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Introducing Columbus Life

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The Brokers Network is proud to announce our newest addition, Columbus Life Insurance Company. Founded as Columbus Mutual in 1906, Columbus Life is a member of the highly rated Western & Southern Financial Group and is licensed to offer life insurance in all states except New York. Columbus Life offers 10-, 15-, 20- and 30-year Nautical Term but is most known for their cash-value portfolio of fixed and indexed universal life with living benefits. Look for more information to follow in the coming weeks.

Zurich Closing Term and IUL to New Sales

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Effective February 1, 2023, Zurich is closing their Wealth Builder IUL, Select IUL, Survivor IUL and Zurich Term to new sales. To preserve one of these plans for your clients, applications must be received by January 31, 2023, and placed in force with premium by March 28, 2023. While we are disappointed by this news, we look forward to the unveiling of Zurich’s new simplified underwriting term life portfolio in 2023.

Expanded Quoting Options on Website

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We have expanded the quoting options on our website with the addition of Principal disability and the final expense, long-term care, cancer, critical illness and express issue life insurance plans issued by Mutual of Omaha. These can all be found by clicking on Illustrations from the menu after logging in. Look for additional enhancements to our website in the coming weeks.

American National Merger Announcement

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On August 9, 2021, American National Group, Inc. and Brookfield Asset Management Reinsurance Partners Ltd. announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire American National in an all-cash transaction valued at approximately $5.1 billion. Following closing, Brookfield Reinsurance intends to maintain American National’s headquarters in Galveston, Texas, as well as its existing operational hubs in Texas, Missouri and New York. Jim Pozzi, President and CEO of American National, said, “This is an energizing moment in American National’s history. Our two companies share a long-term view of building strong, enduring businesses. Brookfield Reinsurance has been very clear: they want us to continue to grow our business”. The transaction is expected to close in the first half of 2022, pending regulatory approvals and other customary closing conditions.  |  more

Value+ Protector IUL Now Available Without an Exam

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American General’s Value+ Protector II IUL joins the Max Accumulator+ II IUL on American General’s non-medical underwriting program. This program is available for issue ages 0-50 for up to $1,000,000 of death benefit coverage for both non-smokers and smokers. For those who qualify, the application process will be less intrusive with no paramed exams, no APS and no lab tests. 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

Indexed Universal Life Changes

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Actuarial Guideline 49 (AG-49) was adopted by the National Association of Insurance Commissioners (NAIC) in 2015 to bring uniformity to indexed universal life (IUL) illustrated rates. A revised version known as AG-49A was approved by the NAIC earlier this year to address illustrated rates for the latest innovations of IUL products, including multiplier and buy-up features. To comply with AG-49A, life insurance companies are either modifying their existing IUL products or introducing new IUL products this month. If you have any outstanding sales opportunities, we encourage to submit your applications by November 19, 2020, or contact us for updated illustrations that will comply with AG-49A.

2017 CSO and PBR Product Changes

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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

September is Life Insurance Awareness Month

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To make sure Americans are reminded of the need to include life insurance in their financial plans, the nonprofit organization Life Happens coordinates Life Insurance Awareness Month. Each September Life Happens is joined in this educational initiative by more than 100 of the nation’s leading insurance companies and industry groups. Throughout September, The Brokers Network will be highlighting various life insurance products and the benefits they offer your clients.

John Hancock Protection IUL Offers Powerful Living Benefits

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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

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The Brokers Network | 431 East Horatio Avenue, Suite 210, Maitland, Florida, 32751 | 800-749-9900 | 888-749-5040 (fax)
In California, The Brokers Network does business as TBN Insurance Agency (CA license # 6007674)
Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080. The Brokers Network is not affiliated with The Leaders Group, Inc.

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