Industry Groups Warn DOL Against Picking 'Winners and Losers'
Regulators should remove their "clear bias" toward fee-based products and stay away from picking "winners and losers," as they seek to amend key parts of the Department of Labor's fiduciary rule, industry groups say.
The DOL's preference for "clean (fund) shares" and fee-based annuities shows the DOL is more interested in developing fee-for-service models and "a la carte type" menu schedules charging specific fees for every service, wrote James H. Szostek and Howard M. Bard of the American Council of Life Insurers.
I tell clients how life insurance can protect their income and give them instant cash, which other products don't do. For many people, it's popular to invest in property, but it can take months to sell your property. In Malaysia, you get proceeds from life insurance in seven days. So I ask my clients, "After your death, do you want to guarantee a continuous stream of income to your family? With the stroke of a pen, you can create that." That solves all objections about purchasing life insurance.
SBLI has a program that will allow clients 18-60 applying for $500,000 or less to purchase coverage and never have to do an exam.
We feel like saving time in underwriting and delivering a better customer experience is worth the extra cost. In fact, beginning April 3, 2017, we will be contacting you about the option of moving a case each time we receive an application that fits into the parameter of the program.
The TBA Mobile App was designed to give advisors the ability to be more efficient while away from the desk. This app has all of the tools needed to create sales as well as process paperwork more efficiently. It can be downloaded on your phone or tablet. It is available to download for free from the app stores of A
ndroid, and Kindle.