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.
Assurant 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.
Manulife 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.