Advisors Blog

GBS News: Coverage for Up to Age 85 | Term-to-Term Conversion | and more

Published on May 08, 2020




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During this unprecedented time, clients are putting life insurance at the top of their to-do list. The need for protection and security is greater than ever. Clients may be wondering if they have the appropriate coverage in place right now. Provide peace of mind by offering policy reviews. With our proprietary Quick Policy Review tool, we are able to do a fast thumb-nail review of your client's inforce life insurance policies with just a few inputs. We'll help you quickly analyze whether or not a new policy might be less expensive than their existing coverage.


Looking for Issue Age Up to 85?

While many carriers are restricting older age coverage due to the current pandemic, Security Mutual Life has not. Their UL and Whole Life portfolios are still available for issue ages 18 to 85 with minimum face amounts of $25,000 for standard rate classes and $100,000 for preferred. This generous offering is subject to change at any time, so please act now if your older age clients need coverage. Full underwriting applies.


NEW Digital Application Underwriting

Banner's new digital application will make doing business easier, faster, and better. When you drop a ticket to Banner's new digital application and automated underwriting platform, eligible clients may be approved without the need for exams. Even if a client doesn't qualify for an exam-free offer, the new platform will still speed up the process and reduce cycle times. Benefits of the new digital application underwriting platform include:

  • Gives clients an easy-to-complete digital application.
  • Collects relevant information with reflexive questions.
  • Reduces the need for exams for eligible applicants.
  • Quickly obtains requirements and makes decisions in real-time.
  • Keeps you and your clients informed and offers self-service options. 

Underwriting Just Got Easier

Transamerica's new non-med requirements will help you minimize face-to-face interactions, avoid traditional requirements, and most importantly, get policies placed quickly.

For clients up to age 55 - Up to $2 million for clients who visited their doctors regularly or had a paramed done with a previous carrier within the past 12 months.

For clients age 56-75 - Transamerica Lifetime allows for fluidless underwriting up to $499,999 and up to age 65.

Click below for more options and flexibility.


Limiting Coverage Over Age 80

American National has implemented the following age restrictions on life cases:

  • Ages 80+: Postpone all cases until COVID-19 pandemic contained
  • Ages 60-79: Postpone all cases that require a rating of higher than table 4 or flat-extra of $5 per thousand or more for a medical reason.
  • Ages 70+: NIA/Good Health Statement is required on all cases. 

Term to Term Conversions

American National has a unique offering in the industry – that of “Term to Term” conversions. Their ART product (Signature Term ART) can be converted to the Signature Term 20-year level product with no medical underwriting within the first five policy years. And that 20-year term can later be converted to a permanent policy. This product has many applications in the business and personal markets – see the attached for more details.




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.

Corporate CA License No. 0D87913


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.

© 2020 Arthur J. Gallagher & Co. 




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