March 26, 2013 by Randy Timm
According to a recent study conducted by the Employee Benefit Research Institute, 28 percent of workers are not at all confident and 21 percent are not too confident they’ll have enough savings to live comfortably in retirement.1
It’s more than likely this trend will continue into the future as participation in Defined Benefit plans declines and fewer Americans rely solely on Social Security for retirement income. In fact, participation in Defined Benefit plans fell from 38% to 18% between 1980 and 2010.2
To alleviate some of that uncertainty, Aviva created TargetBenefitSM Annuity with an optional TargetPaySM or TargetPaySM Plus Income Rider. Either rider provides a simple Statement of Benefits each year that will show what your future targeted income will be, similar to a statement from a defined benefit plan.*
Unlike some annuities with income riders, this new product does not have confusing roll-up rates, income account values, restarts, or payout percentages.
Financial professionals can receive a sample illustration and Statement of Benefits by calling 800.362.1097.
1 Helman, Ruth, Mathew Greenwald & Associates; and Nevin Adams, J.D., Craig Copeland, Ph.D., and Jack VanDerhei, Ph.D. (2013). Employee Benefit Research Institute. Issue Brief. March 2013 (No. 384) Pg 1. The 2013 Retirement Confidence Survey: Perceived Savings Needs Outpace Reality for Many. http://www.ebri.org/pdf/surveys/rcs/2013/EBRI_IB_03-13.No384.RCS.pdf.
2Schemo,Diana J. (2010). Coming Boomer pension cuts: what impact on economy? Remapping Debate, ed. Jan. 16, 2012. http://www.remappingdebate.org/article/coming-boomer-pension-cuts-what-impact-economy.
* Assuming no withdrawals are taken prior to accessing the Lifetime Income Benefit. Any withdrawals will reduce the Lifetime Income Benefit amounts.
Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values.
TargetBenefit 10 Annuity [TBS10 (09/12)], TargetBenefit 15 Annuity [TBS15 (09/12)], TargetPay Income Benefit Rider [TBSIRF (09/12)], TargetPay Plus Income Benefit Rider [TBSIRI (09/12)] or state variations are issued by Aviva Life and Annuity Company, West Des Moines, IA.
Product features, limitations and availability vary by state; see the Certificate of Disclosure for details.
Annuities are not FDIC insured. Guarantees provided by annuities are subject to the financial strength of the issuing insurance company.
March 8, 2013 by Kristine Garrett
It’s a good thing I’m giving up pop for my New Year’s Resolution because I just read that you need to run two miles to burn off a bottle of Coke.* The only way I’m running two miles is if there is a giant shoe sale at the finish line.
How are you doing on your 2013 Business Resolutions? Last month I gave you a 30-Day Business Resolution Challenge. I challenged you to spend at least 5 minutes a day on the Brokers International, Ltd. website (www.biltd.com) viewing our “anti-resolution breaking” content.
Did you accept my challenge? The Brokers International, Ltd. (BI) website has the tools you need to help support your business year round. By getting familiar with the information provided, it can make some of your day-to-day tasks easier.
For example, our new Search & Compare tool let’s you quickly and simply enter your client’s annuity criteria to search and compare a wide range of options such as strategies and rates or minimum guarantees. Plus, after completing your search, you can request a quote for one or all of the options with the push of a button. Best of all, you can take the Search and Compare tool with you everywhere you go by accessing the web tool from your laptop, tablet, and even your mobile phone. Click here for a short introduction.
Now, while you spend some time checking out the site, I think I hear a pair of Italian leather wedge-heel pumps calling my name.
March 7, 2013 by Pat Lanigan
Brokers Life Marketing Group, LLCSM (BLMG) is committed to being a leader in the life insurance industry.
In spite of a challenging marketplace, BLMG had a record year in 2012. In order to lay the groundwork for greater future growth, BLMG is announcing a strategic change to our business model.
Moving forward, BLMG will reduce the number of carriers offered. By narrowing our focus to concentrate solely on key relationships, we will be able to provide:
- e-Business technology to reduce administrative and underwriting delays,
- Increased educational opportunities,
- Focused marketing efforts, and
- Features that enhance the living advantages of life insurance such as:
- Premium Deposit Funds,
- Chronic Care Rider, and
- Back-casting tools
Ultimately, these changes will improve the BLMG experience by providing better, more specialized, in-depth support from our staff.
Transition guidelines and a list of key BLMG carriers can be found at http://www.brokerslifegroup.com.