Thursday, March 28, 2024

Haven Life

Haven Life recently announced a coverage increase of its no-medical Simplified Issue product, Haven Simple, from a maximum of $500,000 to $1,000,000. With this expansion, Haven Simple is closing the gap between the Haven Term policy which offers up to $3 million in coverage and requires a medical exam for most applicants, giving consumers more freedom to apply for the policy that best suits their needs and budget.

“Being able to increase the Haven Simple coverage was an important mission for us this year. Taking time to get a medical exam and waiting for results represents a significant obstacle for some people and may actually prevent them from purchasing a life insurance policy,” shared Ben Newland, head of Product at Haven Life. “Giving consumers the option to opt out of a medical exam, fast issuance speeds, and improved coverage allows us to bring more American households closer to achieving their goals of financial security.”

A general rule of thumb is to have coverage at least five to ten times your annual salary. By increasing coverage maximum to $1 million, those making over $100,000 per year can now apply for a Haven Simple policy that reflects their financial needs.

Consumers may also be surprised to find out that a $1 million policy is still affordable. For example, a healthy 25-year-old woman could purchase a 20-year, $1 million Haven Simple policy for about $29 per month, or a little less than $1 per day . Consumers can calculate how much their ideal life insurance policy would cost with Haven Life’s online quote tool.

With this change, Haven Simple offers:

  • New up to $1 million in coverage (up from $500,000).
  • A quick, easy and simple digital application that you can fill out in the same time it takes to eat lunch–and average issuance of coverage in as little as 15 minutes.
  • Term policies of 5, 10, 15 and 20 years.
  • Additional features of level premiums, accelerated death benefit, paperless processing, no obligation free-look period, and credit card payments.
  • Policies are issued by C.M. Life Insurance Company, a subsidiary of MassMutual, one of the country’s oldest and most respected insurers and an A++ A.M. Best Rating for financial strength and claims-paying ability.


Haven Simple is a Simplified Issue Term Life Insurance Policy (ICC20 HAVEN SIMPLE in certain states, including NC) issued by C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

Issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.

MassMutual’s financial strength ratings are as of February 21, 2023: A.M. Best Company: A++ (Superior; top category of 15); Fitch Ratings: AA+ (Very Strong; second category of 21); Moody’s Investors Service: Aa3 (High Quality; fourth category of 21); Standard & Poor’s: AA+ (Very Strong, second category of 21). Ratings are for MassMutual (Springfield, MA 01111) and its subsidiaries, C.M. Life Insurance Co. and MML Bay State Life Insurance Co. (Enfield, CT 06082). Ratings are subject to change.

Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.

OneAmerica

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The companies of OneAmerica announce the expansion of their product portfolio to offer OneAmerica® Variable Universal Life (VUL) insurance. Distributed through the Individual Life and Financial Services (ILFS) line of business, this new product provides customers with a strong vehicle for protection, while also offering them the opportunity to invest in the financial markets. VUL customers have the flexibility to use the policy for life insurance protection, cash value accumulation or other financial needs.

“We’re excited to bring our unique VUL product to today’s marketplace,” said Dennis Martin, president of ILFS. “The product’s guarantees and transparency make it an attractive, new option for people to help protect their loved ones and create an opportunity for potential financial growth.”

The OneAmerica VUL life insurance policy includes a guaranteed death benefit provision and fully guaranteed policy charges, which are first-of-its-kind in the VUL space. These guarantees offer customers confidence that their policy charge structure won’t change in the future. They also add an additional layer of protection against policy lapse and loss of the death benefit.

In addition, the OneAmerica VUL offers two investment-related differentiators to the marketplace. The product offers a low-cost, transparent fund lineup of well-known industry asset managers, and it includes two defined outcome funds—again, a first in the industry for a VUL product. The investment lineup offers customers more than 50 diverse investment options, customizable to their portfolios and goals. These innovations reflect the client-centered approach that OneAmerica brings to the marketplace.

“VUL will give our distribution channels a strong product to match the needs of new and existing customers,” said Mark Scalercio, senior vice president and head of distribution for ILFS. “Ultimately, our VUL is a robust product built on our strong foundation and commitment to deliver on our promises when customers need us most.”

The new product also includes extra protection and added benefits through optional riders.

OneAmerica VUL is currently available through the OneAmerica career agency distribution channel in all states except California, Florida, New York, North Dakota and South Dakota.

Products issued and underwritten by American United Life Insurance Company® (AUL), Indianapolis, IN, a OneAmerica company and registered variable products distributed by OneAmerica Securities, Inc., a Registered Investment Advisor, Member FINRA, SIPC. Form number ICC21 VUL21. Not available in all states or may vary by state. • All guarantees are subject to the claims-paying ability of AUL. • Variable investment options are subject to market risk which includes the potential loss of principal.

Variable products are sold by prospectus. Both the product prospectus and underlying fund prospectuses can be obtained from your investment professional or by writing to One American Square, Indianapolis, IN 46282, oneamerica.com. Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses. The product prospectus and underlying fund prospectus contain this and other important information. Read the prospectuses carefully before investing.

A national provider of insurance and financial services for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit OneAmerica.com/companies.

OneAmerica® is the marketing name for the companies of OneAmerica.

Allianz

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Allianz Life Insurance Company of North America (Allianz Life) recently announced that its latest guaranteed income product, Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit, is now available in defined contribution plans nationwide.

Lifetime Income+ puts Allianz Life’s depth of retirement income experience to work in a solution tailored for defined contribution plans. Allianz Lifetime Income+ is a fixed index annuity that offers innovative design features including growth potential, protection from market loss, and guaranteed lifetime income through the Lifetime Income Benefit. This benefit has the potential to increase annually for life to help address the effects of inflation.

The product is delivered with a seamless customer experience through coordination among recordkeepers, enrollers, managed account providers, middleware providers and other defined contribution plan partners.

Plans offering the product are already live within the LDI-MAP (d.b.a. iJoin) and IPX Retirement network of recordkeepers. Recordkeepers and advisors networks can offer the Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit as a protected accumulation and decumulation option in 401(k)s and other defined contribution plans.

“We designed this new guaranteed lifetime income product to work for real people and the reality of retirement today,” said Matt Gray, head of employer markets, Allianz Life. “The Allianz Lifetime Income+ Annuity marks a new way to design in-plan annuities with a flexible product design, streamlined connections with plan partners, and increasing income potential.”

Allianz is expanding into the defined contribution market as Americans say they want guaranteed income options in their employer-sponsored plan. In a 2022 Allianz Life study,* a majority of respondents (60 percent) said they would consider adding an annuity to their employer-sponsored plan if it was available. The vast majority of respondents (80 percent) said they would be interested in a product that can serve as a supplemental source of guaranteed income along with Social Security. Nearly three in four Americans (74 percent) said having an option that allowed them to build a protected foundation for lifetime income would increase their loyalty to their employer.

*Allianz Life conducted an online survey, the 2022 Q2 Quarterly Market Perceptions Study in June 2022 with a nationally representative sample of 1,004 Respondents age 18+.
C-64712-MVA issued by Allianz Life Insurance Company of North America.

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

Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® and one of the Ethisphere World’s Most Ethical Companies,® 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 2021, Allianz Life provided additional value to its policyholders via distributions of more than $10.6 billion. As a leading provider of fixed index annuities, registered index-linked annuities and fixed index universal life insurance, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

Protective Life

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Protective Life Corporation, a wholly owned U.S. subsidiary of Dai‑ichi Life Holdings, Inc. (TSE:8750) recently announced the launch of its Protective® Aspirations Variable Annuity product, issued by its principal subsidiary Protective Life Insurance Company (“Protective”).

According to a 2022 consumer survey,1 the most important service consumers of all ages seek from a financial professional is “understand how much [they] can safely spend in retirement.” As clients prepare for retirement, they are planning for their retirement lifestyle goals and the legacy they would like to leave for loved ones.

“Whatever you aspire to achieve in retirement, it should be protected,” said Jim Wagner, chief distribution officer for Protective. “Whether you need protected lifetime income to cover the essentials during retirement or protection of market gains to help you get the most out of retirement, Protective Aspirations’ variable annuity income options can meet a variety of unique consumer needs.”

The Protective Aspirations variable annuity offers tax-deferred growth powered by quality investment options in a broad range of asset classes, along with multiple living and enhanced death benefit options so clients can protect what is most important to them.

Highlights of Protective Aspirations variable annuity includes its choice of two new optional protected lifetime benefits designed with clients’ unique needs in mind. These two optional benefits were developed to help customers either maximize their retirement income or investment growth potential. Both living benefits also include a feature that allows the customer to defer a portion of their annual withdrawal amount for use at a later time.

With an ultimate goal of protecting more customers, this solution allows Protective to build its variable annuity product suite and help more customers retire with more confidence.

Licensed financial professionals can learn more about Protective Aspirations variable annuity by visiting www.finpro.protective.com/retirement/variable-annuities/protective-aspirations.

  1. Browning, Guo, Cheng and Finke (2016). Spending in Retirement: Determining the Consumption Gap, Journal of Financial Planning, 29(2), 42-53.

Protective has helped people achieve protection and security in their lives for 115 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 12 million people protect what matters most. Variable products are distributed by affiliate Investment Distributor, Inc., a registered broker-dealer and principal underwriter for registered products issued by Protective Life Insurance Company. Protective’s more than 3,700 employees put people first and deliver on the company’s promises to customers, partners, colleagues and communities—because we’re all protectors. With a long term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a wholly owned subsidiary of Dai‑ichi Life Holdings, Inc. (TSE:8750), has grown to about $132 billion in assets, as of Dec. 31, 2021. Protective is headquartered in Birmingham, AL, and supported by both a robust virtual workforce and core sites in Cincinnati and St. Louis. For more information about Protective, visit www.protective.com.

Allianz Life

To help clients who are looking for growth potential paired with a level of protection from market volatility, Allianz Life Insurance Company of North America (Allianz Life) has released enhancements on its Allianz Accumulation Advantage® fixed index annuity (FIA).

The FIA has been re-engineered to offer more competitive rates, along with the addition of the new Multi-Year (MY) point-to-point crediting method, which can offer higher participation rates over two or five years. Accumulation Advantage also offers the innovative Index Lock feature along with multiple index options and crediting methods that provide clients greater potential to earn interest.

“Ongoing and extreme market volatility over the past few months have many Americans looking for ways to better protect their savings, without giving up the potential for growth,” said Sherri Du Mond, head of FMO distribution, Allianz Life.

According to the Allianz Life Q2 Quarterly Market Perceptions Study,* 66 percent of Americans say they need to accumulate more money to retire, but are too nervous to invest more in the market.

“These enhancements to Allianz Accumulation Advantage help address market risks while still providing upside potential as clients continue to accumulate and save for retirement,” said Du Mond.

*Allianz Life conducted an online survey, the 2022 Q2 Quarterly Market Perceptions Study in June 2022 with a nationally representative sample of 1,004 Respondents age 18+.

Fixed indexed annuities are designed to meet long-term needs for retirement income. They provide guarantees against the loss of principal and credited interest, tax deferred accumulation potential and the reassurance of a death benefit for beneficiaries.

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

Protective Life

Protective Life Corporation, a wholly owned U.S. subsidiary of Dai‑ichi Life Holdings, Inc., (TSE:8750) announced the launch of its Protective® Aspirations variable annuity product, issued by its principal subsidiary Protective Life Insurance Company (“Protective”).

“Whatever you aspire to achieve in retirement, it should be protected,” said Jim Wagner, chief distribution officer for Protective. “Whether you need protected lifetime income to cover the essentials during retirement or protection of market gains to help you get the most out of retirement, Protective Aspirations’ variable annuity income options can meet a variety of unique consumer needs.”

The Protective Aspirations variable annuity offers tax-deferred growth powered by quality investment options in a broad range of asset classes, along with multiple living and enhanced death benefit options so clients can protect what is most important to them.

Highlights of Protective Aspirations variable annuity includes its choice of two new optional protected lifetime benefits designed with clients’ unique needs in mind. These two optional benefits were developed to help customers either maximize their retirement income or investment growth potential. Both living benefits also include a feature that allows the customer to defer a portion of their annual withdrawal amount for use at a later time.

With an ultimate goal of protecting more customers, this solution allows Protective to build its variability annuity product suite and help more customers retire with more confidence.

Licensed financial professionals can learn more about Protective Aspirations variable annuity by visiting www.finpro.protective.com/retirement/variable-annuities/protective-aspirations.

Mutual of Omaha

Mutual of Omaha has launched a new hospital indemnity product that enhances its employer-provided benefits packages. Hospital indemnity insurance can help fill the gaps and cover unexpected costs that an employee’s health insurance may not–so they are prepared to handle the hospital expenses and focus on recovery.

Mutual of Omaha’s hospital indemnity insurance offers complete, competitive and flexible plan designs that can be packaged with other products on one bill. Benefits and plan options are fully customizable and include HSA and non-HSA compatible features. Other key benefit features employers and employees have access to with hospital indemnity insurance include:

  • Benefits for hospital and ICU admission and confinement
  • Express benefit
  • Portability
  • Guarantee issue
  • No benefit/pregnancy waiting periods
  • Alternative maternity care benefits
  • Mental health and substance abuse benefits

Optional features include:

  • Child sports injury benefit
  • Health screening benefit
  • Health system benefit
  • Telemedicine benefit
  • Workplace health services benefi


“Mutual of Omaha is excited to offer hospital indemnity insurance to complete our supplemental health product offerings,” said Scott Ault, Executive VP, Workplace Solutions, at Mutual of Omaha. “It can be packaged with other ancillary benefits on one convenient bill and is supported by dedicated enrollment professionals, implementation and service teams that Mutual of Omaha is known for.”

For more information visit https://www.mutualofomaha.com/employer-based-plans/hospital-indemnity-insurance.

Founded in 1909, Mutual of Omaha is a highly rated, Fortune 300 organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States. As a mutual company, Mutual of Omaha is owned by its policyholders and committed to providing outstanding service to its customers. For more information about Mutual of Omaha, visit http://www.mutualofomaha.com.

Reliance Standard

Reliance Standard Life Insurance Company has introduced a new annuity product for use by individuals seeking to preserve capital and generate steady returns. The Reliance Accumulator™ is a fixed index annuity product that builds on the success of Reliance Standard’s legacy Keystone Index annuity, which will continue to remain available.

The Reliance Accumulator offers five, seven and 10 year durations, a fixed interest strategy and five index interest strategies based on two specific indices from Standard and Poor’s.

Similar to the Keystone, the product will offer three index interest strategies tied to the S&P 500®: Annual Point to Point Capped; Annual Point to Point Participation Rate; and, Annual Monthly Average Capped.

The Reliance Accumulator will also offer two index strategies tied to the S&P MARC (multi-asset risk control) 5 percent ER index: Annual Point to Point Participation Rate; and, Annual Point to Point Spread Strategy. “The increase in S&P 500® index volatility over the last few years has been challenging for many of our clients and partners,” said David Whitehead, senior vice president of Sales and Marketing for Reliance Standard’s Retirement Services business. “So we decided to prioritize adding a volatility control index to our menu of index interest strategies.”

According to Whitehead, the S&P MARC 5 percent ER Index met multiple requirements. Among them, the new index: Is sponsored by Standard and Poor’s to ensure stability and diversity; uses a volatility control strategy to ensure more predictable hedge costs; and, offers diversification through exposure to equities (S&P 500®), commodities (gold) and fixed income instruments (10 year Treasury).

In addition to offering a participation rate index interest strategy, Reliance Standard will offer a higher participation rate strategy with a spread that will then be deducted to calculate the index interest amount. Because the index manages volatility to five percent daily, Reliance Standard will rate lock the MARC 5 percent participation rate and spread strategies for exchanges and transfers.

As they transition to all electronic new business submissions to speed processing, all Reliance Accumulator applications must be submitted electronically via Firelight, Annuity Net or Affirm.

For more information, contact Reliance Standard Retirement Services Sales at annuity.marketing@rsli.com or 800-435-7775 (x3696).

BenefitMall

As part of its commitment to providing the fastest, easiest, and most trusted benefits selling experience for brokers, BenefitMall, the leading provider of next-generation broker services, is expanding its Marketplace offering to California, Colorado, and Texas and its Power of YOU loyalty programs to Florida and Georgia. The expansion offers complete 360 degree digital experience for brokers and their clients—from quote to enrollment to annual renewals and year-round benefit administration.

Launched as a pilot program in September 2021, Marketplace levels the playing field for brokers by giving them access to secure technology that would otherwise be too expensive and time-consuming for them to deploy on their own. A completely digital solution, Marketplace provides a paperless, secure, and seamless experience across every point of client engagement, from new quotes to annual renewals. By providing full-service support that includes pre-sale quoting, point-of-sale enrollment, and post-sale census management support, Marketplace can deliver faster, best-in-class processing and turnaround times due to digital automation and complete enrollment data.

“The COVID-19 pandemic and the Great Resignation have changed the expectations of employers and employees, creating an increasingly urgent pace of digital adoption in the benefits industry,” said Scott Kirksey, CEO for BenefitMall. “By proactively supporting employee benefit needs on an ongoing basis through Marketplace, brokers will be able to differentiate themselves from the competition by providing their clients a seamless, secure benefits enrollment experience for them and their employees. And as brokers grow their business, the Power of YOU program gives them access to very competitive pricing for services and products and access to dedicated service experts.”

BenefitMall’s Power of YOU loyalty program is designed to support brokers as they grow their business, with service experience that evolves over time to a concierge approach, with a dedicated team providing white-glove support with faster turnaround times for brokers and access to various product discounts. With three levels of recognition, the loyalty program adds value without taking away traditional, existing service. Through Power of YOU brokers also earn rewards for enrollments and other administrative activities, which may include consumer products from a variety of well-known brands. Additionally, top-performing brokers can earn an incentive trip invitation to the annual BenefitMall Summit.

“In today’s hypercompetitive market, the right technology can give brokers a competitive advantage by enabling them to better serve employer clients, work more efficiently, and fuel business growth,” said Kirksey. “Through Marketplace and Power of YOU, BenefitMall is delivering on our promise to provide independent brokers with innovative technology backed by human expertise, for the fastest, easiest, most secure benefits selling experience.”

For more information, please visit http://www.benefitmall.com.

Headquartered in Dallas, BenefitMall is the largest general agency partnering with a network of 20,000 brokers to deliver employee benefits to more than 140,000 small and medium-sized businesses. BenefitMall uniquely leverages innovative technology backed by human expertise to provide the fastest, easiest, and most secure benefits selling experience for carriers, brokers, and their clients.

BenefitMall is owned by Management and The Carlyle Group.

Paperclip

Every 39 seconds a cyberattack occurs—and the subsequent data breach experienced costs companies like yours $4.5M.

And it’s becoming harder to prevent a data breach every day, especially as organizations transition to hybrid, cloud, and increasingly complex technology environments.

This is where SAFE, a privacy enhancing technology developed by Paperclip, is going to change the game—and you’re invited to be one of the first to learn about it.

SAFE uses secure API Encryption, Trust Security, and Shredded Data Security to provide a defense against the data breach pandemic while enabling the fastest and most secure searching, no matter if data assets are in use, at rest, or in motion. This platform protects your data—the true lifeblood of your business.

SAFE will enable you to:

  • Safeguard the privacy of confidential data and solve the most pressing security and compliance challenges
  • Find and access your data at blinding speeds that are second to none
  • Defend against attackers using conventional hacking tools to break encryption
  • Apply multiple key vaults so no one can decrypt data by themselves
  • Mitigate the possibility of experiencing a compromised database, stolen data, operational downtime, reputational damage, and financial loss

To learn how SAFE stops the breach visit http://www.paperclip.com.

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