GBS News: SecureCare Update | Underwriting Improvements | Annuity Rate Changes | UPCOMING WEBINAR: Business Planning Solutions | and more
Published on
February 24, 2022
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SecureCare Update
Our team participated in a webinar with Securian to discuss their new Hybrid product.
Below are the takeaways from this update.
- SecureCare III will launch March 28, 2022.
- 4-5% price increase,
- It will have two ROP options: Cash surrender option will provide most LTC leverage.Full ROP option beginning in year 6 (approx. 20% cost increase compared to Cash Surrender ROP option).
- Apps must be received by Securian's home office by March 25, 2022 in order to receive old rates. No placement deadline.
Be sure to keep a lookout for the new Secure Care III announcement and webinar to come out between the end of February or the beginning of March.
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Two Major AIG Underwriting Improvements
The following updates are effective immediately:
1. Foreign Travel: Restrictions Lifted
AIG is immediately reverting back to pre-covid country-by-country rating guidance as published in the Foreign Travel Guidelines flyer available on Connext.
2. Personal Health Statement (PHS) is No Longer Required
On case approvals that are within AIG retention, within 60 days of initial application date, and where PHS is the only delivery requirement outside of the initial premium.
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Faster Term and GUL Sales with Agile Underwriting+ (AU+)
Effective February 12th, 2022 on QoL Flex Term and QoL Guarantee Plus GUL II. Agile Underwriting+ (AU+) is AIG's streamlined underwriting process that provides a path to policy approval that may not require an exam, labs or APS records.
Available for:
- Applications submitted via iGO full eApp
- Issue ages up to 59 and under
- Face amounts up to and including $1 million
- Tele-interview required
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Important Term Update
Beginning February 14, term availability will be opened to policies with a face amount of $250k. Applications MUST be submitted through the John Hancock Brokerage E-App or I-Pipeline Flex Complete Process. All paper applications (or other digital submissions) will continue to adhere to the current $750k minimum.
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Offer Your Clients a Smoother Underwriting Process for Cases of $5Million and Greater
The Principal Business Solutions Enhanced Underwriting program helps your clients get more coverage with less hassle. This innovative program is an extension of Principal Accelerated Underwriting and enables qualifying cases up to $50 million to be underwritten without an insurance exam. This can be an ideal solution for busy business owners and their key employees, and it’s available with any of Principal's life insurance products.
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Annuity Interest Rate Changes
Effective February 15, 2022, OneAmerica has made the following annuity interest rate changes.
Note: All products may not be available in all states or may vary by state.
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UPCOMING WEBINAR:
Principal Business Planning Solutions: How to Approach Business Owners
Did you know… 52% of owners have not had a valuation of their business? In addition, 37% of those owners don’t have a succession plan.*
Your business owner clients care about their company, their employees and their lifestyle. They may not know what they need to protect all three. Join us for a special webinar featuring Principal Financial and Michelle Tish, CLU®, ChFC® who discusses the tools and resources available to help you approach these clients and prioritize what is most important to them.
During this conversation you’ll get help in:
- Identifying the best prospects.
- Key characteristics to look for and questions to ask.
- Understanding how to use Principal’s complementary Business Valuation Service and Buy-Sell (Succession) Plan Review.
*2021 Principal Financial Group Business Owner Survey – Dynata
Join us on Thursday, March 10, 2022
10:00 a.m. PST / 1:00 p.m. EST
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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 License No. 0D87913
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21820 Burbank Blvd., Suite 301
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GBS Insurance and Financial Services, Inc. does 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.
© 2022 Arthur J. Gallagher & Co.
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