Annuities
American General
Ohio Agent Training Requirements
As of July 1, 2011, Ohio requires that agents (resident and non-resident) complete a one-time four-hour annuity training course AND Company-specific Product Training prior to soliciting or selling annuity products in Ohio. All producers must complete both requirements prior to soliciting annuity products Please review for training details.
New York Agent Annuity Training Requirements
As of June 30, 2011, American General Life Companies requires each agent licensed in New York to complete product-specific training prior to soliciting annuities. Applications cannot be accepted for processing unless the training has been completed prior to the date of application. Read more on New York Regulation No. 187 and Get Training Details.
Genworth
Update: NAIC Suitability Model Regulation Requirements of Producers
Read more
Annuity Rates
Click here to view our current rate flyers.
Fireworks In The Form Of Rockets That May Be Able To Help Your Sales!
Here are some niches of our annuity portfolio:
- SecureLiving Income Provider – competitive payouts for older clients with liquidity features that can help your clients when things explode.
- SecureLiving Rate Saver – I really like the 7-year rates right now. This product is great for clients in retirement that don’t need access to funds.
- SecureLiving Liberty – There are a couple of great niches with the Liberty. The first niche is the 1-year rate up to 5.05% and then clients can annuitize to create income starting in the 2nd year. The second niche is the 5-year rate for $100,000 - $249,999 premium is at 2.50%. This product offers a street level commission of 3% (Ages 0 – 75) and has no MVA.
- SecureLiving Independence – Great 1-year rate for premiums of $100,000 - $249,999 and then annuitize in year 2 or 3.
Sales Idea – Return of Premium
Our SecureLiving SmartRate offers a Return of Premium benefit that creates a unique advantage in a low interest rate environment and may create some sales opportunities for you! Here’s how:
- Normally, an ROP benefit helps the client during the first couple years of the contract, since crediting is greater than the surrender charge after the first couple of years. However, when interest rates are lower, the ROP can help to return the full premium further into the contract. In some cases the ROP may be beneficial into the 4th contract year.
- Currently the Smart Rate is offering 1.90% for 5-years on premiums of $50,000 - $99,999.
- This rate is better than the national average of 1.64% APY on 5-year CDs as of June 30, 2011, according to Bankrate.com. Plus the client is getting tax-deferred growth and compound interest on that tax-deferred growth.
- This product has a 7-year surrender schedule and also offers a 4.50% street level commission!
If you have a client who thinks interest rates are going to increase over the next couple of years, this is a great product choice. No MVA with a Return of Premium gives the client greater access.
Lincoln Financial
Updated Lincoln Fixed Annuity Rates
Fixed annuity rate changes are effective 7/1/2011. Fixed indexed annuity rate changes are effective for applications received on or after 7/1/2011. Click here for details.
Now Available in Kansas: Lincoln Long-Term Care Fixed Annuity
Let us help you introduce Lincoln Long-Term CareSM Fixed Annuity to your clients. Click here for more information.
Lincoln Lifetime IncomeSM Edge: Non-Conforming Withdrawal Disclosure Required in North Carolina, Optional in Other States
Lincoln Lifetime IncomeSM Edge was recently approved for sale in North Carolina; this state requires a Non-Conforming Withdrawal Disclosure statement (Form AN10109) to be given to the client when the rider is elected. Read more
Lincoln Lifetime IncomeSM Edge – Available with Lincoln Fixed Indexed Annuities: Updated State Availability
Lincoln’s new living benefit rider, Lincoln Lifetime IncomeSM Edge, offers clients a source of reliable income without the commitment of annuitization. Read more
Lincoln Lifetime IncomeSM Edge Reference Guide Available
The Lincoln Lifetime IncomeSM Edge Reference Guide is now available. This 45-page reference guide provides an overview of the rider features, as well as detailed information on the rider, including sample calculations. Read more
Enhanced Premium Bonus for New Lincoln OptiPoint® 8 and 10 Fixed Indexed Annuity Contracts
Lincoln OptiPoint® 8 and Lincoln OptiPoint® 10 fixed indexed annuity applications received on or after June 1, 2011 will receive the following enhanced premium bonus rates. Read more
Updated Disclosure Statements Required
Fixed indexed annuity applications now require the February 2011 version (or later) of the Disclosure Statements. Read more
Updated: Bank Account Information for Wire Transfers
Wiring Instructions have been updated to reflect the change to Wells Fargo Bank as the receiving bank for wire transfers. The ABA (American Bankers Association) transit number and the receiving account numbers have changed for fixed and fixed indexed annuities. Read more
Announcing: Extended Hours for Contact Center
The Individual Annuity Customer Contact Center aligns hours of operation and service levels across products. Read more
Lincoln Annuity Enhancements: Client Experience
In an effort to provide a consistent client experience, Lincoln Individual Annuity Operations has completed the implementation of a multi-phase effort to consolidate new business issue onto a single, state-of-the-industry platform. The final phase of this effort was completed on June 1, 2011. Read more
Utah: Long-Term Care Education Requirements Chart Updated
The Life and Annuity Long-Term Care Hybrid Products education and training chart has been updated to reflect new requirements for Utah. This chart reflects Lincoln’s interpretation of the long-term care state education requirements for life and annuity linked-benefit products. Read more
Four More States Adopt NAIC Annuity Training Requirements
West Virginia, North Dakota, South Carolina and Maryland are the latest states to adopt the NAIC Suitability in Annuity Transactions Model Regulation. The requirements apply to resident and non-resident producers and apply to both fixed and variable products. Read more
Chart Updated for SC, ND, MD, WV – Annuity Products: State Insurance Licensing and Training Requirements
The chart containing the state insurance education requirements for annuities has been updated to reflect the newest states to adopt the NAIC Suitability in Annuity Transactions Model Regulation as well as any state specific education requirements. Read more
Update: NAIC Suitability in Annuity Transactions Model Regulation Requirements – Training Modules Updated
The NAIC Suitability in Annuity Transactions Model Regulations mandates general annuity and product-specific training requirements. Lincoln has updated the product-specific training for recent product changes. The updated training modules are effective June 1, 2011. Read more
LFIT/Mobility Annuity Illustration System 1.24 Release
The latest release of Lincoln’s annuity product illustration system rolled out the week of June 6, 2011. Read more
National Underwriter
FINRA Head Sees Holes in VA Sales Documentation
Financial Industry Regulatory Agency examiners say they are pleased with the variable annuity industry's response to new sales requirements but are still watching for abusive switches and costly surrender fees…Read more
IRI Conference: SEC May Act on VA Summary Prospectuses - Someday
The U.S. Securities and Exchange Commission is giving the variable annuity summary prospectus "very serious consideration," but it is declining to commit itself to acting on the issue this year…Read more
IRI Conference: SEC Official Sees Possible Living Benefits Conflicts
The U.S. Securities and Exchange Commission is keeping a close eye on variable annuity living benefits disclosures…Read more
Annuity Titling and Beneficiary Designations: Structure Mishaps, Miscues and Misfortunes
Did you know that more than one-third of nonqualified annuities are improperly titled? Read more
EBRI Researcher Analyzes Annuity Price Change Effects
A change in deferred annuity prices will have a similar effect on the likelihood that a high-income or low-income male worker will achieve an adequate retirement income, according to Youngkyun Park…Read more
LTC
AXA
Offer Clients More Than Just Life Insurance with AXA Equitable’s Long-Term Care ServicesSM Rider (LTCSR)
No one wants to become a burden on his or her family, financially or otherwise. But what if they are alive, yet unable to independently care for themselves? The emotional and financial impact could be devastating. Read more. AXA Equitable's Long-Term Care ServicesSM Rider can help protect clients' assets in one of the most effective ways possible, as an accelerated death benefit. See how the LTCSR compares to a stand-alone policy.
Genworth
Long Term Care Insurance Training Requirements for Producers in Kentucky, Louisiana and Missouri
Read more
In-Force Rate Action State Implementation Announcement for GA, KY and PA
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Indiana Long Term Care Insurance (LTCI) Commission Change
Read more
John Hancock
Status of California Assembly Bill 999
During California's June 22nd Senate Insurance Committee hearing, AB 999 was withdrawn from consideration and the status was changed to a "two-year bill." For more information, please read full article.
Colorado Partnership Inflation Limitations for Custom Care III and Core Care
As a follow up to the June 10, 2011, article on Colorado Partnership Inflation limitations, any policies issued prior to June 10, 2011 with the CPI Compound Inflation through Age 75 will remain Partnership eligible as this change became effective after the initial approval of the Partnership certification from the Colorado Department of Insurance.
Custom Care III and Core Care To Launch In AZ, DC, DE, IL, MT, ND, OR, and SD
On Monday, July 11, 2011, you will have access to our new LTCI products — Custom Care III and Core Care in 8 additional states. Read this article for an overview of these products, administrative deadlines, training and marketing materials, as well as illustrations and applications. Facts-at-a-Glance, Form: LTC-8022 Microsite: www.CustomCareIIICoreCare.com
Custom Care II Enhanced To Be Discontinued In 8 Additional States On July 11
In AZ, DC, DE, IL, MT, ND, OR, and SD, we will discontinue the sale of Custom Care II Enhanced. Therefore, Custom Care II Enhanced applications in these states must be signed no later than July 10, 2011, and received in the home office by July 11, 2011.
Custom Care III and Core Care Advance Payment Receipt – Update
The Advance Payment Receipt currently in the Custom Care III and Core Care Application Booklets has a field that asks for the applicant signature. Please note that an applicant signature is not required. The only signature required on this receipt is the agent/producer signature. There is also one line for the applicant name. If the application is being used as a spousal application, please include the spouses name below the applicant name. The Advance Payment Receipt has been updated and is available as a stand-alone form on the web. Printed applications in the warehouse will be updated upon reprint. Look for an update via LTC Newslink.
Compact Version, Form: ICC10-CR116-11
Non-Compact Version, Form: LTC-CR116-11
Reminder: Custom Care II Enhanced Applications - Updated Personal Worksheets
Custom Care II Enhanced and Corporate Solutions application booklets (with the exception of Florida) are being inserted with a notification to reflect the new Personal Worksheet and elimination of credit card.
Reminder: Impacted Policyholders Are Being Mailed To Next Week
We will be mailing to impacted policyholders early next week regarding the in-force rate actions on certain John Hancock and Fortis LTC insurance individual policies originally issued in Arizona, Michigan, Minnesota, Pennsylvania, Utah, and Wyoming as well as previously announced states. If you have not reviewed the information and the tools available, we suggest you do so in the event your client contacts you about their notification package.
Overview of the Rate Action, LTC-1093
Producer Training Guide, LTC-1128
Information Guide, LTC-1105
Visit CustomCareIIICoreCare.com For Your Product And Marketing Needs
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 and clients.
Utilize Kiplinger’s Planning Tools To Prospect And Educate
We encourage you to use the following new and recently updated Kiplinger tools in your prospecting and educational efforts with potential and/or existing clients:
Educational DVD, Form: LTC-3233
LTC Planning Guide, Form: LTC-3533
Reprint: Most Asked Questions About LTC Planning, Form: LTC-1146
Reprint: 3-Step Guide to Smarter LTC Planning, Form: LTC-1107
Lincoln Financial
Important Memo Regarding Lincoln MoneyGuard Reserve Marketing Material
In response to the New York Market Conduct exam, we have added the language, "Accelerated death benefits may be taxable and may affect public assistance eligibility." Read more
Nationwide
The Nationwide® LTC Rider Adapts To Your Clients' Needs
You can't predict your clients' future healthcare needs. But you can help them manage long-term care expenses with the Nationwide long-term care rider, available on select permanent life insurance policies. Read more
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