Tuesday, September 30, 2008

 

As Stock Companies Struggle with Wall Street, Mutuals are Flourishing

On the heels of a failed vote on the proposed federal bailout plan, Bruce D. Thomas, newly elected chairman of the National Association of Mutual Insurance Companies, said he sees "an awakening" of the insurance industry for mutuals.

As Stock Companies Struggle with Wall Street, Mutuals are Flourishing
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 9:52 AM
 

Annuity Laddering Can Help Your Client Weather Economic Storms

Financial laddering using low-risk investments is a concept that could be useful in enabling your clients who are close to retirement to achieve higher earnings and liquidity during times of market turbulence.

Annuity Laddering Can Help Your Client Weather Economic Storms
Source: Insurance News Net

Permalink posted by armandn @ 9:51 AM
 

ING Fixed Annuities Enhances Withdrawal Benefit to Make Guaranteed Income for Life Easier

ING Fixed Annuities is revamping its guaranteed withdrawal benefit this fall by making several key enhancements -- including a 7% compounding roll-up during the first 10 years of the deferral phase and an annual ratchet during both the deferral and withdrawal phase.

ING Fixed Annuities Enhances Withdrawal Benefit to Make Guaranteed Income for Life Easier
Source: PR Newswire

Permalink posted by armandn @ 9:50 AM
 

Transamerica Reinsurance Recognized for Technology Innovation

Transamerica Reinsurance, a division of Transamerica Life Insurance Company and a leading supplier of life reinsurance in the United States, was recently honored by Insurance Networking News magazine as a Runner Up in its 2008 INNovators Award competition for extending the application of technology within the life insurance industry.

Transamerica Reinsurance Recognized for Technology Innovation
Source: Business Wire

Permalink posted by armandn @ 9:49 AM

Monday, September 29, 2008

 

Bailout Plan Rejected

The fate of the Bush administration's $700 billion financial bailout plan was abruptly thrown in doubt Monday as a House vote turned against the controversial measure.

Bailout Plan Rejected
Source: CNN Money

Permalink posted by armandn @ 12:44 PM
 

Fitch Revises Outlook for U.S. Life Insurance Sector to Negative

Fitch Ratings has revised its outlook for the U.S. life insurance sector to negative from stable, reflecting the significant deterioration in the credit and equity markets, and the expected impact of realized and unrealized investment losses on life insurers' capital levels and profitability.

Fitch Revises Outlook for U.S. Life Insurance Sector to Negative
Source: Business Wire

Permalink posted by armandn @ 12:43 PM
 

Independent RIAs Lead Retirement Income Race

Fee-based independent advisers, so far, are winning the retirement income race, beating out mutual fund companies, brokerages and insurance firms in the quest to conquer the 77 million Baby Boomers' estimated $17 trillion in retirement savings and total $90 trillion net worth.

Independent RIAs Lead Retirement Income Race
Source: Financial-Planning.com

Permalink posted by armandn @ 12:42 PM
 

Putting Off Retirement Can Make A Huge Financial Difference

Americans are changing the game plan for retirement, with millions laboring right past the traditional retirement age and working into their late 60s and beyond.

Putting Off Retirement Can Make A Huge Financial Difference
Source: Hartford Courant

Permalink posted by armandn @ 12:41 PM

Friday, September 26, 2008

 

AIG Speaks Out

One morning in early September, the top executives at AIG Advisor Group—Larry Roth, Chief Executive Officer of AIG Advisor Group; Jeffrey M. Auld, CEO of AIG Financial Advisors and American General Securities; Mark J. Schlafly, CEO of FSC Securities and Advantage Capital; and Arthur M. Tambaro, CEO of Royal Alliance Associates—gathered at their World Financial Center headquarters for an exclusive conversation with Financial Planning.

AIG Speaks Out
Source: Financial-Planning.com

Permalink posted by armandn @ 7:44 AM
 

Connecticut Fines Bankers Life Over Dealing with Elderly

Connecticut regulators, finding inappropriate or questionable sales of insurance and annuities to the elderly, have fined Bankers Life and Casualty Co. $100,000 and put two of its agents on probation and assessed them smaller fines.

Connecticut Fines Bankers Life Over Dealings With Elderly
Source: Hartford Courant

Permalink posted by armandn @ 7:36 AM
 

WaMu Becomes Biggest Bank to Fail in U.S. History

As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks - Washington Mutual Inc. - has collapsed under the weight of its enormous bad bets on the mortgage market.

The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.

WaMu Becomes Biggest Bank to Fail in U.S. History
Source: Salt Lake Tribune

Permalink posted by armandn @ 7:35 AM
 

A.M. Best Downgrades Ratings of Shenandoah Life Insurance Company

A.M. Best Co. has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and issuer credit rating (ICR) to “bbb” from “a-” of Shenandoah Life Insurance Company (Shenandoah Life) (Roanoke, VA). The outlook for both ratings is being revised to negative from stable.

A.M. Best Downgrades Ratings of Shenandoah Life Insurance Company
Source: Business Wire

Permalink posted by armandn @ 7:29 AM

Thursday, September 25, 2008

 

The Hartford's Research Finds Workers Want More Life Insurance Education, Seek Help from Employers, Insurers

When there is a death in the family, survivors are often overwhelmed by unfamiliar financial responsibilities. Part of the problem is that nearly seven in 10 (70 percent) working Americans say they need more education about life insurance, according to research by The Hartford Financial Services Group, Inc., one of the nation’s leading providers of life insurance.

The Hartford's Research Finds Workers Want More Life Insurance Education, Seek Help from Employers, Insurers
Source: Insurance News Net

Permalink posted by armandn @ 7:42 AM
 

Top Insurance Expert Calls on 144,000 Holders of Long-Term Care Policies to Protest an Eleventh Hour Conseco Trust

Conseco, an Indiana based insurance company, without notice to policyholders has decided to move 144,000 Long-Term Care policies into a Trust that could financial ruin senior citizens, says Frank N. Darras, the nation's leading disability and Long-Term Care insurance lawyer.

Top Insurance Expert Calls on 144,000 Holders of Long-Term Care Policies to Protest an Eleventh Hour Conseco Trust
Source: PR Newswire

Permalink posted by armandn @ 7:41 AM
 

Warren Buffet and Berkshire Hathaway Express Interest in Buying Parts of AIG

Warren Buffett and his Berkshire Hathaway Inc. holding company may be in the market for parts of American International Group, the insurance and financial services giant that was rescued with an $85 billion federal bailout last week, according to a Reuters report Wednesday.

Warren Buffet and Berkshire Hathaway Express Interest in Buying Parts of AIG
Source: Biz Journals - Atlanta

Permalink posted by armandn @ 7:39 AM

Wednesday, September 24, 2008

 

Lack of Life Insurance Puts 77 Million Americans at Risk, Survey Finds

One in three Americans doesn’t have life insurance, leaving an estimated 77 million Americans financially exposed, according to a new national survey released today. In the face of survey findings that revealed that 77 percent of adults believe that providing for their family after they are gone is important, more than one third are uninsured.

Lack of Life Insurance Puts 77 Million Americans at Risk, Survey Finds
Source: Insurance News Net

Permalink posted by armandn @ 11:36 AM
 

AIG May Keep U.S. Commercial, Foreign Life

American International Group Inc., the insurer that agreed to sell assets to repay a federal loan, plans to keep its U.S. commercial coverage and overseas life insurance units, an executive said today.

AIG May Keep U.S. Commercial, Foreign Life
Source: Bloomberg

Permalink posted by armandn @ 9:54 AM
 

Regulators Warn Agents on Poaching from AIG

State insurance regulators are warning agents against trying to frighten customers into replacing policies from troubled American International Group Inc.

Regulators Warn Agents on Poaching from AIG
Source: Wall Street Journal (subscription required)

Permalink posted by armandn @ 9:52 AM
 

Outlook on Low-Risk Investments Not So Bad

Investors who stash their cash in money market funds, certificates of deposit or fixed-rate annuities aren't looking for big gains. They just want to protect their principal and earn a little bit of interest.

Outlook on Low-Risk Investments Not So Bad
Source: USA Today

Permalink posted by armandn @ 9:50 AM

Tuesday, September 23, 2008

 

Insurance Producers Start to Move Business from AIG to Competitors

Despite assurance from state regulators that the insurance subsidiaries of American International Group (AIG) are financially sound, insurance producers are moving accounts from AIG.

A survey by Insurance Journal of 1,000 insurance producers including 782 who say they have accounts with AIG found that 343 producers have had clients ask them to move their account out of AIG. That's 43.8 percent of producers with AIG accounts.

Insurance Producers Start to Move Business from AIG to Competitors
Source: Insurance Journal

Permalink posted by armandn @ 7:24 AM
 

Baby Boomer Retirements May Create Labor Crunch

The labor supply may experience shortages in coming years as more Baby Boomers retire, according to a study by KPMG.

The firm found there is a lack of Generation Y workers to replace those who are expected to retire in the years ahead. That could lead to a lack of consumer spending and a contraction in the tax base.

Baby Boomer Retirements May Create Labor Crunch
Source: Financial-Planning.com

Permalink posted by armandn @ 7:23 AM
 

The Lifeline Program Creates New Life Settlement Tracking Company

Executives at The Lifeline Program(R) today announced the creation of a free-standing tracking services company to meet the growing needs of companies that are managing new or existing portfolios of insurance policies obtained through life settlements. The new company, Track-Life(TM) will immediately begin offering tracking services that leverage The Lifeline Program's nearly 20-years of experience in tracking and servicing life settlement policies.

The Lifeline Program Creates New Life Settlement Tracking Company
Source: MarketWatch

Permalink posted by armandn @ 7:21 AM
 

ManuLife Investments Enhances Canada's First Guaranteed Minimum Withdrawal Benefit Product

Manulife will offer an unlimited income bonus period to investors in its industry-leading IncomePlus product, plus other changes announced today, to provide more flexibility for younger and older Canadians saving for their retirement.

ManuLife Investments Enhances Canada's First Guaranteed Minimum Withdrawal Benefit Product
Source: Yahoo! Finance

Permalink posted by armandn @ 7:19 AM

Monday, September 22, 2008

 

Wall Street Bailout Faces Lawmakers, Lobbyists

After years of financial mismanagement, it took less than two weeks for the markets to come unglued. Now, Congress and the Bush Administration are trying to pass a fix within the week. But with the clock ticking and lobbyists circling, big questions remain.

Wall Street Bailout Faces Lawmakers, Lobbyists
Source: Business Week

Permalink posted by armandn @ 1:11 PM
 

Life Settlements -- A More Valuable Option Than Ever, Says Life Insurance Settlement Association

A Major American Insurer often runs ads that talk about how rapidly life can change. The Life Insurance Settlement Association, the voice of the industry, has always been aware of this fact. This is part of the reason it has so vigorously resisted efforts by insurers and some regulators to constrain consumer rights for a fixed period in the settlement market based on "indicative circumstances" rather than facts. With change, more consumers than ever may find themselves seeking a life settlement. Economic life for many consumers changed radically last week and life settlements are an option worth reviewing as many American families adjust plans.

Life Settlements -- A More Valuable Option Than Ever, Says Life Insurance Settlement Association
Source: Market Watch

Permalink posted by armandn @ 1:09 PM
 

New TIAA Ad to Run in Wall Street Journal

TIAA-CREF, leading provider of retirement services in the academic, research, medical and cultural fields, will run an ad in the Wall Street Journal tomorrow: Since When Did Survival Become the Bar?

New TIAA Ad to Run in Wall Street Journal
Source: Business Wire

Permalink posted by armandn @ 1:08 PM
 

Fidelity Rakes In $7 Billion in New Client Assets from Breakaway Brokers

Fifty five planners chose Fidelity to be their custodian in the first six months of 2008 as they broke away from their wirehouse roots to set up an independent registered independent advisory (RIA) firm. This brought in more than $7 billion in client assets under management so far this year—more than double the breakaway new client assets Fidelity acquired in all of 2007.

Fidelity Rakes In $7 Billion in New Client Assets from Breakaway Brokers
Source: Financial-Planning.com

Permalink posted by armandn @ 1:07 PM

Friday, September 19, 2008

 

Men Have More Life Insurance Than Women

In many cases, the man of the house has more life insurance than the female, which could be a huge mistake, according to recent studies compiled by MassMutual.

Only 36 percent of women are protected with group life insurance at work and 40 percent have their own individual policies, according to LIMRA, a think tank for financial and insurance service companies.

Men Have More Life Insurance Than Women
Source: Biz Journals

Permalink posted by armandn @ 10:26 AM
 

Death Match: IRAs vs Annuities

If you pit two retirement-investment options against each other, which one earns the knockout?

Variable annuities boasted net assets of close to $1.5 trillion in 2007, according to the Insurance Information Institute. That figure pales in comparison to the staggering $4.75 trillion invested in IRAs last year, according to the Employee Benefit Research Institute.

Death Match: IRAs vs Annuities
Source: The Street

Permalink posted by armandn @ 10:26 AM
 

Morgan Stanley Merger Talks Advance

Morgan Stanley has advanced its discussions with Wachovia Corp. about a possible merger, which would leave Goldman, Sachs & Co. as the nation's lone remaining independent investment bank, reports said yesterday.

Morgan Stanley Merger Talks Advance
Source: Financial-Planning.com

Permalink posted by armandn @ 10:26 AM
 

Aetna, The Hartford Assess Their Risk In AIG, Lehman Relationships

The tentacles of trouble at Lehman Brothers and AIG have spread far and fast as more companies in Connecticut and around the nation — including Aetna and The Hartford — disclosed Thursday what investments and other relationships they have with the two ailing firms.

Aetna, The Hartford Assess Their Risk In AIG, Lehman Relationships
Source: Courant.com

Permalink posted by armandn @ 10:26 AM

Thursday, September 18, 2008

 

Study Finds Most Americans Need Life-Planning and Management Education

In a nationwide research study polling men and women whose household income exceeded $100,000 annually, Matters at Hand (TM) found that most respondents feel they need to get their wealth and life-planning affairs in order.
Study Finds Most Americans Need Life-Planning and Management Education
Source: Insurance News Net

Permalink posted by armandn @ 10:47 AM
 

John Hancock Retirement Plan Services Receives 14 Marketing Awards from the Insurance and Financial Communications Association

John Hancock Retirement Plan Services (RPS) received 14 awards from The Insurance and Financial Communicators Association (I.F.C.A.) for marketing and communications creativity, design and writing. Winners were announced at I.F.C.A.'s annual gala and award ceremony, which was held on Tuesday September 16th at the Fairmont Copley Plaza in Boston, MA. Submissions are reviewed and evaluated by seasoned professionals from the industry and affiliated organizations.

John Hancock Retirement Plan Services Receives 14 Marketing Awards from the Insurance and Financial Communications Association
Source: PR Newswire

Permalink posted by armandn @ 10:47 AM
 

Anxiety Rises as the Era of Easy Credit Comes to an Abrupt End

The years of easy money were fun while they lasted. Banks and credit card providers were so flush with cash that they could help virtually anyone — including many who had trouble juggling their bills — pay for whatever they wanted.

But the party's over.

Anxiety Rises as the Era of Easy Credit Comes to an Abrupt End
Source: USA Today

Permalink posted by armandn @ 10:47 AM

Wednesday, September 17, 2008

 

Fed's Price: AIG Must Shrink

The Federal Reserve's ninth inning rescue of AIG may soothe capital markets and keep the company's bondholders from taking a beating, but the financial services titan's future will look very different, and likely much narrower.

Fed's Price: AIG Must Shrink
Source: CNN Money

Permalink posted by armandn @ 7:34 AM
 

Starr: Greenberg Might Try to Acquire AIG

The C. V. Starr & Company Inc. Trust and other entities associated with Maurice Greenberg say they might try to seek an American International Group Inc. board seat, or even try to acquire the company.

Starr: Greenberg Might Try to Acquire AIG
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 7:33 AM
 

Mysteries of Life: Do You Know Your Term from Your Universal?

When it comes to life insurance, the need may be clear but the details can seem a little murky. What are the differences between types of coverage? How much do you need? When do you need it?

Mysteries of Life: Do You Know Your Term from Your Universal?
Source: MarketWatch

Permalink posted by armandn @ 7:32 AM
 

The Suitable Way of Marketing Variable Annuities for Retirees

Of course, variable annuities (VA) are not suitable for all retirees. Producers know this but some agents, as we have often heard, marketed them to financially unsophisticated and inexperienced seniors and made life difficult for the industry overall.

The Suitable Way of Marketing Variable Annuities for Retirees
Source: Insurance News Net

Permalink posted by armandn @ 7:31 AM
 

Schwab Research Shows Retirement Attitudes Across Generations

Americans across generations are developing new and different ideas about how they expect to approach retirement. In a landmark study of four generations released today by Charles Schwab & Co., Inc., survey participants across the board see that the responsibility for a secure financial future is rapidly shifting to them.

Schwab Research Shows Retirement Attitudes Across Generations
Source: Reuters

Permalink posted by armandn @ 7:26 AM

Tuesday, September 16, 2008

 

Protective Confirms Credit Exposures to Fannie Mae, Freddie Mac, Lehman Brothers and AIG

Protective Life Corporation today confirmed its credit exposures relating to its investments in preferred stock issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), debt and preferred stock issued by Lehman Brothers Holdings, Inc., (Lehman) and debt and preferred stock issued by American International Group, Inc. (AIG).

Protective Confirms Credit Exposures to Fannie Mae, Freddie Mac, Lehman Brothers and AIG
Source: Yahoo! Finance

Permalink posted by armandn @ 12:23 PM
 

New Life Insurance Policy Compensates Families, Pension Funds, Care Providers and Others Suffering Longevity-Related Losses

Legacy Funding Group, Inc. today unveiled its patent-pending "Deferred-Benefit Life" ("DBL") Policy, which will be offered by well-rated life insurers. Unlike traditional life insurance policies, which primarily compensate beneficiaries suffering financial losses due to the pre-mature death of an insured, DBL policies compensate beneficiaries financially suffering due to the post-mature death of a senior insured that has lived significantly beyond their normal life expectancy.

New Life Insurance Policy Compensates Families, Pension Funds, Care Providers and Others Suffering Longevity-Related Losses
Source: MarketWatch

Permalink posted by armandn @ 12:22 PM
 

State Plans Protect Consumers with AIG Insurance Policies

If you've got a life insurance, auto or homeowners' policy through AIG, you might be worriedly watching the insurance giant's financial fate -- but some back-up plans exist to keep most policyholders safe.

State Plans Protect Consumers with AIG Insurance Policies
Source: CNN Money

Permalink posted by armandn @ 12:21 PM
 

Anthem Life Reminds Americans to Include Life Insurance In Their Financial Planning

Anthem Life is encouraging consumers to spend a few minutes in September planning for the unexpected.

"Life insurance isn't for the people who die; it's security for the people who live," said Nicholas Brecker, president of Anthem Life. "It's a subject no one wants to talk about, but you can't avoid it, especially after you've worked hard to provide financial stability for your family."

Anthem Life Reminds Americans to Include Life Insurance In Their Financial Planning
Source: PR Newswire

Permalink posted by armandn @ 12:20 PM

Monday, September 15, 2008

 

AIG Looking at "Options" for Businesses, Capital

American International Group Inc. said Sunday it is reviewing its operations and discussing possible options with outside parties to improve its business after a week when its stock dropped 45 percent amid concerns about the company's financial underpinnings.

AIG Looking at "Options" for Businesses, Capital
Source: Yahoo! Finance

Permalink posted by armandn @ 8:30 AM
 

Wall Street's Morning After

Wall Street awoke to a vastly different world Monday morning after one of its own - Lehman Brothers - filed for bankruptcy in one of the biggest corporate failures in U.S. history.

After making its intentions known just minutes after midnight, the 158-year old investment bank made it official Monday morning, saying it would file for bankruptcy protection under Chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York.

Wall Street's Morning After
Source: CNN Money

Permalink posted by armandn @ 8:29 AM
 

Genworth Financial Launches Partnership Long Term Care Insurance Products in Colorado

Genworth Financial, Inc. today announced its Long Term Care Insurance business has launched the newest addition to its portfolio of quality long term care planning solutions.

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

Permalink posted by armandn @ 8:28 AM
 

Financing Long Term Care

With baby boomers knocking at the retirement door, we all need to get a handle on how we are going to care for our aging parents and ultimately, ourselves. The insurance industry is blazing the marketing trail with a variety of feature-rich, long term care insurance (LTCI) policies, as there are more than 75 million Americans who potentially need this product. The cost of taking care of an aging boomer population has even prompted state governments to encourage the sale of long term care policies.

Financing Long Term Care
Source: Producers Web

Permalink posted by armandn @ 8:27 AM

Friday, September 12, 2008

 

MIB Life Index Reports North American Life Insurance Activity Off 1.9% in August

North American application activity for individually underwritten life insurance was down -1.9% in August year-over-year, according to the MIB Life Index(SM). Year-to-date (YTD) U.S. and Canadian application activity was off -1.6% compared to the same period last year. August's activity was off -1.0% when compared to July 2008.

MIB Life Index Reports North American Life Insurance Activity Off 1.9% in August
Source: PR Newswire

Permalink posted by armandn @ 8:45 AM
 

In the Retirement Plan Market, the Name of the Game is Client Retention

How many times have you heard somebody say, “The easiest customer to get is the one you already have?” This adage has been around for a long time because it’s absolutely true. It is easier and more cost-effective to keep an existing customer than to find a new one.

In the Retirement Plan Market, the Name of the Game is Client Retention
Source: Life Insurance Selling

Permalink posted by armandn @ 8:44 AM
 

MetLife Announces Preliminary Results of Exchange Offer for Split-Off of Reinsurance Group of America, Incorporated

MetLife, Inc. announced today that, based on preliminary results, the previously announced offer to its stockholders to exchange all or some of their shares of MetLife common stock for 29,243,539 shares of class B common stock of Reinsurance Group of America, Incorporated was oversubscribed. The exchange offer was made in connection with the companies’ June 2, 2008 announcement of MetLife’s intent to split-off substantially all of its 52% interest in RGA. The exchange offer expired at 12:00 midnight (ET) at the end of the day on Thursday, September 11, 2008.

MetLife Announces Preliminary Results of Exchange Offer for Split-Off of Reinsurance Group of America, Incorporated
Source: Yahoo! Finance

Permalink posted by armandn @ 8:43 AM
 

Long Term Care Insurance: Trends and Opportunities

November is Long Term Care Awareness Month and three trends -- heightened consumer awareness, younger buyers, reformulated products and the intensification of multi-life sales -- have led to a steady growth of LTC insurance policies. Despite some adverse factors -- in particular, the weakened economy -- our sales forecast for new long term care insurance policies and certificates for the year will be in the 385,000 range, with premiums up several percent over the prior year.

Long Term Care Insurance: Trends and Opportunities
Source: Producers Web

Permalink posted by armandn @ 8:41 AM

Thursday, September 11, 2008

 

John Hancock Announces Launch of JH Spectrum Fixed Annuity Product

John Hancock today announced the launch of a new fixed deferred annuity product-JH Spectrum.

"JH Spectrum will offer more flexibility and choice to cover the spectrum of our clients' needs," said Ron McHugh, Senior Vice President and General Manager, Fixed Products. "This will include three withdrawal charge options, as well as a payment enhancement, immediately increasing the contracts value."

John Hancock Announces Launch of JH Spectrum Fixed Annuity Product
Source: Yahoo! Finance

Permalink posted by armandn @ 12:57 PM
 

Roth IRAs: A Strategic Tool in Estate Planning

As life expectancy increases and baby boomers retire in record numbers, more middle-class Americans are creating or revising wills and living trusts to leave as much as possible to their loved ones. As an advisor, you can provide one more compelling reason for new and existing clients to rely on you and your financial guidance, by demonstrating the potential benefits of converting traditional Individual Retirement Accounts (IRAs) into Roth IRAs when discussing estate planning strategies.

Roth IRAs: A Strategic Tool in Estate Planning
Source: Life Insurance Selling

Permalink posted by armandn @ 12:56 PM
 

Guardian Survey: Men are Twice as Likely as Women to Use Credit Cards to Pay for Major Health Expenses

Men are more likely than women to use credit cards to pay for major medical recovery expenses and both sexes largely agree that a critical illness would pose a financial hardship, according to a recent survey from The Guardian Life Insurance Company of America (Guardian). The study, Benefits & Behavior -- Spotlight on Group Critical Illness, also revealed a significant generational gap with regard to expectations that family and friends will provide loans to pay for medical debt.

Guardian Survey: Men are Twice as Likely as Women to Use Credit Cards to Pay for Major Health Expenses
Source: PR Newswire

Permalink posted by armandn @ 12:56 PM
 

Phoenix Announces Filing with SEC of Amendment No. 1 to the Form 10 Registration Statement Relating to the Spin-Off of Phoenix Investment Partners

The Phoenix Companies, Inc. today announced the filing with the Securities and Exchange Commission (SEC) of Amendment No. 1 to the Form 10 Registration Statement with attached information statement relating to the planned spin-off of its asset management subsidiary, Phoenix Investment Partners, Ltd., to Phoenix’s stockholders.

Phoenix Announces Filing with SEC of Amendment No. 1 to the Form 10 Registration Statement Relating to the Spin-Off of Phoenix Investment Partners
Source: Business Wire

Permalink posted by armandn @ 12:52 PM

Wednesday, September 10, 2008

 

The Hartford to Enter Germany to Help Consumers Prepare for Financial Security In Retirement

Germany’s population is aging, with one in three people projected to be age 60 or older by 2025, and millions of people leaving the workforce for retirement. As a result, checks from the country’s generous public pension system are shrinking and new incentives will soon be available to help Germans shoulder more of their own financial security in retirement.

The Hartford to Enter Germany to Help Consumers Prepare for Financial Security In Retirement
Source: Business Wire

Permalink posted by armandn @ 7:39 AM
 

Danger: Bumpy Retirement Ahead

For decades you worked hard, earned a competitive salary, lived within your means and faithfully socked money away in your 401(k). Yet here you are in your fifties or sixties, and suddenly your retirement dream has turned into a nightmare.

Danger: Bumpy Retirement Ahead
Source: CNN Money

Permalink posted by armandn @ 7:38 AM
 

September is Life Insurance Awareness Month -- A Good Time to Assess Insurance Needs

AAA is taking part in the Life Insurance Awareness Month campaign to increase understanding of the importance of life insurance. This nationwide initiative is conducted during September by the not-for-profit Life and Health Insurance Foundation for Education (LIFE).

September is Life Insurance Awareness Month -- A Good Time to Assess Insurance Needs
Source: PR Newswire

Permalink posted by armandn @ 7:37 AM
 

Americans Over 60 Call Today's Economic State the Worst They Have Ever Experienced

When asked to compare the current economy to similar situations in the past, 53% of Americans over the age of 60 said today’s economic conditions are worse than those they have experienced in the past, even though unemployment and inflation rates have been higher within the last 30 years. A new poll from the MetLife Mature Market Institute®, conducted by Harris Interactive®, reports that an overwhelming majority of this group is feeling the pinch in today’s current economy and that it has affected the way they spend their money, but not their plans for retirement.

Americans Over 60 Call Today's Economic State the Worst They Have Ever Experienced
Source: Yahoo! Finance

Permalink posted by armandn @ 7:34 AM

Tuesday, September 09, 2008

 

MetLife Launches New Whole Life Insurance Product

MetLife today announced the launch of its new Whole Life policy and with that, finalized the transition of all MetLife life insurance products to the 2001 Commissioners’ Standard Ordinary (CSO) Mortality Table. In addition to providing permanent life insurance coverage and traditional guarantees on premium, cash value and death benefit (so long as the policy remains in-force), Whole Life offers a competitive premium. This new product introduction will not affect in-force policyholders of MetLife’s existing whole life products.

MetLife Launches New Whole Life Insurance Product
Source: Yahoo! Finance

Permalink posted by armandn @ 11:21 AM
 

MassMutual Enhances Variable Annuity Portfolio, Providing Greater Retirement Income Options

Massachusetts Mutual Life Insurance Company (MassMutual) announced today several enhancements to its variable annuity (VA) product portfolio, including expanded investment choices from well-known firms and a shorter contingent deferred sales charge (CDSC).

MassMutual Enhances Variable Annuity Portfolio, Providing Greater Retirement Income Options
Source: PR Newswire

Permalink posted by armandn @ 11:20 AM
 

Market's Changes Lifting Bank Fixed Annuity Sales

Bank sales of fixed annuities are soaring, as a result of a favorable interest rate environment, the stormy equity markets, and new product features, according to insurance and banking executives.

Market's Changes Lifting Bank Fixed Annuity Sales
Source: Financial-Planning.com

Permalink posted by armandn @ 11:19 AM
 

SEC Annuities Rule Comment Period Expires on Wednesday

The Securities and Exchange Commission has not extended the comment period on its indexed annuities proposal despite several requests.

The National Governors Association is the latest organization to ask for an extension . New Jersey Gov. Jon Corzine and South Dakota Gov. Mike Rounds sent a letter asking the SEC to extend the public comment period. Corzine is chairman and Rounds is vice chairman of the association’s Economic Development and Commerce Committee.

SEC Annuities Rule Comment Period Expires on Wednesday
Source: Insurance News Net

Permalink posted by armandn @ 10:06 AM

Monday, September 08, 2008

 

Baby Boomers and Breaking Age Related Norms

In every generation there is a distinct norm that you will see. In the baby boomers generation, you will see that they are not really retiring and are continuing to work. They are more focused on their careers and are very politically active.

Baby Boomers and Breaking Age Related Norms
Source: The Mature Market

Permalink posted by armandn @ 12:30 PM
 

8 Reasons You Should Not Expect An Inheritance

You’ve probably heard about the bumper sticker, even if you haven’t seen it. It’s the one on Cadillacs in Florida and Lexuses in Arizona that says “I’m spending my children’s inheritance.”

We’ve laughed at that for years. But the truth is, retirees have a lot of demands on their savings. Out-of-pocket health care costs, for one, are rising fast. At the same time, many people are not waiting until they die to help their children and grandchildren financially. And some are finding creative ways to draw on money that would otherwise be part of their estate.

8 Reasons You Should Not Expect An Inheritance
Source: NY Times

Permalink posted by armandn @ 12:29 PM
 

RGA Shareholders OK Recapitalization Agreement With MetLife

Reinsurance Group of America said shareholders approved the following at a special meeting Friday:

-- The recapitalization and distribution agreement with MetLife Inc.
-- The potential conversion of class B common stock.
-- The ratification of an amended shareholder rights plan.

RGA Shareholders OK Recapitalization Agreement With MetLife
Source: St. Louis Business Journal

Permalink posted by armandn @ 12:27 PM
 

Wharton Economist: Women at Greater Risk in Retirement Than Men

Women are not doing enough to prepare for their financial security in retirement and they may be making misguided investment decisions based on their unique circumstances, according to a new study by Wharton professor David F. Babbel and co-sponsored by New York Life Insurance Company. In addition to being faced with decreasing rates of return on Social Security contributions, the demise of defined benefit pensions, and the added risk of outliving their nest eggs, women are living longer than men and therefore need to accumulate enough wealth to finance additional retirement years.

Wharton Economist: Women at Greater Risk in Retirement Than Men
Source: Business Wire

Permalink posted by armandn @ 12:24 PM

Friday, September 05, 2008

 

Thinking Long Term

Long-Term care is the kind of financial jargon that puts even actuaries to sleep. It refers to the potentially catastrophic medical costs associated with the in-home care, assisted-living facilities and nursing homes that nearly half of 65-year-olds will need in some measure near the end of their lives. Regular health insurance excludes these expenses, and Medicaid does not pick them up until virtually all your resources have been exhausted. You can easily spend $300,000 on just two years of care.

Thinking Long Term
Source: Time Magazine

Permalink posted by armandn @ 12:03 PM
 

New Study Shows Grandparents Plan to Help Finance Their Grandchildren's College Education, But Few Have Coordinated Plans with Their Children

Banks are cutting student loans and financial aid packages are dwindling as the nation’s freshman class reaches an all-time high. This back-to-school season, there is good news for parents, according to a new 2008 study from The Hartford Financial Services Group, Inc. In a survey of grandparents, The Hartford found that 65 percent of grandparents plan to contribute financially to their grandchildren’s college education, but less than one third of all survey participants have coordinated college savings for their grandchildren with their adult children. Grandparents are ready, willing and able to help; parents just have to ask the question.

New Study Shows Grandparents Plan to Help Finance Their Grandchildren's College Education, But Few Have Coordinated Plans with Their Children
Source: Business Wire

Permalink posted by armandn @ 12:02 PM
 

Gen-X Millionaires Give More to Charity

Generation X millionaires give nearly twice as much to charity on average compared to older generations, according to a new survey.

Gen-X Millionaires Give More to Charity
Source: Financial-Planning.com

Permalink posted by armandn @ 12:01 PM
 

Selling Policies Starts with Marketing

If you want to sell more policies as an insurance agent you must first lay the groundwork. And with that in mind, the most important thing that you can do is look into your marketing campaign. The way that you market yourself is going to determine how much success you have in the sales department. Remember, you will not have anybody to sell your policies to if your marketing plan is not living up to its potential.

Selling Policies Starts with Marketing
Source: Insurance News Net

Permalink posted by armandn @ 12:00 PM

Thursday, September 04, 2008

 

Sun Life Financial Launches New Charitable Estate Planning Program to Assist Producers and Families

The U.S. division of Sun Life Financial today launched Charitable Estate Planning, an innovative new life insurance marketing campaign to help educate advisors, producers and clients about the value and importance of charitable giving opportunities and their importance in estate planning. The campaign builds upon Sun Life’s unique Charitable Giving Benefit Rider, available with the company’s universal life insurance products, which provides an additional 1% death benefit above the base policy face amount to a designated charity for no additional cost.

Sun Life Financial Launches New Charitable Estate Planning Program to Assist Producers and Families
Source: Yahoo! Finance

Permalink posted by armandn @ 11:38 AM
 

The Hartford Issues Earnings Warning

The Hartford Financial Services Group Inc. has reported falling profits amid lower investment returns for three straight quarters as the housing slump pushes down the value of fixed-income investments.

The Hartford Issues Earnings Warning
Source: Hartford Courant

Permalink posted by armandn @ 11:37 AM
 

Northwestern Mutual Reaffirms #1 Rank in U.S. Direct Life Insurance, Managing More Than 10% Market-Share

Northwestern Mutual oversees more than 10 percent of the total U.S. direct life insurance market, based on the most recent data* from A.M. Best. This reaffirms Northwestern Mutual's number one rank in U.S. individual life insurance market share, a position the financial security company has held since 2000. Significantly outpacing the industry year over year, Northwestern Mutual increased its total U.S. direct life insurance premium by 9.0% from first quarter 2007 to first quarter 2008, compared to the overall industry average of 0.9%.

Northwestern Mutual Reaffirms #1 Rank in U.S. Direct Life Insurance, Managing More Than 10% Market-Share
Source: PR Newswire

Permalink posted by armandn @ 11:35 AM
 

BB&T Insurance Services to Offer Customers MyTerm, a New Online Life Insurance Product

Prudential Financial, Inc. today announced it is partnering with BB&T Insurance Services to offer MyTermSM, an immediate issue term life insurance policy available through the Internet, to its customers. Through an online simplified 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.

BB&T Insurance Services to Offer Customers MyTerm, a New Online Life Insurance Product
Source: Yahoo! Finance

Permalink posted by armandn @ 11:34 AM

Wednesday, September 03, 2008

 

Hope for the Best. Prepare for the Worst. Is Your Life Insurance Policy Adequate?

Nearly half of U.S. employees and retirees are unsure of how they would cover expenses in the event of their death or that of a spouse. One quarter of those surveyed said they would rely on selling investments and withdrawal from personal and retirement savings to manage finances related to the death of a loved one, according to recent findings from The Principal Financial Well-Being Index, Second Quarter 2008.

Hope for the Best. Prepare for the Worst. Is Your Life Insurance Policy Adequate?
Source: MarketWatch

Permalink posted by armandn @ 7:49 AM
 

CIGNA Encourages Consumers to Do Their Life Insurance Homework This Month

Kids may be back in school this month, but they aren't the only ones who have homework to do.

"When it comes to life insurance, everyone needs to do their homework and what better time than now to review," says Jim Jacobsen, vice president of product for CIGNA Group Insurance. "This includes making sure that you have right amount of coverage and that your beneficiary information is up to date, and creating or updating your will."

CIGNA Encourages Consumers to Do Their Life Insurance Homework This Month
Source: MarketWatch

Permalink posted by armandn @ 7:48 AM
 

Sun Life Financial Sweetens Its Bonus VA

Sun Life Financial has increased the premium bonus on its Masters Extra variable annuity contract to 6% from 5%, regardless of the size of the purchase payment or the issue date of the contract.

Sun Life Financial Sweetens Its Bonus VA
Source: Financial-Planning.com

Permalink posted by armandn @ 7:48 AM
 

Is It Time to Recommend a 1035 to Your Client?

If an adviser’s clients have an insurance policy or annuity that no longer meets their needs, the advisor and clients may want to explore the idea of replacing that policy using the Section 1035 exchange.

Is It Time to Recommend a 1035 to Your Client?
Source: Insurance News Net

Permalink posted by armandn @ 7:46 AM

Tuesday, September 02, 2008

 

ConsecoLifeOptions Launched by Conseco Insurance Company as New Universal Life Product

Traditionally, banking institutions have been offering mainly interest rate business that provides business and personal loans at profitable interest rates. Although they offer a few investment products, such as CDs, there are no advisor fees attached to the purchases, unlike the fee-based investment products available from other financial firms.

ConsecoLifeOptions Launched by Conseco Insurance Company as New Universal Life Product
Source: PR Newswire

Permalink posted by armandn @ 9:44 AM
 

Cost Tops Consumers' List of Excuses for Not Getting Life Insurance

I'm busy. I can't afford it. I'll get to it tomorrow. Americans make all kinds of excuses for putting off all sorts of things that they know they should do. But when it comes to getting needed financial protection, no excuse is ever good enough. The results of a new survey released today by the nonprofit LIFE Foundation in support of Life Insurance Awareness Month show that the vast majority (93%) of Americans think it's important for most people to have life insurance, and yet nearly half of those surveyed say they don't have enough coverage."

Cost Tops Consumers' List of Excuses for Not Getting Life Insurance
Source: Sun Herald

Permalink posted by armandn @ 9:43 AM
 

Baby Boomers' Expectations High for Retirement Lifestyle

"The generation approaching retirement would not be as satisfied with their parents' lifestyle as they think their parents are," concludes a study by Mathew Greenwald & Associates Inc., a research firm that specializes in retirement issues.

Baby Boomers' Expectations High for Retirement Lifestyle
Source: Courant.com

Permalink posted by armandn @ 9:42 AM
 

What Happened to Selling Life Insurance?

Two questions rank high when it comes to the current climate in the life business: Why do life insurance sales remain flat, and why are so few people entering the sales force?

What Happened to Selling Life Insurance?
Source: A.M. Best (subscription required)

Permalink posted by armandn @ 9:41 AM
 

Bankruptcies Soar for Senior Citizens

While the bankruptcy filing rate for those under 55 has fallen, it has soared for older Americans, according to a new analysis from the Consumer Bankruptcy Project, which examined a sampling of noncommercial bankruptcies filed between 1991 and 2007.

Bankruptcies Soar for Senior Citizens
Source: USA Today

Permalink posted by armandn @ 9:40 AM

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