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Important Process Change for Paper Application Submits
These changes will only affect those advisors that are currently using paper applications to submit business for Banner (non-NY) business.
First, LGA has developed an alternative to their traditional paper life insurance application (LIA). This new application is a fillable PDF and is now accessible in the Forms section of their Partner Dashboard.
Second, starting May 5, advisors who use either of these two options to submit business, LGA will be transferring all app information collected into their digital platform to automate processing, including LGA ordering all 3rd party (exams, APS’s, etc.) requirements. They will then email a digital application link to your client (client email addresses MUST be provided when submitting either app) asking them to review answers for accuracy and complete any missing information. This now means that advisors and their customers can take advantage of all the benefits LGA's digital platform offers including instant decisions, reduced medical evidence, and faster cycle times.
Between now and May 5:
- Advisors that use their traditional paper LIA will follow the usual process with GA’s ordering exams.
- Advisors that use their new fillable PDF will follow the process described above.
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LTC New Business Rate Refresh and Benefit Changes in California
In 2020, Mutual of Omaha began implementing new rates and benefit option changes to the MutualCare Solutions Portfolio in approved states. These changes will be implemented in California, effective April 1, 2022.
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Nationwide Placement Improvement Program for VULs
With Nationwide's Placement Improvement Program, your clients who would be rated a Table C or better based on traditional company underwriting procedures may be able to receive a Standard rating on variable universal life products.
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Eliminating COVID-19 Restrictions
Effective April 1, 2022, Securian will eliminate all remaining restrictions related to the COVID-19 Participation Guidelines for all life products, including the SecureCare product line.
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Coming Soon: Accumulator Ascent IUL
Ready for an IUL that can take your clients’ cash value accumulation potential to a higher level? Symetra's new version of Accumulator IUL, Accumulator Ascent IUL, is coming April 8, 2022!
Highlights include:
- More competitive pricing.
- New Putnam Dynamic Low Volatility Excess Return Index™ Strategies.
- A more simplified IUL story.
Please click below to review key dates for transitioning their current Accumulator IUL product to the new Accumulator Ascent IUL.
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One easy process, three paths to success
With SwiftTerm’s easy online application process, there are three paths to get the term life insurance coverage you need: instant approval, accelerated underwriting and full underwriting
The process
- Your insurance professional will start the application, then you’ll get a link to finish the rest.
- As you answer the questions, we will be determining your eligibility for coverage.
- If you qualify, you can be covered in as little as 25 minutes with instant approval.
- Sometimes we need to contact you for a little more info, but we’ll make it quick with our accelerated underwriting.
- If we need to do a deeper dive into your health history, we’ll continue with full underwriting.
- Once we have the information we need, we’ll send you our offer. If you like it, you can accept electronically, pay online and your coverage starts immediately
Three potential paths
- Instant approval (coverage in as little as 25 minutes) If you qualify, you can be issued a SwiftTerm policy on the spot.
- Accelerated underwriting (coverage in 24-72 hours) Light underwriting is needed. We may review further and ask a few additional questions.
- Full underwriting (coverage in about 30 days) A medical examination is needed. We may also request medical records.
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UPCOMING WEBINAR:
GBS and AIG Present: You Inherited an IRA... Now What?
Join us for a special webinar which features highly regarded keynote speaker, Joe Ross, ChFC, CLU, CRC of AIG, who will share his insightful observations concerning changes to the IRA landscape and other information which is crucial to your IRA beneficiary clients and the optimization of their IRA inheritance.
The SECURE Act forces beneficiaries to pay taxes on their inherited IRA within 10 years, and beneficiaries can’t do a Roth Conversion… but they can do THIS!
Learn how to give IRA beneficiaries the advantages of a Roth Conversion, and learn things you didn’t know about how The SECURE Act affects IRA legacies.
Join us on Tuesday, April 12, 2022
11:00 a.m. PST / 2:00 p.m. EST
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*Please remember that converting an employer plan account or traditional IRA to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to have your clients consult with a qualified tax advisor before making any decisions regarding an IRA.
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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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