Reprice Alert: Protective Classic Choice Term
Protective has lowered their Protective Classic Choice term prices once again. They have maximized the value a term solution can offer clients to help them secure what matters most.
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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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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
All Disabilities Can Fit Into One Or All Of the Following Categories:
- Loss of Use – Presumptive: Permanent loss of eyesight, hearing or speech, use of hands and/or feet.
- Loss of Ability – Total: Inability to perform substantial and material duties of one’s regular occupation. Typical causes are heart attacks, stroke or back-related injuries.
- Loss of Income – Partial: Loss of income due to inability to do all duties, or ability to do some duties for less time or less effectively. Partial disability may result from conditions such as multiple sclerosis, cancer, arthritis, and diabetes.
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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 – 4.90%
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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