annuity and life insurance product update - q2 2016
TRANSCRIPT
COPYRIGHT 2016 CORPORATE INSIGHT, INC.
AUTHOR: JOAN KAGAN
PUBLISHED: JULY 2016
ABOUT CORPORATE INSIGHT
Connect with Us
Corporate Insight provides competitive intelligence and user experience research to the nation’s
leading financial institutions. For more than 20 years, the firm has tracked technological developments in
the financial services industry, identifying best practices in online banking and investing, online
insurance, mobile finance, active trading platforms, social media and other emerging areas. There are no
assumptions in Corporate Insight’s work—we use live accounts at all of the firms we research, providing
our clients with unparalleled, unbiased intelligence on the competition.
JOAN KAGAN
Research Analyst
(646) 751-6968
MEDIA INQUIRIES
Joshua Grandy, PR Manager
(646) 876-7524
Press Coverage
TABLE OF CONTENTS
Introduction
Annuitieso Athene MYG
o Lincoln Financial Earnings Optimizer Death Benefit Optional Rider
o Pacific Life Interest Enhanced Death Benefit
o Nationwide Peak and Summit
o Voya Quest Index Annuities Suite (Voya Quest Plus, Voya Quest 5, Voya
Quest 7)
Life Insuranceo John Hancock SmartProtect Term with Vitality
o Lincoln TermAccel Level Term
o AXA Athena Universal Life
Corporate Insight Syndicated Studies
Corporate Insight Thought Leadership
About the Author
INTRODUCTION
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BACKGROUND
This quarterly slide deck examines
new product releases from annuity
carriers and life insurers covered in
our Annuity Monitor and Life
Insurance Monitor research
services. A full coverage list is
provided on the next slide.
Inside, we provide a rundown of
the new products introduced on
the firms’ websites in the second
quarter of 2016 and highlight their
key features.
FIRMS COVERED
Below is a list of the firms we track on a daily basis for our Annuity Monitor and Life Insurance Monitor research services:
Annuity Monitor Life Insurance Monitor
o Allianz Life
o Athene
o AXA
o Fidelity
o Guardian Life
o Jackson National
o Lincoln Financial
o MassMutual
o MetLife
o Nationwide
o New York Life
o Pacific Life
o Principal
o Prudential
o TIAA
o Transamerica
o Vanguard
o Voya
o AXA
o John Hancock
o Liberty Mutual
o Lincoln Financial
o MassMutual
o MetLife
o Nationwide
o New York Life
o Northwestern Mutual
o Pacific Life
o Principal
o Prudential
o State Farm
o USAA
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ANNUITIES: PRODUCT RELEASES
ATHENE MYGA
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In April, Athene introduced the Multi-Year Guarantee\ annuity.
Clients can choose from three-, five- and seven-year term periods and decide
between a multi-year fixed strategy or a one-year fixed strategy for interest.
Product includes death benefit and up to 10% penalty-free withdrawals during
term period.
Initial premium for the new deferred annuity earns a guaranteed fixed rate of
interest during the term period.
LINCOLN FINANCIAL EARNINGS OPTIMIZER DEATH BENEFIT OPTIONAL RIDER
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Lincoln announced the Earnings Optimizer Death Benefit optional rider
available with the Lincoln Investor Advantage variable annuity in April.
Product counters the effect of taxes by paying beneficiaries an enhancement to
their contract value.
Payout is the larger of either the total premium paid (reduced for withdrawals)
or the current contract value plus 40% of earnings (subject to earnings limit).
PACIFIC LIFE INTEREST ENHANCED DEATH BENEFITA
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Pacific Life introduced the Interest Enhanced Death Benefit Rider for fixed indexed annuities in April.
With the product, the firm guarantees death benefit base growth to increase how much beneficiaries receive.
Product has no caps on amount of interest earned.
NATIONWIDE PEAKA
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Nationwide released the Nationwide Peak Fixed Indexed Annuity in May along
with the Nationwide Summit Annuity.
For both Peak and Summit, clients can choose between a fixed account or
indexed account and may add a death benefit, a long-term care or
confinement waiver, protection from market risk, and growth potential with
guarantees.
Each includes two index account options: S&P 500 and MSCI EAFE Index (Peak)
or S&P 500 and J.P. Morgan MOZAIC Index (Summit).
VOYA QUEST INDEX ANNUITIES SUITE (VOYA QUEST PLUS, VOYA QUEST 5, VOYA QUEST 7)
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Voya announced the new Voya Quest Index Annuities product suite of fixed
index annuities in April and launched the suite for sales in June.
Suite consists of three products: Voya Quest Plus, Voya Quest 5 and Voya Quest
7.
Immediate 6% premium bonus is available for Voya Quest Plus; Voya Quest 5
and 7 offer more favorable surrender charge schedules.
Firm offers an optional Voya myIncome Withdrawal Benefit with a 6.5%
guaranteed roll-up compounded annually on the withdrawal benefit base and
a return of premium optional benefit.
Products include five-, seven- or 10-year surrender charge schedules and a
floor against negative index performance.
LIFE INSURANCE: PRODUCT RELEASES
JOHN HANCOCK SMARTPROTECT TERM WITH VITALITY
John Hancock launched SmartProtect Term with Vitality, a new term life insurance product, in May.
Clients can reduce premium costs with the John Hancock Vitality program.
Firm provides a streamlined two-day underwriting decision and no required medical exam.
Product is available for 10-, 15- or 20-year term durations.
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LINCOLN TERMACCEL LEVEL TERM
Lincoln debuted Lincoln TermAccel Level Term in May.
Product features guaranteed level premiums for a 15-, 20- or 30-year term periods before annual increases.
Clients can choose from three optional riders: Waiver of Premium, Accelerated Benefit and Children’s Term.
Product includes quick phone interview application, online eTicket and automated underwriting.
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AXA ATHENA UNIVERSAL LIFE
AXA announced the upcoming Athena Universal Life product in May.
Product features two death benefit options, a declared interest rate and access to cash value.
Clients can change death benefit option and face amount, and product includes premium payment flexibility.
No Lapse Guarantee rider lets clients guarantee a death benefit for a specified period of time and is automatically included with the product.
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CORPORATE INSIGHT THOUGHT LEADERSHIP
User Insights Vol. 3: Retirement Plan Websites Disappoint Millennial ParticipantsOur latest User Insights usability study analyzes the DC plan platform’s UX strengths and weaknesses from the perspective of Millennial participants and provides test results for four leading defined contribution plan providers: Fidelity, J.P., TIAA-CREF and VALIC.
Online Communities across Financial Services: American Express, Bank of America and TIAA-CREFThis slide deck examines the design and capabilities offered by each firm’s online community, with a focus on noteworthy site features. We also provide tips for financial services firms looking to improve their online communities.
The Complete Bitcoin User Experience: Mining, Exchanges, Wallets and BeyondThis study provides a detailed analysis of how Bitcoins are created, traded and stored. The study includes reviews of the top websites and online services driving the Bitcoin marketplace including Slush’s Pool, Blockchain.info and Coinbase, among others.
2014 Mobile Finance Trends and InnovationsThis study draws on our ongoing tracking of the industry as well as relevant developments outside of the financial services space. It includes commentary on mobile developments, key takeaways for financial services firms and thoughts on what is next for mobile finance.
Senior Citizens & Mobile Finance: Design & Support Solutions to Empower the Senior SetUsing CI’s user-testing expertise and ongoing mobile finance research, this slide deck highlights specific areas where seniors may struggle with financial services apps and offers design and support solutions that will give this valuable audience the comfort and confidence to engage in mobile finance.
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ABOUT THE AUTHORA
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Joan Kagan
Research AnalystAnnuity Monitor and Life Insurance Monitor
Joan Kagan is an Analyst for Corporate Insight’s Annuity Monitor and Life Insurance Monitor
research services. She has conducted extensive research on the annuity and life insurance
industries, examining the online platforms, customer service capabilities, social media
marketing and technological tools offered to prospects, clients and financial professionals.
This quarterly study is the result of Joan’s ongoing research into product releases from
leading annuity and life insurance providers.
Joan graduated cum laude from New York University in 2013.
Contact Joan Kagan:
(646) 751-6968
Connect with Joan
Connect with CI
Annuity Monitor and Life Insurance Monitor are service marks of Corporate Insight, Inc.; all rights reserved.