Bulletins

American National – Indexed Universal Life Illustration Regulation Changes

Effective March 1, 2016, new illustration guidelines set forth by the NAIC in Actuarial Guideline 49 will go into effect. The new regulation states that the illustrated rate credited to the variable loan balance cannot exceed the illustrated variable loan interest rate by more than 1%. As an example, in March 2016 the minimum variable loan rate for American National’s Indexed Universal Life products will be 4.55%. Consequently, the maximum illustrated crediting rate on the loan balance will be 5.55%. This will effectively lower the loan distribution amounts from what they are currently illustrating today. To view more details, click here.
Bulletins

Protective Life – Compliance Requirements for Life Insurance Illustrations

Protective Life is dedicated to providing quality service, building trust and simplifying everything for you and their mutual customers. As part of that effort, they want to ensure you stay informed and compliant regarding regulations within the industry. Please review the following reminders about state regulations that may affect the processing of your submitted business with Protective Life. To view the compliance requirements, click here.
Bulletins

Fidelity & Guaranty – New Universal Life Guidelines Phase…

In August 2015, the NAIC approved New Illustration Actuary Certifications under The Application of the Life Illustrations Model Regulation to Policies with Index-Based Interest (AG49). Because of the implementation of AG49, FGL was required to make changes to how FIUL products are illustrated. On September 1, 2015, FGL implemented Phase 1 of the required changes by updating the maximum illustrated rates. Phase 2 of AG49 will be effective March 1, 2016. To view more details, click here.
Life Insurance

Special Dates

Presented by Jim Linn Have you ever forgotten a special date, perhaps a birthday or anniversary?  We all have, including your clients. Here are a few ideas to utilize that will build value with your clients and set yourself apart from other advisors.  Birthday calls:  A couple of days before your client’s birthday, call to wish them a Happy Birthday.  Pretty basic, but overlooked by many. Spouse Birthday calls:  Call the spouse of the birthday person a few days before as a friendly reminder.  You would be surprised how many spouses forgot and will thank you for the reminder. Employer Birthday:  If you work with businesses, contact the office manager or assistant a few days before and remind them about the Boss’s birthday and inquire if they have anything planned.  Offer to bring in a cake over the lunch hour.  This will not only show your client they are appreciated, but may generate future sales by the employees. Anniversaries:  Make sure you ask for your client’s anniversary date, including the year.  They may ask why you want the information.  Tell them you like to call a few days before in case someone has forgotten. Normally, they will smile and know what you mean.  Call the spouse a few days or even a week before and ask them if they have anything planned for their anniversary.  They will either let you know what they have planned or respond by saying “thank you for reminding me”. Calendars:  For agents that provide calendars to their clients, have your assistant write important dates on the calendar before sending them out. If you have not been gathering this information and putting it in a database, ask your clients the next time you visit with them or have your assistant start calling your clients gathering the information and putting it into your database.  These are just a few simple ideas to help build value with your clients. “Your clients don’t care how much you know, until they know how much you care.”
Life Insurance

Term Garden

Presented by Gary Peterson Are you cultivating your “Term” garden?  Those policies you delivered in the past can produce a bumper crop of clients through conversion to a permanent plan of insurance.  If they have health issues, they can keep their better rate.  If they are healthy, they may be able to get a better plan with another company.  Don’t let them waste away.  Start “tilling” today.