Tuesday Tips – February 10th, 2015
Transamerica Suspends Gul Products
Effective last Wednesday Transamerica has suspended their Transace GUL and Transace SUL. In addition to this they have cancelled all pending policies with the exception of policies out for delivery. If you have any cases that were pending give us a call to discuss other solutions.
John Hancock and Term Insurance
John Hancock has traditionally been know as a UL and SUL company but has recently decided to get back into the term marketplace. Not only is the product competitively priced but it uses the same underwriting standards that are used on their permanent products. So for clients that do have some health issues there is a lot more flexibility to get the rates you need to place the case.
Deferred Income Annuities
The creation of qualified longevity annuity contracts has caused the sale of deferred income annuities to spike to over 2.5B last year. This product can be a great solution for clients concerned about rmd’s and income in retirement. Available for download is a great pdf discussing premium limits, income options, source of funds, and payment specifications.
Union Retiree Health Benefits
It has typically been assumed that health care benefits for pre retirees under a collective bargaining agreement are vested at the date an employee retires. A recent supreme court ruling had added a wrinkle to this in that this is only the case if the agreement specifically states that the benefits are vested. This could open the door for employers to change post retirement benefits.
American Equity Choice Series
American Equity has rolled out a new series of fixed index annuities. The series is designed around giving the client more options. There are 6, 8, and 10 year surrender periods available along with competitive caps and multiple income rider options. Call today for state availability and additional details.