America's Benefit Specialist May 2023

PRODUCT NEWS

“We recognize the website is an important piece of the shopping process,” said Lauren Guinta, president of agencies and head of SmartMatch sales. “Customers expect to be able to speak with a licensed, independent insurance agent when they need to, and our website makes it easy with click-to-call functionality or the ability to have our team call them. Our goal is to meet customers when and where they want to con nect, and to provide a variety of options to help them find the right plan for their individual needs.” The redesigned website offers an array of helpful features that make finding relevant information quick and easy. Com pliance is always a priority focus, and SmartMatch ensures its systems and marketing activities are aligned to best prac tices to provide secure and accessible information across its platforms. For those looking to purchase Medicare insurance and re lated plans, SmartMatch’s independent licensed agents offer unbiased and consultative assistance. SmartMatch agents specialize in helping customers research, compare and purchase Medicare insurance options in all 50 states. With this service, customers can explore and compare coverage options easily with one trusted source—helping people save time and find potential savings. The website will be regularly updated with new content, tools, and other sources of education and guidance. To learn more, visit www.smartmatch.com. NEW YORK LIFE CLEAR INCOME ADVANTAGE ADDRESSES KEY RETIREMENT INCOME CONCERNS New York Life recently announced the launch of Clear Income Advantage, a fixed deferred annuity with a Guaranteed Life time Withdrawal Benefit (GLWB) rider that offers a combina tion of income, security, liquidity and flexibility in one retire ment income solution. “In designing Clear Income Advantage, we talked to people near to and in retirement about their top retirement con cerns. We heard that the vast majority of individuals in the red zone of retirement—five years before and five years into retirement—are most concerned about macroeconomic factors like inflation and market volatility impacting their savings and healthcare or long-term care expenses. This large segment of investors wants retirement solutions that provide flexible guaranteed income, and many told us it was import ant that retirement solutions offer them access to their mon ey,” said Todd Taylor, SVP and head of retail annuities at New York Life. “Clear Income Advantage addresses this concern

and is the latest addition to our broad suite of income solu tions designed to meet more client needs and help people navigate retirement more confidently.” Clear Income Advantage is a fixed deferred annuity with a GLWB rider that allows clients to convert a portion of their re tirement savings into guaranteed payments that they cannot outlive, helping them cover their most important expenses and maintain their lifestyle. Additional features include: Access to money—Clear Income Advantage policyowners maintain access to their account value before and after their lifetime income has been activated, providing flexibility and options for those whose needs have changed since purchase. Guaranteed income for life Protection from market volatility—A client’s account value and guaranteed income are never tied to market performance. Opportunity for income growth—Each year clients choose to defer income, their guaranteed income amount will grow based on a predetermined percentage called a Deferral Cred it and can increase the withdrawal rate when income starts. “Planning for a long, secure, financially independent retire ment has become more complex over time. Unlike saving for retirement, there is no universally accepted strategy for how and how much to spend when someone reaches retirement. As a result, we see retirees spending less, retreating from higher levels of equity allocation—especially in times of mar ket volatility—and unnecessarily constraining their lifestyles in retirement,” said Taylor. “Our research shows that those with guaranteed income as a part of their retirement strategy comfortably spend more in retirement. That’s why we believe it’s important to create solutions, like Clear Income Advan tage, that address retirees’ income needs and the behavioral aspects that may be holding them back from enjoying the retirement lifestyle they desire.” For more information, visit www.nylannuities.com. THE UNDERWRITERS GROUP INTRODUCES FRANKLIN HEALTH PLAN TO KENTUCKY EMPLOYERS The Underwriters Group, a Higginbotham partner located in Louisville, announced that it is the exclusive broker of the Franklin Health Plan in Kentucky. The announcement follows Humana’s decision to withdraw from the employer-based insurance market. Humana’s departure leaves Kentucky em ployers with limited group medical plan options for their employees. Humana announced in February 2023 that it will exit the employer-based insurance business during the next 18 to 24 months to focus on government-backed programs like Med icaid and Medicare and specialty businesses. Its employer group business includes fully insured health insurance plans

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