The National Association of Insurance and Financial Advisors applauds the unanimous approval of H.R. 7187, the Clarity for Compensation Act, by the U.S. House Committee on Financial Services. The bipartisan legislation, sponsored by Reps. Zach Nunn (R-Iowa) and Greg Meeks (D-N.Y.), passed the committee by a vote of 51-0 on June 30 and now advances to the full House of Representatives.
The bill, a top legislative priority for NAIFA that members advocated for during the association’s Congressional Conference in May, would remove outdated regulatory barriers that prevent many registered financial advisors from receiving compensation through their own business entities. While lawyers, accountants, and insurance agents have long been permitted to operate under this model, many financial advisors remain subject to unnecessary restrictions that make it more difficult to build and sustain independent practices.
By modernizing these rules, the legislation will help independent advisors compete on a level playing field, strengthen small businesses, and expand access to financial guidance for consumers, particularly in underserved and minority communities.
“NAIFA applauds the Financial Services Committee for unanimously advancing this important bipartisan legislation,” said NAIFA President Christopher L. Gandy, LACP. “Independent financial advisors are small business owners who deserve the same flexibility afforded to other professionals. Removing these outdated barriers will help advisors spend less time navigating unnecessary regulations and more time serving the individuals, families, and businesses that rely on their guidance. We appreciate Representatives Nunn and Meeks for their leadership and look forward to working with Congress to see this bill become law.”
The Clarity for Compensation Act would:
Remove outdated regulatory restrictions that prevent many independent financial advisors from receiving compensation through their own business entities.
Align compensation rules for financial advisors with those already applicable to lawyers, accountants, and insurance agents.
Support the growth of independent advisory firms and expand access to financial advice in underserved communities.
The liquidation of PHL Variable Insurance Co. will not happen until next year at the earliest, Connecticut Insurance Commissioner Josh Hershman said in a status update filed Tuesday.
State insurance guaranty associations are preparing to seek bids from insurers willing to assume portions of the troubled company’s business, Hershman explained, a process that will take months. The court-appointed rehabilitator for PHL, Hershman had maintained that a liquidation order would be entered by the end of 2026.
The National Organization of Life and Health Insurance Guaranty Associations is handling the request for proposals to take PHL business, the report said.
The organization “anticipates that its RFP process will commence in the third quarter of 2026,” he wrote. “After the RFP process commences, the timing of critical next steps will vary depending on the proposals that are received.”
Connecticut regulators placed PHL Variable into rehabilitation in May 2024 due to hazardous financial conditions, attaching a moratorium on benefits and premiums. In December, a judge approved changes to the moratorium that could reduce universal life death benefits owed by up to $4.1 billion.
Bumpy road to liquidation
Regulators tried for months to rehabilitate PHL, before abruptly pivoting to a liquidation plan announced in the rehabilitator’s year-end 2025 filing.
Hershman remains confident that insurers are interested in assuming some of PHL’s guaranteed insurance and annuity obligations.
The rehabilitator said the bidding process also could include proposals that provide policyholders with benefits above state guaranty association coverage limits, funded by assets remaining in the receivership estate. Any enhanced benefits would depend on factors including the proposals received, available estate assets, applicable guaranty association coverage and court approval.
“The shared goal is to protect policyholders as provided for under receivership and guaranty association statutes while maximizing the value of the estate assets,” the report said.
According to the filing, nearly all eligible policyholders and annuity contract holders have received election packages outlining available modification options. About 350 customized election packages remain outstanding for certain universal life policyholders who own multiple policies or annuity contracts covering the same insured. Those mailings are expected to be completed in July, Hershman reported.
As of June 23, about 40% of eligible policyholders and annuity holders had submitted elections selecting one of the available modification options.
PHL’s administrative service provider has processed approximately 80% of the fixed indexed annuity election forms received and about 60% of universal life election forms, the report said, with processing continuing within the timeframes outlined in the election materials.
Top-100 placement reflects strong 2025 results as leading mutual life insurance company and financial services leader celebrates its 175th anniversary
SPRINGFIELD, Mass.–(BUSINESS WIRE)–
MassMutual today announced that it rose to No. 100 on the 2026 Fortune 500®1 list, placing the company among the top 100 largest U.S. companies by revenue, continuing its streak of more than 30 consecutive years on the list, and reflecting its strong 2025 performance as the company marks its 175th year in business.
MassMutual achieved excellent financial results in 2025, fueled by strong sales, record operating earnings, and continued expansion in its wealth management business. The company also maintained its leadership as a top provider of whole life insurance, delivered exceptional policyowner value by approving its highest-ever dividend, and continued to make meaningful progress against its long-term strategy.
“Our placement on this list reflects the soundness of our strategy, our excellent financial position, and the talent and dedication of our employees and affiliated financial professionals,” said Roger Crandall, Chairman, President and CEO, MassMutual. “Yet what drives us every day isn’t a ranking. It’s delivering on our timeless purpose to help people secure their future and protect the ones they love. With our mutual structure, depth and breadth of holistic solutions, and long-term investment approach, we look forward to serving the individuals and families who rely on us for generations to come.”
The Fortune 500, now in its 72nd year, ranks the biggest U.S. companies by revenue. Together, the companies included on the list combined for $21.0 trillion in revenue and $2.1 trillion in profits last year, while employing over 30 million people worldwide. For more information, visit https://fortune.com/ranking/fortune500/.
About MassMutual (Massachusetts Mutual Life Insurance Company)
For 175 years, MassMutual has stood beside generations through life’s defining moments, guided by a clear, enduring purpose: We help people secure their future and protect the ones they love. What began in 1851 as a bold idea rooted in neighbors helping neighbors has grown into one of America’s largest mutual life insurance companies, serving more than four million customers2 with over $1 trillion in life insurance in force2 and $584 billion in assets under management, 3all built on a foundation of more than $34 billion in capital strength. 4
MassMutual offers a broad range of products and services across protection, accumulation, wealth management, and retirement income, including annuities through our leading annuity provider, MassMutual Ascend. These solutions reach people through our expansive distribution, which is anchored by our dedicated network of affiliated financial professionals. For nearly two centuries, our offerings have helped people build, protect, and pass on what means the most to them. Through eras of extraordinary change, we have honored our commitments, paying upwards of $70 billion in insurance and annuity benefits over the past decade.5
MassMutual is strengthened by a diversified portfolio of strategic businesses and investments – including Barings, our global alternative asset management subsidiary – which enables us to deliver greater long-term value to our policyowners. MassMutual has a longstanding, successful approach to bringing together deep life insurance expertise and advanced asset management capabilities, which put us at the forefront of this trend and helped pioneer growth beyond traditional industry boundaries. Through Barings, we have robust asset origination capabilities that have helped us achieve exceptional long-term performance for our policyowners.
Through it all, our scale provides strength; our mutuality provides alignment; and our purpose ensures we do not lose sight of who we serve. To learn more, visit massmutual.com.
2 As of December 31, 2025
3Assets Under Management (AUM) include assets and certain external investment funds managed by MassMutual subsidiaries, including Barings and MassMutual Ascend, as of December 31, 2025
NEW YORK–(BUSINESS WIRE)–
Winged Keel Group (“Winged Keel”) today announced it has acquired SBSI, Inc. (dba NFP Insurance Solutions), a Chicago-based independent insurance advisory firm serving ultra high net worth and family office clients nationwide. SBSI, Inc. (dba NFP Insurance Solutions), which has an established Private Placement Life Insurance (PPLI) practice, is led by Howard Sharfman and Warren McGuire, two highly respected industry leaders. The entire team has joined Winged Keel, further strengthening the firm’s presence across the country and establishing a new Winged Keel office in Chicago. This integration extends Winged Keel’s position as the leading national platform for the structuring, implementation, and administration of high-end life insurance solutions.
“We’re thrilled to welcome the SBSI, Inc. team to Winged Keel,” said Eric Naison-Phillips, CEO of Winged Keel. “Howard, Warren, and their talented team have built an outstanding organization with a strong track record of client-centric success in the ultra high net worth life insurance market, including in PPLI. Their team brings deep relationships with centers of influence, financial institutions, and family offices, along with a culture aligned with Winged Keel’s focus on growth, innovation, and integrity, all of which will help us advance our evolution and deliver even more value to clients.”
SBSI, Inc. has been advising clients on life insurance solutions for more than 100 years. They are among the nation’s largest firms specializing in life insurance and wealth transfer solutions for ultra high net worth individuals and families with multi-generational wealth. Over the past decade, the firm has placed over $18 billion of life insurance coverage.
“This is a fantastic combination of two leading firms in the high-end life insurance space,” said Sharfman. “I have admired Winged Keel for years, especially their leadership in PPLI. From a position of strength and through the integration of our people, relationships, and capabilities, we will create new opportunities and a clear long-term succession plan to deliver more value to our clients well into the future. Through this integration with Winged Keel, we are also expanding our geographic reach, gaining access to new resources and infrastructure, collaborating with some of the industry’s top talent, and elevating our culture with a firm that shares our values. We’re excited to partner with Eric and the team, learn from each other, and continue building something special.”
Sharfman and McGuire are now Principals of Winged Keel. In addition, Sharfman has joined the firm’s Executive Management Committee.
Winged Keel, which entered into a strategic partnership with GTCR, LLC, in February 2025, continues its significant activity in acquiring and integrating leading firms in the ultra high net worth life insurance market. This transaction marks Winged Keel’s fourth acquisition since the GTCR investment, joining strategic acquisitions that established offices in St. Louis and Minneapolis, and expanded the firm’s presence in Denver. Winged Keel will continue exploring opportunities that enhance the team’s ability to serve the dynamic needs of clients and advisors nationally and advance its position as the insurance brokerage platform of choice.
About Winged Keel Group
Winged Keel Group is the premier national platform for the structuring, implementation, and administration of high-end life insurance solutions. With coverage teams across 19 markets nationally, the firm specializes in Traditional Life Insurance, Business Continuation Insurance, Private Placement Life Insurance and Annuities, and Corporate-Owned Life Insurance portfolios. For more information on Winged Keel Group, please visit www.wingedkeel.com.
Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC. Winged Keel Group is independently owned and operated. #06302026-5701084
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.Imagine an all-in-one financial product that lets you save for retirement tax-free while protecting your loved ones. It’s pitched as life insurance you can use while you’re still alive, and even better, you can earn stock market-like returns without any of the losses.This is how indexed universal life insurance (IUL) is often promoted on social media. Influencers promise a “recession-proof retirement,” a message that resonates given that nearly two-thirds of Americans (62%) believe the U.S. economy will enter a recession in the next 12 months, according to a June NerdWallet survey conducted online by The Harris Poll.Americans are buying in. New IUL policies brought in a record $4.5 billion in premiums in 2025, according to LIMRA, an insurance and financial services trade group. But behind the social chatter is a wave of consumer confusion. A gap in marketing regulations makes IULs susceptible to misleading sales pitches, and some consumers are paying the price with their retirement savings.Here’s what you need to know before you buy.The social media glossOnline videos tout IULs as completely safe, tax-free retirement funds that can outperform a 401(k) or IRA. “Zero is your hero” is a common catchphrase, referring to the fact that IULs come with a floor that’s typically set to 0%. Even if the market crashes, the interest rate credited to your IUL will never dip below 0%.But these sales pitches rely on incomplete sound bites, says Dick Weber, co-founder of the Life Insurance Consumer Advocacy Center, a nonprofit consumer advocacy group. While IULs are legitimate permanent life insurance products that build cash value, the viral clips only tell half the story.When you buy a traditional investment like a mutual fund, the person selling it has to hold federal securities licenses and clearly disclose risks. But with IULs, your money never enters the stock market. Insurers keep your cash in a general account and use market indexes, like the S&P 500, as a benchmark to calculate your interest. So legally, an IUL is an insurance product, not a security — and the various costs associated with holding life insurance coverage can affect your policy’s performance.Because IULs toe the line between insurance and investment without crossing it, the people who sell them don’t have to follow the same federal regulations that stockbrokers and investment advisors do. They don’t need securities licenses, and they often don’t carry the fiduciary duty to act in your best interest. Without these regulations, agents can get away with quoting low premiums while burying the true costs of an IUL policy.”What those promoters are claiming would be illegal and sanctionable by anybody in any other segment of the financial service business,” says Barry Flagg, a certified financial planner and founder of life insurance analytics firm Veralytic.”The people who are saying IUL is better than a 401(k), they better be disclosing the costs, just like you have to in a 401(k),” he says. “And more often than not, the promoters that I’ve seen on LinkedIn and on YouTube never talk about costs.”What the sales pitches don’t tell youIf you flip past the first few pages of an IUL policy illustration — the document showing how your policy should perform over time — you’ll eventually get to three levers that reveal how a “risk-free” policy can still lose money.1. Front-loaded feesAn IUL contains a layer-cake of internal expenses, including administration and asset management fees, and the cost of insurance needed to cover your death benefit — or the payout your family receives when you die.Weber warns these expenses are heavily front-loaded in the first 10 to 15 years of the policy. If the market is down, the insurer still withdraws these fees every month, quietly draining your principal. And it can take 20 or more years to build up enough cash value to total the premiums you’ve paid into the policy.2. Inaccurate earnings illustrationsSales pitches can also misrepresent how much you’ll earn with an IUL.In recent years, regulators capped the maximum crediting rate a policy illustration could project. But the fix created a new issue. If a policy illustration is forced to use a flat 5.5% cap, the insurer’s software prints out a timeline assuming the policy will credit exactly 5.5% every single year for up to a century.This smooth line completely erases the ups and downs of the market. In the real world, a string of 0% years early on, combined with high fees, can permanently starve the account before interest ever compounds.3. Earnings caps and shifting participation ratesIf you’re wondering how an insurer can afford to promise a 0% floor, it’s by installing a ceiling as well. Even if the market booms, your wins are limited by an earnings cap (usually 8% to 12%) and a participation rate (the percentage of that cap you’re actually credited).For example, if the market surges 20%, but your policy has a 10% cap and an 80% participation rate, you walk away with an 8% return. And what many consumers don’t realize is their insurer can change these rates at any time.Flagg learned this firsthand when he bought an indexed product for his children’s future college fund.”I put the money into an indexed annuity with a 70% participation rate, and I figured … that’s perfect for my kids’ college education,” Flagg says. “The very next year, they changed the participation rate from 70% to 30%. And there was a surrender charge, so I couldn’t get out.”How to read past the sales pitchJust because there are a few bad actors doesn’t mean all IULs are a scam. When designed correctly, IULs can be a good option for moderate-risk individuals who want permanent life insurance and can keep up with high premiums during down markets. Just make sure you max out your 401(k) and other traditional tax-advantaged accounts first.If you’re considering an IUL, protect yourself from misleading pitches by following these steps.1. Vet the agent. While standard insurance agents aren’t legally bound to act in the client’s best interest, many do so on principle. Weber recommends interviewing a few agents to see if they focus on your needs and risk profile over a quick commission. To verify their record, run a search on their state’s Department of Insurance website, which tracks disciplinary actions and consumer complaints.2. Demand the numbers. Don’t trust the glossy growth projections on the first page of a policy illustration. Ask for two pieces of information:Year-by-year cost disclosures. This details the internal policy fees, showing how much of your premium goes toward wealth building versus company expenses.Year-by-year performance requirements. This tells you the minimum return a policy must maintain each year to hit the growth targets you’ve been shown. If a policy requires an uninterrupted market return of 8% for 40 years to stay afloat, skip it.It’s not uncommon for agents to omit this information from their sales pitches. And without it, Flagg says, you’re essentially taking your money to Vegas. “The house always wins. And if you don’t know the odds, if you don’t know your costs … you are going to lose.”Most consumers don’t need to step into the insurance casino at all. Term life insurance is usually sufficient. It’s straightforward, transparent and cheap.Unless you have specific needs an IUL can fill, the smartest financial play is a simple one: Keep your investing and your insurance separate.
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New York Life was founded more than 180 years ago but its asset management business has launched one of the first onchain high yield bond offerings according to the mutual life insurer.
The asset management business, New York Life Investment Management, has launched the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio in partnership with tokenization platform Centrifuge. This is NYLIM’s first tokenized offering and aims to expand investor access to the firm’s fixed income capabilities through digital infrastructure.
Thomas Sy, head of multi-asset solutions at New York Life Investment Management, told Markets Media that the asset management business has been looking at tokenization for the better part of a year and exploring how it could learn about this new infrastructure. NYLIM actively manages approximately $807bn, according to a statement, with Sy’s team managing approximately $11bn for institutional clients.
“We believe that most, if not all, finance will be onchain at some point,” Sy added. “The best way to understand, learn and develop an institutional quality platform is to start pilots.”
Other traditional asset managers including BlackRock, Franklin Templeton and Fidelity International have already launched tokenized funds. However, Sy argued that crypto-native investors and firms such as digital asset treasuries will want to diversify beyond tokenized money market funds, commodities and private credit. As a result, NYLIM believes there is space for more institutional quality products onchain and that true diversification will be one of unblocks of tokenization.
“At NYLIM we want to put assets onchain that are truly differentiated from what is already in place,” added Sy. “This is not a one-product test.”
On 30 June 2026 Theo, an institutional platform that builds financial products enabling onchain capital to access global markets, said in a statement that it had become the first crypto-native platform to invest in Fidelity International’s tokenized USD Digital Liquidity Fund (FILQ).
Theo’s institutional tokenized Treasury product, thBILL, allocated $20m into FILQ through digital asset bank Sygnum. thBILL has over $200m in total value locked, according to Theo. TVL measures the U.S. dollar value of digital assets deposited or staked into a decentralized finance (DeFI) protocol or blockchain.
thBILL is one of the only onchain Treasury products backed by paper from two of the world’s largest asset managers, Fidelity International and Wellington Management, according to Theo. Inside thBILL, FILQ sits alongside ULTRA, the Wellington Management-issued Treasury fund custodied at Standard Chartered. Iggy Ioppe, chief investment officer at Theo described the structure of thBILL to Markets Media as an iPhone which can be traded, with a screen from Fidelity International and a chip from Wellington.
Emma Pecenicic, head of digital assets distribution at Fidelity International, said in a statement that tokenization is a foundational shift in how global financial markets will function.
“By combining long-standing investment expertise with digital-native infrastructure, we are helping to enable regulated, institutional-grade liquidity onchain for markets that operate around the clock, bringing new utility to onchain investors like Theo,” she added.
Ioppe said that unlike most tokenized funds, thBILL was designed to specifically for institutions to use tokens onchain, to attract liquidity onchain and to be composable, which enables permissionless innovation and fluid coordination across DeFI protocols. He said: “The company revolves around knowing where liquidity lives onchain, knowing how DeFi works and having deep ties to crypto market makers.”
Theo’s team worked for a year to convince Fidelity International to launch a tokenized fund, according to Ioppe. The fund will sit inside thBILL tokens which can be pledged as collateral, lent out and used in DeFi to enhance yield 24/7.
“I think they chose us because we have specific expertise in terms of making our tokens work onchain,” Ioppe added. “This is one of the first true onchain tokenizations from one of the biggest asset management names.”
Stablecoins
Centrifuge will tokenize NYLIM’s fund with subscriptions and redemptions settled in Circle’s USDC stablecoin . The underlying portfolio, investment process, and risk management through NYLIM remain unchanged.
The asset manager met a number of potential tokenization partners. The first thing that stood out about Centrifuge is that they took time to understand NYLIM’s goals, stage of development and risk appetite, according to Sy.
“As a 180-year old institution, one of our principles is permanence and Centrifuge proposed potential projects that were in line with that,” Sy said.
Another factor is that Centrifuge has been around since 2017 and has been through a full crypto winter, regulatory uncertainty and multiple market cycles.
“That level of experience and commitment to a regulatory mindset was a match with our core principles,” Sy added.
Sy highlighted that in March this year New York Life reported a surplus of $34.7bn for 2025, up from $33.3bn in the previous year. As a result, he argued that the firm has the ability to invest in new technology and take time to be thoughtful around how it builds an onchain business.
Anil Sood, chief strategy officer and co-founder of Centrifuge Labs, said in a statement: “This is bigger than a single product: It is about moving funds onto infrastructure that is more transparent, more efficient, and more composable.”
The U.S. administration passed the Genius Act in 2025 to provide the first federal framework for stablecoins which Sy described as a “real unlock” for his largest institutional clients who include insurance companies, sovereign wealth funds, pensions and endowments.
“Stablecoins is the first step for them to get into blockchain and has allowed us to initiate conversations on what else is possible,” he added. “That conversation has changed in the past year.”
Sy predicted that 2026 or 2027 will be the year that other traditional institutions like NYLIM will be testing or launching blockchain projects of their own.
Impact on asset management
The first impact of tokenization on the wider asset management industry will be better outcomes for investors, which Sy described as NYLIM’s “North Star” due to the ability to hyper-customize solutions for individuals and institutions at scale, in addition to increasing operational efficiencies and reducing costs.
He compared the advent of tokenization to the introduction of exchange-traded funds. Sy added: “The real unlock for ETFs was when investors could hold and settle them just like any other stock.”
Tokenization also represents an opportunity to give more investors access to a combination of both public and private markets, including private credit, private equity, infrastructure and asset-backed finance. Sy explained that using a blockchain allows customization to be embedded within the token.
For example, an individual typically has 9 to 10 financial accounts ranging from a mortgage to a trading account. It is impossible to provide good financial advice holistically across all these accounts, according to Sy. However, once all that data is on a blockchain, an asset manager can give precise investment guidance based on a full financial picture and the client’s goals.
“I would like a world where I can create a token based on an individual’s goals,” Sy added. “That is what is exciting about the blockchain.”
A survey from Citi Investor Services and CREATE-Research, Upping the Innovation Game in the Asset Management Industry, found that firms cannot compete on performance alone and want to create a competitive edge through their infrastructure to improve investor outcomes.
The majority, 59%, of survey respondents said process improvements will continue to drive the main thrust of innovation. The report said that on the process side, key innovations will likely center on tokenization via rising fractional ownership of funds, the retailization of private markets, digital-enabled distribution platforms and the adoption of AI and GenAI to beef up the enabling infrastructure.
One asset manager said in the report: “Tokenization holds big promise. It will revolutionize private and public markets alike.”
As America celebrates its 250th birthday, we naturally reflect on the values that have helped our nation grow and prosper: freedom, opportunity and innovation. But there is another quality woven throughout our history that deserves recognition: a commitment to lifelong learning.
John W. Wheeler Jr.
From the earliest days of our nation, Americans have understood that success requires a willingness to learn, adapt, and improve. Long before there were universities, professional certifications and online education, knowledge was passed from one generation to the next through apprenticeships, mentorships and hands-on experience. Craftsmen taught apprentices. Farmers shared techniques with their children. Business owners passed on lessons they learned to those who would one day take their place.
For 250 years, that willingness to learn has helped Americans adapt to change, embrace innovation and seize new opportunities. The tools may have changed, but the principle has not: People who continue learning are better prepared to build the future.
I have spent more than five decades in the insurance and financial service profession, and one lesson has remained constant throughout my career: The moment you think you know everything is the moment you stop growing.
An early experience teaches a lesson
One experience early in my career taught me a lesson I never forgot. Like many new advisors, I was hesitant to approach friends and family about insurance because I didn’t want to make anyone uncomfortable and, in my mind, infringe on relationships. One of those friends was Jeff. He was a few years older than me and had a wife and two children. We had not talked because of my attitude of not wanting to impose on our friendship. Then Jeff was killed in a car accident.
In the days that followed, I learned that his family knew they needed more insurance and his wife Becky, said Jeff told her he would not buy it from anyone but me. She said Jeff had said, “John is new to the business, and he will talk to us when he gets settled.” She then told me, “I sure wish we had talked.” They lost their home, she and their two children had to move in with her parents, and it was my fault. The consequences were significant, and the experience forever changed the way I viewed my profession. I realized that what I had considered an uncomfortable conversation was an act of service. Families depend on us to help them prepare for life’s uncertainties. The work that we do matters.
My decades of experience have taught me something I didn’t understand when I first entered the profession: Our responsibility to clients requires a commitment to continually improving ourselves. In many ways, that same mindset has fueled America’s success for 250 years.
If I could offer one piece of advice to a young advisor today, it would be this: Never stop learning, because the families you serve deserve your very best.
The products will change. Technology will evolve. Consumer needs will shift. What hasn’t changed is our responsibility to continually improve our knowledge and skills so we can better serve others.
Professional development matters
That is why professional development matters. The most successful advisors I know are not the ones who think they have all the answers, but the ones who remain students of the profession throughout their careers. They seek new knowledge, embrace new ideas, and continue growing long after they achieve success.
As America celebrates its 250th birthday, I am reminded that every generation faces a choice. We can rely on what we already know, or we can continue learning, adapting and preparing for what comes next.
To the next generation of advisors, my message is simple: Never stop learning. Your clients deserve it. Your career depends on it. And our profession’s ability to serve American families for the next 250 years may depend on it as well.
Corebridge Financial today announced enhancements to its Max Accumulator+ III index universal life insurance product, including new index strategies, as well as changes designed to improve cash value outcomes.
These updates are intended to give customers more diversification in how they allocate and build policy value over time and strengthen long-term growth potential.
Corebridge Financial research highlights the financial concerns many Americans report, including healthcare and long-term care costs as well as the possibility of running out of money in retirement.1 Survey respondents said they would find life insurance living benefits valuable, including financial support during a critical illness (86%), help covering long-term care costs (84%) and a retirement income stream (79%)—closely aligning with their concerns.
Against this backdrop, Corebridge has added two new index interest crediting strategies to Max Accumulator+ III—Nasdaq-100® providing exposure to technology and growth-oriented companies, and S&P 500® High Bonus offering a bonus feature designed to support accumulation in varying market conditions.2 Max Accumulator+ III now offers five index crediting strategies to achieve greater diversification across market exposures and meet a wider range of customer needs, while maintaining the product’s built-in protections from market loss.3
The latest enhancements to Max Accumulator+ III also support growth potential, helping customers achieve future financial goals with increased cash value over time. Compared to prior product versions, these changes incorporate structural improvements intended to strengthen long-term accumulation.
“Customers are looking for solutions that provide protection today while helping them build more financial flexibility for the future,” said Eric Tarnow, Head of Life Insurance, Corebridge Financial. “With expanded index strategy options and improved cash value potential, Max Accumulator+ III gives customers more choice in how they build policy value over time and helps support the product’s long-term, tax-deferred growth.”
Max Accumulator+ III already features several optional living benefits, including a rider designed to turn a policy’s cash value into a guaranteed lifetime income stream, as well as another that can help cover qualifying chronic illness and care expenses. Some policies may be eligible for Agile Underwriting+, the Corebridge accelerated underwriting process enabling faster decisions without a medical exam, lab work or an attending physician statement.
Policies issued by American General Life Insurance Company (AGL), Houston, TX, except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). Policy Form Numbers: ICC22-22191, 22191, 23191N, 23191NU; Rider Form Numbers: ICC23-23600, 15600, 13600-5, ICC18-18012, 18012, ICC22-22995, 22995, 14306, 07620, ICC14-14002, 14002, 15996, 15997, ICC15-15994, 15994, ICC18-18004, 18004, ICC23-23602, 15602, ICC23-23603, 15603, ICC23-23604, 15604, 17600N, 18012N, 22995N, 13601N, 07620N, 14002N, 15996N, 18004N, AGLA 04CHIR-CA (0514), AGLA 04CRIR, AGLA 04TIR. AGL does not solicit, issue or deliver policies or contracts in the state of New York. Guarantees are backed by the claims-paying ability of the issuing insurance company, and each company is responsible for the financial obligations of its products. Products may not be available in all states and features may vary by state. Please refer to the policy for more information.
All companies above are wholly owned subsidiaries of Corebridge Financial, Inc. Corebridge Financial and Corebridge are marketing names used by these companies.
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional.
An Accelerated Death Benefit Rider (ABR) is not a replacement for Long Term Care Insurance (LTCI). It is a life insurance benefit that gives you the option to accelerate some of the death benefit in the event the insured meets the criteria for a qualifying event described in the policy. Some ABRs are conditioned upon the insured not being able to perform two or more of the activities of daily living or being cognitively impaired. The activities of daily living are bathing, continence, dressing, eating, toileting, and transferring. This ABR pays proceeds that are intended to qualify for favorable tax treatment under section 101(g) of the Internal Revenue Code. The federal, state, or local tax consequences resulting from payment of an ABR will depend on the specific facts and circumstances, and consequently advice and guidance should be obtained from a personal tax advisor prior to the receipt of any payments. ABR payments may affect eligibility for, or amounts of, Medicaid or other benefits provided by federal, state, or local government. Death benefits and policy values, such as cash values, premium payments, and cost of insurance charges if applicable, will be reduced if an ABR payment is made. ABR payments may be limited by the contract or by outstanding policy loans.
Nasdaq®, Nasdaq-100 Index®, NDX®, and Nasdaq Stock Market® are registered trademarks of Nasdaq, Inc. and its affiliates and are licensed for use by American General Life Insurance Company (“AGL”). AGL’s Products (the “Products”) have not been passed on by Nasdaq, Inc. or its affiliates as to their legality or suitability. The Products are not issued, endorsed, sold, or promoted by Nasdaq, Inc. or its affiliates. Nasdaq, Inc. and its affiliates make no warranties and bear no liability with respect to the Products.
Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence, consult a financial professional and carefully evaluate companies before investing.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC (‘‘SPDJI’’) and has been licensed for use by AGL and affiliates. Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (‘‘S&P’’); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (‘‘Dow Jones’’); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by AGL and affiliates. AGL and affiliates’ products are not sponsored, endorsed, sold, or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than $380 billion in assets under management and administration as of March 31, 2026, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us onLinkedIn.
1 Corebridge Financial, Understanding Life Insurance Needs, August 2025.
2 The Nasdaq-100 strategy is available in all states except California and New York.
3 Policies issued in New York offer two index crediting strategies.
LANSING, Mich.–(BUSINESS WIRE)– Jackson National Life Insurance Company (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), has been named the 2026 Annuities Provider of the Year by InvestmentNews. The award recognizes the annuity provider or insurance carrier that has displayed leadership in delivering value to financial professionals and their clients in product innovation, education, service excellence and operational effectiveness.
“Jackson is honored to be recognized by InvestmentNews for our commitment to supporting financial professionals and their clients with the goal of helping them achieve financial freedom for life,” said Alison Reed, EVP, Head of Distribution, Jackson National Life Distributors LLC (JNLD), the marketing and distribution business of Jackson. “This award reflects the strength of our organization, from our innovative and diversified product offerings and award-winning service to the strong relationships we’ve built with our distribution partners. Most importantly, it is a testament to the dedication of our associates, whose contributions every day deliver meaningful value to those we serve.”
This award highlights Jackson’s continued focus on meeting evolving customer needs and the increasing demand for annuities through its differentiated product offerings, broad distribution network and a strong foundation of service excellence. Jackson enhanced and expanded its product lineup in 2025, launching the third generation of its RILA suite, Jackson Market Link Pro® III, and introducing the Jackson Income Assurance℠ Suite, a fixed index annuity (FIA) with an embedded guaranteed minimum withdrawal benefit (GMWB). (Jackson also recently launched the fourth generation of its RILA suite, Jackson Market Link Pro® 4 in June of 2026.) The company remains dedicated to enhancing the experience for financial professionals, launching a new website in 2025 that offers expanded digital capabilities, personalized tools and resources, equipping them with the knowledge and support to navigate an evolving retirement landscape with confidence.
Jackson’s industry-leading force of annuity wholesalers provides financial professionals with timely, personalized support, education and guidance on product features, positioning and how products can align with varying client goals. Known for its best-in-class customer support, Jackson was awarded “Highest Customer Service – Financial Industry” for the 14th consecutive year in 2026 by Service Quality Measurement Group, Inc. (SQM). Combined, these efforts reinforce Jackson’s role as a trusted partner to financial professionals and their clients.
The 2026 InvestmentNews Awards event, which took place on June 24 at the Edison Ballroom in New York City, celebrated the professionals and firms displaying excellence in the financial services industry.
ABOUT JACKSON
Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
*SQM (Service Quality Measurement Group) Call Center Awards Program for 2004 and 2006-2025. (Criteria used for Call Center World Class FCR Certification is 80% or higher of customers getting their contact resolved on the first call to the call center (FCR) for three consecutive months or more.)
Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).
GENERAL DISCLOSURES
Jackson, its distributors, and their respective representatives do not provide tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used and cannot be used for the purpose of avoiding U.S. federal, state, or local tax penalties. Tax laws are complicated and subject to change. Tax results may depend on each taxpayer’s individual set of facts and circumstances. You should rely on your own independent advisors as to any tax, accounting, or legal statements made herein.
Annuities are long-term, tax deferred vehicles designed for retirement and are insurance contracts. Variable annuities and registered index-linked annuities involve investment risks and may lose value. Earnings are taxable as ordinary income when distributed. Individuals may be subject to a 10% additional tax for withdrawals before age 59½ unless an exception to the tax is met.
Guarantees are backed by the claims-paying ability of Jackson National Life Insurance Company or Jackson National Life Insurance Company of New York. They are not backed by the broker/dealer from which this annuity contract is purchased, by the insurance agency from which this annuity contract is purchased or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of Jackson National Life Insurance Company or Jackson National Life Insurance Company of New York.
This material is authorized for use only when preceded or accompanied by the current contract prospectus. Before investing, investors should carefully consider the investment objectives and risks of the registered index-linked annuity. This and other important information is contained in the current contract prospectus at Jackson.com/ProspectusJMLP2NY for the Jackson Market Link Pro II (New York) prospectus, Jackson.com/ProspectusJMLPA2NY for the Jackson Market Link Pro Advisory II (New York) prospectus, Jackson.com/ProspectusJMLP3 for the Jackson Market Link Pro III prospectus, Jackson.com/ProspectusJMLPA3 for the Jackson Market Link Pro Advisory III prospectus, Jackson.com/ProspectusJMLP4 for the Jackson Market Link Pro 4 prospectus, Jackson.com/ProspectusJMLPA4 for the Jackson Market Link Pro Advisory 4 prospectus, Jackson.com/ProspectusJMLP4NY for the Jackson Market Link Pro 4 (New York) prospectus, or Jackson.com/ProspectusJMLPA4NY for the Jackson Market Link Pro Advisory 4 (New York) prospectus.
Jackson, its distributors, and their respective representatives do not provide tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used and cannot be used for the purpose of avoiding U.S. federal, state, or local tax penalties. Tax laws are complicated and subject to change. Tax results may depend on each taxpayer’s individual set of facts and circumstances. Clients should rely on their own independent advisors as to any tax, accounting, or legal statements made herein.Jackson Market Link Pro III and Jackson Market Link Pro Advisory III are not available in New York.
Registered index-linked annuities (contract form numbers ICC24 RILA300, ICC24 RILA300-CB1, ICC24 RILA302, ICC24 RILA302-CB1, ICC24 RILA305, ICC24 RILA305-FB1, ICC24 RILA307, ICC24 RILA307-FB1, ICC25 RILA310, ICC25 RILA310-CB1, ICC25 RILA312, ICC25 RILA312-CB1, ICC25 RILA315, ICC25 RILA315-FB1, ICC25 RILA317, ICC25 RILA317-FB1) are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and in New York (contract form numbers RILA290NY, RILA290NY-CB1, RILA292NY, RILA292NY-CB1, RILA295NY, RILA295NY-FB1, RILA297NY, RILA297NY-FB1, RILA310NY, RILA310NY-CB1, RILA312NY, RILA312NY-CB1, RILA315NY, RILA315NY-FB1, RILA317NY, RILA317NY-FB1) by Jackson National Life Insurance Company of New York (Home Office: Purchase, New York) and distributed by Jackson National Life Distributors LLC, member FINRA. May not be available in all states and state variations may apply. These products have limitations and restrictions, including withdrawal charges or market value adjustments. Market value adjustments are not applied in New York. Jackson issues other annuities with similar features, benefits, limitations, and charges. Discuss them with your financial professional or contact Jackson for more information.
FIXED INDEX ANNUITY DISCLOSURES
Fixed index annuities are also referred to as fixed annuities with index-linked interest in the contract.
Fixed index annuities are not available in New York.
The latest maturity date or income date allowed under an annuity contract is age 95, which is the required age to annuitize or take a lump sum.
Fixed index annuities (contract form numbers FIA280, FIA280-CB1, ICC25 FIA280, ICC25 FIA280-CB1, FIA285, FIA285-FB1, ICC25 FIA285, ICC25 FIA285-FB1) are issued by Jackson National Life Insurance Company (Home Office: Lansing, Michigan) and distributed by Jackson National Life Distributors LLC. These products are fixed annuities that do not participate in any stock or equity investments and have limitations and restrictions, including withdrawal charges and/or market value adjustments (MVA). During the withdrawal charge period and/or MVA period, the annuity’s withdrawal value may be less than the initial premium. Additional premium is permitted in the first contract year. For costs and complete details, contact Jackson. Premium payments are flexible in the first contract year only, subject to contract minimums and maximums. Subsequent premiums will remain in a fixed account until the first contract anniversary. No premium payments will be accepted after the first contract anniversary.
All indexes are unmanaged and not available for direct investment. The payment of dividends is not reflected in the index return.
The design of these annuity contracts emphasizes the protection of credited interest rather than the maximization of interest rate crediting. Jackson issues other annuities with similar features, benefits, limitations, minimum Caps/Rates, and charges. Similar products with different features, limitations and with either higher or lower Caps/Rates may be available through other broker-dealers. Fixed annuities with index-linked interest may not be suitable for everyone.
Products and features may be limited by state availability, and/or your selling firm’s policies and regulatory requirements (including standard of conduct rules).
1 Jackson National Life Insurance Company is a wholly owned subsidiary of Jackson Financial Inc. Jackson Financial Inc. is a publicly traded company.
After decades of building wealth, families start asking a different set of questions about what comes next.
Bill Levinson
In advanced markets, that question tends to surface once a full balance sheet is on the table.
A closely held business’ appreciated real estate, concentrated positions and a life insurance policy that hasn’t been reviewed in years often tell the same story: The assets are strong. The strategy around them hasn’t kept pace.
Consider a family whose estate includes a $12 million operating business and several million dollars in real estate. On paper, the balance sheet looks solid, yet liquidity is limited to covering estate taxes without forcing a sale.
A scenario like this shows up more often than expected, and once it surfaces, decisions tend to accelerate. Irrevocable life insurance trusts are returning to the center of these discussions because they solve that exact situation. Liquidity becomes available when it’s needed, and control over how wealth transfers stays intact.
Why ILITs are gaining renewed attention
Estate tax exposure grows alongside asset values, business expansion and long-term appreciation across portfolios.
The IRS broadly defines a taxable estate to include cash, securities, real estate, insurance, trusts, annuities and business interests. A definition that expands increases the likelihood that estates will exceed thresholds, particularly when illiquid assets represent a large share of the estate’s total value.
Federal exemption levels have climbed to $15 million in 2026, yet state-level estate taxes continue to apply at much lower thresholds in many areas.
Across advanced planning strategies, urgency tends to build once families see how much of their estate is exposed. Preparation carries more weight than waiting at that stage.
How structure creates control and flexibility
An ILIT separates ownership of the life insurance policy from the insured, allowing the death benefit to pass outside the estate when structured correctly.
Liquidity becomes available when needed, without forcing the sale of long-term assets or disrupting broader planning goals.
Second-to-die policies continue to play a central role in larger estate plans because they align with how estate tax liability is triggered. Premium allocation becomes more efficient, and coverage aligns with the timing of tax exposure.
Families with more complex balance sheets are also exploring premium financing strategies to preserve capital while maintaining flexibility. Coordinating those strategies requires alignment across financial professionals, and the strongest outcomes consistently come from well-orchestrated and properly credentialed professional teams.
Execution matters more than design
ILIT strategies require precision, and small missteps can create unintended consequences. Common areas where execution breaks down include, but are not limited to:
Improper administration of Crummey notices, which are used to give beneficiaries temporary access to gifted funds, so contributions qualify for annual gift tax exclusions.
Retaining elements of ownership that bring policies back into the estate.
Overlooking the three-year lookback period when transferring existing policies.
Inconsistent funding strategies that weaken long-term results.
Getting these details right determines whether the strategy works.
Advanced planning rarely hinges on introducing new ideas. Results come from consistently executing proven strategies with attention to detail.
What does this mean in practice?
Planning at this level requires more than product knowledge. Families expect guidance that connects tax exposure, liquidity, protection and legacy goals into a cohesive strategy.
Time spent working alongside advanced sales teams continues to show how quickly confidence builds when structure is clear and coordination is strong. A well-designed ILIT often serves as the anchor that enables other parts of the strategy to function more effectively.
Clear alignment naturally opens the door to broader conversations, including business succession, multigenerational wealth transfer and charitable intent.
Preparation creates the advantage
Estate planning becomes more effective when decisions are made early and carried through with discipline.
The next most practical step is to review existing policies and ownership structures. Many estate plans already include life insurance that was purchased for a different purpose or at a different stage of life. Repositioning those assets within a coordinated structure can create immediate value.
Look at the balance sheet the way families do. Where is liquidity today, and where will it be needed later? How will assets transfer without disrupting what has been built? Strong preparations answer those questions before they become urgent.
Start with a review. Bring the right financial professionals into the conversation. Build a structure that supports the outcome families are working toward.
Real value shows up when the strategy becomes tangible and actionable.
