News
NEWS TO KEEP YOU IN THE KNOW
March/April 2012
Life Quick Apps are Here!
Who doesn’t want to:
- Reduce the time to take a Life Application
- Reduce Cycle Time of Underwriting
- Reduce Application Errors,
- And, Get paid more Quickly
Our website, www.ssabrokerage.com is sporting a new TAB for your convenience. The tab is titled ELECTRONIC APPLICATIONS. When you click on this tab, you will be introduced to the life insurance carriers that provide an E-App with instructions on how to complete it.
Michael Lewis, here at SSA is the grand Pooh-Bah of the E-App. If you think you need a walk-through before using it, he is available to guide you through the process! NOTE: To use, E-App you must already be licensed with the carrier with whom your client is applying.
You no longer have to take pages of information on a life application or set up an exam. All this is done for you. We will continue to guide your client’s application through underwriting and provide you with weekly status, thus leaving you more time to ……………sell another client.
SPECIAL NOTE: As of April 16, 2012, Genworth Financial will accept only E-App for face amounts below $100,000. If you send us a full application for a face amount of under $100,000, Genworth will underwrite it, however, Genworth will not pay you a commission on the case.
UPCOMING CHANGES
GENWORTH - Genworth is making changes to many of their products.
Colony Term UL - Genworth is suspending sales of the Colony Term UL 15 which they consider to be the least used option effective March 25, 2012 regardless of application signed date. All applications must be submitted to the carrier prior to March 25, 2012.
In addition to the withdrawal of Colony Term UL 15, effective April 16th any Colony Term UL application with a face amount of $100,000 or less must be submitted using the Life Quick Request or LQR process. Please see our website for details on this process or give our office a call and speak to Mike Lewis.
TLC – Total Living Coverage There will be a decrease of 50 basis points in the interest crediting rate effective March 26, 2012. To receive the current rate all applications must be received in our office no later than March 22, 2012 to ensure prompt processing and receipt at the carrier prior to March 26th.
LTC - Genworth is launching a new LTC product called Privileged Choice Flex which will be available for sale effective April 9,2012. All applications for the current products, Privileged Choice or Classic Select must be dated April 8th or earlier and received in good order at Genworth by May 11, 2012.
PRUDENTIAL – Discontinuing sales of individual Long Term Care
LTC - Effective March 30, 2012 Prudential is discontinuing sale of their individual LTC insurance products. All applications for individual long term care insurance must be received at Prudential by March 30, 2012 to be considered for issuance. Any applications received after March 30, 2012 will not be processed. There will be no exceptions.
LINCOLN FINANCIAL - Compensation changes coming for MoneyGuard® Reserve Plus Compensation is being reduced effective 3-10-12. Give our office a call to find out the new commission rate on the MoneyGuard Reserve Plus.
INDUSTRY NEWS
Anti-Money Laundering Training - It has been brought to our attention that some carriers are requiring updated training prior to June 2012 in order to keep your AML training up to date. If you did your AML training through LIMRA please check back periodically for carrier updates. Not keeping up to date can hold up the appointment process at the carrier which in turn holds up the issuing of policies.