Effective August 29, 2022, we have several big upgrades to Select-a-Term:

  • Higher Commission-5% More For You! – We have increased the street level commission on all 18 durations of Select-a-Term!
    Commissionable writing agents who submit Select-a-Term applications signed August 29, 2022, or after will receive an additional 5% commission in all states except for New York where commissions
    will remain the same. To confirm your commission schedule, log into Connext and find your schedule under Contracting & Commission, and Agent Lookup
  • Better Term Rates – Effective August 29, 2022, Select-a-Term is getting repriced in all states except New York where rates will remain the same. There are many great adjustments increasing our position in the top 3 across all terms. Over 96% of cells have lower monthly premiums. Be sure to check out the new 10- 15 year rates!
  • Lower Monthly Modal Factor – We have also lowered the monthly modal factor which puts Select-a-Term among the top term products in the market today.
    Current Monthly Modal Factor: 0.0850  – New Monthly Modal Factor: 0.0845

Improved Underwriting

  • Fast: Underwriting queues coming back into standards
  • Easy: Increased Term fluidless decisions
  • Simple: Agent completed Part B for iGO full eApp
  • Clear: Better communication on offers in Connext and Pending Feeds
  • Reliable Increased completion of cases as applied for

Transition Rules

Paper Applications & AG Quick Ticket

  • New product rates will be available effective August 29, 2022.
  • Applications received in the Home Office prior to September 26, 2022, will manually be given the product with the lowest rates prior to policy issue.
  • This does NOT apply to previously issued or conditionally issued policies.
  • Applications received in the Home Office September 26, 2022, and later will automatically be given the new product rates.
  • Reissue requests to new plan will NOT be honored.
  • New applications submitted to replace existing inforce coverage with the new rates will not be honored within 90 days of the existing coverage going inforce.

iGo Full e-Application

  • New product rates will be available effective August 27, 2022.
  •  Applications received in the Home Office prior to September 26, 2022, will manually be given the product with the lowest rates prior to policy issue.
  • This does NOT apply to previously issued or conditionally issued policies.
  • Applications received in the Home Office September 26, 2022, and later will automatically be given the new product rates.
  • Reissue requests to new plan will NOT be honored.
  • New applications submitted to replace existing inforce coverage with the new rates will not be honored within 90 days of the existing coverage going inforce

 

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Corporate Headquarters:
604 Harper Avenue, Jenkintown, PA 19046 | P: 800.543.5555 / 215.517.4080 | F: 800.343.0804 / 215.517.4087

Miami Office:
3470 NW 82nd Avenue, Suite #670, Doral, FL 33122 | P: 800.683.3077 / 305.908.6700 | F: 800.343.0804

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

GBS Insurance and Financial Services, Inc. is not affiliated with The Leaders Group, Inc. You may check the background of investment professionals on FINRA Broker Check

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