Friday, October 31, 2008

 

Sun Life Financial Introduces New Investment Options and Funds for its Variable Annuity and Variable Universal Life Customers

The U.S. division of Sun Life Financial Inc. has introduced multiple new funds and investment options for its variable annuities and variable universal life products, including three dynamically managed fund of funds developed and subadvised by Ibbotson Associates, Inc., a new Fund Family portfolio and an enhanced Build Your Own Portfolio option.

Sun Life Financial Introduces New Investment Options and Funds for its Variable Annuity and Variable Universal Life Customers
Source: Yahoo! Finance

Permalink posted by armandn @ 12:38 PM
 

John Hancock Retirement Plan Services Signs Distribution Agreement with Morgan Stanley

John Hancock Retirement Plan Services (RPS) has increased the number of advisors able to offer services to 401(k) plans through a new distribution agreement reached with Morgan Stanley.

John Hancock Retirement Plan Services Signs Distribution Agreement with Morgan Stanley
Source: PR Newswire

Permalink posted by armandn @ 12:37 PM
 

The Hartford's Stock Falls 52%; Analysts Speculate About Sale

The Hartford's stock crumbled Thursday as Wall Street wondered about the company's financial strength, fueling speculation that the venerable insurer might have to start selling businesses to raise money, or even give up its independence.

The stock price nose-dived $10.24, or a historic 52 percent, closing at $9.62 a share, the day after The Hartford Financial Services Group confirmed a $2.6 billion net loss for the third quarter, driven by investment troubles.

The Hartford's Stock Falls 52%; Analysts Speculate About Sale
Source: Hartford Courant

Permalink posted by armandn @ 12:37 PM
 

Life Insurance: Can a Charity Still Benefit?

Over the past several years, promoters of various schemes concerning the application for and issuance of life insurance policies and the subsequent sale of those policies to third parties have led most charities to look upon any planned giving technique involving life insurance with a very suspicious eye. This skepticism is certainly valid, if not prudent.

Life Insurance: Can a Charity Still Benefit?
Source: Insurance News Net

Permalink posted by armandn @ 12:35 PM

Thursday, October 30, 2008

 

As Advisor Confidence Declines, Communication with Clients Increases

Adviser confidence in the economy and stock market sank this month for the second consecutive month, according to Rydex AdvisorBenchmarking Inc., a Rockville, Md., unit of Rydex Investments.

As Advisor Confidence Declines, Communication with Clients Increases
Source: Financial-Planning.com

Permalink posted by armandn @ 1:14 PM
 

American National Insurance Company Selects WinFlex Compliant Illustration Platform

EbixExchange today announced that the American National Insurance Company will provide producers affiliated with its life insurance distribution network with the WinFlex illustration system. The system implementation will provide American National with increased exposure to the brokerage and independent insurance market while enabling the users of the system to create new efficiencies in their sales process.

American National Insurance Company Selects WinFlex Compliant Illustration Platform
 Source: MarketWatch

Permalink posted by armandn @ 1:13 PM
 

Life Insurance Company Fined $150,000 Over Annuities

The Oregon Department of Consumer and Business Services fined Chicago-based Bankers Life and Casualty Co. $150,000 in addition to requiring it to review additional annuity sales, to offer refunds to those for whom the sales were unsuitable and to take steps to protect future clients.

Life Insurance Company Fined $150,000 Over Annuities
Source: Biz Journals

Permalink posted by armandn @ 1:11 PM
 

Is It Life Settlement or STOLI: A Producer's Guide Between a Legitimate Practice and a Possible Felony

Life settlements, an industry that did not exist 10 years ago, has exploded into a booming billion-dollar industry and one of the fastest growing segments of the life insurance industry today. Experts estimated that the market reached approximately $15 billion in 2006 and predict that there still remains a significant room for long-term growth.

Is It Life Settlement or STOLI: A Producer's Guide Between a Legitimate Practice and a Possible Felony
Source: Insurance News Net

Permalink posted by armandn @ 1:08 PM

Wednesday, October 29, 2008

 

Hoping the Worst is Over for Insurers

A trio of major insurance companies will announce their third quarter financial results after the closing bell Wednesday and investors are bracing for poor results.

But now, Wall Street is waiting to see if the worst is over for Hartford Financial Services Group, Prudential Financial and MetLife or if there is more pain to come.

Hoping the Worst is Over for Insurers
Source: CNN Money

Permalink posted by armandn @ 1:08 PM
 

Equity Market Will Dictate Whether Manulife Bolsters Capital Ratios

The current state of equity markets suggests Manulife Financial Corp.will likely consider ways to strengthen its capital ratios, according to Andre-Philippe Hardy at RBC Capital Markets. This could include the reinsurance of some risks on its books, a thorough review of its actuarial liabilities to look for overly conservative reserves, the sale of non-core businesses, or the issue of capital, the analyst told clients. Equity, debt, preferred shares or hybrid capital were listed as options.

Equity Market Will Dictate Whether Manulife Bolsters Capital Ratios
Source: Seeking Alpha

Permalink posted by armandn @ 1:07 PM
 

Older Business Owners Can Potentially Save More for Retirement Faster Using the Qualified Combo Plan and Life Insurance from Pacific Life

Not saving enough for retirement ranks among the top concerns for small business owners. 1 Plus, 31% of business owners in the United States 2 are 55 and older so the big question many have is “How can I make up for lost time in saving for my retirement?”

To help financial professionals help their business owner clients, Pacific Life now offers a sales kit that shows how using life insurance in defined benefit plans can address shortfalls in retirement savings. Focusing on small- to mid-size companies, the kit explains the advantages of a Qualified Combo Plan Using Life Insurance.

Older Business Owners Can Potentially Save More for Retirement Faster Using the Qualified Combo Plan and Life Insurance from Pacific Life
Source: Insurance News Net

Permalink posted by armandn @ 1:07 PM
 

Life Insurance Trusts and You

Trusts are impressively flexible, offering many ways for people to use them. Revocable trusts can encompass many people's entire estate-planning needs in a single document. On the other hand, professionals have tailored some types of trusts to fit very specific situations and types of assets. The life insurance trust, primarily designed to hold life insurance policies, is a prime example.

Life Insurance Trusts and You
Source: Motley Fool

Permalink posted by armandn @ 1:06 PM

Tuesday, October 28, 2008

 

Plan Could Push Insurers Into Mergers

Some of the life insurers whose names have emerged as supportive of a widening of the Treasury's $700 billion rescue program, the possibility of which emerged Friday, are considered by ratings firms to be financially healthy and capable of acquisitions. One is New York-based MetLife Inc. Industry analysts say it could be a contender to acquire at least some of the U.S. life-insurance operations of American International Group Inc.

Plan Could Push Insurers Into Mergers
Source: Wall Street Journal (free)

Permalink posted by armandn @ 7:06 AM
 

New NAVA Message Testing Service to Ensure Compliance with Annuity Sales Automation Standards

NAVA, Inc., the Association for Insured Retirement Solutions, today announced a new service to help insurers, annuity distributors and technology solutions providers ensure that their electronic data messages are compliant with NAVA’s Straight-through Processing (STP) Standards Initiative. STP is an industry-backed initiative establishing an automated standardized process that streamlines the sale of annuities.

New NAVA Message Testing Service to Ensure Compliance with Annuity Sales Automation Standards
Source: Business Wire

Permalink posted by armandn @ 7:05 AM
 

Whole Life Insurance Is, By Definition, Not an Investment

A whole life insurance policy bears some of the characteristics of an investment, but, at its core, it's a life insurance contract and not an investment. However, because a whole life insurance policy is a contract, it makes some promises that no investment can claim, such as...

Whole Life Insurance Is, By Definition, Not an Investment
Source: Yahoo! Finance

Permalink posted by armandn @ 7:03 AM
 

Survey Reveals Long Term Care Key Issue for Voters in Presidential Election

Eighty-four percent of baby boomers say the presidential candidates' positions on long term care issues and funding will be an important factor in determining how they cast their vote in November, according to a national survey of more than 800 registered voters ages 45 to 64 sponsored by Genworth Financial, Inc.

Survey Reveals Long Term Care Key Issue for Voters in Presidential Election
Source: Yahoo! Finance

Permalink posted by armandn @ 7:01 AM

Monday, October 27, 2008

 

U.S. Mulls Widening Bailout to Insurers

The Treasury Department is considering buying equity stakes in insurance companies, a sign of how the government's $700 billion rescue program could turn into a piggy bank for a range of beleaguered industries.

U.S. Mulls Widening Bailout to Insurers
Source: Wall Street Journal (free article)

Permalink posted by armandn @ 12:21 PM
 

LIMRA Survey Shows Consumer Pessimism But No Panic

Despite a sharp increase in pessimism about the U.S. economy, most consumers are sitting tight when it comes to their investments, savings, banking or insurance arrangements as a result of the financial crisis, according to a LIMRA survey.

LIMRA Survey Shows Consumer Pessimism But No Panic
Source: Insurance News Net

Permalink posted by armandn @ 12:19 PM
 

AIG May Need More Financing

American International Group Inc. Chairman Edward Liddy is warning that AIG may need more than the $123 billion in government financing it already has to keep going while it restructures.

AIG May Need More Financing
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 12:17 PM
 

Using a VUL Policy in Lieu of a Roth IRA or 529 Plan

How does a variable universal life (VUL) insurance policy stack up as an alternative to a Roth IRA (for retirement planning) or a Section 529 plan (for college tuition planning)? Using a VUL policy in lieu of a Roth IRA or a Section 529 plan will probably not make sense if funding for retirement or college is the only objective. However, a VUL policy may make great sense where funding for retirement, college, or both, is desirable and there is also a need for life insurance. This article will explore the advantages and disadvantages of a VUL policy compared to Roth IRAs and Section 529 plans.

Using a VUL Policy in Lieu of a Roth IRA or 529 Plan
Source: Producers Web

Permalink posted by armandn @ 12:16 PM

Friday, October 24, 2008

 

The Hartford Introduces New Bicentennial Freedom Universal Life Insurance Policy with Optional LifeAccess Accelerated Benefit Rider

In response to the changing needs of a maturing nation, The Hartford has announced that it will offer its LifeAccess Accelerated Death Benefit Rider as an option on Hartford Bicentennial UL Freedom, a new universal life (UL) insurance policy. The popular rider gives policyholders access to their death benefit, should those covered by the policy become chronically ill and otherwise qualify under the terms of the rider.

The Hartford Introduces New Bicentennial Freedom Universal Life Insurance Policy with Optional LifeAccess Accelerated Benefit Rider
Source: StreetInsider.com

Permalink posted by armandn @ 7:51 AM
 

U.S. Life Insurers Face Increasing Risk from Variable Annuities

Fitch Ratings sees equity market performance 2008 as having a dramatic impact on U.S. life insurers active in the variable annuity market. Persistent adverse market conditions will pressure life insurer's earnings and risk-based capital levels for the balance of 2008 and into 2009. The industry ability to manage this growing risk exposure represents one of the most significant risk management challenges confronting U.S. life insurers.

U.S. Life Insurers Face Increasing Risk from Variable Annuities
Source: Business Wire

Permalink posted by armandn @ 7:50 AM
 

Insurance Assurance

The insurance industry is already facing a shortage of new workers, which, as baby boomers retire, could cripple the industry, experts say. According to a May 2008 survey conducted by Washington, D.C.-based KRC Research, 60% of the insurance industry’s current employees are older than age 45.

Insurance Assurance
Source: Biz Journals

Permalink posted by armandn @ 7:49 AM

Thursday, October 23, 2008

 

Sun Life Financial Introduces its Newly Enhanced Living Benefits Suite

The U.S. division of Sun Life Financial Inc. today announced enhanced living benefit solutions available on its Masters® variable annuities. Now, Sun Life Financial is even better positioned to help address customers’ retirement needs, whether they want maximum protection, maximum income or the maximum flexibility provided by storage.

Sun Life Financial Introduces its Newly Enhanced Living Benefits Suite
Source: Yahoo! Finance

Permalink posted by armandn @ 7:48 AM
 

AIG American General Announces Redesigned Variable Universal Life Product

AIG American General announced today the launch of AIG Income Advantage Select a product issued by American General Life Insurance Company and The United States Life Insurance Company in the City of New York, subsidiaries of American International Group, Inc. The product offers death benefit guarantees, an outstanding cash value accumulation opportunity and a superior selection of 47 professionally managed investment options, all at new, more competitive prices than existing AGL and USL variable universal life policies.

AIG American General Announces Redesigned Variable Universal Life Product
Source: Trading Markets

Permalink posted by armandn @ 7:46 AM
 

The Importance of Helping Consumers Understand the Downside of Dropping Life Insurance - Even During Tough Times

Today’s challenging economic times can leave some consumers scrambling to find ways to cope with tough financial situations, including resorting to drastic measures, such as dropping or cashing in life insurance policies, or electing not to purchase them at all. Life insurance agents will have the best success in overcoming this type of objection when using an educational approach to ensure that clients and prospects understand several basic, yet key factors they should consider before making a decision about their coverage.

The Importance of Helping Consumers Understand the Downside of Dropping Life Insurance - Even During Tough Times
Source: Life Insurance Selling

Permalink posted by armandn @ 7:45 AM
 

Hello Mom -- Goodbye Retirement

Even into adulthood, there is this notion that parents will be there to take care of us, emotionally or financially, possibly with a nice inheritance. That's still the case for many families.

But increasingly, adult children like Martin are finding themselves cutting into their own savings and retirement funds or even going into debt to support their aging parents.

Hello Mom -- Goodbye Retirement
Source: CNN

Permalink posted by armandn @ 7:44 AM

Wednesday, October 22, 2008

 

Are You Ready for the "New" Life Insurance Client

In today’s world, life insurance professionals must to be ready to serve the needs of different client groups, each with its own requirements and buying experiences. A large opportunity exists for producers who can effectively deliver solutions to two very different end-consumer segments – the middle market and the mass affluent.

Are You Ready for the "New" Life Insurance Client
Source: Life Insurance Selling

Permalink posted by armandn @ 7:49 AM
 

Many Homebuyers Tapping into 401(k)s

Following recent talk of 401(k) debit cards and tighter credit, it was bound to happen that homebuyers would turn to their 401(k) to help finance a home purchase, despite warnings against doing so from most financial advisers.

Many Homebuyers Tapping into 401(k)s
Source: Financial-Planning

Permalink posted by armandn @ 7:48 AM
 

Life-Insurance Guarantees Success in Wealth Transfer Tax Planning

Now more than ever, financial planning requires knowledge and imagination. Nowhere is this truer than in wealth transfer planning. A wide variety of tools, some very complex, have emerged in recent years: FLPs, GRITs, GRATs, GRUTs, CRUTs and NIM-CRUTs, among others. Planners must understand and use these techniques if they are to serve their wealthy clients adequately, let alone if they hope to acquire new ones. Yet, no matter how sophisticated the planner and the tools, the simple fact remains that there is only one asset that guarantees success in wealth transfer tax planning: life insurance.

Life-Insurance Guarantees Success in Wealth Transfer Tax Planning
Source: Producers Web

Permalink posted by armandn @ 7:48 AM
 

Financial Advisers 'Reprogram' Boomer Clients with Big Portfolios to Emphasize 'Need, Not Greed'

In the final years of what has been one of the worst decades this century for stock-market investors, a growing number of baby boomers have reshaped their attitudes about risk and return. The turmoil of the past 18 months, coming on the heels of the bear market of 2000 to 2002, has created a heightened sense of fear and uncertainty among these investors. Many of the 80 million boomers between the ages of 44 and 63 are retiring already, and they need to stretch their savings to cover the rest of their long life expectancies. Any dip in the value of those nest eggs could prove devastating.

Financial Advisers 'Reprogram' Boomer Clients with Big Portfolios to Emphasize 'Need, Not Greed'
Source: Yahoo/Wall Street Journal

Permalink posted by armandn @ 7:44 AM
 

Protective Life and West Coast Life Introduce New Survivorship Universal Life Products

Protective Life Insurance Company and West Coast Life Insurance Company announced the release of two new second-to-die universal life policies, the Protective Centennial Survivor G Universal Life and the West Coast Golden Legacy Protector X Universal Life.

Protective Life and West Coast Life Introduce New Survivorship Universal Life Products
Source: Business Wire

Permalink posted by armandn @ 7:42 AM

Tuesday, October 21, 2008

 

Times may be too risky for money market investment

Dear Rick: I am an hourly worker at General Motors. I have a portion of my check put into an account called a demand note which is a money market account at Mellon Financial. The money is not insured. Should I withdraw the money and deposit it into an account which is insured? The note is paying a little over 5 percent...

HomeTownLife: Times may be too risky for money market investment

Permalink posted by markw @ 4:44 AM
 

Nationwide Financial Unveils YourLife Accumulation Universal Life Insurance

New Product Helps Financial Professionals Provide Clients with Competitively Priced Life Insurance Plus Living Benefit Features... Following its recently updated Accumulation Variable Universal Life product, Nationwide Financial Services, Inc. today unveiled Nationwide YourLife Accumulation Universal Life, an individual, flexible premium, adjustable universal life product...

MarketWatch: Nationwide Financial Unveils YourLife Accumulation Universal Life Insurance

Permalink posted by markw @ 4:41 AM
 

Value hunting in insurance wreckage

Shares of MetLife, Prudential and Hartford have been whacked during the credit crisis. Is the worst finally over or are they the next meltdown? Shares of prominent life insurers Hartford, MetLife and Prudential have plummeted this year due to exposure to mortgage assets and failed financial firms...

CNN Money: Value hunting in insurance wreckage

Permalink posted by markw @ 4:39 AM

Friday, October 17, 2008

 

Learn a creative, honest and protective way to run cash-value life illustrations

Being conservative with your cash-value life insurance policy illustrations is very important these days -- especially to avoid lawsuits. Much of the industry has gravitated toward equity indexed life insurance (EIUL), which is fine, but I do not agree with how much of the industry illustrates building cash in the policy or how tax-free loans (retirement income) are illustrated.

Producers Web: Learn a creative, honest and protective way to run cash-value life illustrations

Permalink posted by markw @ 9:56 AM
 

Financial advice for preparing for the worst

What would happen to your family's finances if you or your spouse were to die unexpectedly? Would it be easy for the surviving loved ones to get back on their feet financially? The Connecticut Society of CPAs offers these tips to ensure that your family is financially prepared to cope with a death in the family...

Town Times: Financial advice for preparing for the worst

Permalink posted by markw @ 9:55 AM

Thursday, October 16, 2008

 

NAVA Members Expect Consumers to Grow More Cautious

NAVA, Inc., the Association for Insured Retirement Solutions, has surveyed 300 insurance industry professionals on their beliefs about possible consumer behavior in the face of an uncertain economy.

The survey, taken at NAVA's annual meeting in Philadelphia October 6, revealed the following:

* 65% believe that investor confidence is either flat or falling.
* 99% believe that most retirement-minded Americans will react to the financial crisis by moving money into "safer" investments, becoming more risk adverse, avoiding equities, and even "stashing their savings under their mattresses."
* 68% believe that variable annuity "living benefits," with their specific guarantees against downside market risk, will become more popular.
* 50% believe the Troubled Asset Relief Program (TARP) will stabilize the financial markets; 46% believe it will not, and 4% had no opinion.

Financial Planning: NAVA Members Expect Consumers to Grow More Cautious

Permalink posted by markw @ 10:28 AM
 

Boulevard R: "Web version of meeting with a financial planner"

BoulevardR ...is a web version of meeting with a financial planner to develop an investing and saving strategy—they describe their offering as a "3-step process that puts the interests of consumers first and lays out a clear, actionable path to financial security." You start off by dragging-and-dropping your life goals onto a timeline of when you hope to accomplish them, then you prioritize some other goals, then input your monthly savings and liabilities. The site then comes up with an animated chart showing what you'll need to do in the coming years to meet those initial goals.

(via Consumerist)

Permalink posted by markw @ 10:01 AM
 

Lincoln Financial Group enhances variable annuity offerings

Lincoln Financial Group has combined its two micro-small market group variable annuity offerings, Lincoln Director and Lincoln American Legacy Retirement, to create an enhanced program aimed at providing employers with a retirement plan that will suit the needs of employees...

Insurance Business Review: Lincoln Financial Group enhances variable annuity offerings

Permalink posted by markw @ 5:37 AM
 

Annuity Payouts That Rise With Cost of Living

Immediate annuities are attractive because they promise a guaranteed level of income for life, no matter what happens to the stock market or interest rates. But your fixed payout will buy less when the cost of living rises.

To combat that concern, several companies are starting to offer immediate annuities that increase the payout to keep up with inflation. Some raise payouts automatically by 3% or 5% a year. Others tie payouts to changes in the consumer price index. But this feature comes at a big cost: The payouts start much lower than they do with the fixed version...

Kiplingers: Annuity Payouts That Rise With Cost of Living

Permalink posted by markw @ 5:35 AM
 

SURVEY SAYS: 77 million in U.S. lack life insurance

According to a new survey commissioned by Heritage Union's Salary Shield, more than one-third of Americans -- a total of 77 million -- do not have life insurance...

Courier-Post: SURVEY SAYS: 77 million in U.S. lack life insurance

Permalink posted by markw @ 5:33 AM

Thursday, October 09, 2008

 

MetLife, Hartford Talked Deal

Insurance companies MetLife Inc. recently talked about a potential merger, according to a report in Thursday's Wall Street Journal. The Journal said that MetLife approached Hartford about a merger, but the talks didn't lead anywhere. Shares of MetLife are down 35.9% this week and the Hartford's shares have fallen 9.3%. The Hartford's stock has lost 62% of its value in the past four weeks. On Monday, Hartford said it raised $2.5 billion in capital investment from German insurer Allianz, while MetLife said Wednesday it was raising about $2 billion by pricing 75 million shares

Source: MarketWatch
Related WSJ Article
(subscription required)

Permalink posted by armandn @ 7:41 AM
 

An Estate Plan Built for Special Needs

Parents of children with special needs often face years of expensive care for their children. Now a growing number of financial-services companies, lawyers and financial planners -- often calling themselves "special-needs planners" -- are springing up to help parents provide for kids with disabilities, especially when parents are no longer alive to provide care. These professionals guide families through the intricate maze of federal and state programs for disabled individuals, and help set up trusts, insurance policies, retirement plans and estate-planning documents.

An Estate Plan Built for Special Needs
Source: WSJ (free)

Permalink posted by armandn @ 7:40 AM
 

Aegon to Book $573 Million in Charges for Bad Credit, Cites Exposure to AIG, WaMu, and Lehman

The insurer Aegon NV said Thursday it will book 420 million euros ($573 million) in charges on bad bonds and other credit assets in the third quarter.

Its shares, which have declined even more than most European financial shares in recent weeks, rebounded 4.7 percent to 4.30 euros ($5.87), still down 64 percent for the year.

Aegon to Book $573 Million in Charges for Bad Credit, Cites Exposure to AIG, WaMu, and Lehman
Source: Courant

Permalink posted by armandn @ 7:39 AM
 

AIG Hits Up Fed for More Money

The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.

In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back.

AIG Hits Up Fed for More Money
Source: CNN Money

Permalink posted by armandn @ 7:37 AM

Wednesday, October 08, 2008

 

Nationwide Retirement Plans Launches Clear Advantage

Nationwide Retirement Plans launches Nationwide Retirement Clear Advantage, a retirement plan featuring a new generation of fee disclosure and institutional class mutual funds. The growing interest in greater retirement plan fee disclosure by government, plan sponsors and participants also is shared by a large number of investment professionals. More than 70 percent surveyed responded that they either prefer or would be open to a retirement plan with a more visible fee structure.

Nationwide Retirement Plans Launches Clear Advantage
Source: Yahoo! Finance

Permalink posted by armandn @ 10:17 AM
 

Allianz Life Insurance Launches MasterDex X Annuity

Allianz Life Insurance Company of North America has announced that its new Allianz MasterDex X Annuity is available for sale in 27 states.

This new fixed index annuity product is claimed to offer the consumer creative retirement planning options and guaranteed lifetime income benefits.

Allianz Life Insurance Launches MasterDex X Annuity
Source: Insurance Business Review

Permalink posted by armandn @ 10:16 AM
 

Conning Research: Strong Growth for Life Settlements in 2007 and Favorable Forecast

The life settlements market picked up steam in 2007 posting the strongest growth since 2005, according to a new study by Conning Research and Consulting, Inc.

Conning Research: Strong Growth for Life Settlements in 2007 and Favorable Forecast
Source: PR Newswire

Permalink posted by armandn @ 10:15 AM
 

Annuities Will Help Retirees Get More Income Now

Bankers Life and Casualty Company has introduced the GrowthPoint indexed annuity.

The annuity, part of the Bankers Security Builder annuity series at Bankers Life, Chicago, uses point-to-point indexing to calculate S&P 500 gains.

Annuities Will Help Retirees Get More Income Now
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 10:12 AM

Tuesday, October 07, 2008

 

Americans' Retirement Accounts Lost $2 Trillion in Past 15 Months

Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.

Americans' Retirement Accounts Lost $2 Trillion in Past 15 Months
Source: USA Today

Permalink posted by armandn @ 12:50 PM
 

AIG's Ex-CEOs Blamed for Crisis

A House committee chairman blasted former chiefs of American International Group Inc. on Tuesday, blaming their huge paychecks and the company's lavish style for the federal government's $85 billion bailout of the insurer.

AIG's Ex-CEOs Blamed for Crisis
Source: CNN/Money

Permalink posted by armandn @ 12:48 PM
 

Insurers Can Help Treasury Run Bailout

The U.S. Treasury Department wants to hire financial institutions – including big insurers – to help it manage portfolios of whole loans and troubled mortgage-related securities, and to provide custodian, accounting and auction management services for mortgage-related assets.

Insurers Can Help Treasury Run Bailout
Source: National Underwriter (subscription required)

Permalink posted by armandn @ 12:47 PM
 

John Hancock Funds Advances Two Spots in Kasina Rankings of Top Financial Intermediary Web Sites for 2008

John Hancock Funds has been named one of the Top 10 web sites for financial intermediaries for 2008 by kasina, an asset management consulting firm. Ranked in fourth place this year, Funds improved its position by two places over 2007's showing. Ahead of John Hancock this year (in descending order) were Fidelity Investments, BlackRock, and American Funds; the Vanguard Group ranked fifth.

John Hancock Funds Advances Two Spots in Kasina Rankings of Top Financial Intermediary Web Sites for 2008
Source: Yahoo! Finance

Permalink posted by armandn @ 12:45 PM

Monday, October 06, 2008

 

Who's Who in Annuities: The Power List

The annuities industry has been under increased scrutiny over recent years. After years of speculation, everything seemed to bubble to the surface with the “Dateline NBC” segment and the SEC 151A proposal, which would securitize annuities.

Who's Who in Annuities: The Power List
Source: Producers Web

Permalink posted by armandn @ 7:28 AM
 

AIG Seeks Buyers for Thai Life Insurance, Retail Bank Units

American International Group Inc (AIG) said Monday it plans to sell stakes in its Thai life insurance business and consumer finance banking arm.

AIG Seeks Buyers for Thai Life Insurance, Retail Bank Units
Source: CNN Money

Permalink posted by armandn @ 7:27 AM
 

Jackson Enhances Variable Annuity Offering with LifeGuard Freedom DB

Jackson National Life Insurance Company® (Jackson) today announced the launch of LifeGuard Freedom DB, a new guaranteed minimum withdrawal benefit (GMWB) that features an enhanced, innovative death benefit option. Available only with the election of Jackson’s LifeGuard FreedomSM GMWB, LifeGuard Freedom DB allows investors to generate lifetime income while also providing a legacy for their heirs. The death benefit amount will not decrease, provided withdrawals do not exceed the guaranteed annual limit or minimum required distribution, and investors can choose how to best distribute their wealth among beneficiaries.

Jackson Enhances Variable Annuity Offering with LifeGuard Freedom DB
Source: Business Wire

Permalink posted by armandn @ 7:25 AM
 

The Vast Difference Between Life Settlements and STOLI

As life settlements (or viatical settlements), have grown enormously in popularity and use over the past few years, regulation of this secondary market has become a headline issue for many states, garnering a great deal of attention (and controversy) among national organizations such as the National Association of Insurance Commissioners (NAIC) and the National Conference of Insurance Legislators (NCOIL). Consumers, institutional investors, financial advisors, and the “primary market” insurers, as well as regulators and public policy makers are all very interested in the handling of life settlements.

The Vast Difference Between Life Settlements and STOLI
Source: Life Insurance Selling

Permalink posted by armandn @ 7:24 AM

Friday, October 03, 2008

 

AIG Considering Sale of Life, Annuities Units

AIG, the largest U.S. insurer, is seeking to sell its U.S. life insurance and annuities units, people familiar with the situation said. AIG hired JPMorgan Chase & Co. to find buyers, said three people, all of whom declined to be identified. France's Axa SA, Swiss Reinsurance Co. and ING Groep NV of the Netherlands are potential bidders, one of the people said.

AIG Considering Sale of Life, Annuities Units
Source: Courant.com

Permalink posted by armandn @ 7:19 AM
 

Life, Annuity Companies Face Challenges As Government Intervention Looms

U.S. life and annuity companies face an increasingly complex macroeconomic climate, with negative operating and net income trends and continuing adverse capital market conditions through third quarter 2008, according to a new special report featured in BestWeek U.S./Canada.

Life, Annuity Companies Face Challenges As Government Intervention Looms
Source: MarketWatch

Permalink posted by armandn @ 7:17 AM
 

Spike In Life Insurance CDS Spreads Said Overdone

A sharp increase in the cost of insuring U.S. life insurance companies' debt against the risk of default is overdone as the major players are not facing any liquidity or solvency issues, research firm CreditSights said on Friday.

Spike In Life Insurance CDS Spreads Said Overdone
Source: Reuters

Permalink posted by armandn @ 7:17 AM

Thursday, October 02, 2008

 

MetLife Launches Online Income Annuity Tool to Help People Make the Most of What They Have in Retirement

To help individuals understand how to create a reliable, sustainable source of retirement income and make the most of their assets, MetLife today launched an innovative online Income Annuities Guide. The interactive online tool demonstrates how a retirement portfolio including an income annuity can help boost spending power as well as provide more guaranteed income.

MetLife Launches Online Income Annuity Tool to Help People Make the Most of What They Have in Retirement
Source: Business Wire

Permalink posted by armandn @ 7:16 AM
 

Insurers Take Steps to Protect Elderly

The National Association of Insurance Commissioners, prompted by cases involving companies including Allianz, has passed regulations to help protect consumers, particularly the elderly, from unscrupulous, abusive sales practices and fraud.

Insurers Take Steps to Protect Elderly
Source: Insurance News Net

Permalink posted by armandn @ 7:14 AM
 

Is Another Insurer Set for Bankruptcy?

The cost to protect against a default by Hartford Financial Services Group Inc., Hartford, Conn., Prudential Financial Inc., Shelton, Conn., and MetLife Inc., New York, rose to record levels on speculation that the turmoil in financial markets may be spreading to insurers.

Is Another Insurer Set for Bankruptcy?
Source: Financial-Planning

Permalink posted by armandn @ 7:12 AM
 

Need a Financial Adviser? Do Your Homework First

Before the turbulent economy sends you running into the arms of a financial adviser, make sure you know all your options.

In addition to the various types of financial advice on the market, there are myriad ways advisers get paid for their services. Among them: commissions, hourly or flat rates for one-time help, asset-based fees for ongoing money management, or some combination thereof.

Need a Financial Adviser? Do Your Homework First
Source: CNN

Permalink posted by armandn @ 7:10 AM

Wednesday, October 01, 2008

 

Allianz Enhances Its 'Allianz Vision' Variable Annuity

Allianz Life Insurance Company of North America (Allianz) today announced that it has enhanced its Allianz Vision Variable Annuity. New options include the Lifetime Plus 10 Benefit and a Cumulative Withdrawal Benefit feature. These enhancements are designed to provide additional opportunities for consumers to build assets and use the assets during retirement.

Allianz Enhances Its 'Allianz Vision' Variable Annuity
Source: Business Wire

Permalink posted by armandn @ 7:54 AM
 

Sun Life Financial Unveils Unretirement Index to Determine Future of Retirement

The U.S. division of Sun Life Financial Inc. today announced the Sun Life Financial UnretirementSM Index, a first-of-its-kind measure to track the changing attitudes and expectations American workers have regarding retirement. The Index, to be released multiple times each year, will gauge how economic, financial and societal forces are affecting working Americans, and will forecast their future retirement decisions that will impact individuals, the government, employers, and the broader economy.

Sun Life Financial Unveils Unretirement Index to Determine Future of Retirement
Source: Yahoo! Finance

Permalink posted by armandn @ 7:53 AM
 

Guaranteed Living Benefits or Guaranteed Lawsuits?

The tidal wave of lifetime income riders introduced to the fixed-indexed annuity marketplace should overwhelm even the most seasoned insurance professional. With carriers introducing or working on their latest generation of lifetime income riders, it's no wonder producers are drowning in information and, to some extent, misinformation.

Guaranteed Living Benefits or Guaranteed Lawsuits?
Source: Producers Web

Permalink posted by armandn @ 7:52 AM
 

Former Lincoln CEO Boscia Joins Sun Life

Jon A. Boscia, former chief executive of Lincoln National Corp., will join Sun Life Financial Inc. Oct. 14 as a president responsible for the Canadian company's overall U.S. business and worldwide marketing. He will be based in Wellesley Hills, Mass.

Former Lincoln CEO Boscia Joins Sun Life
Source: Hartford Courant

Permalink posted by armandn @ 7:51 AM

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