Bi-Weekly Update from MVP Financial Services, Inc. 04/14/2020

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Our Promise to You

We value your business and want you to know that we are committed to supporting your needs as you service your clients. As always, we are ready to assist you with solutions for your clients, and to processing the business you send us. The partnership values that drive us every day will carry us through this pandemic. If you have specific cases needing special attention or review, please reach out to MVP Financial directly.

Velocity Webinar Thursday
Working remotely and keeping social distance doesn't mean we have to slow sales activities and increase the time required to provide financial products and security to families. Our daily lives may be restricted, but it doesn't have to hinder your business growth!

Join this 30 Min Webinar:
Thursday, April 16, 2020 at 9:00 AM

If you find yourself with time on your hands, consider brushing up on a subject. Our webinar events calendar has several webinar topics to choose from with more being added regularly.

Webinar/Events Calendar

CARES Act
The relief includes checks (“recovery rebates”) to millions of Americans, expanded loans from the Small Business Administration that can be forgiven, payroll tax relief for businesses, and special relief for those withdrawing retirement savings to deal with immediate cash needs as a result of the COVID-19 crisis. Offer relevant information to your clients during this time with our resources.

CARES Act Resources

Pacific LIFE
For applicants that meet all the following criteria, Pacific Life will temporarily use other available data sources to underwrite in lieu of in-person exams:

Applicants must be age 60 or younger.
Face amounts up to $1 million.
Standard or better risk classifications only. Applicants with a rating below standard will require normal exam requirements.

If unable to get adequate data from the data sources, Pacific Life may require traditional underwriting methods.

Nationwide LIFE
Until further notice, the following acceleration guidelines are acceptable:

Age 18 to 50: Up to $2 million
Age 51 to 60: Up to $1 million
– Now allowing Standard or better risk classifications
– If exams are needed, will consider a completed physical, including labs, with all results normal within the prior 24 months
– Confirming the exam and lab results through digital health data
Age 18 to 50: Over $2 million
Age 51 to 60: Over $1 million
– Case meets regular accelerated underwriting guidelines for eligibility
– Applicant has had a complete physical, including labs, with all results normal within the prior 24 months
– Confirming the exam and lab results through digital health data
– Standard or better risk classes only

Special Needs Planning
There are millions of families in the United States who have loved ones with special needs. Those individuals have greater life expectancies today than ever before, often outliving their parents. Today, as families and as a society, we have high expectations for them and for the quality of life they should experience.

Solution of the Month: Special Needs

Keep Your Business Going
Odds are, your clients are among the 1 in 2 Americans with a life insurance coverage gap. One-half of current policyowners don't own enough or don't have the correct type for their situation. Bring value to your relationships and help keep your clients' goals on track. Now is a great time to reach out to your clients to check on their wellbeing and to perform a policy review.

Policy Review Resources

Principal LIFE
As impact of COVID-19 monitoring continues, Principal has additional underwriting changes:

Insured ages up to 59 will have a maximum table rating of either Table 6 or a flat extra of $10.00/1000
Insured ages 60-80 will have a maximum table rating of either Table 2 or a flat extra of $5.00/1000
Ages 81+ will not be considered at any rate class until further notice

Securian LIFE
The maximum face amount for WriteFit applicants ages 18 through 50 is being increased from $2 million to $3 million. Applicants ages 51 through 60 continue to be eligible for up to $1 million of coverage via the WriteFit platform.

Through at least June 15, new applications will not be accepted for ages 71 and older for traditional underwriting. Limitations for other ages and table ratings will also be postponed and Temporary Insurance Agreements are no longer available.

Quick Assist Links

Electronic Policy Delivery

iGo Electronic Applications

Accelerated Underwriting

Quick Apps & Drop Tickets

Tips for Working Virtually

DIY Quotes & Illustrations

COVID-19 Updates from MVP Carriers and Vendors

This Information is for Agents Only. Not for Consumer Distribution.

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This correspondence is intended for agent use only and was sent by, MVP Financial Services, Inc. | Corporate Office | 888-774-4687
Glenview, IL | 60025 United States

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