 SALES ARTICLES |
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CARRIER & INDUSTRY
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- Michigan issues bulletin on ‘Sliding’
Michigan has issued a bulletin informing insurers that administrative proceedings will begin against producers who have engaged in any form of sliding.
- Rider change in Tennessee for AD, CI & DI
The following compliance rider has been added to all in-force and new business policies in Tennessee for Accidental Death, Critical Illness and Disability products. In-force policy holders have already been notified of this change to their policy.
- INTOXICANTS AND NARCOTICS EXCLUSION AMENDMENT RIDER
This rider is made a part of your policy or certificate to which it is attached. It is subject to all parts of your policy or certificate not in conflict with this rider. In the event of a conflict between this rider and any other provision of the policy or certificate, this rider will control.
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LIFE INSURANCE
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- Translate insight into sales across the generations
Think you’ve heard it before? Not like this. Use these key tips and strategies to earn more repeat clients and referrals across all three generations on the new Generation Matters website.
- “Rish-ful” thinking
In a recent edition of Life & Health Advisor, Rod Rishel – Head of US Life Insurance at AIG, shares his thoughts on “The Great Insecurity” and how life insurance plays a role in retirement.
- It was no accident
All three accidental injury A&H products debuted new client guides and product highlights this October… just in time to be included in the new Accidental Injury Training presentation that combines them all into a single modular training resource.
- Informal application limits – updated
Read the bulletin.
- 1035 Exchange procedures – updated
Read the bulletin.
- Help your clients plan for protection, unexpected health-related costs…and more
Help your clients plan for every stage of life. Show them what WealthAdvantage IUL with theLifeEnhance ABR can do.
- Advanced Sales
- Underwriting
- MetLife no longer requires a disinterested third party to witness and sign a life insurance application. Read the bulletin.
- MetLife’s Class Match is an ace!
58 million U.S. households claim that they need more life insurance. MetLife Class Match may be able to double your clients’ existing insurance quickly! Whether their existing policy is from MetLife or another eligible carrier, the MetLife Class Match program will issue a new policy matching a client’s inforce policy’s underwriting class and face amount up to $1.5 million. Learn more.
- Making Eclipse illustrations easy
Do you have trouble navigating a life illustration and wish someone could walk you through how to run an Eclipse Indexed or Eclipse Protector illustration? This life illustration training video will not only walk you through the system and how to run simple illustrations – but they have step by step videos for some products.
- Underwriting and Product Guides – updated
The following changes were made to underwriting requirements on fully underwritten life insurance business:
- The Personal Health Interview (PHI) is NO LONGER REQUIRED for ages 18-65 and for face amounts $1,000,001-$5,000,000.
- An Electronic Inspection Report (EIR) will now be required for
- Ages 46-65 , Face Amounts $1,000,001 -$2 million
- Ages 18-65, Face Amounts $2,000,001-$5 million
- The Electronic Inspection Report (EIR) is ordered internally by the Home Office and will allow underwriting instant access to public records and a faster turnaround on underwriting decisions. Using this tool, we are able to evaluate the personal data of the proposed insured much faster resulting in quicker answers for you and the client.
- Does your client lead a healthy lifestyle?
Keep these lifestyle characteristics in mind when meeting with your clients about their life insurance needs:
- Regular preventative medical care and compliant follow-up for treated impairments (within the past 12 months)
- No tobacco use for the past 10 years
- Income >$100,000 or net worth >$1,000,000
- Preferred or better driving record
- Learn more about the requirements to qualify for the Fit program
- Help clients protect their families
Term Life Answers is a great addition for your clients’ portfolio. As their families grow and change, they will have confidence their family is covered. Use this client prospecting flyer to help your clients understand their insurance needs.
- Enhanced Underwriting Guidelines
The new guidelines will be applied to applications received October 12, 2015 and after.
- Replacement of Treadmill EKG Requirement
The treadmill EKG requirement has been removed from the underwriting process and replaced with a resting EKG and NTproBNP testing. NTproBNP (N-Terminal Pro-B Type Natriuretic Peptide) is a blood test used to detect, diagnose and evaluate the severity of heart failure.
- Foreign Travel & Foreign National Guidelines
Short duration travel may now be eligible for more favorable rate classes than with the previous guidelines. In addition to the information provided on the application, a foreign travel questionnaire may also be required. Also, the list of approved Canadian Provinces and Territories has been updated regarding the third category of Foreign Nationals, Canadian Citizen with Permanent Residence in Canada. There have been additions to the non-permissible provinces, and updates to the permissible provinces and territories with underwriting and compliance prior approval.
- Create your own sales idea!
What matters most to clients looking for a short-duration life insurance solution? Freedom to live while knowing reliable, affordable protection is there, no matter what happens. Protective has made this message easy to deliver. This online tool allows you to create, personalize and share your own sales ideas.
- Advanced Sales
- Dynasty Trusts
A dynasty trust is a trust designed to avoid or minimize estate taxes being applied to family wealth with each transfer to subsequent generations. By holding assets in the trust and making well-defined distributions to each generation, the entire wealth of the trust is not subject to estate taxes with the passage of each generation. Assets in dynasty trusts can grow and be protected from your descendants’ creditors, former spouses, and their own wasteful habits.” Use this consumer brochure with your clients.
- Underwriting
- The Minnesota Authorization to Release Information is being revised to eliminate “the Minnesota Guaranty Notice” reference from the first bullet in the signature section. The Minnesota Guaranty Notice currently produces with the policy for delivery and the reference on the form is no longer required at the point of sale.
- The Juvenile Agent’s Report will be updated to reflect the firm “contract” number in Section B. Producer Information, and revised Prospectus language in Section K, 5th bullet, under the Signature section.
- ZipApp – new drop ticket now available!
Why fuss with paperwork, paramed exams, and processing delays when you can move on to the next sale instead? With ZipApp, you gather basic client information and let a fulfillment center and SBLI do the rest. There are no setup or submission costs, and a faster process means faster policy decisions and commissions!
- The UPSELL PROGRAM works!
The early results are in, and SBLI’s upsell program works! The program, which allows your agents to offer increased face amounts to their eligible clients with no additional underwriting requirements, took effect in April. Nearly 20 percent of offered upsell opportunities have been accepted, resulting in increases of $393 in average annual premium and $237,000 in average face amount. Upselling is a perfect way to help close the insurance gap that families are facing nationally, as well as boost your commissions.
- Underwriting
- New Part I application – now available
This new application has been designed to simplify the application process and reduce the need to request additional documentation once the initial application is received. Symetra’s most popular products, including Symetra UL-G and Symetra SUL-G, have been combined into one application. There are also several new underwriting questionnaires that will help to gather additional details about financial information, residency/travel, aviation, and alcohol use – when required. Please note, there is no impact to existing submissions. Symetra will continue to accept the old Part I application through December 31, 2015.
- Symetra UL-G ranks No. 1 for lower premium at higher face amounts
At higher face amounts, Symetra UL-G continues to top the competition in the no-lapse guarantee space with lower annual premiums in their “sweet spot” ages of 50-75. Check out the new heat chart flier to see where they land in each cell.
- Maximize sales with new term enhancements
Are you looking to grow your sales in the expanding market of living benefits? Transamerica has made enhancements to their Trendsetter LB term product that could help you do just that. It now has a maximum face amount of $2,000,000, which will enable you to offer clients more coverage. With the higher face amounts, clients will also have the ability to accelerate up to the new maximum of $1,500,000 in the time of need due to a qualifying Critical, Chronic or Terminal illness. View this example.
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COMBO PRODUCTS
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No bulletins to report this week.
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ANNUITIES
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- NAIC Annuity Suitability Regulation for GA – effective March 1, 2016
Get details.
- Suitability Regulation adopted in ME & TN
Read the memo. This new regulation also has TWO specific training requirements for insurance agents:
- North American Annuity Product specific training
Upon release of new products and features, product-specific training.
- A one-time, four-credit hour general fixed annuity training course
Appointed agents are required to complete the one-time, four-credit hour general fixed annuity training requirement course by 5-1-2016.
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LONG TERM CARE
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- LTCi Portfolio available in MT – effective November 1st
Learn more.
- Rate increase on in-force LTCi business
On January 1, 2016, Mutual of Omaha will be implementing a rate increase on in-force LTCi business in Montana, Texas and West Virginia.
- Rate adjustment for NH, SD & WA – effective January 1st
Learn more.
- LTC News – October 15th edition
In this issue:
- Multi-Life tools boost your success
- Get ready for Long Term Care Month
- LTC Industry Summit keynote speaker announced
- Underwriting reminder on insulin use
- Healthcare costs continue to rise
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CRITICAL ILLNESS
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No bulletins to report this week.
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DISABILITY
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MEDICARE SUPPLEMENTS
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- Rate adjustments
View the December 2015 rate adjustments for Kentucky, Montana, Nebraska and North Dakota; and the January 2016 rate adjustments for Louisiana.
- November rate release
View the rate adjustment effective November 1, 2015 for Mutual of Omaha Medicare supplement in Hawaii and Vermont.
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BROKER/AGENT INCENTIVES
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- 10% Bonus Commission on Value+ IUL (June 1 – December 31, 2015)
Earn an extra 10% BONUS COMMISSION on Value+ IUL policies paid between June 1, 2015 and December 31, 2015.
- NO thresholds to meet
- NO tiered payouts
- NO maximums
- No restrictions on how the extra commission is used- for example, you may wish to share all or part of the bonus with your producers, creating an incentive program of your own.
- 2016 Marketing Conference in Hawaii (January 1 – December 31, 2015)
The top 80 qualifiers and their guest will be invited to enjoy six days and five nights at Four Seasons Resort Hualalai in beautiful Kona, Hawaii. Click here for complete details.
- 2016 LFN Convention in The Bahamas! (January 1 – December 31, 2015)
Indulge in the beauty and splendor of the brand-new, ultra-extravagant Grand Hyatt at Baha Mar in the Bahamas. LFN qualifiers will enjoy the sun-drenched sand and surf, as well as one of the islands most beautiful and challenging 18-hole golf courses. Get qualification detailshere.
- 2016 LFN Summit in Prague, CZ (January 1 – December 31, 2015)
Set your sights on the crown jewel of Eastern Europe as we head to Prague, Czech Republic. The exquisite Four Seasons Prague will host our qualifiers in a luxurious setting overlooking the famed Charles Bridge. Get qualification details here.
- DI Growth Challenge – Part II (July 1 – December 31, 2015)
Increase your MetLife DI premium by 15% and receive a cash bonus of 6%. Get complete details.
- LTCI Marketing Credits Program (November 1, 2014 – December 31, 2015)
Mutual of Omaha’s LTCI Marketing Credits Program gives you the opportunity to score marketing credits that can be used to help build your LTCi business. Start earning credits on your fifth LTCi app placed after November 1, 2014.
- Credits must be redeemed by March 31, 2016
- Mutual Sales Leaders in Rome! (January 1 – December 31, 2015)
Experience all that is Rome when you qualify for Mutual Sales Leaders in 2015! Your Mutual of Omaha Medicare Supplement and Simplified Issue Life sales can take you to the Eternal City where you’ll enjoy centuries of iconic achievements in Roman art and architecture. It’s the trip of a lifetime! Click here for complete details.
- Elite Producer Club – annuity incentive (January 1 – December 31, 2015)
Earn up to 1% extra commission on all North American Fixed Index Annuities in 2015! Get complete details.
- 2016 Protective Life Sales Convention (July 1, 2014 – January 1, 2016)
Make sure you’re taking advantage of the full qualification period for the Protective Life Sales Convention. Write your business today so by next May, you’ll be able to savor your success!Qualification Period: combined business from July 1, 2014 – January 1, 2016.Qualification Rules: top 40 BGAs with a minimum of $1,000,000 net paid annualized life premium (NPAP). NPAP is defined in the Independent Agents Agreement each BGA holds with Protective Life.Minimum life count of 15 paid applications.No credit for Annuity or BOLI premium.Convention point credit will be given on excess premium at 6%
- Founders PLus Bonus Program (EXTENDED THROUGH DECEMBER 31, 2015)
This This means you have another three months to earn an additional 20% bonus compensation on all new PruLife Founders Plus UL business you place. Click here for complete details.
- Leading Distributors Convention in Barcelona (January 1, 2014 – December 31, 2015)
This is your opportunity to experience one of the world’s top destinations in an entirely unique way-the Transamerica way! Sun-filled days, exciting nightlife, and the breathtaking beauty of Barcelona await, when you qualify for the 2016 convention – held May 11-15, 2016. Click here for details.
- Breakaway Travel 2015! (February 1 – December 18, 2015)
Break Away returns for 2015 with more destinations and new opportunities to qualify! Click here for the producer rules & regulations.
- The Insurables! A Learn and Earn Promotion (June 1, 2015 – March 31, 2016)
The Insurables is a rewards-based program designed to engage and motivate producers to grow sales. Through a series of videos, producers are given the opportunity to learn more about key clients — The Insurables — as well as a chance to earn prizes and a 10 percent commission enhancement. Click here to start learning and earning. Please note: New York, Guam, Puerto Rico and non-U.S. business is excluded from the program. Get complete details!
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