Bulletins

Voya – Rates and Important Information

To take a look at current interest rates offered on Voya Fixed Indexed Annuities please click here. Updated Suitability Process Effective April 1, 2016, Voya implemented an updated suitability form for all fixed products including the SPIA product. Suitability review for SPIAs will now more closely align with the current review process for fixed products, and will utilize the same form. Transition rules: 4/1/2016-5/1/2016 older versions of the suitability form will be acceptable. As of 5/1 Voya will begin requiring the updated suitability form (#158670) for all fixed products including the SPIA product. If the updated suitability form is not received, a call will be made for the updated form.
Life Insurance

The Eight Elements of Extended Care Riders – Finding…

Presented by  Brian Leising Finding the right formula for each client Not all extended care riders on life insurance policies are created equally. Do you know the differences? Different combinations will appeal to different clients more than others. Here are eight of the major distinguishing features among insurance companies offering extended care riders. All include some combination of the eight elements. This allows you to find the right formula for each client.
Premium Payments Benefit Qualification Benefit Amount
Pf Payment Frequency Pa Payment Amount
Lg Lapse Guarantee Tc Tax Code Pm Payment Method
Wp Waiver of Premium Ep Elimination Period If Inflation
Element 5 – Elimination Period The elimination period is the amount of time an insured has to wait for benefits after qualifying for them. Put yourself in the insured’s shoes, if you qualify for benefits, why would you have to wait to receive them? Despite this disconnect between consumer expectations and company practice, most policies contain a 90 day elimination period. Some have a shorter period for home health care and only a very few offer clients benefits immediately upon qualifying for claim. Look for Element 6 – Payment Amount in June.