Effective May 12, 2021, our temporary underwriting restrictions that have been in place since April 2020 will be lifted and our normal pre-COVID-19 underwriting guidelines will be in effect. We will continue to require a current Statement of Health for all policy approvals. See this table for details.
Given the industry’s historically low interest rate environment, Lincoln is making prudent and responsible pricing adjustments.
Effective June 15, 2020, Lincoln Financial will implement pricing increases to all products in the Lincoln MoneyGuard solutions suite. Adjustments on flex-pay designs will see a pricing increase of approximately 15%. Single-pay designs will see a pricing increase of approximately 20%.
Additionally, Return of Premium (ROP) on Lincoln MoneyGuard® II in California is being updated to bring consistency across the MoneyGuard product suite. The Basic ROP option will be 70%. The Vested ROP option will begin at 70% and grade up to 100% over six years.
It is important to note that no changes will be made to the contract language, forms, compensation or benefits provided.
For applications to qualify for the current pricing, a projection of values and the completed application Part 1 must be signed, dates and received in good order by Lincoln’s home office by Friday, June 26, 2020.
All pending business must be issued, or 1035 exchanges initiated (where applicable), on or before August 28, 2020.
Additional information is available HERE.
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.
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
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.
David Szeremet, Second Vice President, Advanced Planning at Ohio National, takes calls from all over the country about business insurance, and the #1 request is business owners seeking tax-deductible premiums. In this episode of Business Insurance Sushi, David explains where some tax deductions can be found, and where some serious hurdles exist. He shares some examples where you wouldn’t want tax deductions on the front end, and some alternative concepts and conversations that may be beneficial to your business owner clients.
In this episode of Business Insurance Sushi, David Szeremet, Second Vice President, Advanced Planning at Ohio National, tackles the number one objection that business owners make – cost. He suggests ways to pivot the conversation when this objection comes up, including the use of different product types, tax reductions and split dollar life insurance. Learn how flexible split dollar is, how it can work with cost-conscious business owners and the benefits to having it in your tool belt.
David Szeremet, Second Vice President, Advanced Planning at Ohio National, gets to the nitty-gritty of executive bonus plans in this episode of Business Insurance Sushi. He shares why executive bonus is the most popular fringe benefit plan that uses life insurance, how it works, how it is taxed, which products work best, and of course – how Ohio National can help you write your next executive bonus case.
In this episode of Business Insurance Sushi, David Szeremet of Ohio Naional slices and dices the three most popular life insurance fringe benefit plans: executive bonus, split dollar, and a supplemental executive retirement plan. He gives a few tips on deciding on which fringe benefit plan to use when, and shares ways you can talk to your clients.