Three opportunities to have LifeMark internal salespeople participate in sales training. If interested in Dallas (August 5-6), Orange County (August 12-13), or Charlotte (August 26-27) sessions, email Robert Tomaino at [email protected]
Standard & Poor upgrades Accordia Life from BBB+ to A-.
Transferring policies from Athene to Accordia Life - learn how.
Athene Group Mailbox Addresses Changes can be viewed here.
Click here for important information on Underwriting Express
New Signature Indexed Universal Life Insurance. Learn more.
Sales Idea: With the ASIA PLUS LIR with Fixed Rate + Index Credit, the 4% stops compounding after 10 years but interest earnings based on performance of the index continue to be credited to the LIR income base. If you have a client who is looking to retire later than the 10-year rollup period, this is a great tool. Learn more.
Earn cash for ASIA PLUS annuities sold w/ Lifetime Income Rider.
Announcing an enhancement for LTC Pending Status on PRO.
Privileged Choice Flex 3 Launching in 42 States - bulletin. Transition rules:
LTC Quick Request (QR):
--7/18/2014 – Flex 1 and Flex 2 Quick Request must be received by 11:59pm ET. 8/11/2014 – Flex 1 and Flex 2 QR application interviews must be complete. 9/2/2014 – Last valid Home Office Receipt date for signed Flex 1 and Flex 2 QR applications.
--7/21/14 - Flex 1 and Flex 2 paper applications must be signed and received by 8pm ET.
See changes to Privileged Choice Flex 1 and Privileged Choice Flex 2.
Effective July 1, carrier has extended the rate lock time period from 14 calendar days to 30 calendar days. Effective July 1, 2014 the 30-calendar day rate lock period for any contract begins the day its application is received unless: (i) an application signed prior to the effective date of a rate change is received on or after the aforementioned effective date; and (ii) said application is received by close of business no more than seven days after the aforementioned effective period begins. In this case, the 30-calendar day rate lock period begins on the effective date of the rate change. This is effective for any application received after July 1, 2014.
Introducing Rory Hennessy as carrier's new ING U.S. Wholesaler. Contact Rory at 515.698.6012 or [email protected]
Effective May 26, JH began securing HIV consent forms as part of the paramedical examination form. If JH exam is being obtained, vendor will complete and submit to appropriate state. If another company's exam is being used, HIV form is available from jhsalesnet.com.
JH requires a signed NAIC illustration to be submitted with formal application in NAIC states.
eApp/iPipeline's iGO now available in Florida and NY.
Bill Shelow on June 25: "ALIRT first quarter report shows Direct Premium written fell 5.2% on an annualized basis. Statutory operating earnings were down markedly (lower equity market gains). As a result, annualized ROE's and ROA's for the first quarter were the lowest since 2011. Net investment yield, already at a historical low in 2013, fell another 19 basis points to an annualized 4.77%. This puts pressure on investment returns, policy crediting rates and the profitability on existing policies. LifeMark is down in the aggregate. Through May we made up some ground, but we are still not in positive territory. I do know that inventories are increasing and there are good signs of production increasing as well as signs of companies repositioning to improve competitiveness. We are close to the halfway point in 2014. Increasing production requires increasing activities aimed at producers and advisors and a focus on sales concepts and opportunities. Coincidentally, LifeMark is preparing for our annual sales and marketing focused meeting, The SAIL Meeting, which will feature sales ideas, concepts and resources provided by six of our carrier partners."
No longer requiring 1035 confirmation of health to be signed by the client prior to the case being issued. 1035 and health confirmation can be signed at delivery putting policy inforce.
Life Lines: Volume 7
-Uncover the next life insurance product by calling 1-888-413-7860, Option 1.
-Launched a new, more customer-friendly Advantage Elite Select Term annual policy review.
Mutual of Omaha
--Enhanced Service Level Agreements include: automated e-mail receipt of application, 4-hour response to voicemail/email (if received by 2pm CST), Quick Quotes replied to same day (if received by 2pm CST), 48-hour turnaround on all work items such as initial reviews, final requirements and additional mail, and lastly, 4-day turnaround on trials.
--As of 6/1, rates lowered for Term Life Answers 10, 20 and 30-year products. Call Keli Sadler (402.351.3582) or Tim Nielsen (402.351.8626) for more information.
Effective July 1, TLA rates are lowering. Term Life Answers 10, 15, 20, 30 applications signed July 1, 2014, and after will be issued with the new rates. Applications signed before July 1, 2014, will be issued with the old rates. If an Agent/Broker wishes to have the new rates applied to an in-house pending application signed before July 1, 2014, he/she must contact the Underwriting Department
Effective July 18, Spanish policy forms are required in Puerto Rico, unless applicants specifically request English policy forms. During this transition, certain products/riders must be discontinued; therefore, no new applications will be accepted after July 18, 2014, and until Spanish forms are ready for use. This will only affect the policy form and not the application.
--Trendsetter Super, Trendsetter Express, TransACE 2013 Products: No base form interruption. Rider forms being translated currently and sales suspended until July 18.
--TransACE CV Product: Base form and rider forms being translated currently and sales suspended until after July 18.
--TransACE Survivor, TransACE Ultra Plus, Guaranteed Whole LIfe, Simplified Issue Whole Life, TransSecure II, and AccumUL Products: sales suspended until after July 18. Currently evaluating whether products will be made available in the future.
--All IUL products exempt.
Effective July 1, 2014, the principal investment strategy of the Transamerica WMC Diversified Growth VP portfolio, as well as the portfolio's name and portfolio manager will change. Information about these changes is available in the prospectus supplement available in TransACT® under "Products," "Variable Universal Life." It was mailed to policyholders on or about June 9, 2014. This portfolio is available in the following variable universal life insurance products: TransEquity ®, TransEquity® II, Transamerica Tribute®, Transamerica LineageSM, TransSurvivor Life VULSM , TransUltra® VUL, TransAccumulator® VUL, TransAccumulator® VUL II, Transamerica Journey®.
Sign up for Tools of The Trade and get email newsletters with the best tips and tools in the industry for free!
If you want to be a 21st century producer, you need the right tools. By signing up for our Tools of the Trade newsletter, you'll gain access to the latest and top information from around the industry, including organizations such as MDRT and NAIFA.
Take Our Agent Survey
Would you rather learn more about marketing or lead gen? Process automation or sales tips? Tell us in our agent survey!