Advisors Blog

2023 Gallagher Tax Guide

Gallagher's Tax Guide has been updated to reflect 2023 tax changes related to individual income taxes, transfer taxes, business taxes, retirement contribution limits and more. This tax guide is particularly useful at year end and tax time, it can serve as a handy reference and outreach piece throughout the year. Be sure to share this tax guide with your clients, prospects and centers of influence such as trustees, CPAs and attorneys.

The SECURE 2.0 Act — enacted to improve retirement readiness — is signed into law

On December 23, 2022, the U.S. Congress passed the SECURE 2.0 Act of 2022, and President Biden signed it into law on December 29. The act is meant to encourage more saving by individuals as too many individuals reach retirement without having the savings they need to comfortably retire. The bill builds on the previous Secure Act to enhance retirement. Click below to read more about what the bill will include.

Increased Cap and Max Illustrated Rates Effective January 21, 2023

Effective January 21, 2023, Corebridge has increased their cap and max illustrated rates across all new business Index Universal Life products.

Here are the highlights:

• S&P 500 cap rates for Max Accumulator+ III and Value+ Protector III will increase by 1.00%
• Max Illustrated Rate (MIR) will also improve
• Despite market volatility, participation rates will remain unchanged

Introducing Campaigns in a Box

To help you grow your business in 2023, LGA has put together a wide array of marketing materials to suit your needs. Campaigns in a Box are comprehensive marketing campaigns providing you with flyers, communication templates and follow up scripts to prospect new customers.

New 10-Year & 20-year Guaranteed Issue Term (GI Term II) Available 1/16/23

Principal has a new 10-year and 20-year Guaranteed Issue Term (GI Term II) product effective Jan. 16, 2023. GI Term II is a new, standalone product designed to meet a variety of business needs. When using life insurance as part of a key employee benefit, participants can appreciate being insured without worrying about medical exams and health questions.

GI Term II Highlights:

• Face increase flexibility. Salary Increase Rider or contractually through a job level change
• Two risk classes. Standard and Preferred
• Convertibility. Flexibility to convert to permanent, cash value product later
• Fund multi-life business cases. Use with groups of 10 or more to fund business solutions such as key person, business succession, and key employee benefit plans.

Protective Velocity’s Digital Part II Now Automatically Opts-In Clients

Protective will now automatically opt clients in to complete the medical questionnaire online, with the ability and flexibility to opt-out and utilize our TeleLife team to answer the Part II questions over the phone. This includes EZ-App, iPipeline, and other platforms as launched.

Opportunities and Changes for Retirement Planning: Introducing Detailed Highlights of SECURE 2.0 Act

The bill was signed into law by President Biden on December 29, 2022. While many provisions won’t take immediate effect or prompt year-end changes to financial plans, there are big changes coming for retirement savings that will have significant impacts for certain individuals, which makes knowing the details that much more important. Click below to read more about the detailed highlights of the bill.

New Rates for Term Life Insurance Effective January 27, 2023

Symetra Term now ranks in the top tier for policies with face amounts of $3 million and above in non-nicotine rate classes.¹ New rates will be available for sale starting January 27, 2023.

Important dates and transition rules:

Jan. 27, 2023: Quotes for our repriced term product will be available on Winflex and Symetra Life Illustrator.

Feb. 10, 2023: Applications must be signed and dated on or before this date to receive the current term rates. We must receive these applications signed and in good order no later than Feb. 17, 2023. Applications signed and dated Feb. 11, 2023, and after will receive the new rates.

¹For more details about Term’s competitive standings, refer to LIM-1511.

Approved in California: Accumulator VUL and Multi-Life Business Program

Symetra’s Accumulator VUL product and Multi_Life Business Program are approved for sale in California, effective January 27, 2023.

• Symetra Accumulator VUL: Offers clients a straightforward variable universal life product with death benefit protection and the potential to help build wealth for future goals. Check out this brochure to learn more. Please note that variable universal life insurance can only be sold by registered representatives. Check with your broker dealer to ensure they’ve approved the sale of Accumulator VUL.
• Symetra Multi-Life Business Program: Provides streamlined life insurance protection to multiple eligible key employees through a guaranteed-issue underwriting process designed specifically for them. Explore this program guide for full details.

High-Net-Worth Foreign National Program Updates

Symetra has made recent updates to their HNWFN market program, including:

• Symetra GoodLife Rewards: Now available on permanent products through HNWFN market program. GoodLife Rewards are underwriting credits designed to reward clients through age 70 for living healthy lifestyles.
• Updates to country list: Please review the current list of eligible countries in their HNWFN Program Overview Guide.