More and More Insurance Companies Will Be Dropping Some Products.

[Mark]

More and More Insurance Companies will be dropping some products because of today's interest rate environment.


I'm seeing products like Foresters Big UL , AMerican AMicable spwl and more companies will end up dropping some products soon.

 

[WinoBlues]

Reeived from an IMO.

""Genworth is making numerous important changes to Colony Term UL as listed below: Please call me with any questions or concerns you may have.



Discontinuing Colony Term UL 15: Applications for Colony Term UL 15 will no longer be accepted after March 25th regardless of signed date. Colony Term UL 10, 20 and 30 remain available. Colony Term UL 15 will be no longer be available on WinFlex and other quoting systems after March 11th.""

They also changed the Genguard a bit.

LFG dropped the Durations GUL

 

[russelltw]

I was speaking with a retired agent a couple weeks ago about the state of the insurance market and changes coming down with p/c companies in particular. He said when interest rates were high, he could write a dynamite factory; the company did not care, they wanted the premium to invest at 15-18%. Now with interest rates so low, all the insurance companies are getting out of the insurance market (cancelling risk and/or increasing premium) and becoming fee pushers. In my area, many of the big name carriers are dropping risk and pushing agents hard on bank loans, credit cards sales, etc.

I guess at some point it will swing back the other way whenever inflation begins to push interest rates back up and we have a high interest rate environment.

 

[VolAgent]

Reeived from an IMO.

""Genworth is making numerous important changes to Colony Term UL as listed below: Please call me with any questions or concerns you may have.



Discontinuing Colony Term UL 15: Applications for Colony Term UL 15 will no longer be accepted after March 25th regardless of signed date. Colony Term UL 10, 20 and 30 remain available. Colony Term UL 15 will be no longer be available on WinFlex and other quoting systems after March 11th.""

They also changed the Genguard a bit.

LFG dropped the Durations GUL

I would say that is more adjusting to business trends than a reaction to the economy. Does anyone really write 15 year term? Seems most are 20 or 30, with some 10 for business markets or conversions, JMHO.

 

[BNTRS]

I remember selling the hell out of JNL's Bonus Max Two product a few years ago 3.05% in the first year, 2.25 minimum interest rate with a 4% annuitization bonus. Some people scoffed at that.

Looked at it last night (didn't realize it was back because they pulled the product for a while). Minimum is now 1.15% (or something close to that) and the annuitization bonus is 2%.

I'm thinking that money will stay put for quite some time.

 

[Mark]

NOTICE OF WITHDRAWAL OF American AMicable's CLASSIC SOLUTION PRODUCT

We will not accept any Classic Solution applications dated after March 31, 2012. All applications dated March 31, 2012 or prior MUST be received in the Home Office no later than April 6, 2012. Any applications received after that date will be withdrawn and returned.

 

[2112Greg]

Prudential is dropping LTCi.

 

[LGilmore]

There will always be product changes in our business and companies will roll in and out like the tide. When I started waaay back with NYL there were like 65 different insurance products that could be marketed. Slowly but surely NYL started to leave markets. Some of the best things they had is what I sold the most of, but they went away.

It's just the nature of the beast.

 

[GoCubsGo]

NOTICE OF WITHDRAWAL OF American AMicable's CLASSIC SOLUTION PRODUCT

We will not accept any Classic Solution applications dated after March 31, 2012. All applications dated March 31, 2012 or prior MUST be received in the Home Office no later than April 6, 2012. Any applications received after that date will be withdrawn and returned.

That is just their Single Premium Whole Life. Don't why but no big deal.