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IMPORTANT INFORMATION REGARDING ACTUARIAL GUIDELINE 38 (AG38)
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The adoption of AG38 may cause Guaranteed Death Benefit UL prices to rise. It is reasonable to expect that some carriers will discontinue offering them. Stay up-to-date by visiting the AG38 rotator on the homepage of the TMA website or call TMA Life Sales & Marketing Support Desk at 877-862-8622.
This is a good time to encourage your brokers to speak with their convertible term clients. Buyers of convertible term are frequently cost conscious buyers. They bought the term, at least in part, on price and also for the guaranteed death benefit. Beginning in 2013, should they want to convert to a guaranteed death benefit UL product, they may pay much more – if the product is available. At the very least your brokers owe their clients a conversation and an offer to convert before AG38 causes changes to guaranteed death benefit ULs.
What does AG38 mean to producers & carriers? Are your brokers prepared for these changes and how can you capitalize on it to win more business?
AG38 & The Low Interest Rate Environment contains important information combined with TMA carrier bulletins regarding AG38 transition guidelines, re-pricing, 1st year premium limitations and additional information.
Our Carrier Summary highlights important transition dates and links to carrier bulletins.
Use both communications with your brokers to help them understand and take action regarding AG38. |
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UPCOMING WEBINARS & TELECONFERENCES
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American General:
- Aviva:
- November webinar schedule & instructions
– November 26th – Understanding Policy Loans
– November 27th – Get the Competitive Edge with Aviva IUL
– November 27th – Cross Border Sales – Rules & Responsibilities
– November 28th – Retirement Plan Roadmap
– November 29th – Aviva’s Cash Value Portfolio
– November 30th – Spotlight on Success – actual case studies
- Transamerica:
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- Aviva:
- MetLife:
- Year End Deadlines
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- Life insurance: An overlooked asset class
- American National:
- Indexed Universal Life
– 14% Cap Rate
– 100% Participation in Indexed Account
– Downside protection
– 3% Minimum Guaranteed on death or full surrender
– Only participate when the market goes up
– Don’t participate in market losses
– Plus Living Benefits – Critical, Chronic & Terminal
- Aviva:
- ING:
- Legal & General:
- MetLife:
- Minnesota Life:
- North American:
- United of Omaha:
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Discontinued products – effective January 1, 2013
Term Life Complete (TLC) – TLC will be eliminated in all states. However, In NY, TLC will be marketed under the new name of Term Life Express for benefits up to and including $400,000. Term Life Answers can be used for fully underwritten term cases in all other states.
Legacy Single Premium Universal Life (SPL) – due to the change in the valuation interest rate and the persistent low interest rate environment.
Transition Rules:
All applications must be signed by December 31st.
Winflex illustrations and materials on SPA will no longer be available effective January 1st.
All applications must be received in the Home Office by January 7th.
- FIT Undewriting Success Story: Lupus
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- Have your cake… and eat it, too
Equity indexed annuities can protect principal and give your clients a chance to participate in future market gains.
- American National:
- Genworth:
- Introducing CapMax – a new index crediting strategy – available December 3rd
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NOVEMBER IS LONG TERM CARE AWARENESS MONTH!
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- LTC: Why don’t they plan?
Genworth explores the barriers that keep consumers from preparing for long-term care needs.
- 12 questions for 1 successful LTCI agent: Phil Grossman
He gets leads from radio commercials, and also from relationships with 200 agents, planners and advisors.
- Genworth:
- John Hancock:
- Transamerica:
- LTC reveal the truth – LTC is not just for nursing homes
- Watch the 3 In 4 Need More interview on YouTube
To help promote LTC Awareness Month, this week Dr. Marion and Tim Kneeland appeared on ABC’s Morning Blend in Las Vegas. They discussed the need to plan ahead to better protect finances and the family.
- United/Mutual of Omaha:
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| DISABILITY & CRITICAL ILLNESS |
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- American General: 2013 Passport to Paradise in Bermuda (November 15, 2011 – February 14, 2013)
ALL Universal Life sales count DOUBLE toward conference qualification!
- American National:
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eApp iPad Contest (September 1 – December 31, 2012)
Receive a Free iPad when you submit 6 paid life policies through iGO e-App.
- 2013 Marketing Conference (January 1 – December 31, 2012)
The top 80 licensed representatives of American National who qualify in accordance with the official requirements are eligible for an invitation to attend the 2013 Marketing Conference in Palmilla, Los Cabos, Mexico May 19 – 23, 2013.
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