Annuities
American General
AG Lifetime Income BuilderSM
Optional living benefit rider for index annuities.
Annuity Rate Change
And Important Annuity Product Updates.
Genworth
Genworth Helps You Put More Money in Your Clients’ Wallets and Reduce Their Taxes
With the recent announcement from the Fed that it will keep rates near “0” until 2013, as well as the 10-year Treasury closing at 2.24% as of Friday August 12, the time is great to include a fixed annuity in your clients’ investment strategies. Relatively speaking, fixed annuities currently offer better returns than many other fixed options and they are SAFE! Take a portion of your clients’ assets off of the rollercoaster. An average 5 yr CD currently yields 1.56% for 5 years on $100k vs. 2.25 % tax deferred for 5 years or 3% for 7 years (SL Rate Saver). What would you do with an extra $10,080 (3% on $100k for 7 years compared to 1.56% in a CD) Consider the power of tax deferral; 3% tax deferred requires a tax equivalent yield of 4.17% for a client in the 28% tax bracket. With tax cuts possibly expiring in 2013, offer your clients tax deferred vehicles to lower their interest income and reduce taxes on their Social Security payments. This article explains it well, click here | Power of Tax Deferral Brochure
Genworth SPIA Decrease Announcement Effective Monday August 15, 2011
Any premium received after Monday, August 22 will be subject to this new rate scale. Paperwork received on or before Monday, August 22 for 1035 exchanges/transfers will lock in the existing rate scale.
What If Your Clients Need Money From a Committed Income Stream? Genworth Offers Income Withdrawal for Greater Flexibility and Access to a SPIA
Part of the retirement planning process should involve discussing "what if?" situations. What if a client needs money from a committed income stream? Genworth's Immediate Annuity liquidity feature allows a client greater flexibility, access, control and withdrawal options. We can help answer those "what if?" situations. Check out our newly enhanced illustration that follows the format of the example in the brochure. Don't forget to elect it on the application!
Click here for an Income Withdrawal Example
Click here for and Income Withdrawal and Income Advance Brochure
Click here for the SecureLiving Fixed Annuity Rates as of 8/8/11
ING
Indiana Requires Producers Selling Variable Life and Annuity Products to be Licensed for Variable Life and Annuity Authority
On June 30, 2011, the Indiana Department of Insurance (DOI) issued Bulletin 184 to all insurance companies issuing life and annuity products and to all insurance producers selling, soliciting, or negotiating life and annuity products to clarify and establish effective dates to recent legislation passed concerning new license requirements for the sale and solicitation of annuity products. ING Compliance has identified the following components of the licensing process that will affect producers contracted to solicit variable products in the state of Indiana.
Lincoln Financial
**Upcoming Change ** Lincoln OptiChoiceSM Fixed Indexed Annuities: Performance Triggered Account Available Soon
The 1-year performance triggered indexed account will replace the 1-year point-to-point indexed account effective with contracts issued September 15, 2011 and later. Refer to the Lincoln Leader article and the referenced online Q&A for important transition information. Read more
Lincoln Lifetime IncomeSM Edge
Lincoln’s new living benefit rider for Lincoln fixed indexed annuity products is now available in Oregon. New: the nursing home provision is now available in Florida. Note: Minimum election age is 35 (other ages considered with prior approval). Read more
Lincoln Long-Term CareSM Fixed Annuity
The Eligibility Statements form and corresponding Contract Amendment have been revised to allow additional applicants to qualify for long-term care coverage. Also, contracts issued September 1, 2011 (in states where approved) will include a market value adjustment provision for early surrenders or excess withdrawals. The MVA will not apply to LTC benefits. Read more
Guaranteed Minimum Interest Rate (GMIR) Changes September 1, 2011
Contracts issued September 1, 2011 or later will have a 1% GMIR. Read more
Coming Soon: New Lincoln Annuity Illustration System
Lincoln will launch a new illustration system in mid-September. The new ForeSight illustration system will replace the Lincoln Financial Illustration Tool (LFIT) / Mobility Annuity Illustration system. ForeSight offers a more efficient method of creating illustrations for Lincoln variable, fixed and fixed indexed annuities. Read more
Reminder: Fixed Indexed Annuity Contract Issue Information
Fixed indexed annuities are issued the 1st, 8th, 15th and 22nd of the month. No interest is earned on any premium prior to contract issue. Read more
Application and Disclosure Charts
These charts include the revision date for these important forms. Be sure to use the most current version of the form when submitting business. Read more
Updated Lincoln Fixed Annuity Rates
Fixed annuity rate changes are effective 8/22/2011. Fixed indexed annuity rate changes are effective for applications received on or after 8/22/2011. Click here for details.
Greater Income When Clients Need It Most
Lincoln Lifetime IncomeSM Edge, an optional feature available for an additional charge with Lincoln fixed indexed annuities, gives more than just guaranteed growth to use for future income. It will also provide your clients a greater amount of lifetime income the longer they wait before starting income payments. Read more
Lincoln Benefit
Continuing Education Resource
The LBL Licensing department has created a new continuing education resource to assist producers in states that require Annuity CE. Read more
Compliance Notice for TX
This is to advise that an annuity disclosure form and buyer’s guide will be required for all new non-registered annuity applications signed in Texas on or after September 1, 2011. Read more
National Underwriter
LIMRA: Variable Annuity Sales Climb in Second Quarter 2011
Total U.S. individual annuity sales climbed to $41 billion during the second quarter, up 16% from the total for the second quarter of 2010, according to LIMRA…Read more
AnnuitySpecs: Indexed Life Sales Soar
U.S. sales of indexed life insurance jumped to $224 million in the second quarter, up 35% from the total for the comparable quarter in 2010…Read more
Variable Annuity Change Rate Triples
U.S. life insurers researched more requests for individual coverage in July than they did in July 2010…Read more
IRI: Annuity Features Appeal to Middle-Income Boomers
Middle-income baby boomers may have less to spend on annuities than higher-income boomers, but they are more interested in guarantees and much less interested in rate of return…Read more
IRS Releases Annuity-LTC Exchange Guidance
The Internal Revenue Service has come out with a document, IRS Notice 2011-68, that discusses the tax rules that apply to annuity-long term care benefits hybrids and exchanges of annuity cash surrender value for qualified LTC insurance…Read more
LTC
John Hancock
Submit Your Clients’ LTC Success Stories to the LIFE Foundation
The LIFE Foundation is seeking success stories from producers. Submissions may be used for their edition of realLifestories print and/or videos to promote the importance of LTCI planning. Visit www.lifehappens.org/ltci-entry to submit your entry prior to September 12, 2011.
In-force Rate Action on Certain Policies in CO, ID, IL, KY, NH, NJ, NC, SD, WI
This is a reminder that we will begin policyholder notifications of in-force rate actions on certain John Hancock and Fortis LTC insurance individual policies originally issued in Colorado, Idaho, Illinois, Kentucky, New Hampshire, New Jersey, North Carolina, South Dakota and Wisconsin in the coming week. Read this article for state-specific details, implementation timelines and tools to help you through this process.
Overview of the Rate Action, LTC-1093
Producer Training Guide, LTC-1128
Information Guide, LTC-1105
Reminder: Commissions Less Than $50 to be Held Until Minimum is Met
Effective September 1, 2011, we will implement a minimum commission payment. If you earn commissions of less than $50 during a commission period, your check/direct deposit will not be generated until the minimum has been reached. Once the minimum has been met, you will receive payment and you will also be mailed a statement.
CT Partnership Public Forums Scheduled
The CT Partnership for Long-Term Care has scheduled their public forums for October. These forums are intended to educate the public on the risks and costs of care, and what people need to know about LTC insurance.
Visit CustomCareIIICoreCare.com Today
Visit this site for the materials you need to get acquainted with our new products as well as marketing materials you can use with prospects.
LTC Focus Sales Idea: Achieve Maximum Growth and Affordable Premiums
Including the appropriate type of inflation protection is a critical step in building your clients policy — but not all inflation options are the same. John Hancock’s CPI Compound Inflation is a cost effective way to manage premiums while providing an opportunity for your client’s benefits to grow. Form: LTC-6063
Download the Website Collateral Guide
Use this new flier for a quick snapshot of each of John Hancock long-term care websites. Form: LTC-1045
Instructions for Noting an Alternate Payor on Applications
If there is an alternate payor for the LTCI policy you are selling, please note this in the ‘Special Request’ section of the Custom Care III or Core Care application.
MetLife
Important Changes for Clients Converting Term Policies
Clients who currently own term policies issued with the Long-Term Care Guaranteed Purchase Option rider and who wish to retain that rider upon conversion may now convert to Whole Life 2008 with the LTC-GPO rider. Click here for more information.
Mutual of Omaha
North Carolina Approves LTCi Product for Partnership
Partnership programs offer clients an additional incentive to purchase LTCi. Plus, some existing LTCi policyholders may be eligible to exchange their current LTCi policy for a partnership approved policy. Learn More
Additional States Have Approved the LTCi Rate Adjustment on In-Force Business
On November 1, 2011, we will begin implementation of the LTCi rate adjustment on in-force business in Alaska, Iowa, Mississippi and Wyoming. For a complete list of approved states and additional information on the LTCi rate adjustment, visit the designated LTCi rate adjustment page on Sales Professional Access (SPA). LTC Product page on SPA
What Can You Expect to Pay For Long-Term Care Services?
Well that's going to depend on where you live. Check out this slick Cost-of-Care map detailing average costs for nursing homes, assisted living facilities and home health care services by state. View Map
Dial Down the Premium
Many clients feel that they may not be able to afford LTCi. However, some LTCi is better than no LTCi. See what you can do to dial down the premium to fit the needs of your clients. Sales Solution
National Underwriter
IRS Releases Annuity-LTC Exchange Guidance
The Internal Revenue Service has come out with a document, IRS Notice 2011-68, that discusses the tax rules that apply to annuity-long term care benefits hybrids and exchanges of annuity cash surrender value for qualified LTC insurance…Read more
GAO: Federal LTC Program Not So Attractive
Demographic and administrative concerns are some of the factors that scare insurers away from bidding on the Federal Long Term Care Insurance Program contract, according to officials at the U.S. Government Accountability Office…Read more
PPACA: State Legislators Ask for Say on LTC Program
Leaders of a National Conference of Insurance Legislators panel are asking the federal government for a chance to help shape the Community Living Assistance Services and Supports long term care insurance program…Read more
Caregivers to Elderly See Major Time Commitment
The vast majority of Americans providing long-term care to seniors are caring for their parents, according to a new Gallup poll…Click here to read more.
LTC Premiums: An Overview of Options
The premium payment your client chooses is not likely to be the most important decision he makes when customizing his long-term care insurance policy…Click here to read more.
Prudential
Prudential LTCi News: Replay Available of August 10 Claims Teleconference
If you missed the August 10 teleconference sponsored by Prudential Long-Term Care (LTC), you can listen to a digitized replay of the call. Read more
Overview of Producer Appointment Process
Prudential Long-Term Care recently announced that as of June 14, 2011, we now only consider appointing new brokerage producers who have concurrently submitted LTC business. The purpose of this announcement is to clarify and provide detailed directions on the process for submitting “Just in Time” appointment applications. Read more
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