Effective October 15, 2020, Savings Bank Mutual Life (SBLI) increased the maximum face amount for their unique Accelerated Underwriting process, which is guaranteed for anyone ages 18-60, from $500,000 to $750,000 all risk classes. The process is available on all SBLI term and whole life insurance products and provides expedited underwriting with no in-person contact to maximize social distancing.
Posts by Brian Schaefer:
The Brokers Network recently enhanced their fixed annuity portfolio with the additions of Oceanview Life & Annuity and Oxford Life. Though completely unrelated companies, Oceanview and Oxford Life were both established west of the Mississippi in 1965. Oceanview and Oxford Life have relatively new product portfolios so they are not strained by old blocks of business in this near 0% interest rate environment. We invite you to learn more about these new options and how their guaranteed fixed annuity solutions can help your clients.
As of July 3rd, Examination Management Services Inc. (EMSI) ceased the processing of insurance interviews, paramed exams, medical records and all related services. This sudden and unexpected announcement is creating service issues across the entire life insurance industry. The Brokers Network is working closely with affected life insurers and their service providers regarding all underwriting requirements previously assigned to EMSI.
Any requirements we are handling on your behalf are in the process of being re-ordered. If you ordered any medical records or insurance exams directly with EMSI, you must place new orders with a different service provider. If you would like assistance in re-ordering these requirements, please let us know. | more
Following the close of the June 1, 2020, acquisition by Fidelity National Financial, F&G is pleased to report financial strength ratings upgrades for its primary operating subsidiaries from S&P Global Ratings, Moody’s Investors Service and Fitch Ratings. Already a significant fixed indexed annuity carrier as a top 10 provider (top 3 in the IMO channel), these upgrades for F&G are a testament to the benefit of Fidelity National Financial’s ownership and will help power F&G’s future growth.
In conjunction with LIBRA Insurance Partners, we are making available to you and your staff a free course on the best practices of working from home by LOMA, an international trade association for the insurance and financial services industry. Employees who work from remote locations need vital skills to succeed in a non-traditional work environment. This 60-minute course equips virtual workers with the skills they need to remain productive, focused and connected. The course is full of activities and takeaways including self-assessments, checklists and job aids. In addition, the course will review case studies and real-life scenarios to help you and your staff work more efficiently from home. | more
The New York State Department of Financial Services Regulation 187 requires producers and insurers to implement a process that ensures they are acting in the consumer’s best interest when recommending life insurance policies issued in New York. This regulation goes into effect on February 1, 2020, and includes many new guidelines and training requirements. If you write life insurance in New York, you must complete all required training prior to soliciting and submitting any new business on or after February 1, 2020. We encourage you to complete your training as soon as possible to avoid any unnecessary delays in the processing of your life insurance applications. | FAQ | Training
As of January 1, 2020, all life insurance plans available for sale must be priced based on the 2017 Commissioners’ Standard Ordinary mortality table (2017 CSO) and be subject to Principle Based Reserving (PBR). Because of these requirements, insurance companies will be revising their most popular plans and retiring the balance. Any pending application for a plan that has not been revised to meet the new standards or is being retired must be placed inforce prior to January 1, 2020. There will be no exceptions. The Brokers Network will keep you updated on announced company guidelines and your affected pending life insurance business. | current guidelines
Did you know that 55% say most people need long-term care insurance (LTCi), yet only 15% own it? This is according to the 2019 Insurance Barometer Study by Life Happens and LIMRA. That stat underscores how important it is to get the word out to your clients and prospects about the value of having LTCi in place before it is needed. But as we know, your clients who need it are not all alike, so the way that you communicate with them should be as distinct as they are. To help you do that, Life Happens has expanded its suite of LTCI resources that you can begin using now, for November’s Long-Term Care Insurance Awareness Month and beyond. | more
In evaluating their current situation, Brighthouse Financial has decided to close Premier Accumulator Universal Life and Guaranteed Level Term to new sales effective September 27, 2019. This change has no bearing on term conversions as the Conversion Whole Life plan will continue to be available. While we are disappointed by this announcement, we look forward to what Brighthouse will be bringing to the marketplace in 2020.