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While many employees obtain benefits information from their employers, another source of information, at least for Gen Y (ages 18 to 34), is family members and friends, according to survey results from Colonial Life.
Independent and insurance brokers/dealers are the strongest sales channels for variable annuities, according to The Insured Retirement Institutes 2011 Portfolio Construction Dynamics report. But, generating income throughout these broker/dealers clients retirement doesnt come without challenges. The report from IRI in partnership with Cerulli Associates explores these challenges and offers insight on how to grow adviser acceptance of variable annuities as a retirement income solution.
Many reports indicating that Americans know they dont have sufficient life insurance have surfaced over the past few months. So, whats the solution? According to the 2011 Genworth LifeJacket Study, 7 Key Insights to Help Close the Coverage Gap, Americans have a desire to work with an agent or adviser to understand the role of life insurance in securing their families futures. Additionally, 40% of consumers do not believe they have enough life insurance to meet their families long-term needs. The study illustrates that financial professionals should change the way they approach their client base and break down the barriers that keep families from obtaining adequate coverage.
The second poll in a series of retirement pulse polls by Sun Life Financial suggests that discomfort over aging and hopes of remaining independent throughout the golden years prevent many Americans from planning long-term care. Shut Your Eyes and Hope for The Best: American Attitudes Toward Long Term Care Planning, surveys both mainstream and affluent Americans age 50 and older.
According to an online survey of 805 life insurance policyholders across the United States, the majority (70%) of them are confident their beneficiaries would know how to file a claim. In fact, most have taken proactive steps to help them prepare.
This week, LIMRA reported variable annuity sales increased 19% to $80.7 billion in the six months ended June 30 compared with the same period a year earlier. Today, the Insured Retirement Institute (IRI) echoed the increase, reporting first-quarter sales at $40 billion, up 2% from $39.2 billion in the previous quarter.
As a result of Standard & Poor's decision to lower the United States credit rating, it lowered to 'AA+' from 'AAA' its long-term counterparty credit and financial strength ratings on the member companies of five U.S. insurance groups.
The U.S. IDI market saw a significant drop in premiums between 2008 and 2009, and while that drop continued between 2009 and 2010, it was far less severe, according to global consulting and actuarial firm Milliman Inc. Even with the premium drop, there is an underlying strength in claim experience and overall profitability, Milliman concludes in its annual IDI market survey.
The majority of Generation X and Y policy owners and almost half of Boomer policy owners who have visited their life companys website sought online services from their insurers, according to LIMRA. With Internet usage growing almost 150% in the last decade, it is vital that companies understand who their online audience is and what their expectations are and develop a website that offers the important services that these customers say they want, says Mary Art, LIMRA research director, technology in marketing and distribution research.
As the health insurance landscape changes, so do middle market companies views on their relationships with brokers. The majority of companies surveyed by TNS, a Kantar Group company, view their employee health insurance broker or agent as a valued partner. In 2014, most companies including smaller and larger companies will be relying more heavily on their brokers to help them navigate through the choices offered under reform. This is evidenced by 75% of companies who think their health insurance broker will play a more important role in their relationship over the next three years.
Many Americans age 50 and older worry about funding their long-term care, dont feel financially prepared, and would strongly prefer to receive long-term care at home rather than in a nursing home, according to a recently released survey.
Under the Patient Protection and Affordable Care Act (PPACA), the establishment of health care exchanges to enable individuals to purchase health insurance on the open market is proceeding as scheduled.
Many insurance executives will agree that attracting and retaining young workers is a current challenge. After conducting focus groups and studies, LIMRA research attributes some of this problem to misperceptions about the industry.
New research from LIMRA finds that total individual annuity sales rose 6% during the fourth quarter of 2010 as compared to the same period last year to reach $57.6 billion.
The good news for health insurers is that theyre improving their reputation, but they still arent receiving high service marks from customers.