F&G Chargeback Change
F&G has announced a change to their chargeback policy that will take effect February 14th. Any policy issued on this date or later will now have a 2 year chargeback rule. 100% in the first policy year and 50% in the second policy year.
Equitrust Phone Number Change
Equitrust has changed the phone number for phone interviews on their life insurance policies. The new number is 855-699-3045.
Money for Marketing
As the new year kicks off I wanted to remind everyone of a great marketing program through Legacy Marketing Group. Their Money For Marketing program will reimburse you back for marketing expenses. You just have to submit your marketing invoice and write 250k of annuity production within 90 days and Legacy will reimburse you an additional .25%. In addition to this you will also receive marketing dollars from Legacy Financial Partners. Call today for details.
MetLife Designated As SIFI
MetLife has been designated as a systemically important financial institution. While many don’t like the mantra too big to fail MetLife agrees and has even threatened to go to court to remove the designation.
While many of you think of Genworth for life insurance and LTC don’t overlook their FIA portfolio. They offer 5, 7, and 10 year options with competitive caps, bailout options, and competitive income riders. The 7 year product offers caps up to 5.2% and the 5 year product offers caps up to 4.2%. Call for details.
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Legacy Financial Partners Closed
Legacy Financial Partners will be closed Monday January 19th in observance of Martin Luther King Jr. day.
Fidelity & Guaranty Rate Change
Fidelity & Guaranty has announced a rate change that impacts the prosperity elite series and safe income plus indexed annuities. Existing business must be issued by January 29th in order to keep the old rates. Call today for details.
Having The Conversation
The majority of the population is underinsured when it comes to life insurance. There are host of reasons for this with a major one being that many consumers are uncomfortable discussing what happens if they’re not here. Attached is a great sales guide that discusses how to broach this conversation along with other reasons to discuss life insurance.
Great American Discontinues VA Benefit Program
As January 1st Great American will no longer be accepting veteran’s benefit planning cases. Due to this change they have updated their client disclosure forms. Old versions of the form will be accepted through January 30th.
Symetra has become one of the leaders in the SUL marketplace. The product offers competitive pricing, the ability to take large lump sums, and competitive targets. Give us a call today to get more information.
American Equity Incentive Bonus
American Equity has announced an incentive bonus for the new year. Their Fast Track promotion will pay out $1,500.00 for $1mm of paid annuity premium between 1/1/15 and 5/29/15. Call today for additional details.
There have been numerous carriers adjusting their rates going into the new year. Call today to get the most up to date caps.
There are a number changes within the tax code for 2015. These include changes to income tax brackets, exemptions and deductions, gift and estate exclusions, and a host of others. Attached is an updated 2015 tax reference sheet.
A myriad of tax extensions were passed in the ABLE act of 2014. This extension keeps in place a number of popular deductions and incentives for filing 2014 taxes. Available for download is a breakdown of what the act encompassed.
NACOLAH Benefit Solutions
North American has a new fixed index annuity rolling out January 7th In a number of states. This competitive product offers a unique 120, 140, 160 benefit base floor design. This unique feature partnered with competitive caps, nursing home multiplier, and death benefit rider make it an extremely competitive product for clients concerned about income and life’s what ifs. Call today for details and state availability.
Allianz Annuity Changes
Allianz has announced some changes to their indexed annuity product line that will take effect January 6, 2015. The bonuses on the 365i and Masterdex X will be reducing from 5% to 4%. In addition to this there will be a commission reduction that affects several products as well. Call today for details.
AIG Commission Increase
Beginning January 5, 2015 AIG will be increasing the compensation on the Power Select Builder and Power Select Plus Income indexed annuities. The increase will be .50bps and applies to new business at that point as well as pending business that issues after that date.
2014 is coming to a close and 2015 is upon us. How did your business end up this year. What do you want 2015 to look like. What is the one thing that would make a difference in your practice. We have an entire suite of marketing and prospecting solutions available. Call today to discuss next year and set up your marketing plan.
Current Life Volume
According to limra total life insurance premium was up in the third quarter by 4%. Life insurance premium as a whole for the year is down 1% from last year and policy count as a whole is down 3% from last year.
Equitrust WealthPay Life
Equitrust has just rolled out a new single premium index whole life designed to take qualified funds and low tax basis annuities. It offers 3 competitive index options as well as living benefits in the event of a chronic or terminal illness. Call today for details and state availability.
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North American Beneficiary Info
North American now requires full beneficiary information to issue a policy. They will no longer issue a policy and allow the agent to collect the additional data on delivery.
AIG Adds New Index
AIG has added a new index to their Power Select Series. The new index called the ML Strategic Balanced Index is designed for growth and will be available to illustrate December 15th. Under current caps the index would have averaged just north of 7% over the last 25 years. Call today for details.
A change in someone’s life can often times prompt them to reevaluate their financial scenario. Minnesota life has developed a great series of marketing pieces that encompass marriage, new home, new baby, business, college, and retirement. Call today to request these marketing pieces.
Tibble vs. Edison Moves Forward
This week it was announced that Tibble vs. Edison International will move forward and be taken up by the U.S. Supreme Court. This is the first case to be heard by the Supreme Court that involves potentially excessive fees inside of a 401 (k) plan. Arguments are expected to be presented early next year.
F&G Safe Income Plus
F&G’s Safe Income Plus indexed annuity is a competitive product designed for accumulation and income. The product is on a 10 year chassis with a vesting 8% premium bonus and competitive caps. In addition to this it has an optional income rider that rolls up at 7% compound. Call today for details and state availability.
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Legacy financial Partners will be closed November 27th and 28th in observance of the Thanksgiving Holiday.
NACOLAH Application Change
This is a reminder that effective November 27th North American will only accept the new version of their annuity applications. Call us today to get the new version of the application.
With the litany of filing options, rules, and information about social security. It can be a daunting task for an advisor to be up to speed on all of the options let alone a consumer who just wants to know the right option for them. Attached is a nice 2 page piece that can be shared with clients that discusses the most common filing strategies and who might best benefit from them.
Importance of Saving
According to Moody’s Analytics millenials have a negative 2% savings rate. On the other hand older demographics savings rates range from a positive 3%-13%. Check out our marketing corner section for a good yellow pad piece that discusses savers vs. spenders.
North American RetireChoice
North American’s RetireChoice product is a an extremely competitive fixed index annuity. The product is a 10yr chassis with an upfront 5% premium bonus. In addition to this it has a competitive income rider with several indexing strategies including a new volatility control index and 2 uncapped strategies. Call today for state availability and rates.
Sentinel Rate Decrease
Sentinel has decreased rates on the personal choice annuity. Interest rates for the 5 and 7 year products have decreased by .10bps. Call today for an updated rate sheet.
North American has announced their year end closing dates. Attached is a flyer.
Year End Planning Strategies
As the year comes to a close there is still ample opportunity for clients to minimize estate or income taxes and increase their legacy. I’ve attached a great year end planning guide that has a number of sales concepts.
2015 Tax Updates
2015 is right around the corner which means changes to the tax code. I’ve included a link to a great article that covers all of the updates for 2015 in regard to exemptions, rates, and deductions. http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/
Athene Benefit 10
Athene’s Benefit 10 FIA is a unique product that offers solutions for many of life’s what if’s. One unique feature of the product is that a client can take an RMD from the product and reduce the benefit base amount dollar for dollar. This unique feature allows the client to have continued growth for future income or death benefit. I’ve attached a sales flyer that discusses this concept.
AIG Rate Decrease
AIG has announced a rate decrease that affects most of their Power Select Plus Income and Power Select Builder fixed index annuities. Call today to get an updated rate sheet.
AXA Postponing Term Conversion Mailing
AXA has announced that it will delay it’s term conversion mailing to existing term insurance policyholders until after the holidays. While they are delaying the mailing they still have a special offer to add on their LTC Services rider to converted permanent plans with limited underwriting. Call today for details.
Save vs Spend
Many consumers don’t fully understand the power of saving and compound growth on their retirement. Many individuals have the misconception that if they can’t save a lot then what’s the point, which couldn’t be farther from the truth. Attached is a great infographic that illustrates the impact of saving monthly on an individuals retirement.
The “Robo” Adviser
Charles Schwab has announced the introduction of its online advice services beginning in the first quarter of 2015. This feature will be available for investors who have $5,000.00 or more to invest. While we are big proponents of using digital resources it will be interesting to see how this is received by the advisor base and how much it will be utilized by the consumer base.
The SpectraMark annuity product from Legacy offers a number of features for life’s what if’s. It has a competitive income rider that rolls up at 6.75% compound with enhanced liquidity for LTC expenses. In addition to this it offers competitive growth potential with caps up to 5%. Call today for details and state availability.
Allianz Rate Decrease
Allianz is decreasing rates on several of their fixed index annuities this week. Call today for an updated rate sheet.
Many carriers have started to announce their year end processing deadlines. If you have cases that are pending or want more details give us a call.
LTC Awareness Month
November is LTC Awareness Month. This can be a great opportunity to discuss the benefits of LTCI and the risks of not having a plan in place. We have a variety of LTC options available including hybrid options with life insurance and annuities. Give me a call today to discuss.
IRA’s and 401k’s 2015
Changes to IRA’s and 401k’s have been announced for 2015. In addition to this will be the introduction of the myRA. Below is a link to a full article on the changes.
Lincoln Deferred Income Annuity
Lincoln National has a very competitive deferred income annuity that will be even more competitive beginning November 10th. Beginning November 10th the product will allow for flexible premiums in addition to single premiums. If you haven’t looked into DIA’s they can be a great option for the 2nd bucket in a 3 bucket strategy. Call today for more details.
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LibertyMark Rate Decrease
Legacy Marketing Group has announced a rate decrease on their LibertyMark fixed indexed annuity. The decrease takes effect October 29th and affects all products in the series. Applications must be at the home office by October 28th to receive the current rates. Call today for the update rates or application.
National Life Rate Decrease
National Life/LSW has implemented a rate decrease that affects their FIA portfolio. To request updated rates give us a call.
The Poor Mans Trust
When it comes to life insurance there are certain scenarios where a lump sum death benefit isn’t necessarily a good thing. One of the biggest concerns is that the beneficiaries might waste the money. A trust can be used to structure income payments using a death benefit but a simpler option is an income provider rider. Several insurance companies allow for payments of the death benefit in addition to a lump sum. Electing this rider will not only lower the cost of the life insurance but, most importantly it will give the insured control over how the money is paid out after their death. Call us today to get more information on the carriers that offer this option.
E Signatures More Prevalent
LIMRA released data from a recent survey that shows that 60% of insurance carriers use E applications as a means to submit business. In this digital age more and more insurance carriers are seeing a cost savings by using E Apps compared to paper applications.
One America FIA
One America has introduced a new asset base fixed index annuity. This unique product has an index engine and can triple the initial deposit to pay for qualifying long term care expenses. This can be a great solution concerned about LTC but also want liquidity and cash accumulation without any underwriting. Call today for more details.