buying?

Permalink posted by markw @ 9:00 AM

Friday, February 08, 2008

 

New Sun Life Financial Survey Reveals Pre-Retirees Estimate Spending up to $600,000 on Desired Activities During Retirement

A new survey released today by the U.S. division of Sun Life Financial Inc. reveals that while today’s retirees are experiencing higher than anticipated expenses, they do not plan on reducing spending on desired activities. Not including normal living expenses, respondents in their 50s, 60s and 70s expect to spend up to $600,000 on additional activities, such as travel, a second home or luxury items, during retirement.

New Sun Life Financial Survey Reveals Pre-Retirees Estimate Spending up to $600,000 on Desired Activities During Retirement Source: Yahoo! Finance

Permalink posted by armandn @ 11:57 AM
 

Spitzer Looks to Agents, Insurers for More Revenue

Gov. Eliot Spitzer of New York has proposed a $124 billion budget that would include increases in more than 30 fines and fees paid by insurance agencies and insurers doing business in the state.

Spitzer Looks to Agents, Insurers for More Revenue
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 11:25 AM
 

Fixed Annuity Forecast for 2008 - Bright and Sunny

While year-end figures for 2007 and NAFA reports through the third quarter of 2007 are not yet available (Source: LIMRA), total YTD sales of declared rate annuities were 34,900,000 and represented about 26 percent of all annuity sales. Indexed rate annuities were 18,500,000, or about 14 percent of all annuity sales through the third quarter.

Fixed Annuity Forecast for 2008 - Bright and Sunny
Source: Producer's Web

Permalink posted by armandn @ 11:24 AM

Thursday, February 07, 2008

 

Phoenix to Spin Off a Business

The Phoenix Cos., under fire for poor stock performance, will announce plans today to spin off its asset management business — Phoenix Investment Partners — as a separate company to its shareholders.

Hartford-based Phoenix, which has pursued turnaround efforts for six years, hopes the dramatic move will hearten frustrated stockholders and allow its asset management and life and annuity businesses to grow and prosper separately.

Phoenix to Spin Off a Business
Source: Hartford Courant

Permalink posted by armandn @ 10:48 AM
 

New Directions and Trends in Life Underwriting

hichever major re-insurers remain in the market, just a handful of them are having a profound effect on life insurance company underwriting approval, ratings, medical requirements, and pricing. (Over the last five years, a consolidation juggernaut has reduced 12 of the largest re-insurance companies to a group of just five.)

New Directions and Trends in Life Underwriting
Source: Agents Sales Journal

Permalink posted by armandn @ 10:47 AM
 

Teen May Be Ind.'s Youngest Licensed Insurance Agent

Heather Gaskill, who turned 18 in December, is licensed to sell life, car or homeowner's insurance. She may offer quotes to customers and write policies, although she can't sign them until she fulfills State Farm Insurance company guidelines.

Teen May Be Ind.'s Youngest Licensed Insurance Agent
Source: Insurance Journal

Permalink posted by armandn @ 10:46 AM
 

Prudential Continues Wharton Executive Education Program

Prudential Annuities, the domestic annuity business for Prudential Financial, Inc., today announced that it has launched a second round of educational training classes with the University of Pennsylvania’s Wharton School as part of an executive retirement education program for financial professionals. As part of a continued effort to further distinguish its top tier of financial advisors, Prudential Annuities has offered its Masters Council program members an opportunity to attend the January 2008 session of 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 provides financial professionals with extensive training in retirement income strategies.

Prudential Continues Wharton Executive Education Program
Source: Business Wire

Permalink posted by armandn @ 10:42 AM
 

John Hancock Launches New Team Within Special Markets Advisory Group

John Hancock said today that it has formed a new team within its Special Markets Planning Group, and has named Brandon Buckingham, Vice President and Advanced Planning Attorney, to lead it. Located regionally, members of the team will function as a resource for financial planners and advisors who counsel clients about tax and estate planning.

John Hancock Launches New Team Within Special Markets Advisory Group
Source: Yahoo! Finance

Permalink posted by armandn @ 10:39 AM

Wednesday, February 06, 2008

 

A.M. Best Special Report: Risks Are Rising for U.S. Life/Annuity Balance Sheets

Although A.M. Best Co. remains confident in the overall strength and flexibility of U.S. life insurers’ balance sheets, companies are operating in a volatile environment, with weakening economic indicators, that poses greater risks than ever. A.M. Best’s 2008 “Life/Annuity – Review & Preview” analyzes these trends, along with their rating implications.

A.M. Best Special Report: Risks Are Rising for U.S. Life/Annuity Balance Sheets
Source: Business Wire

Permalink posted by armandn @ 7:35 AM
 

Life Settlements: Beyond the Hype

This is the first of a two-part article series that examines the controversies surrounding the life settlements industry. This article addresses the issues from the standpoint of the general consumer, whereas the second article will address more specific issues that affect the investor.

Life Settlements: Beyond the Hype
Source: NuWire Investor

Permalink posted by armandn @ 7:34 AM
 

Majority of Americans Prepare for Retirement Well in Advance, Says AXA

Retirement survey released by AXA Equitable Life Insurance Company has revealed that eight in 10 working Americans say they've begun to prepare for retirement, starting on average at age 30.

Majority of Americans Prepare for Retirement Well in Advance, Says AXA
Source: Insurance News Net

Permalink posted by armandn @ 7:32 AM
 

Big Boomer Windfall Not Materializing the Way Many Planned

The much ballyhooed $17 trillion that is supposed to change hands over the next 20 years may be far less, because of longer life expectancies, increased medical costs and estate taxes.

"The World War II generation wealth transfer has been less impressive than many predicted and it likely will not grow much further," a new Consumer Wealth research report by Tiburon Strategic Advisors says.

Big Boomer Windfall Not Materializing the Way Many Planned
Source: CBS MarketWatch

Permalink posted by armandn @ 7:31 AM

Tuesday, February 05, 2008

 

Trade-Offs of Annuity Guarantees

The recent roller coaster stock market ride marked by stomach-churning plummets and maniacal recoveries are proof that market volatility is part of the investment game. Investors seeking the Holy Grail of investments – 100% profits with 0% risk products – are only wasting their time because there is no such thing.

The Trade-Offs of Annuity Guarantees
Source: Insurance News Net

Permalink posted by armandn @ 11:49 AM
 

New Retirement Research Shows Positive Retirement Savings Behavior Does Not Equal a Confident Outlook for the Future

New, thought-provoking research released today by MassMutual Financial Group reveals a surprising contrast in consumers' confidence about retirement preparedness and their actual savings behavior that could help shape the next generation of retirement savings solutions. The research study, conducted by Massachusetts Mutual Life Insurance Company (MassMutual), included responses from more than 17,000 individuals participating in some 2,300 employer-sponsored retirement savings plans administered by MassMutual's Retirement Services Division.

New Retirement Research Shows Positive Retirement Savings Behavior Does Not Equal a Confident Outlook for the Future
Source: PR Newswire

Permalink posted by armandn @ 11:48 AM
 

Do You Need $25,000 or $1 Million for Retirement

A recent survey conducted by Sun Life Financial showed an equal amount of Canadians believe they need $25,000 or less for retirement as those who say they'll need between $1 and $5 million. The wide range in estimates of one's retirement savings is backed up by the fact that 43 per cent of Canadians said they didn't know how much they needed to save for retirement.

Do You Need $25,000 or $1 Million for Retirement
Source: CNW

Permalink posted by armandn @ 11:47 AM
 

Generation X Focused on Near-Term Financial Priorities, Despite Concerns About Their Financial Future

Only 13 percent of Americans ages 25-40 feel strongly that they're on the right track for retirement and know exactly what they need to do to prepare, according to a new study commissioned by Charles Schwab. The vast majority (89 percent) of this age group admit to having at least one major financial concern regarding retirement, yet nearly four out of every five (78 percent) agree that, for now, retirement planning takes a back seat to other financial priorities such as meeting daily expenses, paying off debt or buying a home. Only 27 percent of respondents consider saving for retirement to be a priority.

Generation X Focused on Near-Term Financial Priorities, Despite Concerns About Their Financial Future
Source: News & Observer

Permalink posted by armandn @ 11:43 AM

Monday, February 04, 2008

 

Fort Dearborn Life Insurance Company of New York Opens for Business

Fort Dearborn Life Insurance Company of New York (FDLNY) is pleased to announce it will commence business in the state of New York.

"We are proud to now be conducting business in the state of New York," said Larry Newsom, president and CEO of FDLNY. "This is an important step in our distribution growth strategy for the group life and disability business, as well as the annuity business. We look forward to the new opportunities this market will provide."

Fort Dearborn Life Insurance Company of New York Opens for Business

Permalink posted by armandn @ 12:05 PM
 

Variable Annuities: Losing the Retirement Product War

With 75 million baby boomers galloping into retirement, wealth managers are going to be spending a lot of their time deciding what retirement income products are best suited for their clients. Recent research shows variable annuities are not among their favorites. According to a recent Cogent Research study, advisors forecast zero growth in their use of variable annuities (VAs) through the end of 2009. Why? The inherent complexities of VAs, the industry migration to fee-based platforms (most variable annuities use a commission-based pay structure), and the fact that investors and advisors are sensitive to the high fees on VAs are the primary reasons for their disinterest.

Variable Annuities: Losing the Retirement Product War
Source: Insurance News Net

Permalink posted by armandn @ 12:02 PM
 

Back to Basics of Financial Planning

LONG time ago in India, there was a group of blind people trying to figure out what an elephant looked like.

One of them touched the body of the elephant and said the animal was just like a wall. Another held the tail of the elephant and said it was like a thick rope. Another touched the elephant's leg and said the creature was similar to a tree trunk.

In Malaysia, when most people are asked what financial planning is, the answers are not so much unlike the answers given in the elephant story. A simple question, but there is much confusion as to what the actual answer is...

BlackEnterprise: Back to Basics of Financial Planning

Permalink posted by markw @ 7:34 AM
 

The Outsider

How Bryan Dunn breathed new life into W&S Agency Group while keeping traditions alive

When Bryan C. Dunn became chief marketing officer of Western & Southern Financial Group in 1995, he was the first outsider brought in to that position since the family of financial service companies formed in 1888... The experience would serve him well.

In 2004, Dunn became president of W&S Agency Group, a $606 million business unit of the parent company that deals with career and marketing sales efforts.

Dunn saw a need for change to bring the company up to date. There wasn’t enough innovative thinking going on and too many decisions were being made based not on current data but because, “that’s the way it’s always been done..."

SmartBusiness: The Outsider

Permalink posted by markw @ 7:16 AM

Friday, February 01, 2008

 

McCain had to get life insurance before bank agreed to credit line

In November, John McCain's presidential campaign was broke... To survive, he offered his fundraising lists as collateral for a $3 million line of credit from a bank. But obtaining the loan required an unusual extra step: He had to take out a special life insurance policy in case he did not survive the campaign.

At the time, the 71-year-old senator's campaign was more than $500,000 in the red, and the line of credit was a pivotal lifeline that allowed him to make a strong showing in New Hampshire and eventually vault into the Republican front-runner's position. ...Anthony Corrado, a campaign finance expert at Colby College, said he had never heard of a candidate having to secure a loan with a life insurance policy...

SFgate: McCain had to get life insurance before bank agreed to credit line

Permalink posted by markw @ 8:17 AM
 

Augusta Man Arrested For Phony Life Insurance Scheme

Carl Barcus is under arrest and charged with 14 counts of felony insurance fraud.

"He was collecting premiums and not sending them to the company. He was actually pocketing the money and using it to live off of," Georgia’s Insurance Commissioner John Oxendine said.

Oxendine says Barcus was fired from Atlanta Financial Group, Inc. in 2004, but kept collecting his clients life insurance premiums...

NBC Augusta: Augusta Man Arrested For Phony Life Insurance Scheme

Permalink posted by markw @ 8:14 AM
 

Integrating Management of Risks

Did you know that today most investment advice zeroes in on the development of portfolios that are on the “efficient frontier,” which is one where no added diversification can lower a portfolio’s risk for a given return expectation? At least, that’s according to my friend Larry Swedroe who is the principal and director of research for both Buckingham Asset Management and BAM Advisor Services in St. Louis. He’s also the author of the recently released Wise Investing Made Simple plus a half dozen other best sellers. His words are deemed golden.

In any event, working with this efficient frontier, Swedroe says that investment advisors can then tailor portfolios to the individual investor’s unique situation but unfortunately far too many investors and their advisors focus only on the risks of the investments themselves...

WebCPA: Integrating Management of Risks

Permalink posted by markw @ 5:19 AM
 

Fort Dearborn Life Introduces Classic Fortifier Flexible Premium Deferred Annuity

Fort Dearborn Life Insurance Company today announced the introduction of its Classic Fortifier, a flexible premium deferred fixed annuity...

"The Classic Fortifier fills two needs that are particularly important to consumers: liquidity and control," said Ken DiFrancesca, vice president, retirement and individual products, at Fort Dearborn Life. "This product is an important addition to our portfolio of fixed and indexed annuities. It is ideal for conservative investors who would like to consolidate their assets into one tax-deferred vehicle and still exercise the right to withdraw their funds if the interest rate drops."

The Classic Fortifier(TM) is a flexible premium deferred fixed annuity that accepts deposits during the first 12 months of the contract. All deposits during the first 12 months of the contract are subject to the same-five year surrender charge schedule. The product allows an annual partial surrender of up to 10 percent of the account value after the first year of the contract without incurring surrender charges. A first-year interest rate bonus is applied to all premiums received in the first 12 months...

EarthTimes: Fort Dearborn Life Introduces Classic Fortifier Flexible Premium Deferred Annuity

Permalink posted by markw @ 5:17 AM
 

Ameriprise Financial ratings affirmed with stable outlook - Fitch

Fitch Ratings affirmed its ratings on Ameriprise Financial Inc and its life insurance units, citing the group's strong balance sheet fundamentals, moderate financial leverage and strong interest coverage at the holding company level, as well as solid capitalization of the units.

The agency added that exposure to subprime mortgages is moderate and other-than temporary impairments at year-end 2007 were less than $3 million USD...

Forbes: Ameriprise Financial ratings affirmed with stable outlook - Fitch

Permalink posted by markw @ 5:12 AM
 

LIFE INSURANCE: Report examines views on coverage

The life risks that insurance covers -- death, financial hardship, serious illness and reduction in standard of living -- are on the minds of Americans, more so than people in 10 other countries, according to the new AXA Equitable Protection Report.

While 63 percent of Americans believe life insurance protects their loved ones and provides peace of mind, 34 percent of them have not purchased coverage themselves and 18 percent have no coverage at all, the survey found.

Courier Post: LIFE INSURANCE: Report examines views on coverage

Permalink posted by markw @ 5:10 AM

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