Online Insurance Services
New York Life Insurance and Annuity Corporation (NYLIAC) announced today the introduction of the LifeStages Longevity Benefit Variable Annuity, which offers the tax-deferred growth potential of a variable annuity plus a stream of lifetime income for purchasers who live a long time and need protection against outliving their financial resources.
New York Life Introduces New Variable Annuity That Offers Growth Potential and Longevity Insurance
Source: dBusiness News
Financial Industries Corporation today announced that it has completed the previously announced sale of its wholly owned subsidiary, Family Life Insurance Company, to The Manhattan Life Insurance Company following receipt of approval for the transaction from the Texas Department of Insurance.
Financial Industries Corporation Completes Sale of Family Life Subsidiary to Manhattan Life
Source: Market Wire
Retirees today start with five to six times their average lifetime income, on average, according to Mauricio Soto, a senior associate at the Center for Retirement Research at Boston College.
"Most people today are fine, but Social Security replacement rates are going down and people are retiring earlier," he said.
As that happens, and with pensions and retiree health care disappearing, five times income isn't going to be enough, he said. "I'd say you're looking at needing between seven and 10 times income."
Take Test On Retirement Planning
Source: Hartford Courant
The guaranteed for life withdrawal benefit (GLWB) in variable annuities is being hailed as the answer to income needs in the retirement market. However, its limitations and suitability for satisfying consumer income needs (particularly when compared to life contingent payout annuities), need to be more fully understood, differentiated and disclosed. Otherwise, consumer, regulatory, and legal backlash are a real possibility.
Are GLWBs All They're Cracked Up To Be?
Source: National Underwriter (subscription required)
FRANKFURT (Reuters)—French insurer AXA S.A. is targeting cost savings of about 10% in its German operations by the end of 2008, partly through job cuts, its chief executive told a German magazine on Tuesday. “Our goal is to achieve savings of at least 10% on the joint costs of AXA and...
By definition, a “rule of thumb” is meant to be a greatly simplified estimate for a complicated matter. So let’s see what happens when I search for “rule of thumb” + “how much house can I afford” on the internet:
Northwest Community Credit Union says 1.5 times your gross annual income:
If you and your spouse have a total income of $50,000 the general rule would be that you shouldn’t borrow more than $75,000 for your home.
CNN Money says 2.5 times:
The rule of thumb here is to aim for a home that costs about two-and-a-half times your gross annual salary.
Washington Mutual Bank suggests anywhere from 3 to 5 times:
As a broad generalization, most people can afford to purchase a house worth about three times their total ...
DIJON, France— A French court has rejected an appeal by Gaz de France of its criminal conviction for negligence in a fatal 1999 gas pipeline explosion in the eastern city of Dijon. The appeal court decision in late December upheld the original Dijon chamber's March 2006 judgment which imposed...
LONDON—Managing Agency Partners Ltd. has launched a new syndicate at Lloyd’s of London to underwrite U.S. property catastrophe reinsurance business. Syndicate 6103 has capacity of almost £43.0 million ($84.7 million), provided by private investors, according to Hampden Agencies Ltd., the...
LONDON—Beazley Group P.L.C. has bought the entire issued share capital of Santam Corporate Ltd., which participated in its syndicate 623 at Lloyd’s of London. Beazley said the deal would enable it to increase its share of the combined capacity of syndicates 623 and 2623 to 81%. Santam...
MOSCOW, Russia—Aon Holdings B.V., a unit of Aon Corp., has bought the 51% of Aon Rus L.L.C. it did not previously own. Aon said the deal would better enable it to meet the needs of its clients in Russia. “The Russian market is becoming very mature and now we are even better prepared to meet...
You are currently browsing the Insurance Wood weblog archives for the month January, 2007.
Longer entries are truncated. Click the headline of an entry to read it in its entirety.
