Effective, Monday, September 14, all Colony Term applications with face amounts over $100,000, will be commission eligible when submitted through paper applications in addition to our LQR process. As of Monday, you may begin submitting any term cases with face amounts above $100,000 through any submission process you prefer. Colony Term has been and continues to be a market leading product and is especially competitive with face amount under $500,000.
Over the past several weeks we have taken several steps to improve our overall life portfolio. These steps include:
Improved index UL pricing on the majority of substandard table rated cases.
Increased crediting rates on the Total Living Coverage linked benefit product (new business)
Increased crediting rates on many of our traditional UL products (includes inforce policies).
Effective July 1, 2015, a new 10-year term will be added to the Term Life Express portfolio.
This new addition will round out the already robust simplified issue term portfolio and give you one more option for your client’s term life insurance needs. And similar to the existing Term Life Express products, the new term product can be converted into another simplified issue permanent policy.
The 10-year term product is available in all states except New York. It will only be available on the paper application on July 1, 2015, and will be added to the iGO e-app at a later date.
Also, don’t forget about the Term Life Express enhancements that were made on May 1, 2015:
Reducing the maximum face amount from $400,000 to:
$300,000 for ages 18-50
$250,000 for ages 51-65
Face amounts above $250,000 for ages 18-50 will continue to require a mandatory phone interview
Eliminating the oral fluid requirement across the board
Simplifying the application:
The HIPAA/MIB form has been removed from the application packet and added to the application
The HIV form has been eliminated, due to the oral fluid requirement being removed
Effective July 1, 2015, the maximum face amounts for Guaranteed Universal Life Express (GULE) will be raised to $300,000 for ages 18 to 50. The maximum of $250,000 will still be in place for ages 51-65.
GUL Express is a great option for your clients who are seeking guaranteed death benefit protection with a simplified application process.
Key features of GUL Express:
Issue ages from 18 to 65
No blood, urine or paramed exam
Secondary guaranteed no-lapse coverage
Ability to adjust the premium stream and the no-lapse guaranteed period
Popular features including the Guaranteed Insurability Rider and Accelerated Death Benefit for Terminal and Chronic Illness Riders (may vary by state)
Underwriting Transition Rules:
Applications signed on or after July 1, 2015:
Face amounts above $250,000 – Mandatory phone interview
Face amounts $250,000 and below – No process changes
Use the following instructions to get MOBILE quotes:
1. click on https://mobile.ipipeline.com/quote/gaid/1206 from your mobile phone 2. Once the quote engine is opened you can save an icon on your mobile device by clicking add to home screen. 3. Make sure you wait till the icon loads before you click the add button. 4. You are set to go. You can now click on the icon on your device whenever you need to use it.
1. Click on the link for mobile quote https://mobile.ipipeline.com/quote/gaid/1206 from your mobile phone 2. Once at the homepage, clicked menu on the bottom of android phone and selected 'Bookmark' for the site 3. Once have the site bookmarked is selected, another set of options will appear at the bottom of the screen. 4. The agent will want to click on the icon-this will bookmark the site. 5. It will ask the agent if they want to change the name of the bookmark to something more simple-it's defaulted to 'Mobile Quote - powered by iPipeline. 6. If they agent wants to keep the name like it is, then just select
'Ok' and they are finished.
7. To access the site next time they simply open their internet, go to bookmarks and select it from the list.