To comply with the National Association of Insurance Commissioners (NAIC) Life Insurance Illustrations Model Regulation, Lincoln Benefit is required to disclose the method of expense allocation used in illustration testing at least once per year. This is to advise that for 2016 they are using the “Generally Recognized Expense Table” as approved for this purpose by the NAIC.
Great news! Effective December 30, 2015, FGL will be lowering the minimum face amount to $100,000 for issue ages 46-75 on new applications for FG Life-Choice! This is great news for your clients who are looking for life insurance, but at a lower face amount!
The illustration software will be updated on December 30, 2015 to reflect this change. Also if you have any FG Life-Choice cases currently pending between the ages of 46-75 and your clients would like to lower the face amount below $150,000, this is possible, but a signed amendment will be required at delivery. To view more details, click here.
American Equity would like to keep you informed and aware of important regulatory and compliance issues.
CLICK HERE to view the most recent edition of Compliance Zone, the Compliance newsletter.
American Equity appreciates your help and cooperation in adhering to compliance issues and policies.
This webinar will help you identify clients and prospects for juvenile whole life, and how to grow your business while helping them meet sound financial protection goals. To view more details and to register, click here.