Another Player Hanging Up Their Cleats

[WinoBlues]

No more conversations with JNL?

Goodness gracious, I'm lonely enough in this business already.

Damn, that was funny! That one I can blame on my auto correct phone. If it would have been my error I would have spelled it wrong.

 

[BNTRS]

We mentioned them today in a post about their research in Alt investments.

They've always been a funny one when it came to life insurance. I sort of liked some of what they did, but never saw reason to write business with them for the life side. Still hold their annuity contracts in high regards.

I don't see anything announcement wise on this from them. Is this what people are getting from their RVP? They've closed other products without announcing it, so I wouldn't be extremely shocked if they did that here.

 

[Chicken Coop]

We mentioned them today in a post about their research in Alt investments.

They've always been a funny one when it came to life insurance. I sort of liked some of what they did, but never saw reason to write business with them for the life side. Still hold their annuity contracts in high regards.

I don't see anything announcement wise on this from them. Is this what people are getting from their RVP? They've closed other products without announcing it, so I wouldn't be extremely shocked if they did that here.

The Denver sales office told me today that it is true. They have been deluged with calls.

They don't know about conversion options.

@BTNRS,

The fact that this company is doing this especially with this kind of short notice does not bother you a just a little bit?

To my way of thinking, more notice should be given.

 

[WinoBlues]

The Denver sales office told me today that it is true. They have been deluged with calls.

They don't know about conversion options.

@BTNRS,

The fact that this company is doing this especially with this kind of short notice does not bother you a just a little bit?

To my way of thinking, more notice should be given.

I got my info from Denver also. Pretty much "Yes it is true. No we have no information on conversions. Is there anything else?"

I have a guy that has been on the fence about converting or taking his chances with a few tables. Time to Do It or Don't.

I have an old book with them but other than conversions I have not written any new business with for a while. So I did not get a notice.

Another concern, What if they decide to terminate inactive life agents as a way to discourage conversions?

 

[BNTRS]

@BTNRS,

The fact that this company is doing this especially with this kind of short notice does not bother you a just a little bit?

To my way of thinking, more notice should be given.

This is the same company that has closed annuity contracts for sale with no notice.

The same company that closed Blackrock sub accounts in their VA very quietly only a month or two after they announced, quite emphatically, that they had it.

The same company that was dead silent when Pru PLC was considering some of AIG's obligations and went on a downgrade watch with every rating agency in the U.S.

I've not known them for being incredibly transparent, especially concerning bad news. So for me, this seems par for the course.

Not really knocking them. They do a lot of things right.

Additionally, they aren't exactly known as a strong life competitor, so their exit from the market--while troublesome for some--is probably not going to impact a lot of agents in terms of everyday life.

 

[WinoBlues]

With in the last two weeks the new Life internal wholesaler was trying to set up a meeting with regional. I asked her then how the life business was going. She said great. Wonder where she was today when I tried to reach her.

This is the same company that has closed annuity contracts for sale with no notice.

The same company that closed Blackrock sub accounts in their VA very quietly only a month or two after they announced, quite emphatically, that they had it.

The same company that was dead silent when Pru PLC was considering some of AIG's obligations and went on a downgrade watch with every rating agency in the U.S.

I've not known them for being incredibly transparent, especially concerning bad news. So for me, this seems par for the course.

Not really knocking them. They do a lot of things right.

Additionally, they aren't exactly known as a strong life competitor, so their exit from the market--while troublesome for some--is probably not going to impact a lot of agents in terms of everyday life.

 

[bluemarlin08]

[FONT=&quot]July 13, 2012


As Jackson National Life Insurance Company®(Jackson®) looks to 2012 and beyond, we are making choices about where to make investments for growth, and more specifically, where to allocate capital. After careful consideration, Jackson has decided to discontinue new sales of life insurance products and close its captive life insurance agency, the JNL Southeast Agency.

Effective August 1, 2012, Jackson will no longer accept and process new applications for life insurance policies.

Transition Rules:
Applications and required point of sale forms must be received by Jackson's home office before or on August 1, 2012.

Pending Applications received on or prior to August 1, 2012: [/FONT]

• [FONT=&quot]Cash:[/FONT][FONT=&quot] All requirements needed to issue a policy, including premium, must be received within 5 calendar days of notification and underwriting approval.[/FONT]
• [FONT=&quot]1035 Exchange:[/FONT][FONT=&quot] All requirements needed to initiate the 1035 exchange must be received within 5 calendar days of notification and underwriting approval. [/FONT]

[FONT=&quot]Applications received after August 1, 2012 will be returned. If underwriting approval is not received as of August 31, 2012, applications will be returned as well.[/FONT]


[FONT=&quot]Policies that have already been issued and/or placed in force are not impacted.[/FONT]


[FONT=&quot]Jackson will continue to invest in and grow its life insurance customer service centers as it executes its wholesale life insurance acquisition strategy. Jackson sincerely appreciates your business and remains committed to meeting all the contractual obligations under the life policies we have sold. The terms and conditions of existing contracts will not change. For variable universal life products, existing contract holders will continue to receive updated prospectuses for the product and underlying subaccounts (and any supplements). They will also continue to receive quarterly statements. Whole life and universal life contract holders will continue to receive annual policy statements. This correspondence will come from the underwriting company - Jackson National Life Insurance Company.[/FONT]

[FONT=&quot]
Jackson will continue to offer whole life, variable universal life and universal life products for those term policyholders who have contractual conversion rights. Policyholders who want to do term conversions or make other policy changes should contact the Jackson Service Center directly at 1-800-644-4565 to request such changes. Additionally, if you have any questions about in force or pending business, please contact the Jackson Service Center.
[/FONT]
[FONT=&quot]This decision should have no impact on any individual policies nor is it a reflection on the health of the company. Life insurance sales have not been a material part of Jackson's business for several years. This move is simply part of Jackson's long-term practice of evaluating and implementing different ways to increase the efficiency of its operations. [/FONT]

[FONT=&quot]Thank you again for your business and we trust that you will be prudent in considering replacing any Jackson life policies with policies from other life companies.

If you have any questions, please contact the Jackson Service Center at 1-800-644-4565 for more information.


Greg P. Cicotte
President
Jackson National Life Distributors LLC[/FONT]

 

[rivdogg]

Maybe they are clearing the deck to buy a major player in the life game?

 

[WinoBlues]

So I printed out all my term with them. Now I spend the week doing the Do it or Don't calls. Convert to what we know or take a chance on what they let you convert to later. I would put money on the ULC being pulled. Opportunity!