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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. Did you miss any these? You can check them out below.
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1. GROUP TERM INSURANCE VS. INDIVIDUAL CONTRACTS AND HOW TO SAVE YOUR CLIENTS' MONEY
Did you know employer-sponsored group term life goes up in premium every five years, and part of the premium paid by the employer may be taxable to the employee? Group insurance is a convenient low-cost way to get coverage with no underwriting and little hassle, but at older ages there may be better solutions.
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2. KEY-PERSON LIFE INSURANCE SOLUTIONS DURING COVID-19
Given the current market, many of our agents have been asked by business clients about the availability of Key-Person coverage for executives and critically important contributors at their companies. We continue to have access to the markets for all of your Key-Person needs. We are utilizing the carriers accelerated underwriting programs in order to access up to $5,000,000 of coverage without full medical underwriting or labs for a Preferred to Standard health risk. Financial Underwriting requirements remain the same with each respective carrier.
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3. HAVE YOU CONSIDERED VUL?
Despite the challenges we are all experiencing in 2020, Variable Universal Life (VUL) sales remain strong – LIMRA reported new VUL annualized premium jumped up 17% in the second quarter of 2020.
As your brokerage manager, you'll find VUL offers from over a dozen top carriers and virtually all of those carriers have variable selling agreements with most major broker-dealers (BD) that our agents work with.
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4. TAX ADVANTAGES FOR BUSINESS LONG TERM CARE
There is a unique opportunity for C-Corps to offer LTC on a discretionary basis and receive significant tax deductions. The ideal case involves a closely-held business looking to benefit primarily the owners (and their spouses), or at most create a carve-out LTC plan for 20 or less executives or highly-compensated employees.
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5. IS WHOLE LIFE INSURANCE BACK?
Whole Life is still the most popular permanent cash value insurance product on the market, partly because it is sold by legions of career agents working for mutual carriers. But whole life continues to offer several advantages to agents selling through brokerage affiliations. Most important of those being safety, predictability, guarantees and more flexibility than you might realize. We offer several of the top rated, best-performing, and well known whole life carriers.
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6. AG49-A: WHAT YOU NEED TO KNOW
To further protect your Indexed Universal Life (IUL) clients, the National Association of Insurance Commissioners (NAIC) recently enacted revisions to the AG49 regulation that governs IUL products. The new version of the regulation, called AG49-A, will further limit how carriers illustrate their IUL products and provide more transparency. All Life Insurance carriers must be in compliance with Actuarial Guideline 49-A (AG49-A) for IUL illustrations by November 25th, 2020.
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7. CASE STUDY: ANNUITY TO LTC PLANNING OPPORTUNITIES
In this actual case, our agent was able to show clients how to gain leverage of up to six times the value of an old variable annuity when used for tax-free LTC benefits. This technique using the Pension Protection Act of 2006 (PPA) allows the client to wash away all the taxable gains to the extent LTC benefits are actually paid out.
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8. BUSINESS PLANNING RESOURCES
Business owners want to protect their business and income but often need help in understanding the risks they face day to day, and how to plan for the continuation of their companies.
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9. LIFE INSURANCE MADE EASY - NO HASSLE, NO NEEDLES, NO EXAM
Many carriers have relaxed their exam requirements and increased their face amount availability to accommodate clients during the current pandemic.
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10. WHEN WAS THE LAST TIME YOU DID A POLICY REVIEW WITH YOUR CLIENTS? DOWNLOAD THIS KIT TO GET STARTED
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.
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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
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For agent use only - not for use with the general public.
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Corporate CA License No. 0D87913
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21820 Burbank Blvd., Suite 301
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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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