Happy 2022!!
We sincerely value your partnership and wish you a happy, healthy, and prosperous new year.
Our office will be closed on Friday, Dec. 31st.
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Making Good on Our Commitment to YOU! |
These are interesting times but we continue to forge ahead and skillfully navigate the terrain. The Pandemic has accelerated the implementation of overdue technology upgrades in our industry -- and we're onboard!
> In 2021, all our programs were offered online/onsite. We delivered 10 hours of free CE across seven states -- we're hoping to expand this program to additional states in 2022.
> This past summer, we launched an all-in-one digital marketing platform specifically designed for insurance agents called Tymbak (pron. "time back"). This is an impressive powerful program and we're exploring ways to peel off parts of it for those who are less adept at using technology.
> However, good marketing may not be enough. With easy access to every other service, consumers are coming to expect quicker access to insurance. Plus, retail insurance websites are on the rise. Light bulb moment: We have more carrier access than these sites. Why not give our agents the option to directly compete?? Learn more about our new website quoter -- seats for this tool are limited. Also, you can easily add North American's Bestow app to your website -- instant quote and, if approved, instant coverage. Contact Melinda@gpagency.com for more information.
Bottom line, if you are committed to success, you have to be forward-thinking to attract new clients and maintain the highest level of service possible to retain your current ones.
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Through our website, we offer access to products that utilize an easy-to-use, 100% online platform. As mentioned above, we also have consumer-friendly quoting tools -- you promote, prospect does the work, you get the commission.
Less time wasted means more policies sold and, when you add in our competitive pay, it's a win-win: scale your business for future growth; thrive in the present.
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New Carrier
Savings Bank Life Insurance (SBLI)
- Founded in Massachusetts in 1907
- Insures 1 million+ families nationwide
- A1 (Excellent) from A.M Best
- Participating Whole Life: single premium to continuous pay; accelerated underwriting: $25k - $750k, ages 18-60 (all risk classes)
- Term Life: 10, 15, 20, 25 and 30 year terms; accelerated underwriting: $100k - $750k, ages 18-60 (all risk classes)
- Underwritten with a telemed exam – no medical exam (APS, if needed)
- Above $750k, underwritten with a paramed exam
- Available on Winflex (Term also on iGo).
- Credit card for monthly payments.
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IRS Not Changing Tax Deduction Limits for 2022
For the first time, the Internal Revenue Service has not raised tax-deductible limits for long-term care insurance according to the American Association for Long-Term Care Insurance (AALTCI).
Tax deductibility is one of the best-kept secrets and potentially benefits millions of seniors, according to AALTCI Director Jesse Slome. “Deductibility becomes especially valuable after retirement when income decreases and health costs generally go up.”
2022 Tax Deductible Limits
Age 40 or less: $450
More than 40 but not more than 50: $850
More than 50 but not more than 60: $1,690
More than 60 but not more than 70: $4,520
More than 70: $5,640
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Confirm Training Requirements BEFORE You Take an App! |
The last thing you want is to have an application rejected because you haven’t completed the proper training. Before taking/dating an application, make sure you have satisfied ALL the appropriate training:
1) Anti-money laundering (AML)
2) State regulatory and product training, particularly in New York
3) Carrier-specific product training
Not sure what training is needed? That’s why we’re here!
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Transamerica:
We are now able to sell their guaranteed issue product in North Carolina; it is available for ages 18-80. For details, contact Teresa@gpagency.com or (800) 283-8376.
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MassMutual:
While reviewing the smoking cessation rates for non-smokers, we observed that MassMutual offers the best rates for individuals who gave up smoking at least one year ago -- can be rated up to Ultra Preferred!
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Gerber:
Product Changes effective 12/15/2021:
> Whole Life Insurance
The minimum face amount for Gerber Life's Whole Life Insurance is decreasing from $50,000 to $25,000.
>Accident Protection
Changes include:
- Face amounts from $50,000 - $250,000 available in all states (except CO).
- Issue ages updated to 18-69 in all states (except CO) for all face amounts - no age banding.
- Spousal coverage available up to 100% of main insured's benefit amount.
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The policy form number changed and a new application is required in the state of Florida effective. The old version of the application will be accepted until 02/12/2022. For a list of of policy form numbers and state availability, click here.
NOTE: Accident Protection will be temporarily unavailable in Colorado effective 12/15/2021.
>Gerber Life Duet Discontinued
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Mutual of Omaha:
Effective January 1, 2022, they will be decreasing rates in many of their Living Promise Graded Benefit Plan cells. They will be maintaining the key product features that are the cornerstone of their Living Promise Final Expense product.
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American National:
Effective 12/1/2021, they made improvements to their popular Xpress accelerated underwriting program that applies to all life insurance applications for ages 0–65 and face amounts $100,000 to $249,999. There will not be any changes to Xpress Underwriting for face amounts under $100,000 or to Xpress Plus for face amounts $250,000 and over.
They state this change will increase the number of applications that are approved without a medical exam or APS requirement by 61%! Click HERE to learn more.
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North American
Topic: The Importance of Periodic Client Reviews
Description: If you think of life insurance as a ‘set it and forget it’ strategy, your clients could be missing out on opportunities to better meet their needs. Your clients might be interested in securing more death benefit, paying less premium or adding new benefits to their policy. If you’re not having these conversations, someone else might be. Join Jared Gwin and see how to position yourself as an important resource and put periodic client reviews into practice.
Date/Time: Jan 13, 2022, 1:00 PM CT/2:00 PM ET
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MassMutual
Worksite Better...
Did you know MassMutual's GROUP whole life insurance is also eligible to receive dividends?
The potential for dividends, while not guaranteed, are an added benefit to an employee’s whole life certificate on top of the protection it provides. Compared to a non-participating certificate, a participating group whole life certificate could yield hundreds of dollars in dividends over time.
For 2022, MassMutual announced its highest dividend payout ever. In fact, they’ve paid a dividend to eligible participating policyowners every year since 1869.
Learn more about how and when employees can receive dividends. Group whole life insurance offers insurance protection and cash value growth.
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Illinois Mutual
Talk to Farmers and Ranchers about DI and BE Insurance
From crops to cattle, agriculture keeps our nation fed. You could help farmers and ranchers feed their families and keep their businesses going if an illness or injury leaves them disabled and unable to work.
Even if farm depreciation and expenses result in little or no reportable income, farmers and ranchers are usually eligible for DI and BE. Illinois Mutual allows you to use acreage or herd size to determine the monthly benefit amount available when income cannot be verified by tax returns.
Plus, farmers and ranchers appreciate having the Return of Premium (ROP) Rider because it gives them a chance to get their premiums back at the end of their DI or BE policy.
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Sagicor
A Fast Way to Secure Life Insurance for Your Client's SBA Loan
If you work with business owners who’ve applied for an SBA-backed loan, and need proof of life insurance, here’s a fast, hassle-free way to help these clients.
Sage Term Insurance with Accelewriting
(a fluidless process featuring eApplication and policy eDelivery)
• Affordable term coverage for 10-, 15-, or 20-years
• Face amounts up to $1 million with the speed of Accelewriting
• Policies typically issued without a paramed exam or telephone interview within Accelewriting limits, reducing cycle time from submit to issue
• Most applications receive an underwriting decision in less than 5 days
• Policies can be collaterally assigned after being placed in force
Another use for Sage Term Insurance with Accelewriting... Capitalize on today’s housing boom: Low interest rates and rising incomes are driving more individuals to participate in the American Dream of home ownership. Make sure they can stay in this new purchase should there be a loss in the family.
Want a legacy solution with chronic care protection and return of premium?
Sagicor’s WealthCare Indexed Single Premium Universal Life Insurance may be ideal for clients who want to create a legacy and more. It’s available for issue to age 85. While WealthCare is not long-term care insurance, it offers a chronic illness benefit that can help pay for in-home care.
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Chronic illness protection for no additional cost or underwriting
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A penalty-free return of premium if their needs would change
What is your client’s plan for care?
During last year’s holiday season many seniors were isolated from their loved ones. Now, 85% of Americans realize the importance of having a plan for care.
Holiday conversation starters
Give these customizable flyers to your clients and encourage them to talk with their families about their plans.
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Nationwide
Free Informal Business Valuation
Nationwide offers this free service, which is a valuable resource if your client is contemplating a Buy-Sell agreement. The usual turnaround is 3-5 business days. They have seen the most demand with these three groups:
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Construction firms: This group has seen a sizable increase in demand. Life insurance is used to bonding for jobs, fund acquisitions, pay retirement needs, buy/sell, etc.)
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Manufacturing: There has been a lot of change in this industry to accommodate demands brought on by the Pandemic. If they have not had a valuation in awhile, their perceived value is likely off.
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Professional groups: This group has been the hottest group for sales/acquisitions. For example, dentists and doctors have accelerated their plans to either expand their office/practice or have made the decision to sell. Helping these clients know their general value has helped on both the sale side as well as acquisition side.
Free Will Planning for Nationwide Life Clients
Having a will can save clients’ loved ones’ time, stress and money later on. Nationwide – in partnership with FreeWill – now offers a simple online will planning tool for life clients. In as little as 20 minutes, clients can create a customized will that’s 100% free and 100% legal, with no lawyer required. They don’t even need to be Nationwide policy owners to access this benefit, which means clients can share this service with their family and friends.
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John Hancock
New living benefits seller's guide
Usually, discussions about life insurance center around financial protection in case of an untimely death. However, consider how other risks — such as a critical illness or a long-term care event — could impact your clients’ income and plans. Use their living benefits seller's guide to help start this important conversation today.
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A Lifetime Income Rider can provide an income stream guaranteed for life!
As life expectancy increases, so does the time spent as a retiree. Century Plus gives the option, at time of issue, to add the Lifetime Income Rider which provides an income stream that is guaranteed for life even if the annuity value falls to zero. Click image for consumer brochure >>>
Key Facts
MINIMUM PREMIUM
$5,000 (Qualified and Non-Qualified)
MAXIMUM PREMIUM
$1,000,000
ISSUE AGES
0-80
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OneAmerica
Compare Long-term Care Costs from State to State
Click image to view interactive map
The need for long-term care doesn't just affect your clients, it affects their entire family. Select a state and click on the details to display estimated costs for that state. Adjust the region and the length of the types of care to view variations. Select up to two states to compare costs. Note: Unfortunately, they do not show costs for Puerto Rico.
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Our Current Annuity Rates |
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Get Paid Faster...
ADVANCE COMP!
Still Available!!
GPAgency's Advance Compensation program is for NEW Term and UL policies sold through Protective AND Legal & General.
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TRANSFORM YOUR BUSINESS MODEL... |
With our comprehensive digital marketing solution: Tymbak (pronounced "time back").
Click HERE for a recording of our recent webinar.
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