Great American's Two New Annuities

Great American Life Insurance Company recently introduced two new annuities to their portfolio, the Premier Bonus and Premier Income Bonus. Here are some thoughts on how to position Great American, and understand the new annuities.

First, it’s important you know two of the top selling annuities from Great American:

1. American Landmark 5 –This is a five-year, short-term option with growth potential. The indexed strategy caps are competitive, and the product offers a fixed rate of up 3%. This is a great short-term option.
2. American Legend 7 – Higher caps than the Landmark 5, annuity but in a seven-year contract. Optional riders are available with this product.

Sales Idea: Add the Inheritance Enhancer Rider. Issue ages for the rider are 55 to 85. It could be particularly appealing to clients ages 75 to 85 because it offers an alternative for clients looking for a great wealth transfer option, or those who can’t get approved for LIFE INSURANCE. This rider offers a 7% rollup credit for 10 years. The contract must be in force for a minimum of five years in order to recieve payout. If the client dies before income payments begin, all rider charges will be credited back. (Review agent guide for more details)

New Products Now Available!

Great American is rolling out the Premier Bonus and Premier Income Bonus products in 38 states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, DC, Florida, Georgia, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico ,North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia, Wisconsin, Wyoming.

Premier Bonus

• Seven-year annuity
• 5.75% purchase payment bonus
• Ideal market – Late 50s to early 60s who prefer not to commit to an income rider or fees in an FIA so they can take advantage of a 5.75% bonus with good caps and a short-term contract.

Premier Income Bonus

• Seven-year annuity
• Built-in income rider offers 8% rider bonus and 8% rollup for 10 years
• Good for clients seeking early income
• Caps and participation rates are higher than Premier Bonus
• Ideal for clients ages 65-70 who are looking to take income in the early years.

Premier Bonus Marketing Collateral

• Client Materials
• Agent Materials

Anything unique about Great American we should know?

• Their optional income rider charges are usually refunded at death, if there is no successor owner, and if owner has not started to receive income payments. This is a very consumer-friendly feature you may not see from other products, and it helps combat the “use it or lose it” hurdle.
• Optional income rider charges are not refunded at death under the Legacy Income product because there is a death benefit paid upon death.
• Death benefit rider (aka Inheritance Enhancer) also will refund rider charges, if there is no successor owner, and the owner passes away during the first 5 contract years. Note - after the 60th month, then the death benefit is in effect and paid upon death.

Top Reasons to Sell Great American

1. “A+” rating with S&P; “A” (Excellent) rating with A.M. Best
• Received two upgrades from S&P during financial crisis
• A U.S. based company traded on NYSE ticker: AFG.
2. In business over 145 years and a top provider of fixed index annuities over the last 10 years; and manages over $61 billion in assets as of June 30, 2018.
3. Simple product portfolio focused on short duration accumulation products and a few great riders.

A.M Best rating of “A+” (Excellent) affirmed August 11, 2017 and is the second of 16 ratings. Standard & Poor’s rating of “A+” affirmed February 23, 2018 and is the fifth highest of 22 ratings. Products issued by Great American Life Insurance Company®, member of Great American Insurance Group (Cincinnati, Ohio), under contract form numbers P1112916NW, P1470017NW, P1129918NW and P1129918NW, endorsement form E1130018NW, and rider forms R6032310NW and R6032410NW (not available in Massachusetts), R6042513NW and R6056918NW. Form numbers, features and availability may vary by state.

5632-GAL-16 8/18


FOR PRODUCER USE ONLY. NOT FOR USE WITH CLIENTS.
This content is for informational and educational purposes only and is not designed, or intended, to be applicable to any person's individual circumstances. It should not be considered as investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action.

We're Revising www.partnersadvantage.com on Sept 3rd.

After many months of thought-provoking conversation, we will be bidding a fond farewell to the content on www.partnersadvantage.com, and we will be refreshing the site on September 3, 2018.  A whole new website for Partners Advantage is coming on September 3, and we're committed to keeping the new site as a fresh and valued resource for our contracted agents.

What You Need to Do ... Back-Up Saved Cases Because we are using new technology in this website, we want to ensure that any cases you have saved to iPipeline, Annuity Rate Watch or Firelight are backed up to your local computer. There may be instances where your saved cases in these outside applications will not be present in the portal after the new site launches, and having a back-up on your local computer will be necessary. Keep an eye out for more information on the new website.

Need Help? If you need any assistance, you can schedule a call with a member of our Sales Team by clicking below For financial professional use only – not for use with the public. This content is for informational and educational purposes, and is not designed, or intended, to be applicable to any person's individual circumstances. It should not be considered as investment advice, nor does it constitute a recommendation that anyone engage (or refrain from) a particular course of action. 565987

Non-Medical vs Underwritten Life Insurance Policies

Peter Pan’s most famous line was “I never want to grow up!” Today, in the life insurance application process I hear, “I do not want to take a medical exam…” While not every type of life insurance plan requires a medical exam, there will be times that it’s necessary when applying for coverage. Is one type better than the other? No. It really just depends on the needs of your prospects/clients, and if they are eligible for a non-medical option.

Life Insurance without the Medical Exam
Do you have clients who need to get a policy issued due to a loan? Divorce? Afraid of needles? They need it yesterday? The non-medical option may be an option for qualified clients.

The non-medical opportunity is available for ages 18 to 69; Class approval ratings can be Sub-Standard to Preferred Plus; Products available are from Term to Permanent; Face amounts are up to $1 million dollars, and approvals can happen within 24-48 hours, on most occasions. Were you aware of all of these options for your clients?

Fully Underwritten Life Insurance
Fully underwritten life insurance usually costs less than non-med insurance, and the medical exam does involve a questionnaire about your lifestyle, blood, urine sample, weight and height check, in addition to family medical history, hospitalizations and medications you take. Normally the insurance carrier pays for the medical exam, but if results come back different than what your clients believe, and they want to contest those results, those additional tests will run at the client’s own expense. With the medical exam, there is a chance that your client may fail and coverage is denied.

Using eApps to Help Speed up the Process
Insurance companies have done an incredible amount of research to get this to a science. The tools for them are there. We can show you the FIVE MINUTE life application that most companies offer. After the case is entered by you on the Partners Advantage website (the client does not have to be present), it gets sent directly to the carrier. Your client then goes through a phone interview, and answers all the same health questions that are on an application. Partners Advantage can help you prepare your client for this call. The carriers will then check Medical Information Bureau (for insurance history and medical codes assigned), run a prescription drug check, a motor vehicle check, and LexisNexis® for additional risk details; All of these areas are checked within 24-48 hours. A carrier either approves the case, or has the client go through additional underwriting (i.e. exam, medical records) based on the information that is uncovered.

Next Steps for You to Take
Partners Advantage can guide you through the process and let you know which carrier, and if non-med or a fully underwritten life policy is the best fit for your prospect/clients’ situation. Give us the opportunity to review a case for you. We have a very talented Underwriting Department that offers questionnaires and other avenues to offer underwriting risk services. So are you and your client up for the challenge? The five minute application process, and the approval may occur within 24-48 hours so call today at 888-251-5525, Ext. 700 to speak to a member of the Partners Advantage Sales Team.

For financial professional use only. Not for use with consumers.

This blog is designed to provide general information about the subject matter covered. Partners Advantage Insurance Services and their representatives do not give tax or legal advice. The material in this blog is provided for informational purposes only and should not be construed as tax or legal advice. Guarantees and benefits are based on the claims-paying ability of the issuing insurance company. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Each case is individually underwritten as the severity of medical conditions varies among individuals. Formal underwriting evaluation and pricing is based on the individual characteristics of each case.

Partners Advantage Insurance Services and their representatives do not give tax or legal advice. The material in this article is provided for informational purposes only and should not be construed as tax or legal advice. Guarantees and benefits are based on the claims-paying ability of the issuing insurance company. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting.

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Five Life Insurance Myths

Courtesy of: Protective Life

Life insurance can be a complex subject, and just about everyone has an opinion about who does and doesn't need it, how much to buy, and what types of policies are best.

For this reason, we're listing the top five myths about life insurance and an explanation for why that myth might not be true. We hope this information will provide insights that can help you, help your prospects/clients decide what's right for them.

Myth 1: Life insurance through work is really all you need.
Having life insurance through work is good, but many employer-sponsored plans offer small term or accidental death policies with low limits. Moreover, these policies are not typically portable, so if your prospects/clients leave their company or get laid off they'll be left without coverage and will need to apply for a new policy based on their current age and health status.

It's important to know their policy limits because what they have through work may not be enough. Securing life insurance independent of what they have at work that can lock them into a lower rate and you won't have to worry about losing coverage if you they are changing jobs.

Myth 2: If you're single or young you don't need life insurance.
Even if your prospects/clients have no dependents, they'll still have funeral expenses that their family will need to pay when they die. They might also get married and start a family at a later date and will need to provide financial support for their spouse and dependent children.

Buying life insurance while they're young can lock them into lower rates.

Myth 3: Only the breadwinner of the family needs life insurance.
A stay-at-home spouse may not earn an income, but think of all he or she does to keep the household running: child care, meal preparation, transportation, housekeeping, and more. With that spouse gone, life suddenly gets a lot more challenging - and expensive.

The cost of replacing the services provided by a stay-at-home spouse can be higher than they think. Life insurance can help defray the cost of hiring help to accommodate a new lifestyle in their partner's absence.

Myth 4: You don't need to review your coverage.
Life insurance isn't a set-it-and-forget-it proposition. Every significant life event - marriage, a new baby, divorce, buying a house, retirement planning- should prompt your prospects/clients to double-check their coverage.

Even if they've had no big changes, it's smart to review their policy every few years to ensure that they're keeping pace with inflation and still getting the best value for their premium dollars.

Myth 5: You're better off investing your money rather than buying life insurance.
Your prospects/clients are taking a big chance when they depend solely on their investments to take care of their family. If they die without coverage, there may be no means to provide for them after their assets are depleted.

Don't bank on their assets being enough. Establishing a life insurance policy outside their investments ensure that their family has enough readily available cash when they die.

These are just a few of the misunderstandings about life insurance. Help your clients know the facts and don't let the myths stop them from choosing the right coverage. To get more helpful information about types of life insurance and how they can meet your clients needs, contact Partners Advantage at 888-251-5525, Ext. 700.

You can view the original article post on Protective Life's Learning Center website: https://www.protective.com/learning-center/life-insurance/five-life-insurance-myths/

This material is intended for educational purposes only. You should not treat any opinion expressed as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion and experiences. Partners Advantage does not warrant or guarantee the accuracy or completeness of the information contained herein.
A Life insurance is a complex subject that is easily misunderstood. Many times people look to friends or relatives for advice about life insurance and with that increases the chance for myths to be taken as fact. This article highlights a few common myths that are commonly accepted as fact. Don't let misinformation keep you from gaining the understanding you need to make informed decisions about your life insurance coverage needs. For more information, visit our learning center.

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.


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