MetLife unveiled MetLife Max, its long-awaited new suite of retirement products, available in Australia.
The suite combines two accumulation products, one of which is capital guaranteed; two transition-to-retirement products (TTRs), one of which is guaranteed; and a post-retirement "lifetime growth annuity."
The first two products are available from age 45; the second two from age 55; and the lifetime annuity from age 60.
Between the ages of 60 and 65, the lifetime annuity guarantees returns of 4 percent plus 1 percent bonus for five years. Between 65 and 70 this rises to 4.5 percent plus a 1 percent bonus for five years, and from 70, it returns 5 percent plus a five-year bonus of 1 percent.
If the initial investment is $100,000, yearly payments will always be calculated from this amount, no matter how much remains of the initial investment. However, if the initial sum grows, at the end of the year that new figure will become the guaranteed figure.
Author's note: This announcement was originally published without the specification of the product's exclusivity to Australia. I regret any confusion this may have caused.
In other news:
OneAmerica is now offering its flagship individual whole life coverage to employees at the worksite issued by American United Life Insurance Company (AUL), a OneAmerica company.
With guaranteed issue underwriting and a competitive group rate, Legacy offers permanent life protection with features that employees would not be able to secure on their own.
“Legacy combines the life protection individuals and families need—but too often don’t secure on their own—with cash value that can grow and be there for them in the future,” said Jim McGovern, vice president, AUL Employee Benefits.
The Powered by BizEquity patented solution from BizEquity, a provider of business valuation system and service, can now be licensed and used under a private label by financial institutions in the insurance, wealth management and banking sectors.
By licensing BizEquity, financial institutions can now help their business-owning clients understand what their business is worth in order to better serve, protect and grow them as clients.
“Through making BizEquity’s cloud-based offering available as a private label offering to financial institutions, we are putting the power of knowledge in the hands of agents, advisors, and bankers to help their clients and prospects succeed,” said Michael M. Carter, president and CEO of BizEquity.
To date, BizEquity has valued more than 13 million businesses worldwide and has licensed its product to 20 financial institutions.
RME has rebranded to RME360 and launched its new website www.RME360.com.
RME360 provides a full spectrum of marketing and lead generation solutions available to financial professionals and financial organizations, which includes search marketing, data, analytics, digital media production, traditional and new media advertising and one-on-one coaching, in addition to its established seminar, direct marketing and appointment setting solutions.
Colonial Life updated its website to reflect changes recently made to the company’s brand, and ease use for customers to use the company’s online service tools to access their accounts, file claims online or find any forms needed to help with their insurance claims. Users will also find it easy to locate information about the various insurance plans offered by Colonial Life or to get in touch with a local sales representative.
Leap Systems LLC, an affiliate of The Penn Mutual Life Insurance Company, named Ande Frazier, CLU, LUTCF, president and chief marketing officer. Leap also named Christian Castiglione chief innovation officer, and Craig Castiglione chief operating officer.
Frazier brings more than 20 years of LEAP marketing and training experience to her new role. Frazier is a graduate of Old Dominion University. She is an active participant in The National Association of Insurance and Financial Professionals, The Society of Financial Services Professionals, Autism Speaks, Philanthropy International, and the National Association of Female Executives.
Christian Castiglione has been a direct collaborator for the last 20 years with LEAP’s founder, Robert Castiglione. Christian Castiglione’s work includes developing LEAP’s flagship Wealth in Motionproduct, the newly released Financial Stories, and LEAP’s modernized client materials and new strategic processes. He is also spearheading the next generation of LEAP products, scheduled for 2014 delivery.
Among Craig Castiglione’s responsibilities is leading LEAP’s back office operations to ensure high touch with and valued support for LEAP licensees.
Robert Castiglione, LEAP’s founder, remains an active advisor to the LEAP leadership team and licensees, serving as chairman of LEAP’s advisory board.
Founded in August of 2005, CBS provides insurance products and services to independent insurance agents throughout Indiana. Their products include group and individual health insurance, life insurance, disability insurance, long term care and annuities.
The New York Life Foundation awarded a $4,000,000 grant to After-School All-Stars (ASAS), a national nonprofit organization providing comprehensive afterschool programs.
The grant will support expansion to serve middle school youth in six new U.S. cities.
ASAS has identified Newark, NJ, and Philadelphia, PA, as the first new expansion cities in 2014.