GBS News: Lincoln MoneyGuard LTC Price Increase | Foreign Nationals | Underwriting | and more
Published on
June 17, 2020
Price Increase for Lincoln MoneyGuard LTC Products
Effective June 15th, 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.
To receive current pricing, a projection of values and the completed application Part-1 must be signed, dated and received in good order by Lincoln’s home office by Friday, June 26, 2020.
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John Hancock Lifting Some Underwriting Restrictions
- Lifting the restriction and proceeding to finalize offers on clients ages 80-90 at Standard or better risks, effective immediately.
- Truly Standard or better risks only. No concessions, and no waiving of requirements. Underwriting will be managing very closely. Regular age and amount requirements apply.
- Sub-standard risks will continue to be “postponed”, no ETA on when we can consider sub-standard for this demographic.
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New and Improved Long-Term Care Services Rider
A new version of the Long-Term Care ServicesSM Rider (LTCSR) is available for sale with VUL LegacySM , Series 160 and VUL OptimizerSM. The LTCSR provides an acceleration of all or part of the death benefit on a monthly basis for chronically ill insureds receiving qualified long-term care services in accordance with a plan of care. This version of LTCSR is not yet available in CA, FL or NY. Click below for more details.
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Life Insurance for High-Net-Worth Foreign Nationals
Symetra has made the following enhancements to their high-net-worth foreign national market program:
- Eligible clients with a net worth of at least $5 million and an annual income of at least $200,000 are now eligible for premium financing.
- Will accept juvenile cases for issue age 15 days old up to 17 years old.
- Will now require a $25,000 minimum balance that's at least one month old.
- Will reimburse up to $300 for the cost of translating attending physician statements.
- Click below for more details.
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Estimate Your Client's Vitality Status
With the John Hancock Vitality Program, clients are rewarded for the everyday things they do to stay healthy, including taking online health courses, visiting the doctor, and exercising. The healthier they are, the higher their Vitality Status and the greater their potential savings and rewards. Estimate your client’s potential Vitality Status — and see how easy it is to get to Gold!
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New Option for Link + Phone Interview
As of June 9th the iPipeline drop ticket process for digital applications now includes the option for link + telephone interview versus an online link only. This change allows Call Center associates the opportunity to follow up with the applicant if they haven’t completed their application online. Watch the video below for an overview of Banner's online capabilities.
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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.
© 2020 Arthur J. Gallagher & Co.
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