Tuesday Tips – August 9th, 2016
Minnesota Life Chronic Illness
Minnesota Life has announced they will be launching a new chronic illness rider to their suite of life insurance products. The new chronic illness rider will add improved features as well as pricing. Call today for details.
North American Income Choice 7
North American has announced a new product launch August 16th. The Income Choice 7 is designed for clients looking for income and offers both level and increasing income options. As well as a 150% stacking rollup with no rider charge. Call today for details.
Many consumers will make extra payments toward their mortgage in order to save money on interest charges and to pay their mortgage off earlier. Mortgage acceleration is a strategy that can help a consumer pay off their mortgage quicker than making extra payments, pay off the mortgage in the event of death, and preserve a higher mortgage interest deduction for a longer period of time. The strategy is fairly straight forward, instead of making the extra mortgage payment, repurpose those funds into a max funded cash value life insurance policy. A withdrawal can be taken out of the policy tax free in the future to pay off the mortgage balance and in the event the insured dies there is a tax free lump sum that can pay off the mortgage balance. We have a great sales guide for this strategy call today.
Lifetime Income Options on Rise
A recent survey by Willis Towers Watson found that retirement plan sponsors are increasingly offering employees lifetime income options. 23% of employers have started offering at least one type of lifetime income solution.
Equitrust’s DynaMarc FIA is a competitive 10 year product designed for accumulation. The product offers an uncapped 1 year point to point strategy with a 75% participation rate strategy as well as an annual point to point strategy with a cap of 4.25%. In addition to this the product offers a competitive income rider and several other index options. Call today for additional details.