Innovative Underwriters wishes you a Happy July 4th. Our offices will be closed on Friday July 3rd to celebrate our nation’s independence and will be back to serve you on Monday, July 6th at 8am.
Integrity Companies Rated A+ by AM Best, a change from the A++ rating. Details.
AXA Term 30 and all Return of Premium (ROP) Term products discontinued
- All applications must be received at Innovative Underwriters by Friday, June 19 th , 2009 at the close of business
- After that date, these products will no longer be available for sale in any jurisdiction
West Coast Life Increases Term Insurance Rates
Effective June 15th, 2009, West Coast Life will implement the following updates to the Focus Term Portfolio:
- The policy fee will increase on the $250,000 and the $1,000,000 bands for all new polices to $60 for the 10 and 15 year products. ( With this change, policy fee will be $60 for all the Focus Term Series products across the board. For face amounts $249,999 and below, the policy fee will remain commissionable.)
- The per unit rates will generally increase in most cells and rate bands on the Focus Term Series.
Working on a case and want to be sure that your client receives the current lower premiums? Be sure the application is dated before June 14th and received at Innovative Underwriters no later than June 19th. Apps dated before June 14th and received later than June 19th will receive the newer, higher rates.
NO EXCEPTIONS!!!!
(West Coast's rule - not ours. )
Banner and William Penn are increasing term rates for all face amounts $250,000 and above on all plans effective June 3rd. Non commissionable policy fees will increase to $60; Banner reduced compensation on the 20 and 30 year plans by 5%.
To take advantage of the current rates all applications must be at Innovative Underwriters on June 2nd, 2009. NO EXCEPTIONS! Questions?
[details]
S&P Downgrades Principal Life to A+
[details]
Lincoln Financial: Discontinues FPDA and Medically Underwritten SPIAs.
Effective July 1 st, Lincoln Financial’s Classic Flex fixed annuity and the Impaired Risk Underwriting option on Insured Income Immediate Annuity will no longer be available. Applications with transfer paperwork will be accepted until June 1 st. Applications with cash will be accepted until June 25 th. Any business not in good order by June 30 th will be returned to the agent. Requests for Impaired Risk Underwriting must be received by May 14 th. Any requests for underwriting received on or after May 15 th will be returned. Any SPIA application received after June 1 st (for transfers) or June 25 th (for cash) with a request to be considered for Impaired Risk Underwriting will be considered “not in good order” and will delay the issuance of the SPIA.
AIG: Prohibited Solicitations
Many states have issued bulletins advising insurance companies and producers that strategies to replace policies and annuities based primarily on their connection with AIG will be viewed by regulators as unsuitable replacements. Insurers and producers are obligated to ensure that life and annuity policyholders are not subjected to unsuitable solicitation practices. Click here to read more.
Dennis Glas, President of Lincoln Financial, comments on the impact of the current market to his company [details]
Mike Frazier, Genworth's President, comments on current market conditions [details]
|
| Submitted Leaders for May |
| Robert Weinstein |
$41,190 |
| Richard Aronwald |
$29,070 |
| Garret Smith |
$28,798 |
| |
|
| Paid Leaders for May |
| Frank Norton |
$40,140 |
| Jeff Howard
|
$35,540 |
| Randy Ellington
|
$29,344 |
|
ING Commission Reduction
There will be a 5% commission reduction on the 20 and 30 year ING Term Smart and Term Smart NY plans with applications dated July 11th, 2009 and later. Here’s the announcement from ING.
ING's SUL-GDB no longer available
The ING Life Companies developed ING SUL-GDB, issued by Security Life of Denver Insurance Company, before the current global economic turmoil surfaced. However, lower investment returns and fewer, more costly, capital sources have led ING to decide to stop marketing this product. If you are working on a case, be sure that application is received at Innovative Underwriters by July 30th for processing Read more about this decision.
DI AND CI - A MATCH MADE IN HEAVEN
Take 5 minutes and click on this link! We all understand the power of DI but Critical Illness insurance (CI) - can help your clients at a time when they might need financial resources most. Questions? Contact Keith Pflieger at keith@sourcebrokerage.com or call 888-543-3634.
Lincoln Life Reduces Term Rates To Grab Market Share
Lincoln has improved term rates by 10% for large cases in the 45+ market. Lincoln Life Elements offers your clients:
- 10-15-20-30 year level term periods
- Riders for children's coverage, disability and terminal illness
- Convertibility to qualifying Lincoln permanent life insurance - and new medicals may not be required
- Liberalized underwriting guides for occasional tobacco users and those who have a higer BMI
Lincoln is quite competitive now with this reprice - Lincoln's new term really measures up.
ING Changes Term Smart and Term Smart NY Plans
ING is increasing Term Smart and Term Smart NY policy fees from $60 to $65 effective April 27 th, 2009 and rates will generally increase or remain the same. ING ROP and ING ROP NY will no longer have a choice of return of premium options. Only the enhanced version will be available after 4/27/2009. Here are the details.
ING: Term Conversion Guidelines for Life Settlements
ING has added guidelines that affect commissions on term conversions that become life settlements. Click here for complete details.
|
