October 2013

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."

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.

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

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.

Please note the important product update from Lincoln Financial for the

MoneyGuard Reserve Plus

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'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

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.

Life Accumu

Extends Bonus Program - Now through December 2013

TransACE 2013 and TransACE Survivor 2013

Click here

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!

Life Accumu

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

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

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.