Transamerica – TransWeekly Newsletter

Underwriting

Updated Trial Application Submission Guidelines As a reminder, effective January 1, 2017, trial applications will only be available on permanent products for insured ages 50-80 and with face amounts of $5 million or greater. Those that do not meet these age/face guidelines will be reviewed if the annual premium is $25,000 or greater and the anticipated premium is clearly indicated on the cover page. Trials on term products will no longer be reviewed. Trials can be submitted via the secure email platform or faxed to 800-814-2205.View the updated Trial Submission Guidelines Flyer.  

Marketing

Updated Tax Facts Client Guide Planning for the new year? The 2017 Tax Facts Client Guide will help add value to your next client planning session. Keep the latest information at your fingertips including lifetime gift and estate tax exemptions, 2017 tax rate tables, capital gains taxes and more. CHECK IT OUT OperationsHoliday Office Closure In observance of upcoming holidays, the Transamerica administrative offices will be closed on: *   Monday, January 2 *  Monday, January 16 During these closures, TransACT and MyTransmerica will be available to obtain policy information.

Helpful Information

Long Term Care Update The HIPAA per diem limit will be increasing to $360 for LTC claims that occur in calendar year 2017. The limit was $340 in 2016.

Commission

2016 Year-End Commission and Mailing Dates Keep reading to see commission cutoff dates for the 2016 tax year, as well updates on the 2017 Transamerica commission closing and statement mailing dates. LEARN MORE Business FormsHere is the most recent Transamerica Forms Update document, which can also be found on the TransACT home page, under the Now Available section.

Legacy Marketing – January Rate Update

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. Rates, Dates, and States

Three Options for Long-Term Needs

Presented by Gary Peterson Long term care is exploding with the Baby Boomers coming of age. As an agent, you need to prepare your clients for this reality. There are multiple ways you can help your clients cover the costs involved. Three of those ways are described below. One option is to use funds that they save over the years. If they are extremely wealthy, this self-funding route may be a good option. The second option is to purchase Long Term Care insurance. This is better than the first, however, your client may not ever use the insurance and feel as though the money they used to pay premiums was wasted. A third option is to purchase life insurance or an annuity with a linked benefit or long-term care rider. This may provide living benefits for chronic illnesses and long-term needs, as well as a death benefit to protect their family. Give me a call at 800-397-9999 to discuss these options in more depth.

Life Changes. Are Your Clients Prepared?

Presented by Gary Peterson Sometimes it benefits your client to have them pay a little more for their term insurance. Check out the short article below: Life Changes.  Are Your Clients Prepared? By Rachel Perez, Sales Development Specialist with North American  When it comes to helping your clients select a term life insurance policy, you always want to help them find one that’s right for them. With all of the different companies and products out there, how do you choose the best one for your client?  You may just focus on price—the cheapest policy wins.  But it’s important to remember that not all term insurance is the same. The cheapest isn’t necessarily the best.  Convertibility is a very important feature of a term policy.  A conversion option is valuable because it protects your clients’ insurability in the future. Life changes, and so may your clients’ health and insurance needs. If they become uninsurable during the term of their original policy, they might still be able to convert a portion or all of their term death benefit coverage to a permanent life insurance plan without showing evidence of insurability.  Convertibility isn’t just about term, though. You and your clients must also consider the other products that carrier offers. Discuss the potential products available to your client down the road if they were to convert their term policy to a permanent product.  Know the convertibility features of the term products you sell! You can help your clients choose future options and feel confident that you’re helping them select the best term product for their needs—not just the cheapest.