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October 2013

In This Issue
Undewriting Corner
MetLife
American General Life
AXA Equitable
Lincoln Financial Group
ING Life Companies
John Hancock Life Insurance
Principal Financial Group
Transamerica
Symetra
Prudential
Protective Life

  

Introducing the Lifestyle Income SolutionSM

on AG Secure Lifetime GUL 

Life insurance protection with OptionalitySM  

  

  

Click on Image for Full Brochure

 

At American General, we recognized that consumers wanted long-lasting  protection and more financial control during uncertain economic times.  We therefore introduced Optionality with AG Secure Lifetime GUL offering guaranteed death benefit, guaranteed access, and guaranteed cash value.

                        

We also recognize that increased longevity is not just a possibility-now it's very likely. According to a recent study1, for a married couple age 65, there is now a 50% chance that at least one spouse will live to 94, and a 10% chance that one will live to 104. But while the prospect of living a longer life is certainly welcome news, this positive news does come with some serious financial 

concerns. Sixty one percent of Americans surveyed said they were more afraid of outliving their assets than they were of dying2. And 48% of Americans ages 45-70 have no financial plans in place to protect them against outliving their assets and the rising cost of healthcare should they live longer than expected.2 

  

Consumers are rightfully concerned about outliving their retirement income. Recognizing this, we are pleased to introduce our latest innovation in the universal life market that will change the way consumers think about, purchase and use life insurance: the new Lifestyle Income Solution on AG Secure Lifetime GUL issued by American General Life Insurance Company. 

  

Our Lifestyle Income Solution offers affordable protection against outliving retirement income. It provides the option to receive a portion of life insurance benefits, while consumers are still living, to help supplement other retirement income. Give your clients the income freedom they need an and want with our new Lifestyle Income Solution on AG Secure Lifetime GUL.

Underwriting Corner - Financial Underwriting - Income Replacement

  

Underwriting Picture  

Just as carrier home office underwriters review files for medical, occupational and avocational risks,  they are also required to underwrite the case from a financial perspective and will ask a simple question, "Does the Sale Make Sense?"

 

The most basic life insurance need is replacement of future income, or "Income Replacement". Carriers publish their "income Replacement Guidelines" in their Field Underwriting Manuals for easy reference. 

 

Depending on the proposed insured's age, a carrier will allow a multiple of annual income to determine the face amount they will consider (less any amounts of individual personal coverage already in force). For example, most carriers, not all, will allow a 40 year old 20 to 30 times earned income for life insurance. However, at an older age, let's say age 60, most will only allow 10 to 20 times income. Why? In general, the 60 year old has fewer working years ahead of them and therefore less future income that needs to be protected.   

 

Cases submitted where the total inforce and applied for will be in excess of their normal guidelines may have the face amount reduced at issue to stay within their guidelines. However, carriers may allow amounts in excess of their guidelines when a good cover memo submitted with the original application, explains "Why the Sale Makes Sense."

MetLife

 

Effective, September 3, 2013 - Several product changes, the details are outlined below

Reprice Promise Whole Life and Promise Whole Life 120 -

Introduction of the Enhanced Care Benefit Rider

 

Guaranteed Level Term(GLT) Changes.  While we will not be making any changes to our term pricing, we will be making two very important changes.  In New York, we will now issue the product on Metropolitan Life Insurance Company paper,  which will be consistent with all of our other life products.  With the elimination of First MetLife Investors Insurance Company, this will curtail the need for replacement paperwork when converting Metropolitan Life Term policies to any of our permanent products.  In addition, we will be streamlining our term risk classes to align with the risk classes on our permanent products making conversions even easier going forward.

American General Life Insurance

 

 

Effective, August 12, 2013 - New Term Rates on AG Select-a-Term (SAT).

State Approvals - The new rates will apply to American General Life (AGL) and the United States Life Insurance Company in the City of New York (USL).  Click here for the Product Bulletin

Axa Equitable

 

 

Adding AXA Equitable's Long-Term Care Services Rider to a life insurance policy is flexible and affordable way to protect your clients from potentially devastatng long-term care costs.

Lincoln Financial Group

 

 

Please note the important product update from Lincoln Financial for the

MoneyGuard Reserve Plus

 

ING Life Companies

 

THE NEW IUL- Protector and IUL-Global Choice

 

Same death benefit protection AND cash value accumulation potential.  Different funding strategies for optimal potential.

 

John Hancock Life Insurance

 

 

 John Hancock's IUL Products - Delivering Positive Returns

 

Nine Indexed UL segments have matured since John Hancock introduced its first IUL product in 2011.  During this volatile time in equity markets, John Hancock's IUL policy owners have enjoyed the peace of mind that comes with a 9% floor - and they realized significant returns.  Click Here

 

 

Principal Financial Group

Life Accumu

Universal Life Accumulation II

 

Learn how the Surrender Value Enhancement Rider (SVER) provides high early cash surrender value.  Then use this brochure with business clients to help explain how UL Accumulation II with the SVER can provide multiple benefits to their business and key employees.

 

 

Transamerica

Life Accumu

Extends Bonus Program - Now through December 2013

TransACE 2013 and TransACE Survivor 2013

 

Click here

 

 

Symetra

Life Accumu

New Lower Rates for Standard Non-Nicotine on Symetra Classic with Lapse Protection Benefit :  Effecitve September 30, 2013 

 

As part of Symetra's ongoing commitment to be a premier provider in the no lapse guarantee marekt; they are pleased to introduce new, lower rates on Standard non-Nicoline classes for Symetra Classic Universal Life with Lapse Protection Benefit.  Sweet Spot ages 50-80:

 

Contact us for your next Illustration!

 

 

Prudential

Life Accumu

New State Approvals - UL Protector with BenefitAccess Rider & SUL Protector

The following are new State Approvals that were effective 8/12/2013

 

 

Protective Life

Life Accumu

Lower Rates for Protective Custom Choice UL (10-30 years)

  

Effective September 3, 2013, Protective Life is pleased to introduce new, lower lapse protection gaurantee1 rates for the Protective Custom Choice UL initial level benefit periods of 10-30 years.

 

For more information, click here

 

Transition Dates

  • The new Protective Custom Choice UL 10-30 year rates will be available on August 30, 2013 for quoting and electronic ticket application submission in all states except New York. 
  • We will begin processing applications and issuing policies with the new rates on September 3, 2013. 
  • The lower rate will automatically be applied on any policy issued for Protective Custom Choice UL 10-30 years beginning September 3, 2013 

The 9/3/13 rate change does not apply to the Protective Custom Choice UL lifetime level benefit period rates.

1 Lapse protection guarantees the policy death benefit for the duration of the guarantee and does not cover cash or surrender value. Loans, withdrawals, and other policy and premium changes will affect the cost and length of protection. Failure to make premium payment as planned may cause the policy to lose lapse protection and premiums required to restore it could be significantly higher. Refer to the policy and endorsements for complete terms, conditions and limitations.

Protective Custom Choice UL (UL-22) is universal life insurance policy issued by Protective Life Insurance Company, Birmingham, AL. Policy form numbers, product features and availability may vary by state. Consult policies for benefits, riders, limitations and exclusions. Subject to underwriting. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply.

 

 

 

Disclosure

 

Not all products approved in all States, please check State approvals.

 

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Call today to speak with one of our

Case Consultation Specialists

for information on these and other

sales opportunities and see why

ALB is The Business Partner
 You've Been Looking For.

 

Associated Life Brokerage, Inc.

135 Route 202/206, Suite #7
Bedminster, NJ  07921

[email protected]

(908) 756-9800 Ext. 120 

www.associatedlifebrokerage.com

 

Associated Life Brokerage, Inc., is a full service General Agency located in Bedminster, NJ handling your Life Insurance, Annuity, Long Term Care and Disability Income needs.  We provide independent insurance agents with a comprehensive platform that includes, Expert Case Consultation, Premier Underwriting Services and a Fully Dedicated Case Management Team.  With over 100 years of collective experience in advanced case design and underwriting, we are dedicated to giving you the tools you need to significantly increase your revenue.