Annuity and Long Term Care (LTC) Updates
January 5, 2011
Annuities
American Equity
Changes Effective January 10, 2011
Please note, the following changes will take place:
- Rate Changes
- Cap Changes
- Premium Bonus Change on the Retirement Gold
- Lifetime Income Benefit Rider IAV Rate Change
Read more
American General
Fixed Annuity Rates are Increasing
Click here to view rate sheet.
Helpful Links
Overview of Annuity Product Portfolio
Rate Lock Policy
Reminder regarding Product changes in Florida and New York
- Florida's new senior regulations (Maximum 10-year Withdrawal Charge Period & Maximum Withdrawal Charge of 10%) effective 1/1/2011, require us to discontinue issuing AG VisionMaximizer® and AG HorizonIndex®12; the last contract issue date for those two products in Florida was 12/28/2010.
- New York has also approved reduced minimums. In NY, the changes will be implemented based upon Contract Issue Date of 1/1/2011 or after. The new sales literature and forms are included on the bulletin.
Guaranteed Minimums have been lowered in 45 States
Once a state is coded as Green on the links below, you must discard all existing inventory and restock.
View Sales Literature
View Owners' Acknowledgements
Important Annuity Interest Rate Announcement
Due to the prolonged and historically low interest rate environment, we are lowering the guaranteed minimums on the American General Life Insurance Company annuity contracts (sold in all states except NY). At this time, we have approval in 36 states to lower the contractually guaranteed minimum interest rates to:
- A guaranteed minimum fixed interest rate of 1%
- A Guaranteed Minimum Withdrawal Value* (GMWV, also known as a secondary guarantee) of 90% of premium growing at a rate of at least 1.5%
Read more
Genworth
Happy Holidays-RATES INCREASING----from Genworth
National Rates
New York Rates
Secure Living SPDA Annuity Overview
An Idea from Genworth on using our products to create opportunities
Remind your producers to speak to their clients in terms of dollars and cents, not just interest rates. Effective Wednesday December 8th, with our 7 year Rate Saver at 3.15% (rate sheet), that equates to an additional $2,270 in your clients pockets per 100k compared to a money market account(average rate of 88bps per 100k according to bankrate.com 12.06.10) on an annual basis. In 7 years, that adds up to $6,160 in the money market account vs. $22,050 tax deferred in the Secure Living Rate Saver. What could that additional $15,890 be used for in seven years? Remember our newly enhanced liquidity features using Income Withdrawal. Click here for more information.
An Idea to use the Genworth SPIA to create opportunities for your producers
You do a great job for your clients planning for their Retirement Income needs. Part of the Planning Process involves those "What if" situations. What if a client needs money from a committed income stream? Genworth now has a feature in all of our Secure Living Immediate Annuities that allows a client greater flexibility, access, control, and withdrawal options. For those "What if" situations, please invest a few minutes of your time learning more about Income Withdrawal from Genworth by clicking here to learn how SecureLiving® Income Provider Immediate Annuity maximizes income.
Changes to Suitability Requirements
Please note we are changing our suitability requirements on January 1st. We will no longer accept the questionnaire and will begin accepting the suitability profile. This is a change in our process so please click here for more information including the form numbers.
ING
Updated Rates
Good news! Index rate caps as high as 6%. Effective as of 12/22/2010. Please click here to view updated rates.
Lincoln Benefit
Understanding Annuity Bailout Provisions
We created a Customer Flyer (LBL8264) to help you explain the annuity bailout provisions. This Flyer covers the new options and opportunities available to your customers.
Lincoln Financial
State Approval Update - Lincoln Long-Term Care Fixed Annuity
Lincoln Long-Term CareSM Fixed Annuity is now available in Maryland and Minnesota. Let us help you introduce Lincoln Long-Term CareSM Fixed Annuity to your clients. Read more
Upcoming Changes to the Contract Verification Process for Electronically-Submitted Applications
Currently, Lincoln’s Contract Verification form is a post-issue requirement provided to the client at contract delivery to be signed and returned to Lincoln. With the new process, effective January 3, 2011, the Contract Verification form becomes a pre-issue requirement and the form will generate when the electronic order is submitted. This allows the registered representative/agent to obtain the needed Contract Verification signatures when he/she meets with the client to obtain signatures on other required forms. Read more
NEW NAIC Suitability Model Regulation Requires Annuity Product Training
Iowa is the first state to adopt the NAIC Suitability Model Regulation, which mandates that insurers provide producers with four hours of general annuity training prior to submitting business, along with ongoing product-specific training. This regulation applies to both fixed, fixed indexed and variable individual annuities. Read more
Lincoln Fixed Annuity Leader - December 2010
- Simplified Annual Statements Now Available: Fixed Indexed Annuities
- 2010 Year-End Business Cut-Off Dates for Lincoln Individual Annuities
- New Requirements for Annuities sold in Utah
- Ohio, South Dakota License Renewal Changes
- Life and Fixed Annuity Licensing and Appointment Validation Process
- Lincoln OptiPoint 12 No Longer Available in Florida
Click here to view
Protective Life
Protective/West Coast Life annuity interest rate increase
We have another good increase to our rates, effective on 12/21. Read more
Transamerica
Reminder: Withdrawal of Annuity Products and Transition Dates
As previously announced, Transamerica has discontinued sales of fixed annuity products, with limited exceptions, as of January 1, 2011. To review the previous announcements dated October 6 and October 27, click here.
West Coast Life
Protective/West Coast Life annuity interest rate increase
We have another good increase to our rates, effective on 12/21. Read more
LTC
John Hancock
New York: Producer compensation disclosure requirement reminder
This article provides the specific guidelines and requirements that went into effect on January 1, 2011, as a result of Regulation 194 regarding compensation disclosure. Applications will also be updated in early January to reflect this new requirement.
2011 Partnership training class schedule now available
In 2011, we are offering you the opportunity to meet your 8-hour initial and 4-hour refresher training requirements in a classroom setting. Visit www.jhpartnership.com to view the 2011 schedule.
Refresher training now due in AZ, AK, IL, NJ, SC and WA
The initial training for these states was due in 2009. Therefore the 4 hour refresher training will be due in early 2011. For the 4-hour refresher class schedule, please visit: www.jhpartnership.com > Classroom.
Custom Care II Enhanced pricing changes in NH and TX – effective as of December 13th
On December 13, 2010, we implemented new business rate adjustments and a reduction in the Preferred discount in New Hampshire and Texas. Read this article for complete details including administrative processing dates.
2008 in-force rate action set for certain Fortis policies in GA, NY, and OR
In the coming weeks you will receive a list of Fortis policyholders in Georgia, Oregon, and New York who will be affected by an increase in premiums. Policyholder mailings will begin at the end of January. This article includes specific details about the increase, timing of events, and resources you can use to talk with your clients.
CLASS Act: A Survey of Employer and Consumer Perceptions, Summary and Key Findings
We are pleased to share key findings from a recent survey conducted by John Hancock and Mathew Greenwald & Associates on the CLASS Act and private LTC insurance in a new brochure “CLASS Act: A Survey of Employer and Consumer Perceptions — Summary and Key Findings.” Form: LTC-6032
Revised Custom Care II Enhanced materials now available in MD and MT
As the result of the recent product changes, we have revised the product marketing materials including the seminar presentation in these states. The materials are approved and available to download and order from www.jhltc.com.
Eligible LTCI premiums for 2011
The eligible LTC insurance premium deduction amounts and medical savings account limitations for 2001 are now available.
Montana: DRA Partnership launched on December 13th
Read this article for information about the effective date, inflation requirements, and required training.
Partnership benefit minimums for 2011
The 2011 minimum benefit levels are now available for the Connecticut and Indiana Partnerships. Read this article for the minimums as well as information about updates to applications and illustrations.
New National Award to Recognize Long-Term Care Insurance Agencies
John Hancock is proud to sponsor a new industry award that will recognize sales achievement by brokerage general agencies marketing long-term care products including traditional LTC insurance as well as linked-products. Click here for more information. Click here for the entry form.
Lincoln Financial
State Approval Update - Lincoln Long-Term Care Fixed Annuity
Lincoln Long-Term CareSM Fixed Annuity is now available in Maryland and Minnesota. Let us help you introduce Lincoln Long-Term CareSM Fixed Annuity to your clients. Read more
MetLife
Important Information Regarding the LTC-GPO Rider
As a reminder, as of December 30, 2010, the LTC-GPO rider is no longer available as an option on our Individual Life products. Click here for more information.
Mutual of Omaha
LTCi: an industry expert's view
View Presentation
A variety of Multi-Life LTCi programs: your competitive advantage
View Details
Prudential
Stability of Long Term Care Insurance
In light of recent announcements, we understand you and your clients may be concerned about the stability of the long-term care (LTC) insurance industry. Read more
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