Connext Enhancement: Direct Links To Required Form PDFs
A recent Connext update provides users with direct links to forms within the outstanding requirements section of a new business policy detail. This is a change from the current practice which required users to perform a separate search with Forms Depot to find the form. Here is how it works.
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Corebridge Inforce Tobacco Class Changes And Removal/Reduction Of Ratings
Policy changes from Tobacco to Non-tobacco classes will be considered after the first anniversary date and the insured has discontinued use of any tobacco products and/or nicotine substitutes for a minimum of 12 months.
Requirements:
- State-specific inforce policy change application fully completed
- Current urinalysis
- MIB check.
Notes:
- A policy change to STANDARD NON-TOBACCO will be allowed on both Term and Permanent cases subject to these requirements
- The urinalysis must be negative for Nicotine
- The tobacco change will be declined if there is significant interim medical history (heart attack, stroke, cancer, etc.) related to the prior tobacco usage or was the impetus to the discontinuance of the tobacco use.
Read more…
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FIA and FA Crediting Rate REDUCTIONS “Changes” Reminder
In last week’s eNews, we alerted you to likely impending changes in MYGA and FIA crediting rates. Sure enough, during the past week we saw rate “change” notices from several carriers, where not only fixed rates were reduced but also reductions in caps and participation, some with very little notice. On top of this there was the stock market volatility.
We cannot predict when and what the next group of changes may occur. But in any case, this is still a perfect time to talk to your active and prospective clients about the unique value annuities provide for future savings, especially the downside protection offered by both FIA’s and FA’s.
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Urgent – Should Annuity Producers Act Now? Important Impact News For All Annuity Producers
For the past few years, the interest rate environment has allowed our insurance carrier partners to offer historically high rates on both FIA and MYGA products. FIA performance has also benefited from generally modest level of market volatility. These factors have contributed to producers experiencing higher annuity sales volumes.
Among other factors, the 10-year Treasury yield is down almost 100 basis points from its peak this year and down more than 50 basis points in the last two weeks alone. The VIX Index, one indicator of potential market volatility, is currently more than double its average 2024 level. All these factors combine to cause significant downward pressure on annuity rates.
We are expecting that annuity insurance carriers will move quickly to reflect the current economic realities, with very short transition windows affecting MYGA, FIA and RILA rates and crediting plus GLWB roll-up and income factors.
We urge you to plan now to contact any clients where annuities should be part of their portfolio and to not hesitate to suggest they consider acting quickly. Contact your Cenco annuity team to help.
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To All Corebridge Life Producers
As many of you are aware, Corebridge has been implementing a new and improved admin system over these few weeks. During the transition, Connext is experiencing intermittent outages. For those of you wanting to do an e-App when Connext is down, don’t forget you can always do the same iGo application by logging in to Cenco’s website and selecting “Start an e-App” or also when using “Get a Quote”.
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Check Out the Cenco Website At www.cencoinsurance.com And Submit Your e-Applications for Multiple Insurers.
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DI Did You Know
Sales Idea: The Small Business Owner Twofer
Most small businesses and private practices require daily involvement from an owner to remain profitable. Small business owners benefit from personal income protection for their own income – but they also need business income protection to protect their business.
Business products like Business Overhead Expense and Buy-Sell provide a business owner with peace of mind, knowing that their business could continue normal operations if they became unable to work. Don’t miss the opportunity to talk to clients who own small businesses about disability income insurance protection. Selling multiple DI products to protect the small business owner and their employees is like a two for one sale.
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Annuity Corner
Save Your Clients Money With Guarantees
CDs are popular for those wanting a safe, low-risk way to save money. A posted 10/22 Bankrate average for a 3-year CD was .98% and is income taxable. A 3-year Multi-Year Guaranteed Annuity (MYGA) offers 4.7% and is not currently taxable. Which one would be better for your client?
Help strengthen your client’s relationship with you. Check the rates below and contact Cenco for the most current rates for any available time periods. Your clients will be glad you did, and so will you.
Don’t miss the chance to solidify your client relationships with the best MYGA rates including
some recently updated California rates:
- A Top 2-year rate – 4.90%
- A Top 3-year rate – 5.25%
- A Top 4-year rate – 4.85%
- A Top 5-year rate – 5.30%
- A Top 6-year rate – 5.45%
For more information and carrier details contact your Cenco support team.
MYGA Rates Are Decreasing!
Call Cenco For More Information at (916) 920-5251
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Carrier Incentives
Travel the World With Cenco!
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