Requests to issue an annuity contract below the product's stated premium minimum no longer accepted
Requests to hold rates for clients in the same household no longer accepted
Cash with applications: above requests will be accepted if app and cash are received in good order before April 30
Pending 1035 Exchanges & Transfers: accepted as long as app and transfer paperwork are received in good order by April 30 and funded by June 11
Also effective May 1:
The Request for Funds form (#13405, version 3/14) will be required when funds initially received for an Athene annuity contract are being transferred to an Athene/Global Atlantic life insurance policy on a cancelled or not-taken Athene annuity contract. This will make requirements for transferring initial premium to Athene/Global Atlantic consistent with current requirements for transferring funds to other carriers
Field News: Week in Review (April 14):
News on contracting, submitting business and updates on what hasn't changed. Read more.
Suspending sales of the Market Value Adjustment (MVA) feature on SecureFore 5 and SecureFore 7. Allowing for a transition period between March 31 and April 30; all applications received in good order by April 30, 2014 will be processed accordingly. f you have any questions, please contact the Sales Desk at (877) 454-4777.
LGA web environment not vulnerable to Heartbleed bug. Customer data is safe.
Effective March 31, 2014, carrier has made an adjustment to their OPTerm rates to expand their range of competitiveness. New apps received through April 30 will receive most favorable rates for applicant. New rates apply to new apps received May 1 or later.
Carrier offers a new "Healthy Look" program to aid consumers in improving their rating class.
Eclipse IUL ranks No. 2 for maximum distribution, cash value at Age 65 and death benefit at Age 65 when compared to similar products and competitors (based on Male, 35, Best Tobacco, Pay to Age 65, Minimum Non-Modified Endowment Contract Death Benefit; Increasing death benefit switching to level at age 65; fixed annual premium of $15,000 to age 65; 20 year annual distributions starting at age 65; fixed loans (after basis) targeting $10,000 cash surrender value at age 100; Maximum illustrated rate - Annual S&P 500 ® Point-to-Point Index Account option (where available))
Postcards designed to help you promote the benefits of life insurance when your clients experience significant life events:
Effective immediately, carrier is raising the premium caps on Universal life products. This impacts new business only and does not impact Companion Life Insurance Company (NY).
GUL, GUL Plus, AccumUL Plus, AccumUL Answers - previously $1M, now $2M
GUL Survivor - previously $500K, now $1M
The Winflex software will not be updated until June 1, 2014. Please contact your sales account executive if you need to run a illustration using our NEW caps
Inflation Protection: Using the Buy-Up Option to Ease Your Client's Mind—Client have seemingly endless choices for LTCi and inflation protection options. Learn more about the MutualCare Custom Solution policy and the guaranteed buy-up option. Click here.
Thursday April 3: Upgrade to Generation 8—Discover the next generation of universal life, including product features and changes, how to position clients, and which sales concepts work best. Additional resources can be found here:
Effective April 1, North American will adjust pricing for Custom Advantage UL product. Information from LifeMark Partners so far:
Level Pays: Premiums decrease about 1-2% on average
Single Pays: Premiums increase about 10-12% on average
Changes for upcoming Deferred Income Annuity contract: Effective May 1, the death benefit during the deferral period will be paid upon the death of the second joint owner. Changes based on illustration date, not application signature. Due to changes, new Understanding Your Annuity (UYA) form is required (EE1430-1) with illustration date of May 1 or later. This form will be available on the e-App come May 1. These changes have not been approved in CA, CT, and NY.
NEW BenefitAccess Rider State Approvals Effective April 14, 2014: in WA and MS for PruLife Founders Plus and in WA for PruLife UL Protector
Call Routing Update—To better serve your needs and personalize your experience, the Transamerica Sales Desk has updated its incoming call system. Effective immediately, callers are directed to the internal wholesaler designated for the caller's region. If the Internal is not available, the call will go to voice mail. This new system will help to alleviate long hold times and allow for more individualized service. For ongoing product and sales support to help you and your agents grow, contact Transamerica's Sales Desk at 866-545-9058 or email at [email protected].
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