7702 changes Background With the passage of the Consolidated Appropriations Act of 2021 on December 27, 2020, a change was made to Section 7702 of the Internal Revenue Code. This change outlined several requirements permanent life insurance policies must meet in order to qualify as a life insurance contract for tax purposes The change affects the life insurance industry by replacing the statutory interest rate assumptions (from 1984) from a previously hard-coded 4% rate to a floating rate. These changes will impact the limits associated with definitions of life insurance in the Guideline Premium Test, Cash Value Accumulation Test and
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IUL Cost Comparison Flyer: New Carriers Added
Our IUL Cost Comparison Flyer has been updated with additional carriers! Why is the information on this flyer so important? When it comes to indexed universal life (IUL) products, it can seem like all products use the same general design which makes it tempting to choose a product based on which illustrates best. However, when you look closer at each product illustration, you’ll start to notice some important differences you and your clients should be aware of. These differences are in the product’s charge structure and in the value-added features the products come with. In our newly updated Cost Comparison
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The Hidden Costs of Waiting
We all know there are risks that come with waiting to purchase a life insurance policy: What happens if the client unexpectedly dies and doesn’t have the death benefit? What if the client is diagnosed with an illness that no longer allows him to be insurable? But with an accumulation-focused life insurance policy, there’s an additional consequence your clients may not be aware of. Waiting can also impact the amount of income your client can take from his or her policy down the road. Even waiting just a few years could change the income potential by thousands of dollars a
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IUL Express Producer Training Video
Our IUL Express producer training video provides you with everything you need to know about the product, including the product features, who the target market is, how the indexing options work, the additional options available and more. Watch the Producer Training Video now > > If you have any questions, please contact your Mutual of Omaha’s Sales Support at (800) 693-6083 or email sales.support@mutualofomaha.com. IUL Express Producer Training Video #goldencareagent #mutualofomaha #iul
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A Low-Cost Product Offering High Value
When it comes to indexed universal life (IUL) products, it seems like all products use the same general design. It can be tempting to choose a product based on which illustrates best. However, when you look closer at each product illustration, you’ll start to notice some important differences you and your clients should be aware of. These differences are in the product’s charge structure and in the value-added features the products come with. In our newly updated Cost Comparison flyer, you will uncover: How our cumulative charges compare to our competitors This shows how much of the premium goes towards
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United of Omaha Products are Now Available on InsMark
United of Omaha’s Indexed Universal Life products are now available to bridge into the InsMark Illustration Software. InsMark is a third-party software designed to help create sales concepts that show the long-term benefits of purchasing permanent life insurance. If you are a current InsMark subscriber, you will see the InsMark bridge icon (shown at the right) when you run our indexed universal life insurance products in WinFlex Web. This bridge will take the data from our IUL illustrations and use it within the InsMark sales concept reports. Some examples of the available reports include: Permanent Insurance vs. Term Insurance Other
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Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).
Express Underwriting, Income Advantage, Income Advantage IUL, indexed universal life, insurance, IUL, Life Insurance, Life Protection Advantage, Life Protection Advantage IUL, mutual of omaha, Mutual of Omaha Insurance Company, premium, Premiums, rates, and United of Omaha.
Express Underwriting, Income Advantage, Income Advantage IUL, indexed universal life, insurance, IUL, Life Insurance, Life Protection Advantage, Life Protection Advantage IUL, mutual of omaha, Mutual of Omaha Insurance Company, premium, Premiums, rates, and United of Omaha.
Tax Bracket Risks Brochure Updated for 2021
When tax season arrives, your clients are likely thinking about the past year and the one ahead. But it’s also a good time to talk about the future and their tax situation when they retire. A properly-funded Income AdvantageSM IUL policy is a good way to help your clients plan ahead and minimize their tax risks in retirement. Our newly updated Tax Risks Brochure for 2021 can help you explain the advantages of an IUL policy to your clients. The updated brochure can be ordered through your normal supply channels beginning Friday, February 12, 2021. Tax Bracket Risks Brochure
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Changes to Section 7702
Changes to Section 7702 in COVID relief legislation Changes drive by low interest rate environment As part of The Consolidated Appropriations Act of 2021, signed into law on December 27, 2020, a change was made to Section 7702 of the Internal Revenue Code. This change outlined several requirements permanent life insurance policies must meet in order to qualify as a life insurance contract for tax purposes. Given the ultra-low interest rate environment, the change assists the life insurance industry by replacing the statutory interest rate assumptions (from 1984) from a previously hard coded 4% rate to a floating rate. These
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Action needed: Get email notifications for online documents
Action needed: Get email notifications for online documents Coming soon, Securian Financial will stop sending life in-force client service documents by mail and instead send email notifications, when documents are available online. Clients, however, will continue to receive their documents by mail as they do today. To make sure you receive these email notifications, here’s what we need from you: Please email idgwebaccess@securian.com with a preferred email address for life in-force communications for your firm. Contact Securian With Questions For any related questions, please call (833) 365-0322 or email idgwebaccess@securian.com. #goldencareagent #minnesotalife #securian
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IUL Max Illustrated Rate Change
Effective February 1, 2021, the IUL maximum illustrated rates in WinFlex Web will increase as follows: Income Advantage IUL: 100% Participation Rate with 10% Cap: Increasing from 6.17% to 6.20% 140% Participation Rate with 7% Cap: Increasing from 4.74% to 4.77% 50% Participation Rate with No Cap: Increasing from 5.80% to 5.84% Life Protection Advantage IUL: 100% Participation Rate with 8.5% Cap: Increasing from 5.42% to 5.45% 140% Participation Rate with 6% Cap: Increasing from 4.11% to 4.14% 40% Participation Rate with No Cap: Increasing from 4.66% to 4.69% IUL Express: 100% Participation Rate with 9.25% Cap: Increasing from 5.80%
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