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LATEST CARRIER & PRODUCT NEWS |
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December 31, 2008 is the deadline for insurance carriers to make the mandatory transition from the 1980 Commissioner's Standard Ordinary (CSO) mortality table to the new 2001 CSO mortality table. As a result, all carriers either have or will soon be introducing new products based upon the new table. Below is a partial listing of the most popular 2001 CSO compliant products for each carrier.
Marketing@brokerageunlimited.com.
*See the bottom of this article for explanation of abbreviations.
AIG
ContinUL Extend (ULG)
Elite UL (CAUL)
Elite Global Plus Index (IUL)
Elite Global Survivor (SIUL)
Protection Advantage (VUL-Prot)
Income Advantage (VUL-Acc)
Survivor Advantage (SVUL-Prot)
American National
LTC Universal Life (ULG)
Athena UL LPR (GUL)
Athena Survivorship UL III (SGUL)
Athena UL DB (CAUL)
Incentive Life Legacy (VUL-Prot)
Incentive Life Optimizer (VUL-Acc)
Banner Life
Genworth
Lifetime FlexPlus II (ULG)
Lifetime Provider SUL II (SULG)
Life Ready UL II (CAUL)
ING
GDBUL II (GUL)
SUL-GDB (SGUL)
UL-CV (CAUL)
UL-ECV (CAUL)
SA-SUL (SUL)
VUL-CV (VUL-Acc)
VUL-ECV (VUL-Acc)
Corporate VUL
John Hancock
Protection ULG 08 (GUL)
Protection SUL-G 08 (SGUL)
Accumulation UL
Performance UL
Accumulation VUL 09
Corporate VUL 09
Protection VUL
Accumulation Survivorship VUL
Protection Survivorship VUL
Lincoln Benefit Life
Legacy Secure 2007 (GUL)
Legacy Choice 2007 (GUL)
Legacy SUL (SGUL)
Ultra Plus 2007 (CAUL)
Ultra Index 2008 (IUL)
Total Accumulator (VUL-Acc)
Guarantee Advantage 2001 (GUL)
Legacy Advantage SUL (SGUL)
Equity Advantage VUL
VSL II (SVUL)
Nationwide Life
Ultimate UL (GUL)
YourLife Survivorship UL (SGUL)
Accumulation UL (CAUL)
YourLife Proctection VUL
YourLife Accumulation VUL
Protective Life
Centennial G UL II 07/08 (GUL)
Protective SUL Protector (SGUL)
ProClassic UL (CAUL)
Prudential
PruLife UL Protector (GUL)
PruLife SUL Protector (SGUL)
PruLife UL Plus (CAUL)
PruLife Custom Premier II (VUL-Acc)
Transamerica
TransACE (GUL)
TransSurvivor 2008 (SGUL)
TransUltra Plus (CAUL)
TransUltra SP (CAUL)
TransIndex UL (IUL)
TransAccumulator (VUL-Acc)
United Of Omaha
Guarantee UL Complete (GUL)
AccumUL Plus (CAUL)
West Coast Life
Lifetime Platnimum III 07/08 (GUL)
Golden Legacy Protector X (SGUL)
Lifetime Advantage Plus UL (CAUL)
*Abbreviations:
GUL=Guarantee Death Benefit UL
SGUL=Survivor Guarantee DB UL
CAUL=Current Assumption UL
IUL=Indexed Universal Life
SIUL=Survivor Indexed UL VUL-Prot=Death Benefit Variable UL
VUL-Acc=Cash Accumulation Variable |
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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
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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. | |
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CLIENT ALERT: |
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SECTION 409A DEADLINE IS QUICKLY APPROACHING
Section 409A of the Internal Revenue Code provides specific requirements for nonqualified deferred compensation, i.e., compensation participants earn in one year, but is paid to them in a future year. Deferral arrangements must be amended to comply with the new requirements on or before December 31, 2008. After this date If a nonqualified deferred compensation arrangement does not comply with the provisions of Section 409A, participants will be immediately taxed on the value of the compensation deferred. In addition, they will be assessed an additional 20% federal income tax on the included amount as well as additional interest charges.
To achieve compliance, amendments to existing nonqualified deferred compensation plans are generally necessary. Therefore, you should advise your busienss owner clients who sponsor a plan of this type to have their plan reviewed. With the deadline for plan amendment quickly approaching, you can play a vital role with your clients by helping them to avoid an unwelcome tax result.
For more information on Section 409A and the final regulations pertaining to this section of the Internal Revenue Code, contact BUI's Director of Advanced Planning, Brian Seigel, J.D. (bseigel@brokerageunlimited.com or (314) 392-2841). |
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BUI HOLIDAY OFFICE HOURS: |
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Office closings for the remainder of 2008 are shown below:
- Wednesday, Dec 24th
- Office closes at 12 Noon for employee holiday party.
- Thursday, Dec. 25th and Friday Dec. 26th
- Office closed both days, and reopens on Monday, Dec. 29th at 8:30 a.m.
- Thursday, Jan. 1st
- Office closed and reopens on Friday, Jan. 2nd at 8:30 a.m.
All of us at Brokerage Unlimited, Inc. wish you a happy and safe holiday season. |
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HELPFUL HINTS FROM YOUR NEW BUSINESS CONSULTANT |
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Each carrier has its own deadline for accepting final delivery requirements to count the business paid in 2008. (One or two have already passed their date.) If you have final delivery requirements to submit on a pending case that you want to have included for 2008, please check with your New Business Consultant for the final date of submission for the carrier involved.
If you do not wish the case to be paid in 2008, be sure to submit the delivery paperwork after this date and inform your New Business Consultant of that fact. We are required to immediately submit all delivery requirements as soon after receipt as practical, so please do not ask us to hold this paperwork.
Please direct all questions and inquiries to your New Business Consultant. Below is a list of the deadline dates as we know them:
- John Hancock - December 19th, must have issued final underwriting offer and received all issue requirements.
- Lincoln Benefit - December 17th, all underwriting and delivery requirements received.
- Nationwide - December 19th, premiums and delivery requirements must be received for commissions to be paid in 2008.
- Transamerica - December 12, delivery requirements and premium in their hands by this date.
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| ANTI-MONEY LAUNDERING REQUIREMENTS |
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| Brokers Required to Update Profile
The AML requirement is one of the most misunderstood licensing issues we deal with at Brokerage Unlimited. Many brokers do not know that they must go back to the AML web site and update their profile periodically.
There are two kinds of updates that are required. One is to update new appointments with carriers. If you have become appointed with a new carrier, you must log onto the AML web site and complete the carrier requirement. Most often this involves nothing more than viewing the carrier's AML information page, but it must be done before the carrier will issue a case for that broker.
The second type of update is the AML test itself. Most carriers require the test be redone every two years. So, for example, if you first completed the test during 2007, you will be required to complete it again in 2009.
When you log onto the AML web site and call up your profile, you will be able to add carriers. You will also see any outstanding requirements that you must complete as they will be listed with an "incomplete" notation next to that requirement.
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| BANNER LIFE TERM RATE INCREASE |
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| Change Effective December 15th
Banner Life will be increasing the rates on their 15, 20 and 30-year term products effective December 15, 2008. (Note the 10-year product is not included.)
In an announcement, Banner explained the increase.
"Although our prudent investment approach has served us well, we must address the economic forces affecting operating costs, particularly the current cost of capital, with responsible pricing. We are therefore announcing a slight price increase in some of our term products that are affected most heavily in terms of capital costs. We intend to remain competitive in underwriting, compensation and in our high value proposition to the customer. A financially responsible approach to the pricing of our products will insure that we will be there in the long run to honor our promises and to keep Banner Life positioned as a highly rated company."
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LONG TERM CARE INSURANCE CORNER |
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The Internal Revenue Service has released inflation adjusted tax tables for 2009 which affect the amount of long term care insurance premiums individuals may deduct on their federal income tax return. The 2009 limitations for eligible long term care insurance premiums includible in the term "medical care" are:
- Age 40 or less: $320 (up from $310)
- Age 41 to age 50: $600 (up from $580)
- Age 51 to age 60: $1,190 (up from $1,150)
- Age 61 to age 70: $3,180 (up from $3,080)
- Over Age 70: $3,980 (up from $2,850)
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