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Faster, More Efficient Way of Submitting Business
As agents have been shifting to virtual meetings with their clients, tools such as eApp, Accelerated Underwriting and eDelivery are becoming invaluable. Utilizing the Drop-Ticket process, combined with Accelerated Underwriting and ePolicy Delivery makes it faster and easier for eligible clients to get life insurance without seeing anyone face-to-face, and in many cases will allow the client to apply without an exam or blood draw, resulting in an entirely virtual, paperless process with no in-person meetings.
These programs are generally limited in face amount and issue age. The option to skip the exam and blood draw is at the underwriter’s discretion, so in practice, only relatively healthy clients will be approved without an exam, once an underwriter has reviewed the initial submission.
We encourage you to take advantage of submitting business electronically, where possible, and to make use of our GBSLife Agent Portal to access these programs.
For more information, please visit out Digital Solutions page or contact your brokerage manager.
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Selling Fixed Annuities in a Low Interest Rate Environment
Annuities are designed to provide retirement income, but clients may be hesitant to purchase them in the current low interest rate environment.
We can help you with:
- Retirement Challenges in the Current Interest Rate Environment.
- An Attractive Alternative to Annuitization.
- Protected Retirement Income IRR: More Than Risk Mitigation.
- Annuity Reviews: Is Your Client’s Annuity Where It Needs to Be?
- and more!
To get started, you can run annuity rates on Annuity Rate Watch by logging on to our GBSLife Agent Portal.
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Exec Term Carve Out from Protective
Protective's Executive UL product is priced to compete with group term and is designed to reward highly compensated employees with benefits beyond what’s available through their group term plan. Executives are carved-out from the existing group and that coverage is replaced with an individually owned policy. This is not a group plan as the policies are generally owned by the individual executives and employer-paid, but does have a minimum requirement of +25 lives and is guaranteed issue.
With a universal life insurance solution, designed for group term carve-out plans, you can win additional growth opportunities in the executive benefits market. Click below or contact your brokerage manager for more information.
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Section 7702: Unpacking the Changes
Recent changes to Internal Revenue Code sections 7702 and 7702A have lowered the minimum interest rate assumptions used in calculating premium limits. This is good news as it increases the funding limits for policies to qualify as life insurance and allows for higher premiums relative to the specified amount before becoming a modified endowment contract (MEC).
Here are some quick bullet points to keep in mind regarding how the changes to 7702 affect life insurance policies:
- The changes apply to policies issued in 2021 and beyond.
- Until carriers modify their products to take advantage of the new policy limits there is nothing a producer can do to take advantage of the changes.
- There is nothing clients can do with an existing policy to take advantage of the changes either. Any changes made to products will only apply to policies issued after a product has been modified by the carrier.
Keep a look-out for our upcoming newsletters as we continue to communicate product changes as it relates to this development.
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LIBRA Insurance Partners Protects Voya Policyholders and Producers
LIBRA Insurance Partners, one of the nation's largest insurance marketing organizations, successfully petitioned the Colorado Department of Insurance to add restrictions and mandates to the Voya/Resolution Life transaction prior to approving the close of the transaction. These conditions were proposed in order to protect the rights of the policyholders of Voya products whose insurance policies would be included in the transaction, as well as the insurance agents who represented the Voya policies to their clients.
GBS is a founding member of LIBRA Insurance Partners, and GBS Area President, Malcolm Sklar, former LifeMark Partners Chairman, remarked “LIBRA and GBS once again are at the forefront of looking out for consumer’s rights and have stepped up to keep regulators from taking adverse actions against policy holders.”
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We at GBS Insurance thank you again for your business. For more information or insurance quote requests, please contact your brokerage manager or give us a call at (800) 473-5966
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For agent use only - not for use with the general public.
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Corporate CA License No. 0D87913
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21820 Burbank Blvd., Suite 301
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GBS Insurance and Financial Services, Inc. do not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
© 2021 Arthur J. Gallagher & Co.
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