Creditor Beneficiaries?  Don’t Bank on It!

CPS Advanced Markets

 

        The easy way out is often the easy way to get in – trouble that is!

 

        The temptation to take short-cuts in the sale and implementation of insurance coverage always exists when dealing with a client for whom another step will cause delay or jeopardize the sale.  This is especially true when the extra step is an extra document that might, in addition, involve an attorney or other advisor.

 

        One of the more common inquiries we receive involves sales situations where one purpose of the coverage sold is to serve as security on a loan or other transaction.  To save time and effort the client simply wants to name the creditor as beneficiary on the policy.

 

“CLICK” here to access our article recently published in Insurance News Net that discusses 5 potential problems that might arise when life insurance is to serve as collateral and the creditor is secured through a beneficiary designation rather than a properly executed collateral assignment.

 

Please give me a call with any questions or comments, or with planning matters that come up in your CPS casework.

 

Tom Virkler, JD CLU

Director – CPS Advanced Markets

706-354-0401 – tom@cpsadvancedmarkets.com

---

Special Conversion Opportunity Extended for
Protective Life and West Coast Life Term Policyholders

Protective Life is extending a special conversion opportunity to Term life insurance policyholders to convert, without evidence of insurability, eligible Protective Life or West Coast Life Term policies to our ModLife, OneStep Life or Centennial G II Plus universal life products.  Click Here for more details.

---

 

Help Clients Achieve Their Retirement Dreams

Most people don’t know how they’d continue to save for retirement if they became too sick or hurt to earn an income. Principal Life Insurance Company has a different kind of solution you can offer – DI Retirement Security.

This innovative Individual Disability Income (DI) insurance program helps clients continue saving for retirement in the event of a disability. 

Sales approach tips

• Sell Individual DI insurance and DI Retirement Security together.
• Approach clients who are at their maximum issue limits for Individual DI.
• Approach clients who are contributing the maximum to their 401(k).
• Talk with employer clients about providing DI Retirement Security as an employee benefit for executives and key employees.

---

CPS Integrated Marketing

www.cpsimis.com

800-776-4647

 

 

Genworth Product Changes

 

Effective February 27, 2012, the Genworth Financial companies are making the following changes to the GenGuard® UL, GenGuard® SUL, and Lifetime Protector SG II products.

 

 GenGuard® UL: The single & short pay solution

 

- Planned premiums increase an average of 3% for guarantees to age 1051.

- Product is no longer illustrated and projections will include guaranteed values only. Guaranteed projection must be submitted with application.

o Signed guaranteed projection is only required with a 1035 exchange.

o Premium verification may be needed prior to issue of the policy.

- To keep the premiums affordable for your clients, the cash value accumulated in this policy has been reduced.

- New issue ages, 0 – 80 (age nearest birthday).

- Loan transfers in connection with 1035 exchanges are no longer available.

- Commissions paid on excess premiums have been slightly reduced. Details will be included in the new commissions schedule on February 27

 

GenGuard® SUL: The survivorship solution

 

- Planned premiums increase an average of 13% for guarantees to age 1051.

- Product is no longer illustrated and projections will include guaranteed values only. Guaranteed projection must be submitted with application. o Signed guaranteed projection is only required with a 1035 exchange.  Premium verification may be needed prior to issue of the policy.

- New issue ages for second insured, 15 – 80 (age nearest birthday). Issue ages for first insured remains 15 – 79.

 

Genworth remains committed to providing affordable universal life insurance solutions that fit your client’s needs and budget. Together we will continue to work to grow your UL sales and close the Main Street coverage gap.

Click Here for details.

Toll Free: (800) 776-4647

Email: info@cpsimis.com