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March 7, 2013
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News covering the insurance and financial advising industry

  Top Story 
  • Term life appeals to a broad range of consumers, experts say
    Term life insurance can meet the needs of a wide range of younger and middle-aged consumers looking to replace income, take care of debt or pay education costs in case of premature death, says planner Rich Arzaga. The product, which costs a fraction of whole life, offers rates that are 50% lower than they were two decades ago, partly because of medical improvements, greater longevity and improved underwriting standards, according to this article. Various policy riders are available to address terminal illness, disability and accidental death. Financial Advisor online (3/6) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Net income for life sector dropped 22% in fiscal 2012, Moody's says
    Life insurers reported aggregate net income of $15.8 billion in fiscal 2012, a 22% percent decline from the previous fiscal year, according to a survey by Moody's Investors Service. Fourth-quarter net income increased year-over-year, from $3.3 billion to $3.6 billion, the survey found. "The uneven improvements in life insurers' net income from quarter to quarter during 2012 ... point to the industry's vulnerability and volatility and the likelihood that recovery and real growth" will be sluggish this year, according to the report. National Underwriter Life & Health (3/6) LinkedInFacebookTwitterEmail this Story
  • Ohio man seeks advisers' help in battling senior financial abuse
    Thomas Fields of Ohio says his father fell victim to financial abuse and is asking financial advisers to offer suggestions for dealing with such abuse and to join him in encouraging Congress and state legislators to enact stronger protections for the elderly. "There are agencies in place to prevent abuse, but we need a checklist mandated by the states to make sure abuse gets detected and that there is someone responsible to determine when there is suspicious behavior," Fields says. Financial Advisor online (3/6) LinkedInFacebookTwitterEmail this Story
  Investment Trends 
  Policy Watch 
  • Group wants advisers barred from forcing clients into arbitration
    The North American Securities Administrators Association wants U.S. legislation that would prohibit investment advisers from requiring mandatory arbitration when a client wants to resolve a dispute. "Harmed investors should be able to seek relief in any forum and not be forced into an expedited arbitration that could foreclose their ability to obtain relief," NASAA President Heath Abshure said. "Investors aren't going to invest if they can't sue if they're defrauded." InvestmentNews (free registration) (3/5) LinkedInFacebookTwitterEmail this Story
  • Commentary: It's time to prepare clients for ACA compliance
    The big year for Affordable Care Act compliance is 2014, but now is the time for insurance agents and brokers to prepare and educate employers they work with, writes Steve Purkapile. Producers can advise clients on myriad strategies to address their concerns -- actions such as considering health savings accounts paired with high-deductible coverage or implementing a rewards system connected to a wellness program. Insurance Journal (3/5) LinkedInFacebookTwitterEmail this Story
  • Other News
  Building Your Business 
  • Retirement plans are missing for nearly half of women, study finds
    While 56% of women expect to fund their retirement using various savings vehicles, almost half of them lack a retirement plan and 53% expect to continue working after age 65 or simply not retire, according to research by the Transamerica Center for Retirement Studies. "As a society, we must do more to empower and equip women with the know-how to plan, save and ultimately achieve a secure retirement," said Catherine Collinson, the center's president. (3/5) LinkedInFacebookTwitterEmail this Story
  NAIFA News 
  • Preparing members for political involvement
    NAIFA President Robert Smith weighs in on what members should tell Congress about the tax status of life insurance and annuities and about policies purchased by wealthy individuals and large companies. Read more at the Advisor Today blog. LinkedInFacebookTwitterEmail this Story
  • INN cover story highlights NAIFA members' grassroots role in the tax-reform effort
    InsuranceNewsNet's March cover story provides a call to action for insurance advisers to use their grassroots influence with Congress to preserve the tax status of life insurance and annuity products. The article provides a rundown of NAIFA's historical involvement in the protection of life insurance, beginning in 1913 with passage of the federal income-tax code. It then explains the present threat as Congress considers tax-reform proposals in 2013. Read more on the NAIFA Blog. LinkedInFacebookTwitterEmail this Story
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The saddest aspect of life right now is that science gathers knowledge faster than society gathers wisdom."
--Isaac Asimov,
Russian-born American author and biochemist

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