Advisors Blog

GBS News: Policy Review Kit | Life Settlements Case Study | LTC in WA Updates | and more

Published on August 25, 2021


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Gallagher Life Insurance Policy Review Kit

There’s never been a more important time to conduct a policy review! Life insurance, like any financial asset, should be reviewed on a regular basis to make sure it is still meeting clients’ objectives. One of the most important functions we can perform is to monitor if clients’ life insurance policies are still applicable given their current financial and future goals. Click below for our new Gallagher branded Policy Review Kit.


Using Life Settlement to Turn Life Insurance Policies into a Financial Asset

With a client on the verge of letting his policy lapse, a Gallagher advisor negotiates two term life insurance policies on the secondary market, resulting in over $2M in net revenue for the client. Click below to view this recent case study and how Gallagher worked with the advisor to provide a tailored solution.


John Hancock Changes to Applications with LTC Riders in Washington State

John Hancock has adjusted their requirements to balance the increase of demand and is implementing the following temporary changes:

Beginning 8/6/21, John Hancock will temporarily suspend all applications with the LTC rider in Washington. To meet the deadline, applications must be received in good order by the close of business on 8/5/21. John Hancock expects to resume accepting applications for the LTC rider in Washington after 11/1/21.


Nationwide LTC Sales Update for Washington State

Nationwide is experiencing an unprecedented volume of applications for policies with long-term care coverage, therefore applications from Washington state received after 8/6/21 will likely not be issued prior to 11/1/21.

This applies to all policies in Washington with any LTC coverage:

  • Individual life with the Long-Term Care Rider
  • Survivorship life with the Long-Term Care Rider
  • Nationwide CareMatters® II

OneAmerica Temporary Asset Care Product Changes for Washington State

To help meet the high demands for LTC protection, OneAmerica is implementing the following temporary changes effective 7/31/21 for Washington state new business only:

  • Return of premium: Return of premium (ROP) option will be unavailable.
  • Asset Care Recurring Premium payment options: Full annual premium is required for cases with recurring premium; monthly premium payments will not be accepted.
  • Continuation of Benefits (COB): Purchase of COB will be required on all policies.

Please note: Increased business volumes could delay processing times, so you are encouraged to have your business submitted prior to Sept. 1, 2021.

Availability of all Asset Care options will resume for applications submitted after Nov. 1, 2021.


SecureCare UL Sales Suspended in Washington State

In response to the new long-term care legislation in the state of Washington, effective August 6, 2021, Securian is suspending sales of SecureCare Universal Life (UL) product to residents of Washington state. Securian anticipates resuming sales of SecureCare to residents of Washington state in November 2021.


Protective Indexed Choice UL and ExtendCare Reprice

Effective 7/12/21, Protective is repricing their Indexed Choice UL product and ExtendCare rider. In addition, they will be:

  • Lowering the maximum secondary guarantee from 121 to age 90 to make our guarantees even more competitive. For clients seeking guarantees to age 121, their market-leading Protective Lifetime Assurance UL and Protective Advantage Choice UL guaranteed universal life options are still available.
  • Adding an Option B Increasing Death Benefit Option.
  • Extending surrender charges from 14 to 19 years.
  • Providing access to the Guideline Premium Test at issue.

Transition Rules:

  • For ticket business and direct writers: applications must be signed and received on or before Monday, August 30th to receive current rates.
  • For paper business: applications must be signed and received on or before Monday, August 16th to receive current rates.

New Medical Rx Check Requirement and Medical Records Requirement Update

Effective July 26, 2021, Prudential has implemented a new requirement called Medical Rx Check, which is similar to the Rx Check, but will include medical health care claims information in addition to prescription information. Prudential is also seeing great results with the new Medical Records requirement, receiving electronic health records around 50% of the time, with an average turnaround time of two days!


Applicants Ages 16-74 Now Qualify for Build Credits - and More!

Securian Financials' Guideline Enhancement Program continues to deliver enhancements that result in more consistent and better underwriting offers than ever before.

With their recent update, clients with a substandard build are eligible for more competitive underwriting offers than ever before. Here’s what you need to know:

  • Build credit eligibility has expanded and now includes ages 16-74
  • Credits can result in a full rate class upgrade
  • Use of medication to control other risk factors doesn’t eliminate applicants from qualifying

Don’t forget – Securian also considers rate class upgrades for applicants whose build is standard or better.




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 License No. 0D87913


21820 Burbank Blvd., Suite 301

Woodland Hills, CA 91367

Phone: (800) 473-5966

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.

© 2021 Arthur J. Gallagher & Co. 




GBS News: Product and Underwriting Updates - Week of March 20 - March 30, 2023

There has been considerable client interest in the liquidity of life insurance and annuity companies in the wake of bank regulatory actions against Silicon Valley Bank (SVB) and Signature Bank of New York (SBNY) over the last several days. The concerns are understandable given the number of similarities between banks and life insurance companies. There are several substantial differences between banks and life insurance companies that result in materially lower liquidity risks for life insurers.


GBS News: Product and Underwriting Updates - Week of March 6 - March 16, 2023

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