Advisors Blog

Effective March 29th, Pacific Life Insurance adjusted rates for their PL Promise Term product for all states except NY. Cases that are issued (for delivery) through May 28, 2021 automatically receive the better of the old and new PL Promise Term rates. No request is necessary. This date provides a 60-day transition from their new rate launch date. Cases that are issued after this date receive the new PL Promise Term rates.

Beginning April 1, 2021, Principal’s excellent drop ticket system must be used for all Term application submissions up to the maximum applicable Accelerated Underwriting face amount ($3 million for issue ages 18-40; $2.5 million for issue ages 41 and older). Note: Paper applications will NOT be accepted where drop ticket is required.

As agents have been shifting to virtual meetings with their clients, tools such as eApp, Accelerated Underwriting and eDelivery are becoming invaluable. Utilizing the Drop-Ticket process, combined with Accelerated Underwriting and ePolicy Delivery makes it faster and easier for eligible clients to get life insurance without seeing anyone face-to-face, and in many cases will allow the client to apply without an exam or blood draw, resulting in an entirely virtual, paperless process with no in-person meetings.

GBS can now offer Pacific Life’s very competitive Promise Term and Promise GUL plans as well as their fluidless underwriting program.

While admitted marijuana usage appears to be increasing among insurance buyers, underwriting those risks is becoming more complex. Currently, more than half of U.S. states allow medicinal or recreational use of marijuana and that number is expected to continue growing. With the ability to legally purchase marijuana in most states, many insurance carriers are responding with more liberal underwriting rules.

Planning for the unexpected and the work you do with the protection products you help put in front of clients has never been more important. For us, continuing to provide helpful content was just a small part of the service we hope we delivered to you. Although we are anxiously looking forward to 2021 and everything we have planned to help you make it your best year yet, we like to take time to reflect on how we did and look back at what content resonated most with you. To that end, we’ve compiled a list of some of our most popular and interesting blog posts of 2020.

In response to the continued low interest rate environment, effective February 22, 2021, Prudential will increase their rates for Term Essential and Term Elite for all durations.

Here are six sales ideas to help you kick off 2021 to a great start!

Due to the continued low interest rate environment and stricter reserve requirements for the insurance industry, Guaranteed Universal Life (GUL) products are becoming more difficult for carriers to offer. Prices continue to go up and many carriers are simply suspending sales of their GUL products entirely - we expect more to do so in the next few months. 

Due to the continued low interest rate environment, Principal Financial is withdrawing their two guaranteed UL products: Universal Life Protector V and the Survivorship Universal Protector III, effective immediately.