North American Company Tops the Charts! One of the hottest life insurance products our agents are selling is Fully Guaranteed (Guaranteed to Age 100/120) Universal Life. North American has some of the best premiums on the market right now. Coupled with EXCELLENT full spectrum underwriting, your clients also receive guaranteed death benefit protection, strong guarantees, an alternative to whole life, a powerful estate planning tool and a product for “legacy building”. If you are showing term insurance to younger clients, you should also consider showing a fully guaranteed UL from North American. In additional, North American continues to be a strong player in the term and impaired risk markets.
West Coast Life Wants your Term Business. Term rates were reduced in June 2005 and West Coast went soaring to the top of the charts. They are an “age last birthday” company and want Super Preferred and Preferred term business. Term rate changes also brought a slight “tightening” of underwriting guidelines at the top two classifications. Their term portfolio is backed by sound underwriting and a commitment to continue as a leader in this industry.
Similar to other carriers, they also offer fully guaranteed universal life products - LifeTime Platinum 120 LP & SP. LifeTime Platinum 120 LP offers fixed level premiums for the duration of coverage while LifeTime Platinum 120 SP is designed for short-pay (SP), first year lump sum or 1035 rollovers. As these products are approved nationwide, LifeTime Gold 120 will be discontinued. It is also important to remember that West Coast pays a 24-month rolling commissionable target premium on their UL policies.
United of Omaha is Full of Surprises! We have had some amazing underwriting offers by United of Omaha. They excel in the impaired risk market. Due to their competitive underwriting, we have had other carriers’ highly-rated or declined cases approved and paid for with United of Omaha. Their term rates are very competitive and you should check out their smoker rates - easily some of the best available. For clients that want guarantees, Priority Max GUL is a competitive option. Like other companies products, it offers clients a fully guaranteed death benefit and agents a very strong commissionable premium, plus the ability to “Dial-A-Guarantee” option ranging from age 80 to age 100. Priority “Max” means Competitiveness and Flexibility!
If cash value accumulation or disbursements are the main goal, United of Omaha’s Priority AccumUL is the answer. “We definitely have a competitive edge in several key niches with this new product,” according to the product manager. “Our 15- and 25-year disbursement amounts and accumulation values at age 65 are very competitive for issue ages 35-55.” The product has competitive target premiums, unisex rates and a “Lapse Guard” rider.
AIG Life Brokerage (American General) has a Simple Strategy - Competitive Products, Fair Compensation and Good Service. Should you be concerned after all that you have read or heard about AIG lately? According to AIG’s President and CEO, business has been outstanding! In July, AIG reported a 16% growth in premiums over last year. According to LIMRA, AIG was by far the largest term carrier in the US, #2 in UL and #1 in overall life sales.
Return of Premium Term is expensive but where can you get a 20 year savings account that pays you 5-6% guaranteed with no taxes? That’s how much you would have to earn on a saving account after taxes on the difference in premium between regular term and ROP term over just 20 years. AIG’s product is an endowment policy and has actual cash values that can be taken as a paid up policy at the end of the term.
MetLife Investors (Life) Joins our Team! MetLife adds competitive term, universal life and whole life products to our portfolio. Their underwriting has been liberalized a bit, making it easier to turn your application into a placed case. For instance:
GenWorth Financial Added to Product List. We often see GE Capital or First Colony Life, both GenWorth companies, ranked in the Top 5 or 10 in most term quotes. Until recently, we have not been able to offer these products but are excited about being able to do so now. The Sure Term and Colony Series each have a minimum face of only $50,000, while much of the competition may still have a minimum of $100,000. They also offer fully guaranteed universal life products which compete very well with our other carriers’ products.