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March 17, 2015 – March 23, 2015
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Life Choice UL Removal On Friday, April 10th, Legal & General (Banner & William Penn) is removing Life Choice UL from their product portfolio. Applications received no later than April 10, 2015 and applications currently pending will be honored if approved. Applications received after April 10, 2015 will be returned. Customers with Inforce Policies Will No Longer Have MediGuide, Effective April 30, 2015 Letters will be sent to inforce policyholders notifying them of its withdrawal, beginning March 20, 2015. Recipients of this letter have been grouped by the state of issue. The first group includes customers in the following states: California, Connecticut, Florida, Georgia, Illinois, Minnesota, New Hampshire and Virginia. Customers in the remainder of the states will receive their letters the week of April 6, 2015. Please find examples of these letters below. Banner conversion product is changing on April 10, 2015 Policies within the first 5 years of their anniversary date can still convert to Banner’s more competitive UL plan prior to this time. After April 10, 2015 the remaining conversion product will cost the policy holder 18% - 25% more, even if converted in this calendar year. Tough Market and Environment Require Sharp Decisions The persistent low-yield investment environment continues to be a pricing and design challenge for all life insurance companies. Competition in our mass affluent protection market becomes more aggressive as more companies discover the joy of level term through independent distribution. Pair these pressures with our cultural penchant to "waste not" to see why we need to carefully consider the effectiveness of ongoing investments in programs and products that are failing to deliver their intended benefits - to us, to you and to our mutual customers. Sometimes the smartest thing to do is to stop doing. Eliminate the associated work, attention, cost and chatter so that it can be directed to more rewarding programs.
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2015 Tax Guide: What You Need to Know About the New Rules New changes on the tax front are summarized in this piece. Client approved and available throught fulfillment of as a PDF on the portal eDelivery of Life Policy Documents Available to More Clients Beginning in March Clients with select Universal Life and Variable Universal Life policies can receive statements, bills and other documents through MetOnline/eSERVICE rather than mail. Enhanced Rate Plus, MetLife's Faster Application Process, Featured in Insurance News Net Gene Lunman discusses MetLife’s newest underwriting program: Financial Professional Finds Success With Accelerated Underwriting Program Clients can get a rating boost and with an application process that doesn't include lab work
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Prudential PruLife UL Protector is more competitively priced for Boomers PruLife Universal Life Protector (UL Protector), a universal life insurance policy, is now more competitively priced for individuals between the ages of 55 and 85. On average, annual premiums were reduced by 7 – 8 percent. Prudential develops tool to help employers gauge the financial wellness of employees The ability to handle key finiancial risks, including premature death, illness or injury, and out-of-pocket medical and non-medical expenses, the one way to determine financial wellness during the working years. Introducing Prutection Score, a new tool that helps employers determine the financial preparedness of their workforce and assists them in offering the best mix of employer-paid and voluntary benefits. State Approval PruLife Universal Protector States: California and Missouri Effective: March 9, 2015
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Tax Preparation is Seasonless While the focus before April 15 is on tax preparation, it is never too early or too late to look at taxation issues for the current year. Learn about the layers of federal taxation that may affect your clients.
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Watch and Learn How to Conduct a Client Review Watch this new video from North American and learn a powerful way to help build your skills, gain insightful tips, and put a life insurance client review practice in place today.
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NEW Med Supp Consumer Online Application The new Consumer Online Application was released on March 21, 2015 in the following states: Alabama, Connecticut, Illinois, Kentucky, Missouri, New Jersey, New Mexico, North Carolina, Ohio, Pennsylvania, South Dakota and Texas. Twelve Percent Household Discount Expanding to More States Mutual of Omaha is filing a new 12% household discount in many of the states that currently have a 7% discount. Beginning in April, Mutual will start rolling out the new discount as states approve. April Rate Adjustment – PA Rate adjustment effective April 1, 2015 on Medicare supplement Omaha Insurance Company in Pennsylvania. New York Rate Adjustment Filing Notification Important information on the required written notice to policyholders. Disability Continuation of Planned Premium Rider Now Available in New York Effective April 1, 2015, the Disability Continuation of Planned Premium Rider will be available in New York. Long-Term Care Rate Increase on In-Force LTCi Business Effective June 1, 2015 rate increases on in-force business will take place. LTCi Delivery Receipt Requirement for Illinois Effective April 1, 2015 there are new LTCi delivery receipt requirements for Illinois. NEW Cancer, Heart Attack and Stroke Product to Release April 1, 2015 in CT A New Cancer, Heart Attack and Stroke Portfolio called New Beginnings will launch April 1, 2015 in Connecticut. State Approval Disability Continuation of Planned Premium Rider State: New York Effective: March 9, 2015
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New Foreign National Underwriting Program Accordia Life recently introduced new, revamped underwriting guidelines for foreign nationals. The new program applies when the owner and/or insurance are not residents of the United States, or are U.S. citizens who travel abroad more than 12 weeks per year.
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New Upload Outstanding Requirement Documents Via the Website Document upload capabilities are now available via the Outstanding Requirements tab in the Book of Business section of the AXA Distributors website. Through this feature, you have the ability to upload required new business supporting documents via a web-based application. This allows you to submit documents related to many outstanding requirements - replacements, HIPAA, Notice & Consent forms, etc. - directly via our website rather than sending them to the AXA Service Center by fax, mail or email. Broker Transaction Authority Expanded to New Business The next phase of the Broker Transaction Authority project has been implemented. Clients can now complete the Broker Transaction Authorization form with new business applications. This BTA form is now a part of Build-a-Kit on iPipeline, as well as Life e-App Basic Forms Search. AXA Distributors Website Enhancement/ View Multiple Agent ID's with One Login We are pleased to announce the following enhancement to the Book of Business section of the AXA Distributors website: View multiple Agent ID's with one login. Previously, Agents with more than one Agent ID needed to log in under each ID separately to view their pending and Inforce book of business. With the new enhancement to the website, Agents can log in and see their entire book of business for all agent IDs under their National Producer Number (NPN), without having to log out and log back in.
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Accelerated Access Solution Chronic Illness Rider American General Life’s (AGL) Accelerated Access Solution® (AAS) chronic illness rider is an affordable and attractive alternative to long-term care policies. This rider is offered as an indemnity based chronic illness rider with the new Value+IUL, Value Index Unviersal Life.
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The Power of 10% Simple Interest Your clients’ Income Base can DOUBLE in 10 years with an Income Base Guaranteed Simple Interest Rate of 10%. It doesn’t have to stop at year 10. Clients receive a 10% roll-up rate for 10 years and 5% for the next 10 years that’s credited to the Income Base — guaranteed. That’s up to 20 years of outstanding growth. Athene Ascent 10 products give you the opportunity to purchase the optional Athene Income Aspect rider with its Guaranteed Simple Interest Rate.
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Cash Bonus on Fixed Annuities until April 30, 2015 American National is offering a cash bonus on Fixed Annuity Sales. This offer ends April 30, 2015. -
$750 Cash Bonus: $500,001 – $750,000 -
$1000 Cash Bonus: $750,001 - $1,000,000 -
$1500 Cash Bonus: $1,000,001+
Total of all Annuities written and paid. Minimum of 3 Applications. This offer includes Group Annuity Sales. This offer is not available in New York.
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New Form Required in New Jersey and New York for Sales Outside an Owner’s Resident State The Statement Regarding Sales Outside Owner Resident State 2-DResNJ-1106 and 2-DResNY-1106 form(s) is replacing form 44660 06/01/11]. The new forms will be available on Pro and will print with Automated Order Entry System submissions starting on 2/23/2015. The new forms will be required with applications received 3/23/2015 and later in the following situations. New Form Required in New York for Sales Outside an Owner's Resident State of New Jersey The Statement Regarding Sales Outside Owner Resident State 5-DResNJ-1106 (GLICNY) will be available on Pro and will print with Automated Order Entry System submissions starting 2/23/2015. The new form will be required with applications received 3/23/2015 and later in the following situation. State Approval SecureLiving Growth+ with IncomeChoice Rider State: New Jersey Effective: March 16, 2015
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Student Loan Forgiveness and Life Insurance Nearly two-thirds of students graduate from college with debt. Help graduates prepare for their future and pay off student loans. Combining student loan repayment programs and the benefits of a life insurance policy can help meet your clients' current and long-term financial needs. Learn about a strategy that can help your clients pay off their loans and secure their futures. Simplify the Quick eApp Process with eParamed eParamed: It's a 2 for 1 every day! This enhancement combines the tele-interview and paramedical exam steps of the application process, resulting in a faster, more customer-centric process. eParamed is an additional Quick eApp option that gives you more control, saves time and will help you delight your clients.
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JH LTC Illustrator to replace Hansel as the LTC Quoting Tool, Effective Today A new platform, JH LTC Illustrator, is being introduced to run illustrations for all long-term care insurance products: CC III with Benefit Builder, Partnership Products in Connecticut and Indiana, and the new Performance LTC product. This new system has a streamlined design and a more enhanced user experience.
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Electronic Inspection Reports- The Future is Now! Traditional Inspection reports and Personal History Interviews are no longer needed for many of Lincoln's customers! Faster turnaround time, quality information and less intrusion into our customer's lives makes the Electronic Inspection Report (EIR) a winning proposition for Lincoln Producers, Clients and for the Underwriters. Lincoln MoneyGuard Prequalification Changes Jordan Carreira, VP Chief Underwriter and Dr. John Greene are pleased to announce some great news regarding MoneyGuard® prequalification changes! Effective immediately, the following surgeries may be accepted with no postponement period requirement, even if the surgery is contemplated but not yet completed or scheduled. New Policy Dating and Premium Effective Date Rules Effective March 2, 2015 - New Business has changed the rules for policy dating and premium effective dates. The new dating rules follow an In Good Order process. When requirements are received In Good Order, fully completed, signed and dated, the policy and premium effective date are current dated. The change is being implemented to bring our internal procedures in-line with industry standards and best practices. This change to Lincoln's life business is in-line with Lincoln's annuity business. State Approval WealthPreserve Survivorship IUL and LifeEnhance Accelerated Benefits Rider ABR-7012 State: Pennsylvania Effective: April 1, 2015
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Welcome to Our New Section: Tips of the Trade Tips of the Trade is a brand new section designed to streamline your business processing and increase efficiency. You can expect to find tips on topics ranging from operations to technology. From time to time, we'll also feature advice from those on our sales team. Let us know if you find this section valuable by replying to this email. Operations Tip: One Easy Step to Ensure Faster Processing for Supporting Documents List the applicant's name and Social Security Number - policy number is even better if you have it - on all documents you submit, and make sure the information is legible. That way whatever you submit can be easily matched to the appropriate policy. Watch out for information too close to the top or bottom of the page: Headers can cover the top and fax machines can cut off the bottom. About 7% of all supporting documents can't be matched to the policy and don't get processed as a result.
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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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