Tuesday Tips – June 6th, 2017


North American Commission Changes

As part of North American’s process to comply with the DOL Fiduciary Rule’s June 9th applicability date, they are changing their commissions to create better consistency with their product types. Call us for your updated commission schedule. Note: Applications received June 8th or prior will receive the old commission rates

Annuity Forms Update

Due to the implementation of the DOL Fiduciary rule, carriers will be updating some of their application forms, effective June 9th. Make sure to contact your marketer to get the most current application packets on or after June 9th!

Sales Concept

The Value of Living Benefits on Term Insurance

Term insurance can be an affordable way to obtain temporary death benefit protection. Most consumers purchase term based on the lowest premium available with a reputable company, and the focus is soley on the death benefit. With that being said, coverage for chronic and critical illness has come more in to focus in the life industry over the last several years. Clients have more interest in policies that can protect against a premature death, as well as providing living benefits, than at any other time in our industry’s history. Legacy Financial Partners works with several carriers that offer term coverage with living benefits. If you have a client that is shopping term insurance like a commodity, be sure to talk to them about the accelerated benefits that are now available with several carriers!

Industry News

Bielen New CEO of Protective Life

Richard Bielen is preparing to take over as the chief executive officer of Protective Life Corp. July 1. John Johns, the current CEO, will become the company’s executive chairman, the company said last week. The Birmingham, Alabama-based insurer is a subsidiary of Tokyo-based Dai-Ichi Life Holdings Inc. Dai-Ichi Life acquired the company in 2015. Johns, 65, has been an executive at Protective Life since 1993. He succeeded Drayton Nabers Jr. as the company’s CEO in 2002. Johns has served as chairman of the American Council of Life Insurers, and he helped lead a campaign for the University of Alabama at Birmingham that raised $1 billion. Bielen, 56, has been an executive at Protective Life since 1991. He became the company’s chief investment officer in 2002. He took over as the chief financial officer in 2007. He became president and chief operating officer in 2016. Since 2016, he has run the company’s life and annuity business. Protective Life has about $75 billion in assets.

Hot Rates

AIG Power 10 Protector

AIG has a strong 10 year FIA product that offers great upside growth potential. This is a 10 year annuity with a 10% decreasing surrender charge as well as the standard 10% free withdrawal privilege. The Power 10 Protector offers an annual point to point cap of 5.1% for deposits over 100k and also has 2 uncapped options tied to the ML Strategic Balanced Index, with low spreads. There is also a separate version of this product that offers a strong income rider, if desired. This rider has a 7% rollup for 10 years, and offers competitive payout percentages. Call today for a quote!

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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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