The Year End Tax Conversation from Prudential
“The Year End Tax Conversation” contains ideas to start talking to clients about now so they don’t miss out on important strategies that are calendar sensitive. Check it out today and you’ll have topics to discuss for the next several months.
TransCare II Rate Changes for New York
“Transamerica Financial Life Insurance Company remains committed to you and to the Long Term Care insurance market. As such, it’s important that we modify our premium rates for new TransCare® II business to reflect actual claims experience by policyholders. These rate changes will also maintain consistency in our pricing across our product portfolio which will allow Transamerica Financial Life Insurance Company to remain highly competitive with the marketplace.
These refreshed rates are exclusively for new sales of TransCare II in the state of New York and will become effective September 15, 2017. To receive old rates, applications must be submitted in good order by 9:00 pm CDT on September 14, 2017.
For Worksite Business, Service Group Request Forms, census data, and all associated requirements must be signed and received by Transamerica Financial Life Insurance Company in good order no later than 9:00 pm CDT September 14, 2017 to be considered for old rates. Open enrollments must be completed by 5:00 pm CDT November 15, 2017. Subsequent re-enrollments will be on the new refreshed TransCare II NY Rates.
For Association Business, applications must be received in good order by 9:00 pm CDT September 14, 2017 to be considered for old rates. Previously saved quotes on TransQuote® will no longer be available starting September 15, 2017. Application packages and marketing materials are not changing at this time.”
Protective Brings Back a True Term Product
Here’s the release from Protective:
“We get it—many clients need straightforward protection, nothing more. That’s why we added Protective Classic Choice Term to our short-term solutions portfolio, along with Protective Custom Choice UL. So now you have two solid short-term solutions to offer clients. And we developed tools for you to get the conversation started.”
Get your resources here. There are some pretty good client approved materials and prospecting tools.
Prudential SUL Changes Announced
On the positive side, the current death benefit cap is being removed. We also anticipate increased target premiums.
However, the product is being repriced. Level pay scenarios will increase 6% on average and single pay scenarios will increase 14% on average.
New pricing is effective August 21. Full transition rules are available here.
The IUL Dilemma: Perception vs. Reality
What’s your perspective on Indexed UL?
Did you ever wonder if your IUL illustration gives you the whole story? Or are your clients missing out on IUL upside opportunities because you think IULs are:
- Too unrealistic
- Too risky
- Too complicated
- Too much work
Check out this Brainshark to learn Lincoln’s approach to successful IUL planning. LISTEN NOW.
AIG: New Term Rates
Check out AIG’s new, market-leading premium rates on face amounts of $500,000 and above plus other great news. The higher bands on Select-a-Term just got more competitive nationwide and in New York!
John Hancock: Protection SUL – A Leader in Estate Planning
See how in many scenarios, Protection SUL offers lower premiums, higher cash values, and more flexibility than leading guaranteed SUL products. And with Symetra’s recent announcement that they are stopping sales of their guaranteed SUL, it’s a great time to take another look at Protection SUL!
Prudential: Closing the Retirement Income Gender Gap
Women continue to face a much greater challenge than men when it comes to retiring with lifetime financial security. Prudential research indicates that the retirement account balances of female employees, on average, are one-third lower than their male counterparts. Add into the mix lower average Social Security benefits and longer life expectancies, and it becomes clear why women are projected to have much lower income to sustain them throughout retirement.
The challenges facing women in achieving a secure retirement are daunting, but plan sponsors can help close the retirement income gender gap through customized plan design, participant engagement programs, and holistic education that focuses on participants’ financial wellness.
While detailing the women’s financial experience this report provides insights that can help employers improve the retirement security of all their employees, while also achieving better business outcomes.
Legal & General America’s OPTerm Reprice Turns Up The Heat!
For all ages, classes, amounts, and durations, Banner ranks #1 – 78% of the time. William Penn ranks #1 – 83% of the time.
New rates include both decreases and increases. Price decreases improved our #1 ranking by over 20% and were primarily focused in these areas:
• Higher face amounts ($500K or more)
• Younger lives (Age 57 and below)
• All underwriting classes
• Evenly split between males and females
• 15- and 30-year plans
Increases affected 15% of all pricing cells, however, most made no change to competitive rank.
TransCare III Pricing Updates
From Transamerica: “It’s important that we modify our premium rates for new TransCare® III business to remain competitive within the marketplace. These rate changes will also maintain consistency in our pricing across our product portfolio. Revised rates for new sales of TransCare III will become effective July 3, 2017. To receive old rates, applications must be received in good order by close of business June 30, 2017.” More here.