Over the course of four phases, Genworth will be increasing premiums by 98.1% on inforce Privileged Choice and Classic Select long-term care (LTC) policies issued in Florida. The first phase will be a 25.6% premium increase and will apply only to individual policies with issue ages of 18-70.
While this is terrible news, do not let this discourage you from recommending LTC protection to your clients. We have many plans offering LTC protection with both guaranteed premiums and guaranteed benefits. Contact us for more information on the new generation of LTC options.
The Prudential Rate Reduction program allows certain Table A and B rated applications to be moved to Standard. This underwriting advantage is available to all fully underwritten proposed insureds ages 20-70 applying for $100,000 to $5,000,000 of death benefit coverage. Covering term, universal life and variable life, this program is not a table shave program and only applies to certain ratable impairments where underwriting experience allows for an improved offer. As such, not all cases eligible for the program will see a reduction in the assessed rating (even if the impairment appears on the eligible list). The program does cover some non-medical risks such as private aviation and recreational scuba diving. | more
We have updated the Term Warehouse with Protective’s new Income Provider Option (IPO) discount factors. While available on both the Custom Choice (a term-like UL plan) and Classic Choice Term, we are currently only presenting IPO on Custom Choice. With the IPO rider, your clients can convert the lump sum death benefit to a guaranteed income stream for up to 30 years. This makes IPO one of the best options available to meet your clients’ income replacement needs. Add Waiver of Premium to the mix and Custom Choice with IPO becomes one of the best life insurance values for your clients. Be sure to ask for IPO on your next income replacement sales opportunity.
Over the last few weeks, several life insurance companies have introduced new term rates. These companies include:
- AXA Equitable
- Banner Life
- Life of the Southwest
- Lincoln National
- National Life
- Savings Bank Mutual Life of Mass
- William Penn of NY
In addition, we have welcomed Zurich back into our portfolio. With all these changes, please make sure you have the most up-to-date term rates before meeting with your clients. Do not hesitate to contact us if you need an updated Term Warehouse presentation.
John Hancock is taking the Vitality Program to the next level with the new HealthyMind benefit. Now your clients can save money and get rewarded by meditating and getting a good night’s sleep. And recognizing the strong connection between healthy finances and overall wellness, John Hancock has also expanded the John Hancock Vitality Program to provide Financial Fitness content to your clients, including helpful tips for planning and saving. HealthyMind is just another way John Hancock is adding value to your life insurance recommendation, while helping your clients have a healthy mind, a healthy body, healthy finances and a healthy life. | more
Securian values the important role you play in helping clients achieve financial security – and that is why they are refreshing their look and investing to build the visibility of their brand beginning. This significant investment reinforces their commitment to the markets they serve and will help their businesses to better align, unify the customer experience and enhance their brand recognition among consumers. And for you, a more recognizable Securian Financial brand means you can spend less time explaining who they are and more time focusing on your clients and their needs. | more
After all the dust from the last-minute legal wrangling settled, the ruling by the 5th Circuit Federal Court of Appeals vacating the Department of Labor Fiduciary Rule (the Rule) finally took effect on May 7th, 2018. The Rule, and all of its associated prohibited transactions, including the Transition Best Interest Contract Exemption, are removed from the list of Federal regulations and no longer apply. | more
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