GBS News: Important Carrier Product Updates and Announcements
Published on
March 04, 2021
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Accessing Chronic Illness Benefits While Living
AIG’s Accelerated Access Solution® (AAS) is a life insurance rider that accelerates a portion of a policy’s death benefit when an insured meets the health impairment criteria. Monthly payouts are made for as long as the criteria is met, or until the AAS benefit amount is exhausted, whichever occurs first. The AAS is available on Secure Lifetime GUL 3, Max Accumulator+ and Value+ Protector policies. AAS is available as an individual addition or in combination with the Lifestyle Income Solution® (LIS) rider on some products. The AAS rider allows income-tax-free access to death benefits if diagnosed with a chronic illness.
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Symetra's IULs Now 7702 Compliant
Symetra is one of the first carriers we are aware of that has updated their products to be in compliance with the recent IRC Section 7702 changes. Their illustration system has been enhanced effective February 17, 2021 to include the new higher premiums allowable under Section 7702 which can result in better cash growth and income distributions for heavily funded IUL plans. Any policies issued after this date will include the new calculations. Stay tuned for more information on expanded opportunities utilizing these new rules.
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Pacific Life GUL & Term are Here! Fluidless Underwriting to age 69
GBS can now offer Pacific Life’s very competitive Promise Term and Promise GUL plans as well as their fluidless underwriting program. The “Smooth Sailing” program offers clients age 50-69 the ability to purchase up to $1 million in life insurance (Term or GUL) coverage using a paperless process that’s completely no-touch from beginning to end. Click below to check out more opportunities to help boost your business.
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John Hancock New Protection VUL
For life insurance clients looking for strong, guaranteed protection with equity-based growth potential, show them how the new Protection VUL can give them confidence to “stay the course” with their financial plan by offering:
- Death benefit guarantee to age 100 with the ability to extend further.
- No investment restrictions to maintain the age-100 guarantee.
- Strong growth potential through a diverse range of investment options.
- Comprehensive living-benefit coverage.
- Additional savings and rewards for health living with John Hancock Vitality.
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Lifetime Assurance GUL Price Increase
Effective March 2nd, Protective slightly increased rates for their Lifetime Assurance UL product. They will also be adding a $500,000 face amount band to the product. Paper applications must be signed and received by 3/15 and drop-ticket applications by 3/29.
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John Hancock Reduces Product Offerings in New York
John Hancock has reduced their product portfolio in New York and will no longer offer the following products for sale:
- Accumulation VUL
- Survivorship VUL
- Protection UL
- Protection Survivorship UL
- Protection Indexed UL
- Protection Survivorship Indexed UL
The last day to submit a case for one of the above products in New York is April 15, 2021 and policies must be issued no later than June 15, 2021. They will continue to offer their Accumulation IUL, Protection Term and Vitality Term products for sale in New York.
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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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