The Time For Life Insurance Awareness Is Now

Today marks the official kickoff for Life Insurance Awareness Month. But as our colleagues at Life Happens wisely note, the need to increase awareness about life insurance began long before September 1 and must extend well beyond September 30. Conversations about life insurance are just too important to confine to one month. Now more than … Continue reading “The Time For Life Insurance Awareness Is Now”

It’s the Rule of Law: Protecting Consumers’ Best Interest

Earlier this year, Iowa’s Insurance Department approved a best interest annuity rule that closely follows the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. A few weeks later, Arizona Governor Doug Ducey signed a bill into law that also mirrors the NAIC model. Iowa and Arizona demonstrated how states can provide people purchasing annuities … Continue reading “It’s the Rule of Law: Protecting Consumers’ Best Interest”

Building Financial Security and Upward Mobility

As America faces a pivotal moment to address systemic racism, the life insurance industry stands committed and ready to lead. Last week, I had the opportunity to speak with President and CEO George Nichols III of the American College of Financial Services. Nichols, a Kentucky native, became his state’s first Black American insurance commissioner in … Continue reading “Building Financial Security and Upward Mobility”

Illustrations to Offer a Meaningful Picture of Retirement Savings

Wouldn’t it be great if, in the future, 401(k) plan statements included an estimate of how much monthly income the account balance could produce in retirement? Good news – soon, all 401(k) statements will include this type of illustration. That’s due to a provision in the Setting Every Community Up for Retirement Enhancement (SECURE) Act, … Continue reading “Illustrations to Offer a Meaningful Picture of Retirement Savings”

Regulatory Modernization Makes Sense for Consumers

The COVID-19 pandemic has changed everyday language. We now commonly use words and phrases like “work from home,” “socially distant,” and “contactless.”  Another word that the life insurance industry and regulatory community can take to heart is “instructive.” During the pandemic we have learned, and we continue to learn. Experience is teaching life insurers that we can serve our … Continue reading “Regulatory Modernization Makes Sense for Consumers”

Department of Labor Should Retain Access, Choices for Retirement Savers

Retirement savers have different needs when it comes to advice and guidance. So, it’s important that consumers have access and choice. Some people practice a buy-and-hold strategy, engaging financial professionals who earn  transaction-based commissions. Others seek and pay for ongoing advice and management services from fiduciary advisers. Retirement savers also seek to be treated fairly. … Continue reading “Department of Labor Should Retain Access, Choices for Retirement Savers”

What is reinsurance?

[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.]  Reinsurance is a risk management tool used by life insurers to spread risk and manage capital. With reinsurance, a life insurer transfers some of its insurance risk to another insurer. In effect, reinsurance … Continue reading “What is reinsurance?”