Posted by Nickelle Leist on Mon, May 24, 2010 @ 03:00 PM

Just a reminder, May 28^th is the deadline for submitting Transamerica's TransAce applications into the home office for current pricing.  Below is some transition guidelines and details.  

Applications for the current (old) TransACE product must be received in our Cedar Rapids Administrative Office by close of business on May 28, 2010.  To be considered a received application, the following must be met:

1. Formal application with all fields completed and necessary forms required at application time submitted along with the application.
2. Signatures of all necessary parties.
3. If ownership is in the process of being determined, such as a trust being put in place, a final application may be submitted later, however the formal application with all other signatures must be received with the indication that ownership determination is in process.

Recent market conditions, however, have impacted the cost of sustaining long-term guarantees. Across the industry, carriers have increased premium for these no-lapse portfolios. While we have found the need to adjust our pricing, we are pleased to announce that only the single life, TransACE^® No-Lapse UL product will be affected at this time.  

Premium Adjustments: Adjustments to support lifetime level death benefit scenarios have resulted in premium increases across the board, with level-pay scenarios seeing the least impact.   Significant Cash Value Increases: While premiums have increased, cash values have strengthened significantly, with increases particularly at the younger ages.   Target Premium Adjustments: Target premiums have also increased at the older ages. Moderate decreases will be seen at the younger ages.  $1,000,000+ Rate Band: A fourth rate band has been added for face amounts of $1,000,000 and higher.  * Changes effective in approved jurisdictions. At the time of print, Texas and Oregon are still pending approval. 

• Continued Market Strengths
• No-Lapse Guarantee Endorsement
• Competitive premiums
• Income Protection Option (IPO) allowing for control and guarantees for how death benefits are paid to beneficiaries
• Honeymoon Provision allowing for the full surrender of a policy during the first five policy years without surrender charge
• Return of Premium (ROP) death benefit option
• Lump-sum, short-pay or level-pay premium payment options
• Competitive underwriting
• Compatibility with various legacy planning strategies, including the TransSecurity^SM Solution
• Fully commissionable target premiums at all issue ages
• Strong brand recognition

Posted by Lloyd Silver on Fri, May 14, 2010 @ 02:09 PM

We are pleased to announce the release of Provada's new web site and client center. This is a completely revamped site with easier access to all of the tools and resources our clients need in their life insurance practice through our Client Center. Additionally, we have moved our blog from an external domain to www.provada.com/blog. Make sure you subscribe to receive updates of our blog and other social media outlets.

Posted by Nickelle Leist on Fri, May 7, 2010 @ 09:08 AM

West Coast life Offers ModLife - Permanent Coverage. Half the Price

• A lower initial premium outlay (50% less) and no other competitor can match it

• No blending or impact to your No-Lapse Guarantee* coverage

• Very competitive “Guaranteed” IRR on  death benefit at life expectancy

• All of this at the same compensation level as our current single life secondary guaranteed universal life product

How is ModLife Different?

Designed with affordable innovation in mind, ModLife allows you to offer permanent UL protection where it didn’t fit before!

ModLife is a secondary guaranteed graded premium universal life policy that starts at a lower, more affordable premium level for clients worried about controlling costs at a time when budget and economy are of critical importance.

Client Profile -

Clients ages 30-55, Reasonable Health, Need/want permanent life insurance coverage

Concerns about cost of permanent life insurance protection, Avoid investment risks,

Sufficient income to fund the policy for first 5 years and income expected to increase each year thereafter.

Sales Ideas -

1) Lower Entry Premium Alternative

2) High Net Worth Client                          

3) Split the Ticket – Combo Sale             

4) Free Up Additional Funds

Posted by Nickelle Leist on Wed, May 5, 2010 @ 08:20 AM

Double Your Coverage Extended to June 30!

When MetLife announced the “Double Your Coverage” program in January,  they knew it was just the program needed to jumpstart their Producers sales in 2010.

If you did not know about this program don’t worry, MetLife is extending “Double Your Coverage” through June 30.

MetLife will continue to offer many of your clients who purchased Life coverage within the past three years the chance to obtain additional Life protection with minimal paperwork and no exams or lab work. This includes term and permanent coverage, issued in non-tobacco and tobacco classes. 

Posted by Nickelle Leist on Mon, May 3, 2010 @ 11:39 AM

Reduction in our Preferred discount — Effective June 7, 2010, in approved states, we will lower our Preferred discount from 15% to 10%, to more appropriately address the impact of lower mortality on Preferred risks.

Compensation adjustment on Substandard — Effective August 2, 2010, compensation on Substandard policies will be calculated based on the Standard premium rate.

Elimination of Lifetime Benefit Period — Effective June 7, 2010, in all states, we will eliminate the Lifetime (unlimited) benefit option on Custom Care II Enhanced. Going forward, we will focus on defined benefit periods to ensure our product designs emphasize affordability for the consumer and more appropriate risk management for the carrier.

Updated guidelines on Independent Care Providers — Effective July 1, 2010, on all NEW Custom Care II Enhanced2 policies being sold, we will update our claims guidelines to eliminate the independent caregiver assessment. We are also clarifying prior work experience and/or training requirements when a friend or neighbor is being hired as an independent
care provider. These measures are being taken to help ensure our claimants receive proper care at an appropriate cost when they are at home.

Pricing changes
New business rates on Custom Care II Enhanced — Effective June 7, 2010, in approved states, new business rates will be adjusted to more accurately reflect the current economic environment and the latest claims trends, while enabling you to remain competitive. Premium adjustments will vary by age, inflation protection, and the benefit period selected. You will
see a modest increase in CPI plans and a greater increase on 5% compound inflation plans, which reflects the higher levels of risk associated with fixed-rate, guaranteed benefit increases. Individuals who previously purchased Custom Care II Enhanced policies are not affected by these new rates.

TEMPORARY STAT E-SPECIFIC ACTIONS — In states where certain older products are several generations behind in pricing, we will temporarily suspend sales of those products until the new pricing is approved:

California — Effective June 7, 2010, we are suspending sales of Custom Care II, Custom Care II Partnership,3 and Corporate Solutions until new pricing is approved.
Florida — Effective June 7, 2010, we are withdrawing Custom Care, but leaving Leading Edge, which will be removed once Custom Care II Enhanced is approved there.
New York — Effective June 21, 2010, we are suspending sales of our Partnership product only3 until new pricing is approved.