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April 21, 2015 – April 27, 2015
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Rates for May 2015 Changes for ANICO: - WQ 5 & 7 new money rates increase 20 bps!
- All other new money rates do not change
- The NAIC index rate remains at 1.00% for both fixed annuities and EIAs
- Variable Loan Rate changed from 3.80% to 3.90%
Changes for NY: - WQ 5 & 7 new money rates increase 20 bps!
- All other new money rates do not change
- The NAIC index rate remains at 1.00%
CLICK HERE to view the ANICO’s Rate Sheet for May 2015 Palladium SPIA Rates Update CLICK HERE to view American National Rates for May
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Reminder: New Submission Requirement for Index Universal Life Products This is a reminder that all applications submitted for Asset Builder Index UL II and Foundation Builder Index UL are required to include the new Index Universal Life Key Points Disclosure form (Form # 162696). LTC Commission Payments- Automatic E-mail Notifications Beginning on April 24, 2015, we will automatically notify producers by e-mail when we release a commission payment for a LTC policy. The LTC notification will be included with our current notifications for fixed life or fixed annuity commission releases - one e-mail with all products and all corresponding companies.
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New Forms Available May 1 To coincide with our May 1 subaccount updates, the Allocation Options for Variable Universal Life forms available on advisor websites will be updated on May 1, 2015. If you have any existing applications printed, please discard them and begin using the new applications on May 1, 2015. Effective June 1, 2015, if a discontinued version is received, we will be requesting a new form. Updated 4506-T form now live on Advisor sites An updated 4506-T Request for Transcript of Tax Return form has been posted to all advisor websites. This form is primarily used in cases that utilize premium financing. The existing form will be accepted until May 8, 2014. After that, all cases submitted will require the use of the 2015 form. If you have any questions, please contact your Life Sales Support Team. New York Regulation 60 Changes - Coming Soon Effective April 21, New York will be amending its requirements for Reg 60, which governs the replacement of life insurance policies. The amended requirements actually streamline the replacement process, increasing efficiency for all. Securian Life will adopt the new regulation procedures, effective June 1, 2015. Stay tuned for more information.
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LifeTrack Billing We are very excited to bring LifeTrack Billing to market. LifeTrack is a free and optional service that automatically adjusts billed premiums based on the client's objectives and the policy's actual performance. It is available on PUL '15 and PUL '15 with Vitality. It's a valuable service for owners of either policy, especially for those with Vitality, as it takes into account the policy's past experience and the customer's earned Status.
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Updated Form 4506T-EZ now available The older version will be accepted until June 30, 2015.
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Nationwide’s YourLife No Lapse Guarantee Earlier this month Nationwide released new rates for YourLife No Lapse Guarantee UL. The primary purpose of the update was the removal of the Supplemental Coverage feature for full-pay (level-pay) scenarios and premium limitations for single-pay scenarios. These changes were accompanied by a minor pricing revision, which happens to be the first time Nationwide has touched the product in over two years (last updated January 1, 2013). YourLife NLG-UL continues to dominate the NLG market for full-pay scenarios, which rank at or near the top, while limited-pays tend to fall just outside of the first quartile.
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Physical Office Closed for William Penn Business for a Half Day on May 1. Our physical office will close at noon on Friday, May 1 in order to move the systems to Urbana, Maryland. Our virtual office will reopen for business on Monday, May 4. Paper Mail Must Be Sent to New Service Center Address Beginning May 1. All mail for William Penn should be sent to our service center in Maryland. Drop ticket and other electronic uploads will work as usual. William Penn Policy Owners Will Be Notified in the Coming Months. Letters will be sent to an approximate 175,000 policy owners to let them know that while our exemplary customer service has not changed, our address has. Updated Underwriting Guidelines We've revamped the format on our Underwriting Guidelines PDF to make it easier to use the guidelines digitally. More underwriting materials are available on our no-login-required underwriting microsite. CLICK HERE to view the new Underwriting Guidelines PDF Jumbo Limit Our jumbo limit for ages 20-75 has increased from $40 million to $65 million. This additional capacity helps provide a home for more of your large cases with Legal & General America. Physical Exams and Tradmill EKGs Physician exams where previously required are now all parameds. Treadmill EKGs are now all EKGs. Both changes provide a better underwriting experience for your clients. Approved Vendor Changes - JetStream APS and Parameds.com have been added to the list of approved APS vendors.
- Superior Mobile Medics will now be the only vendor for Post Issue Change requests (was Hooper Holmes/Portamedic).
New OPTerm Rates New OPTerm rates apply to both Banner and William Penn policies and Term Riders effective immediately. The Child Rider is available on April 20, 2015 for Banner OPTerm policies issued with the new rates. New applications received by May 20, 2015 and applications currently pending, will be issued with the rates most favorable for the applicant. Applications received May 21, 2015 and later will be issued with the new rates. CLICK HERE to view how OPTerm ranks against competitors CLICK HERE to view the full administrative guidelines Update on Replacement Regulation for NY Business On April 21, 2015, the New York State Department of Financial Services revised the Regulation 60 replacement requirements. William Penn is working to adopt the new replacement procedures. Until announced, it is business as usual. Look for an announcement regarding the new process and updated forms in the near future.
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Charging Fees Not Acceptable An important reminder to all producers that charging fees related to the post-sale servicing of all Athene products is considered inappropriate. Charging fees is unacceptable to Athene and may violate the Unfair Trade Practices statutes and related Insurance Department bulletins of a number of states. There are currently 38 states that maintain an Unfair Trade Practices statute within their Insurance Codes. A.M. Best Financial Strength Rating We are pleased to report that A.M. Best upgraded the financial strength rating of Athene's operating companies to "A-" (Excellent) from "B++" (Good) and the issuer credit ratings (ICR) to "a-" from "bbb+". Our outlook is stable. The "A-" financial strength rating is given to companies that have an excellent ability to meet their ongoing financial commitments. The rating agency also upgraded the ICR to "bbb-" from "bb+" for Athene Holding. This is the standard three-notch rating differential between the operating companies and the holding company.
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Preparing for LTC Replacement Applications Beginning June 29, 2015, AXA Equitable will permit Long-Term Care (LTC) replacement applications! Clarified Guidelines for New Business Involving Financed life Insurance Premiums AXA has updated and clarified guidelines for new business cases involving financed life insurance premiums.
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How Partnering with the Advanced Sales Center Can Benefit You The Advanced Sales Center (ASC) provides many benefits to our wholesalers and partners, from simply answering a quick question. Business Owner Retirement Builder The modern business owner faces numerous obstacles to a successful retirement. Although their stated goal is to become financially independent. The Triple Income Plan One of the more valuable executive benefit programs that employers can establish in order to retain "top hat" executives is a "Triple Income Plan.” Exit Strategies for Business Owners Protect your family, partners and employees with an exit strategy. We Know You Have an Opinion – Share It! MetLife QuickPredict, our new life insurance field underwriting tool, launched last year, and we are already considering ways to make it even more useful. That's where your feedback comes in. Help us understand how firms are using the tool - and share your ideas for making it even better by completing our ten-question, multiple-choice survey.
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Low Interest Rate Planning Today's low interest rate environment continues to present efficient wealth transfer opportunities, but they require careful planning. Leverage Prudential's new eKit with your clients for education around these techniques and how to partner with our Advanced Markets team to put strategies to action. Remember: No one knows when rates will rise. Until then, your clients have a window of opportunity. New York Reg 60 Replacement Changes Effective April 21, 2015, the New York State Department of Financial Services revised the Regulation 60 replacement requirements. These changes essentially impact the timing of the delivery of the Disclosure Statement to allow immediate binding of coverage. The process to be followed is included below along with the updated forms information.
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GUL Leadership Hot Streak Continues Symetra Classic with Lapse Protection Benefit continues to smoke the GUL competition for low annual premium, remaining No. 1 and 2 for low premiums in our “sweet spot” ages of 50-75. Check out our updated heat chart to see our competitive edge, and find out where we really sizzle.
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Guaranteed Refund Option at No Additional Cost Effective May 1, 2015, all new Companion GUL and GUL Plus policies will now be issued with the Guaranteed Refund Option (GRO) at no additional cost. This rider is now approved in all states. CLICK HERE to view sales idea for the Guaranteed Refund Option The Guaranteed Refund Option Available in New York Effective May 1, 2015 The Guaranteed Refund Option, available on all new qualified GUL and GUL Plus policies, offers your clients a 60-day window at three intervals in which to receive back a portion of their paid premiums. AccumUL Answers and New Riders Available May 1, 2015 in Connecticut Effective May 1, 2015 in Connecticut, AccumUL Answers, as well as new riders - Accelerated Death Benefit Rider and Disability Continuation of Planned Premium Rider - will be available for your clients. Term Life Express Enhancements for May 1, 2015 Effective May 1, 2015, Term Life Express will have a number of enhancements including the removal of the oral fluid requirement across all face amounts. Introducing the Deferred Income Protector A new deferred income annuity product, Deferred Income Protector, will be available May 1, 2015. No Change to May Annuity Interest Rates There is no change to May annuity interest rates. State Approvals - The Guaranteed Refund Option is effective in NY on 5/1/15.
- AccumUL Answers, Death Benefit Rider, and Disability Continuation of Planned Premium Rider are effective in CT on 5/1/15.
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Forms and HIPAA Update Effective immediately, it’s no longer required that the Standard Privacy Notice be provided at the time of application. Instead, it will be provided to the customer during the policy fulfillment process. Additionally, it’s required that the HIPAA Privacy Notice be supplied to the customer at the time of application or enrollment for all HIPAA products and riders, including when the LTC rider is added to a product. On TransACT, select the Sales Tools tab, then click on Transamerica Forms under eOrdering. Select the dropdowns that apply to your application; the Service Type will be New Business.
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Principal's Product Diversification Strategies The attached Product Diversification Guide will show you how to build customized life insurance solutions utilizing a combination of products from Principal’s diverse product portfolio. New Preferred Underwriting Guidelines In an effort to help you more easily determine which of your clients may qualify for Preferred or Super Preferred classes, we've refined and retooled our Preferred underwriting criteria using a more tranditional knock-out method.
Enhanced Healthy Lifestyle Credits Program In addition to the new knock-out approach, we added a new feature to our Healthy Lifestyle Credits (HLC) program. These credits can now improve Standard or better cases one class if there is only one knock-out. Applicants must have only one knock-out for build, blood pressure or cholesterol, and have enough favorable factors for improvement. HLCs can still improve table ratings up to two tables. Updated Life Underwriting Guide Please see the Life Underwriting Guide (BB10009) for the new knock-out criteria and details regarding the new HLC feature.
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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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