Posted by Vickie Bianculli on Thu, Jul 22, 2010 @ 11:29 AM

Rates Cut On ING GDBUL II & ING GDBUL II NY Effective 07/17/2010, clients will pay around 9% less on guaranteed lifetime coverage for ING Guaranteed Death Benefit Universal Life II (ING GDBUL II) issued by Security Life of Denver Insurance Company and ING Guaranteed Death Benefit Universal Life II NY (ING GDBUL II NY) issued by ReliaStar Life Insurance Company of New York.

 

Posted by Lloyd Silver on Thu, Jul 8, 2010 @ 06:21 PM

If you have clients who have purchased term life insurance in the past five years, they might be eligible to obtain up to $1 Million of additional coverage without taking another medical examination. This is not a guaranteed issue program, but fully underwritten policies issued through the Transamerica Opportunity Program (TOP).

Whether or not their policy is still inforce, prospects may qualify for TOP if they've been fully underwritten and issued a term life insurance policy from a qualifying carrier within the past give years and:

1. Are ages nearest 18 - 60. Washington State: 18 - 55 for Trendsetter Super 25.
2. Have been underwritten with blood work.
3. Have been issued a risk class equivalent or better than Preferred or Standard. Smoker risk classes are acceptable.

The TOP includes:

• Accelerated underwriting and no medical exams
• 15 and 25 year level term policies
• Fully commissionable premiums
• Up to $1 Million of additional coverage, with a minimum face amount of $100,000 on the previous policy
• A comprehensive list of over 64 qualifying carriers
• Allowances for multiple policies up to the qualifying limit

So basically, if you have a qualifying client who has purchased a fully underwritten term life insurance policy (minimum of $100,000 face amount) from one of the carriers in the program (which includes almost all of the major carriers), they can purchase a new policy from Transamerica with no medical exam. A nonmedical underwriting form will need to be submitted, and a review of MIB records will also be conducted.

The maximum face amount which can be purchased through TOP depends upon how long ago the old policy was issued. If the policy date is within one year, up to $1 Million can be purchased. If it's more than one year but within three years, up to $750,000 of coverage can be obtained. And more than three years but less than five years still allows your client to purchase up to $500,000 of additional term insurance.\

Contact us if you'd like more information about TOP.