On May 19, 2015, at the Olmstead Center at Drake University in Des Moines, Iowa, W. Harold Petersen was inducted into the Iowa Insurance Hall of Fame. A pioneer of and advocate for the disability insurance industry, Petersen was one of five insurance professionals honored during the Iowa Insurance Hall of Fame’s 19th annual ceremonial dinner. W. Harold Petersen was born, raised and began his insurance career in Council Bluffs, Iowa. After moving his family to Southern California in 1967, Petersen founded a brokerage firm with a focus on traditional and specialty disability insurance, named Petersen International Underwriters. As an MGA for several of the country’s top carriers, he set records in sales and standards for the industry. Subsequently, Petersen developed a successful relationship with the Lloyd’s marketplace that has forever shaped the world of high-limit disability insurance in the United States. After more than 33 years, Petersen International Underwriters remains the largest Lloyd’s Coverholder in the American disability insurance market
The National Association of Insurance and Financial Advisors (NAIFA) announced that its Board of Trustees has named Kevin M. Mayeux, CAE, as the Association’s next chief executive officer, effective July 1. Mayeux, 45, is executive vice president, chief officer for North American operations and general counsel for the Institute of Internal Auditors (IIA), an international professional society with 185,000 members throughout 190 countries. In his leadership capacities, Mayeux oversaw more than 100 staff members at the Altamonte Springs, Fla., location. He will relocate to the Washington, D.C., area to manage operations from NAIFA’s headquarters in Falls Church, Va. As CEO of NAIFA, Mayeux will oversee a staff of 58 in Falls Church. He will manage all external affairs of the Association, including relationships with life, health and financial service companies, other industry organizations, legislators and regulators. Internally, Mayeux will manage day-to-day headquarters operations, provide support and advice to NAIFA’s Board of Trustees and committees, coordinate Federation activities, and oversee NAIFA’s operating policies and procedures. Mayeux succeeds Dr. Susan B. Waters, who served as CEO from 2010 until her passing in December 2014.
MetLife announced the launch of its new Premier Accumulator Universal LifeSM (PAUL) product. Designed to offer increased flexibility, the new option provides both death benefit protection and access to high early cash value accumulation to help policyholders meet a variety of financial goals. Clients, including small business owners, who choose PAUL, can enjoy several benefits including: access to more cash value, faster than traditional life insurance policies; competitive cash value accumulation; a non-correlated asset; low surrender charges; and enhanced rate plus. PAUL also offers financial professionals the potential to earn compensation through an asset trail based on the cash value, which differs from traditional life insurance products, making it one of the few with this structure in the life insurance industry.
A new kind of USAA life insurance benefit designed for millennial members to easily increase coverage as their lives change. The Term Life Events Option provides term life insurance policyholders with the ability to increase their coverage by $100,000 without additional underwriting. New policyholders have the option to take advantage of the benefit following a qualifying life event such as marriage, birth of a child or buying a home. The Term Life Events Option is available for new USAA term life insurance policies issued to members between the ages of 18 and 35. USAA estimates that more than 20 percent of its members in that age group have children, get married or purchase homes every year. The additional coverage option can be exercised once within the first ten years of the policy at an average additional cost during the level premium period ranging from $8 to $25 per month.
Wink, Inc. (originally known as AnnuitySpecs.com) celebrated their 10-year anniversary on May 27th, 2015. Wink is an intelligence firm behind the one of the industry’s sources for annuity and life insurance product information, LookToWink.com’s AnnuitySpecs and LifeSpecs analysis tools. Wink also distributes Wink’s Sales & Market Report, a source of indexed insurance product sales and trends. Wink founder Sheryl J. Moore has worked in the research and development of indexed life & indexed annuity markets for over 16 years and is committed to advocacy of the life insurance industry. Demand for the website was growing and Sheryl needed a partner-in-crime. Victoria L. Peterson quickly stepped-up to the plate, who serves as the vice president of operations for Wink.