Bulletins

LifeSecure – Next Generation PAI and HR Insurance Products

Our commitment to simplicity, flexibility and innovation is maintained in our new PAI and HR product designs.
*View LifeSecure’s Product Availability Chart which indicates all states in which the these products are now available. No changes at this time for previously launched states. Additional states will be available soon.
Personal Accident Insurance: What’s New?
  • Issue ages expanded from 64 to 74 (In NJ & TN: to age 69) which allows you to write for a larger client base
  • Rates by age band eliminated and changed to one set of composite rates for all ages to allow easier quoting
  • Key benefit limit windows expanded from 30 to 90 days will result in better overall value to your client
  • E-signature allows for online client signature
Hospital Recovery Insurance: What’s New?
  • Similar to health products, HR family plans cover dependents until their 26th birthday
  • Hospital length of stay coverage increases from 15 to 30 days, providing greater client value
  • E-signature allows for online client signature
  • Optional plan riders available*** for:
    •   Emergency Room & Ambulance Benefit
    •   Major Diagnostic Exams Benefit
    •   Rehabilitation Facility Benefit
    •   All rider benefits payout IN ADDITION to the Hospital Daily Benefit Amount of $100-$900
*** Optional plan riders not available in Colorado
Life Insurance

The Eight Elements of Extended Care Riders – Element…

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 8 – Inflation While inflation protection is common on traditional LTC policies, it is not commonly found on extended care riders. Some insurance companies do give clients the option to increase their monthly coverage at rates including 3% or 5% simple or compound interest, but this is rare. How else can we match the increasing benefit commonly found on LTC policies? One way to approximate the increase is to use an increasing death benefit option on a universal life policy. The death benefit (and corresponding extended care benefit) is the initial death benefit plus the accumulated cash value. The increase depends upon both the amount of money placed into the policy and the performance of the index account or the dividends declared by the company. An increase in death benefit equals an increase in extended care benefits. Another option to increase the benefit amount would be use the Federal per diem amount as the monthly payout. With the per diem option, the client’s monthly benefit is equal to the current Federal per diem benefit amount ($340/day in 2016). The amount has traditionally been increased by the Federal government an average of 4% per year. Although not guaranteed, this could mimic inflation protection. Keep in mind, the per diem monthly benefit does not increase the total amount of money available for extended care, just the monthly amount.
Bulletins

American General – AG News for July 28, 2016

Get with the IN crowd Learn pro-tricks for consumer-friendly illustrations with InsMark in our upcoming InsMark Webinars. Insmark is always free to producers when used with AIG illustration systems. Learn more about InsMark and Advanced Markets Sometimes the stars align The “If Strong Index Performance” feature, for when the index does you a solid, is included with Value+ Protector at no cost, and provides a one-of-a-kind liquidity option to your clients. Learn more about IUL Solve Options clarified When you don’t get your expected illustration outcome, the Solve Option maybe your proble – Check out solutions for “re-solving” it when running Max Accumulator+ illustrations. Become a Max Accumulator+ pro Quicker submission to commission Did you know AG Quick Ticket has its own playbook full of valuable info and shortcuts for case managers, producers, and even consumers? Explore AG Quick Ticket resources Editor’s note: Did You Know? is a new regular feature with tips, updates and highlights from Operations and Underwriting
Compliance
Bulletin 16-084
 
Underwriting
  Bulletin 16-083
 
New Business
Quicker reissues Bulletin 16-065. Bank Verifications Bulletin 16-050.
Bulletins

Transamerica – TransWeekly Newsletter for July 27, 2016

________ Inforce Business Service Level Update Due to a recent influx of inforce illustration requests, the team has temporarily increased service levels to 10-15 business days to handle the increased volume. Please wait at least 10 business days before following up with a status request. The team is working hard to bring the response times back to the normal level of 7-10 business days; your patience is appreciated. ________ Business Forms Here is the most recent Transamerica Forms Updatedocument, which can also be found on the TransACT home page, under the Now Available section.