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LATEST CARRIER & PRODUCT NEWS |
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Following are important
announcements from our carriers. Details may be obtained from the BUI Marketing Team by email:
AIG/American General
Select-A-Term is now available for term periods of 31 to 35 years. While issue ages are limited, some purchasers can obtain coverage that extends to age 84.
American National Life
Currently our most popular annuity carrier. In addition to competitive rates, the Palladium Single Premium Immediate Annuity contains a liquidity option that offers particl withdrawals or surrender of remaining proceeds.
New Athena Survivor UL III with Lapse Protection Rider (LPR) offers more competitive rates for preferred risks over age 50, especially on full pay scenarios.
Banner Life
OPTerm products rates have been reduced for the most popular term periods in the preferred plus and preferred categories mostly for face amounts above $1 million.
ING Companies
Recently introduced GDBUL II with competitive premiums for lifetime and less than lifetime death benefit guarantees, impaired risk pricing at 20% per table, and a new Adjustable Term rider has now been further enhanced at certain ages.
Introduced two new brochures for the premium financing market. One is designed for use with high net worth prospects and the other is a producer guide that offers a review of this marketing concept for the broker.
Click here for materials"
Lincoln Benefit Life
Legacy Secure Survivor Life has been updated to 2001 CSO rates with premiums and contract guarantees extended to age 120.
TotalAccumulator VUL has been introduced with multiple strategies designed for both death benefit and cash accumulation objectives.
MetLife Investors
Introduced new Guarantee Advantage UL based upon 2001 CSO. This product replaces both the previouis GAUL and the Universal Advantage. The guarantee is provided by the use of an optional Coverage Continuation Rider (CCR).
The carrier has also introduced a shorter application form that is now approved in most states.
Nationwide Life
YourLife Survivor UL product introduced with lifetime guarantee rates. Product performs especially well in 1035 exchange and/or short pay scenarios.
Long Term Care Rider can be added to trust owned life insurance contracts without adverse tax consequenses. This important feature is unique in the industry. Click below for brochure on the details of this benefit or contact BUI.
Protective Life
Protective Centennial G II UL is a lifetime guarantee UL offering several valuable features including a 24-month rolling target premium.
In addition, the product permits a 12-month grace period for the receipt of 1035 funds which contributes to more competitive pricing for 1035 scenarios.
Prudential
PRU term plans offer a Living Needs Benefit Rider added at no cost. The rider advances all or part of the death benefit if insured is confined to eligible nursing facility.
New VUL contract, PruLife Custom Premier II now available. Product features greater cash accumulations, longer no-lapse guarantee periods, and enhanced fund options.
Transamerica
New term product with expanded issue ages. Can now issue a 20-year term plan through age 70. Rates are geared for amounts over $1 million.
Revised GUL Complete product offers more competitive rates in its sweet spot between 45 and 70 especially at the lower face amounts.
Carrier now offers standard plus tobacco rates and still uses age last birthday for all of its products.
West Coast Life
New Lifetime Platinum III UL features rolling target premiums, and is competitive at both short pay and continuous pay scenarios.
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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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| IRS ISSUES SPLIT DOLLAR NOTICE |
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The IRS has recently issued Notice 2008-42 which provides that a modification of a split-dollar life insurance arrangement that does NOT entail any change to the underlying life insurance contract will not be treated as a material change for IRC Section 101(j). (See discussion of IRC Section 101(j) in another article below).
CLICK HERE for full article and copies of the actual notice along with a detailed analysis. |
| EMPLOYER OWNED LIFE INSURANCE (EOLI):
An Urgent Reminder |
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One of the more misunderstood provisions of the Pension Protection Act of 2006 (PPA '06) had very little to do with pension plans. However, this provision can impact every single broker who works with business owner clients.
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| COMMON LIFE INSURANCE MISTAKES |
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Eleanor Roosevelt once said, "Learn from the mistakes of others. You can't live long enough to make them all yourself".
the point is a wise person learns from the mistakes of those who came before while endeavoring to avoid them himself. When mistakes are made with life insurnace, the consequences to your clients can be financially significant. some would say this is why Errors & Omsissions insurnace exists. but to the extent possible, i am sure we would all agree it is one policy on which you never want to file a claim.
The rules that impact life insurance are not always user friendly, and some rules are traps for the unwary and uninformed. But you can increase the chances of avoiding these issues with a little information.
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| ADVANCED MARKETING:
Split Dollar Is Not Dead |
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As a result of the final Split Dollar Regulations issued on Sept. 18, 2003, many believe that these programs were are longer attractive. Nothing could be further from the truth!
While the regulations did restrict what the IRS believed were abuses in so-called "equity" plans, it did not adversely affect endorsement split dollar plans, and it created a whole new class of split dollar plans using loans. The latter type is what I want to describe in this brief article.
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| LONG TERM CARE INSURANCE CORNER |
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Update on Missouri LTCi Partnership Training Requirements
The State of Missouri has recently released the final requirements for State specific information to be included in the LTCi Partnership training program. While a number of training sessions have already been provided, BUI has scheduled more sessions for those unable to attend the earlier meetings.
For details on any upcoming training programs, go to the BUI web site or contact Roger Lintner, Director-Long Term Care Insurance (rlintner@brokerageunlimited.com).
State Tax Deductions for LTCi Premium
Now that many of your clients have paid their tax bills, did you know that many states offer tax incentives to encourage its citizens to purchase long term care insurance? For information about your specific state guideline, please contact Roger Lintner at the email address shown above. |
| HELPFUL HINTS FROM YOUR NEW BUSINESS CONSULTANT |
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| Hints to shorten processing times and increase the chances for a favorable underwriting result.
When you request forms from BUI, your New Business Consultant (NBC) wants to provide you with all required application forms and supplements. It is important to remember that the forms required by a carrier change depending upon the nature of the transaction, i.e. is it a replacement, is there a 1035 exchange, does the client engage in dangerous hobbies, fly an airplane, etc.
Your NBC reminds you to let us know this information at the time of your request so that we can be certain to include all of the required forms and supplements to fit that circumstance. Doing so will prevent you having to revisit the client to gain signatures on additional paperwork later on in the process.
Contact your New Business Consultant for more information on how you can speed your business through the process. |
| BUI LEADERS CLUB: |
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Qualifications Announced
Recently, a group of BUI producers and their significant others enjoyed the warmth and luxury of the Ritz Carlton Hotel on Amelia Island, Florida.
The qualifiers who earned their way to this outstanding location took advantage of all the amenities of this very high quality resort. Many attendees commented on the camaraderie and friendly atmosphere of the group and how that experience increased the enjoyment of the trip.
BUI is already counting your business for next year's Leaders Club meeting. Details on qualifications are now available on the BUI web site, or by clicking here. The location of the next trip will be announced later this year.
Remember, your trip credits build faster if you place business with any of our five Leaders Club sponsoring carriers. They are:
- Genworth
- ING
- Lincoln Benefit
- Prudential
- United of Omaha
All of us at BUI want to assist you with your cases so you too can participate and receive recognition for your hard work. | |
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