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Carrier Product Updates

Important Prudential Product Application Deadlines!

Prudential has pulled their Guaranteed Death Benefit UL Protector (single life only, not survivorship)

  • The deadline to get applications to Prudential is 7/13 therefore they need to be at KAFL by noon on Friday, 7/10

Prudential has pulled their Survivorship Variable UL in NY only

  • The deadline to get applications to Prudential is 7/19 therefore they need to be at KAFL by 10:00am on Friday, 7/17

Notice For Your Health Insurance Clients

Beginning Monday June 8th health insurance carriers will begin to send notices to individual and group health insurance customers notifying them of the 2021 rates they are requesting.  PLEASE NOTE: these rates are not final and are subject to change.  The State of New York Department of Financial Services can come back to the carrier to adjust their request and the new rate would be communicated as the “final rate” for 2021 at a later date.  Once the group gets the notice from the carrier it is their responsibility to distribute it to any employee in that specific plan (note each plan may have a different rate change).  In addition these notices can be sent in either hard copy form or electronically to the employees.  If you have any questions please don’t hesitate to reach out to any member of our Employee Benefits team for help.  Thank you!

Where can you find IDI clients?

Income protection is an important topic to talk about – and most people have a need for individual disability insurance (IDI). So, how can you find clients to talk to – and expand your business? Prospects are all around you!

4 tips to find income-protection clients

  1. Talk to existing clients – You’ve already built trust and know their needs, so contact high-income earners, like attorneys, CPAs, veterinarians and engineers.
  2. Use LinkedIn to your advantage – Search for connections by employer and industry, then ask your connections to introduce you to those you have mutual interests with.
  3. Be visible in your community – Host a booth, organize an event or volunteer and network with local leaders.
  4. Attend organized events – Seek out civic and professional groups and associations that cater to specific demographics and occupations, like business owners or architects.
  5. Identify key markets and learn how to engage with them.

We’re here to help…Contact us to discuss IDI prospects and sales opportunities!

 

Beginning 2/1/20, you CANNOT sell a life policy in NY until you are Reg 187 compliant!

New York has had a suitability regulation for producer annuity recommendations, but this regulation did not apply to life insurance. The regulation has been expanded to:

  • any producer recommendation to a N.Y. resident of a transaction involving any type of life insurance
  • a producer recommendation to a N.Y. resident of either a new life insurance policy or an in-force transaction (for example, a conversion of a term policy into a whole life policy)
  • require the producer to meet a “best interest” standard when recommending the purchase of life insurance
  • require the producer to have a “reasonable basis” when recommending life insurance to a N.Y. resident, including having confidence that the client has the financial ability to make the premium payments and for the producer to document that basis
  • require the producer to make certain disclosures to a N.Y. resident when recommending any transaction (whether a new sale or in-force) that involves the payment of new compensation to the producer
  • In addition you will need to complete carrier specific life product training, this new training is required to sell a life policy in New York beginning 2/1/20! The list of training links is available on our Get Licensed Page and will be updated as more information is given to us by the carriers.

 

Here’s your guide to being compliant with Reg 187:

  • Complete Reg 187 training before 2/1/2020 (we suggest RegEd as the course is free)
  • If you have completed Reg Ed course #484 or #485 you have satisfied your life Reg 187 training requirement.
  • Click here to see a link to state approved CE providers.
  • Send training certificate to licensing@kafl.com
  • Carriers will be changing their suitability forms so please verify with KAFL that you have the most current version of the paperwork

 

Click here for full Reg 187 Regulation