John Hancock Protection IUL Offers Powerful Living Benefits
John Hancock has been a leader with their Long-Term Care rider while also rewarding customers for healthy choices with the Vitality program. And now, their Critical Illness Benefit rider is raising the bar for comprehensive coverage. The new rider pays a lump-sum income tax-free benefit that is separate from – and in addition to – the death benefit. Protecting your clients during their working years and in retirement has never been more important, so John Hancock has made it easy and affordable to do both. | more
Mutual’s IUL Illustration Rates Increase Slightly
Effective February 1, 2019, the maximum illustration rates on Mutual of Omaha’s Income Advantage IUL and Life Protection Advantage IUL increased slightly. While the increases are slight, this is good news considering that most companies are going in the opposite direction with lower index caps, participation rates and illustration rates. | more
Lincoln VUL Underwriting Upgrade
Lincoln National is now offering an enhanced underwriting program to strengthen the competitive value of their industry leading suite of Variable Universal Life (VUL) products. For VUL cases fully underwritten at standard or better and placed by December 31, 2018, Lincoln is offering a one-class underwriting upgrade. This upgrade program is available for issue ages 20-80 on all Lincoln single life and survivorship VUL plans excluding the AssetEdge Exec VUL and policies issued in New York. | more
Genworth 98% LTC Premium Increase in Florida
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.
Prudential Rate Reduction Underwriting Program
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 rating reduction (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
Protective IPO Factors Updated
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.
Introducing HealthyMind from John Hancock
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
A Brand New Day at Securian Financial
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
The Department of Labor Fiduciary Rule is Now Vacated
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
New Non-Medical Underwriting on AIG IUL and VUL
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