Industry News

Agent Sales Contest: 40 Days of 40-Year Term

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Legal & General America is the first carrier to offer up to 40 years of level term life insurance coverage. Now Agents can earn cash for each OPTerm 40 app submitted and be entered for a chance to win a bonus! Read more. The post Agent Sales Contest: 40 Days of 40-Year Term appeared first on Insurance Designers of America.

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Effective with all Lincoln OptiBlend® contracts issued April 15, 2019 and later, clients can allocate into the 1 Year S&P 500 Participation account. This new indexed account uses the familiar S&P 500 Index as the benchmark index for the crediting methodology. Read more. The post New Indexed Account added to Lincoln OptiBlend® Fixed Indexed Annuity appeared first on Insurance Designers of America.

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New Limited Pay Underwriting Program from Principal

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Available now through Dec. 31, 2019: Principal® is offering a one-rate class improvement on single- or limited-pay (up to five years) sales of select universal and indexed universal life insurance policies. Read more. The post New Limited Pay Underwriting Program from Principal appeared first on Insurance Designers of America.

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Reprice on Pacific Life Promise Term Life Insurance

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Beginning April 15, 2019, PL Promise Term life insurance got more competitive. Check out their “sweet spot” pricing improvements. Read more. The post Reprice on Pacific Life Promise Term Life Insurance appeared first on Insurance Designers of America.

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Prudential UL Product Changes Effective May 6

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On May 6th Prudential will be making updates to PruLife Founders Plus® and PruLife Essential UL®.  Also, PruLife® UL Plus is being retired. Learn more. The post Prudential UL Product Changes Effective May 6 appeared first on Insurance Designers of America.

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Prudential Accumulation VUL is About to Get Even Better

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Enhancements coming soon to PruLife® Custom Premier II optimize its ability to help more affluent clients protect their families and combat retirement derailers like taxes and rising costs. Read more. The post Prudential Accumulation VUL is About to Get Even Better appeared first on Insurance Designers of America.

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John Hancock to No Longer Require Routine EKGs

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Effective April 8th, John Hancock will no longer require routine EKGs for individuals up to and including age 70 and applying for face amounts up to and including $10 million – making the life insurance application process easier for you and your clients! View routine underwriting requirements. The post John Hancock to No Longer Require Routine EKGs appeared first on Insurance Designers of America.

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Lower Rates for Protective Classic Choice Term

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Protective Classic Choice Term will be repriced on April 1, 2019. Now, you can offer Protective’s  dependable coverage at an even lower price. Learn more. The post Lower Rates for Protective Classic Choice Term appeared first on Insurance Designers of America.

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Principal Accelerated Underwriting Just Got Better

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Principal is making Accelerated Underwriting (AU) attainable for more of your clients — it’s now available for all classes Standard or better. Learn more about enhancements to the AU program. The post Principal Accelerated Underwriting Just Got Better appeared first on Insurance Designers of America.

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John Hancock Express Track Face Amount Expanded to $3M

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John Hancock ExpressTrack ®  offers a fast and easy path to underwriting decisions – and effective immediately, it will be available for face amounts up to and including $3 million! Check out the complete eligibility guidelines The post John Hancock Express Track Face Amount Expanded to $3M appeared first on Insurance Designers of America.

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A settlement has been reached in the years-long law suit over increases in non-guaranteed costs of insurance for universal life policy owners.

On October 4th Transamerica announced a $195 million settlement for increases announced in 2015 and 2016 that affects over 100,000 policy owners.

Ron Sussman, CEO of CPI Companies was an expert witness in the case and an advocate for policy owner rights.

Policy owners will receive payments credited to their cash value and a 5 year moratorium on any future rate increases.

More information to follow.

Happy to share my first article in INN Magazine Article: http://www.insurancenewsnetmagazine.com/article/%E2%80%98unscheduled-policy-loans-can-create-sales-opportunities-3524#.W4Vo_ehKiHs To Learn More: https://mailchi.mp/07aa3321648b/policyloanrescue

Still think that term policy your client doesn’t need anymore is worthless? THINK AGAIN! We recently worked with a 75-year old client who owned a $1.5M term policy. The policy was approaching the end of the guarantee period, the client did not want to pay to convert, and planned to let the policy lapse. We explored a life settlement option and the client was able to sell the policy for $232,000, instead of letting it lapse and walking away with nothing.

Agent's need to educate their client's about these opportunities, as too many are missed. Contact us if you'd like to learn more.

Read CEO, Ron Sussman's latest article published on InsuranceNewsNet.com website: https://insurancenewsnet.com/innarticle/commentary-have-we-created-a-national-shadow-retirement-system

Congresses change from C-CPI to CPI-U for indexing inflation could lead to a reduction in the daily per diem limits for your client's LTC or Chronic Illness Rider. Help your client's plan accordingly for the unexpected reduction and make sure they understand the impact it will have whether they own an indemnity or reimbursement style rider. Click the image below for more info

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Beginning late January 2018 John Hancock will notify LTC policyholders (including those from the block acquired from Fortis) that their premiums are increasing. The effective date will begin with policies with anniversaries on or after May 1, 2018.

Implementation is state specific and continues increases that, for some policy holders, began in 2012.

Please contact our office for more details.

For policy holders that are healthy, consider switching to newer linked benefit products with premium guarantees such as the Secure Lifetime GUL from American General.

Recently two carriers, North American and Protective Life, Announced decreased cap rates for their newly issued and in-force blocks of IUL products. This repricing of options reduces the index cap rate, and the maximum illustrated rate for index segments that are initiated or renew in 2018.

Indexed Universal Life cap and participation rates are determined by the carrier's options budget and the cost of options as determined by the options provider. These rates can be counterintuitive in a rising equities market where interest rates continue to moderate to the low side or fall.

We may be seeing the tip of the iceberg. Protective and North American are two conservative companies that tend to treat their policyholders very well. But there a...

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If you've ever asked your investment advisor for data on mutual funds or ETF's you know that there is a plethora of information available from a large number of sources. The source of the original purchase is irrelevant because the data is required by SEC and FINRA and is available through a simple internet search.

You can research any fund, manager, or investment company and easily find the performance and cost structure. This makes investing easy and accessible for any purchaser.

Now, try the same thing with your permanent life insurance policy. It is virtually impossible. Not only is there no repository of data, but the issuers go out their way to make sure you do not receive the information.

Insurance carriers protect your data so wel...

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Life insurance policies need to change to meet the needs of new generations of purchasers. The idea that the benefits of a policy are only for the purchasers beneficiaries is outdated and in desperate need of a makeover.

American General has the only solution: Secure Lifetime GUL 3 is life insurance for the living.

This product provides three opportunities for clients to benefit while they are alive:

1. Opt Out. After year 25 clients can elect to terminate the policy and receive a full refund of all premiums paid.

2. Use the death benefit to pay for LTC or chronic illness. Indemnity based benefit. No need to provide receipts. Pay for home care by a family member or use for any other purpose.

3. At age 85 receive the net death benefit in 10 e...

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