Variable Annuity Sales Up in 1st Quarter

Variable annuity sales increased from the 1st quarter of 2009 to the first quarter of 2010, according to Insurance News Net's "US Sales of Variable Annuities See First Year-Over-Year Gain in Two Years."  With $31.4 billion in total sales, variable annuities increased 3% from the same time last year.  The first quarter of 2008 was the last time that there was such an increase in variable annuity sales.  A spokeswoman for the Insured Retirement Institute says that this marks a slow and... Read More

Immediate Annuities: Asian Americans Not Ready for Retirement

In Prudential Financial, Inc.'s latest study, they found a large gap in retirement planning for Asian Americans.  Their press release, "Asian Americans Not Financially Ready for Retirement," highlights the findings.  Not only have they not prepared enough with the purchase of immediate annuities and other retirement products, they don't seem to be seeking any professional guidance in the matter.  Eighty percent of Asian Americans lost money in the recent economic downfall, both from... Read More

Despite the Skeptics, Prudential Believes in Variable Annuities

In "Sidestepping Skepticism, Prudential Scores with Variable Annuities," Matt Ackerman of Bank Investment Consultant describes how consumers' opinions of variable annuities are changing.  While many people thought variable annuities were "too expensive or too complicated", they seem to realize the great potential of these annuity products now.  Since retirement savings have gone down by 40% over the last year and a half, consumers are warming up to this product with its guaranteed income,... Read More

Annuity Rates Higher for the Poor and Sick

In the Financial Times article "More providers offer post code annuities," Josephine Cumbo describes the process of determining annuity rates based on Canadian post codes.  Insurance providers offer better annuity pricing to those living in less affluent areas going on the assumption that they will live shorter lives.  This also applies to investors that are smokers or have medical conditions hinting at a shorter life expectancy.  Canada Life is one company who has adopted this policy. ... Read More

401k Annuity Transfers Made Easier

In "Pru annuities go online" by Peter Carvill of FT Adviser, Carvill details Prudential's new online application process for annuities.  Advisers previously had to fill out paper applications but can now fill them out online for their clients.  Prudential's PR Manager highlights the advantage of avoiding post office and other delays with paper applications.  Whether the client needs a 401k annuity transfer or another type, the annuity transfer times are sped up by this new process.This new... Read More

Annuity for a Taiwanese Tour Guide?

A week in Taiwan gave Retirement Income Journal's Kerry Pechter some insight into the Taiwanese retirement system along with some sightseeing time.  In "The View from Taroko Gorge," Pechter shares what he learned about their system as a whole and from an individual tour guide's perspective.  His tour guide was a 51-year old woman who had a successful trading business and much wealth until a financially irresponsible husband and changing times took it all away, including her pension.  She... Read More

‘Prudential Annuities’ Makes a Change

Prudential's company press release "Prudential Annuities Names Tim Seifert Vice President and Director of National Sales," announced Tim Seifert's new position with the company.  Prudential Annuities is the domestic annuity business for Prudential Financial.  Hiring Seifert for this position aims at helping Prudential Annuities reach their goal to be the leader in the guaranteed retirement income business.  Sales planning and execution over independent broker-dealer, wirehouse, bank and... Read More

Variable Annuities at a Seventeen Year High

Variable annuity assets increased by the largest margin in 17 years in the second quarter of 2009, according to Andrew Frye of Bloomberg.com.  His article "Variable Annuity Assets Advance Most in 17 Years," lists the main reasons as a stock market rise and an increase in the amount that savers are investing.  The total variable annuity assets reached $1.19 trillion to end the second quarter.  This was a big help to the largest two life insurers, MetLife Inc. and Prudential Financial Inc.  A... Read More

Prudential Expands, Improves Highest Daily Lifetime 7 Plus Income Guarantee

Prudential has made improvements to its optional Highest Daily Lifetime 7 Plus variable annuity rider, in addition to expanding its availability to investors 45 and older. According to the Retirement Income Reporter, the Highest Daily Lifetime 7 Plus option is a minimum income guarantee that locks in the highest daily value occuring during the annuity's life. Until lifetime income starts, that value will grow by a 7% compound rate annually. Another new feature of this product is that if no... Read More

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