Learn more about the latest in Life Insurance and related client solutions.
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3 Mark Financial, Inc.
December 18, 2019
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New York Regulation 187 Update
Starting on February 1, 2020, New York’s Regulation 187 will require agents to comply with a “best interest” standard when selling life insurance to New York residents.
What has changed?
New York has had a suitability regulation for producer annuity recommendations, but this regulation did not apply to life insurance. The regulation has been expanded to:
- any producer recommendation to a N.Y. resident of a transaction involving any type of life insurance
- a producer recommendation to a N.Y. resident of either a new life insurance policy or an in-force transaction (for example, a conversion of a term policy into a whole life policy)
- require the producer to meet a “best interest” standard when recommending the purchase of life insurance
- require the producer to have a “reasonable basis” when recommending life insurance to a N.Y. resident, including having confidence that the client has the financial ability to make the premium payments and for the producer to document that basis
- require the producer to make certain disclosures to a N.Y. resident when recommending any transaction (whether a new sale or in-force) that involves the payment of new compensation to the producer
Expect carrier training and forms as we get closer to February 2020. To learn more Click here to view the regulation.
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Learn how to have the long-term care conservation
Click this link to view the recent webinar with Dr. Sandra Timmermann. Topics covered include:
- Discover why it’s so important to talk about long-term care and life insurance.
- Learn what questions to ask and how to ask them.
- See how you can help make this conversation a little easier for everyone involved.
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Retirement By The Numbers
“Retirement-By-The-Numbers For 20 Years” analyzes a couple’s basic retirement expenses over a 20-year period. Utilize this infographic to help clients approach their retirement planning process by the numbers. More
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New Protection SUL
Protection SUL, an industry leader in affordable survivorship UL coverage, is now available. And now with even better pricing, extended guarantees and access to Vitality PLUS. That means it can serve the needs of even more clients.
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New IUL Express Client Video Now Available
Our new video helps you explain to clients how an IUL Express product works and the benefits an IUL Express policy has to offer. Watch it now and share it with your clients.
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Allocation Insights Tool
This tool allows your clients to see which allocations they may want to consider based on their perspective on equity markets, market volatility, and interest rates. Try the Tool!
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Help Clients Review Beneficiary Designations
When did your clients last review the beneficiary designations for their accounts? Share this article to help them ensure they have named the right people and provided the necessary information. Read the Beneficiary Review article.
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PL Promise GUL – Even Better with Chronic Illness Benefits
Are your clients prepared for the risk of chronic illness? We’ve got you covered. PL Promise GUL offers chronic illness protection! It’s an affordable alternative to whole life. Check out this informative brochure to learn more about the optional PL Promise Chronic Illness Care Rider.
Save Time – Prequalify Your Clients
Reference this comprehensive prequalification questionnaire to see if your clients are eligible for the optional PL Promise Chronic Illness Care Rider.
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Lincoln's Monthly Market Snapshot
Click this link for a brief client-approved recap of Lincoln's observations on markets and volatility.
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Got Business Owner Clients!
You’ve got the skills to help your business owner clients navigate the risks inherent to running a closely held business. Our business planning program, Your Business, Your Legacy, can help your clients achieve their business goals. Here are two great pieces!
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The Wait and Ceaseless Clicking are Over!
Our brand new consolidated web site is live! The new RetireStronger.com website positions every single piece of marketing material we have ever created at your fingertips, in one convenient place.
Forget hopping between various playbooks and microsites! All the information you need is streamlined and available here: product marketing, sales ideas, sales tools, training, programs like Campaign in a Box and Generation Matters.
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Life Insurance for High-Net-Worth Foreign Nationals
Today’s high-net-worth clients may live or come from all over the world, but many share the same life insurance and wealth transfer needs. Our expertise can help clients living abroad or with ties to the United States navigate the wealth transfer process with a program designed specifically for them.
Our national vice president of multicultural markets, Fabian Gonzalez, is available to assist with opportunities within this important marketplace. Program highlights include:
- Available with all Symetra fixed permanent life insurance products
- Minimum policy face amount: $1 million
- Minimum proposed insured global net worth: $2 million (USD)
- Two ownership options: Direct ownership and U.S. ownership
- Issue ages: 18-75 for A and B countries, 18-70 for C and D countries
- Medical risk up to Table D
- Limited power of attorney (POA) available for policy delivery
Explore our Enhanced Program Guidelines
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Your Legacy is a Message
Your life is defined by the choices you make. Your life is the message to the world. Feel good about it.
A Stroke Occurs Every 40 Seconds in the U.S.
Help your clients understand how life insurance with Living Benefits is not only designed to benefit their loved ones after they die, but can help provide income in retirement, and protect your clients if they become seriously ill or injured. Find all the Living Benefit tools in one place!
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Hybrid or linked-benefit products are a fresh approach to retirement and estate planning. These products, cover opposing risk groups by combining long-term care coverage with life insurance or an annuity.
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The Beauty of the LTC Buy-Up Option
The buy-up option available on MutualCare Custom Solution policies provides the flexibility to adjust the inflation protection benefit as needs change. Learn more about how this option works.
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Online Scheduling Now Available!
Two key administrative enhancements to SecureCare Universal Life are now live!
And be sure to keep an eye on our SecureCare landing page for tools and resources that will help maximize your marketing efforts in Long-Term Care Awareness Month.
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New Sales Ideas
Four new sales ideas sales ideaswill help you position Care Solutions products to potential clients.
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Start Enjoying the Benefits of Silver Brick Road
Nationwide policyholders gain access to a suite of services for themselves, their family and their caregivers from Silver Brick Road. This service helps ease stress by:
- Simplifying the process of finding the help they need
- Ensuring quality care is received
- Ensuring care is received in the right environment
Follow these links to learn more about how to find resources, create a private social network for family and caregivers and more:
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ASSET TRANSFER TIPS
For all annuity carriers
Transferring assets, or exchanging money via section 1035 of the tax code, may have tax consequences. Any questions regarding taxation should be referred to a qualified tax professional.
Call the Financial Institution/Insurance Company to see what they require to transfer the money e. g. some financial institutions, like Fidelity, require a call from the client to release money, others like Northwestern Mutual require their own surrender form to accompany the 1035/transfer form from the company receiving the money.
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Attach a copy of a current policy/ account statement for the funds being transferred to the 1035/transfer document.
Complete the 1035/transfer form carefully and completely. Be sure all necessary signatures are obtained.
Send original transfer forms with the application to 3 Mark for processing.
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Annuity Fact Finder
Click here for a great Annuity Fact Finder
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AIG Introduces Connect
Connext is our new producer website that provides our distribution partners and producers with a simpler, faster and more transparent experience for doing business with us. To get started go to AIG.com/Connext. No need to register! Use your eStation login information to access Connext - it's that easy. If you’re not already an eStation user, from the Connext login page, follow the steps to Register for a new account.
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Announcing Life New Business eInterview Enhancements
Prudential Individual Life Insurance is pleased to announce our new electronic interview questionnaire (eInterview) process, offering an enhanced client experience, and now available for use in all states excluding New York. Learn More
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Important Administration Alert
Effective November 1, 2019, Securian Financial will consider the state of Oklahoma a pre-appointment state for all producers selling our products. An appointment MUST be in place in the state of Oklahoma before any business can be accepted. Please allow for a transition period through November 30, 2019 to ensure our systems are updated with this new change.
Please Note: We will continue to process any Oklahoma individual life business dated between November 1 and November 30, 2019. Any Oklahoma individual life business dated December 1, 2019 or after will be returned if the Oklahoma appointment is not active.
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Extension of the Table Upgrade
John Hancock recently launched Aspire, which creates a fantastic opportunity for you to better serve your clients living with type 1 and type 2 diabetes. Additionally, we continue to enhance our products so customers with substandard ratings can receive greater Vitality credits and premium savings when they take steps to improve their health. As we complete these enhancements across our product portfolio, we will be extending the automatic one-class table upgrade for eligible permanent product applicants when they elect Vitality PLUS and are approved with a substandard rating. Applications must be received by March 31, 2020. Additional transition details will be announced early next year.
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Want to become more efficient at filling out e-applications?
Not sure how to sign an application? Have questions about the e-application process?
Did you know…
• The iPipeline support team offers a free, live training demo of the iGO e-application software.
• The demo walks through the entire e-application process from starting a case to signing and submitting it to the carrier.
To sign- up, click this link Demos are held every Thursday a 3PM EST.
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How to be More Transparent in the Application Process
In Columbus Life’s Underwriting FAQs video series, Shannon Keller explains what a producer can do to be transparent and set realistic expectations for the client in the application process. Watch Now
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