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New York Life launches next gen asset preserver

ALSO: Industry news from Prudential, Humana, Symetra, Principal, Mutual Trust, Bloom Health, Quadron

New York Life launched an enhanced Asset Preserver, a life insurance product that provides a way to help cover the costs of long-term care, provide liquidity, and leave a legacy for heirs. 

The product is designed to help individuals guard against surging costs of long-term care, including nursing home care, assisted living and extended at-home care, while enjoying the traditional benefits of permanent life insurance.

Asset Preserver has an optional Extension of Benefits Rider, a protective measure that increases the pool of long-term care dollars and provides coverage for 24 additional months, which can result in up to 70 percent more long-term care coverage if needed. 

The benefits of the policy include:

  • Immediate increase in funds available to help pay for long-term care expenses through tax-free acceleration of the death benefit, if needed;
  • Flexible coverage for qualified long-term care expenses since individuals can select income tax-free monthly benefit option packages to suit their needs;
  • Long-term care expenses have been expanded to include: durable medical equipment, and long-term care services outside the United States, in addition to home health care, family care, adult day care, assisted living facilities, hospice care and nursing homes;
  • Lifetime money back guarantee. Policyholders are guaranteed to never get back less than the premium paid upon full surrender;
  • Minimum death benefit guarantee; and
  • New Extension of Benefits Rider, which is an option at purchase that provides a richer long-term care benefit.

In other news:

Prudential Annuities, the domestic annuity business of Prudential Financial, Inc. (NYSE: PRU), today announced the launch of IncomeCertainty.com. The interactive site is built with responsive design technology, allowing users to access it from a laptop, mobile phone or tablet.

See also: Annuities hit largest quarterly percentage increase in 11 years

IncomeCertainty.com introduces several features, including:

  • Virtual binder - This industry-first feature allows investors to save the content they find most relevant and share it with their financial advisor.
  • Educational ‘snacks’ - Bite-sized, image-based facts related to retirement help investors better understand how to think about and plan for a secure retirement.
  • Retirement planning tools - Investors can assess the level of retirement income they’ll need with quizzes and retirement income calculators. Interactive tools give them information customized to their individual retirement needs.
  • Retirement expertise - Videos, brochures and research will help investors feel more confident about retirement planning; they will also have access to information from industry experts including the AARP, the Insured Retirement Institute and the Social Security Administration.

For users of social networks, the site provides ways to share content on Facebook, LinkedIn, Twitter and Google+.

 

Humana Inc. (NYSE: HUM) and Miramont Family Medicine, a medical group practice, announced a new Accountable Care agreement offering exclusive health care services to Humana’s Medicare Advantage members in the Denver metropolitan area.

The Accountable Care relationship is designed to serve the needs of the growing Humana Medicare Advantage HMO membership at Miramont Family Medicine. The newly-renovated clinic is staffed by two full-time clinicians and has been completely updated to offer advanced primary care, featuring an in-house laboratory, X-ray facility and pharmaceutical dispensary. Additionally, Humana and Miramont have extended the terms of this Accountable Care agreement at Miramont’s six other clinic locations outside of Denver, encompassing Northern Colorado and Parker, Colo.

Humana and Miramont plan to grow this partnership with additional clinics, built on their Level 3 Patient Center Medical Home certification, one of the few practices to achieve such a high designation from the National Committee for Quality Assurance (NCQA) in Colorado.

 

Symetra Life Insurance Company moved its Indianapolis-based medical stop-loss and group life and disability income insurance sales team to 9100 Keystone Crossing, Suite 440, Indianapolis, IN  46240. 

The office is led by Symetra Regional Vice President Thomas Bittner and regional sales executives Jake Brower and Richard Reynolds. Reynolds, who joined Symetra in June 2013, is the regional group manager for medical stop-loss insurance sales. He previously was with Sun Life Financial. Brower is regional sales executive for group life, disability and absence management products. He joined Symetra in 2012 from The Hartford.

 

To raise the savings bar, the Principal Financial Group announced the 10% Challenge, an educational campaign that encourages participants to push themselves in the race toward retirement security by deferring at least 10 percent of their salary.

Through a Retirement Wellness Report, The Principal visually shows retirement plan participants if they are saving enough to reach a successful retirement. The individualized report includes an at-a-glance view of their estimated monthly retirement income and compares that to the retirement income they will need each month. For those with an income gap, simple illustrations show the impact of a deferral increase. Participants with a gap in savings are encouraged to increase their contribution election or sign up for automatic increases to help get them on track. 

See also: Boomers turn on, tune in, drop out of labor force

Luke Cosme joined Mutual Trust Financial Group as the newly appointed vice president of Distribution.

Cosme comes to Mutual Trust from North American Company for Life and Health where he served as sales vice president since 2004.

Cosme started his career at North American in 1997, after graduating from the University of Illinois at Urbana-Champaign where he majored in economics. Prior to 2004, Cosme’s assignments at North American included sales director, Financial Institutions, as well as previous positions in sales and client services.  

 

Bloom Health hired Joe Golden, a business development lead focusing on the Texas market.

In this role, Golden will join an established team of experts Bloom has around the country working closely with mid-size and national employer groups, insurance brokers and consultants to identify and develop new business opportunities in the private exchange space.

Most recently, Golden was vice president of New Business Sales at Aetna in the Texas and Oklahoma regions. He also served as a senior national sales executive at Blue Cross Blue Shield of Texas (HCSC) where he was responsible for business development working with key consulting firms and agencies throughout Texas and Oklahoma.   

Golden has a Bachelor of Business Administration degree in marketing from the University of North Texas.

 

Quadron Data Solutions, provider of data management solutions and an affiliate of Fetter Logic Inc., appointed Tim Minert as senior vice president and national director of Sales.

Minert will lead the company’s outside sales initiatives to the brokerage and investment advisory industries, focusing on Quadron Data Solutions’ core competencies of straight through processing and information management. He brings more than a decade of experience in selling and consulting on financial services technology.

Prior to joining Quadron Data Solutions, Minert worked at Redtail Technology for eight years, serving as executive vice president and national director of Sales in addition to other roles. Earlier in his career, Minert was a financial consultant for Sales and Marketing in the Trust and Investment Services arm of Wells Fargo Bank. He has also held various leadership roles at several leading financial advisory firms and institutions in addition to serving as an independent consultant.

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