DETROIT, Aug. 4, 2020 /PRNewswire/ -- Signal Advisors today announced the debut of their tech-enabled Independent Marketing Organization, or IMO. IMOs distribute annuities and life insurance through a large network of independent financial advisors. "The world doesn't need another IMO. It needs something fundamentally different," said Patrick Kelly, Co-Founder and CEO of Signal Advisors, who has spent his entire career in the financial advisory and insurance industry. Signal is the first IMO in the industry to advance commissions ahead of carrier payments, ensuring financial advisors receive payment within hours, not weeks. "Since COVID, advisors have been waiting over 50% longer to get...
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(Photo: Victor J. Blue/Bloomberg) American International Group (AIG) is reporting a $9.7 billion pre-tax operating loss for the second quarter, but the life and retirement business did fine, after adjustments. AIG is reporting a $7.9 billion net loss for the second quarter on $9.4 billion in revenue, compared with $1.1 billion in net income on $13 billion in revenue for the second quarter of 2019. About $8.4 billion of the operating loss was due to the sale of businesses outside of the life and retirement sector. The company’s life and retirement unit is reporting $650 million in adjusted pre-tax income on $4.5 billion in revenue, compared with $804 million in adjusted pre-tax income on $3....
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CHICAGO, July 10, 2020 / PRNewswire / -- Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, announced today its new Security Builder ® Indexed Annuity (Security Builder®), an insurance product designed to earn interest and safeguard funds. This is the fourth indexed annuity product offered by Bankers Life. "Faced with financial uncertainties caused by COVID-19 market volatility, many middle-income consumers are reviewing their finances and reconsidering preparations for the future," said Scott Goldberg, president of the consumer division at CNO Financial Group. "Anyone nearing retirement should take a...
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Agent-Friendly Tool for Calculating Annuity & Life Insurance A practical new calculator is helping independent agents show their annuity and life insurance clients the tax benefits of two products over one. The Prosperity Select Combo Calculator, created by Oxford Life Insurance Company®, offers an instant comparison of the after-tax value of an annuity purchase versus the after-tax value of an annuity-life insurance combination purchase at a specific point in time. By entering a few simple details based on the client’s financial status and goals, agents are able to plainly illustrate the most tax-efficient path for their clients to pass retirement savings to their children,...
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The COVID-19 crisis has focused national attention on long-term care, and many people who are starting to plan for their retirement are finding that insurance for that care is not what it used to be. Several years ago, the insurance industry dramatically changed its underwriting criteria, significantly increasing rates for long-term care coverage for people who would be the most likely to need it. Insurers had books of business that were becoming unsustainable, and many exited the market. Those that remained bumped up their rates, as increased longevity, higher health care costs and low interest rates made the products expensive to provide. With the pandemic decimating assisted-living...
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NEW YORK--( BUSINESS WIRE )--Accenture (NYSE: ACN) has, for the first time, implemented the Accenture Life Insurance & Annuity Platform (ALIP) for new business and underwriting in a full-service cloud-hosted environment. The innovative solution combines ALIP on Microsoft Azure cloud; the RGA AURA underwriting rules engine, which is now available out-of-the-box within ALIP; and Accenture’s application and infrastructure outsourcing service. Designed to deliver new levels of automation and real-time underwriting decisions, the solution enables insurance carriers to leverage the benefits of cloud technology to drive innovation and business growth while curbing IT costs. A top-five U.S....
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According to data from S&P Global, the life insurance industry lost a total of $50 billion in the first quarter of 2020. A big share of life insurance companies' revenue comes from annuities, or insurance contracts which provide retirement income after purchase. Since this money is invested, it's especially vulnerable to market fluctuations. The least affected product from these losses will be term life insurance, a product that's more insulated from the market. Prices could increase marginally, but term life insurance will still be the most affordable way to cover your family. According to new data from S&P Global, the US life insurance industry saw big drops recently in the first...
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Eric Henderson (Credit: Nationwide) Many retirement savers know they should have a mix of different types of stocks and bonds in their investment portfolios, not just a big block of stock in XYZ Current Tech Sizzler Inc. Some savers have a vague idea that they should look at their investment assets together with other assets and resources, such as their homes, their life insurance policies, and their ability to earn a paycheck. Nationwide Financial is trying to draw savers’ attention to another type of diversification: tax rule diversification. The company is working to spread the idea that savers should consider having different parts of their financial assets come under different types of...
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Financial products aren't easy, even in the age of the internet. Simply put, the difference between variable annuities and variable whole life insurance is a matter of life and death. Variable annuities protect your retirement income and life insurance protects your beneficiaries, except sometimes variable annuities also protect beneficiaries with life insurance. Our independent agent matching tool will find you the best insurance solution in your area. Tell us what you're looking for and we'll recommend the best agents for you. Any information you provide will only be sent to the agent you pick. What Are Variable Annuities? Variable annuities are designed for two things: building wealth...
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An annuity is an insurance contract for retirement. An annuity contract is created when an individual gives a life insurance company money which may grow on a tax-deferred basis and then can be distributed back to the owner in several ways. There are two possible phases for an annuity: The accumulation Phase: in which the customer deposits and accumulates money into an account. The distribution phase: in which the insurance company makes income payments until the death of the annuitants named in the contract Based on Phase: Immediate Annuities & Deferred Annuities Based on where money goes: Fixed annuities, Indexed Annuities & Variable Annuities Immediate annuity...
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