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.
John Hancock’s Protection Term and Vitality Term are now available in Vive. Vive is an exclusive term life insurance submission platform only available to LIBRA Insurance Partners and also includes term products offer by American General, Banner Life, Cincinnati Life, Lincoln National, Pacific Life, Principal, Protective, Prudential, United States Life NY, William Penn NY and now John Hancock. Vive simplifies the submission of your term life business with a fairly uniform process with only a few variations from company to company. To learn more about Vive or to schedule a demo, contact Joe Mack at 800-749-9900, ext. 150.
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.
American National has arrived at the purposeful decision to cease term life sales at this time. As of 12/1/2022, American National will no longer accept applications for Signature Term Life Insurance. This announcement does not affect any conversion privileges or reinstatement privileges on existing term policies. | more
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.
Effective February 1, 2022, all agents who are assisting their clients with qualified rollovers to Individual Retirement Accounts, annuities, and defined contribution plans, defined benefit plans or who are selling qualified life insurance and annuity products to such plans must comply with the requirements of Prohibited Transaction Exemption (PTE) 84-24 and the Impartial Conduct Standards. New disclosure forms will be required for any tax-qualified annuity product sold. In addition, many of the annuity product disclosures will be updated to reflect the Department of Labor changes. Please make sure you are only using the most current paperwork when submitting new business. Please contact Kevin McNulty at 800-749-9900, ext. 143, for more information.
American General and United States Life NY are now offering Accelerated Underwriting through Vive for all Select-a-Term guarantee periods in all states. The process is available for issue ages 20-59 for a maximum face amount of $1,000,000. Currently, American General’s accelerated underwriting processes for term and IUL are separate so please contact us prior to submitting for situations where both term and IUL are being applied for with American General or United States Life NY.
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
The Brokers Network is proud to announce our newest addition, MassMutual. Rated A++ (Superior) by A.M. Best, MassMutual is a Forbes 500 company with over $300 billion in assets and over $830 billion of protection inforce. Contact us for more information on MassMutual’s portfolio of whole life, term life, guaranteed universal life, disability and long-term care products.
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