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.
Doug Wallace joined the firm as eastern regional recruiting manager. He is focused on bringing East Coast-based advisors to the broker-dealer and brings 15 years of experience in the wealth management industry. Prior to joining IFP, Wallace held recruiting positions at Ameriprise and Investors Capital Corporation.
Dan Naumann joined IFP as a regional practice director for New England. Naumann has 12 years of experience focused on financial advisor relationships and business development. Most recently, Naumann was a relationship manager at Bank of America Merrill Lynch where he coached, trained and educated advisors to grow their practices.
Ryan Hollenbach joined IFP as a regional practice director for the Mid-Atlantic region. Hollenbach has more than 10 years of experience in the wealth management industry. Most recently, Hollenbach was at Bank of America Merrill Edge as a national sales director overseeing the mass affluent segment and building relationships with advisors.
Naumann and Hollenbach will partner with advisors in their offices on practice management to help them build strong practices positioned for long-term growth. Naumann and Hollenbach will provide advisors with hands-on training and personalized support for strategic planning, problem resolution and product and concept rollouts.
Lincoln Financial Group (NYSE:LNC) made enhancements to its Lincoln LifeReserve Indexed UL (IUL) Accumulator life insurance offering.
The IUL Accumulator (2014) offers clients:
- Two new Indexed accounts – The High Participation Account provides clients with an optimal return through higher participation in the S&P when returns are lower; the Uncapped Account provides an optimal return potential when S&P returns are at their highest;
- All Indexed accounts now use a one year point-to-point crediting methodology tied to the performance of the S&P 500 Index;.
- A new Dollar Cost Averaging account that automatically allocates premiums over time to reduce the impact of S&P 500 Index fluctuations; and
- A new monthly allocation schedule allowing clients to quickly and easily transfer money to help maximize opportunities.
New York Life employees and agents raised nearly $5 million for 4,321 nonprofits and educational institutions during the company’s month-long “Give for Good” campaign, an increase of more than 45 percent over the $3.3 million raised in the prior campaign.
Approximately 5,500 employees and agents across the country raised $4.8 million through the company’s annual campaign, which afforded them the opportunity to support charities and schools of their choice through direct giving and by raising funds through an online auction and various activities, including bake sales, mini golf events and trivia contests. The company added another $1.8 million in matching contributions, bringing the total contribution to $6.6 million.
Delta Dental Plans Association (DDPA) hired Melissa Larkin as its new director of national sales support. Larkin will focus on working with national consulting partners and private exchanges.
She most recently served as director of dental sales at Dental Network of America (DNoA)/Dearborn National, where she was responsible for increasing market penetration by developing a comprehensive sales strategy for Blue Cross Blue Shield of Illinois and Dearborn National dental products.
Prior to joining DNoA in 2006, Larkin served as manager of dental sales at CIGNA Dental.
Larkin holds a Bachelor of Science degree from Loyola University Chicago.
Ted Kilkuskie joined Insurative Risk Solutions US, Inc., the marketing and sales platform for Insurative Premium Finance Massachusetts, Inc.
Kilkuskie will lead Insurative’s distribution strategy with a focus on agency systems, wholesaling organizations and other large product platforms.