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Annuity Sales Continue to Break Records

The Secure Retirement Institute Fourth Quarter U.S. Annuity Sales Survey was recently released showing the best annuity sales in over a decade. According to a recent InsuranceNewsNet article, annuity sales in 2019 topped $241.7 billion, increasing 3% over 2018.  Despite the overall sales being the best since 2008, annuity sales in the fourth-quarter actually dropped 8% when compared with the same time period in 2018. “Fixed annuity sales have driven the overall growth for the annuity... Read More

New Annuity Product Strategy from Ameriprise

As interest rates continue to fall, Ameriprise Financial Inc. is answering with more emphasis on annuity sales without return guarantees. According to a recent article from ThinkAdvisor, executives from Ameriprise, which is based out of Minneapolis, held a conference call with securities analysts yesterday to discuss the annuity product strategy. The Ameriprise chief executive officer, James Cracchiolo, said during the call  that the company’s annuity books of business generate... Read More

AIG Launches New Index for Annuities

Last week, AIG Life & Retirement launched the new AB All Market Index that was developed exclusively for AIG’s Power Select Index Annuities by AllianceBernstein (AB). According to a recent Wealth Advisor article, the multi-asset index will be distributed primarily through Market Synergy Group (MSG).  The AB All Market Index is not available for direct investment, similar to other indexes in an index annuity, but the performance directly contributes to the determination of the interest... Read More

Interest Rates and Annuities

Much of the news you hear about in the financial industry revolves around the current interest rate and how it might affect different investment products. You might hear about how one product is a safer bet during periods of low rates, or that you should definitely avoid a certain product until rates improve. But very few articles actually talk about how interest rates affect a product.  Financial education is crucial in creating a path towards financial freedom. In order to make the... Read More

Unhappy With Your Annuity? Consider a 1035 Exchange

When you use money from an existing annuity to buy another one,  the process is often referred to as an annuity exchange. While this action is not extremely complicated or rare, just like any aspect of financial planning, there is important information you should be aware of before doing it. Here’s a look at some of the key factors to consider when debating an annuity exchange, according to the financial experts at Forbes.  If the funds that you use to purchase the annuity are... Read More

Annuity News: Year in Review

Annuities were a hot topic in financial news this year. According to a recent InsuranceNewsNet article both lawsuits and regulation were the most-read annuity stories, but annuity sales, rankings and other topics drew attention too. Here’s a look at the top-viewed annuity news from 2019. AIG Retakes Top Spot in LIMRA 2018 Annuity Sales Rankings The January 2019 story revealed that for the first time in over a decade, AIG Companies were the top seller of annuities. The top five... Read More

Annuity Sales Rules To Be Adopted By Year’s End

As most people nurse their holiday hangover and gear up for the upcoming New Year’s celebration, state insurance regulators are hard at work officially adopting a strengthened annuity sales model law. According to a recent article from InsuranceNewsNet, the Life Insurance and Annuities Committee will hold a conference call to adopt recent revisions of the model law on December 30.  If all goes according to plan and the committee formally adopts the revamped model, it will then go to... Read More

Annuity Sales Model Moves Forward

Last Sunday, the Life Insurance and Annuities Committee met at the NAIC Fall Meeting in Austin, Texas. The agenda: strengthened suitability in annuity transactions model law.  According to a recent article from InsuranceNewsNet, the Annuity Suitability Working Group worked on the annuity sales model for a year and a half before voting to finalize it on November 5. At that point, the committee instructed the group to work out the kinks and report back. Now, the committee has adopted the text... Read More

Today’s Annuity News

Here’s a look at some of the recent happenings in the annuity industry, according to ThinkAdvisor.  There are two new indexed annuities available from Security Benefit Life Insurance Company. Both are part of the new Strategic Growth Series Annuities family and are filed with regulators as non-variable contracts.  The Strategic Growth Annuity contract is aimed at purchasers who are looking for high participation rates and spreads and comes without a bonus, according... Read More

State Regulators: No On ‘Best Interest’ Annuity Sales Rule

State insurance commissioners have been debating annuity regulation proposals for quite some time, and it appears that the conflict has yet to be resolved. According to a recent Financial Advisor Magazine article, the latest NAIC draft annuities regulation that was recently approved stopped short of creating a regulation that would require agents to put customers’ “best interests” first.  A reluctance to replace the word “suitability” with “best interest” is... Read More

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