Friday, May 30, 2008

 

Re-priced PruLife Custom Premier II VUL Includes Socially Responsible Investment Choices

Prudential Financial, Inc. announced today that Pruco Life Insurance Company has repriced its variable universal life insurance product, PruLife® Custom Premier II VUL. The repricing makes the product more competitive for policies with face amounts over $1 million. Product improvements also include the addition of a number of name brand funds along with socially responsible investment choices.

Re-priced PruLife Custom Premier II VUL Includes Socially Responsible Investment Choices
Source: Yahoo! Finance

 

Lincoln Financial Group Launches Lincoln 403(b)e Sure Advantage

A recent study suggests that nearly half of all 403(b) plan sponsors are not familiar with the new 403(b) requirements issued by the Internal Revenue Service, and 8 out of 10 say they welcome compliance help. To help plan sponsors comply with the new 403(b) plan regulations that will take effect January 1, 2009, Lincoln National Corporation has launched Lincoln 403(b)e SURE Advantage, a suite of services aimed at helping employers meet the new requirements and simplify administration.

Lincoln Financial Group Launches Lincoln 403(b)e Sure Advantage
Source: Sun Herald

 

Nationwide Retirement Plan Unveils Plan Sponsor Fiduciary Bill of Rights

Nationwide Financial Services, Inc. has long been committed to educating plan sponsors about their fiduciary roles and responsibilities and providing tools and resources to help them provide a retirement plan that is good for them and their employees. Today, Nationwide Retirement Plans stepped up that level of commitment by launching the Nationwide Bill of Rights for plan sponsors and a fiduciary warranty.

Nationwide Retirement Plan Unveils Plan Sponsor Fiduciary Bill of Rights
Source: Business Wire

 

Genworth Financial to Acquire CareScout

Genworth Financial, Inc. announced today that it has entered into an agreement to acquire CareScout, a leading provider of long term care support services in the United States, for $12.5 million.

Genworth Financial to Acquire CareScout
Source: Cleveland Examiner

Thursday, May 29, 2008

 

Ambition 2012: AXA Strengthens Its Brand Strategy With the Launch of a New Signature

AXA is halfway to Ambition 2012; its company-wide project launched in 2004 which aims to make AXA the preferred company of its clients, employees and shareholders. Today, AXA is enhancing its brand strategy by adopting a new signature which illustrates its determination to meet its clients' needs through tangible proof and to establish with them the foundations of a real and lasting relationship based on trust.

Ambition 2012: AXA Strengthens Its Brand Strategy With the Launch of a New Signature
Source: Yahoo! Finance

 

Great American Advisors Launches Fee-Based Advisory Platform in Partnership with FundQuest

FundQuest Incorporated, and Great American Advisors (GAA) have launched the Great American Portfolio Strategies Program. GAA, a full-service broker-dealer and subsidiary of American Financial Group, will provide the new fee-based advisory platform to their 630 investment representatives. FundQuest is a leading provider of managed account platform technology and investment management services.

Great American Advisors Launches Fee-Based Advisory Platform in Partnership with FundQuest
Source: Business Wire

 

Tough Times, Tough Measures

Times are tough for boomers and their parents, some of whom are taking drastic steps to deal with the economic downturn, according to a new survey from AARP.

One in four middle-aged (45+) and older workers say they postponed plans to retire due to economic conditions. Almost 25% of people aged 45-to-64 surveyed said they are prematurely taking money out of their 401(k) and other investments. And young boomers are reportedly postponing paying bills and even cutting back on medications.

Tough Times, Tough Measures
Source: MarketWatch

 

How Much Do You Know [About Retirement]?

What percentage of current workers say they expect to work for pay in some capacity after they retire? And what percentage of current retirees say they have, in fact, worked for pay at any point in retirement?

How Much Do You Know [About Retirement]?
Source: Yahoo! Finance

Wednesday, May 28, 2008

 

Aviva USA #1 In Sales of Fixed Indexed Annuities

Aviva USA, part of Aviva plc, the world’s fifth largest insurance group, announced today that as of the first quarter of 2008 it has taken over the top spot as the leading seller of fixed indexed annuities in the U.S., according to AnnuitySpecs.com. Aviva is also ranked number one in the sales of fixed indexed life insurance, a position it has held for seven consecutive years, making the company the national leader in both fixed indexed product markets. According to AnnuitySpecs.com, this is the first time that a company has been number one in both fixed indexed life and fixed indexed annuities.

Aviva USA #1 In Sales of Fixed Indexed Annuities
Source: Insurance News Net

 

A Context for Considering Variable Annuities with Living Benefit Riders

Variable annuities are controversial products in the investment world. They have long been pilloried for their high internal expenses, opaque and excessive commissions, onerous surrender charges, and inadequate disclosure. In addition, scores of investor complaints and lawsuits alleging unsuitability and misrepresentation, particularly toward seniors, have made variable annuities a hot-button issue with regulators. The relatively recent introduction of so-called “living benefit” riders, however, has added an intriguing new dimension to the debate, and has dramatically changed the variable annuity marketplace.

A Context for Considering Variable Annuities with Living Benefit Riders
Source: Journal of Financial Planning

 

SunTrust Investment Services Representatives Discuss Women and Retirement on the Balancing Act on Lifetime Television

SunTrust Investment Services (STIS), a subsidiary of SunTrust Banks, Inc., announced today that Sabina Lien, a STIS Private Financial Advisor, will be appearing as a guest on three upcoming segments of The Balancing Act on LIFETIME Television to discuss women and retirement.

SunTrust Investment Services Representatives Discuss Women and Retirement on the Balancing Act on Lifetime Television
Source: PR Newswire

 

Long/Short Investing -- Pacific Life Only Carrier to Offer a Multi-Manager Approach with Variable Insurance Products

The fundamental method or the quantitative method? Traditionally, long/short investment strategies followed one or the other. Now, both methods can be accessed in one investment option – the Long/Short Large-Cap, the newest in a wide variety of choices available through variable life insurance and variable annuity products from Pacific Life Insurance Company and Pacific Life & Annuity Company.

Long/Short Investing -- Pacific Life Only Carrier to Offer a Multi-Manager Approach with Variable Insurance Products
Source: Business Wire

Tuesday, May 27, 2008

 

Russell Research Shows 90% of Retirement Income Is From Investment Returns, Not Savings/Contributions

Russell Investments has released research to its clients that shows that investment returns generated by 401(k) savings during an individual’s retirement play the critical role in providing retirement income. This challenges the conventional belief that retirement income is derived predominantly from savings and returns accumulated during a participant’s working years.

Russell Research Shows Ninety Percent of Retirement Income Is From Investment Returns, Not Savings/Contributions
Source: Business Wire

 

Graduates Forced to Join Millions of Uninsured Americans

Across the state this May, Texas college and university graduates might find themselves collecting more than just a diploma and a tassel. For many, graduation means an increase in debt, and a decrease in health insurance.

Graduates Forced to Join Millions of Uninsured Americans
Source: Insurance News Net

 

New York Life Adds Interactive Features to Its Consumers-Facing Web Site

In keeping with the trends of customer-centricity and interactive collaboration, New York Life has enhanced its consumer Web site, newyorklife.com. This April the New York-based carrier rolled out capabilities that enable users to rate, share and post comments to articles on the carrier's site. In addition, New York Life ($280 billion in assets under management) deployed VoiceCorp International's (Uppsala, Sweden) ReadSpeaker solution, which enables visually impaired visitors to hear the verbal content of Web pages and download it for later use.

New York Life Adds Interactive Features to Its Consumers-Facing Web Site
Source: Insurance & Technology

 

ING Touts Eco Responsibility

The U.S. arm of a large financial services companies is trying to reach out to consumers and others through YouTube.

ING Touts Eco Responsibility
Source: National Underwriter (subscription required)

Friday, May 23, 2008

 

Industry-Leading ING LifePay Plus Withdrawal Benefit with an ING Variable Annuity Now Features Improved Withdrawal Flexibility

ING LifePay Plus, one of the best-selling variable annuity living benefit riders in the U.S. today, has been refined and improved with more flexible withdrawal options, according to an announcement from ING USA Annuity and Life Insurance Company, which issues ING variable annuity products.

Industry-Leading ING LifePay Plus Withdrawal Benefit with an ING Variable Annuity Now Features Improved Withdrawal Flexibility
Source: Yahoo! Finance

 

Aviva USA Awarded Patent Related to Fixed Indexed Life Insurance

Aviva USA, part of Aviva plc, the world’s fifth largest insurance group, announced today that the United States Patent and Trademark Office issued U.S. patent number 7,376,609, for “Maximization of a Hedged Investment Budget for an Index-Linked Insurance Product,” on May 20, 2008. The patent involves Aviva’s unique risk management processes related to the minimum guarantees on its indexed universal life insurance products. These innovative and proprietary risk management processes allow Aviva to offer customers indexed universal life insurance products with minimum interest rate guarantees that have greater benefits at lower costs.

Aviva USA Awarded Patent Related to Fixed Indexed Life Insurance
Source: Insurance News Net

Thursday, May 22, 2008

 

Bush Signs Anti-Discrimination Bill

President Bush on Wednesday signed legislation to protect people from losing their jobs or health insurance when genetic testing reveals they are susceptible to costly diseases.

Bush Signs Anti-Discrimination Bill
Source: Insurance News Net

 

The Principal Financial Group Enhances Term Life Insurance

As the workforce ages, Americans want more life insurance protection for a longer period of time. According to LIMRA, 20 and 30-year term policies are increasing in popularity while 1 and 5-year term policies are decreasing1. The Principal Financial Group® is meeting this demand by increasing the issue age and reducing the price on its individual term products.

The Principal Financial Group Enhances Term Life Insurance
Source: Business Wire

 

E*Assist Introduces Variable Annuity Exchange Calculators

E*Assist, a provider of business growth and compliance management solutions for the financial advisor community, has launched two complimentary online calculators today that enable registered representatives to compare the profitability of variable annuity products and to evaluate the financial outcome of conducting a 1035 exchange. The announcement was made today at SIFMA’s Fourth Annual Independent Firms Conference.

E*Assist Introduces Variable Annuity Exchange Calculators
Source: Business Wire

 

Life Insurers Moving Toward Using Mortality Management to Increase Profits

Life insurance companies are starting to consider using mortality management as a strategy to improve their bottom line, according to a survey conducted by MajescoMastek and Transamerica Reinsurance, a division of Transamerica Occidental Life Insurance Company.

Life Insurers Moving Toward Using Mortality Management to Increase Profits
Source: Business Wire

 

AIG American General Announces Next Generation ROP Term Product

AIG American General announced today AIG ROP Select-a-TermSM, a groundbreaking new term life insurance product underwritten by American General Life Insurance Company and The United States Life Insurance Company in the City of New York, subsidiaries of American International Group, Inc. (AIG). AIG ROP Select-a-Term enables policy owners to choose the term duration that best meets their needs — and, if they live to the end of the level-term period, have their base policy premiums returned.

AIG American General Announces Next Generation ROP Term Product
Source: Business Wire

Wednesday, May 21, 2008

 

Prudential Study Finds Women's Retirement Confidence Gap Persists

Although eight in 10 women believe maintaining their lifestyle in retirement is a priority, only 18% are confident they can achieve it, according to a new survey issued by Prudential Financial, Inc.

Prudential Study Finds Women's Retirement Confidence Gap Persists
Source: Business Wire

 

Broke Boomers May be Forced to Delay Retirement

The economic woes that are forcing homeowners into foreclosure, choking spending on nondiscretionary goods and driving up credit-card bills may claim another group of victims in the coming years: Broke baby boomers.

Broke Boomers May be Forced to Delay Retirement
Source: Market Watch

 

Life Insurers Moving Toward Using Mortality Management to Increase Profits

Life insurance companies are starting to consider using mortality management as a strategy to improve their bottom line, according to a survey conducted by MajescoMastek and Transamerica Reinsurance, a division of Transamerica Occidental Life Insurance Company.

Life Insurers Moving Toward Using Mortality Management to Increase Profits
Source: Insurance News Net

 

UMB to Offer Customers 'MyTerm', Internet-Based Term Life Insurance

Prudential Financial, Inc. today announced an agreement between its Individual Life Insurance business and UMB Financial Corporation to offer MyTermSM, a new simplified issue term life insurance policy available through the Internet, to UMB 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.

UMB to Offer Customers 'MyTerm', Internet-Based Term Life Insurance
Source: Yahoo! Finance

Tuesday, May 20, 2008

 

Debt-Squeezed Gen X Saves Little

For years, experts have warned that too many of the USA's 79 million baby boomers aren't financially ready for their coming retirements. Yet, if the boomers have had it hard, it's nothing compared with those next in line: Generation X — people such as the Shorts. The Gen Xers, generally defined as those born from 1965 through 1980 — now 27 to 43 years old — have even less assurance than the boomers of receiving company pensions and projected Social Security benefits.

Debt-Squeezed Gen X Saves Little
Source: USA Today

 

High Net Worth Changing Retirement Plans

Feeling pinched by the bleak economic picture, America's affluent are now downsizing their lifestyle and changing their retirement plans, according to several new studies, and their professed desire to switch to more conservative instruments poses challenges for advisors.

High Net Worth Changing Retirement Plans
Source: Financial-Planning.com

 

Jefferson National Hosts Experts to Discuss "Winning the Retirement Income Challenge"

Jefferson National, the company whose flat-insurance fee VA has increased the value of tax-deferral for consumers, recently hosted their first annual FORERUNNER Roundtable, an expert panel discussion in New York City to help advisors and clients understand the changing retirement landscape and win the retirement income challenge.

Jefferson National Hosts Experts to Discuss "Winning the Retirement Income Challenge"
Source: Business Wire

Monday, May 19, 2008

 

John Hancock Funds Leverages New Technology for Website

John Hancock Funds has launched cutting-edge technology on its advisor web site that offers new and expanded products and services to financial advisors. The unique new features include "Flip Book" technology and video commentary on the markets by portfolio managers of John Hancock Funds.

John Hancock Funds Leverages New Technology for Website
Source: Yahoo! Finance

 

Jackson Introduces New OptiMax Level Rate Fixed Annuities

Jackson National Life Insurance Company (Jackson) today announced new additions to its OptiMAX family of fixed annuities. Designed specifically for the bank channel, Jackson's OptiMAX Level Rate One and OptiMAX Level Rate Two fixed annuity contracts offer a choice of interest rate guarantee periods, flexible withdrawal provisions and a guarantee of principal with tax-deferred earnings to help customers preserve and grow their retirement savings. A similar contract, OptiMAX NY Level Rate, will be available in New York.

Jackson Introduces New OptiMax Level Rate Fixed Annuities
Source: Forbes

 

Bequest Can Increase Substantially When an Immediate Annuity is Part of a Retirement Income Plan, Finds NAVA Analysis

In addition to living the good life, most retirees hope to leave money behind for their families after they have passed away. However, the reality in today's challenging financial times is often the exact opposite, as some retirees are unexpectedly finding themselves in the position of having to rely on their children for some level of financial support -- in effect, creating a "reverse inheritance" scenario.

Bequest Can Increase Substantially When an Immediate Annuity is Part of a Retirement Income Plan, Finds NAVA Analysis
Source: Insurance News Net

Saturday, May 17, 2008

 

TIAA-CREF Celebrates Its 90th Anniversary

TIAA-CREF, a national financial services organization and the leading retirement system for people in the academic, research, medical and cultural fields, will complete its 90th year of service to clients on May 17.

TIAA-CREF Celebrates Its 90th Anniversary
Source: Business Wire

Friday, May 16, 2008

 

Prudential Launches 'Women & Money' - New Online Educational Resource Designed to Help Women Achieve Financial Security

Prudential Financial, Inc. today announced the launch of Prudential Women & Money designed to help today’s savvy women manage the myriad financial aspects of their daily lives that ultimately impact their long-term financial security. While 80% of women desire to achieve a secure retirement, according to Prudential’s 2008 Study on The Financial Experiences and Behaviors Among Women, only 18% feel confident in their ability to do so. Women are looking for a reputable source of educational information to help close their confidence gap and identify solutions to achieve their goals. Women & Money resources are available to consumers at no charge.

Prudential Launches 'Women & Money' - New Online Educational Resource Designed to Help Women Achieve Financial Security
Source: Yahoo! Finance

 

The Immediate Annuity as a Wealth-Building Tool

The cost of living is skyrocketing. Retirees are experiencing the wrath of rampant price increases on basic essentials, such as food, home heating and cooling costs, gasoline and property taxes.

The Immediate Annuity as a Wealth-Building Tool
Source: Producers Web

 

MIB Life Index Reports North American Life Insurance Activity Down 4.5% in April

North American application activity for individually underwritten life insurance was off -4.5% in April, year-over-year, according to the MIB Life Index(SM). Year-to-date (YTD) U.S. and Canadian application activity was off -2.1% compared to the same period last year. April's activity was off -6.6% when compared to last March.

MIB Life Index Reports North American Life Insurance Activity Down 4.5% in April
Source: PR Newswire

 

Mutual of Omaha Announces Single Premium Group Annuity Settlement with Connecticut Attorney General

Mutual of Omaha has reached a settlement with the Connecticut Attorney General regarding the Attorney General’s ongoing investigation into compensation paid to brokers who sold single premium group annuity (SPGA) policies, the company announced today. SPGA policies are purchased by pension plans to provide annuity benefits and account for less than one percent of policies sold by Mutual. The settlement relates to compensation paid to a few brokers who sold Mutual’s SPGA policies between 1999 and 2004.

Mutual of Omaha Announces Single Premium Group Annuity Settlement with Connecticut Attorney General
Source: Business Wire

Thursday, May 15, 2008

 

Hispanics Are Seen as Ripe Clients for Wealth Business

Many banking companies have developed wealth management assets by targeting niche groups like professionals, women, and African-Americans, but observers say they are missing one particular niche: Hispanic-Americans.

Hispanics Are Seen as Ripe Clients for Wealth Business
Source: Financial-Planning.com

 

AssetMark Investment Services, Inc. and Genworth Life and Annuity Insurance Company Introduce New Guaranteed Income Annuity

AssetMark Investment Services, Inc. and Genworth Life and Annuity Insurance Company today announced the introduction of LifeHarbor, a group guaranteed income annuity product. LifeHarbor helps protect an investor's retirement plan by providing an income guarantee while allowing investors to remain invested in a Mutual Fund or Exchange Traded Fund portfolio on AssetMark's managed account platform.

AssetMark Investment Services, Inc. and Genworth Life and Annuity Insurance Company Introduce New Guaranteed Income Annuity
Source: Yahoo! Finance

 

Phoenix Chooses CSC's Insurance Software to Boost Customer Service and Improve Operations

Computer Sciences Corporation today announced that The Phoenix Companies, Inc.has licensed CSC's Customer Service Accelerator software to improve customer service for its 650,000 life insurance and annuity policyholders and the financial advisors who distribute its products.

Phoenix Chooses CSC's Insurance Software to Boost Customer Service and Improve Operations
Source: PR Newswire

Wednesday, May 14, 2008

 

Lincoln Employer Markets Executives Benefits Group Announces the Early Release of its New 2001 CSO Compliant Products

Regulators have mandated that all insurance products must begin using a new mortality table for non-forfeiture and valuation purposes no later than January 1, 2009. Because of this, Lincoln National Corporation has announced the early release of its new 2001 Commissioners Standard Ordinary (CSO) compliant product portfolio named the Lincoln Corporate Commitment(SM) (LCC) series of products.

Lincoln Employer Markets Executives Benefits Group Announces the Early Release of its New 2001 CSO Compliant Products
Source: PR Newswire

 

BOLI Assets Exceed $120 Billion in 2007 According to a Report Issued by Michael White and MullinTBG

Large bank holding companies (BHCs) and stand-alone banks reported bank-owned life insurance (BOLI) assets of $120.4 billion in 2007, reflecting a 15.9% increase from $103.9 billion in 2006, according to the 2008 edition of the Michael White-MullinTBG BOLI Holdings Report. BOLI is used to recover the cost of supplemental employee health insurance benefits and to offset the liabilities of retirement benefits.

BOLI Assets Exceed $120 Billion in 2007 According to a Report Issued by Michael White and MullinTBG
Source: Insurance News Net

 

Retirement Assets Rise, Led by IRAs and 401(k) Plans

Americans' retirement assets rose 6.7%, to $17.6 trillion, last year despite tumultuous market conditions.

According to the Investment Company Institute, the strongest growth occurred in individual retirement accounts and employer-sponsored defined contribution plans, including 401(k)s.

Retirement Assets Rise, Led by IRAs and 401(k) Plans
Source: Financial-Planning.com

 

New Study: Americans Say Recession, Declining Stocks and Soft Home Values Less Financially Disastrous Than Death of Spouse

While current headlines and political rhetoric focus on the public's fears of broad financial challenges such as economic recession and Social Security going broke, Americans in every demographic group say that their death or the death of their spouse would be a much greater threat to their family's future financial situation, according to a new survey from ING, one of the nation's leading financial services and life insurance companies.

New Study: Americans Say Recession, Declining Stocks and Soft Home Values Less Financially Disastrous Than Death of Spouse
Source: Yahoo! Finance

Monday, May 12, 2008

 

MetLife Bolsters Universal Life Insurance Lineup

MetLife today announced the launch of a new universal life insurance policy, Guarantee Advantage UL (2001 CSO), in all 50 states, through the company’s sales force and independent distribution channels. The new product offers enhanced flexibility with guaranteed protection through customizable durations of coverage and premium payments (including the ability to carry over a loan on 1035 exchanges), as well as design innovations that allow policyholders to create a policy that best meets their needs.

MetLife Bolsters Universal Life Insurance Lineup
Source: Yahoo! Finance

 

Life Insurance: No Guaranty?

In most states, "good health" is clearly defined in insurance laws, but in Massachusetts the courts have relied on precedent set in cases dating back to 1920 that put the burden on policyholders to demonstrate that they were in good health when the policies were issued.

Life Insurance: No Guaranty?
Source: Hartford Courant

 

Study: Retirement Savers Make Costly 401(k) Mistakes

Despite extensive efforts to educate workers about saving for retirement, many employees are not doing a good job of managing their company-sponsored 401(k) accounts, a new study indicates.

Study: Retirement Savers Make Costly 401(k) Mistakes
Source: Washington Post

 

New Survey Finds Overwhelming Majority of Working Americans Not Financially Prepared for Disability, Would Rely on Sources Other Than Themselves...

If you were unable to work because of a long-term disability, how would you provide for yourself financially? The results of a new survey released today by the nonprofit LIFE Foundation show that nearly 80 percent of working Americans say they would turn to their employer or the government for financial support in the event of a disabling illness or injury, rather than disability insurance purchased on their own.

New Survey Finds Overwhelming Majority of Working Americans Not Financially Prepared for Disability, Would Rely on Sources Other Than Themselves for Support
Source: PR Newswire

Friday, May 09, 2008

 

When To Make Withdrawals From Retirement Accounts

The government is happy to let you save money tax-free in a retirement account -- but you have to start withdrawing money from the account when you turn 70½.

The Required Minimum Distribution (RMD), as the Internal Revenue Service calls it, is the minimum amount you are required to withdraw each year from your retirement account. The first withdrawal is required in the calendar year that you turn 70½ -- the year you turn 70 if your birthday is before June 30 -- and you must make additional minimum withdrawals in every subsequent year.

When To Make Withdrawals From Retirement Accounts
Source: The Street

 

Phoenix Cos. Posts Quarterly Net Loss of $19 Million

The Phoenix Cos. posted a $19 million net loss for the first quarter on equity market declines, large death claims, the loss of a major client and unusual expenses, including a recent proxy fight.

The Hartford-based company said Thursday that it had an operating loss of $4.7 million, or 4 cents a share, in this year's quarter, compared with $37.4 million, or 32 cents a share, of operating profit a year ago. Operating results exclude realized investment gains and losses.

Phoenix Cos. Posts Quarterly Net Loss of $19 Million
Source: Hartford Courant

 

The Role of Life Insurance in Your Client's Retirement Plans

Life insurance, like most insurance policies, is simply a contract between the insurance company and the policyholder. As most of you know, it is designed to pay funds out to your client’s designated beneficiary upon their death or even terminal illness for some products. As it is no mystery to the industry that as many as 85 percent of baby boomers preparing for retirement have no formal plans to transform their retirement savings into a steady stream of retirement income, the question becomes: What is the ideal vehicle for them to achieve a stable retirement? Could life insurance help supplement retirement plans to ensure help your clients continue to receive income even after retirement?

The Role of Life Insurance in Your Client's Retirement Plans
Source: Producer's Web

 

Life Insurance as a Retirement Tool

In mid-October 2007, Kathleen Casey-Kirschling became the first baby boomer to file for Social Security benefits, officially beginning the long march of the boomer generation through the Federal entitlement system. She and about 76 million of her brethren, will soon become dependents of the United States taxpayer. The pressure on tax rates to cover the obligations of our ballooning federal entitlement programs poses one of the greatest long-term challenges to Congress. The uncertainty that casts on the future of those programs, meanwhile, is an inescapable planning challenge to tomorrow’s retirees and to those who advise them.

Life Insurance as a Retirement Tool
Source: Life Insurance Selling

Thursday, May 08, 2008

 

Buying Motives: What Makes Fixed Annuities Tick with Buyers?

Behind every sales transaction is a buying motive that explains why a customer made a purchase. Understanding the buying motives of consumers is important in convincing prospects to buy a product.

Buying motives – the emotional and the rational – can be useful in presenting a product to a prospect. Emotional buying motives typically involve little logic while rational motives appeal to reason.

Buying Motives: What Makes Fixed Annuities Tick with Buyers?
Source: Insurance News Net

 

Offer Your Clients An Alternative to the "Tax Time Bomb"

Over the past decade, consumers have invested more than $1 trillion in annuities, offering plenty of challenges and opportunities for the financial advisor. The typical senior prospects look for yield, safety, and liquidity for some portion of their rainy-day savings. The fixed indexed annuity came along in the 1990s, and it was the ideal vehicle to handle these objectives. For the advisor, it was often an easy sale that came with a handsome commission.

Offer Your Clients An Alternative to the "Tax Time Bomb"
Source: Life Insurance Selling

 

Pacific Life Helps Clients Catch Up on Retirement Savings

With investor concerns about market fluctuations, not saving enough for retirement, and outliving assets, Pacific Life Insurance Company has launched a new bonus variable annuity.

Pacific Value Edge provides clients with an immediate credit of either 6% or 8%, depending on the amount of the initial purchase payments (investments). Investments less than $100,000 will earn a 6% credit, and investments $100,000 and greater will earn an 8% credit. This credit provides a “jump start” and can help those who are behind in saving and have less than 10 years until retirement income is needed.

Pacific Life Helps Clients Catch Up on Retirement Savings
Source: Business Wire

 

Conseco Reaches Settlement of Multistate Market Conduct Examination

Conseco, Inc. today announced a settlement among state insurance regulators and two of its insurance subsidiaries: Conseco Senior Health Insurance (CSHI) Company and Bankers Life and Casualty Company. The settlement concludes a multistate market conduct examination led by Pennsylvania, Illinois, Indiana, Texas and Florida related to long-term care claims practices and procedures, complaint handling, and sales and marketing practices.

Conseco Reaches Settlement of Multistate Market Conduct Examination
Source: PR Newswire

Wednesday, May 07, 2008

 

MetLife Mature Market Institute Unveils New Website

The MetLife Mature Market Institute’s® (MMI) newly designed Web site, www.maturemarketinstitute.com, is now available with additional resources for those interested in aging, caregiving, the changing workforce, retirement and demographics.

MetLife Mature Market Institute Unveils New Website
Source: Yahoo! Finance

 

Successful Retirement Ranks High Among Financial Goals for Hispanic Americans

Today, Prudential Financial, Inc. released a new survey on the financial attitudes and behaviors of Hispanic Americans. According to the Hispanic Americans on the Road to Retirement research report, retirement is very much on the radar of middle-class Hispanic Americans - a vast majority of whom have taken steps to provide for their futures.

Successful Retirement Ranks High Among Financial Goals for Hispanic Americans
Source: CentreDaily.com

 

LPL Financial Heats Up the RIA World

Charles Schwab, Fidelity and TD Ameritrade will soon have a new and powerful rival to worry about, while the hybrid broker / independent RIA model should get a major boost. The largest independent B/D in the U.S., LPL Financial, announced today it's going to launch an RIA custodian later this year, which will serve both hybrid and fee-only investment advisors who operate independent RIAs. LPL currently has about 12,000 Series-7 advisors under its massive B/D umbrella.

LPL Financial Heats Up the RIA World
Source: Insurance News Net

 

Four Simple Steps to Selling Millions in Annuities

The fixed indexed annuity, for merly known as the equity indexed annuity, is a marvelous, creative product. First brought to the marketplace by Keyport Insurance Company in February 1995, this product combines the safety of a fixed annuity with the market appreciation of a variable annuity. The growth of fixed indexed annuities (FIA) since 1995 has been amazing; sales have ballooned from $500 million to more than $25 billion in 2006. Today, more than $120 billion in FIAs are in force, and that figure continues to grow dramatically.

Four Simple Steps to Selling Millions in Annuities
Source: Insurance News Net

Tuesday, May 06, 2008

 

John Hancock Launches New Fully Guaranteed Whole Life Insurance Product

John Hancock has launched a new, highly competitive Protection Whole Life policy that combines affordable, guaranteed death benefit protection, guaranteed cash values and a long term care rider.

John Hancock Launches New Fully Guaranteed Whole Life Insurance Product
Source: PR Newswire

 

The Hartford Enhances VA Product and Sales Capabilities, Debuts New 'Hartford Leaders' Product to Help Secure Americans' Financial Future

Connecticut-based leader in retirement and investment products responds to an increasingly complex, crowded and confusing market by designing a variable annuity offering with simplification, focus and value.

The Hartford Enhances Variable Annuity Product and Sales Capabilities, Debuts New 'Hartford Leaders' Product to Help Secure Americans' Financial Future
Source: Business Wire

 

Prudential Financial Outlines Practical Investment Tips You Should Consider in the Retirement Red Zone (Tip 12)

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 Red Zone (Tip 12)
Source: Yahoo! Finance

 

America's Young Adults Face Serious Economic Challenges, According to New Data Report and Opinion Poll Analysis

Today's young adults are feeling the impact of a massive shift in the U.S. economy--changes that are documented in a new data report from Demos and an analysis of public opinion polling by The Center for American Progress. The studies were announced today with a press teleconference.

America's Young Adults Face Serious Economic Challenges, According to New Data Report and Opinion Poll Analysis
Source: Insurance News Net

Monday, May 05, 2008

 

Long term care insurance on the tarmac, awaiting take-off

The horizon for the long term care insurance industry looks brighter now, with sales showing modest growth in 2007 after four years of discouraging results. However, its future is still uncertain.

This is like sitting on the tarmac, waiting for the right conditions, and being fairly sure, but not certain, that take-off will eventually occur. Where LTC insurance is concerned, the question is, will it ever be embraced by Americans to the degree of other long-established financial products?

National Undewriter: Long term care insurance on the tarmac, awaiting take-off

 

Guaranteed Lifetime Income Rider: Hot-Seller on the Annuity Block

The magic of annuities is all in the riders. In fact, guaranteed living benefit (GLB) riders have been the driving force behind the record-setting variable annuity (VA) sales in 2007. It shouldn’t come as a surprise then that annuity providers have been rolling out one GLB rider after another including:

* Guaranteed Minimum Income Benefits (GMIB)
* Guaranteed Minimum Withdrawal Benefits (GMWB)
* Guaranteed Minimum Accumulation Benefits (GMAB)
* Guaranteed Payout Annuity Floors (GPAF)

Guaranteed Lifetime Income Rider: Hot-Seller on the Annuity Block
Source: Insurance News Net

 

Simple Concepts to Help Us Save

I don't mean handouts or bailouts, or "fixing" the economy, whatever that means. I am talking about re-emphasizing simple but powerful concepts that work: Save regularly, even if it's little by little, and never invest in anything you don't understand or is riskier than you can afford.

Simple Concepts to Help Us Save
Source: Sun-Sentinel

 

MetLife Adds Social Security Calculator

A new service from MetLife Inc. helps people approaching retirement decide when to begin taking Social Security benefits.

The MetLife Social Security Decision Tool "is the first online tool to combine life expectancy tables with a Social Security benefits calculation for consumers," the company said Tuesday.

MetLife Adds Social Security Calculator
Source: Financial-Planning.com

 

RiverSource Introduces Disciplined Asset Allocation Portfolios

RiverSource Life Insurance Company, Inc., a subsidiary of Ameriprise Financial, Inc., has introduced Disciplined Asset AllocationSM Portfolios for individuals investing in RiverSource® variable annuities and RiverSource variable universal life insurance products. Disciplined Asset Allocation Portfolios are five RiverSource fund-of-funds subaccounts, ranging from conservative to aggressive, designed to help investors more easily manage and help drive the performance of their RiverSource variable annuity and variable universal life products. The new portfolios are managed by the RiverSource Disciplined Equity and Asset Allocation team in Cambridge, Mass.

RiverSource Introduces Disciplined Asset Allocation Portfolios
Source: Business Wire

Friday, May 02, 2008

 

MIB Life Index Reports North American Life Insurance Activity Flat in March

North American application activity for individually underwritten life insurance was off slightly in March, down -0.7% year-over-year, according to the HUMIB Life Index(SM). At the close of the first quarter, U.S. and Canadian application activity was off -1.2% compared to the same quarter last year. March application activity was up +1.5% over the prior February.

MIB Life Index Reports North American Life Insurance Activity Flat in March
Source: PR Newswire

 

LISA Questions NAIFA and AALU Support Carriers Over Producers and Consumers

The two major associations representing insurance producers have enthusiastically endorsed legislation in several states that harms consumers, producers and the insurance industry as a whole. In doing so, both the National Association of Insurance and Financial Advisors (NAIFA) and the American Association of Life Underwriters (AALU) raise serious questions about their independence and ability to serve their members.

LISA Questions NAIFA and AALU Support Carriers Over Producers and Consumers
Source: StreetInsider.com

 

New Measure of Income Adequacy Reveals Seniors Ill-Prepared to Retire with Dignity

According to recent data, Social Security is the only source of income for one out five retired elders and one out of three seniors rely on Social Security to provide over 90% of their income. In addition, it is the only source of income for one out of nine retired elder couples. Nevertheless, the reality is that Social Security will provide only 63% of the income required to achieve economic security for a senior who rents rather than owns his or her own home. Over time, without proper supports, this senior would fall deeper and deeper into debt and/or end up living in poverty.

New Measure of Income Adequacy Reveals Seniors Ill-Prepared to Retire with Dignity
Source: NCOA.org

 

The Secondary Market Increases Value of Life Insurance Policies

In The Benefits of a Secondary Market for Life Insurance Policies, a study conducted by The Wharton Financial Institutions Center, the authors said that this growing secondary market actually boosts the value of life insurance policies by making them more liquid.

The Secondary Market Increases Value of Life Insurance Policies
Source: Insurance News Net

Thursday, May 01, 2008

 

Life Insurance Settlement Industry Thriving Amid Controversy

For a market that was nonexistent 10 years ago, the idea of life settlements has turned into a booming billion-dollar industry as well as a controversial issue that has seen pending state legislation and warnings from the insurance commissioner's office.

Life Insurance Settlement Industry Thriving Amid Controversy
Source: Insurance News Net

 

Diversification Made Simple with New Asset Allocation Investment Option from Nationwide

To help consumers diversify their investments more simply through asset allocation, Nationwide Financial Services, Inc., today announced the introduction of the NVIT CardinalSM Funds as part of its annual updates to strengthen investment options within the company’s variable annuity and life products.

Diversification Made Simple with New Asset Allocation Investment Option from Nationwide
Source: Business Wire

 

'Matters at Hand' Announces Launch of the "What You Need to Know Kit"

Matters at Hand™, a wealth management consulting service (www.matterstathand.com) dedicated to helping people get their estate planning and financial affairs in shape, announced today the national launch of its new “WHAT YOU NEED TO KNOW KIT™.” The Kit is an all-in-one educational resource guide and organizational tool that simplifies the complexities of all areas of wealth management - from estate planning, life and disability insurance, taxes, investments, and property/casualty insurance to budgeting, education savings plans, long term care planning and philanthropy.

'Matters at Hand' Announces Launch of the "What You Need to Know Kit"
Source: Business Wire

 

Prudential's Quarterly Profit Drops 92%

First-quarter net income came in at $77 million, or 20 cents per common share, versus $1.025 billion, or $2.18 per common share, in the same period a year earlier. Adjusted operating income, which excludes realized investment gains and losses, was $729 million, or $1.65 per common share, the company reported.

Prudential's Quarterly Profit Drops 92%
Source: MarketWatch

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