Annuities are one of the leading recommendations for near retirees who are concerned about running out of money. But they are also poorly understood by many consumers, and that puts people at risk for being sold inappropriate products in amounts that represent an outsize proportion of their savings.
Fuller, who had been executive vice president of Lincoln Group, succeeds Mark Mullin, who becomes board chairman.
There are various factors beyond Covid infections to consider, some of which could have a positive effect on life expectancy, and other that could take away from it, according to a recent report published by longevity-risk consulting firm Club Vita.
The insurer also led in variable annuity sales last year, while New York Life sold the most fixed annuities.
Annuities are an answer to one of the most vexing worries that Americans face – outliving their money in retirement, IRI leaders said. But a critic countered that the products need to come with more investor protections.
HSAs now hold more than $82 billion in assets, Devenir survey finds.
Retirees in the pension plan of Philips North America will receive the same monthly benefit.
The activist investor reportedly is pushing Principal to focus more on its wealth management operations and less on the life insurance business.
Last year’s market plunge and quick recovery appear to have changed the way people feel about the value of guaranteed lifetime income, Cannex found. In February 2020, 71% of people said they found guaranteed lifetime income highly valuable, but that figure had dropped to 63% by August.
The changes, which take effect May 1, mark the second time in a year that the company has significantly altered its insurance-series funds to make them match their better-known retail counterparts.
Short-term mutual fund trades and variable annuity switching is generally regarded in the retail securities industry as a way for brokers and advisers to increase commissions at the expense of clients.
Details of the bonus plan have yet to be revealed. But Adam Antoniades, CEO of Cetera, said such a plan would be forthcoming in an effort to retain as many advisers as possible.
Private equity-backed networks like Cetera Financial Group have been eager to expand. The latest deal will add 900 Voya advisers with $40 billion in client assets onto the independent broker-dealer's platform.
Regulators say the insurance company’s American General Life subsidiary operated in the state without a license, undertaking four large-scale pension risk transfers and bidding on others.
HSAs have no annual use-it-or-lose-it requirements, and balances can be carried forward from year to year and withdrawn tax-free in retirement to pay for medical expenses, such as Medicare and long-term care premiums — but not Medigap premiums.
Health savings accounts, often confused with flexible spending accounts, are prized for their tax leniency. But many things hold them back, including the high-deductible health plans to which they are tethered.
The deal will reinforce MassMutual’s focus on its retail annuities business. Last year, the company sold its defined-contribution record-keeping business to Empower Retirement via a reinsurance transaction with a ceding commission of $2.35 billion.
An initial public offering of a stake in Jackson, one of the biggest annuities providers in the U.S., will be held in the first half of 2021, according to a Prudential statement.
Total U.S. annuity sales hit $58.7 billion in the last three months of the year, up 2% from the $57.6 billion during the same timeframe in 2019, according to data published by Limra’s Secure Retirement Institute. But sales were down for the full year.
Arkansas and Michigan become the latest states to adopt the National Association of Insurance Commissioners model rule
