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Amalgamated Life

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Amalgamated Life Insurance Company, a leading provider of comprehensive insurance solutions, announced the appointment of Erin Linney as marketing director. Linney brings a broad marketing skill set which encompasses effective project management, database management, print and digital marketing, search engine optimization (SEO), printing and fulfillment solutions.

Linney’s marketing career consists of her role as vice president of Sales/Marketing with Manhattan Digital Direct, where she implemented workflow and quality control procedures, as well as managed the company’s website design, content development, SEO and digital, email and traditional marketing. Her responsibilities also extended to creating trade show collateral materials, reporting and conversion analytics, list procurement and staff development.

Additionally, Linney served as director of Client Services with Log-On Computer & Mailing Services, a marketing and public relations material distribution company. Her accomplishments in this role included building and maintaining strong client relationships, improving service quality, and developing a new sales application. She began her marketing career as a project administrator with Creative Marketing Solutions, an integrated marketing campaign, fulfillment, print and distribution firm.

Linney holds a Bachelor of Arts in English from the University of Vermont and also attended Parsons, The New School for Design, where she received print production and process training.

For more information about Amalgamated Life, visit www.amalgamatedlife.com.

Allianz Life

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Allianz Life Insurance Company of North America (Allianz Life®) announced recently that it has promoted Corey Walther to president of Allianz Life Financial Services, LLC, its wholesale broker-dealer, effective August 1. In his new role, Walther will be responsible for driving sales momentum for all product lines through the Allianz Life Financial Services channel. He will lead the strategic direction of the organization and is also responsible for expanding the company’s wholesale distribution network.

“The entire financial services landscape, including financial professionals, is facing a period of unprecedented change–whether it’s the current market environment, rising consumer expectations or technology disruption,” said Eric Thomes, chief distribution officer, Allianz Life. “Corey’s experience makes him a great fit to lead this team as we help financial professionals enhance client outcomes and improve their productivity to capitalize on this opportunity.”

Walther has more than 25 years of experience in financial services, including the past 21 at Allianz Life in various senior leadership roles in distribution and marketing. Most recently, he was head of business development and relationship management at Allianz Life. Prior to joining the company, Walther was an investment executive at RBC, where he built a financial planning practice focused on small-business owners and high-net worth individuals.

Walther holds an MBA from the University of Minnesota, Carlson School of Management, as well as a BS from Moorhead State University. His professional designations include CLU® (Chartered Life Underwriter), ChFC® (Chartered Financial Consultant), RICP® (Retirement Income Certified Professional), and WMCP® (Wealth Management Certified Professional). He is chairperson and a member of the board for the nonprofit Twin Cities in Motion. He also serves as a board member at the Insured Retirement Institute (IRI).

Guarantee Trust Life

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Guarantee Trust Life Insurance Company (GTL), a leader in the supplemental health insurance industry, has released a new, groundbreaking cancer insurance policy called Precision CareTM.

Precision CareTM provides access to and pays for the Translational Genomics Research Institute’s (TGen) genomic sequencing tests and expert oncology consultations. The policy also provides a lump sum cash benefit to help pay for other medical and non-medical expenses which can be costly while fighting cancer.

“We are extremely excited about our collaboration with TGen, one of the leading biomedical research institutes in the world, to create innovative insurance policies which pay for genomic testing upon the diagnosis of cancer,” said GTL’s Chairman, President and CEO Richard S. Holson III. This means, that things like getting the right specialized equipment will be incredibly easy. If they need to get things like these pipette tips for their genomic testing then they can do so easily. “By leveraging TGen’s world class research capabilities we believe we can help craft and pay for more precise plans of care and deliver better outcomes for our policyholders when they are faced with a critical illness such as a cancer diagnosis.”

“One of the ways that TGen touches lives with its work is through partnerships that have the potential to reach those who need it most,” said Tess Burleson, TGen chief operating officer and president of TGen Health Ventures. “GTL’s Precision CareTM Policy places GTL at the forefront of delivering the power of precision medicine to their policyholders.”

Currently, the new Precision CareTM policy form is approved in over 30 states and will be available for sale through the company’s network of independent agents and agency partners located throughout the country. “The treatment of cancer has been evolving at a rapid pace,” said Carl Leader, GTL’s senior vice president of Sales and Marketing. “Unfortunately, the benefits provided by insurance policies have not kept up with the cost of these innovations. Through GTL’s partnership with TGen, there is finally a policy available to help pay for the high out-of-pocket expenses associated with a cancer diagnosis while giving our policyholders access to TGen, one of the leading biomedical research institutes in the world.”

For more information on Guarantee Trust Life Insurance Company visit www.gtlic.com. For more information on TGen, visit www.tgen.org. More information on Precision CareTM can be found at www.outsmartmycancer.com.

Founded in 1936, GTL has a proud history of providing superior insurance products and best-in-class customer service to individuals and families for over 82 years. Through a competitive portfolio of targeted individual and group life and health insurance solutions, the company offers an attractive and trusted value proposition to its Policyholders and distributors, while encouraging and supporting personal growth and civic involvement from its employees.

Translational Genomics Research Institute (TGen) is a Phoenix, Arizona-based non-profit organization dedicated to conducting groundbreaking research with life-changing results. TGen is affiliated with City of Hope, a world-renowned independent research and treatment center for cancer, diabetes and other life-threatening diseases: www.cityofhope.org. This precision medicine affiliation enables both institutes to complement each other in research and patient care, with City of Hope providing a significant clinical setting to advance scientific discoveries made by TGen. TGen is focused on helping patients with neurological disorders, cancer, diabetes and infectious diseases through cutting-edge translational research (the process of rapidly moving research toward patient benefit). TGen physicians and scientists work to unravel the genetic components of both common and complex rare diseases in adults and children. Working with collaborators in the scientific and medical communities worldwide, TGen makes a substantial contribution to help our patients through efficiency and effectiveness of the translational process.

ICMG

The Inter-Company Marketing Group (ICMG), a non-profit association that fosters and promotes business networking among insurance and financial services companies, has announced that it has redesigned and improved its member website (www.icmg.org).

The most significant change on the new ICMG web site is a move to more current technology that greatly improves the experience for users on mobile devices. In addition, the new site features an improved search capability for the ICMG member directory, additional options for members to describe themselves in the membership directory so that searches can be more specific, and easier-to-find information about the ICMG annual conference, registration, sponsorships, and exhibitor opportunities.

According to ICMG president Chuck Ritzke, FSA, MAAA, “All of our initiatives this year, including our redesigned website, are focused on the primary purpose of ICMG – helping our members network, both at our annual conference and throughout the year. We’ve designed the new website to be mobile-friendly so that it is even easier to access all of its features – including our redesigned searchable member database, the ability to register for the annual conference online, and a method for communicating with the ICMG board. We’ve built a web site that is easier to keep up-to-date so the latest information is always available – so more to come.”

Larry Sigle, ICMG executive director, added, “The feedback we’re receiving about our upcoming conference in January is very positive. From the success of last year’s conference, people are looking forward to next year. Over half of our exhibit space has already been reserved. In addition to making it easy to find information about and register for the conference, the website also includes a list of companies that attended the conference last year. This helps prospective attendees know the kind of people they can expect to meet at the ICMG conference.”

The ICMG 2020 conference is scheduled for January 29-31, 2020, in Orlando, FL, and registration is now open and available on the website.

The Inter-Company Marketing Group is the premier non-profit association that fosters strategic alliances among insurance and financial services companies, providing targeted networking opportunities, sharing of knowledge, experience, and resources for successful inter-company alliances. Among ICMG’s members are marketing and business development decision-makers with insurance carriers, reinsurers, distributors, third-party administrators, and other related companies in the insurance business. Find ICMG on LinkedIn or visit www.icmg.org to learn more.

For more information, contact Larry Sigle, executive director, ICMG, 316-252-3368, administration@icmg.org, or Chuck Hirsch, president, Hirsch Communications Consulting, 314-630-1387, charles.k.hirsch@gmail.com.

Ohio National

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Ohio National Financial Services is pleased to announce the promotion of Christopher J. Calabro, CLU, ChFC, to senior vice president and chief marketing officer, effective immediately. Calabro is responsible for the company’s sales, distribution and marketing efforts of its life and disability income insurance products within its core traditional distribution channel.

“With Chris’ extensive distribution and product experience, I am confident in his leadership as we continue to leverage our unique value proposition to grow our traditional distribution footprint as well as deliver our portfolio of life and disability income products to meet the needs of our policyholders,” said Barbara A. Turner, CRCP, Ohio National president and chief operating officer.

Calabro joined Ohio National in 2010 to lead the company’s career agency distribution system and has steadily advanced throughout his career. He was promoted to senior vice president, Career Agency Marketing in 2013. In 2016, Calabro became senior vice president, Life Insurance Strategic Business. In November 2018 he became senior vice president, Career Agency Distribution and Marketing. He was formerly with MassMutual and earned his undergraduate degree from the University of Connecticut.

Active in the community, Calabro is a board member of Make-A-Wish®, Southern Ohio chapter, and a member of the Make-A-Wish governance sub-committee for Ohio, Kentucky and Indiana. He is also a board member of the Bethesda North Foundation.

Michael J. Begley, CLTC, CLU, advances to senior vice president, Career Agency Distribution and Marketing. In his new role, he is responsible for management and oversight of all builder general agencies, including the recruitment of new agencies.

Begley joined Ohio National in 2014 as an agency vice president and brings both field and home office experience to his new position. He began his career as an agent with MassMutual in Chicago where he grew his practice to Million Dollar Round Table (MDRT) level. He later took a role in the MassMutual home office as a regional director of training and progressed to the regional vice president of the Midwest territory. He also has experience as a builder general agent for MassMutual, New England Financial and Principal Financial Group and was a regional vice president for OneAmerica.

Since 1909, Ohio National has been committed to helping individuals, families and businesses protect what matters most. Through our network of financial professionals across 49 states (all except New York), the District of Columbia and Puerto Rico and through affiliated operations in South America, we provide the insurance products that help our policyholders achieve financial security and independence.

As of December 31, 2018, its affiliated companies have $39.3 billion total assets under management.

Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Please visit ohionational.com for more information and for the latest company updates, connect with Ohio National on LinkedIn, Facebook, Twitter and Instagram.

Allianz Life

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Allianz Life Insurance Company of North America (Allianz Life®) today the launch of the Allianz Life Pro+ AdvantageSM Fixed Index Universal Life (FIUL) Insurance Policy, which will serve as the company’s flagship FIUL product. Life Pro+ Advantage was built to be in compliance with the 2020 commissioners standard ordinary (CSO) mortality table. Life Pro+ Advantage offers enhanced flexibility and control, including multiple ways to access available cash value via policy loans and withdrawals1 and the unique index lock feature that provides the ability to lock in indexed interest credit at any point during the crediting period, prior to the policy anniversary2.

“We’ve listened to both financial professionals and their clients and determined the desire for products that can help meet multiple financial needs is stronger than ever,” said Jason Wellmann, senior vice president of Life Insurance Distribution for Allianz Life. “With Life Pro+ Advantage, people can get the reassurance provided by death benefit protection while also adding the flexibility to address other financial needs, including emergencies, college funding, and supplemental retirement income1.”

According to the Allianz Life 2019 Life Insurance Needs Survey*, 81 percent of respondents said that the ability to have access to multiple sources of retirement income was an important aspect of financial planning. The same percentage said it was important to have the flexibility to make changes to their assets to meet changing needs, and nearly 70 percent said they want the ability to fully fund college accounts should they die early.

As part of an overall financial portfolio, Life Pro+ Advantage provides the opportunity to help address these needs via both indexed and fixed interest loans, which can be taken against any available cash value in the policy income-tax-free.1 Policyholders can also access available cash value via withdrawals (partial surrenders) or full surrenders to use the cash value at any time–for any reason.

Life Pro+ Advantage can help people prepare for all stages of life by providing their beneficiaries with a death benefit that is generally income-tax-free as well as the ability to build accumulation value tax-deferred without losses due to market volatility, although fees and charges will reduce policy values.

Policyholders can utilize multiple index allocation options (which include a combination of several indexes and crediting methods), with several indexes only offered by Allianz Life, including the Bloomberg US Dynamic Balance Index II and the volatility controlled PIMCO Tactical Balanced Index. Also new with Life Pro+ Advantage, policyholders can choose between index allocations that include the following options:

  • A select index allocation that includes the opportunity for a 40 percent guaranteed interest bonus rate and one percent annual asset charge3;
  • A bonused index allocation that includes the opportunity for a 15 percent guaranteed bonus rate and no asset charge3;
  • Standard index allocations that do not include an interest bonus.

In addition, the unique index lock feature is a first of its kind in the FIUL marketplace and offers policyholders the ability to lock in their indexed interest credit at any point during the crediting period, prior to the policy anniversary. This helps to protect against a zero percent index credit for the crediting period, no matter what happens during the remaining months. This feature is available with the Bloomberg US Dynamic Balance II ER Index and PIMCO Tactical Balanced ER Index.

“More than 90 percent of respondents in our survey said the ability to save enough to retire comfortably was a top priority when planning for their financial future,” added Wellmann. “We’re confident the newest version of our Allianz Life Pro+ FIUL product line will help Americans as they plan to accomplish multiple goals.”

For more information about Life Pro+ Advantage as well as important index information and disclosure, visit www.allianzlife.com/life-insurance.

Most life insurance policies require health underwriting and financial underwriting. Life insurance involves certain fees and expenses. Individuals should discuss with their financial professional whether a life insurance policy helps meet their needs.

The indexes available within the policy are constructed to keep track of diverse segments of the U.S. or international markets, or specific market sectors. These indexes are benchmarks only. Indexes can have different constituents and weighting methodologies. Some indexes have multiple versions that can weight components or may track the impact of dividends differently. Although an index may affect your interest credited, you cannot buy, directly participate in or receive dividend payments from any of them through the policy.

  1. Policy loans and withdrawals will reduce available cash values and death benefits, and may cause the policy to lapse or affect any guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. If a policy is a modified endowment contract (MEC), policy loans and withdrawals will be taxable as ordinary income to the extent there are earnings in the policy. If any of these features are exercised prior to age 59½ on a MEC, a 10 percent federal additional tax may be imposed. Tax laws are subject to change. You should consult a tax professional.
  2. The index value used to determine interest credited may be higher or lower than the index value at the time of request.
  3. Bonus products may include higher surrender charges, longer surrender periods, lower caps, or other restrictions that are not included in similar products that don’t offer a bonus. There is no guarantee that a policy will be credited with an interest bonus every year as it is based on the growth of an external index.

Guarantees are backed by the financial strength and claims-paying ability of the issuing company.

Product (P64339) is issued by Allianz Life Insurance Company of North America.

Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® in 2019, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2018, Allianz Life provided $2.8 billion in benefit payments that helped policyholders achieve their financial goals. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with over 142,000 employees in more than 80 countries.

Allianz Life Insurance Company of North America offers insurance and annuities in all states except New York. In New York, products are issued by Allianz Life Insurance Company of New York.

*Allianz Life Insurance Company of North America conducted an online survey, the 2019 Life Insurance Needs Survey, in March 2019 with 800 respondents age 35-60, having an annual household income of $100K+.

SBLI

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The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) announced that Rose Conneely has been promoted to chief operating officer of the company at its headquarters in Woburn.

Ms. Conneely joined SBLI in 1999 as senior vice president of Underwriting and Customer Service. In her new position, she will assume management of IT in addition to her current responsibilities.

“I am pleased to congratulate Rose Conneely on her well-deserved promotion to Chief Operating Officer,” said SBLI President and CEO James Morgan. “Over the course of her career at SBLI, Rose has taken on oversight of a number of key corporate operating units under the Underwriting and Customer Service umbrellas, with a demonstrated record of accomplishment in everything she has undertaken. She is an exceptional leader, and I look forward to working with her in her new role as COO.”

A graduate of Regis College, Ms. Conneely served as an assistant vice president at New England Financial before joining SBLI.

Conceived by U.S. Supreme Court Justice Louis D. Brandeis, Savings Bank Life Insurance was established in Massachusetts in 1907. The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) is currently licensed in 49 states and the District of Columbia, and is a leading provider of safe, low-cost life insurance products. For more information on The Savings Bank Mutual Life Insurance Company of Massachusetts, visit www.sbli.com.

Broker Words—August 2019

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In advance of the annual Life Insurance Awareness Month (LIAM) campaign, I encourage you to support the nonprofit organization Life Happens that coordinates LIAM each September. Life Happens is joined in this educational initiative by more than 140 of the nation’s leading insurance companies, financial services organizations and industry groups to make sure Americans are reminded of the need to include life insurance in their financial plans. The organization further supports the insurance industry by providing marketing tools and resources through its Life Happens Pro platform.

This year Life Happens is partnering with well-known actress Brooke Shields to help drive home the importance of life insurance as a financial priority to U.S. consumers. As part of the partnership, Brooke will serve as the national spokesperson for Life Insurance Awareness Month and her story will be shared through a national TV and radio public service announcement (PSA) program that will begin broadcasting this summer and continue until the end of the year. The PSAs will be available on the Life Happens website, along with educational information and interactive tools such as Life Happens’ Life Insurance Needs Calculator to help consumers evaluate their own life insurance needs and get the protection they need.

Life Happens has a multitude of resources through the Life Happens Pro platform for agents to utilize to either engage prospects in the life insurance discussion or revisit clients for coverage reviews and needs analysis. (Also on the Life Happens menu are resources for disability income and long term care sales.)

Agent resources available from Life Happens include:

  • Access to their library of hundreds of flyers, brochures, and graphics you can use to show potential clients how insurance can protect their families and businesses. Able to be personalized with your contact info and branding if you choose, Life Happens asserts there is a story, flyer, brochure or graphic to fit any client situation, from new parents to small-business succession planning.
  • An easy to use tool that turns social media into a source of new prospects and a way to build your relationship with existing customers. You are able to pick and choose from hundreds of attention-grabbing social-media graphics and posts that you can share directly from the platform with just a few clicks of a button. Plus, these posts have proven potential to go viral, letting you reach and even wider audience.
  • Perhaps the most well known Life Happens offering is the Real Life Stories video series. With Life Happens Pro, you can use all of these high-production value videos, plus dozens more that are social-media ready. Embed them directly on your website with customizable options or use them to enhance your social-media posts and email campaigns.
  • Having people “do their own math” to see how much life insurance they need is a powerful tool. The Life Happens Life Insurance Needs Calculator can be placed right onto your website (it’s fully customizable to match your site design). Then you can send prospects and clients to your site to come up with their own life insurance needs.
  • The Life Happens insurance planner tool makes starting a conversation with clients and prospects easier. It presents the user with two simple questions and helps them come to their own conclusions about their insurance needs—while they are on your website. It takes just minutes to get it up on your site and is fully customizable. You decide where the customer goes after they use the tool—and you can even match it to your site’s color scheme and design.

And they are offering agents a free trial—just in time for LIAM. Just visit www.lifehappens.org, click on the “Company and agent resources” tab, click “Continue” under “I’m an Agent/Advisor” and click “Start Your Free Trial.”

Life Happens also partnered with LIMRA (www.limra.com) to produce the 2019 Insurance Barometer Study, packed with statistics on consumer information gathering preferences and purchasing attitudes as well as analysis of the uninsured and coverage shortfalls. Another tremendously useful LIMRA resource, anticipated this month and drawing from several LIMRA life insurance consumer studies, is the annual Facts About Life fact sheet produced specifically for LIAM.

As anyone who serves the life insurance industry should readily admit, every day should be Life Insurance Awareness Day—there are countless grieving, financially terrified spouses and unfulfilled college dreams every day. As for Life Insurance Awareness Month, let the ask be that you check out Life Happens, support their great work, and make use of the fine tools they offer. Further, I would wish that this September you step out of your comfort zone and tithe some of your time actively seeking to help some of the frequently overlooked that make our industry’s un- and underinsured statistics so damning.[SPH]

Amalgamated Life

Amalgamated Life Insurance Company, a leading provider of comprehensive insurance solutions, will now be providing a voluntary whole life insurance solution from Security Mutual Life Insurance Company of New York. The product, Whole Life LP95, offers guaranteed coverage for those who meet the eligibility requirements as well as guaranteed premiums and strong cash values. Coverage is available for individuals and their spouses age 18 to 72. Additionally, coverage can be obtained for children and grandchildren age 14 days up to and including age 26. Individuals can purchase this insurance for their family members without having to purchase life insurance for themselves.

The Whole Life LP95 insurance product allows individuals to select the death benefit and policy riders that best meet their financial goals. Competitive, affordable premium rates are based on the benefits selected and start as low as $2.00 per week. Paying premiums is convenient through the ease of payroll deductions thereby eliminating the need to wait for an insurance bill and pay by check.

Whole Life LP95 provides permanent insurance protection, even if the insured has a change in health, as long as premiums are paid. There is also the option to elect paid-up coverage in a reduced amount to cease ongoing premium payments provided sufficient value exists in the policy.

For more information, visit: www.amalgamatedlife.com.


Founded in 1943, Amalgamated Life Insurance Company has since grown into a leading provider of comprehensive insurance solutions operating in all 50 states and the District of Columbia. The Company provides competitive group products including term life, medical stop loss, disability and specialty drug cost management, as well as voluntary products such as accident, accidental death and dismemberment, critical illness, dental, disability, hearing, ID theft, legal, portable term life and whole life, among others. Since 1975, Amalgamated Life Insurance Company has consistently earned the “A” (Excellent) Rating from A.M. Best Company attesting to its strong fiscal position. The Company is a member of the Amalgamated Family of Companies which also includes: AliCare, a third-party administrator; AliCare Medical Management, a medical care management firm; AliGraphics, a full-service printing and graphics firm; and Amalgamated Agency, a property and casualty brokerage.

OneAmerica

Not having enough assets to generate income in retirement or losing assets because of market downturns are common concerns of those preparing for retirement, but whole life insurance as part of a solid retirement strategy can do more to alleviate those issues than many people might think, a recent report shows.

Integrating Whole Life Insurance into a Retirement Income Plan: Emphasis on Cash Value as a Volatility Buffer Asset, by Wade D. Pfau, Ph.D., CFA, and Michael Finke, Ph.D., CFP, considers several asset scenarios of people preparing for retirement. In each case, scenarios including cash value of life insurance policies result in more income for retirees down the road than scenarios that don’t include whole life insurance.

“This report shows that using insurance with other investments can really lay the foundation for better outcomes in retirement,” said Pfau, professor of retirement income at The American College of Financial Services in Bryn Mawr, PA. “We often hear that we don’t need life insurance in retirement because we have investments, but this research shows it’s harder for the market to beat a strategy with both life insurance and investments.”

One scenario in which life insurance can pave the way for a greater income during retirement than investments alone is by using the cash value of life insurance as a source of income in years with market downturns. This “volatility buffer” scenario uses a policy’s cash value to draw as income in the year following a market downturn, rather than deplete retirement assets faster than expected because of lower-than-anticipated investment returns.

“Most people know that whole life insurance can protect a legacy and provides for those left behind when someone dies,” said Chris Coudret, vice president, Strategy and Business Development, OneAmerica®. “But we also know that people find peace of mind in the guaranteed cash value that whole life, or permanent, insurance can provide. This report demonstrates that cash value can also help mitigate inherent market risks in an investment-based retirement strategy.”

An advantage of life insurance as part of a retirement strategy is that it provides guarantees that market-based investments can’t, said the report’s co-author. “I prefer to incorporate life insurance cash value into an overall investment portfolio as part of a retiree’s bond allocation,” said Finke, dean and chief academic officer at The American College of Financial Services, which has helped financial services professionals realize their career goals through rigorous and practical education since 1927. “One important advantage of cash value over a traditional bond mutual fund portfolio is the protection against a decline in value if interest rates rise.”

To learn more about whole life and annuity products and to be connected with a financial professional, visit www.oneamerica.com.


OneAmerica is the marketing name for the companies of OneAmerica. Life insurance should be purchased by individuals that have a need to provide a death benefit to protect others with insurable interests in their lives against financial loss. Life insurance is not a retirement plan, investment, or savings account.

Withdrawals and loans from a life insurance policy reduce the death benefit and cash value, may increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

Guarantees are subject to the claims paying ability of the issuing insurance company.