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Insurers meld LTC into life insurance

June 11, 2007

NEW YORK — More insurers are offering riders that include long-term-care coverage in life insurance policies. The Hartford (Conn.) Financial Services Group Inc. in May made LTC coverage an option on its variable universal life policy. The rider...

Life cycle portfolios catching on in variable products

June 4, 2007

CHICAGO — Life cycle fever seems to be spreading from 401(k) plans to variable annuities. At ING Variable Annuities, for instance, assets in LifeStyle portfolios — which were introduced as ING-managed subaccounts in mid-2004 — reached $8...

Longevity plagues financial planning

May 14, 2007

NEW YORK — “Four score and seven years” may soon be more recognizable as the typical baby boomer life span than the start of a famous speech. For a 65-year-old couple, there is an 85% chance that at least one of them will live past 85, according...

Equity index annuity insurers are facing more lawsuits

May 7, 2007

NEW YORK — New accusations against equity index annuity sellers may lead to regulatory grief comparable to what property-casualty firms suffered during the contingent- commission scandal a couple of years ago, industry observers say. “Production...

T. Rowe gets into 401(k) annuities

April 23, 2007

NEW YORK — Mutual fund giant T. Rowe Price Group Inc. said that it has started offering 401(k) plans in an online platform that participants can use to purchase annuities. Two other 401(k) plan providers, CitiStreet Associates LLC and Hewitt...

VA sales strong in 2006; expected to remain robust

April 9, 2007

NEW YORK — As long as the stock market keeps rising, and baby boomers keep getting older, variable annuity sales should continue to be robust, industry observers say. VA sales were up in the fourth quarter and for 2006, compared with year-earlier...

CPA touts 6.6% sustainable retirement withdrawal rate

April 9, 2007

NEW YORK — Financial advisers can safely increase their clients’ retirement income by 50% or more by structuring withdrawals differently, according to a certified public accountant who specializes in retirement income planning. Instead of...

Annuity, fund sales flat at banks, notes study

April 9, 2007

NEW YORK — Fee income from variable and fixed annuities, and mutual funds, sold by banks declined by 0.6% last year to $19.33 billion, from $19.46 billion in 2005, according to a recent study. The report was based on a survey of about 1,000...

‘Probe and disturb’ viewed as key to one firm’s tactics

March 26, 2007

NEW YORK — Nobody ever accused companies that push annuities on older Americans of being subtle.… I would like to ask that you not mention a word about this to your kids.”… but if you do, they will change their mind. Patience is the key.”...

Boomer assets draw Old Mutual to VA market

March 19, 2007

NEW YORK — A life insurer known mainly for its fixed annuities has thrown its hat into the variable annuity ring. Old Mutual Financial Network in Baltimore last month launched a no-frills VA product to which a guaranteed-withdrawal-and-death-...

Lifetime-guarantee annuities could end up biting insurers

February 26, 2007

CHICAGO — Industry leaders are concerned that insurance companies are taking on too much risk from annuities that offer guaranteed-withdrawal benefits for the life of the client. Financial services leaders worry that if baby boomers live longer...

Class action litigation looms as new hurdle for EIA insurers

February 26, 2007

NEW YORK — Add class action litigation to the regulatory controversies, bad press and other woes plaguing insurers that sell equity index annuities. A magistrate for the U.S. District Court for the District of Hawaii in Honolulu this month...

VA industry unveiling electronic processing

February 12, 2007

NEW YORK — A trade group for the variable annuity industry today announced a technology initiative intended to save time and money for VA distributors through streamlining and standardization. The initiative applies to fixed annuities in addition...

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