Provada Blog
 
John Hancock’s New Protection UL-G and Protection SUL-G
 

Posted by Nickelle Leist on Tue, Feb 23, 2010 @ 10:34 AM

John Hancock’s New Protection UL-G and Protection SUL-G offers competitive Premiums in level-pay and high early funding john-hancock-logoscenarios for clients in the top th

John Hancock’s New Protection UL-G and Protection SUL-G offers competitive Premiums in level-pay and high early funding john-hancock-logoscenarios for clients in the top three risk classes.  With high retention limits, progressive underwriting and competitive target premiums – all backed by a company with some of the highest financial strength ratings in the industry – these two products continue to be the serious contenders in the older age markets.

Protection UL-G offers:

  • Competitive level-pay and lump-sum premiums
  • Enhanced Target Premiums in high early funding scenarios
  • A Cash Value Advantage rider which can generate substantial intermediate cash values
  • Long-term care riders which provide income tax-favored LTC benefits
  • Ability to illustrate off-anniversary premiums

Protection SUL-G offers:

  • Reduced surrender charge period – recovering up to 100% of premiums in year 20
  • Competitive level-pay and lump-sum premiums
  • Enhanced Target Premiums in high early funding scenarios
  • Three flexible Policy Protection riders for the ultimate in design flexibility
  • Competitive underwriting and high retention limits
  • Ability to illustrate off-anniversary premiums

New Business and Underwriting Information

Protection UL-G 09R and Protection SUL 09 are no longer offered.   However, in order to provide a transition period and secure issue of these current products, the following criteria must be met.

Deadline: March 15, 2010

  • John Hancock home office must have received a signed illustration and made a tentative underwriting decision.
  • John Hancock has received an application for Protection UL-G 09R and Protection SUL-G 09 signed by the Insured and Owner (note: that in cases where trusts are involved, the minimum require3ment by March 15th is the insured’s signature).  An illustration on the case must also have been received by John Hancock as of March 15th, 201

Tags: Life Insurance, John Hancock

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Replacement Tips: NAIC most recent Replacement Requirements
 

Posted by Nickelle Leist on Tue, Feb 23, 2010 @ 09:58 AM


• Agent’s Statement – Be sure to complete the Agent’s Statement portion of the Replacement form. (Note: For non-replacement cases where the Replacement Form is required, enter the text “Not a Replacement” on this line.)
• Comparison Questions – Please complete all comparison questions on page 3 of the Replacement Statement, only using “N/A” as an answer when the question is truly not applicable to the transaction you are submitting. These questions illustrate the reason(s) why the proposed replacement is in the best interest of your client and should be answered completely and accurately

Sign On The Dotted Line…  For Replacement and 1035 Exchange forms, the proper signature(s) must be provided:

• Names of signers should be printed next to the signature when indicated
• All signatures should be current dated by the signer on the day they are signed, even if a new Replacement related form is requested after the submission of the application. In order to comply with the NAIC date requirement the application should also be re-signed and dated at that time or a newly signed application provided
• In the case of a trustee or officer signing on behalf of a trust or corporation, or similar circumstance, the signer should indicate their title next to their signature
• If any changes are made to a form after it has been signed, those changes must be initialed and current dated by the original signer(s) to show that they are authorizing the change to the original

Tags: Life Insurance, Underwriting

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