Sentinel Security Life – Product Updates 10/27/2014
THIS WEEK AT SENTINEL SECURITY LIFE
ANNUITIES:
RMD’S NOW ALLOWED IN YEAR 1 // PENALTY FREE WITHDRAWAL NOW 10% INDEXING STRATEGY CAPS AND FIXED RATE ADJUSTMENTS NEW SUITABILITY FORM REQUIRED FOR FLORIDA APPLICATIONS
LIFE: ALL TRUE STORIES – VIDEOS FOR YOU TO VIEW AND SHARE
HEALTH: BEST MEDICARE SUPPLEMENT RATES IN PENNYLVANIA!
SALES: 16 TIME-TESTED SALES CLOSING TIPS
Sentinel Plan Annuity Products
Summit Bonus Index – Penalty Free Withdrawal/Required Minimum Distribution
The penalty free amounts available on the Summit Bonus Index will increase effective November 1st. This will be effective for any policies currently in force and all new
business. See below for specifics:
For the first Policy Year, the penalty free amount available is the Required Minimum Distribution or the interest earned on the Fixed Account.
For subsequent Policy Years, the penalty free amount available is the Required Minimum Distribution or up to 10% of the Accumulation Value, whichever is greater.
Summit Bonus Index – Indexing Strategy Caps and Fixed Rate Adjustments
The indexing strategy caps and fixed interest rate on the Summit Bonus Index will decrease effective November 1st. Please see below timeline:
October 31, 2014 – Date applications must be signed to receive current caps and fixed interest rate. Applications must be signed by October 31, 2014 or before to receive the current caps and fixed interest rate.
November 1, 2014 – Date when new caps and fixed interest rate takes effect. Any application signed on November 1, 2014 and later will receive the new caps and fixed
interest rate.
November 7, 2014 – Date application must be received in the Home Office to receive current caps and fixed interest rate. Applications signed by October 31, 2014
or earlier must be received in the Home Office before 3:00 pm MST on November 7, 2014 to receive the current caps and fixed interest rate. We will accept faxed or
e-mailed applications if hard copies are received in the Home Office on November 10, 2014.
December 15, 2014 – Date 45-day rate lock ends. All transfers and exchanges for any application signed on October 31, 2014 or earlier must be completed by December 15, 2014 in order to receive the current caps and fixed interest rate.
The new caps are shown below and available on the Rate Sheet.
Annuities in Florida – Suitability and Disclosures in Annuity Contracts
On October 1, 2014 the Florida Department of Financial Services (DFS) amended Florida Administrative Code Rule 69B-162.011, “Suitability and Disclosures in Annuity
Contracts – Forms Required” (the Suitability Rule). Asamended, the Suitability Rule change Annuity Suitability Questionnaire (Form DFS-H1-1980) and Disclosure and Comparison of Annuity Contract (Form DFS-H1-1981) to add questions addressing the additional factors to be
considered under the revised statute.
The modified Rule and Forms become effectiveOctober 21, 2014, with no delayed effective date for the use of the new forms. These forms are available on our Producer Portal or by clicking the links below. You may continue using the forms in the existing printed application packs EXCEPT for these two new forms which are required to be sent
with all Florida applications that are signed on October 21, 2014 or later.
If you have some extra time, check out a few of these
videos that lifehappens.org has put together. They are
real life stories of people from all backgrounds, who
understand the importance of life insurance. Share with
your clients, your colleagues and your family to increase
awareness for life insurance!
The Sixteen Time-Tested Closing Keys by Charles Roth &
Roy Alexander
“It’s widely known that the upper 20 percent of
salespeople close the lion’s share of sales. What we’ll
examine here is how they do it. You’re about to hear many
definite and tangible closing techniques. And they’re all
built on this cornerstone: You must assume that the
customer will buy and that you will close every sale. If
you are positive in your own mind, this positiveness will
show. The customer will buy. The only question is when and
how much!”
Every week, we will be sharing Charles Roth & Roy
Alexander closing techniques with you. As stated in the
quote above, these techniques are definite and tangible.
Give us your feedback! If you have a technique you’d like
to share, we would love to hear from you!
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