Tuesday Tips – March 7th, 2017
Allianz Raising Rates
Effective March 7th rates are increasing on Allianz’s Life Pro + IUL. In addition to raising rates Allianz is also eliminating the 1% interest bonus cap and applying the change retroactively to policies dated May 24, 2016 forward. Call today for additional details.
Equitrust Updated Forms
Effective March 15th Equitrust will require a new source of funds form for all life insurance sales. The form has been posted to the website and is available currently.
Post Mortem 1035
PLR 201330016 addresses contract options for inherited IRA’s. Specifically it found that the beneficiary of a nonqualified annuity became the new owner thus allowing the new owner to 1035 the annuity into a new contract. For clients looking for an income stream and concerned about taxation can now 1035 the funds into a spia with an exclusion ratio thus spreading their tax liability over a longer time frame. Call today to request a guide on this concept.
The DOL has recommended a 60 day delay for the implementation of the Fiduciary Rule. There is a 15 day comment period that started March 2nd in regard to the delay as well the scope of what should be delayed. At the end of the comment period all comments will be reviewed prior to the official delay.
Protective Advantage Choice UL
Protective’s Advantage Choice UL is a very competitively priced GUL that offers a variety of customization options. The product offers an IPO rider that allows the death benefit to be paid out over various time periods thus reducing the cost. In addition to this the product allows for multiple death benefit guarantee periods and also offers the ExtendCare rider to cover a LTC situation. Call today for additional details.