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Interest Rate Notice: Asset Care & Annuity Care

The recent decline in interest rates has caused the following Asset-Care® and Annuity Care® changes, which will be effective Friday, October 1, 2010.

Annuity Care:   
Annuity Care and Annuity Care II will be decreasing their minimum guaranteed interest rate (except in the states listed below) to 1.5% effective October 1st.
  • States where original Annuity Care MGIR remains at 3% -- Oregon, Pennsylvania, and Washington
  • States where Annuity Care II MGIR remains at 3% -- Nevada, Oregon and Washington
This means a policy must have an effective date of September 30 or earlier to retain the old current interest (or guaranteed interest) rate.

Asset Care II and III: 
The interest rate change in Asset Care II and III will only effects the annuity portion of the product.  The life policy on Asset Care II and III, will remain at the 4% guaranteed interest rate.

Asset-Care II and III will be decreasing the current interest rate for the annuity portion to 3% effective October 1st.   Note: Asset-Care II and III are constructed to fund the 20-pay life policy fully at a 3% annuity interest rate.

Next Steps: We will help you drive sales Before September 30th!
Provada will be contacting First Bank in the next few days to set up client seminars, which will all take place before the September 30th deadline.
For immediate assistance please call 415.369.9990,  for Nickelle Leist call 415.369.9990 ext. 115


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Express Order Ticket is MetLife's new tele-application!  It is a simplified life insurance application process that reduces the number of pages needed to be completed at the point of sale, allowing you to spend more time selling and less time filling out paperwork.

Key features: 

     *  Required forms shortened from 12 pages to 2 pages

     *  No medical questions at point of sale

     *  Voice signature page eliminates the need for a signature on the policy at delivery

     *  The Express Order Ticket is a request for coverage, not an application.  The formal application is secured during the telephone interview.

The Express Order Ticket is available with Guaranteed Level Term, Whole Life, Guarantee Advantage Universal Life and Equity Advantage Variable Universal Life


Tags: Life Insurance


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(This will piggyback on Eric Gronlund’s great blog post of last week:  “Six Questions to Ask Your Client Before You Submit an Application!”)

We’re sure you all agree that one of the worst things that can happen in our business is to disappoint a client or a prospect.  For you, this applies to your insureds and prospective insureds; for us, it applies to all of you, because YOU are OUR clients.

Here are three tips that should help avoid disappointments:

1.  When requesting illustrations, please give us as much information about your client or prospect as you possibly can.  This includes name, date of birth, whether smoker or not, any weight problem, state of health, family history (especially if poor), and anything else relevant.  (Eric’s questions should work well here.)  And please be as specific as possible as to exactly what type of illustration or quote you’re looking for.  For disability quotes, our carriers also need to know the person’s occupation and specific duties in as much detail as possible.

2.  When submitting an application, please be sure to ask Eric’s six questions and to give us any other information that can help in the underwriting process.  It is also important to complete the application fully and accurately and to make sure that it conforms in all respects to the illustration being submitted to the carrier.  If an accelerated benefits rider is not included automatically, we strongly urge that it be elected, as it is an attractive no-cost policy benefit.

3.  Once all underwriting requirements have been submitted and until the policy is issued and paid for, please encourage your clients NOT to visit a doctor unless it is really necessary.  (If it is really necessary, of course, we are not suggesting that it be deferred.)  We have had more than one case held up because of a routine subsequent doctor visit and at least one where the issue class was downgraded.

Remember:  It is always better to present a client with results better than expected rather than the other way around.  Following these simple tips should help us all achieve this important objective.  It will certainly help US make YOUR life easier.
 

Bob Burton LLB CLU ChFC AEP
Director of Advanced Planning


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All annuities have three primary financial advantages:

  1. Tax Deferral – why pay taxes now if you’re not using the money?  Make current federal income tax laws work for you and let your money grow tax deferred in an annuity.
  2. Guaranteed Income – Create a guaranteed stream of income for a fixed period of time or for one or more person’s lifetime.
  3. Avoids Probate – An annuity with a named individual as the beneficiary, who is living at the time of the owner’s death, can avoid probate.

 


What Your Clients Are Asking For…  And A Solution Using Annuities

 


Guaranteed interest => Traditional Fixed Annuity

Greater upside potential but needed downside protection => Indexed Annuity

To convert accumulated wealth into a guaranteed income stream => Income Annuity

Make up money lost in the market downturn paired with Guarantees => Bonus Indexed Annuity

To leverage money inside a savings account, CD, Non-Qualified Annuity for Long Term Care => Linked Benefit Annuity


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Pac Life’s new Pacific Income Term is the most competitively priced term policy on the market.

Pacific Income Term is designed to provide income protection when your clients need it most: during their working years. The affordable premiums provide costs savings and convenience during the years they’re working hard to provide for their family and save for retirement.

PacificIncome Term offers:

  • Income-replacement protection during your client’s working years.
  • Structured monthly income benefits chosen by your client to fit the needs of their family.
  • Two optional riders: Accelerated Living Benefit Rider or the Premium Waiver Rider.

 Ideal for Price Sensitive Clients:

  • Cost-effective premiums. Premiums guaranteed to remain level throughout the Level Premium Period.
  • Affordable insurance. Competitive prices save your clients up to 44% on their term life insurance.
  • Flexible payment schedules. Premium payments offered monthly, quarterly, biannually or annually.

 Visit www.provada.com/paclifetermto learn more about this exclusive new product! Questions? Call us at (415) 369-9990.


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