North American Annuity Changes
Please read this announcement about rate and cap changes effective today.
Goodbye Stretch IRA, Hello Life Insurance Opportunities
HERE is an excellent sales idea from Prudential, emanating from the SECURE Act.
Introducing eApp for Lincoln MoneyGuard® Solutions
As a leader in the market, Lincoln has a long-standing commitment of helping protect client wealth from the risk of long-term care expenses, while improving the overall financial professional and client experiences. To offer you greater control of your Lincoln MoneyGuard Solutions experience — while continuing to reduce overall turnaround times — the Lincoln MoneyGuard® III application Part I will be accessible on the iPipeline iGO® platform or through your Lincoln producer website. This process will provide an added convenience and enable a more streamlined, customized experience.
More information on the process available HERE.
Mutual of Omaha LTC: Application and Procedural Changes
Effective February 23rd, all policies will be issued with an effective date that matches the date of issue; the date of application will no longer be an option. Furthermore, money will no longer be accepted with the application. Accordingly, temporary insurance and conditional receipts will no longer be available.
Updated application paperwork is now available as a result of these changes. If you are still using the old version of the application paperwork, it must be signed and received in the home office no later than February 29, 2020. If received in the Home Office after February 29, 2020, the application will not be accepted.
For additional information, please click here.
North American: Fraud Alert
Critical security information from North American to protect you and your business:
It has come to our attention that our agents have received phone calls from identity thieves claiming to be with a department within our company. This is an increasing concern in our industry today and impacts agents with other companies as well. We want you to be aware so you can protect yourself and your business. While we’ve had no data breaches as a result of these phone calls, it’s important to remind you of the potential risks and how to mitigate them.
Social engineering is on the rise. These attempts to gain personal information include using disguised phone numbers, and even creating the appearance of the call coming from a business you know and do business with. The identity thieves claim to be with a department within the company and in each case, the caller specifically seeks sensitive information or request access to assume control of a person’s computer.
For your business with North American please review these important tips to mitigate risk:
- Never provide any caller with a password.
- Ask the caller for their call-back number. Use this information to validate their identity. Do not rely solely on the information they provide you. Research the phone number before calling them back.
- Do not respond to a call by sending your personal information or that of your client to any unfamiliar party. Use only established fax numbers, secure upload portals or encrypted email.
- REMEMBER: We do not typically ask for confidential information unless we are assisting you with a specific business case; when in doubt, use caution to protect yourself.
Please call us with any concerns or questions. Call Sales Support at 866-322-7066
New Year, New York, New Product! Now Available: Lincoln MoneyGuard® II NY
Effective January 13, 2020, the Lincoln Life & Annuity Company of New York is pleased to announce the newest linked-benefit product in the Lincoln MoneyGuard® Solutions suite, Lincoln MoneyGuard® II NY. Lincoln MoneyGuard® II NY is a single or flexible premium, universal life insurance product that provides a death benefit and long-term care (LTC) coverage through policy riders.
Below are just SOME of the highlights of the new product:
• 0-day deductible for ALL services (previously 90 day facility wait)
• Couples Discount added to LTC Extension of Benefits Rider (not available on previous version)
• Eliminated tobacco classes—tobacco users now get the same non-tobacco rates
• No age restriction on single-premium business (previously restricted to age 69)
• Return of Premium added for flex-pay cases (previously on single pay only)
• Pay to 65 option added in addition to 1-10 year designs
• More competitive plan designs for clients under 50
• Benefits now available internationally
• Enhanced Submission Process to align with MG offerings in other states
Additional information can be found HERE.
Important! Complete Your Required Training Now
If you do business in NY, I wanted to be sure you saw this important announcement regarding product training from Protective Life.
The SECURE Act Has Passed!
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was passed into law on December 20, 2019. This is the first major retirement-related legislation since the passage of the Pension Protection Act of 2006.
This SECURE Act Overview from Prudential provides a high-level synopsis of the key provisions of the law and can help you start important planning conversations with your clients.
Important: Upcoming Mutual of Omaha Product Changes
Effective January 1, 2020, Mutual of Omaha will be making a number of product changes, including the discontinuation of their Guaranteed Universal Life (GUL) product. For a complete list of the upcoming changes, please click HERE.
REMINDER: Prudential Term Essential and Elite Reprice
As a reminder, here’s a link to the transition rules for Prudential’s updated term products.