John Hancock Discontinues Individual LTC Sales

The final date to submit business is December 2, 2016 and the final date to place business is February 10, 2017. (Applications must be submitted to IRA Brokerage by November 28, 2016 to allow for proper processing of the paperwork).

From John Hancock:  After a recent analysis of the macro-economic trends facing the long-term care (LTC) insurance industry, we have made the difficult decision to discontinue sales of our individual LTC insurance policies in all states.  As many of you well know, the distribution landscape for LTC insurance has shrunk significantly since the peak of the industry in 2002.  Today, there are fewer outlets through which individual LTC insurance is sold, impacting the growth potential of the product.  In addition, consumer trends, combined with the significant capital requirements of the LTC insurance business, are the primary reasons for this decision, which was not taken lightly.

Please contact our office for any questions or concerns.  Tel. 248-553-9505.

The Standard - A New Product On The Horizon

The Standard plans to ring in the new year with their new individual disability income insurance policy call Platinum Advantage.  We are looking forward to introducing Platinum Advantage and sharing with you the advantages of presenting The Standard. 

Please contact our Disability Marketers for more information.  Tel. 248-553-9505

Side-by-Side IDI Comparison Coming Soon

Soon IRA Brokerage will offer a new effective illustration tool which we believe will benefit you and your clients.  This program offers the capability to compare multiple carriers side-by-side with an easy to read format and clean presentation.  In addition, we will have the capability to customize each comparison with your logo and information.  We are excited about this opportunity to provide you another sales accessory that helps to simplify information for your clients when looking at multiple carriers.

LifeSecure Insurance Discontinues Sales of Individual LTC

Effective November 1, 2016, LifeSecure will discontinue sales of their long term care insurance product in the individual markets and will no longer accept LTCi applications.  LifeSecure was one of the two LTC carriers that offered a 10-pay option for LTC.  We recently announced a new product EssentialLTC which provides pricing stability.

National Guardian Life Insurance company (NGL) designed EssentialLTC to mimic a life combo product but provides a higher long term care benefits with lower premium.  This product also offers popular designs, including those listed below:

PRODUCT FEATURES:

• Return of Premium
• "Reverse Combo" Feature
• Inflation Protection
• Lifetime Benefits
• Single Pay and 10-pay
• Special Joint Pricing
• Competitive Rates
• Shared Care

Please contact us for our Turnkey Business Presentation!  Tel. 248-553-9505

Prudential Face Amount Restrictions

From Prudential:  " Prudential will implement face amount restrictions on PruLife^® UL Protector and PruLife^® SUL Protector beginning October 24, 2016: 

WHAT IS CHANGING?

Prudential will cap the amount of coverage offered to consumers on UL Protector and SUL Protector.  The following face amounts will become effective in illustration systems as of October 24, 2016:

• UL Protector policies with combined face amounts on each insured great than $5 million will not be available.
• SUL Protector policies with combined face amounts on insured greater than $10 million will not be available.
• Applications for amounts great than these limits may be submitted on or before Friday, October 28, 2016, and must included presentations produced no later than Sunday, October 23, 2016."