|
Latest Carrier & Product News |
|
|
New BUI Carrier: Aviva USA
We are pleased to introduce Aviva USA as the newest carrier in BUI's portfolio of highly rated carriers. Aviva enjoys high ratings and an excellent financial story. (Click here for details)
The Aviva product portfolio contains a very competitive Guaranteed Death Benefit Universal Life (GUL), along with Indexed Universal Life products designed for cash accumulation.
All UL products offer an unusual and optional rider, the Wellness for Life Program. This rider is designed to help an insured realize the benefits of living a healthy lifestyle by reducing future premiums. (Click for details)
American National Life
ANICO is introducing a new Indexed Universal Life insurance product designed for cash accumulation. This product features an annual point-to-point S&P Index, fixed and variable loans rates, an Overloan Protection Benefit, and rolling target premiums. This ANICO product also uses Age Last Birthday! (Click for details).
Nationwide
Nationwide YourLife No-Lapse Guarantee UL was introduced August 24, 2009. The Ultimate UL is being phased out in states where the new plan is approved. For transition rules, please contact your New Business Consultant.
Prudential
The Survivor UL Protector has been repriced effective 08/17/2009. All states have approved the new product, so applications for the older version are no longer being accepted.
The UL Protector is also being repriced effective 10/1/09. Many states have not yet approved the reprice, so the current plan remains available in those jurisdictions. For transition rules, please contact your New Business Consultant.
The Term Essential product is being repriced with 20 and 30-year rates increasing. The rates take effect when approved in the state, but applications received within 30 days of the approval date can still get the old rates.
Transamerica
Look for new term rates for the Trendsetter Super Series. Applications for the old rates must be received at BUI no later than 9/30/2009.
United of Omaha
A new Guaranteed Death Benefit Survivor Universal Life (GULS) product has been introduced. It offers a full guarantee to age 120 with unlimited catch-up ability during the initial 20 years. This product, like all United products, offers age last birthday pricing, along with high financial ratings. (Click for details)
United has made changes to their preferred UW criteria, allowing up to 12 cigars per year. They also ignore family history for applicants age 65 or older. |
|
If this e-mail was forwarded to you by a friend or colleague, we encourage you to join our e-mail list
|
|
Brokerage Unlimited, Inc.
P.O. Box 419006
St. Louis, MO 63141
marketing@brokerageunlimited.com
314-392-2841 / 800-645-2841
brokerageunlimited.com
For Broker Use Only!
Not intended for use by the general public.
------------------------------------------
IRS Circular 230 Disclosure:
To ensure compliance with requirements imposed by the IRS and other taxing authorities, we inform you that any tax advice (whether U.S. federal, state, local or otherwise) contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties that may be imposed on any taxpayer (under the Internal Revenue Code, state tax law, local tax law or otherwise) or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein. | |
|
| BUI IS ON THE MOVE! |
|
Among the exciting things happening at BUI, the team is looking forward to moving to our new office. We have taken the opportunity presented by the move to install significant upgrades to our technology platforms and environment.
There will be no changes to our post office box mailing address, our telephone numbers or e-mail contact data.
|
|
IRS NOTICE 2009-48: |
|
| Guidance on Treatment of Employer-Owned Life Insurance (EOLI) Contracts
Life insurance death benefits can provide substantial family protection and income replacement when needed most. Recognizing the special nature of life insurance death benefits, the Internal Revenue Code (IRC) Section 101(a) allows for life insurance death benefits to be received free of federal income tax. Employer-owned life insurance (EOLI) enables businesses to benefit from life insurance proceeds for business succession, employee benefits, and key-person strategies, among others. However, IRC §101(j) was enacted, prompted by policies that were issued on rank-and-file employees (also sometimes known as "janitor insurance"), often without the employees' knowledge or consent.
|
| THE POWER OF LIFETIME GIVING: |
|
Giving More by Giving Now
Many affluent clients express a desire to provide for their loved ones, "after I'm gone." Savvy estate planners have long known that one of the best ways to provide for loved ones is by planning now. Lifetime giving provides the donor with increased privacy, probate avoidance, and may also increase the net amount passed to heirs. This savings may be further leveraged through the use of life insurance, to provide a substantial legacy for the client's family.
Click here for full article |
| TECHNOLOGY, SECURITY & PRIVACY: |
|
One More Reason to Choose Brokerage Unlimited, Inc. as Your Insurance Brokerage Resource
When choosing a life insurance resource, it's likely that data security is not your first priority. However, protecting your privacy and your clients' privacy is no small matter. As BUI prepares to move into our new office, it may interest you to know about how our continued investment in the firm's technology platform may help you and your clients sleep better at night.
Click here for full article |
| LIABILITY AWAITS THE TRUSTEE OF AN IRREVOCABLE LIFE INSURANCE TRUST (ILIT) |
|
| Landmark Court Ruling: Cochran v. KeyBank
Grantors of irrevocable life insurance trusts (ILIT) often give far too little thought to their choice of trustee. Additionally, they frequently do not fully grasp the obligations and responsibilities they thrust upon their choice for trustee. The responsibilities of the ILIT trustee have historically been viewed as twofold. The trustee must:
- send notification of the beneficiary's right to withdraw (Crummey notices) upon receipt of a gift from the grantor(s); and
- after lapse of the withdrawal right, pay the life insurance premium.
However, a recent Indiana Court of Appeals case provides significant clarification of the ILIT trustee's duties and guides us as to the potential liability for their failure to honor those duties.
|
| UNDERWRITING CORNER |
|
| Do You Have A Client That Looks Like This?
Did you know that Type 2 Diabetics can be standard at several BUI carriers? Here is the profile for a potential standard risk category:
- Client age 50 or older with Type 2 Diabetes
- Disease is under good control (A1C of 7.0 or less)
- Has no kidney or heart problems
- Height and weight within normal range
- Has no other health problems
- Is seeing a physician on a regular basis
If you have clients that look like this, contact BUI's Chief Underwriter Bob Halsted to discuss your case. Bob can be reached at rhalsted@brokerageunlimited.com. | |
|
|
|
