ACT NOW, if you’re considering placing an AIG product!

AIG is reducing their first-year commissions by 5 points across all of their standard products effective 1/1/08. 

If you are considering placing an AIG product, we suggest that you do so before December 27, 2007, AIG’s 2007 submission cut-off date, in order to avoid this 5 point reduction in first-year commissions.

Remember:  Place your case with AIG before December 27, 2007.

MetLife is once again offering their External Term Conversion Program.  

Your clients term conversion can be attained without having to go through new underwriting;        if underwriting has been done in the past 5 YEARS.  

Don’t miss the opportunity to take advantage of NO new UNDERWRITING for External Term Conversions.

Guideline for Eligibility:

• The insured’s attained age at time of application must be 16 -65.
• The term policy must have been issued within the past 60 months of the Part 1 date of the new permanent life insurance application.
• The term policy must be in-force and premium paying (no Policies on disability waiver are allowed) and have been issued standard or better.
• The term policy must be within its contractual convertible period
• Only fully underwritten term policies issued under normal new business underwriting rules are eligible.
• The entire face amount of the term policy must be converted; no partial conversions will be accepted.
• Initial class must be standard or better.

With MetLife waiving the medical requirements, they have carefully selected carriers who have strong underwriting.    For more information about this program or any other like it,

contact Vickie at vickie@provada.com

Simple, yet commonly over looked errors are causing unnecessary underwriting delays! 

Know what mistakes to look for before sending in your next application.

Overlooked application error:   

Sending in an application that is dated differently than the forms and checks submitted with the application.

Consequence:

If the dates are different,  the check will be returned by the carrier, NO EXCEPTIONS

Solution:

Double checks to make sure all dates on the application are the same.

• Dates on the application should ALWAYS be the same for any forms and checks submitted with the application.  This also means dates on the temporary insurance agreement should be the exact same as the date on the check submitted with it! 

IT’S LONG-TERM CARE AWARNESS WEEK!  NOVEMBER 4-11th.

Have you told your clients why they should plan for their Long-Term Needs?

It could mean the difference between financial and emotional security, or your clients winding up in a government-mandated facility. 

ENGAGE, PREPARE,  and INSPIRE your clients to take action with Bill Upson’s book,         "Long Term Care Alternatives and Solutions"

Bill Upson, CLU, ChFC, a Top of the Table producers, has created a powerful Long-Term Care resource designed to educate agents and clients on how to handle the unexpected.   This book is a great tool for those starting out in LTC; while also adding tremendous value to those who are experienced.

Drawing on his own experience, Bill provides checklists that aid in determining individual needs, and also provides guidelines on how to design a plan that will preserve the physical, emotional, and financial well-being of your clients and their families. 

This book provides all of the tools necessary to preserve your clients’ assets, pick up a book and learn more about:

• What long-term care is, and who needs it
• Medicaid / Medi-Cal and Medicare
• Policy Purchase Consideration
• Association Plans & Medical savings accounts
• Alternative ways to fund LTC
• Tax Implications
• And much more!

For your copy of "Long Term Care Alternatives and Solutions" Email: nickelle@provada.com

A recent survey by the Life Insurance Settlement Association and Agent Media determined that in 2005 only 18% of all agents engaged in a life settlement transaction.

This year, 2007, 31% intend to engage in a life settlement transaction, and near 50% of the respondents now believe “there is a substantial potential for additional income from life settlements.”

Why the change?

Although the study did not indicate the reason(s), I believe, It has mostly to do with agents discovering that they can increase their insurance production through the proper use of life settlements. In other words, agents are utilizing life settlements to produce additional life insurance premium.

Take the time to understand the life settlement “game,” and use this knowledge to generate more six-figure life insurance premiums!

Below are two examples of how a settlement/new insurance sale was the best option for the client.

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Clients have apprehension about taking a medical examination for life insurance. The process provokes both anxiety and hesitation.  In addition, it is possible that improper client preparation could lead to avoidable poor underwriting decisions.

Preparing your clients as early as possible for their life insurance exam, will make the process easier for your clients, and improving their chance for a favorable underwriting outcome.

1. Morning Exam. If possible, Clients should schedule their examination in the morning. It is easier for clients to fast while they sleep, and blood pressure is typically at its lowest upon first waking.

2. Rest and Good Health. Clients should have adequate rest and be in good health for their medical examination. If a client is sick (even a cold) or exhausted, the exam should be rescheduled. Make sure that pregnant clients inform the examiner of their condition.

3. Nicotine Testing and Usage. Clients should not use any nicotine product for at least two hours prior to the examination. Clients will have their urine tested for nicotine. Clients do not have to be cigarette smokers to have nicotine discovered in their urine sample cigars, chewing tobacco, snuff, nicotine patch and gum can all cause nicotine to be detected. It is important that clients disclose to the medical examiner any nicotine products they are using. Failure to do so, combined with a discovery of nicotine in the urine, may suggest a lack of full disclosure.

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