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GBS News: Accelerated Underwriting | High-Net-Worth Foreign Nationals | Charitable Giving | and more

Published on May 04, 2021

 

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Swift Sailing Accelerated Underwriting

PL Swift Sailing offers your clients a more convenient and less invasive underwriting process so they can get the life insurance coverage they need faster. PL Swift Sailing requires no medical exams, needles, fluids, or APS. Those up to age 60 could get up to $2 million in coverage, even with nicotine use. Click below to learn more.

 

Symetra's High-Net-Worth

Foreign National Market Program

Today’s high-net-worth clients may live or come from all over the world, but many share the same life insurance needs. Our expertise can help clients who have ties to the U.S. navigate the generational wealth transfer process with a program designed specifically for the high-net-worth foreign national (HNWFN) market. Contact your brokerage manager for more information or click below for the program overview.

 

Charitable Giving Benefit: Help Clients Leave a Larger Legacy

Symetra built a Charitable Giving Benefit that's available at no additional cost. When selected at issue, this rider provides the qualified charity of your client's choice with a gift equal to 1% of the base death benefit. Plus, they have the option to change their charity at any time while their policy is in-force.

 

COVID-19 Vaccine and Virus Underwriting Questions Answered

Many have received questions on the COVID-19 vaccines and any potential impact they may have on underwriting decisions and payment of life insurance claims. Please review the following information in response to those inquires.

 

New Tax Rules Affecting Permanent Life Insurance (Section 7702)

IRS code 7702 was recently modified by Congress with the passage of the Consolidated Appropriations Act of 2021 (CAA). This impacts both interest rates used for Definition of Life Insurance (DOLI) testing and Modified Endowment Contract (MEC) testing with regard to all permanent life insurance contracts issued on January 1, 2021 or later. In many cases, the changes will be advantageous with regard to cash build-up inside a policy. It is important to note that, although Prudential's illustration system and contracts have not yet been updated, any business sold today will comply with the new law.

 

Prudential Processing Times and Business Updates

Due to the high volume of cases currently in-house at Prudential, they have made the following changes to the pre-underwriting processes.

  • Prudential has prioritized formal applications and therefore the review of informal files (trial apps) is falling behind.  They will start reviewing informal files received January and earlier once resources are available. There is currently no turnaround time guideline for these informals.
  • Quickquotes are not available for any policies under
    $3 million.  

For more information, please contact your GBS brokerage manager. 

 

iPipeline No Longer Supported on Internet Explorer Browser

Please note that as of 5/15/2021 iPipeline will no longer support Internet Explorer 11 for use with iGO eApp and/or Illustrations. If you are using Internet Explorer 11, please switch to Google Chrome, Microsoft Edge, Apple Safari, or Mozilla Firefox when using iPipeline.

 

THANK YOU

 

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

For agent use only - not for use with the general public.

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21820 Burbank Blvd., Suite 301

Woodland Hills, CA 91367

Phone: (800) 473-5966

GBS Insurance and Financial Services, Inc. do 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.

© 2021 Arthur J. Gallagher & Co. 

 

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