Lincoln ties new product to 10-year treasury note

By National Underwriter

National Underwriter


By Noah Guillaume

Lincoln Financial Group (NYSE:LNC) introduced the Lincoln Treasury Indexed Universal Life (IUL) solution designed to capture the benefits of a potential rise in interest rates. This baseline death benefit has the flexibility to improve and customize coverage over time based on the performance of the 10-year Treasury yield.

Lincoln Treasury Indexed UL policyholders choose their initial duration of guaranteed coverage at issue, and receive a guaranteed schedule of earned credit factors that correspond to different levels of 10-year Treasury yields. With scheduled premiums paid on time, policyholders can:
  • Apply the credits as a Premium Election to either extend coverage beyond the initial coverage duration or reduce out-of-pocket premiums for the initial coverage duration;
  • Withdraw the credits as cash; or
  • Leave the credits in the policy account value (in all years except year one).
In other industry news:

The OneAmerica companies set a new sales record in 2012 for employer-sponsored retirement plan sales, which were up 22 percent over 2011’s previous record.

The results helped drive a new overall sales record for retirement business at OneAmerica that was 10 percent over 2011’s previous record. 2012 is the third straight year the retirement services provider broke its overall record for new retirement plan sales. Leading the way for the organization in 2012 was the performance of its tax-exempt unit, which increased sales of employer-sponsored 403(b) plans by 57 percent. Total assets and participant counts were also at record levels for the organization at year-end, and OneAmerica set a new record with 9 percent growth in renewal contributions – a measure of the growth of assets within retirement plans already with the companies. OneAmerica ended the year with a 96 percent retention rate on existing business. OneAmerica’s retirement business expanded in 2012 with the opening of a new regional sales office in Seattle. It also established a new distribution affiliation with Edward Jones whereby more than 12,000 Edward Jones advisors can now offer their employer clients OneAmerica’s 401(k) and 403(b) plan designs.

AXA Equitable Life Insurance Company named Manish Agarwal head of Financial Protection.

In this role, Agarwal will lead AXA Equitable’s life insurance business, including its Business Management & Operations, Product Life Cycle Management, Product Design & Manufacturing and Distribution Management areas, to expand upon its product portfolio and distribution platform.

Most recently, Agarwal led Business Development and Strategy for AXA Equitable, with responsibility for the Strategic Initiatives Group, Field Compensation, Risk Management and Associate Hiring and Contract Administration. He also spent four years in Retail Distribution, overseeing operations, sales support and strategy for AXA Advisors LLC, the company’s retail distribution channel.

Agarwal joined AXA Equitable in 2005 as vice president of the newly-formed Strategic Initiatives Group. Before joining AXA Equitable, Agarwal was an engagement manager with McKinsey & Co., where he led client teams in projects across marketing, strategy, corporate finance and operations, primarily within life and property casualty insurance companies.

Agarwal earned an M.S. and Ph.D. in mechanical engineering at Carnegie Mellon University and a B.Tech at the Indian Institute of Technology.

Securian Financial Group board of directors promoted four employees to second vice president.

Julie Gerend will serve as second vice president, Asset Management Business Development. With 25 years of experience, Gerend joined Advantus Capital Management, Securian’s asset management subsidiary, in 2011. She leads Advantus business development, marketing, sales and client service. Gerend has a bachelor’s degree from the University of Wisconsin-Madison and an MBA from the University of St. Thomas, St. Paul, Minn.

Suzette Huovinen was appointed second vice president and actuary, Corporate Actuarial. Huovinen joined Securian in 1997 as an actuarial student. Effective March 1, 2013, she is responsible for rating agency relationships and will continue her current leadership of the company’s enterprise risk management program. Huovinen has a bachelor’s degree from Concordia College in Moorhead, Minn., and is a Fellow in the Society of Actuaries. She also earned the Chartered Financial Analyst (CFA) and Chartered Enterprise Risk Analyst (CERA) designations

In the Corporate Tax department, Ted Nistler was promoted to second vice president. He spent three years in public accounting before joining Securian in 1995 as a claims examiner. In his new position, Nistler is responsible for the corporate tax function for the entire company. He has a bachelor’s degree from the University of North Dakota and a master’s degree from the University of Minnesota. Nistler also has earned the CPA and CFA designations

Mark Sievers was appointed second vice president of Auditing. After three years in public auditing, Sievers joined Securian in 1990 as an IT auditor. In his new position, Sievers is responsible for the internal auditing function at Securian and reporting to the audit committee of Securian’s board of directors. Sievers has a bachelor’s degree from the University of Wisconsin, Eau Claire and has earned his CPA, Certified Information Systems Auditor and Fellow of the Life Management Institute designations.
The Penn Mutual Life Insurance Company named John Laurito, CFP, ChFC, CRCP managing partner of its career agency in Boston.

Prior to joining Penn Mutual, Laurito spent nearly 20 years in the industry with financial services provider, Ameriprise. With the company, he worked as a financial advisor before transitioning to management roles as an associate vice president, field vice president and regional vice president. He was also recognized by Ameriprise with an Outstanding Leader Award in 2006 and became a Diamond Ring Club inductee in 2008.

In his previous positions, Laurito has been responsible for managing and developing a broad range of business areas from recruiting and training, to production and advisor development, to marketing and expense management. He holds Financial Industry Regulatory Authority (FINRA) Series 4, 7, 24, 51, 63 and 66 licenses.

Laurito graduated from Rutgers University with a B.A. in economics.

The Lifeline Program published an interactive, digital whitepaper for financial advisors, estate planners and attorneys titled “How to Offer Life Settlements to Your Clients.” The free guide, available at http://www.thelifeline.com/WhitePaperVol2, offers helpful information on how financial advisors and estate planners can identify clients who are eligible for a life settlement and how to introduce the alternative financial option. The guide also includes links to informative videos featuring the company’s promotional spokesperson, Betty White.

In 2012, Lifeline commissioned a survey (performed by ICR) among baby boomers and seniors gauging consumer attitudes towards life insurance and retirement. The study uncovered several findings regarding concerns about financing retirement and the role of life insurance for seniors, but the survey also showed consumers believe financial advisors and insurance agents are responsible for discussing life settlements with clients. The survey also found 79 percent of participants felt financial planners and insurance professionals should inform policyholders about life settlements as a financial option.

Originally published on LifeHealthPro.com