Changes to Custom Guarantee Universal Life

Get it while it's HOT

North American has announced product and pricing changes that we would like to make you aware of.

Act fast, time is running out to take advantage of current pricing – on January 30, 2017, premium increases will go into effect for their Custom Guarantee UL product. The increase will be substantial (could be as much as 5-10%). North American’s Custom Guarantee UL has been an industry leader in pricing. Transition rules can be found below for Custom Guarantee UL.

North American also announced a 5% commission reduction for the following IUL products effective January 30, 2017. Product features may change in the near future on these as well. Separate transition rules for these products can also be found below:

  • Builder IUL
  • Guarantee Builder IUL
  • Rapid Builder IUL

Transition Rules for Custom Guarantee UL: Applications (Traditional forms or Simple Submit® e-app)

The increased guaranteed premium rates will be available to illustrate starting January 30, 2017. In order to receive the current guaranteed premium rates, applications (paper or e-app) will need to be signed by all signing parties and received in the North American Administrative Office by February 17, 2017. Applications signed after February 17, 2017 will receive the revised product with increased guaranteed rates regardless of the date received.

All agents must be appointed or able to be appointed with the application signed and received by February 17, 2017. If a new application is required due to the agent not submitting business within the designated appointment rules, the new rates or product will apply.

Transition Rules for Builder IUL, Guarantee Builder IUL, and Rapid Builder IUL

Both new and old generation products will be available for issue between January 30, 2017 and February 17, 2017. In order to receive the “old” product versions, the applications must be signed and received by the administration office by February 17, 2017.

Call me today for your illustration!

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com

Pershing Retirement Account Annual Maintenance Fee Changes

Effective April 1, 2017, there will be increases in the annual maintenance fees for Pershing Retirement accounts. The new fees will vary by plan type.

All clients were notified of this upcoming change on the December 2016 Pershing Account Statements. Below please find a sample of the language included on the statements.

Please see the below changes in the annual fee(s) for your Retirement Account(s), effective April 1, 2017.

For Clients With Traditional IRAs, Roth IRAs, SEP IRAs and Education Savings Accounts The annual maintenance fee for your Retirement Account will increase from $35.00 to $43.50, effective April 1, 2017.

For Clients With Traditional IRAs and Roth IRAs–Mutual Fund Only Accounts – The annual maintenance fee for your Retirement Account will increase from $10.00 to $12.00, effective April 1, 2017.

For Clients With Prototype Simplified Employee Pensions (Prototype SEPs and SARSEPs) Accounts – The annual maintenance fee for your Retirement Account will increase from $50.00 to $58.50, effective April 1, 2017.

For Clients With SIMPLE Plan and 403(b)(7) Custodial Accounts – The annual maintenance fee for your Retirement Account will increase from $50.00 to $58.50 effective April 1, 2017.

For Clients With Qualified Retirement Plans (QRP) Accounts – The annual maintenance fee for your Retirement Account will increase from $50.00 to $75.00 or $125.00 depending on your QRP plan type, effective April 1, 2017.

Our annual disclosure of Pershing related fees is also included on the December 2016 Pershing account statements. As a reminder, the current Pershing Fee Schedule is available on our website at www.tfsweb.com – Securities, Forms, Pershing Forms, Pershing Fee Schedule 2017.

If you have any questions please contact me at 732-758-9300, Ext. 140 or jfraler@tfsweb.com.

MetLife: Life Insurance Product Portfolio Update

MetLife/Brighthouse has announced that they are ceasing the sale of all current life insurance products (full details below), with the exception of their PAUL product, 1 year term, and level term for face amounts over $1 million. Obviously, this comes as a shock to the industry, especially considering their commitment to keeping a highly competitive term portfolio and limited competition in the whole life brokerage space.

Effective February 3, 2017, MetLife will sunset the following products:

• Promise Whole Life
• Promise Whole Life 120
• Promise Whole Life Select 10
• Promise Whole Life Select 20
• Promise Whole Life Select 65
• Guaranteed Level Term (face amounts less than $1M only)
• Secure Flex Universal Life, Provider Universal Life
• Legacy Advantage Survivorship Universal Life
• Equity Advantage Variable Universal Life

Key dates for this product sunset are as follows:

  • February 3, 2017 –  Applications must be received in good order at the Home Office by this date.
  • March 3, 2017 –  Applications for term conversions that do NOT require underwriting must be received in good order at the Home Office by this date. The February 3, 2017 application deadline applies to term conversions that do require underwriting.
  • April 28, 2017 –  Issue deadline.
  • May 26, 2017 –  Payment deadline.

Brighthouse Financial will offer the following life insurance products:

Following the separation of U.S. Retail, Brighthouse Financial will make the following life insurance products available for sale. These products will not differ from the current MetLife versions as of the date of separation:

• Premier Accumulator Universal Life
• Guaranteed Level Term (minimum face amount will equal $1M)
• One Year Term

Note that applications for these products can continue to be submitted after February 3, 2017. For applications submitted after this date, policies will be issued by Brighthouse Life Insurance Company (or Brighthouse Life Insurance Company of NY). However, a Metropolitan Life Insurance Company policy will be issued for term conversions for which applications are submitted in New York on or before March 3, 2017 and underwriting is not required. Premier Accumulator Universal Life and Guaranteed Level Term will no longer be sold by MetLife as a result of the U.S. Retail Separation.

Please refer to this web page for more information.

We encourage you to take a close look at your inforce MetLife term policies to identify possible term conversion opportunities before the due dates listed above. If you need assistance, your sales representatives at Tomorrow’s Financial Services can provide you a list of those policies placed through us.

 

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com

Great Changes Coming to Prudential’s Benefit Access Rider

Effective January 2, 2017, Prudential is coming out with some enticing enhancements to their Benefit Access Rider (BAR).  With one of the best Chronic Illness Riders on the market, these changes will allow clients even greater flexibility to take advantage of the living benefits of their policies.

Click here to discover details on the new enhancements!

Also, please note that effective December 12, 2016, Prudential will begin using a new Application for Life Insurance to include options for the new changes to the BAR.

Click here to find out about the changed to Prudential’s application.

Please contact or our Business Development Specialist, Thomas Hyland Jr, with any questions.

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com

TFS Insurance Advisor – December 2016 Newsletter

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To download or view the entire newsletter in PDF format, please click on this link or on the pictures above.

If you have questions regarding these products, please contact or our Business Development Specialist, Thomas Hyland Jr.

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com

Genworth to Sell for $2.7 Billion

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To download or view the entire newsletter in PDF format, please click on this link or on the pictures above.

If you have questions regarding these products, please contact or our Business Development Specialist, Thomas Hyland Jr.

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com

Top 10 Reasons to Consider AXA’s LTC Services Rider

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To download or view the entire newsletter in PDF format, please click on this link or on the pictures above.

If you have questions regarding these products, please contact or our Business Development Specialist, Thomas Hyland Jr.

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com

TFS Insurance – 2016 Fall Kickoff Classic Life Insurance Promotion

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To download or view the entire newsletter in PDF format, please click on this link or on the pictures above.

If you have questions regarding these products, please contact or our Business Development Specialist, Thomas Hyland Jr.

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com

TFS Insurance Advisor – September 2016 Newsletter

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To download or view the entire newsletter in PDF format, please click on this link or on the pictures above.

If you have questions regarding these products, please contact or our Business Development Specialist, Thomas Hyland Jr.

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com

TFS Insurance Advisor – August 2016 Newsletter

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To download or view the entire newsletter in PDF format, please click on this link or on the pictures above.

If you have questions regarding these products, please contact or our Business Development Specialist, Thomas Hyland Jr.

Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
THylandJr@TFSweb.com

TFS Insurance Brokerage, Inc.

Insurance Products Offered through TFS Insurance Brokerage, Inc.
Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC
Investment Advisory Services Offered Through TFS Advisory Services
Mortgages Offered Through TFS Mortgage Corporation, Inc.
Find out about us at www.tfsweb.com