GBS News: Principal Processing Time | NGL LTC Available in CA | Term/UL Reprice | and more
Published on
July 02, 2020
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Principal Experiencing Delay in Turnaround Time
Please click below for Principal's current Tele-app, New Business and Underwriting time service as of this morning. We appreciate your continued support and understanding during this time of higher than anticipated volumes.
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National Guardian's Popular LTC Product is Now Available in CA!
EssentialLTC is a tax-qualified reimbursement Long Term Care insurance (LTCi) policy that offers competitively priced, comprehensive product features. EssentialLTC’s features were designed to create a personalized solution that covers the protection necessary if long term care services are needed, at a cost right for a client’s budget. The most popular product features include:
- Policy structure with couples in mind.
- Comprehensive benefit period options.
- Return of Premium and optional policy surrender rider.
- Flexible payment options.
- and more!
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Lincoln Suspends Table Reduction Program for All Life Products
Effective June 22, 2020, Lincoln is suspending the Table Reduction Program (TRP) for all life insurance products.
- Lincoln will honor all qualifying TRP offers made by June 19, 2020, as long as the formal application is received at Lincoln by June 26, 2020.
- For all formal and trial cases received at Lincoln after June 19, 2020, no new TRP offers will be made during this suspension.
For more information, please click below.
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Multiple Price Changes to Prudential's Term Products Effective July 20th
Effective July 20, 2020, Prudential's rates for both Term Essential and Term Elite will increase for most term durations. Note that, for non-NY policies, there is a rate decrease for 10-year term and no change for 15-year term. And, effective July 20, 2020, 30-year term is back. Click below for the list of rate changes.
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Price Increase to SecureCare UL Product Effective July 18th
For new business only, expect premiums to increase an average of:
- Single-pay: 13.5%
- 5- and 7-pay: 10.5%
- 10- and 15-pay: 7%
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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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