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February 22, 2013
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News covering the insurance and financial advising industry

  Top Story 
  • Groups, life insurers take aim at proposed STOLI legislation
    NAIFA and other industry groups are opposing legislation in some states that would allow hedge funds that invest in stranger-originated life insurance to obtain premiums of resold policies that were taken out fraudulently. Lawmakers in states including South Dakota and Florida have considered or may introduce bills containing such provisions. "NAIFA has a long-standing policy in opposition to STOLI as a practice that violates the essential social purpose of life insurance -- to provide financial protection to families or businesses," NAIFA's Gary Sanders said. National Underwriter Life & Health (2/21) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Overall annuity sales fell 8% last year, LIMRA says
    Annuity sales were $219.4 billion in 2012, an 8% decline despite record-high sales of indexed annuities and growing sales of deferred-income annuities, LIMRA said. Guaranteed lifetime-withdrawal-benefit riders drove sales of indexed annuities, which rose 5% to $33.9 billion last year. Variable-annuity sales fell 7% to $147.4 billion, and sales of fixed annuities were down 11% to $72 billion, the lowest in more than a decade, LIMRA said. Insurance Networking News (2/21), National Underwriter Life & Health (2/21) LinkedInFacebookTwitterEmail this Story
  • Insurer raises price tag for women's long-term-care policies
    Genworth says it will charge higher rates for women for long-term-care insurance. The industry leader is likely to lead other insurers to do likewise, says Michael Kitces, a financial blogger. "[T]he new cost structure may be an industry standard by the end of the year," Kitces wrote in a blog post. Genworth says its gender-based pricing reflects its claims experience and is meant to help stabilize pricing. AdvisorOne (2/20) LinkedInFacebookTwitterEmail this Story
  • Use of HSAs continues to rise, study indicates
    The Affordable Care Act's restrictions aren't slowing the use of health savings accounts, the Employee Benefit Research Institute says. An EBRI study says 42% of employees with HSAs made significant contributions in 2012; 15% said they made no contributions. The institute also reported that about 70% of employees with an HSA received contributions from their employer. The Hill/Healthwatch blog (2/20) LinkedInFacebookTwitterEmail this Story
  • Advisers: Wait until retirement to put funds in Roth IRA
    Some financial decisions are best made through procrastination, and deciding when to move savings into a Roth individual retirement account is one of them, advisers say. Waiting until retirement to shift funds usually results in a lower tax rate than making the move midcareer, they say. Reuters (2/20) LinkedInFacebookTwitterEmail this Story
  • Older Americans struggle with credit card debt, study finds
    Credit card balances average $8,278 for some low- and middle-income baby boomers, according to a study by Demos. The study found that those under 50 with the same income and debt characteristics owed an average of $6,258 on credit cards. Boomers surveyed said they use their credit cards for groceries, utilities, medical costs and helping other family members. Reuters (2/19), MarketWatch/Encore blog (2/20) LinkedInFacebookTwitterEmail this Story
  Policy Watch 
  Building Your Business 
  • Expert: Advisers should focus on women's Social Security planning
    Women often outlive their husbands, spend fewer years in the workforce and generate less in lifetime earnings, making Social Security planning especially important for them, experts say. By creating a "demand for education" among this clientele, financial advisers can establish goodwill and may benefit from women's growing presence in the workforce and their need for financial advice, says Martha Sheddon of ClientFirst Financial. AdvisorOne (2/20) LinkedInFacebookTwitterEmail this Story

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  NAIFA News 
  • Dire projections for retiring Americans highlight need for insurance and financial products and services
    A recent Washington Post article offers a grim assessment of future U.S. retirees' financial prospects. Drawing on a variety of economic data and reports, the article contends that the majority of Americans are headed toward a retirement in which they will be financially worse off than their parents. The figures documented in the report demonstrate the importance of ensuring that financial planning services and products remain available and affordable for middle-market Americans. Read more on the NAIFA Blog. LinkedInFacebookTwitterEmail this Story
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