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Annuity and Life Insurance Product Update - Q2 2014

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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 (see full coverage list on next slide).

Inside, we rundown the new products introduced on the firm’s websites in the second quarter of 2014 and highlight their key features.

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Annuity and Life Insurance Product Update - Q2 2014

  2. 2. ABOUT CORPORATE INSIGHT Connect With Us Corporate Insight provides competitive intelligence and user experience research to the nation’s leading financial institutions. For over 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. JOSE MIGUEL SANTANA Senior Research Associate (646) 751-6971 jsantana@corporateinsight.com MEDIA INQUIRIES Please Contact Intermarket Communications: (212) 888-6115 corporateinsight@intermarket.com Press Coverage
  3. 3. TABLE OF CONTENTS  Introduction  Annuity o MetLife: Guaranteed Income Builder o Prudential: Premier Investment o Lincoln Financial: Investor Advantage  Life Insurance o AXA: BrightLife Grow o Prudential: PruTerm One o Prudential: VUL Protector o Lincoln Financial: LifeReserve Indexed UL Accumulator (2014) o MetLife: Final Expense Whole Life Insurance o John Hancock: Accumulation VUL  Corporate Insight Syndicated Studies  Corporate Insight Thought Leadership  About the Author
  5. 5. INTRODUCTION 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 (see full coverage list on next slide). Inside, we rundown the new products introduced on the firm’s websites in the second quarter of 2014 and highlight their key features.
  6. 6. 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 ING o Jackson National o John Hancock o Lincoln Financial o MassMutual o MetLife o Nationwide o New York Life o Pacific Life o The Principal o Prudential o TIAA-CREF o Transamerica o Vanguard o AXA o Genworth Financial 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 The Principal Financial o Prudential o USAA INTRODUCTION
  8. 8. METLIFE: GUARANTEED INCOME BUILDERANNUITIES  Rolled out in early May, this deferred income annuity allows clients to purchase a guaranteed future income stream where they can fund the annuity at-once or gradually, with an initial minimum purchase payment of $15,000.  The contract features three income options – Lifetime Income, Lifetime Income with Cash Refund and Lifetime Income with Guarantee Period – each of which is available for individuals and their spouses.  Clients who delay the start of income payments will receive higher income payments.  A public MetLife Income Annuity microsite with comprehensive product information regarding the annuity was also introduced .
  9. 9. PRUDENTIAL: PREMIER INVESTMENTANNUITIES  Unveiled early May, the variable annuity product features tax-deferred growth potential and tax-free transfers between portfolios.  The annuity focuses on investment flexibility and product flexibility with B share and liquid C share classes, as well as an innovative fee structure charged partially on premiums.  An optional Return of Purchase Payments Death Benefit guarantees that investments will be available if death occurs.
  10. 10. LINCOLN FINANCIAL: INVESTOR ADVANTAGEANNUITIES  The Lincoln Investor Advantage variable annuity provides clients with access to 125 investment options, allows clients to build their own portfolio and asset allocation funds or use Wilshire Associates for asset class guidance.  Lincoln Investor Advantage offers i4LIFE Advantage, the firm’s patented income distribution option, for those seeking tax efficiency, available for an additional cost.  Additionally, the firm released a public Investor Advantage microsite for financial professionals in conjunction with the product release.
  12. 12. AXA: BRIGHTLIFE GROWLIFEINSURANCE  Unveiled mid April, the flexible premium indexed universal life insurance product offers interest crediting linked to major market indexes that allow clients to gain from the upside potential of the equities market while maintaining built-in guaranteed downside protection against declines in the value of the applicable index.  The product allows prospective clients to design premium payments according to their budget.
  13. 13. PRUDENTIAL: PRUTERM ONELIFEINSURANCE  The PruTerm One policy is a one-year, annually renewable, convertible term product, specifically designed to offer death benefit protection for short periods of time, but can be converted to a permanent policy within the first five years.  It is ideal for people who need to fill a temporary life insurance coverage gap, own or operate a business where their death would profoundly impact their beneficiaries, or have an existing life insurance policy and need additional protection to cover a short-term expense.
  14. 14. PRUDENTIAL: VUL PROTECTORLIFEINSURANCE  The firm updated its pre-existing VUL Protector policy by adding a no- lapse guarantee and a new optional rider –BenefitAccess Rider – that allows consumers to accelerate the death benefit to cover the costs of chronic or terminal illnesses.  Additionally, six new underlying investment options are now available for the VUL Protector that provide clients with the potential to accumulate cash value.
  15. 15. LINCOLN FINANCIAL: LIFERESERVE INDEXED UL ACCUMULATOR (2014) LIFEINSURANCE  Lincoln Financial Group introduced an updated version of the pre- existing Lincoln LifeReserve Indexed UL Accumulator policy in late May.  The policy offers various account options for cash accumulation potential and a tax-free death benefit.  New features include two new indexed accounts, a new dollar cost averaging account and a new monthly allocation schedule that allows clients to quickly and easily transfer money.
  16. 16. METLIFE: FINAL EXPENSE WHOLE LIFE INSURANCELIFEINSURANCE  The Final Expense Whole Life Insurance policy is sold directly to consumers online or by telephone without any medical questions or exams.  The guaranteed acceptance life insurance is available in coverage amounts from $2,500 to $50,000 with premiums that never increase and are as low as $10 a month.  The policy builds cash value and cannot be cancelled for any reason during the life of the policy holder as long as premiums are paid.  A limited death benefit is available for the first two years of the policy for death that is non-accidental.
  17. 17. JOHN HANCOCK: ACCUMULATION VULLIFEINSURANCE  An enhanced version of the pre-existing Accumulation VUL policy was introduced early June.  The policy offers adjustable premium payments, versatile death benefit options, tax-advantaged loans and withdrawals and more.  Policy owners can accumulate significant cash values by investing in 60 accounts, or they may opt for an automatic diversification option offered by the Lifestyle MVP Portfolios.  At retirement, policy owners can access their policy values on a tax- advantaged basis.
  18. 18. CORPORATE INSIGHT SYNDICATED STUDIESCORPORATEINSIGHTSYNDICATEDSTUDIES The Millennial Shift: Financial Services and the Digital Generation With 80 million members, the Millennial generation is the largest in the history of the United States. While this represents a potentially huge opportunity for financial services firms, Millennials also pose a clear challenge to the industry’s traditional marketing strategies and business models. They have different preferences from their Boomer parents, particularly when it comes to financial products, technology and the way they interact with companies. This study will help financial services marketers, product managers and strategists better understand Millennials and identify effective tactics for marketing to and serving these individuals. Release Date: April 2014 | Download Study Preview 2014 Investor Survey Report CI’s 2014 Investor Survey Report examines the relationship between retail investors and their brokerage firms, identifying the Web and mobile features that matter most to different types of investors and have the greatest impact on their overall satisfaction. Our analysis explores the behaviors and preferences of key demographic groups including mass affluent and high net worth investors, mobile brokerage users, active traders and more. This study answers three questions about investors: What do investors consider the most important website and mobile features? What activities do investors perform using their firm's website and mobile app? How can firms improve their offerings to enhance client satisfaction? Release Date: June 2014 | Download Study Preview Next-Generation Investing: Online Startups & the Future of Financial Advice This is the first comprehensive study on the investing- and personal finance-related startups that have emerged in the wake of the financial crisis. The study represents the culmination of nearly two years of research, encompassing over 100 online startups pioneering a wide variety of unique investment ideas. The study offers detailed analysis of ten categories of unique investment products and services. The study features startup profiles with reviews of innovative online startups challenging traditional models of investing and planning. We also offer our analysis of the implications for the industry, which examines the potential impact of these ideas. Release Date: October 2013 | Download Study Preview 18
  19. 19. CORPORATE INSIGHT THOUGHT LEADERSHIP 19 User Insights Vol. 3: Retirement Plan Websites Disappoint Millennial Participants Our latest User Insights usability study features analysis of the DC plan platforms' UX strengths and weaknesses from the perspective of actual Millennial participants and 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-CREF This 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 Beyond This 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 Innovations This study draws on our ongoing tracking of the industry as well as relevant developments outside of the financial services space. This study includes commentary on mobile developments, key takeaways for financial services firms and thoughts on what’s next for mobile finance. Senior Citizens & Mobile Finance: Design & Support Solutions to Empower the Senior Set Using 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.
  20. 20. ABOUT THE AUTHORABOUTTHEAUTHOR Jose Miguel Santana Senior Research Associate Annuity Monitor and Life Insurance Monitor Jose Miguel Santana is a Senior Research Associate for Corporate Insight’s Annuity Monitor and Life Insurance Monitor research services. He has conducted extensive research on the annuities and life insurance industries, examining the online platforms, customer service capabilities and technological innovations offered to prospective investors, clients and financial professionals. This quarterly study is the result of Jose Miguel’s ongoing research into product releases from leading annuity and life insurance providers. Jose Miguel graduated from James Madison University in 2010. Contact Jose Miguel Santana: (646) 751-6971 jsantana@corporateinsight.com Connect with Jose Connect with CI Annuity Monitor, Life Insurance Monitor and P&C Monitor are service marks of Corporate Insight, Inc.; all rights reserved. 20