Insurance Life Blog

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

2008-05-14T11:58:00.001-07:00

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

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

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

2008-05-14T11:55:00.000-07:00

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

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

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

2008-05-14T11:53:00.000-07:00

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

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

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

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

2008-05-14T11:51:00.000-07:00

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

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

MetLife Bolsters Universal Life Insurance Lineup

2008-05-12T12:48:00.000-07:00

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

MetLife Bolsters Universal Life Insurance Lineup
Source: Yahoo! Finance

Life Insurance: No Guaranty?

2008-05-12T12:47:00.000-07:00

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

Life Insurance: No Guaranty?
Source: Hartford Courant

Study: Retirement Savers Make Costly 401(k) Mistakes

2008-05-12T12:46:00.000-07:00

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

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

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

2008-05-12T12:44:00.000-07:00

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

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

When To Make Withdrawals From Retirement Accounts

2008-05-09T11:09:00.001-07:00

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

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

When To Make Withdrawals From Retirement Accounts
Source: The Street

Phoenix Cos. Posts Quarterly Net Loss of $19 Million

2008-05-09T11:08:00.001-07:00

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

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

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

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

2008-05-09T11:07:00.000-07:00

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

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

Life Insurance as a Retirement Tool

2008-05-09T11:06:00.000-07:00

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

Life Insurance as a Retirement Tool
Source: Life Insurance Selling

Buying Motives: What Makes Fixed Annuities Tick with Buyers?

2008-05-08T12:43:00.001-07:00

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

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

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

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

2008-05-08T12:42:00.005-07:00

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

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

Pacific Life Helps Clients Catch Up on Retirement Savings

2008-05-08T12:41:00.001-07:00

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

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

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

Conseco Reaches Settlement of Multistate Market Conduct Examination

2008-05-08T12:09:00.000-07:00

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

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

MetLife Mature Market Institute Unveils New Website

2008-05-07T12:13:00.000-07:00

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

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

Successful Retirement Ranks High Among Financial Goals for Hispanic Americans

2008-05-07T12:12:00.001-07:00

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

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

LPL Financial Heats Up the RIA World

2008-05-07T12:10:00.000-07:00

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

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

Four Simple Steps to Selling Millions in Annuities

2008-05-07T12:08:00.000-07:00

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

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

John Hancock Launches New Fully Guaranteed Whole Life Insurance Product

2008-05-06T12:06:00.000-07:00

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

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

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

2008-05-06T12:05:00.000-07:00

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

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

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

2008-05-06T12:04:00.000-07:00

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

Prudential Financial Outlines Practical Investment Tips You Should Consider in the Retirement Red Zone (Tip 12)
Source: Yahoo! Finance

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

2008-05-06T12:02:00.000-07:00

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

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

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

2008-05-05T06:56:00.000-07:00

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

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

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