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1/31/12
Effective 2/27/12 Genworth will be repricing its Genguard UL, Life Protector and Genguard SUL products with a possible increase in rates.
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1/31/12
Effective 2/27/12 Prudential will be repricing their Pru UL Protector NY and Pru SUL Protector NY to be more competitive in the UL & SUL marketplace.
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11/02/11
Genworth is launching a new LTCI product in 8 additional states with 2 key states included – NY and PA on November 21st. The application must be dated 11/20/11 or before and into Genworth by 12/22/11 to keep current product and rates. Also, you must have any partnership certification completed prior to the application date. Otherwise, you may need to complete a new application with the new product and pricing if you miss the 11/20/11 deadline.
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10/26/11
US Life / American General
Choice Index GUL Approved in NY and Replaces Contin UL Extend Plus
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9/2/11
Security Mutual Life introduces new term product
Product of the Week
Security Mutual Life has introduced a new term life insurance geared toward clients who need permanent coverage, but for whatever reasons, opt for term to begin with.
In addition to the basic conversion right that comes with Security Mutual’s level term products, the new term product includes the option of adding an enhanced conversion feature for an additional charge. The feature allows the policyowner to convert up to 50% of his or her term coverage during each of three time periods, each ending at the second, fourth and sixth policy anniversaries.
The policyowner who elects to convert the maximum amount of coverage using the enhanced and basic conversion options can end up with a permanent life insurance face amount of 250% the term face amount.
This product is not available in all states. Visit www.smlny.com for more info.
Security Mutual Life has introduced a new term life insurance geared toward clients who need permanent coverage, but for whatever reasons, opt for term to begin with.
In addition to the basic conversion right that comes with Security Mutual’s level term products, the new term product includes the option of adding an enhanced conversion feature for an additional charge. The feature allows the policyowner to convert up to 50% of his or her term coverage during each of three time periods, each ending at the second, fourth and sixth policy anniversaries.
The policyowner who elects to convert the maximum amount of coverage using the enhanced and basic conversion options can end up with a permanent life insurance face amount of 250% the term face amount.
This product is not available in all states. Visit www.smlny.com for more info.
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8/6/11
NON-NY Policies Only
The successful launch of TransTermSM, Transamerica Life’s newest product, has highlighted the growing market for a product that can offer the best of both worlds: initial cost-effective term-like premiums with the flexibility for the policy owner to extend to lifetime coverage, if needed.
In addition to competitive premiums, TransTerm also offers high maximum issue ages up to age 85, non-med underwriting for policies with face amounts from $25,000-$99,999, the Income Protection Option (IPO) to structure a monthly guaranteed income stream to beneficiaries, 1035 exchanges, and flexible premium options.1,2
In order to better focus our resources and further strengthen our product offerings, Transamerica Life Insurance Company will withdraw from sale the Trendsetter® Super Series Level Premium Product Portfolio effective August 1, 2011. We will provide a two-month window (ending September 30, 2011) of opportunity to close out all pending sales and submit applications.
The Trendsetter Super YRT product and Trendsetter Super Series New York products will not be affected and will remain available for sale.
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7/1/11
Regulation 187
Effective June 30, 2011: All NY agents writing annuity new business will be required to complete an online training for each carrier annuities are written though. This training must be completed prior to any solicitation with the client. This information should already have been communicated to you from the insurance carrier, but for any additional questions please call us as we are more than glad to help!
Please note, states outside of NY will also be adopting this regulationand will require a 4 hour course in addition the the carrier specific training mentioned above.
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6/20/11
Prudential Introduces a New Life App.
Please use the new life application and dispose of any old applications you may have. The old applications will not be accepted after 8/8/11.
For Agent use Only.
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