Interest Rates Up: Annuities Attractive

Caution Sign - Higher Interest Rates AheadBy Richard Stolz – EmployeeBenefitAdviser – June 6, 2018

Rising yields have helped boost payout rates on annuities, says Insured Retirement Institute vice president Frank O’Connor. “Rising interest rates essentially increase the minimum guaranteed lifetime withdrawal benefit,” he explained. Pricing on all annuities is positively impacted by rising interest rates: issuers are able to share with contract holders the benefits of higher-yielding bonds in the portfolios that fund fixed indexed annuities, and guaranteed lifetime withdrawal benefit contracts.

 

Annuity Sales Slipping

Annuity Sales Slipping chart

Another factor that augurs well for annuity sales is demographics. “The number of Baby Boomers moving into retirement with large account balances in defined contribution plans is large and growing,” observes O’Connor.

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Less Than $5,000 Saved for Retirement

Retirement Plan and Pension - two folders on wooden office desk.1 in 3 Americans need help now in taking the first step to prepare

By InsuranceForum – June 4, 2018

Americans are underprepared for the financial realities of retirement according to new data from Northwestern Mutual. Nearly eight in 10 (78%) Americans are distressed about affording a comfortable retirement, while two-thirds believe there is a likelihood of outliving retirement savings.

  • 1 in 5 Americans (21%) have no retirement savings at all;
  • 1 in 3 Baby Boomers have only $25,000 or less in retirement savings;
  • Nearly half (46%) of adults have taken no steps to prepare for the likelihood that they could outlive their savings.

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It’s Friday – Are You a Monday Person?

no procrastination concept -  do it nowBy Anthony Iannarino – The Sales Blog – June 1, 2018

Friday People can’t wait for the weekend; they can’t wait to get away ‘cause they don’t enjoy their work enough to want to work outside of scheduled hours. For Friday People, the end of the week is freedom. This doesn’t make Friday People bad people – it just means they don’t find as much joy in their work as do Monday People. Monday People can’t wait to get back to work; they enjoy their work and they’re excited by the prospect of another week of producing results. Monday People count outcomes, not hours.

The results you produce in your life are largely based on what you believe and the actions you take based on those beliefs. If you believe your work is something to engage yourself in doing – that it’s about purpose and meaning – you’ll produce a very different set of results. You’ll also experience a greater sense of happiness and fulfillment. See you back here, early, on Monday.

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‘Average’ Retirement Costs

Cropped portrait of a group of quirky senior friends messing around outdoorsBy Dayana Yochim – NerdWallet – June 1, 2018

According to the latest Bureau of Labor Statistics data, based on 2016 figures, “older households” – defined as those run by someone 65+ – spend an average of $45,756 per year, roughly $3,800 a month. That’s about $1,000 less than the monthly average spent by all U.S. households combined.

Their insurance premiums – which run more than $4,000 a year, on average, for the 65+ set – are a spending category that gets larger as they age, at least until age 75, when BLS data shows costs dipping about $30 per year. At least there’s Medicare to help cover some costs.

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Wink’s Annuity Sales Report: Q1 2018

Improved, better and bigger size image of different, leader, best, unique, boss, individuality, original, special, worst, first, chief, champion and discrimination concept. Green umbrella in a row of white ones

By WINK – May 30, 2018

Indexed Annuity sales for Q1 2018 were $14.21 billion, compared to sales of $12.92 billion for Q1 2017. Q1 indexed annuity sales were up more than 4% compared to Q4 ‘17, and up more than 10% compared to Q1 ’17.

Top 10 Indexed Annuity Carriers – Q1 2018

  1. Allianz Life 2. Athene USA 3. Nationwide 4. American Equity Companies 5. Great American Insurance Group 6. AIG 7. North American Company 8. Global Atlantic Financial Group 9. Midland National Life 10. Pacific Life Companies

Leaders by Channel:

Bank: Great American Insurance Group, Career: CNO Companies, Direct Response: N/A, Independent Agent: Athene USA, Independent Broker/Dealer: Allianz Life, National Broker Dealer: Global Atlantic Financial Group.

Fixed Annuity sales for Q1 2018 were $7.29 million, compared to sales of $1.07 billion for Q1 2017. Q1 fixed annuity sales were down more than 3% compared to Q4 ‘17, and down more than 32% compared to Q1 ‘17.

Top 10 Fixed Annuity Carriers – Q1 2018:

Jackson National Life, Modern Woodmen of America, Global Atlantic Financial Group, Great American Insurance Group, American National, EquiTrust, Brighthouse Financial, Foresters, Reliance Standard, American Equity Companies.

Leaders by Channel:

Bank: Great American Insurance Group, Career: Modern Woodmen of America, Direct Response: Amica, Independent Agent: Jackson National Life,
Independent Broker/Dealer: Brighthouse Financial, National Broker Dealer: Global Atlantic Financial Group.

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