Tuesday Tips – October 6th, 2015
NACOLAH Inforce Rate Change
Effective October 5, 2015 there has been a rate adjustments to select non marketed IUL products. The products affected are the Rapid Builder IUL2 and Guarantee Builder IUL2. While caps have been adjusted participation rates remain unchanged. Call today for additional details.
Lincoln National Product Discontinuation
Lincoln National has announced it is closing the Treasury Indexed UL Effective November 1, 2015. Applications must be received by Lincoln National by October 30, 2015 to still purchase the product. Call today for additional details.
October is Critical Illness Awareness Month
October is critical illness awareness month. Men have a 50% chance of developing a critical illness during their lifetime while women have a 33% chance. With advances in medical technology more and more people are surviving critical illnesses but often are left with a significant amount of expenses and debt due to not being able to work during the critical illness. Critical illness insurance can be a great solution for this and it can also be a great door opener to discuss other aspects of the clients financial plan.
According to a recent survey by the New York Federal Reserve Bank on average the amount of credit card debt reported by consumers is 40% less than it actually is. Furthermore the individuals most likely to underreport credit card debt are more affluent individuals.
Simplified Issue With Mutual of Omaha
Mutual of Omaha has a complete suite of competitive simplified issue life insurance products. Mutual of Omaha offers both term and guaranteed universal life insurance options up to $300,000 in face amount without an insurance exam. In addition to this for older ages they offer a simplified issue final expense product that writes up to $40,000 in face amount and writes to age 85. Call today for more details or to get quotes.