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November 28, 2012

IMPORTANT INFORMATION REGARDING ACTUARIAL GUIDELINE 38 (AG38)

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. 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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CARRIER & INDUSTRY NEWS

LIFE INSURANCE NEWS

  • Minnesota Life:
    • Express Issue for Secure Protector & Secure Accumulator Whole Life
    • Transition rules for whole life policies
      To issue Secure Whole Life:
      Paper applications must be signed by the owner no later than November 16th and received in the home office by December 16th.
      Quick eApp cases started prior to November 17th can apply for Secure Whole Life.
      Note: The case must be locked and sent for signatures by December 1st.
      Quick eApp must be completed with signatures and received by the home office by December 16th.
      To issue Secure Protector or Secure Accumulator Whole Life:
      Paper applications must be signed by the owner on November 17th or later.
      Quick eApplications started after November 17thwill not be available for Secure Whole Life and will be issued as Secure Protector or Secure Accumulator.
    • New maximums on single premium paid-up additions
  • North American:
  • United of Omaha:
    • Why Quote Term Life Answers?
      Life insurance is essential to your clients’ planning and they rely on you to guide them and provide solutions. Term Life is basic, affordable protection that is essential to a family’s overall financial planning.
    • AD Can Be a Life [Sale] Saver
      When you encounter term life declines or clients who can’t afford coverage, what can you do? Here’s a way to save the sale: our Guaranteed ADvantage Accidental Death Insurance.
    • FIT Underwriting Success Story: Multiple Sclerosis
      It can be difficult to find affordable insurance for clients with certain health conditions, but with the FIT Credit Program your clients may get credits for basic lifestyle characteristics.
ANNUITY NEWS

NOVEMBER IS LONG TERM CARE AWARENESS MONTH!

DISABILITY & CRITICAL ILLNESS
PENSIONS
 
 
 
 
AGENT CONTESTS

  • American General: 2013 Passport to Paradise in Bermuda (ENDS February 14, 2013)
    ALL Universal Life sales count DOUBLE toward conference qualification!
  • American National:
    • eApp iPad Contest (ENDS December 31, 2012)
      Receive a Free iPad when you submit 6 paid life policies through iGO e-App.
    • 2013 Marketing Conference (ENDS 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.
  • Symetra: