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Transamerica – TransWeekly Newsletter for June 30, 2016
PRODUCT
Trendsetter Portfolio Reprice Effective June 25, 2016, Trendsetter Super and Trendsetter LB were repriced to align with Transamerica’s strategic focus and to improve our competitive position within key customer markets. In particular, we’ve improved our rates for clients age 45 and under and for Standard and Preferred Tobacco users. Significant improvements were made for the Trendsetter® Super policy with a face amount of $1 million and below. Please note that the Preferred Choice risk class was replaced with Preferred Non-Smoker risk class. For complete details, view the product bulletin. Trendsetter LB Approved in Massachusetts Trendsetter LB was approved on June 24, 2016 in the state of Massachusetts. With this approval, Trendsetter® Express is no longer available for sale in the state. ________FORMS
Access Updated Compensation Forms on TransACT Producer rate forms have been updated to reflect Trendsetter LB being available in Massachusetts and the removal of Trendsetter Express. Access these forms on TransACT® by clicking the Sales Tools tab, then Agency Forms under the eOrdering section. The Producer Commission Rate Form, Single Case Heaped, and Non-Heaped Commission Rate Forms will be under the Producer Commission Rate-Life Forms drop-down. The Sales Director Commission Designation Form will be under the General Agency and Producer Miscellaneous Forms drop-down. ________UNDERWRITING
New Underwriting Enhancement We’ve updated our underwriting requirements to use NT-proBNP, a lab test that measures peptides secreted by the heart. This will be used in place of resting electrocardiograms (ECGs) for some age and face amount combinations and in addition to the ECG for others. This positively affects the client, as it requires fewer ECGs overall and no routine stress testing at any age or face amount. Plus, tests are done in a laboratory using blood specimen already provided by the applicant.| Age | NT-proBNP added at Face Amount of: | Obtain ECG at Face Amount of: |
| 41-50 | >/= $5,000,000 | No changes |
| 51-60 | $500,000 (or $500,001 per product break) | $2,000,000 (or $2,000,001 per product break) |
| 61-70 | $250,000 (or $250,001 per product break) | $2,000,000 (or $2,000,001 per product break) |
| 71-80 | $100,000 (or $100,001 per product break) | $500,000 (or $500,001 per product break) |
| 81 + | All | All |
| All | >$10,000,000 | >$10,000,000 |
Business Forms
Here is the most recentTransamerica Forms Updatedocument, which can also be found on theTransACThome page, under the Now Available section.
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State Life – June News Update
Web-based Illustration Software and PEC Rate Change Illustrations created and submitted on our web-based illustration software via Sales Connection (iPipeline) prior to July 1, 2016 can be adjusted to accommodate slight case design changes (different premium amount, rated cases, age changes, etc) and will continue to reflect the pre-July 1, PEC rates when you go into “View My Cases.” Illustrations run via Sales Connection after July 1, 2016, will need a “New Case” created in Sales Connection in order to quote the updated PEC rates. Important note: any adjustments made to the existing case in the “View My Cases” field will not reflect the new rates. All applications submitted to the Home Office after July 1, 2016 will receive the PEC rates regardless of the illustration date. Click here to read the PEC rate change announcement. To learn more about creating new cases and accessing existing cases in Sales Connection click here. Asset-care III campaign coming soon Asset-Care III is the market’s only all-in-one choice to offer guaranteed benefits for LTC using qualified funds, while also spreading tax liabilities over a 20-year period! Beginning in late July you’ll see communications from OneAmerica® about Asset-Care III, including a campaign landing page with access to tons of training materials, videos and consumer materials. The campaign includes brand-new consumer marketing tools that help producers position Asset-Care III as an effective LTC solution using qualified money. It can even allow one individual’s qualified money to protect two lives. Indexed annuity care now available in California Indexed Annuity Care can change the way your clients prepare for long-term care (LTC). Never before has an indexed annuity’s upside growth potential been combined with the LTC benefits and guarantees you’ve come to expect from OneAmerica.- With Indexed Annuity Care, your clients gain:
- The ability to link their annuity’s growth to four separate indexing strategies, including point-to-point and monthly average or a fixed account.
- Tax-benefits of the Pension Protection Act, including income tax-free withdrawals for qualifying LTC expenses.
- Access to leveraged LTC benefits that exceed the policy’s value.
- Optional extended or lifetime benefits with guaranteed premiums for qualifying LTC expenses.
Bulletins
Fidelity & Guaranty – Rates and Important Updates
Fidelity & Guaranty has issued the following bulletins:
Annuity
Legacy Marketing Group – July Interest Rates
Legacy Rate Announcement
The latest rates are in for Legacy Exclusive Products. To be among the first to know, download the complete package of current Quick Reference sheets, showcasing rate information, product highlights, and state availability. Any changes are indicated in blue