American General’s Max Accumulator+ and AG Platinum Choice VUL 2 policies that fall within predetermined guidelines will be processed with non-medical underwriting! This process, available to proposed insureds ages 0-50 for death benefit amounts up to $499,999, shortens the underwriting cycle time for many of your healthy clients. For those who qualify, the application process will be less intrusive: no physical exam, no APS, no lab tests, and no paramed exams! All living benefits and rate classes will be available. This includes American General’s Table Shave program (Table 2 to Standard) for your mildly impaired clients! | more
When your clients buy life insurance with the John Hancock Vitality Program, they can earn an Apple Watch Series 3 for as little as $25! It is a great way to provide them with motivation to live a healthy life and a tremendous sales opportunity for you. The Apple Watch Series 3 benefit is available to your clients on all permanent and term policies issued with John Hancock Vitality. | more
Annuities can be tricky assets to pass on because they receive no step-up in cost basis at death. However, Lincoln National’s i4LIFE Indexed Advantage can provide unique legacy planning strategies with the option for beneficiaries to elect first-in, first-out (FIFO) taxation. i4LIFE is an optional feature available for an additional cost exclusively with Lincoln fixed indexed annuities. | more
Effective April 1, 2018, Genworth suspended sales of individual long-term care insurance in Florida. Genworth is working on innovative new products in long-term care insurance, life insurance and annuities, and, in consultation with the State of Florida, will seek to re-enter the Florida market in the future. This change will not affect existing life, annuity or long-term care policyholders.
The Wamberg Genomic Advisors Cancer Guardian program is now live! The Cancer Guardian program is available to any proposed insured approved on or after March 1, 2018, for a life insurance policy through The Brokers Network and will be free of charge for the first year. In addition, your client’s spouse/companion and their dependent children under the age 26 are eligible to participate for a small fee.
Cancer Guardian gives your client access to leading comprehensive cancer genomic profiling at no additional charge in the unfortunate event they are diagnosed with cancer. The genomic profiling will identify the genetic makeup of the cancerous tumor and provide your client’s healthcare providers with additional information to aid them in creating a targeted plan of care. As one in four cancers are misdiagnosed, this genomic profiling could save your client’s life! | Cancer Guardian details
We are pleased to inform you the Fifth Circuit Court of Appeals decided to vacate the Department of Labor’s Fiduciary Rule. A number of procedural matters must still occur before the decision is final. The Department of Justice has 45 days to request a rehearing by the Fifth Circuit. If a rehearing is not requested or is denied, the Fifth Circuit will issue a mandate in early May making its decision fully effective. The Department of Justice also has 90 days to appeal the decision to the Supreme Court. Until this all gets sorted out, please continue to use PTE 84-24 disclosure paperwork for your life and annuity transactions involving qualified money.
Sample PTE 84-24 Disclosure
Lincoln National has announced pricing updates to Lincoln LifeElements Level Term which will improve competitive positioning in key cells at ages 45 and above with face amounts of $500,000 and above. This update includes a mix of both premium decreases and increases. Applications currently in underwriting and those received by May 10, 2018, will be issued with the lower of the new or older rates. Applications submitted on or after May 11, 2018, will be issued with the new rates.
Banner Life and William Penn of NY have introduced new OPTerm term life insurance rates effective February 26, 2018. For all ages, classes, amounts, and durations, OPTerm pricing for Banner Life ranks first 78% of the time. In New York William Penn pricing ranks first 87% of the time! The new rates include both increases and decreases with a majority of the changes being decreases. Applications currently pending and those submitted by March 28, 2018, will be issued with the lower of the new or older rates. Applications submitted on or after March 29, 2018, will be issued with the new rates. | more
One size does not fit all when it comes to life insurance underwriting. The new Protective Life Underwriting Solution (PLUS) is designed to underwrite applicants with the least invasive requirements possible, giving them the potential to qualify for accelerated underwriting. Available for both Protective Classic Choice and Protective Custom Choice term plans, PLUS could speed your clients through the underwriting process with no labs or APS’s required. Please note that not all your clients will qualify for PLUS. To qualify, they must meet certain requirements with regards to their general health, lifestyle and personal characteristics. | more
Seems like everywhere we turn, the topic of millennials is not far away. They are influencing the news, education, economy and much more. But not all millennials are created equal. As this group grows older, they are buying houses, becoming parents, owning businesses and evaluating their finances. Principal is focusing on a particular segment of millennials with growing potential. They have conducted interviews with them to get a better understanding of their priorities and habits. Principal has created a market profile that outlines the key things you need to know about these consumers in your local communities. | more