Sold by telephone and on line, with an application process that has no medical questions or exams, MetLife’s Final Expense Whole Life is available to adults aged 45 to 75, in coverage amounts from $2,500 to $50,000. This policy builds cash value and its premiums never increase. Final Expense Whole Life cannot be cancelled for any reason during the life of the policyholder as long as premiums are paid. There is a limited death benefit during the first two years of the policy for death other than by accident.
Also available is the MetLife Guaranteed Income Builder, a deferred income annuity that provides a pension-like stream of future, guaranteed lifetime income payments coupled with an innovative level of flexibility.
The product can be tailored to meet the guaranteed income needs of clients across all stages of retirement and can supplement other retirement income sources. In addition, because clients’ income payments are based primarily on the amount of their purchase payments and when they choose to begin receiving income payments, they will always know exactly how much income they will receive from each purchase payment.
In other news:
Randall C. Horn, president and chief executive officer of Unum Group’s (NYSE: UNM) Colonial Life business, announced his intention to retire in the first quarter of 2015. He is stepping down from his role as president of Colonial Life effective July 1, 2014, while remaining chief executive officer until Dec. 31, 2014. Timothy G. Arnold, currently senior vice president of sales and marketing for Colonial Life, will become president July 1.
Arnold previously served as Colonial Life’s chief operations officer after joining the company from Unum US in July 2011. During his more than 29 years with the company, he has held leadership positions in Underwriting, Corporate Planning, Client Services, Sales and Benefits. He serves on the board of directors for the South Carolina Chamber of Commerce, the South Carolina Center for Fathers and Families, and the South Carolina Junior Golf Foundation. Arnold earned a bachelor’s degree in management and an MBA in finance from the University of Tennessee at Chattanooga.
John Scanlon joined Symetra Life Insurance Company as regional vice president, Institutional Markets. Responsible for driving growth of corporate-owned life insurance (COLI), Scanlon will represent Symetra’s institutional life programs to specialty brokers focused on the COLI markets. He reports to Laura Johnson, Symetra’s vice president of Institutional Markets, and will be based in the company’s Waltham, Mass., office.
Scanlon previously served as managing partner at MCB Solutions LLC, focused on consulting for bank-owned life insurance (BOLI) and COLI transactions. Prior to MCB, Scanlon spent 10 years at Sun Life Financial, where he was responsible for growing their institutional markets business. He previously held marketing and sales roles for a range of products, including annuities, mutual funds and life insurance at several life insurance companies.
Scanlon received his J.D. from the New England School of Law and a Bachelor of Arts degree from John Carroll University in University Heights, Ohio. He holds ChFC and CLUdesignations from The American College.
Insurance Technologies, LLC appointed of David Fenimore, formerly executive vice president of engineering and CIO, as president of Insurance Technologies.
As president, Fenimore will continue to influence the technology direction, product strategy and business development goals of the company’s ForeSight and FireLight products. He will also oversee the product development, sales and client services. Planning, development and execution of cohesive product advancements and new implementations for both the ForeSight and FireLight products will also fall under his umbrella of responsibilities as President.
Prior to joining Insurance Technologies, Fenimore gained software development and management experience from companies such as MCI, Federal Deposit Insurance Corporation and CF&I Steel Corporation.
ING Financial Partners (IFP), Voya Financial’s broker-dealer, which will rebrand to Voya Financial Advisors this year, made three hires.