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American General introduces Elite Global Plus II with enhanced product features for clients who seek protection and cash accumulation.
Transition Rules:
Elite Global Plus II (policy form number 12967 and ICC-12967) will replace Elite Global Plus (policy form 08444) in states where approved beginning March 25, 2013, subject to the transition rules below.
- Applications received on or before 5/10/2013 will automatically receive Elite Global Plus rates and features unless Elite Global Plus II is specifically requested.
- Applications received after 5/10/2013 will automatically receive Elite Global Plus II rates and features.
- Backdating to save age can not predate the first available issue date of 3/28/2013 for Elite Global Plus II.
- Any state currently not approved will receive a minimum transition period of 45 days.
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North American's ADDvantage® Term is now available with more competitive 10-year and 15-year rates.
Click here for case studies and markeitng materials. |
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Effective, April 27, 2013, MetLife is revising its retail life insurance product portfolio and making these important changes:
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The Coverage Continuation Rider will no longer be offered on new sales of Guarantee Advantage Universal Life® (UL) in all states. This rider was discontinued in New York effective on February 23, 2013. Guarantee Advantage UL will still be offered on a current assumption basis. View additional details and transition dates.
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The Joint Coverage Continuation Rider will no longer be offered on new sales of Legacy Advantage Survivorship Universal LifeSM (SUL) in all states. Changes in New York were implemented on February 23, 2013. Legacy Advantage SUL will still be offered on a current assumption basis. View additional details and transition dates.
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In New York only, the 30-year duration for Guaranteed Level Term will no longer be offered for new sales. The durations of 10, 15 and 20 years will continue to be offered in New York. View additional details and transition dates.
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Clients looking for life insurance coverage with death benefit guarantees can consider the following options:
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MetLife Promise Whole Life 120SM with the Flex Term Rider which offers a death benefit guarantee with an opportunity for cash value accumulation.
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MetLife Provider UL offers a secondary no-lapse guarantee to age 95 with affordable premiums and has been approved in additional states. View additional details.
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Equity Advantage Variable UL with a Guaranteed Minimum Death Benefit rider that can provide death benefit guarantees to age 85 or 121, with the potential for cash value accumulation.
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On April 29th, MetLife is broadening its life and disability insurance product portfolios by introducing new products which are already approved in several states:
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MetLife Promise Whole Life Select 10SM, MetLife Promise Whole Life Select 20SM, and MetLife Promise Whole Life Select 65SM are single-life whole life products that may be ideal solutions for clients looking for guaranteed lifetime protection, the ability to pay for the protection on a guaranteed basis of 10 years, 20 years, or to age 65 of the insured, and cash values that accumulate more quickly than policies that have longer premium paying periods. These products can also be used to supplement income, create estate liquidity or help solve business continuation planning needs.
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The Convertible and Renewable Options Rider on MetLife One Year TermSM extends coverage to five years and includes a conversion privilege that can be exercised in years two through five. Clients may use this rider to protect their families or businesses for up to five years. They also have the flexibility to convert to a permanent product within five years without having to be underwritten..
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MetLife Income GuardSM1 will be MetLife’s newest individual disability insurance product. This product is designed to meet the financial needs of executives and medical/dental professionals as it offers competitive coverage limits, optional riders and definitions of disability that can be attractive to these professionals.
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We are regularly asked by producers to reimburse them for getting medical records from their clients’ doctors, thinking that this is a way to make underwriting faster. While we certainly appreciate the intent and initiative, there are some unintended consequences that you may not be aware of. Under the ever present HIPAA regulations, carriers will generally not accept records that they received from an agent due to the liability that those records may not be complete or may be altered in some way. So what that means for the well intentioned agent is that the carrier will disregard those records and order another set directly from the physician. Additionally, our carriers generally have negotiated arrangements with specific APS vendors which they use to acquire medical records. While in the past these arrangements were often more like guidelines, today there are strict rules about what carriers require and what they will pay for. In many cases, a carrier will not reimburse either the agent or the broker for records that were not procured through pre-approved sources.
With that being said, we understand the need to be proactive in obtaining medical records to speed up underwriting or shop informal applications. That’s why we have a medical records team that is familiar with the carrier requirements and is able to utilize approved sources to obtain medical records. In addition, we are able to acquire medical records directly from physician offices when needed due to arrangements with our carriers. If you have a situation in which you need to obtain medical records prior to the carriers’ request for them, please utilize First Protective’s team to do that. We are not able to reimburse medical records expenses directly to producers.
With your help, we can ensure that medical records are obtained as quickly as possible and avoid situations where agents have to absorb an underwriting expense. Thank you. We appreciate you and hope that you will rely on our medical records team to help support your business! If you have any questions, feel free to contact our medical records team at (800)876-3950 #0 and ask for Paula or Stephanie. |
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Effective April 1, 2013, Mutual of Omaha is repricing the Guaranteed Universal Life products.
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April 1, 2013
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- Applications signed BEFORE this date will receive the old rates
- Applications signed ON and AFTER this date will receive the new rates
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| April 15, 2013 |
Applications signed before April 1 MUST be physically received in the Home Office by this date
Click here to read all the details of this reprice.
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Effective May 1, 2013 John Hancock will be changing the interest crediting rates on certain Universal Life insurance products and Variable Life Fixed Accounts for new and in-force policies, including:
Plese click here to view the charts which detail the new rates for each product. |
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