Monday, June 30, 2008

 

Genworth Financial Subsidiary Insurance Companies Launch IRA Variable Annuity

Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company of New York, subsidiaries of Genworth Financial, Inc., have launched a new RetireReady IRA Annuity product. The IRA Annuity is a new retirement product that successfully combines the traditional benefits of an IRA with the ability to provide a guaranteed income stream that only an annuity can provide. This contract can only be issued as, and must be maintained as, an IRA, Roth IRA or SEP IRA contract or within such qualified accounts.

Genworth Financial Subsidiary Insurance Companies Launch IRA Variable Annuity
Source: Boston.com

Permalink posted by armandn @ 11:33 AM
 

John Hancock Enhances Flagship Long-Term Care Insurance Product

John Hancock Life Insurance Company (John Hancock) announced that it is adding new benefits to its flagship long-term care (LTC) insurance policy to meet the needs of today's LTC insurance buyers. Called Custom Care II Enhanced, the policy offers new, innovative benefits, several of which were developed with baby boomers in mind.

John Hancock Enhances Flagship Long-Term Care Insurance Product
Source: Forbes

Permalink posted by armandn @ 11:32 AM
 

Genworth Financial Launches First Ever Index Measuring Consumer Financial Vulnerability

Leading financial security company, Genworth Financial has launched the first ever index measuring consumer financial vulnerability. The Genworth Index is being introduced at a time when consumers face an uncertain future: with UK house prices suffering their first annual fall for 12 years and inflationary pressure from rising food prices and utility bills squeezing household income.

Genworth Financial Launches First Ever Index Measuring Consumer Financial Vulnerability
Source: PR Newswire

Permalink posted by armandn @ 11:30 AM
 

Insurance Business Continues to Be Profitable for Financial Institutions

Banks are having a tough time in the sputtering economy but one shining spot on their balance sheets is their insurance brokerage services, which had their second best quarter in the first three months of 2008, according to a fee income report.

Insurance Business Continues to Be Profitable for Financial Institutions
Source: Insurance News Net

Permalink posted by armandn @ 11:29 AM

Friday, June 27, 2008

 

MassMutual Introduces SignatureCare 500 Long-Term Care Insurance, Providing Policyholder Flexibility and Eligibility for Annual Dividends

Massachusetts Mutual Life Insurance Company (MassMutual) today announced the introduction of SignatureCare 500, a flexible long-term care insurance product that enables consumers to customize a policy to meet their unique and changing needs while helping to protect their assets, their families, and their quality of future care.

MassMutual Introduces SignatureCare 500 Long-Term Care Insurance, Providing Policyholder Flexibility and Eligibility for Annual Dividends
Source: PR Newswire

Permalink posted by armandn @ 12:19 PM
 

Insuring for a Long Life

The good news is that Americans are living longer than ever before, with Americans' life expectancy hitting a record high of 78.1 years in 2006.

The bad news?

Those 50% of Americans who will live beyond life expectancy (it's 80.7 years for women, 75.4 years for men, and varies further based on ethnicity) need to make sure they have enough assets to support their lifestyle should they live a long life.

Insuring for a Long Life
Source: MarketWatch

Permalink posted by armandn @ 12:19 PM
 

U.S. Bank Aims to Take Apprehension Out of Retirement Planning

U.S. Bank officials cut the ribbon Thursday on a remodeled skyway branch in their Minneapolis headquarters and the key message was: Retirement is big.

The expanded and remodeled branch features the company’s second Retirement Planning Center, a bricks-and-mortar component in a campaign to expand U.S. Bank’s business in the lucrative market.

U.S. Bank Aims to Take Apprehension Out of Retirement Planning
Source: Finance-Commerce.com

Permalink posted by armandn @ 12:18 PM
 

FBL Financial Group Comments on SEC Index Annuity Rule Proposal

FBL Financial Group opposes the regulation of the sale of index annuities by the Securities and Exchange Commission. The SEC’s proposed rule on index annuities was discussed at its open meeting held yesterday, and would require future registration of nearly all index annuities as securities. FBL regularly monitors the regulatory environment and has discussed contingency plans for a variety of scenarios. With the SEC’s 96-page release discussing the proposed rule being published today, FBL will take the proper time to review and analyze this proposed rule and determine its course of action. FBL is prepared to adapt as necessary during the announced 12 months between publication and effectiveness of any final rule. FBL is currently a variable product writer and has experience with registered investment products.

FBL Financial Group Comments on SEC Index Annuity Rule Proposal
Source: Yahoo! Finance

Permalink posted by armandn @ 12:02 PM

Thursday, June 26, 2008

 

American Equity to Oppose Proposed Rule Regarding Index Annuities

American Equity Investment Life Holding Company is a leading underwriter of index annuities, which were the topic of a proposed rule discussed by the Securities and Exchange Commission in its open meeting held yesterday, June 25, 2008. The proposed rule would change the interpretation of the exclusion for annuities under the Securities Act of 1933 and require future registration of index annuities as securities. AEL intends to oppose this change through all available channels during the rule-making process, which will include a comment period and a later opportunity for judicial review. Based on the existing law, index annuities are insurance products, not securities, to the same extent as traditional fixed-rate annuity products.

American Equity to Oppose Proposed Rule Regarding Index Annuities
Source: Yahoo! Finance

Permalink posted by armandn @ 9:33 AM
 

SEC Wants Oversight of Equity-Indexed Annuities

The U.S. Securities and Exchange Commission will propose changes that could redefine many equity-indexed annuities as securities products, subjecting them to federal regulation and oversight.

SEC Wants Oversight of Equity-Indexed Annuities
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 9:22 AM
 

Fidelity Investments Estimates $85,000 Needed to Cover Retiree Long-Term Care Insurance Costs

To help Americans better plan for their healthcare costs in retirement, Fidelity Investments estimates that a 65-year old couple in 2008 will need $85,000 to insure against long-term care expenses.

Fidelity Investments Estimates $85,000 Needed to Cover Retiree Long-Term Care Insurance Costs
Source: Insurance News Net

Permalink posted by armandn @ 5:28 AM
 

Jefferson National's Monument Advisor One of First VAs to Add ALPS' Listed Private Equity Portfolio and ALPS' Ibbotson ETF Asset Allocation Portfolios

Jefferson National’s Monument Advisor, the first flat-insurance fee variable annuity with the industry’s largest supermarket of more than 200 tax-deferred funds, is now one of the first VAs to offer the new ALPS Variable Series Listed Private Equity Portfolio and ALPS’ Ibbotson ETF Allocation Series, further expanding with more unique solutions to help fee-based advisors and their clients diversify retirement savings and manage risk in this challenging market.
Jefferson National's Monument Advisor One of First VAs to Add ALPS' Listed Private Equity Portfolio and ALPS' Ibbotson ETF Asset Allocation Portfolios
Source: Business Wire

Permalink posted by armandn @ 5:24 AM
 

The Estate-Tax Puzzle is Becoming Clearer

It's important to establish an estate plan, which starts with writing a will and may include a medical directive and trusts. "Even if you're not subject to federal estate taxes, you need to have a plan to pass on the wealth and the control of assets," says Don Chapin, an elder-law lawyer with Chapin Law Offices, in Dublin, Ohio.

The Estate-Tax Puzzle is Becoming Clearer
Source: Kiplinger

Permalink posted by armandn @ 5:21 AM

Wednesday, June 25, 2008

 

SunLife Financial Introduces Retirement Blueprint Program to Educate, Prepare Advisors for Income Needs of Baby Boomers

The U.S. division of Sun Life Financial Inc. today introduced Retirement Blueprint, a unique value added program designed to help advisors build their business by enhancing their income planning skills, and engaging clients in the retirement income conversation and planning process.

SunLife Financial Introduces Retirement Blueprint Program to Educate, Prepare Advisors for Income Needs of Baby Boomers
Source: Yahoo! Finance

Permalink posted by armandn @ 12:38 PM
 

An Alarming 43% of Pre-Retirees Incorrectly Believe They Can Annually Draw Down 10% or More of Their Savings in Retirement

Five years after the release of MetLife's first Retirement Income IQ Test, a national poll to gauge pre-retirees' knowledge of retirement income issues, a new version of the study, released today by MetLife Mature Market Institute, reveals that almost seven in ten (69%) pre-retirees overestimate how much they can draw down from their savings - with an alarming 43% saying they believe they can withdraw 10% or more each year while still preserving their principal - even though most retirement experts suggest a withdrawal rate of no more than 4% annually.

An Alarming 43% of Pre-Retirees Incorrectly Believe They Can Annually Draw Down 10% or More of Their Savings in Retirement
Source: PR-Inside.com

Permalink posted by armandn @ 12:37 PM
 

Turning Life Insurance to Cash

With the skyrocketing cost of everything from gas to food to healthcare, many seniors are struggling to make ends meet. Thousands have already turned to a relatively new option known as a life settlement. "A life settlement is more or less a recycling program for life insurance policies, and has helped thousands of seniors get the cash they need right now," says Norman Hood, an independent insurance adviser in Rushville, Illinois. "Thanks to a new program, TermtoCash, up to 40 percent more seniors could benefit from this already popular financial tool."

Turning Life Insurance to Cash
Source: PR Newswire

Permalink posted by armandn @ 12:36 PM
 

Annuity Ladder Pays An Income Stream

Want to arrange an income stream? One way to lock in income is by laddering immediate annuities (IAs). You wouldn't have to shop for bonds. And IAs' payout generally tops bonds.

Annuity Ladder Pays An Income Stream
Source: Insurance News Net

Permalink posted by armandn @ 12:35 PM

Tuesday, June 24, 2008

 

Forrester: Consumers' Rankings of Financial Institutions Fall to Lowest Levels in Five Years

Fewer consumers think their financial services providers have their best interests at heart, according to Forrester Research, Inc.'s fifth annual customer advocacy scorecard. Based on a survey of 5,000 US consumers, the rankings evaluated 41 leading US banks, brokerages, and insurers. This year, consumers' ratings of financial institutions are down across the board, falling to their lowest levels since Forrester began surveying customer advocacy five years ago. Forrester attributes this year's drop in ratings to a broad decline in consumer confidence due to events like the subprime mortgage crisis. The scorecard was released today at Forrester's 2008 Financial Services Forum For Marketing And Strategy Professionals in New York.

Forrester: Consumers' Rankings of Financial Institutions Fall to Lowest Levels in Five Years
Source: Forbes

Permalink posted by armandn @ 9:54 AM
 

Who Are the 47 Million Uninsured? The Answers May Surprise You

Who are the 47 million uninsured? The answers may surprise you.

70% of the uninsured are in families with at least one full-time worker. 10% have at least one part-time worker. The rest are retired or unemployed.

Who Are the 47 Million Uninsured? The Answers May Surprise You
Source: Insurance News Net

Permalink posted by armandn @ 9:54 AM
 

ING Launches Managed Retirement Accounts from Morningstar Associates

Morningstar, Inc., a leading provider of independent investment research, today announced that ING is now making available Morningstar Retirement Manager, including a managed retirement account service, to more than 26,000 retirement plan sponsor clients and 1.8 million plus participants.

ING Launches Managed Retirement Accounts from Morningstar Associates
Source: PR Newswire

Permalink posted by armandn @ 9:52 AM
 

Millionaires Club Gets Bigger, Members Richer

The number of people around the globe with at least $1 million in assets grew 6% last year to 10.1 million, according to the 12th annual World Wealth Report released Tuesday by Merrill Lynch and Capgemini Group, a consulting firm.

That means an additional 600,000 people became millionaires or richer even as problems tied to the U.S. credit crisis spread in the second half of the year.

Millionaires Club Gets Bigger, Members Richer
Source: USA Today

Permalink posted by armandn @ 8:19 AM

Monday, June 23, 2008

 

America's Retirement Prospects in Doubt

Only about three in 10 workers (28 percent) expect to have enough money to retire comfortably.

Conversely, nearly seven out of 10 Americans have set low expectations about their retirement prospects. The breakdown:

-- One-third (33 percent) say they'll have just enough to get by.
-- Two out of 10 (17 percent) say they will not have enough money to retire without worrying.
-- Nineteen percent say they are afraid they'll never be able to retire.

America's Retirement Prospects in Doubt
Source: Bankrate.com

Permalink posted by armandn @ 7:36 AM
 

Generation X's Last, Best Hope For Retirement

If older Americans are in trouble when it comes to their retirement planning, Generation X is in big trouble, because:

-- Pensions have become things of the past.
-- The Social Security system is failing.
-- Debt, debt, and more debt.

Generation X's Last, Best Hope For Retirement
Source: Fool.com

Permalink posted by armandn @ 7:35 AM
 

Annuity Funded Trusts As An Annuity Market Niche

Annuity trusts are a potential market segment worthy of exploring. Annuity-funded trusts are generally set up for clients with significant liquid assets in order to take advantage of favorable tax treatment, security from market risk and built-in product guarantees. There are several varieties of annuity trusts, and some are explained briefly below..

Annuity Funded Trusts As An Annuity Market Niche
Source: Insurance News Net

Permalink posted by armandn @ 7:34 AM
 

Variable Annuity Assets Drop

Assets held in variable annuities fell 6%, to $1.4 trillion, during the first quarter from the end of 2007 and rose 0.5% compared with last year's first quarter, according to Nava.

Variable annuity total sales, also known as premium flows, rose 1.7%, to $41.6 billion, in the quarter compared with the year-earlier period, according to the company's quarter data.

Variable Annuity Assets Drop
Source: Financial-Planning.com

Permalink posted by armandn @ 7:30 AM

Friday, June 20, 2008

 

Affluent Trending Toward Trust Companies

Affluent investors are moving their funds away from global investment banking firms, shifting them to alternative firms such as trust companies, Bloomberg reports.

The shifting in funds by high-net-worth clients, typically defined as those with $2 million or more in investable assets, away from global investment banks is partially responsible for a nice boost in business at Wilmington Trust Corp. The company's CEO told Bloomberg news that affluent investors are concerned about where they are parking their assets and there is tangible evidence that they are shifting assets away from brokerage firms.

Affluent Trending Toward Trust Companies
Source: Financial-Planning.com

Permalink posted by armandn @ 7:43 AM
 

Retirement: Why Your 'Number' Doesn't Matter

Back in the '60s, when the musical "Hair" was heralding the dawning of the Age of Aquarius, the popular catchphrase was "What's your sign, man?" But with Hair now a nostalgic memory (in my case literally) and boomers more concerned about retirement than about Jupiter aligning with Mars, the new mantra is "What's your number?"

Retirement: Why Your 'Number' Doesn't Matter
Source: CNN Money

Permalink posted by armandn @ 7:43 AM
 

ING, As in 'Growing'

Seven years ago, few people in Greater Hartford outside of the financial services business had heard of ING Group when the Dutch firm purchased Aetna's financial services unit. Today, ING is one of the area's major employers, providing jobs to 2,100, plus another 430 hired under contract.

ING, As in 'Growing'
Source: Courant.com

Permalink posted by armandn @ 7:42 AM

Thursday, June 19, 2008

 

FINRA Puts Marketing of Variable Annuities on Top of its Watch List

In a statement at the 2008 Compliance and Regulatory Affairs Conference organized by NAVA last week in Washington, DC, FINRA’s chief of enforcement, Susan Merrill, acknowledged the important role of VAs in addressing the longevity risk facing many new retirees.

FINRA Puts Marketing of Variable Annuities on Top of its Watch List
Source: Insurance News Net

Permalink posted by armandn @ 7:40 AM
 

Jefferson National's Monument Advisor is First VA to Add Acclaimed Loomis Sayles Bond Fund to Industry's Broadest Tax-Deferred Investment Platform

Jefferson National’s Monument Advisor, the first flat-insurance fee variable annuity with the industry’s largest supermarket of more than 200 tax-deferred funds, is now the first and only VA to offer the award-winning Loomis Sayles Bond Fund, to help advisors and their clients further diversify their fixed-income holdings and add alpha in the current environment of fluctuating interest rates, increasing credit risk and currency uncertainty.

Jefferson National's Monument Advisor is First VA to Add Acclaimed Loomis Sayles Bond Fund to Industry's Broadest Tax-Deferred Investment Platform
Source: Business Wire

Permalink posted by armandn @ 7:39 AM
 

Protective Life Announces Organizational Realignment for Life Insurance Distribution

Protective Life Insurance Company today announced a realignment of responsibilities in its life insurance sales organization to enhance the focus and collaboration of its overall sales efforts. Mark Rush, Senior Vice President, Sales and Marketing for West Coast Life, and Jeff Marsh, Vice President of Institutional Life Sales for Protective Life, will now be responsible for all life insurance sales efforts.

Protective Life Announces Organizational Realignment for Life Insurance Distribution
Source: Insurance News Net

Permalink posted by armandn @ 7:38 AM

Wednesday, June 18, 2008

 

Columbus Life Unveils Reality Ad Campaign

Columbus Life Insurance Company (Columbus Life) has unveiled its 2008 "Real People. Real Relationships." advertising campaign featuring actual independent insurance agents. The three-ad series shares the intriguing stories of world traveler Kathleen Niew of Niew Financial Services, Inc., in Oak Brook, Ill.; business partners Jim Forbis and Larry Clayton of CFH Financial Services, Inc., in Memphis, Tenn.; and youth football coach Royce Ruth of Strategic Legacy Advisors, Inc., of Lincoln, Neb.

Columbus Life Unveils Reality Ad Campaign
Source: Forbes

Permalink posted by armandn @ 8:55 AM
 

Innovative Universal Life Insurance Product Combines Affordability with Cash Values

The Genworth Financial companies have introduced a new, more flexible version of their flagship universal life (UL) insurance product-Lifetime FlexPlus-designed to successfully combine the benefits of excellent non-guaranteed cash values with a long-term secondary guarantee.

Innovative Universal Life Insurance Product Combines Affordability with Cash Values
Source: Yahoo! Finance

Permalink posted by armandn @ 7:07 AM
 

Making Life Insurance Sales In Tougher Times

No one wants to mention the "R" word, even though it's on everyone's mind and news outlets all over the world talk about it daily. Most of us, particularly if we are in sales, like to act as if ignoring economic pain will help us succeed. We want to be positive even when surrounded by negativism. To many, that may seem terribly naive. But is it? Come to think about it, there may be more truth to it than we can possibly imagine.

Making Life Insurance Sales In Tougher Times
Source: Life Insurance Selling

Permalink posted by armandn @ 7:06 AM
 

Get a Life, Plus Cash, for Insurance Policy

Need money? Got a cash-value life insurance policy? Not feeling too well these days? You may be approached to sell your policy to an investor for cash up front. Maybe that's a good idea, but maybe not. You might part with a valuable policy unnecessarily and incur taxes you didn't expect.

I'm talking about the life-settlement industry, which appeals to older people seeking cash.

Get a Life, Plus Cash, for Insurance Policy
Source: Bloomberg

Permalink posted by armandn @ 7:05 AM
 

Wisconsin Officials Announce Annuity Action

The insurer, Pennsylvania Life Insurance Company, Lake Mary, Fla., a unit of Universal American Corp., Rye Brook, N.Y., has agreed to pay a $925,000 forfeiture and to offer an independent review program to 2,200 Wisconsin annuity buyers, Wisconsin officials say.

Wisconsin Officials Announce Annuity Action
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:04 AM

Tuesday, June 17, 2008

 

Genworth Financial Launches Partnership Long Term Care Insurance Products in Nebraska

Genworth Financial, Inc. today announced its long term care division has launched the newest addition to its portfolio of long term care planning solutions in Nebraska -- Partnership Qualified Long Term Care Insurance (Partnership plans). These products, designed to augment individuals' financial security options during retirement, are the result of an alliance between states and insurers to help millions of Americans better prepare for potential long term care needs. What's more, there are no added costs for residents to participate.

Genworth Financial Launches Partnership Long Term Care Insurance Products in Nebraska
Source: PR Newswire

Permalink posted by armandn @ 10:54 AM
 

U.S. Life Insurance Sector Will Weather Stormy Markets With Ample Capital

Most people are clueless when it comes to achieving retirement security.

This lack of financial knowledge is aggravated by a common behavior known as uncertainty aversion. When faced with decisions that they cannot understand many investors simply give up or pin frustration on the wrong problem.

U.S. Life Insurance Sector Will Weather Stormy Markets With Ample Capital
Source: Forbes

Permalink posted by armandn @ 10:53 AM
 

More Income With Less Risk? A New Perspective on Retirement Income

How do I get more income for my clients as they live in retirement? How do I decrease their income fluctuations? How can I make them feel comfortable with the increased equity exposure they need to live for 25+ years in retirement? These are the kinds of questions investment professionals struggle with every day. Fortunately, there are answers.

More Income With Less Risk? A New Perspective on Retirement Income
Source: Life Insurance Selling

Permalink posted by armandn @ 10:50 AM
 

AIG's Willumstad Will Give Company 'A Fresh Eye' Look

Now that insurer American International Group Inc. has cast off its CEO, the question for his successor is whether he will cast off business units. The new chief executive, Robert Willumstad, said in a call with investors Monday he would look at AIG with "a fresh eye" and conduct a "strategic and operational" review. "There will be no sacred cows," he said.

AIG's Willumstad Will Give Company 'A Fresh Eye' Look
Source: Wall Street Journal

Permalink posted by armandn @ 10:49 AM

Monday, June 16, 2008

 

John Hancock Annuities Enhances Lifetime Withdrawal Benefit, Investment Lineup

John Hancock Annuities today announced a major enhancement to its top-selling optional withdrawal benefit rider available with Hancock's variable annuities. Income Plus For Life increased the frequency of its step up feature from annually to quarterly. Separately, several new investment options from leading independent investment managers were also added to their annuity roster.

John Hancock Annuities Enhances Lifetime Withdrawal Benefit, Investment Lineup
Source: Yahoo! Finance

Permalink posted by armandn @ 1:12 PM
 

Financial Websites: 'Wisdom of Masses'

Where do you turn for trusted advice on managing your money or investing?

Many people are looking to each other.

In community groups on financial websites, they confess their peccadilloes with credit cards or seek advice on what's a reasonable fee for a professional planner. At some of the more sophisticated investing sites, people discuss details of a company's finances or let everyone see what's in their stock portfolio.

Financial Websites: 'Wisdom of Masses'
Source: Hartford Courant

Permalink posted by armandn @ 1:11 PM
 

Selling Annuities in Tough Economic Times

It is no secret that now is a very tough time for the economy. It seems that not a day goes by without some piece of bad economic news hitting the headlines.

The good news is that, as annuity sales agents, your business could be — and perhaps should be — prospering in this environment. As people look for a safe haven for their money and seek secure solutions to their retirement income needs, annuity sales agents have some very attractive products to offer.

Selling Annuities in Tough Economic Times
Source: Producers Web

Permalink posted by armandn @ 1:10 PM
 

NAVA Reports First Quarter Variable Annuity Industry Data

NAVA, the Association for Insured Retirement Solutions, announced today first quarter results for the variable annuity industry. The combined net assets of U.S. variable annuities decreased 6.0% to $1.40 trillion at the end of the first quarter, as compared with the end of the fourth quarter of 2007. Net assets increased by 0.5% relative to the first quarter one year ago.

NAVA Reports First Quarter Variable Annuity Industry Data
Source: Business Wire

Permalink posted by armandn @ 1:06 PM

Friday, June 13, 2008

 

Estimates Show More Precise Retiree Health Savings Needs

The nonpartisan Employee Benefit Research Institute (EBRI) today published a new, more comprehensive set of estimates of the amount of money individuals and couples will need to cover certain health care expenses in retirement. The new estimates attempt to provide more information to allow men, women, and couples to deal with the financial consequences of longevity and investment risk as well as the various types of medical care coverage available when they reach age 65.

Estimates Show More Precise Retiree Health Savings Needs
Source: EBRI.org

Permalink posted by armandn @ 7:16 AM
 

Producer-Designed Products Could be the Wave of the Future

Our two companies — one a life insurance company, Fidelity Life Association, and the other a work-site marketing distribution company, National Benefit Partners — joined together to develop and distribute a work-site product that has proven extremely successful in a short period of time. We want producers to be aware of what may soon become an important trend in work-site product development.

Producer-Designed Products Could be the Wave of the Future
Source: Life Insurance Selling

Permalink posted by armandn @ 7:15 AM
 

MassMutual Announces Web Site Enhancement that Helps Employees Saves for Retirement Sooner

The Retirement Services Division of Massachusetts Mutual Life Insurance Company (MassMutual) announced today that a newly designed feature for its participant web site, The Journey, will allow retirement plan participants to enroll in their employers' 401(k) plan more quickly and easily than ever before.

MassMutual Announces Web Site Enhancement that Helps Employees Saves for Retirement Sooner
Source: PR Newswire

Permalink posted by armandn @ 7:14 AM
 

Stop Asking for Referrals and Become a Referral Magnet

It seems that everything you read these days about referral marketing says that all you have to do is ask for them. If only it were that easy! While I agree that asking for referrals can work in certain situations, you risk embarrassing yourself with existing clients, not to mention getting referrals to clients you’d rather not work with.

Stop Asking for Referrals and Become a Referral Magnet
Source: Producer's Web

Permalink posted by armandn @ 7:08 AM

Thursday, June 12, 2008

 

Survey Reveals Adult Children of Retired Parents Need More Discipline in Retirement Planning

Some lessons are never learned. This is the key finding of a new study announced today by NAVA, the Association for Insured Retirement Solutions. The “Generational Differences in Retirement Planning (GDRP): Adult Children of Retired Parents” study revealed that baby boomers are failing to follow the tried-and-true retirement planning disciplines that enabled their parents to achieve a satisfying retirement. However, the study also found that boomers possess a more adventurous attitude that could actually benefit their retirement planning efforts in the long run.

Survey Reveals Adult Children of Retired Parents Need More Discipline in Retirement Planning
Source: NAVA

Permalink posted by armandn @ 7:38 AM
 

Accumulation is Still a Big Issue

Read any industry publication and the buzz is about “retirement income” solutions. The choices include variable annuities offering a range of different living benefits, target date mutual funds, and payout mutual funds, all designed to generate income during retirement years. But with all the hype, here’s a statistic that’s clearly been overlooked: the median baby boomer is 51 years old. That’s at least 14 years away from retirement, which means accumulation is still a big issue for more than half of the 77 million boomers, as well as the younger generations following them. And in this era of do-it-yourself planning and a failing retirement safety net, experts agree that most Americans need to save more.

Accumulation is Still a Big Issue
Source: Life Insurance Selling

Permalink posted by armandn @ 7:37 AM
 

Social Security Statement Advises Seniors to Consider Private Long-Term Care Insurance, LTC Agency Reports; Medicare Won't Cover It

A few months ago, members of Congress asked the Social Security Commission to clear up a misperception of many Americans approaching retirement age. "A lot of seniors had the idea that Medicare would cover their long-term care expenses," says Cameron Truesdell, CEO of LTC Financial Partners LLC (LTCFP), one of the nation's largest and most experienced long term care insurance agencies. "It wasn't so, but the wording of the Social Security Statement left some doubt."

Social Security Statement Advises Seniors to Consider Private Long-Term Care Insurance
Source: PR Newswire

Permalink posted by armandn @ 7:36 AM
 

Is Your Long-Term Investment Horizon Long Enough?

Whether it be a piece of pie, a new car, or investment returns, as consumers, we want it now. And in some sense, the financial industry is giving it to us. Mutual funds are priced daily, telling us that we have a gain or loss for that day, month, year, and so on. And plenty of cable channels and Internet sites, including Morningstar.com, give us reams of information in seconds. But the fact that we can make hair trigger reactions to market events doesn't mean we should.

Is Your Long-Term Investment Horizon Long Enough?
Source: Morningstar.com

Permalink posted by armandn @ 7:35 AM

Wednesday, June 11, 2008

 

Selling Life Insurance: Is There One "Right" Way?

I love a good debate. In this election year we’ve already seen a couple dozen debates among the presidential candidates, with more to come.

Debate helps us reason-out difficult issues and understand differences of priority and perspective. At the 51st annual meeting of the Association for Advanced Life Underwriting (AALU) in Washington, D.C., last month, Bob Ball, formerly a Guardian Life agent and general agent and now a consultant for the company, reengaged a debate that has percolated on the back burner of the life insurance industry for years: “needs-based” selling vs. human life value and selling “to the maximum.”

Selling Life Insurance: Is There One "Right" Way?
Source: Life Insurance Selling

Permalink posted by armandn @ 9:34 AM
 

National Life Group CEO Announces Retirement

Thomas H. MacLeay announced today that he will retire by year’s end as President and Chief Executive Officer of National Life Group®. MacLeay will remain as Chairman of the Board of the financial services company.

National Life Group CEO Announces Retirement
Source: Business Wire

Permalink posted by armandn @ 9:33 AM
 

Lincoln Financial Group Appoints State Street Global Advisors for Broad-Ranging Sub-Advisory Relationship

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation, announced today that it has been selected by Lincoln Financial Group (Lincoln) for an extensive sub-advisory relationship.* This new relationship will include the management of eight investment portfolios that will be available as subaccounts within Lincoln’s variable annuity, variable life insurance, COLI, 403(b) and 401(k) products. These new investment portfolios, though available as individual subaccounts, will also be used as building blocks for a series of low cost, risk-based asset allocation strategies within Lincoln’s Choice Plus variable annuity product suite. The relationship also includes the use of SSgA’s SPDR® family of exchange-traded funds in PMFM’s 401(k) Toolbox offered through Lincoln Financial Group affiliates.

Lincoln Financial Group Appoints State Street Global Advisors for Broad-Ranging Sub-Advisory Relationship
Source: Business Wire

Permalink posted by armandn @ 9:32 AM
 

Annuities Aren't All the Same, So Shop Wisely

While suitable for some investors, these products are sometimes pushed indiscriminately by salespeople who collect commissions often ranging from 4 percent for variable annuities to 8 percent or more for indexed annuities.

Annuities Aren't All the Same, So Shop Wisely
Source: Insurance News Net

Permalink posted by armandn @ 9:28 AM

Tuesday, June 10, 2008

 

Experts Say There Is a Need to Reformulate the Immediate Annuity

The immediate annuity is a double-edged sword. On one hand, the product provides guaranteed income immediately during retirement that can last a lifetime. Financial planners say this makes the immediate annuity a very good thing for people who live beyond their expected life span. People who do not have the financial skills to make their savings last a lifetime, and those who simply want a regular paycheck, should also consider immediate annuities.

Experts Say There Is a Need to Reformulate the Immediate Annuity
Source: Insurance News Net

Permalink posted by armandn @ 7:52 AM
 

Whole Life Versus Indexed Universal Life

National Underwriter does an annual article, “Illustrating the Actual vs. Illustrated WL returns of several insurance companies” (Dec. 31, 2007), which shows the difference between the illustrated rates of whole life companies versus the actual returns in the policies. It’s very good information and shows us the problem with being too aggressive with how we illustrate policy returns. I will pick some numbers from the chart I found to be interesting. The chart takes the current illustrated rates and the actual rate of return from 1987–2007.

Whole Life Versus Indexed Universal Life
Source: Producer's Web

Permalink posted by armandn @ 7:51 AM
 

Pacific Life Signs Definitive Agreement to Purchase International Segment from Scottish Re Group Limited

Pacific Life Insurance Company and Scottish Re Group Limited announced today that a definitive agreement has been signed whereby Pacific LifeCorp, the parent company of Pacific Life, will purchase the International Life Reinsurance segment of Scottish Re Group Limited. The new operation, to be called Pacific Life Re, provides reinsurance solutions to insurance and annuity providers in the United Kingdom and Ireland and to insurers in selected markets in Asia. The purchase price is $71.2 million, subject to certain potential downward adjustments. Other terms of the purchase agreement were not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions, both of which are expected to be achieved during the third quarter of 2008.

Pacific Life Signs Definitive Agreement to Purchase International Segment from Scottish Re Group Limited
Source: Business Wire

Permalink posted by armandn @ 7:51 AM

Monday, June 09, 2008

 

Nationwide Retirement Income Confidence Survey Reveals Retirees Might Be Under-Utilizing Retirement Savings

New research conducted by Nationwide, in conjunction with Yankelovich, found that 57 percent of retirees are living on Social Security and pensions alone – leaving a significant chunk of their retirement nest egg untouched. Furthermore, the research – Nationwide’s Retirement Income Confidence Survey – found that, of those who said they live solely on Social Security and pensions, almost a quarter admitted they were afraid to spend down their retirement investments.

Nationwide Retirement Income Confidence Survey Reveals Retirees Might Be Under-Utilizing Retirement Savings
Source: Yahoo! Finance

Permalink posted by armandn @ 7:51 AM
 

Should We Deconstruct and Reformulate the Immediate Annuity?

The immediate annuity is a double-edged sword. On one hand, it provides guaranteed income immediately in retirement that can last a lifetime. Financial planners say this makes the immediate annuity a very good thing for people who live beyond their expected life span. People who do not have the financial skills to make their savings last a lifetime and those who simply want a regular paycheck should also consider immediate annuities.

Should We Deconstruct and Reformulate the Immediate Annuity?
Source: Insurance News Net

Permalink posted by armandn @ 7:50 AM
 

FindYourPolicy.com Formed to Connect Loved Ones with Legacies

Astounded to hear that government coffers grow $23 billion per year with unclaimed life insurance benefits and other property, Michael and Edmund Hartmann created and are pleased to announce the official launch of FindYourPolicy.com, a registry and reminder service dedicated to connecting loved ones with life insurance and other assets.

FindYourPolicy.com Formed to Connect Loved Ones with Legacies Source: Business Wire

Permalink posted by armandn @ 7:48 AM
 

401(k) Hardship Withdrawals On The Rise

Cash-strapped employees are turning to their retirement plans as the credit crunch drags on and costs for everyday necessities continue their upward spiral. While hardship withdrawals from 401(k) plans are taken by a very small number of participants -- about 1.5 percent at Vanguard -- the giant fund company says hardship withdrawals have been increasing significantly; up about 17 percent in 2006 and another 9 percent in 2007.

401(k) Hardship Withdrawals On The Rise
Source: Bankrate.com

Permalink posted by armandn @ 7:47 AM

Friday, June 06, 2008

 

MetLife Releases Animated Short Film to Demystify Insurance for Consumers

MetLife, the nation’s largest life insurer and leading provider of employee benefits, continued its 140-year tradition of providing education to consumers when it released a new animated short film entitled “Everybody into the Pool.” The film, which features Snoopy®, aims to demystify how insurance works by explaining in layperson’s terms the powerful and efficient financial principle that makes insurance possible and within reach: risk pooling.

MetLife Releases Animated Short Film to Demystify Insurance for Consumers

See Animated Short Film
Source: Reuters (story), Business Wire (video)

Permalink posted by armandn @ 8:10 AM
 

Annuities and Their Guarantees Provide Solutions to Uncertainties that Threaten Retirement Assets

Most people are clueless when it comes to achieving retirement security.

This lack of financial knowledge is aggravated by a common behavior known as uncertainty aversion. When faced with decisions that they cannot understand many investors simply give up or pin frustration on the wrong problem.

Annuities and Their Guarantees Provide Solutions to Uncertainties that Threaten Retirement Assets
Source: Insurance News Net

Permalink posted by armandn @ 8:08 AM
 

Aviva USA First to Launch Presence in Second Life Aimed at Life Insurance and Annuity Agents

Aviva USA, part of Aviva plc, the fifth-largest insurance group in the world, today invited its current and prospective agents to visit the company's private island in Internet-based virtual world Second Life. Aviva is the first life insurer to develop an island as a venue for agent recruitment, education and training. The company is evaluating how it might also use its presence in Second Life to benefit its customers and employees.

Aviva USA First to Launch Presence in Second Life Aimed at Life Insurance and Annuity Agents
Source: Business Wire

Permalink posted by armandn @ 7:56 AM
 

John Hancock Announces Refinancing and Redemption of All Outstanding Preferred Shares of John Hancock Income Securities Trust (JHS)

John Hancock Funds announced that it has restructured $89 million of leverage employed by the John Hancock Income Securities Trust (JHS), a leveraged closed-end bond fund. A senior secured credit facility provided by a commercial bank will be used to redeem and replace 100 percent of the outstanding Auction Rate Preferred Securities (ARPS) issued by Income Securities Trust, and to change the form of leverage from ARPS to debt.

John Hancock Announces Refinancing and Redemption of All Outstanding Preferred Shares of John Hancock Income Securities Trust (JHS)
Source: PR Newswire

Permalink posted by armandn @ 7:55 AM

Thursday, June 05, 2008

 

Using Health Insurance to Build Your Nest Egg

We all know a picture is worth 1,000 words, but can a video clip be worth $6,000? For some viewers a new two-minute animation about health savings accounts (HSAs) who switch to a tax-advantaged HSA, the answer is definitely "yes."

Using Health Insurance to Build Your Nest Egg
Source: Market Wire

Permalink posted by armandn @ 11:17 AM
 

Manulife Launches First Group Retirement Savings Version in Canada of Guaranteed Minimum Withdrawal Benefit Product

Manulife Financial has announced its newest innovation for group retirement savings clients with the launch of Group IncomePlus.

After the 2006 release of Manulife’s IncomePlus GIF Select for individual Canadians, group retirement savings clients and their advisors voiced a need for a comparable guaranteed minimum withdrawal benefit option. Developed specifically to meet the needs of these clients, Group IncomePlus is the first option available in Canada to guarantee group retirement savings plan members retirement income – for life.

Manulife Launches First Group Retirement Savings Version in Canada of Guaranteed Minimum Withdrawal Benefit Product
Source: Manulife.com

Permalink posted by armandn @ 11:17 AM
 

Taking Advantage of Boomer Retirements

Amidst chatter of baby boomers delaying retirement is talk of a different nature. Not about when boomers are retiring, but how certain industries and the rest of the work force will be affected when they do.

Taking Advantage of Boomer Retirements
Source: Insurance News Net

Permalink posted by armandn @ 11:16 AM
 

Protective Life Insurance Becomes Member of FHL Bank of Cincinnati

The membership allows Protective Life to take advantage of Home Loan Bank of Cincinnati (FHLBank) product line of financial services, including advances that can be used for liquidity management, funding agreements and general asset/liability management.

Protective Life Insurance Becomes Member of FHL Bank of Cincinnati
Source: Insurance Business Review

Permalink posted by armandn @ 11:12 AM

Wednesday, June 04, 2008

 

MassMutual: Annuities Make A Difference

Retirement plan portfolios that include income annuities tend to produce better results than portfolios filled only with stocks and bonds.

MassMutual: Annuities Make A Difference
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 11:48 AM
 

Since You Care Guide: 'Legal Matters' Updated Free to Public from MetLife Mature Market Institute

The MetLife Mature Market Institute has updated its Since You Care® guide entitled, Legal Matters. The guide contains useful information about aging-related legal matters, health care planning, and financial decisions for older Americans and those who care for them. It is available free to the public.

Since You Care Guide: 'Legal Matters' Updated Free to Public from MetLife Mature Market Institute
Source: Yahoo! Finance

Permalink posted by armandn @ 11:47 AM
 

New Life Insurance Guidelines Protect Travelers

Members of the National Association of Insurance Commissioners (NAIC) today adopted guidelines that protect insurance consumers from discriminatory underwriting practices in the sale of life insurance.

“Americans should not be denied life insurance simply because of where they might travel,” said NAIC President and Kansas Insurance Commissioner Sandy Praeger. “These new guidelines ensure that insurance consumers are treated in a fair and non-discriminatory manner.”

New Life Insurance Guidelines Protect Travelers
Source: Insurance News Net

Permalink posted by armandn @ 11:46 AM
 

Millionaires Gain Slightly More Optimistic Investment Outlook in May

Millionaires became slightly more optimistic about the future of the U.S. economy in May, according to Spectrem's Millionaire Investor Index. The index, which measures the investment outlook of households with $1 million or more in investable assets, rose five points to -9 last month, pulling it out of mildly bearish territory and into more neutral ground. The index hit a record low of -14 in April and June of this year; it is now at its third lowest level ever.

Millionaires Gain Slightly More Optimistic Investment Outlook in May
Source: Financial-Planning.com

Permalink posted by armandn @ 11:45 AM
 

Reputation Institute Names Aflac Most Respected Company in U.S. Insurance Industry

In a survey of U.S. consumers conducted in February and March by the Reputation Institute, Aflac Incorporated received a rating of 71.59, making Aflac the most respected company in the U.S. Insurance Industry, according to the survey. The ranking earned Aflac a Global Pulse 2008 Best Reputation in the U.S. Insurance Industry award from the Reputation Institute and the 39th Most Respected Company among the largest 150 U.S. companies measured in the study. Ten other insurance companies were rated during the survey.

Reputation Institute Names Aflac Most Respected Company in U.S. Insurance Industry
Source: PR Newswire

Permalink posted by armandn @ 11:43 AM

Tuesday, June 03, 2008

 

Eye-Opening MassMutual Study: Little-Known Retirement Income Strategy Creates Lifetime Income While Increasing Long-Term Liquidity

A portfolio incorporating stocks, bonds, and incremental purchases of annuity income benefits over time -- a process called retirement annuity laddering -- produces more guaranteed lifetime income, develops more liquidity to address other retirement needs, and builds more long-term wealth than other commonly adopted retirement income strategies, according to a new report by the Income Management Strategies Division of Massachusetts Mutual Life Insurance Company (MassMutual).

Eye-Opening MassMutual Study: Little-Known Retirement Income Strategy Creates Lifetime Income While Increasing Long-Term Liquidity
Source: PR Newswire

Permalink posted by armandn @ 8:21 AM
 

Long-Term Care May Be a Road Block for Many Baby Boomers on the Road to Retirement

Despite popular belief, boomers are overwhelmingly prepared to make the most of their journeys through retirement. However, even as they put their financial plans into place, most are ignoring the potentially devastating expenses associated with long-term care, according to a new Lincoln Retirement(SM) Institute (LRI) survey. Take-charge baby boomers are knowingly ignoring the signs of a significant retirement detour. The so-called "Overconfidence Effect" keeps the baby boomer generation from acknowledging the emotional and financial tolls long-term care challenges can bring.

Long-Term Care May Be a Road Block for Many Baby Boomers on the Road to Retirement
Source: Biz Journals

Permalink posted by armandn @ 8:19 AM
 

MetLife Study Shows Knowledge Gap about Workplace Benefits Spans Industries, Including Financial Services Employees

When it comes to preparing for retirement, many financial services employees fare little or no better than their peers in other industries – even though on average, they make more than employees in most other industries, according to a new industry profile released today by MetLife. More than half (54%) of financial services employees surveyed say they are behind schedule for achieving their retirement financial goals, which is below the average of 47% for employees across all industries. Only about one-third of employees (30%) in this industry say they are on track regarding their retirement savings goals. Despite higher than average levels of compensation, employees in the financial services industry – encompassing finance, insurance, and real estate – have similar levels of coverage for basic financial protection coverage – such as life and disability insurance – as those of workers in other industries.

MetLife Study Shows Knowledge Gap about Workplace Benefits Spans Industries, Including Financial Services Employees
Source: Business Wire

Permalink posted by armandn @ 8:15 AM
 

Fear of Losing Income Due to Economy Equals Fear of Losing Income Due to Disability

Despite job-security worries stemming from current economic conditions, it appears that U.S. employees are just as concerned about the possibility of losing their ability to earn an income due to an unexpected illness or injury, according to a recent survey from Berkshire Life Insurance Company of America (Berkshire), a wholly-owned stock subsidiary of The Guardian Life Insurance Company of America (Guardian).

Fear of Losing Income Due to Economy Equals Fear of Losing Income Due to Disability
Source: eMaxHealth

Permalink posted by armandn @ 8:14 AM

Monday, June 02, 2008

 

Beacon's Fixed Annuity Premium Study Reports First Quarter's Bank Channel Sales

Insurance companies participating in the Beacon Research Fixed Annuity Premium Study reported strong first quarter growth in fixed annuity sales through U.S. banks. Overall sales of $5.2 billion were 70.1% ahead of first quarter, 2007 and up 26.1% from the prior quarter.

Beacon's Fixed Annuity Premium Study Reports First Quarter's Bank Channel Sales
Source: Yahoo! Finance

Permalink posted by armandn @ 7:37 AM
 

Insurance Regulators to Streamline Annuity Suitability Model Laws

Members of the Life Insurance and Annuities Committee of the National Association of Insurance Commissioners (NAIC) unanimously voted to develop a model law that will address the annuity suitability issue more consistently across the country. The NAIC offers two annuity suitability models that require insurers and insurance producers to consider the insurance objectives and needs of consumers and to recommend products that will assist in meeting those needs.

Insurance Regulators to Streamline Annuity Suitability Model Laws
Source: Insurance News Net

Permalink posted by armandn @ 7:35 AM
 

Education-Based Marketing of Annuities as Retirement Income Solutions

Some marketing professionals say using consumer education as the pitch – a method known as education-based marketing – is good for business. Sales are all about building rapport but nothing is more counterproductive to relationship-building than selling a product to a person instead of educating them about it. Education helps build that all-important trust.

Education-Based Marketing of Annuities as Retirement Income Solutions
Source: Insurance News Net

Permalink posted by armandn @ 7:34 AM
 

Buy Annuity? Determining Role It Would Play in Portfolio

Spurred by record sales last year and the coming wave of retiring baby boomers, annuity providers are racing to add even more bells and whistles to the already complex investments.

Buy Annuity? Determining Role It Would Play in Portfolio
Source: Hartford Courant

Permalink posted by armandn @ 7:32 AM

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