Filed Under:Life Insurance, Life Products

State Life breaks its asset-based insurance sales record

ALSO: Industry news from American General, MetLife, Assurant, Manulife, Sun Life, LaserApp

The State Life Insurance Company, a OneAmerica company, had its best-ever year for sales of Asset-Care in 2012. Based on first year premium, State Life achieved growth of 28 percent over its previous record set in 2011. State Life also sold more policies in 2012 than any other previous single year. Asset-based long-term care products like Asset-Care are often referred to as "hybrid" or "combo" products. With Asset-Care, when long-term care is needed the life insurance death benefit can be accessed federal income tax-free to pay for qualifying expenses. Despite the sales records achieved by State life, the number of companies offering individual health-based long-term care insurance has been on the decline since 2005, according to LIMRA, with more than half of the Top 20 companies no longer in the market.

 

American General Life Companies (American General), a part of AIG, named Joe Ross vice president, Sales Productivity and Business Development. He most recently served as vice president, Sales Development for Protective Life in Cincinnati where he led professional development programs for the company's wholesale distribution partners. Prior to Protective Life, Ross was vice president, Sales with Great American Life, managing life insurance and annuity product distribution through the independent marketing organization (IMO) channel. Before that, he served in executive sales and marketing positions with three other life insurance carriers, and earlier, with Merrill Lynch as an Insurance and Estate Planning Specialist. He has worked in the insurance industry since becoming licensed at the age of 16 and joining a top-producing managing general agency with E.F. Hutton Life, where he was ranked among the top 100 producers in the country. A Chartered Financial Consultant, Chartered Life Underwriter and Certified Retirement Counselor, Ross is a member of the Society of Financial Services Professionals and the National Association of Insurance and Financial Advisors (NAIFA). He holds FINRA Series 6 and 63 licenses and earned his bachelor of business administration in finance and insurance from the University of Iowa.

 

MetLife launched MetLife Shield Level Selector, a single premium deferred annuity designed to help investors protect and build assets for retirement. Investors can customize their levels of protection, maintain growth opportunities and flexibly allocate their purchase payments to fit their needs. Designed for investors who are seeking tax-deferred growth potential and some protection, Shield Level Selector offers the ability to transfer some or all downside risk to MetLife, while still maintaining the opportunity for growth potential. Investors can select the level of protection they want, based on their risk tolerance. Levels of protection start with Shield 10, which protects against the first 10 percent loss.

 

Michael_NaumannAssurant Health hired Michael Naumann as vice president, managing general agent distribution channel. Naumann will be responsible for optimizing and expanding distribution of Assurant Health products by managing general agent distribution channels that include general agents/agents and independent marketing organizations, field marketing organizations, call centers and digital insurance agencies. Naumann previously worked at Aflac as market vice president, where he was responsible for broker and market development. During his 13-year career in the insurance industry, he has held leadership roles in business development, sales and building strategic partnerships.

Richard DeWolfeManulife Financial Corporation and The Manufacturers Life Insurance Company announced the election of Richard B. DeWolfe as chairman of the board, effective immediately.

DeWolfe joined Manulife’s boards in 2004 and has served as vice-chair since Dec. 1, 2012, ensuring a smooth transition with the retiring Chair, Gail Cook-Bennett.

Gail Cook-Bennett has retired from the board, having reached the board retirement age.

DeWolfe is also Managing Partner of DeWolfe & Co. LLC, a real estate management and investment consulting firm.  DeWolfe is currently a member of the board of directors of Avantair Inc. He holds an Executive Masters Professional Director certification from the American College of Corporate Directors, a public company director education and credentialing organization. 

 

The U.S. business group of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) named Terry Mullen senior vice president, U.S. Distribution.

As head of distribution, Mullen will be responsible for aligning and developing the sales organization across all employee benefits lines of business in the U.S. He will oversee the group, voluntary and stop-loss distribution teams, as well as internal sales and relationship management. He will continue to report to Wes Thompson, president, Sun Life Financial U.S.

Prior to this appointment, Mullen was senior vice president, Sun Life Financial International, overseeing Sun Life Financial’s Bermuda international high net worth insurance and investment business, as well as the leadership of relationship management for global distributors. He joined Sun Life in 2008 as President, Sun Life Financial Distributors, and was responsible for all aspects of distribution for U.S. annuities and individual life insurance products and services. Prior to joining Sun Life, he served as president and CEO of Lincoln Financial Distributors Inc., the wholesaling distribution organization for Lincoln Financial Group.

 

Through an expanded relationship with Laser App Software, Shareholders Service Group (SSG), a brokerage and custodial firm for independent registered investment advisors, will be able to continue to streamline the forms-filling process for their RIAs by making additional forms available.

SSG will offer a custom LITE version of Laser App Enterprise to its advisors. The custom platform will include Shareholders Service Group’s new account forms and Pershing forms. Previously, Shareholders Service Group offered approximately 15 forms on Laser App Enterprise, but with the new relationship, the number of forms offered will nearly triple.

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