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March 24, 2015 – March 30, 2015
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Important Updates Announcing valuable enhancements to AG Quick Ticket, including new submission steps and streamlined processes for Go/No Go. Learn About a New Financial Trifecta Solution While most insurance policies lock-in cash value, Value+ IUL includes two completely unique provisions for accessing excess cash value in the policy without reducing the initial death benefit. How to Leverage Life Insurance for Longevity Your customers have multiple needs. Find out how to offer multi-faceted solutions after reading this recent article by U.S. Head of Life Insurance for AIG Consumer Insurance, Rod Rishel. Harnessing the Power of IUL with a Chronic Illness Rider Download our latest sales idea, which leverages upside potential and downside protection of an IUL with an indemnity-based chronic illness rider. No More Sticker Shock Clients with medical risks can still save money with AG Select-a-Term’s competitive new rates and 17 available term durations. Our Table C and D premiums often beat premiums for lower table ratings among leading carriers. State Approval American Pathway DIA with QLAC Option State: Mississippi Effective: March 20, 2015
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Accordia Life Will Update Rates in April In April, Accordia Life will implement new crediting rates and new cap rates on indexed strategies for its universal life and indexed universal life products. For in-force business, Athene will implement new cap rates and crediting rates for its indexed universal life (IUL) products. These changes impact the in-force business sold as Athene (or Aviva), and business sold under the Accordia Life brand since May 1.
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MetLife's Underwriting Program, Enhanced Rate Plus, Continues MetLife's Enhanced Rate Plus program, the newest underwriting program designed to boost your clients' rating classes without undergoing labs or exams¹ will be continued thanks to its tremendous success. Since the program launched in January, 9 out of 10 eligible clients who use the program were given best class rating. Even better, Enhanced Rate Plus has reduced the average underwriting decision time from over 20 days to less than 5 days for 70% of clients who apply via tele-app. eDelivery of Life Policy Documents Available to More Clients Beginning in March As part of our continued efforts to improve client satisfaction, add value to their online experience and conserve paper, we are offering eDelivery of life policy statements to additional clients. Beginning late March 2015, clients with select Universal Life and Variable Universal Life policies can receive statements, bills and other documents through MetOnline/eSERVICE rather than mail, allowing for faster receipt. Future roll-out phases will allow clients with other types of life policies to receive eDelivery of documents. eDelivery is free for clients.
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Effective Immediately: ABR Rider Requirement on NY Policies Effective immediately, the state of New York requires that the Accelerated Benefit rider (ABR) be included on all life insurance policies issued in the state of New York, with the exception of survivorship products (ABR is not available on survivorship). As a result of the state's requirement, the Application Supplement – Accelerated Death Benefit Rider (NB3518NY 1/2005) is required to be completed, signed and submitted to Home Office for all New York policies (with the exception of survivorship). -
The policy will not be issued until receipt of the Application Supplement.
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Interest Rates for April Changes for ANICO: • All new money rates do not change • The NAIC index rate remains at 1.00% • Variable Loan Rate changed from 4.15% to 3.80% Changes for NY: • All new money rates do not change • The NAIC index rate remains at 1.00% Maximum SPIA Premiums $2million for any Life Contingency; $1million for Period Certain. Top Rates, All the Plans, Top Comp and even Liquidity after 3 years in all states (except MN, NE, NJ, OR, WA). TERM with Living Benefits Did you know that American National has living benefits at no upfront cost on ALL of our life products including Term? Also, when filing a Living Benefit Claim, we do not require a doctor to certify that it is a permanent condition! Another reason to consider working with ANICO. (NOTE: Terminal Illness Rider only in CA, CT and NY) Table Shave Program All Ages to Max Face of $99,999 -
Table 4 to Standard on Executive UL product only -
this is our GUL offering when using the Coverage Continuation Rider -
Max Issue Age 85; Minimum Face $25k
ANICO Strategy Indexed Annuity (ASIA+) Index 4.25% Cap on a 1 Year Point to Point, 100% Participation using the S&P 500 Index and 11 other buckets with most competitive income riders. (Not available in NY). See attached agent ad. ANICO Sales Concept How to spot a referral for annuities Simplified Issue for Employer Groups Non-Med up to $250k Face, 10 lives minimum, Term, UL and Whole Life with Living Benefits (note: no Whole Life in NY); see attached agent ad. Pensions – This is Your Game Changer Turnkey, Low Fees, Underserved Market, Sell More Life and/or Annuities! (available in All States except NY). See attached client-approved ad. New Stretch IRA Concept With ANICO’s Stretch IRA Concept, an individual extends the period of tax deferral beyond the lifetime of the original account holder, typically over two generations. The benefit of stretching an IRA is that tax deferred growth is maximized by owners taking minimal distributions allowing the IRA to build up for the next generation. When the IRA owner does not need all of the funds from the IRA and wants to create a legacy for future generations.
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Carve Out a New Market with A-LIST TERM A-List Term is individual term life insurance for highly compensated staff in an organization that already provides group term coverage to its employees. Your brokers may already have contacts in corporations that want to provide their executives, partners and other highly paid employees with benefits more comprehensive than traditional group term. William Penn Garden City Office to Close For several years, LGA has maintained a significant physical office presence with its New York subsidiary, William Penn Life Insurance Company of New York. In today's world, this is no longer the best use of our resources: With so many working remotely, and with so much of our business on digital platforms, a physical office is far less relevant than when underwriters could be visited in a physical location, applications were mailed (not imaged) and commission checks were paper, not electronic fund transfers. As the only company among our competitors maintaining such a home office, we are now at a competitive cost disadvantage Physical office operations will be winding down over the coming weeks at our Garden City location as we transition employees to a remote working environment.
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No Change to April Annuity Interest Rates Annuity interest rates hold firm for April. CLICK HERE to view the fixed annuity interest rates for April Long-Term Care Rate Increase on In-Force Business Long-Term Care insurance (LTCi) is a core product for Mutual of Omaha and we intend to remain a key player in this market for years to come. In order to fulfill this commitment, we actively monitor emerging industry trends as well as our own experience so we can make the adjustments necessary that will allow us to keep our promises to policyholders and remain competitive in the marketplace. For this reason, on June 1, 2015, we will be implementing a rate increase on in-force business in Arizona, Missouri, Nebraska, North Dakota and South Dakota. Impacted blocks of business include only the policies listed below, or their state equivalent, that were sold from 1997 to 2004 (paid-up policies in the affected blocks of business will not be impacted by the rate increase): State Approval New LTCi Portfolio State: Hawaii Effective: April 1, 2015
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Product Update: Incentive Life Legacy III – Rates Available On Monday, March 23rd, AXA released Incentive Life Legacy III, which replaces Incentive Life Legacy II. With this release, targets saw double digit increases and cash values saw double digit decreases, all while retaining less than 10% changes (+ or -) to 8% endowment premiums. The resultant is a stripped down version of the ILL II that holds onto its low-cost competitive edge. Applications can now be submitted, and must be signed March 23, 2015 or later.
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A Total Market Approach, Winning with Women and Multicultural Consumers Prudential utilizes a Total Market Strategy, which encompasses a broad spectrum of consumer and our customers from communities throughout the United States. In addition, segments such as Millennials are included in the Total Market approach because they are among the most diverse populations in U.S. history and represent a multicultural generation. New & Improved BenefitAccess Rider Brochures for CA Our brand new BAR brochures are ready for use with your clients in California. Exciting enhancements have been made to these materials that help make the BAR story easier to tell and more compelling for your customers. Check out Prudential's new consumer brochures. Competitive Underwriting for Clients Not in Optimal Health The Prudential Rate Reduction program has been fully implemented! As a reminder, this program is specific to certain ratable impairments (Table A and B) where underwriting experience allows for an improved offer. See how this program may positively impact the pricing you offer to your clients. Life Insurance in Retirement Planning Strategy Life Insurance in Retirement Planning (LIRP) is a strategy to provide life insurance protection and the potential for supplemental retirement income. Included here is a new LIRP eKit that includes all of the right components right at your fingertips to help you maximize your opportunities in this space and build your practice. Conversion of Hartford Life Insurance Policies to TPA On March 30 2015, Prudential is scheduled to convert the servicing of the Hartford block of life insurance policies to Alliance One, a licensed third party insurance administrator (TPA). Alliance One has a strong track record of providing quality service and we have outlined how firms, brokers, and clients can expect to interact with Alliance One. New Product Changes in Time for the Start of Summer Do you have clients concerned with not living long enough (premature death) and/or living too long (outliving their retirement assets and chronic illness?) On May 1, 2015, Prudential will launch an improved PruLife® Custom Premier II and VUL Protector®. Don't miss our webinar on May 1.
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Athene Annuity (IA) April Rates TargetHorizonSM, Income Preferred, Athene AscentSM, Athene Benefit 10SM and SPIA rates will remain unchanged in April. Highly competitive rates are just one reason to offer Athene Annuity FIAs, income riders and SPIAs. Athene Annuity (DE) April Rates Rates will remain unchanged in April for the ATHENE Choice Series FIAs, ATHENE MaxRate® 7, ATHENE MaxRate 7 EL, ATHENE 7 MYGSM and ATHENE MaxRetireSM (SPIA). Highly competitive rates are just one reason to offer Athene Annuity FIAs, income riders, MYGAs and SPIAs. Additional State Availability for Athene Benefit 10SM We are pleased to announce that the Athene Benefit 10 fixed indexed annuity is now available in Oregon, Louisiana, Maryland, Pennsylvania, and Washington. With the addition of these 5 states, Athene Benefit 10, with its unique Enhanced Benefits Rider, is now available in 48 states and the District of Columbia. Product Features: • 10-year surrender charge period • Enhanced Benefits Rider included (with an annual Rider Charge) • All rider benefits calculated from a single Benefit Base • 7% Benefit Base Rate for contract years 1-10 (simple interest credited on each Contract Anniversary) • Premium Bonus applied to the annuity's Accumulated Value • Early Lifetime Income Withdrawal Bonus - initial Lifetime Income Withdrawal will be increased by a specified percentage if elected in contract years 2-7
Rider Benefits: Oregon • Lifetime Income Withdrawals • Enhanced Income Benefit • Confinement Benefit • Terminal Illness Provision • Rider Death Benefit
Rider Benefits: Louisiana, Maryland, Pennsylvania, Washington • Lifetime Income Withdrawals • Rider Death Benefit
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Classic with LPB, LPB Premier and Symetra SUL-G Continue to Bring the Heat Symetra continues to be a leader in the GUL marketplace, and we’ve updated our materials to illustrate our competitive edge. See how Classic with LPB, LPB Premier and SUL-G stack up against the competition. New Video and Success Story: Life Insurance in a Dynasty Trust With a life insurance policy properly structured in a dynasty trust, your clients’ assets can potentially work even harder for their beneficiaries—in some cases, over several generations. Our new video shows this concept in action. Read our latest Success Story to see how funding the trust with private financing can help clients who wish to preserve as much of their lifetime gift tax exemptions as they can for future use. IRA Maximization Strategy Flier The president’s 2015 budget proposal would require non-spouses inheriting IRA accounts to take taxable distributions within five years, eliminating the tax deferral benefits of stretching distributions over their lifetime. The good news? Even if the proposed five-year acceleration becomes a reality, a life insurance policy held inside an irrevocable life insurance trust (ILIT) may still be an effective wealth transfer tool, providing a larger legacy and giving client’s more control over how trust assets will be distributed to beneficiaries. To learn how this strategy may benefit your clients, check out our IRA Maximization Strategy Flier.
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Underwriting Update: Treadmill No Longer Required for Policies at or Below $10 Million Genworth is pleased to announce that effective March 2, 2015, the 360°LifeViewSM Underwriting Guidelines no longer require a Treadmill for face amounts at or below $10,000,000 for all life insurance products. SecureLiving Rate Saver Update SecureLiving Rate Saver annuities provide safety and dependable growth. Offering clients a guaranteed interest rate for a specific period of time, Rate Saver provides the ability to earn more interest than most traditional savings vehicles available today. Money also accumulates on a tax-deferred basis — so clients do not pay taxes on any earnings until they withdraw them from the contract. April Rates Decreasing April Rates are decreasing on the following products, effective April 1, 2015:
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TransNavigatorSM: Protection with Growth Potential TransNavigator is an index universal life (IUL) insurance policy that has the flexibility, features and tax advantages to help clients navigate today's complex financial landscape. New Sales with New Premium Rates Trendsetter® Super and Trendsetter LB® offer newly adjusted premium rates to help maintain an overall competitive price. State Approval Transamerica Secure and Transcare III State: Delaware Effective: March 20, 2015
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New IUL Accumulator & IUL Protector Last week Nationwide released YourLife IUL Protector and YourLife IUL Accumulator, which replace YourLife Indexed UL. YourLife Indexed UL was a Swiss Army knife product; it was designed to play in the death benefit, accumulation and NLG arenas and didn't compete well at any of them. Nationwide makes a serious move in the IUL market with more refined, simple approaches; YourLife Protector is designed for death benefit solves and YourLife Accumulator for income solves. Both products tout the new "Indexed Interest Multiplier", which is an interest bonus feature (see definition below), which gives each one a huge boost when comparing all products at the same rate. The result is top tier rankings for both products.
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Long Term Care Replacement Procedure Change Based on a review of current regulations of Long Term Care Agreements (LTCAs), Minnesota Life is modifying its procedures around the use of an individual life insurance policy with LTCA in the replacement of individual LTCi contracts effective March 19, 2015. Educate Your Clients about Their Life Insurance Options Life insurance is a powerful tool that can be used to help clients achieve their financial goals. Now you have the resources to better educate your clients about their individual life insurance choices, including their benefits and considerations. CLICK HERE to learn more by reviewing our new "Your Life Choices" client brochure
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Madison Brokerage is Your Life, LTC, Annuity and DI Resource
Single Source Capability™ and proud to be an industry leader in
customer service, technology, and product distribution
You have your clients' backs, we have yours
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