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GBS News: Weekly Product and Underwriting Updates - Week of June 27 - June 30

Published on June 30, 2022

 

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Living Benefits Add Security to Your Client's Financial Future

Americans are under-prepared for future health care expenses and without proper planning, a serious accident or illness could rob your clients of their financial security. Help make sure that they are protected in the event of a chronic illness with the Accelerated Access Solution available on our IUL products.

This benefit can help your clients be better prepared for life’s unexpected expenses.

  • Life insurance to help take care of loved ones
  • Chronic illness rider to help with the costs of long-term chronic illnesses or conditions
  • Cash Value to supplement retirement income, or to help with other financial goals
 

Postponed: Real-Time Offer for Life Insurance

Previously, we communicated that Real-Time Offer was scheduled for launch with life insurance ticket submissions on June 13, 2022. As LFG makes final preparations for this exciting new capability, the decision has been made to postpone the launch of Real-Time Offer to later this summer to ensure they are delivering the best possible experience for financial professionals and clients. Additional updates will be provided in an upcoming Lincoln Leader.

For more information on Life Real-Time Offer, view the agent overview.

 

Updated Guidelines for Lab-Free Consideration

Lincoln’s guidelines for nonmedical conditions that prompt the need for labs/vitals have been updated to offer consideration for more clients. The following conditions will no longer trigger labs to be ordered for eligible ticket submissions:

  • History of multiple motor vehicle violations in the last 3 years
  • Hazardous sports activity (vacation participation or club activity is usually fine)
  • Private pilot without Instrument Flight Rules (IFR) qualification

Lab-Free consideration is available for life insurance Term, IUL and VUL ticket submissions for qualifying clients ages 18- 60 with face amounts $2,500,000 or less.

For complete details, please click below to review Lincoln’s Lab-Free Consideration Pre-submission Qualification Guidelines.

 

Join these webinars to learn where life underwriting is heading

July is Life Underwriting Awareness Month at Nationwide®, and to celebrate, they're hosting a series of webinars designed to highlight important underwriting information and to show you where innovations will be taking them in the future.

 

SecureCare III available to illustrate in AZ, CT and IN

You can now see what SecureCare III, a long-term care (LTC) and nonparticipating whole life insurance policy, has to offer you and your clients in AZ, CT and IN.

It has everything you love about its predecessor – a cash indemnity benefit for LTC clients can use however they want — plus more flexibility.

The three new features we think you’ll be most excited about:

  1. Simplified product design
  2. Three return of premium options, including LTC Boost1
  3. Enhanced flexibility to customize the policy for each client’s needs

Key dates:

  • Monday, June 13, 2022: Illustration software updated to include SecureCare III in AZ, CT and IN.
  • Friday, June 24, 2022: Applications for SecureCare Universal Life in AZ, CT and IN must be signed, in good order and received by Securian Financial’s home office or submitted via eApp by 3 p.m. CST.
  • Saturday, June 25, 2022: SecureCare III will be available in AZ, CT and IN on eApp. Collect all required eSignatures for SecureCare Universal Life and submit your eApp to Securian Financial before 3 p.m. CST June 24 to avoid impact.
  • Monday, June 27, 2022: SecureCare III will be available in AZ, CT and IN. To accommodate SecureCare III’s product changes, we will offer a new application.

1. The death proceeds, return of premium amount and long-term care benefit amount depend, in part, on the return of premium option selected on the policy application. This option cannot be changed after the policy is issued. For more information regarding return of premium options, please review the contract

 

Transamerica Trendsetter Super Reprice Effective June 25, 2022

On Saturday, June 25th, Transamerica updated their Trendsetter Super product. Transamerica ranks in the top five 99% of the time for their broad reprice targets — and 75% of the time across their entire portfolio — when comparing monthly premiums among top competitors. 

Transition Guidelines:

  • All applications submitted on or after 12 a.m. CT on June 25, 2022, will reflect new pricing
  • Policies that are pending as of June 25, 2022, (not printed, not issued, not placed in force) will reflect the new pricing
  • Requests for an in force reissue in order to get the new rates will not be permitted.
 

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.

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.

© 2022 Arthur J. Gallagher & Co. 

 

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