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Shaw American Closed For Holiday
Just a reminder that Shaw American will be closed on Thursday and Friday July 4th and 5th in honor on Independence Day. We hope that you have a wonderful and safe holiday weekend!
You will still have access to quotes and forms on our website at www.shawamerican.com. We will be performing a system update on July 5th but this will not effect the website. |
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How the DOMA Ruling Will Affect Same Sex Couples' Finances
What the new ruling really means for your clients
As you are aware, the Supreme Court rulings will have a ripple effect on the lives and futures of gay couples, especially when it comes to personal finances. A recent article from Time.com discusses the rulings in depth and explains what benefits couple are now entitled to. The DMA act means that people who marry and live in states with legalized same-sex marriage will have that union recognized by the federal government - including the Social Security Administration, Internal Revenue Service, and so on.
Survivors will now be able to claim social security benefits from their partner, clients can now file joint tax returns, health insurance is now non taxable for same sex couples, gift taxes will no longer apply when left to a domestic partner and same sex couples can now have the privilege to name a domestic partner as beneficiary of a 401K plan. In addition, same sex couple have the choice to amend the federal tax returns for the last three years.
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The Next Health Care Crisis
Seniors are suffering a double whammy with long term care premium increases and benefit cuts
Long Term Care policies were designed to cover seniors for nursing homes or in home care as they aged but insurers under estimated the rising cost of medical care and how long clients would live. Seniors are now getting hit on two fronts. Not only are their premiums increasing many are suffering from benefit cuts as well. This is according to a recent article from Money.MSN.com.
Another problem for the industry is that there are currently only about a dozen companies who are selling policies with "meaningful numbers". That is down from about 100 companies just 10 years ago. Seniors are particularly concerned because the Affordable Care Act that takes place in January 2014 does not include long term care benefits for seniors. This issue is being examined by the congressional commission but in the meantime, seniors are left to wonder what will happen.
Shaw American offers long term care policies with Genworth, John Hancock and Transamerica. Because of recent premium increase announcements Genworth has been flooded with new business and they are currently running behind on processing, as a result, Shaw American is not quoting Genworth Long Term Care. Call our marketing department today for more information on long term care insurance at (800) 626-5888 or email@shawamerican.com. |
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MetLife Supports Armed Forces
Have a client in the military who needs coverage?
MetLife is proud to offer members of the United States military life insurance coverage.
As a member of the United States military, you may be eligible for life insurance - with no war restrictions or war-zone exclusion riders - even if you have orders to deploy to a war zone.
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Have a client who is uninsurable?
Have you considered accidental insurance coverage?
Some clients may not qualify for a traditional life insurance policy due to their occupation or health issues but they still want to protect their family. Perhaps an accidental life insurance policy is the answer. Accidents are one of the top five causes of death for clients age 18-60. United Home Life can offer your client up to $100,000 in coverage with just one non-health question to answer. Several hazardous occupations are acceptable.
Contact our marketing department today for more information or pricing questions (800) 626-5888 or email@shawamerican.com. Most policies are issued within days and premium and face amount is guaranteed for 20 years with a Return of Premium option. |
Good News for Diabetics  Preferred rates are now available for older age diabetics!
Principal Life has made some underwriting changes and some diabetic risks may now qualify for Preferred rates. Basic qualifying criteria include: applicants ages 70 and older, lifetime non-tobacco users, no cardiovascular or cereberovascular disease or diabetic complications, demonstrated diabetic control for an extended period, no other medical conditions, and routine doctor follow-up including exams and cancer screening.
Click Here for Full Announcement
Contact Shaw American today for a quote at (800) 626-5888 or email@shawamerican.com. This is exciting news from Principal! If you have a client aged 70 or older who is a controlled diabetic with no other health issues who has regular follow-ups with their doctor then the preferred rates will apply. Don't forget to think about cases that we could possibly replace with a better rate! |
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Do You Use the Shaw Assist Form?
Have questions about how it works?
We have gotten several questions lately regarding this Shaw Assist Form and how it works. The Shaw Assist Form is designed to make it as easy as possible for both you and your client. The agent needs to fully complete the attached one page form and send it to Shaw American. Tell your client to call Shaw American at our toll free number (800) 626-5888 at their convenience. Your client should have access to their email and be able to sign an electronic application at the time they call us. We will ask your clients any additional questions that we need for the electronic application, walk them through signing the application and transmit directly to the home office once it's signed. The process is very simple and the fastest way to send the application to the home office. In some cases the home office may also need to contact in your client directly and we will notify your client of that when we speak to them. Shaw American will always have a staff person available during regular working hours (9:00 - 5:00 EST) to take your clients call. Since your client is calling into us, we know that it is a convenient time for them and since they electronically sign while we have them on the phone we are not following up with them at inconvenient times. The process will take about 15-30 minutes with your client.
If you still have questions please contact someone in our marketing department at (800) 626-5888 and they will be happy to answer any questions or address any concerns. Shaw Assist is available for the following companies: AXA, Banner, Genworth, ING, John Hancock, Lincoln Benefit, Lincoln Financial, MetLife, Nationwide, Principal, Protective, Prudential, Transamerica and United of Omaha. |
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COMPANY & PRODUCT CHANGES
Repricing & Forms |
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Banner Life now accepts coverage amounts up to $10 Million for ages 20-70
Legal & General has raised the coverage amount for AppAssist cases from $5 Million to $10 Million for clients aged 20-70. Submit a case today using the Shaw Assist Form.
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Genworth to Update its LTC Application:
Producers must discard current versions of out-going forms/applications.
Genworth LTC will be updating its long term care insurance (LTCI) applications and forms on July 1, 2013. See link below for specific applications and forms that will be changing. You must destroy any of the old applications and forms you have on hand and replace by July 2, 2013.
Click Here for Announcement and Transition Rules |
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IRS 4506T-EZ Authorization Form
This form is required with all applications by applicants age 18 and older and for face amounts equal to or greater than $3,000,001.
Have questions about the form and why it's required? Click Here for
Are You Using the Correct HIPAA Form?
Old versions of the HIPAA form will no longer be accepted effective 7/1/2013. Please be sure to go through your files and destroy all stock of old versions of this form. Submitting an old form will delay the processing of your business as we will require you to re-submit the new compliant HIPAA form.
To download the latest version of the form, Click Here. |
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Effective July 1, 2013, Protective Life will change to current lifetime rates on our guaranteed UL products.
As a result of this re-price:
- Protective Custom Choice UL will stay competitively positioned for guaranteed lifetime coverage needs with affordable level pay premiums.
- Protective Advantage Choice UL level pay premiums may be higher, but will remain competitive in the GUL marketplace.
Please find the transition dates for the pricing changes listed below so you will be prepared for any potential impact on your business. We strongly encourage you to run and include an illustration with all lifetime applications to ensure your client receives the best available rate during the transition period.
Click Here to View Transition Guidelines
Effective immediately, the Guaranteed Insurability Rider is no longer available for new sales with the ProClassic UL and ProClassic NY UL products.
This rider (Variable Option and Survivor's Choice Option) allowed for an increase in death benefit protection in the future, without evidence of insurability.
The Protected Insurability Rider will remain available for your younger clients who might need additional death benefit protection. With this rider, coverage can be increased at ages 25, 28, 31, 34, 37 and 40.
Click Here for the Official Announcement
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Now Available - July 1, 2013
PruLife UL Protector will offer a Benefit Access Rider, the rider will provide Chronic and Terminal Illness Benefits.
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Want to vacation with Shaw American!!! Just write a combined target premium of $75,000 in 2013 and you can join us! We will be traveling to The Royal Cancun in February 2014 for an all inclusive vacation. We don't want you to miss this!! Call us today for quotes on any cases that you are currently working on or let us take a look at your past business to see if we rewrite a case for a better rate. |
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Shaw American Financial Corp.
Phone: 800.626.5888
Fax: 888-329-7429
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