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December 4, 2012
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News covering the insurance and financial advising industry

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  • Congress may target life insurance's tax-free benefits, experts say
    Clients who buy life insurance for its tax-free benefits should be prepared in case those advantages are cut or eliminated as Congress works to address the "fiscal cliff," Robert Bloink and William Byrnes write. Under consideration are provisions that would tax accumulated interest, end deductions for corporate-owned policies and step up reporting requirements for transfers of certain policies, they write. National Underwriter Life & Health (12/3) LinkedInFacebookTwitterEmail this Story
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  Industry News 
 
  • Analysis: Issuers move to limit risk for variable annuities
    Several issuers of variable annuities acted during the third quarter to reduce risks associated with the products, writes Frank O'Connor of Morningstar. Strategies included reducing or eliminating withdrawal benefits, suspending sales of some products, limiting additional contributions to existing contracts and issuing new variable annuities aimed at market segments with low penetration, he writes. Financial Planning (12/2012) LinkedInFacebookTwitterEmail this Story
  • How to overcome clients' skepticism on annuities
    Annuities can provide protection during market downturns, but their fee structure and decreased benefits may leave clients with doubts about investing in such products, Marc Silverman writes. Financial advisers should highlight the risk mitigation provided by annuities as well as the financial stability that the products offer older and retired clients, he writes. National Underwriter Life & Health (12/3) LinkedInFacebookTwitterEmail this Story
  • Q3 fixed-annuity sales were boosted by income annuities, data show
    Income annuities gave a boost to fixed-annuity sales during a record third quarter, with a 3.8% increase to $2.4 billion from the second quarter, according to data from Morningstar and Beacon Research. Sales increased 6.7% year-over-year for the third quarter. "The consumer demand for income annuities has grown steadily during the past two years as consumers seek to generate a guaranteed stream of retirement income," said Cathy Weatherford of the Insured Retirement Institute. Insurance Networking News (12/3) LinkedInFacebookTwitterEmail this Story
  • How to help clients who are forced to retire early
    About half of retirees say they started retirement unexpectedly as a result of illness, while 21% say they did so because of changes their employer made, a study says. Advisers should help clients prepare for the possibility of a forced early retirement, writes Cheryl Krueger, who also recommends resources for advisers with clients already forced into early retirement who need help navigating health insurance changes, severance pay, Social Security and other decisions. National Underwriter Life & Health (11/29) LinkedInFacebookTwitterEmail this Story
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  Policy Watch 
  • SEC plans to move forward on fiduciary standard
    Creating a uniform fiduciary rule for financial advisers and brokers is a high priority next year, the Securities and Exchange Commission says. The SEC's chairwoman-designate, Elisse Walter, is a longtime supporter of harmonizing rules that govern financial advisers and broker-dealers. AdvisorOne (12/3) LinkedInFacebookTwitterEmail this Story
  • NAIC task force will work on new LTCI models
    A National Association of Insurance Commissioners task force will work on potential changes to the group's models for regulation of long-term-care insurance. Fitch Ratings analysts and others have observed that rate-stability models may be involved in the exodus of carriers from the long-term-care insurance market. National Underwriter Life & Health (12/3) LinkedInFacebookTwitterEmail this Story
  • Other News
  Building Your Business 
  • Succession planning for advisers who want to keep working
    Many financial planners intend to stay actively involved in their practice for as long as possible, either because of financial necessity or simply because they enjoy the work, Michael Kitces writes. Nonetheless, succession planning remains a necessity, Kitces writes. Among the long-term options to consider are selling the practice while remaining there indefinitely to service clients, and instituting a sales agreement that will become effective upon death or disability, he writes. Nerd's Eye View blog (12/3) LinkedInFacebookTwitterEmail this Story
  NAIFA News 
  • Health care law to bring new tax on investments
    Many financial advisers are preparing clients for the 3.8% tax on investment income that goes into effect Jan. 1, 2013. A recent survey by Nationwide Financial found that 88% of affluent investors said they are confident that their advisers will adequately prepare them for the tax hit, though most said they do not plan to meet with their advisers to discuss the matter. Visit the NAIFA Blog for more information on the new tax. LinkedInFacebookTwitterEmail this Story
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