Category Archives: Insurance

Insurance News and Updates

Supplement Your Clients Income Later In Life

What product can help supplement your clients income later in life?

The death benefit from life insurance can help loved ones maintain their established lifestyle and achieve financial goals in the event of the lost income of a wage-earner or non-wage earner. But did you know Indexed Universal Life Insurance (IUL) with North American is built so your clients can also help supplement their own income while still alive?

Click to learn more about how North American’s IUL is built for real life.

Questions? Call Sales Development today
(800) 800-3656 ext. 10411
salessupport@nacolah.com.



Call me with any questions and illustration requests!

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

Indexed Universal Life products are not an investment in the “market” or in the applicable Index and are subject to all policy fees and charges normally associated with most universal life insurance.

FOR AGENT USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES. 303NH-4-B 2/17

 

 

 

 

Changes to Prudential’s UL

New Pricing on PruLife UL Protector Effective February 27

Prudential is introducing new pricing on PruLife UL Protector, effective February 27, 2017, pending state approval.

REPRICE DETAILS

  • Level pay increases will range from 4-10% varying by cell. Average increase of 6% for ages 55-75.
  • Single pays increases will range from 9-19%. Average increase of 12% for ages 55-75.
  • Target Premiums will be increased. Generally, target premiums will be higher than level pay premiums.
  • Face amount limits will be removed on applied for policies using the new rates.

PLEASE NOTE: There is a shortened transition period of 21 days along with a placement deadline of June 30th. Please refer to the transition rules below for further detail.

The following rules apply to any request for New Business, Term Conversion, or OPAI (Option To Purchase Additional Insurance) Conversion.

TRANSITION RULES

  • February 27, 2017 (Ready to Sell Date): New Rates for the revised product are in effect. The current face amount limit of $5 million is removed for New Rates. All applications signed and dated on or after February 27, 2017 will receive New Rates (unless Old Rates are requested and permitted)
  • March 19, 2017 (Transition Period End Date): Last day that an application can be signed with a request for Old Rates
    • If Old Rates are desired for an application dated during the 21-day Transition Period, a written request, along with the appropriate presentation version, must be submitted on or after the state introduction date
    • The face amount limit of $5 million is still in effect for Old Rates
    • Applications dated March 20th and later will receive the New Rates only
  • March 27, 2017 (Home Office Receipt Deadline): Applications based on Old Rates must be received in the Home Office by March 27, 2017. Applications dated prior to March 20 but received in the Home Office after March 27 will be processed with the New Rates
  • June 30, 2017 – Inforce Placement Deadline – A policy applied for before or during the transition period must have all delivery requirements signed and received by the Home Office in good order by this date to receive old rates. The Inforce Placement Deadline will be adjusted for 1035 exchange cases where the only outstanding item is receipt of the 1035 funds at the time of the June 30, 2017 deadline.
  • States that approve the revised product after February 27, 2017 will have their “Ready to Sell Date”, “Transition Period End Date”, “Home Office Receipt Deadline”, and “Inforce Placement Deadline” adjusted.

Call me with any questions and illustration requests!

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

 

Prudential’s PruFast Track Enhanced Underwriting Is Coming Soon!

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

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

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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1216newsletter2
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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