In addition to Ohio, Genworth has launched Privileged Choice® Flex 2(Flex 2) in the following states: CO, DC, IL, MT, SC, WY.
At Allianz Life Insurance Company of North America (Allianz), we continually evaluate our product strategy and product portfolio. As a result of this evaluation, we will be discontinuing sales of Allianz MasterDex 10 PlusSM Fixed Index Annuity effective January 7, 2014.
Applications must be signed on or before Tuesday, January 7, 2014 and received on or before Tuesday, January 14, 2014 at 3:00 p.m. Central time. Contracts must be issued by March 7, 2014 at 3:00 p.m. If premium is not received, the contract will not be issued and you will be contacted by the Allianz home office to discuss whether another product is suitable or the application should be cancelled. There will be no exceptions.
Lincoln Financial Group today announced the launch of Lincoln Concierge Care Coordination, a service available to new and existing policyholders of a Lincoln life and long-term care combination product. Lincoln Concierge Care Coordination complements the long term care planning guidance of a financial professional, by providing an effective process for coordinating care before and during a long-term care event. Policyholders and their loved ones can use Lincoln Concierge Care Coordination to help simplify the process of arranging long-term care services--from finding and coordinating service providers, to filing a claim.
According to the U.S. Department of Health and Human Services, nearly 70 percent of men and women turning age 65 will need some form of long-term care at some point in their lives(1). That care may come in the form of unpaid "informal" services frequently provided by family members and friends, or from a wide variety of "formal" options, including home care, adult day care centers, respite care, hospice care, assisted living facilities and nursing homes.
Lincoln Concierge Care Coordination offers a wealth of tools to help clients choose between the many available formal and informal options, and coordinate the appropriate care:
-- Comprehensive lists of local providers and resources--from personal and home healthcare services to skilled nursing and living options -- An online needs assessment that catalogues the policyholder's current situation and needs to help create a plan for care -- An online library of articles, how-to videos and checklists related to health, aging and elder care -- Access to "Care Circle," a social network designed to aid communication between caregivers and loved ones, keeping everyone connected and informed on the well-being of the policyholder -- Customized care recommendations to help find the appropriate provider to fit client needs -- Access to a dedicated claims specialist to answer questions about policy benefits and assist in the claims process
"Facing a long term care event is challenging enough for individuals and their loved ones, so it's important that the tasks of arranging quality care and support services, or filing claims are as simple as possible," said Michael Hamilton, vice president, linked benefit product management, Lincoln Financial Group. "Lincoln Concierge Care Coordination offers resources to: design plans for receiving care; support families and informal caregivers; help those involved with organizing professional services to make informed decisions; and assist with the claims process."
Securian Financial Group, a US-based financial services holding company, has rolled out a simplified issue whole life insurance product in collaboration with Upromise by Sallie Mae.
Through the new product, Securian aims to offer life insurance protection to the US denizens whose households' annual incomes stood between $35,000 - $124,000, as it was found that half of this income group do not own a life insurance policy.
Securian Financial Group second vice president Bill Gould said that planning for the unexpected loss of a breadwinner is a factor that all families need to consider.
"Fifty eight percent of households in the $35,000 - $124,000 income range are uninsured or underinsured.
"The Securian-Upromise partnership opens a new channel to underserved households. It provides easy online access to simplified issue, permanent whole life coverage for this large segment of the market," Gould added.
Upromise members who will purchase the coverage will achieve an important financial requirement and may also earn rewards that can accumulate and help pay for college expenses or be applied to eligible student loans. For children, the minimum coverage is $10,000, while $25,000 for adults.
Securian Financial Group manages Minnesota Life Insurance Company and Securian Life Insurance Company, and offers an array of financial services in the US.
Phoenix is announcing an ADDITIONAL 0.25% agent compensation on new fixed indexed annuity sales.
Phoenix is also announcing an ADDITIONAL $25 Bonus per Life Application.
Get The Most Advanced Life Insurance and Annuity Marketing, Lead Generation, Fact-finding, Presentations and Sales Skills Training for Advisers.
Plus, You'll Have An Opportunity To Earn Two Prestigious, Industry Designations... If You Have Invested In Our Life Insurance Or Annuity Marketing and Sales Success System and Have Received Our Coaching.
Implementation of FlexCare Preferred Health and Marital Discount Changes (as announced in October of 2012) — Effective on State-By-State Basis Starting October 12, 2013
As announced last October, we are in the process of filing and implementing changes to our FlexCare preferred health and marital discounts in most states. The first round of discount changes will be effective as of October 12, 2013 in 10 states (AL, AR, GA, IA, MA, MO, MS, ND, SC & SD). The discount changes are as follows:
Preferred Health Discount (FlexCare Individual Business Only): Reduced to 5%
Married 1 Discount (All FlexCare Business): Reduced to 10%
Married 2 Discount (All FlexCare Business): Reduced to 25%
We will update you as these discount changes take effect in additional states going forward. Please refer to this chart to view the state by state discount structure.
Suspension of Annualized Commission Program — Effective October 12, 2013
We will no longer offer an annualized commission program for applications with sign dates after October 11, 2013. This change applies to commissions on all MedAmerica products. If you are currently on an annualized commission schedule, we will contact you to facilitate the recommissioning process to return you to an “as earned” commission schedule.
Rate Increase for Medico's Medicare Supplement Policy Series A20
Effective October 1, 2013, Medico will be implementing a rate increase on the Modernized A20 Medicare Supplement policies. This increase will be implemented with renewals and new issues effective October 1, 2013 and after, and will be applied to all new Modernized policies issued with an Application Date of October 1, 2013 or later.
This rate increase is for the current product you can write in your state.
Medico® Insurance Company is pleased to announce their new Medicare Supplement product in Illinois. The A70 Medicare Supplement product is replacing our A21 Medicare Supplement product. We will accept applications for the old A21 product until September 13, 2013, if the applications are signed and dated on or before September 1, 2013.
Medico® Insurance Company is pleased to announce their new Medicare Supplement product in Iowa. The A70 Medicare Supplement product is replacing our A21 Medicare Supplement product. We will accept applications for the old A21 product until September 13, 2013, if the applications are signed and dated on or before September 1, 2013.
Medico® Insurance Company is pleased to announce their new Medicare Supplement product in Nebraska. The A70 Medicare Supplement product is replacing our A21 Medicare Supplement product. We will accept applications for the old A21 product until September 13, 2013, if the applications are signed and dated on or before September 1, 2013.
Besides having competitive rates, Medico introduced their new Household Discount. When the applicant lives in the same household with another person over 18 years of age, regardless of whether both sign up for coverage, a 7% discount is applied to the premium rates. That means only one person has to purchase to get the discount.
Minnesota Life Insurance Company announced a new benefit for its indexed universal life products that keeps it at the forefront of the market.
Minnesota Life, a subsidiary of Securian Financial Group, introduced its latest improved offering for new and existing policies. The Index Crediting Bonus, when applied, provides a one percent annual bonus based on index credits received over a 120- month rolling period. Minnesota Life may apply the credit to the accumulation value, which compounds each year and could help raise index credits and distribution amounts.
Because the Minnesota Life Index Crediting Bonus is available with previously-purchased policies, existing policyholders will be among the first to receive it.
"Our policyholders' loyalty helped us become the financially strong and stable company we are today," said Bob Ehren, senior vice president, Life Product Manufacturing, Securian Financial Group. Citing the company's tradition of mutual governance and private ownership, he added, "To us, they're more than policyholders. They're our partners."
Existing Eclipse Protector policies with the Death Benefit Guarantee Agreement were also enhanced with the Performance Death Benefit Guarantee Agreement at no additional charge. Additional enhancements that benefit certain existing policyholders include more index options, dollar cost averaging, the opportunity to switch between fixed and variable loans and systematic distributions.
"We strive to give existing policyholders the enhancements from our newer products that we offer new clients when possible," said Ehren. "Our policyholder treatment results in strong client loyalty."
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses with insurance, investments and retirement plans. Now one of the nation's largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer.
Insurance products are issued by Minnesota Life Insurance Company in all states except New York, where products are issued by Securian Life Insurance Company, a New York admitted insurer.
Global Atlantic Financial Group (Global Atlantic), a multiline insurance and reinsurance company, today announced that it has entered into a definitive agreement to acquire Houston-based Forethought Financial Group, Inc. (Forethought), a financial services company with life insurance and annuity operations throughout the US. Forethought will continue to operate its life insurance and annuity businesses under the Forethought name. As a result, clients will experience a seamless transition and continuity of service. The deal is expected to close early in 2014, subject to regulatory approval. Terms of the deal of the two privately held companies were not disclosed.
"We believe the transaction will advance the growth strategies of both organizations,” said Allan Levine, Chairman and CEO of Global Atlantic. “The combination of Global Atlantic’s Life and Annuity franchise with Forethought’s leading annuity distribution and pre-need business will further diversify our product mix and position us to provide a full range of innovative life and annuity solutions to our clients. With additional capital resources, Forethought can build on its recent success in the annuity market while also growing its position as a leader in pre-need insurance.”
“This is the next logical step for Forethought as it continues to build its annuity and pre-need franchise. Global Atlantic brings complementary strengths and deep resources to our existing business which will create an even stronger platform for growth,” said John Graf, CEO and Chairman of Forethought. “This combination will create a seamless transition for our policyholders and distributors, and substantial opportunities for our employees.”
Upon close, Forethought will become a wholly owned subsidiary of Global Atlantic, which will acquire all products and designs, distribution, marketing, intellectual capital and employed talent, as well as all in-force business.
Allan Levine will continue to oversee the combined company as Chairman and CEO. John Graf will join the board of Global Atlantic Financial Group and become non-executive Vice Chairman of the L&A Business and will work with Allan and the management team on an overall strategy for the combined organization. Other key leaders of both Global Atlantic and Forethought’s management will remain in place.