Senior Vice President, Allstate Life Insurance Company
LBL Sale Finalized - Sharpened Focus on Agency Channel Positions Allstate to Win with Customers
Allstate Financial is now "all in" for Allstate customers
The close of the LBL sale means we are now fully focused and committed to delivering on Allstate's Customer Value Proposition by providing customers best-in-class solutions to meet their life and retirement needs. We are making progress in many areas including:
Improving TrueTerm prices for over 90% of customer segments.
Delivering Allstate Assurance Company (AAC) life solutions in early 2015.
Exceeding $100 million in ING annuity sales YTD, making it a very successful replacement for Allstate proprietary annuities solutions.
Leveraging strategic partnerships with: AXA, Prudential, Protective, Crump and ING, to serve more customer needs while also counting toward your IPS requirements.
LBL Sale Details
The sale is now complete and Resolution Life owns Lincoln Benefit Life.
Allstate will continue to manage, service and reinsure LBL life policies sold by the Allstate agency channel.
You, as well as customers, will have access to the same policy information and the same service organization will handle your requests.
Customers will begin receiving letters the week of April 21 through May 9 notifying them of the sale. To help you prepare for potential questions and inquiries, please review the sample letters in the Resources section below.
Life Insurance
All current LBL life insurance products remain available for sale and conversion through the transition to Allstate Assurance Company (AAC) in 2015.
Upon completion of the transition, customers will have the additional right to convert to the LBL conversion product(s) made available by Resolution Life.
We will also provide customers with an additional privilege to exchange to Allstate permanent policies. If a customer is within their conversion period, they are eligible for the Allstate Exchange Program.
Prior to their 5th policy anniversary, customers may exchange to current* Allstate permanent products, including Allstate Whole Life Advantage.
Allstate Bridge UL will be added to the program at a later date for LBL term policies beyond their 5th year.
Current term conversion compensation rules will apply to the new Allstate Exchange Program.
Annuities:
Work is underway to transition the administration of all LBL annuity policies to se2 by year-end. Prudential VAs sold through our channel are already serviced by se2.
For LBL annuity customers who will transition to third party administration
For LBL life customers whose policy(ies) will continue to be serviced by Allstate
If you need additional information, please contact Allstate Financial at (877) 482-6223. Thank you for all you do to serve Allstate customers and protect their families.
*Allstate permanent products available for this new exchange program will be evaluated annually and revised where appropriate.
Bill Kavanaugh
Senior Vice President
Allstate Life Insurance Company
For Broker-Dealer or Agent Use Only - Not for public dissemination. May not be distributed, reprinted or shown to the public in oral, written or electronic form as sales material.
April 1, 2014
