Bulletins

Transamerica – Final Expense Product Updates

Final Expense Product Approvals in WA, IL & HI
Transamerica updated the Immediate Solution and 10 Pay Solution Final Expense life insurance policies for the states of Hawaii, Illinois and Washington as follows:
Hawaii Updated Final Expense application kits will be available on all essential websites on May 20, 2016. There will be a 40-day transition period. The old application will be accepted if received by June 30, 2016, with the new application required as of July 1, 2016.
Illinois Illinois has approved an Amendatory Endorsement relating to the Incontestability provision. Starting on May 20, 2016, an Amendatory Endorsement letter will be sent to all clients who hold an inforce policy informing them of this change.
Washington Washington has approved the Accelerated Death Benefit Rider without a Nursing Home Benefit on the Final Expense Immediate and 10 Pay Solutions life insurance policies, effective May 20, 2016.
Bulletins

North American – Rates

Effective June 2, 2016
North American Guarantee Choice II Multi-Year Guarantee Annuity Rates are decreasing.
Surrender Charge Period1 New High Band Rate Old High Band Rate New Low Band Rate Old Low Band Rate
3-Year 1.75% No Change 1.45% No Change
4-Year 1.95% No Change 1.70% No Change
5-Year 2.70% 2.80% 2.45% 2.55%
6-Year 2.45% 2.55% 2.20% 2.30%
7-Year 2.70% 2.80% 2.45% 2.55%
8-Year 2.90% 3.00% 2.70% 2.80%
9-Year 3.00% 3.15% 2.80% 2.95%
10-Year 3.10% 3.25% 2.90% 3.05%
NOTE: New interest rates will apply to applications received in the Home Office on or after June 2, 2016. To receive current rates, get application in before June 2, 2016. Updated rate sheets will be available on our website by June 7, 2016.
Bulletins

American General – In Case You Missed It

Administrative
  • AML training is now required annually 16-003
  • New QLAC election form is required for all American Pathway Deferred Income Annuities by June 1, 2016
  • ALL traditional fixed annuity products require a cover sheet with each application to ensure proper processing (available via Forms Depot)
  • Lockbox addresses have been updated 16-008
  • The Annuity Service Center has streamlined phone and fax numbers by product line 16-036
  • Replacement Commission Adjustment Guidelines reminder is available 15-088
Web resources
  • There’s a new look on www.aig.com.   – To log in to eStation from the site, LOGIN > Individual > Log me into eStation – Producer Life Portal
  • Pending case status notes are now available in eStation: New Business > Pending
  • NEW! How to do business guide now available. Learn more
Annuities

Keeping up to date

Presented by Jim Linn Whether you are new to the industry or a veteran, there are areas regarding your licensing and contracting that need to be monitored. 1.     Most insurance licenses are valid for 2-3 years depending on the state.  If you cannot locate your printed copy, you can go to your state’s insurance department website and look yourself up or go to www.nipr.com.  2.     CE credits:  Don’t forget to get your CE credits done in advance of your renewal.  Too many times we get calls from agents that need their CE completed by the end of the week or even the next day.  There are several online options to help complete your CE and typically you can find courses or seminars offered to earn them as well.  3.     Anti-Money Laundering (AML):  Depending on the carrier, it is required anywhere from 1-3 years.  Some carriers offer their own specific AML or require their own training program.  In general, most carriers accept AML training completed through LIMRA.  Keep in mind that they no longer offer a printed certificate of completion so you may need to take a screen shot as proof of completion. 4.     E&O Insurance:  renews annually and is required by most carriers.  If we do not have a current E&O certificate on file, it may hinder your contracting process.  5.     Change of Address:  In most states you have 30 days to notify the insurance department of your change in address.  The easiest way to make this update is by going to www.nipr.com.  You can update multiple states at one time if licensed in several states.  By making sure these areas are up to date, you will not only keep your license in good standing, but also help in expediting any carrier contracting requirements.