Tuesday Tips – April 4th, 2017


North American Delivery Requirements

North American has announced changes to its life insurance delivery requirement process.  Effective immediately anytime a new application or additional form is being obtained on delivery a new policy must be issued.  North American will no longer issue an amendment.  In addition to this anytime a policy is delivered and the check or eft form comes back with a name different than the listed payor a new policy will need to be potentially issued.  For example if a client owns a business and submits a business check instead of a personal.  Call today for additional clarification.

Reminder Equitrust Annuity Update

Effective April 10th Equitrust will require a new product disclosure on all annuity sales.  The reason for the updated disclosure is that Equitrust has added a terminal illness rider to all products.  Call today for additional details.

Sales Concept

Retirement Safety Net

Everyone wants to have a comfortable retirement and unfortunately on the path to retirement there are a number of factors that can derail an individuals retirement plan.   Things such as death, disability, and LTC needs can be devastating to a family as well as to a retirement plan.  Cash value life insurance with LTC/chronic illness and WOP riders can be an effective mitigation tool for these risks.  In the event of an LTC scenario the death benefit can be advanced to help with costs, in the event of disability the policy will continue to fund ensuring that there is a retirement nest egg when disability benefits stop, and in the event of death instead of the beneficiaries just receiving their account dollar for dollar they receive an inflated tax free death benefit.  Call today for additional details.

Industry News

Annuity Premium Down In 2016

A recent report indicates that the top 25 largest annuity providers took in $253 billion in 2016.  That number is down 4.1% from the 2015 total.

Hot Rates

Settlers Life Final Expense

Settlers Life offers a competitive suite of final expense products and beginning April 3rd will offer a new ExpressApp process.  Instead of doing an E app or paper application you simply determine what product is a fit for the client, call settlers life, and they will complete the application over the phone and approve the client within 20 minutes.  This updated process means the application is always in good order and policies are issued more quickly meaning the client has coverage sooner and you get paid quicker.  Call today for additional details.

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About the author

Legacy Financial Partners - Legacy Financial Partners is an independent and full service Life Insurance and Annuity FMO that provides specific marketing solutions to help their clients succeed. Using dynamic tactics, an extensive support network and progressive marketing options, Legacy Financial Partners provides unique and specific development strategies to their business partners.

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