Broker Check

Broker News

January 2020

MassMutual Broker WebCast

MassMutual’s New Whole Life Product Portfolio

Mass Mutual is enhancing their existing products and introducing several new ones to ensure that you can meet the needs of all of your clients. 

Register Here  

 

Upcoming Workshop – Innovative New Whole Life Products & Sales Concepts
This workshop will introduce you to MassMutual’s new whole life products.  We will also discuss when each one is competitive, how to position at point of sale and have an overview of the variety of new riders that are now available.  *Note: This is NOT a Continuing Education course.
 
Strategy Speaker:  Michael A. Book, CLU, ChFc, CLTC, Managing Partner & General Agent, Fifth Avenue Financial and James X. Farka, SVP, Advanced Sales, Fifth Avenue Financial
Wednesday January  22, 2020 10am-12pm
Fifth Avenue Financial – 530 Fifth Avenue, 14th Floor

Register Here

 

IMMEDIATE ACTION REQUIRED

NY Reg 187 - Best Interest & Product Training for Life Insurance Policies with a Contract State of New York

New York Regulation 187, became effective Aug. 1, 2019, for annuity contracts, and goes into effect Feb.1, 2020, for life insurance policies with a contract state of New York. MassMutual has set Jan. 25, 2020 as the implementation date for all process changes associated with the regulation. Producers must ensure Best Interest and Mass Mutual proprietary product training is completed. 

Brokers can access Best Interest and MassMutual’s proprietary training modules for life insurance via RegEd.  Please refer to the NY Reg 187 Quick Start Training for Brokers, which includes screen shots to walk you through the process.  Completion of Best Interest and proprietary product training is required under New York Regulation 187.  MassMutual has set Jan. 25 as the implementation date for all process changes associated with the regulation. Producers who have not completed the Best Interest and Product training by the deadline will not be able to submit applications.

Please contact your Brokerage Director or salesandmarketing@fifthavefinancial.com if you have any questions. 

 

Advanced Sales

2020 Federal Tax Information

For use with clients, this brochure provides 2019 Federal Tax Information ranging from standard deductions to individual income tax rates. 

 

Estate Tax Change and You

This strategy spotlight overviews the history of Estate Tax and the changes that occurred through the years.

 

Disability Insurance

Illustrated Dividend for BOE and Buy-Sell Disability Income Insurance Increased

The illustrated dividend for Business Overhead Expense (BOE) and Buy-Sell DI insurance products has been increases from 10% to 25% of premium. 


CRN202201-258098

December 2019

SPECIAL ANNOUNCEMENT – IMMEDIATE ACTION REQUIRED

NY Reg 187 - Best Interest Training for Life Insurance Policies with a Contract State of New York

New York Regulation 187, also called “Suitability and Best Interests in Life Insurance and Annuity Transactions,” sets a standard of conduct for producers when interacting with clients and making recommendations for any life insurance or annuity business in New York State.

The regulation became effective Aug. 1, 2019, for annuity contracts, and goes into effect Feb.1, 2020, for life insurance policies with a contract state of New York. MassMutual has set Jan. 25, 2020 as the implementation date for all process changes associated with the regulation. Producers must ensure Best Interest Training is completed.  Here are instructions to complete Best Interest Training. 


MassMutual Proprietary Life Insurance Product Training

Once you complete Best Interest Training, you will be required to complete MassMutual life insurance product training.   Brokers can access MassMutual’s proprietary training modules for life insurance by referring to page 2 of the NY Reg 187 Quick Start Training for Brokers, which includes screen shots to walk you through the process.  Completion of the proprietary training is required under New York Regulation 187, which goes into effect Feb. 1, 2020.  MassMutual has set Jan. 25 as the implementation date for all process changes associated with the regulation. Producers who have not completed the Best Interest and Product training by the deadline will not be able to submit applications.

Please contact your Brokerage Director or salesandmarketing@fifthavefinancial.com if you have any questions. 

 

Brokerage Product Portfolio

Reach for the Top Shelf

Whether you’re helping clients protect their family and business, or plan for retirement,  MassMutual’s suite of annuities, long-term care solutions, life and disability insurance products can help.  Here’s a list of products available in Brokerage.   

 

Advanced Sales

CPI Inflation-Adjusted Numbers for 2020

The Internal Revenue Service (IRS) announced the Consumer Price Index (CPI) inflation adjusted numbers for qualified plans and Individual Retirement Accounts (IRAs) in 2020. These numbers relate to contributions to qualified plans and IRAs. These include pensions, profit sharing plans, 401(k)s, 403(b)s, 457(b)s, IRAs, Simplified Employee Pensions (SEPs), SIMPLEs, Roth IRAs, and Roth 401(k)s.

 

New Business News

Help More Foreign Nationals with Lower Face Amount

As of Nov. 23, MassMutual’s non-high-net-worth foreign nationals underwriting program offers a $500,000 minimum face amount option for non-U.S. citizens living abroad when there is a $15,000 minimum life insurance premium. The attached updated program brochure provides details on eligibility requirements/guidelines for non-high net worth foreign nationals. 

 

Latest Life New Business and Service Forms

Due to 2017 Commissioners Standard Ordinary (CSO) Mortality Table updates, there are new versions of many life insurance new business and post issue service forms.  See attached list of forms, which can be retrieved from FieldNet. Contact salesandmarketing@fifthavefinancial.com if you need updated forms.

 

November 2019

MassMutual Broker Webcast

MassMutual’s Long Term Care Planning Solutions

November is long term care insurance awareness month.  Find details and register for the November 21st Webcast to learn about MassMutual’s long-term care insurance planning solutions for your clients. 

New Business News

2019 Year-End Critical Dates

Please review for year-end deadlines.  Adherence will ensure the best service and timely payment of commissions.

MassMutual Rules and Key Dates for Transition to 2017 CSO

MassMutual and all other carriers must comply with the 2017 CSO guidelines for designing and pricing their life insurance products by year-end. Any products based on the 2001 Commissioners Standard Ordinary (CSO) Table that are still available for sale must be issued by Dec. 31, 2019, to be in compliance. Here are key dates and transition rules to keep in mind. 

UL Guard and SUL Guard Premiums will rise Nov. 23rd

Due to continuing low interest rates, MassMutual’s UL Guard and SUL Guard premiums will increase at the same time these products are updated on November 23, 2019 to meet the requirements of the 2017 CSO Mortality Table. Here are some key points about the upcoming changes to MassMutual’s universal life products.

Competitive Underwriting Alerts

Breast Cancer

More competitive offers available for many clients.

Prostate Cancer

New guidelines take into account the most recent prognosis-based refinements in prostate cancer staging, which enable greater accuracy in determining the mortality risk.

Advanced Sales

Executive Benefit Planning - Leveraged Bonus: Income Tax Deduction Plus Control

Done in case study format, this strategy snapshot is intended for end clients to help provide them another option to help retain key employees to help them save for retirement and protect their families.

2019 Quality & Performance Brochure

This brochure provides a detailed look at key competitive measures that help differentiate MassMutual in the current marketplace; use to demonstrate the company's enduring strength and long tradition of providing quality products and services to help customers achieve financial security.


October 2019

Advanced Sales

Planning for the Financial Protection of Children and Young Adults

Written in case study form, this strategy spotlight overviews the importance of properly drafted estate planning documents in order to avoid unintended consequences.

Whole Life Insurance as a Business Asset

Many businesses need life insurance on owners or employees to provide key person protection and/or fund buy-sell agreements. Companies often choose term life insurance to meet this need, simply because of its low cost (i.e., premiums). However, for businesses with strong cash flow, whole life insurance can be an attractive alternative to term insurance.

New Business Updates

MassMutual Rules and Key Dates for Transition to 2017 CSO

MassMutual and all other carriers must comply with the 2017 CSO guidelines for designing and pricing their life insurance products by year-end. Any products based on the 2001 Commissioners Standard Ordinary (CSO) Table that are still available for sale must be issued by Dec. 31, 2019, to be in compliance. Here are key dates and transition rules to keep in mind. 

NEW: High Net Worth Foreign Nationals Underwriting Program

Help wealthy residents of foreign countries meet their life insurance needs.  This new underwriting program targets high net worth foreign nationals living abroad but with business, financial, or personal interests in the United States. 

MassMutual Participates in Military Insurance Conversion Program

In support of those serving in the United States military, MassMutual is proud to participate in a program allowing veterans and their spouses to convert military group insurance policies to individual commercial policies. About 250,000 servicemembers leave the military each year. Within 120 days of their date of separation from the military, those covered by SGLI can convert their group coverage to a WL20 policy without underwriting. In addition, spouses can convert their Family Servicemembers’ Group Life Insurance (FSLGI) within the same 120-day window after established life events. 

More Details: SGLI/FSGLI/VGLI Conversion Program Resources

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Single Premium Whole Life insurance, (SPWL-2013, ICC13SPWL and ICC13SPWL in North Carolina), is a participating, permanent single premium life insurance policy issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001.