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Profit Plans Pearls (vol 9) |
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Written by Administrator
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Thursday, 09 October 2008 16:10 |
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> | | AIG UPDATE
| | AIG financial woes raise many questions for policyholders. This is an unprecedented financial struggle from one of the largest companies in financial services. We know that their insurance subsidiaries are regulated by each State, and that AIG life companies are well reserved and operating as usual.
I am sure we will see many changes in the corporate AIG, but here is some information from AIG and NAIC regarding the current plan. Additionally, American General operations for their life company are in Houston, TX. They are hoping to get back to operations today or Monday at the latest.
Please call us if you have any concerns.
Please click the links below to read more about AIG from:
- a statement from the National Association of Insurance Commissioners (NAIC) regarding AIG's insurance operations (click here)
- Q & A from AIG regarding their current operations and changes (click here)
Remember to get the facts before you talk with any customers about AIG. You can share this information with them, and get more details at www.profitplansllc.com
| Insurance Carrier Updates
| | Many of our companies recognize that the very unusual financial markets climate has consumers wondering about the stability of many companies, both in financial markets, insurance, and otherwise. Overall, our Life Insurance industry does not have a large exposure to the "Sub-prime Market". However, we are getting statements from many of our carriers about their current financial position, and emphasizing the fact that they have very little exposure in this current crisis. We have set up a special section on our web site for you to keep up to date, and we will add new postings as received.
(click here)
| | Indianapolis Life Merges into AVIVA | | AVIVA has announced the merger of Indianapolis Life into AVIVA Life effective October 1, 2008. Because Indy Life was already part of AVIVA, there will be only a few changes besides name changes. There will be no changes to commissions or distribution. There is a new contract, which we will provide to you as needed. You will have the same products with AVIVA that we had with Indy, only the names of the products will change. We get most of our traction in life insurance in the Indexed Life products with Indy/AVIVA.
| | Gear Up for Year End Planning! | | Now is the time to gear up for Year End Planning for your gifting and wealth transfer clients. Here are some great ideas to review from John Hancock (click here)
Also, consider Hancock's current VUL with higher MEC limits today based on 1980 CSO, versus what will be available in January 2009 with 2001 mortality table.
| Guarantees in Whole Life
| | Is now the time to talk to your clients about guarantees in Whole Life?
MetLife has introduced their new participating Whole Life and it is approved in all states. Whole Life is an attractive way to accumulate guaranteed cash value and also additional values from dividends.
The product is issued as low as $10,000 and banded at $50,000; $100,000; $250,000, and $500,000. For product specifications (click here) and give us a call to illustrate the value of guarantees today!
Think about Whole Life for:
- Younger clients looking to have living benefits from life insurance
- Older clients who are risk adverse or want guaranteed build up of cash value
- Clients seeking to build up cash value as premiums for whole life tend to be higher than other products to guarantee cash values.
| | Lincoln MoneyGuard just got easier! | | Selling Lincoln MoneyGuard just got easier! Lincoln has created a slew of new and improved client literature to help you sell Lincoln MoneyGuard Reserve.
Our research told us that clients who buy Lincoln MoneyGuard Reserve make up two distinct segments:
- Income Protection: People with assets of $750,000 to $10 million who want to protect their retirement income from the risk of long-term care expenses
- Asset Leverage: People with assets of more than $10 million who want to leverage their long-term care assets - a smart financial move
Advisors can approach their clients with materials that appeal to clients' motivations, whether that is protecting their income or leveraging their assets.
Order the new client materials today from Kathy Bishop!
| Liberalized Underwriting for CAD & Scuba
| | West Coast Life has liberalized underwriting for CAD with good follow up, and for Scuba Divers.
Coronary Artery Disease is the leading cause of death in the USA. But many people have CAD but have no symptoms for years. Risk factors include elevated cholestoral and trigylcerides, high blood pressure, family history, diabetes and depression. That being said, WCL underwriters know that CAD with good and consistent medical follow up can me managed and even underwritten for Standard rates.
Here are the factors for the "best" underwriting results:
- Well managed cases with regular cardiac check up
- Good risk control factors
- No other vascular disease or diabetes
- Cases can be consider as soon as 90 days after angioplasty
For more information, get one of our cardiac risk questionnaires and talk to Kathy today.
Now, WCL will take divers that stay above 75' as Super Preferred, and those that stay above 100' as Standard. They will consider information on the Avocation Questionnaire regarding the divers experience, frequency of dives, depth, and qualifications. Let's go diving!
| Electronic Policy Delivery!
| | Protective Life offers Electronic Policy Delivery (EPD). Quick, where are your life insurance policies? How much detail do you go into at policy delivery on your term cases?
Protective offers optional EPD to you and your clients. Using this policy delivery option the client can: have access to their policy on a secure PL web site 24/7,
they can print it as many times as they like, download to their own computer, even email it to their wife and children!
When you sell your next case, why not ask the client if they would like a paper policy or electronic policy? You might be surprised!
As a personal note, I have used EPD twice, and my clients (both under age 40) really like it - and I have access to the policy info online anytime! | | | | | | 
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