Tuesday Tips – December 6th, 2016

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Alerts

LSW Raising Rates

Effective December 1st LSW has raised rates on several of their FIA products. Rates increases ranged from .25bps-.50bps. Call today for additional details.

Columbus Life Rate Decrease

Columbus Life has announced that effective January 1, 2017 they will be dropping credited interest rates on all new UL sales by .10bps. In addition to this they are implementing a rate decrease of .20bps for several in force blocks of business. Call today for additional details.

Sales Concept

Pricing Anomaly

We have recently discovered a pricing anomaly on one of our guaranteed death benefit products. In 10 pay scenarios the product is offered by an A+ insurance carrier and is dramatically cheaper than any other GUL under this funding structure. In addition to this the product has high targets and cash value. Call today for additional details.

Industry News

Per Diem Limitations

The IRS has recently announced upcoming changes to the 2017 per diem limitation on payments for chronic illness riders. The current limit is $340.00/day. The per diem limit for 2017 will be raised to $360.00/day. This means clients that own a life insurance policy will be able to access more tax advantaged cash in the event of an LTC scenario.

Hot Rates

Athene Ascent Pro

For clients looking for short term products with high upside potential the Athene Ascent Pro 5 & 7 can be a great fit. The 5 and 7 year products offer annual pt to pt caps of 3.5% and 4% respectively. In addition to this they offer monthly pt to pt caps as high as 1.75% and an uncapped par rate strategy at 95%. Call today for details and state availability.

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Tuesday Tips – November 29th, 2016

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Alerts

LibertyMark Rate Change

Legacy Marketing Group has announced a rate decrease for the LibertyMark product series. The rate change goes into effect December 8th and applications must be in house by Wednesday December 7th. Call today for an updated rate sheet.

Great American Rate Increase

Great American has recently increased rates on multiple products. They are now offering caps as high as 7% and participation rate strategies as high as 60%. Call today for additional details.

Sales Concept

Your Marketing Plan

As we get to the end of 2016 now is the time to reflect on the year and evaluate what went well and what didn’t. Even more important is identifying what your 2017 strategy will be. Call today to have a custom marketing plan developed for you.

Industry News

Retirement Savings

According to a recent survey by the Employee Benefit Research group 22% of workers are very confident they will have enough money for retirement. On the other hand 64% of workers say they know they are behind where they should be with their retirement savings.

Hot Rates

F&G Guarantee Platinum 5

The F&G rate special on the Guarantee Platinum 5 begins today. For a limited time F&G is offering a 3.10% rate on their 5 year MYGA. Applications must be electronic and the minimum premium os $20,000.00. Call today for additional details.

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Tuesday Tips – November 22nd, 2016

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Alerts

LFP Holiday Schedule

Legacy Financial Partners will be closed Thursday November 24th and Friday November 25th in observance of the Thanksgiving holiday.

F&G MYGA Rate Special

F&G has announced a rate special on their 5 year MYGA. The promotion starts on November 28th and the rate will increase to 3.10%. Applications must be an E application and the minimum premium is $20,000.00 . Call today for additional details.

Sales Concept

Policy Stacking with ROP

Policy stacking using gul products with rop and chronic illness rider can be a great solution for clients that have a higher death benefit need during their working years but think they won’t need as much coverage during retirement. By purchasing 2 policies that equal the death benefit need in retirement the client can trigger their return of premium feature and elect to either take the money and do what they want with it while continuing to pay premiums on their existing plan or take the lump sum and pay up the remaining life insurance policy and eliminate their insurance premiums in retirement. Call today to get a design run on this concept.

Industry News


Voya Sunsetting Products

Voya has announced that effective December 30, 2016 it will be suspending all term products as well as the IUL-GDB product. Voya cited current market conditions including historically low interest rates as the reason for their departure from the term and GDB market.

Hot Rates

Global Atlantic Fast Lane

Global Atlantic offers a competitive suite of term and IUL products. In addition to this they offer their fast lane program for accelerated underwriting up to $1mm of coverage. With the Fast Lane program the client can do a phone interview and potentially avoid having labs drawn. Call today for additional details

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Tuesday Tips – November 15th, 2016

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Alerts

John Hancock to Discontinue LTCI Sales

John Hancock has announced that they will be discontinuing individual LTCI sales. John Hancock cited the significant capital requirements of the LTC product as a reason for the discontinuation. John Hancock will accept applications until December 2, 2016. All policies must be issued and paid for by February 10, 2017.

California Assembly Bill 2884

California recently passed Assembly Bill 2884 which places restrictions on fixed annuity surrender charges. This goes into effect January 1, 2017 and will result adjustments to fixed annuity products offered in California including surrender charges, caps, bonuses, etc.

Sales Concept

1035 Opportunities

1035’s are a great tool to help a client purchase a new life insurance policy that better suits their needs. Two strategies that can be very beneficial are MEC Rescue and Mirrored Loan strategies. For clients that have a policy that is a MEC and aren’t as concerned about the death benefit MEC Rescue is a potential solution. With this strategy you 1035 the cash value into a life insurance policy that has a chronic or ltc rider attached to it. In the event the client has an LTC need they can now advance the death benefit income tax free because the advancement falls under LTC tax guidelines. With the mirrored loan strategy if a client has an outstanding loan on a policy that they can’t pay off one potential solution is to 1035 the cash value and loan to a new carrier then use the cash values to pay off the loan resulting in a paid up policy. There are only a handful of carriers that will do this so make sure to give us a call if you have this type of scenario.

Industry News

Pension Buyouts

More and more companies are looking to pension buyouts in an effort to rid themselves of pension plan liabilities. Pension buyouts now top $18 trillion.

Hot Rates

F&G Retirement Pro

The Retirement Pro by F&G is a competitive FIA designed to maximize retirement income. The product is on a 10-12 year chassis depending on the state and offers a 7%-5% bonus depending on the state. The products is specifically designed for income and offers a stacking rollup with a base 4.5% rate partnered with annual point to point caps of 13%, monthly point to point caps of 4.5%, and a monthly average cap of 20%. Call today for additional product details and state availability.

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Tuesday Tips – November 8th, 2016

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Alerts

North American Suitability Form
North American has updated their suitability form and has added 2 questions. The new forms must be used for all business submitted November 23, 2016 and after.

Legacy Marketing Group
LMG has announced effective November 8 the Liberty Optimizer fee as well as death benefit fee will be applied at the end of the year instead of the beginning. In addition to this they have increased rates on the fixed interest accounts of several products.

Sales Concept

Insure The Uninsurable
Many individuals know they need life insurance but don’t act on it until they have a change of health. Unfortunately, for some of those people they end up being uninsurable and their only option is guaranteed issue coverage which can be very expensive. One of the insurance carriers offers a workaround for this on one of their products. They will allow for a parent and child to be on a survivorship universal life plan. So for example lets say you have a 60 year old uninsurable child and an insurable 85 year old parent. More than likely the parent is going to predecease the 60 year old which means the death benefit will pay out at the death of the child. This strategy also solves another problem with guaranteed issue plans, typically you can only get small face amounts of coverage. Utilizing this strategy the client can get a fully underwritten plan so they can actually get the amount of coverage they need. Call today for additional details.

Industry News

Judge Rejects NAFA Lawsuit
On Friday the federal judge overseeing the NAFA lawsuit rejected it. The judge cited several reasons including the open comment period seeking input from the industry in regard to FIA’s and IRA transactions.

Hot Rates

Nationwide No-Lapse Guarantee SUL II
Nationwide offers an incredibly competitive SUL for wealth transfer. The product writes ages 35-85 and in addition to competitive pricing the product also offers a true LTC rider which can be split between the insureds. The product also allows for multiple death benefit payment options. Call today for additional details.

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Tuesday Tips – November 1st, 2016

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Alerts

Legacy Marketing Group Sales Incentive

Legacy Marketing Group has announced a sales incentive that runs from November 1, 2016-January 31, 2017. Eligible agents can earn up to $750.00. To qualify you must submit at least 3 applications of at least $25k each. Call today for the complete guidelines.

Athene Rates

Athene has announced a rate decrease for their MYGA product that takes effect November 15. High band rates will stay the same but low band rates will decrease slightly. Call today to request an updated rate sheet.

Sales Concept

Term Alternative

We have identified a pricing opportunity within one of the life insurance carriers we represent. One of their UL products allows you to run a premium equal to whatever the cheapest term rates are in various pricing cells. The benefit to the client is that they get a permanent product that builds cash value, don’t have to worry about conversion periods, and can get access to additional riders. The benefit for the agent is that the target is typically double what the planned premium is and the product has a rolling target so the agent gets paid twice. Call today to learn more.

Industry News

Genworth Financial Sold

Last week it was announced that China Oceanwide Holdings Group has agreed to purchase Genworth Financial for $2.7 billion. The deal is subject to approval by Genworth shareholders as well as insurance regulators.

Hot Rates


Nationwide SUL II

Nationwide offers an incredibly competitive SUL product that offers a unique LTC rider. The rider is fully underwritten and provide a benefit for both insureds. The product writes ages 35-85 and has a minimum death benefit of 250k. Call today for additional details.

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Tuesday Tips – October 25th, 2016

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Alerts

Sagicor Sales Incentive

Sagicor is running a sales promotion from October 24 through the end of the year on sales of their single premium whole life product. To qualify you must submit at least 2 applications with a combined 200k of premium and will receive an additional .50bps commission. Call today for additional details.

AIG Raising Rates

Effective 10/24 AIG has raised rates on several annuities. The increase includes their income annuities. Call today for an updated rate sheet.

Sales Concept

Permanent Coverage Too Expensive

We’ve all run into a prospect that balked at the price of permanent life insurance. One strategy that can reduce the cost of insurance is the use of an LTC rider on a gul with select insurance companies. In this strategy you dial the death benefit guarantee down to a lower age such as 90. Once the insured needs home health care or a nursing home you trigger the rider which eliminates the premium for the policy thus extending the death benefit out until the insured passes. During which time the insured is receiving tax free distributions from the policy. Call today for additional details and to find out which carriers offer this strategy.

Industry News

Scottrade Sold

TD Ameritrade along with its largest shareholder Toronto-Dominion Bank have agreed to buy Scottrade Financial Services. The deal was done for $4 billion through the use cash and stock and is expected to be completed by September 30, 2017.

Hot Rates

LSW Flexlife II

LSW has rolled out the newest version of their Flexlife Product. New features include a benefit distribution option which allows the death benefit to be stretched out, charitable matching gift death benefit, and a fixed participating loan option. In addition to this the product offers a free accelerated benefits rider, lifetime income benefit rider, and 6 different crediting options. Call today for additional details.

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Tuesday Tips – October 18th, 2016

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Alerts

Allianz FIUL Promotion
Allianz has announced a sales promotion through the end of the year on placed business. The promotion applies to policies approved October 10, 2016 and after and are $10,000.00 of target or more. Once issued if the policy is in force within 15 calendar days Allianz will pay an additional $500.00 bonus on top of commission. In addition to this Allianz is running an additional promotion. Submit a life app of 5k of target or more through December 31, 2016 and place it in force by March 31, 2017 and receive a free high-capacity 3 port power charger. Call today for more details.

Year End Dates
Insurance carriers have begun rolling out year end dates for submitted and pending production. Call today to get a breakdown of year and dates for your business.

Sales Concept

Estate Planning Mistakes
Many individuals when they think of an estate plan think that it only high net worth individuals need one. The reality is that an estate plan applies to anyone who has assets or property that will be transferred to someone else. What this means is that many people make common mistakes in regard to their estate. It also means there are a lot of planning opportunities for advisors. Available for download is a guide that discusses 10 common estate planning mistakes individuals make and how to fix them.

Industry News

Wells Fargo Class Action
Customers who try to file a class action lawsuit against Wells Fargo may find it difficult to get a court to hear the case. This is due to a mandatory arbitration clause that protects banks from class action suits and instead requires private arbitration.

Hot Rates

Lincoln WealthAdvantage IUL
The WealthAdvantage IUL is a low cost FIUL that offers accumulation with death benefit guarantees. In addition to this they offer a table shave down to a table 3. The product offers multiple index options with caps as high as 10%. Call today for additional details.

Sales Concept Downloads

Tuesday Tips – October 11th, 2016

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Alerts

AIG Rate Increase

AIG has announced that there will be a rate increase on their Lifetime GUL 3 effective October 17th. The average premium increase will be 1%-5% depending age, underwriting class, etc. Full details will be available on the 17th.

Great American Discontinuing Rewards

Great American has announced that it will be discontinuing its Great American Partner Points program effective December 31, 2016. The move was motivated by the Department of Labor’s new guidelines surrounding incentive programs.

Sales Concept

Smooth Sailing

Sequence of returns can dramatically impact a clients income in retirement if they are drawing off of an asset tied to the market. One potential solution to this is incorporating cash value life insurance as a side fund that can be drawn upon in years where the market is negative. This strategy can help to mitigate the impact of negative returns by allowing the funds to rebound after a market decline. Call today to request a complimentary sales guide.

Industry News

Over Spending in Retirement

According to a recent Employee Benefit Research Institute study, nearly half of all retirees increase their spending in the first two years of retirement. All the more reason for a consumer to have an advisor that can assist with a plan for retirement.

Hot Rates

Global Atlantic Promotion

For a limited time Global Atlantic is running a “Free Upgrade” campaign. Through December 31, 32016 if an applicant is approved at standard nonsmoker or standard smoker they will automatically get bumped to preferred and if they are approved at preferred nonsmoker they will automatically get bumped to premier nonsmoker. Global Atlantic offers a competitive suite of life insurance products with an emphasis on the IUL space. Call today for additional details.

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Tuesday Tips – October 4th, 2016

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Alerts

Athene Extends Rate Hold

Athene has announced that they are extending the rate hold on non-cash applications received between June 3rd and August 5th.  Funds must be received by October 14th to receive the rates at the time of application.

Allianz Dropping Rates On FIUL

Effective October 4th Allianz will be dropping rates on their suite of IUL products.  Call today to get an updated rate sheet.

Sales Concept

Beneficiary Reviews

Many times when a consumer buys a financial product the policy gets put in a safe place and is never looked at again.  Beneficiary reviews are a great opportunity to make sure the prospects plans are up to date with their current intentions and to uncover potential business.  LFP has put together a beneficiary kit with a prospecting letter.  Call today to request your kit.

Industry News

Thrivent Files Suit Against DOL

Thrivent has filed a lawsuit against the DOL fiduciary rule.  Specifically they are suing to have the class-action component of the rule thrown out.

Hot Rates

Protective Custom Choice UL

Protective’s Custom Choice UL is a very competitively priced GUL that writes up to age 85.  In addition to the competitive pricing the product also offers a competitive chronic illness rider and their Income Provider Option which can be used to select various distributions of the death benefit for a variety of planning options.  Call today for additional details.

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