February 2, 2017
Succession Planning and the Buy-Sell Agreement    
Options for Business Shareholders or 

Business entities such as closely held corporations and LLC's frequently rely upon buy-sell agreements when creating future business succession plans or who would otherwise have a limited market in which to sell their business interests. It is simply a contract to buy and sell a departing business owner's interests and is frequently utilized in the occurrence of a death or retirement of a business owner in the small business context. 

Like any other contract, the parties have freedom to negotiate the contract terms in a buy-sell agreement in order to reflect the specific needs of the business. There are three common rights that are negotiated in the context of buy-sell agreements, including:
  • Mandatory Purchase Requirements
  • "Call"-Type Options
  • "Put"-Type Options

MetLife Discontinues 10 Competitive Life Products  

Effective This Week

On Friday, February 3rd, MetLife will be discontinuing the following products within their individual life product portfolio: 
  1. Promise Whole Life
  2. Promise Whole Life 120 
  3. Promise Whole Life Select 10 
  4. Promise Whole Life Select 20 
  5. Promise Whole Life Select 65 
  6. Guaranteed Level Term (face amounts less than $1M only) 
  7. Secure Flex Universal Life Provider 
  8. Universal Life Legacy Advantage 
  9. Survivorship Universal Life 
  10. Equity Advantage Variable Universal Life
For applications submitted after February 3rd, policies will be issued by Brighthouse Life Insurance Company. 

In Carrier News            
Varying Product Changes

The following product changes and revisions have recently come into effect. For more information, click the links in bold.  

On Monday, January 9th, Minnesota Life released a new version of their Advantage Elite Select product.

On Monday, January 23rd, Lincoln Financial released revised rates for their Lincoln LifeElements® Level Term product.

On Monday, January 23rd, Lincoln Financial released revised rates for their Lincoln TermAccel® Level Term product.

On Monday, January 23rd, AXA reintroduced their age 90 guarantee to the market, now featuring it on their BrightLife Protect product.

On Monday, January 30th, North American released rate revisions for their Custom Guarantee® UL. Rates are currently being updated. An overview analysis is forthcoming.

On Monday, January 30th, North American revised the following products: Builder IUL®, Guarantee Builder IUL® and Rapid Builder IUL®. Rates are currently being updated. An overview analysis is forthcoming.
Republican Leaders Outline 2017 Congressional Agenda 
And How It May Affect the Life Insurance Industry 

With both the new Presidency and House of Congress, increased legislative activity including potential changes to comprehensive tax reforms, may ultimately impact the life insurance industry. 

Speaker Paul Ryan outlined the GOP's "200-day" legislative strategy, indicating that the plan is to repeal and replace the Affordable Care Act by the Spring and tackle tax reform before the August recess. 

One aspect of the House tax plan that was discussed included the border adjustability provision, which exempts businesses from paying taxes on exports but denies them a deduction for the cost of imported goods. Ways and Means Chairman Kevin Brady strongly defended this provision, and stressed its importance to the overall goals of tax reform. 

For Free

The TBA Mobile App was designed to give advisors the ability to be more efficient while away from the desk. This app has all of the tools needed to create sales as well as process paperwork more efficiently. It can be downloaded on your phone or tablet. It is available to download for free from the app stores of Apple, Android, and Kindle.

Available tools include:
  • Instant Term Quotes 
  • Online Application 
  • Needs Analysis
  • Licensing 
  • Direct Dial TBA Employees
  TBA Mobile App: How to Use the Document Scanner 

Upcoming Webinars
Tennessee Brokerage Agency | 865-588-9555 | www.TBA.com