Internal Revenue Code 7702: Changes and Challenges

Internal Revenue Code 7702: Changes and Challenges
  Much has been written about the Consolidated Appropriations Act of 2021 and IRC section 7702, (§7702) where, effective January 1, 2021, minimum interest rates associated with the Cash Value Accumulation Test (CVAT) and the Guideline Premium Test (GPT) under the definition of life insurance have been lowered.  These adjustments created welcome changes for:  1) owners of insurance to put more money into cash accumulation plans of coverage without running afoul of definition of life insurance and Modified Endowment Contract (MEC) limits, and  2) carriers to get relief from o...
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Conversation Starters, Sales Ideas and Marketing Strategies for 2021

Conversation Starters, Sales Ideas and Marketing Strategies for 2021
Here are some of Windsor's best conversation starters, marketing strategies and sales ideas that you can use right now and well into 2021! As advisors to our clients, we can start a conversation with 60-page product illustrations or we can focus on something simpler and closer to home:  Caring for our families by leveraging low interest rates, securing fully guaranteed life insurance benefits, supplementing retirement income, protecting valuable assets, saving money on taxes, and finding easier ways for clients to get the insurance they want and need.  Even in these difficult times, ...
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Underwriting - Adapting to a pandemic world and insights for the road ahead.

Underwriting - Adapting to a pandemic world and insights for the road ahead.
- A Virtual Panel Discussion Featuring Experts in the Field of Life Reinsurance - DuWayne Kilbo, Moderator I'm extremely delighted to have available three distinguished speakers from the life reinsurance side of our business for Windsor's first Virtual Panel Discussion! With so much going on today as it pertains to COVID-19 and the evolution of the life insurance industry, this is an opportunity to hear from well-known and highly regarded reinsurance industry executives for their input and thoughts on various topics where they provide support and guidance to the industry.  Also, we will h...
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Clients, Prospects and Centers of Influence Conversation Ideas

Clients, Prospects and Centers of Influence Conversation Ideas
​As advisors to your clients, you can start a conversation with 60-page product illustrations, or you can change the conversation to something simpler and closer to home:  Historically low interest rates.  Guaranteed life insurance benefits.  Cash on hand for unexpected circumstances.  Protection for valuable assets.  And easier ways for clients to get the insurance they want and need.  Even in these difficult times, we can do our best to stay calm and communicate clearly.  Here are some ideas from Windsor on how we can begin a conversation about what's impor...
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COVID-19! What Have You Done to Underwriting!?!?

COVID-19!  What Have You Done to Underwriting!?!?
COVID-19, in addition to being a terrible pandemic, has brought a halt to business as usual for most every industry imaginable.  And life underwriting has not been granted an exception.  Among other things, we have seen additional scrutiny placed on certain medical impairments, maximum age and rating limitations imposed, and a reduction in internal retention at some carriers. However, we are also seeing changes—positive changes—occur in underwriting.  Underwriting progress has been made using data sources to forgo exams and to get coverage approved quickly and non-invasively—whi...
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Turnkey Digital Communications & Marketing Tools for Today's Socially Distant Marketplace

Windsor, Life Happens and AIG Get Together for a Webinar You Don't Want to Miss!  On Demand Now!In today's social-distancing reality, staying connected and maintaining your trusted relationship with clients and centers of influence is more important than ever. But where can you find relevant content that is easy to use?  Windsor invites you to learn about the resources, marketing tools and competitive advantages offered by Life Happens and AIG that are literally at your fingertips, along with social media best practices that you can implement today!  

A New Landscape: Death Benefit Focused Products After the 2019 CSO and PBR Changes

A New Landscape:  Death Benefit Focused Products After the 2019 CSO and PBR Changes
  Driven by new CSO tables and Principle Based Reserving (PBR), year-end 2019 ushered in a host of life insurance product changes. These changes impacted both a substantial number and a broad diversity of life insurance products and pricing — especially death benefit-oriented "permanent" plans of coverage, a market where many of us spend considerable time promoting and selling.  To assess what happened, we completed a survey of this market based upon the carriers Windsor represents.  While many of our observations were similar for single and joint life products, there were notab...
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New York's Rule 187 - What Happens in New York Never Stays in New York

New York's Rule 187 - What Happens in New York Never Stays in New York
No matter where you live, no matter where you do business, if you actively participate in the recommendation or sale of a life insurance or annuity product to a client in New York, Rule 187 directly applies to you.  And if it doesn't apply to you today, probably all you have to do is wait. Because, when it comes to insurance regulation, what happens in New York never stays in New York.  Although Rule 187, the new Suitability and Best Interests in Life Insurance and Annuity Transactions rule, exclusively applies to insurance and annuity sales in New York, we have seen regulations like...
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More Than a Game

More Than a Game
In November of 1960 the season was more than half over when the 6-1 Philadelphia Eagles met the 5-1-1 New York Giants with first place on the line in the NFL's Eastern Division. The Giants jumped out to a 10-0 first half lead, but the Eagles fought back to take a 17-10 advantage late in the fourth quarter. The Giants were driving toward a tying score when Frank Gifford, their All-Pro halfback, ran a quick slant pattern across the middle. He caught the ball, but was knocked off his feet by Chuck Bednarik, a 6-foot-3, 235-pound outside linebacker, coming from the opposite direction. The 6-foot-1...
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FASB Update 2018-12 and The Future of Life Insurance - A Conversation With Colin Devine

FASB Update 2018-12 and The Future of Life Insurance - A Conversation With Colin Devine
We're pleased to have Colin Devine, of C. Devine and Associates, join us today for a very timely and important Windsor blog about a topic that could have a significant impact upon the type and price of the products you'll be selling in the not too distant future. Colin, in August, 2018, the Financial Accounting Standards Board issued Accounting Update 2018-12 (ASU 2018-12), an update that affects all insurance entities that issue long-duration contracts – including life insurance and annuities. Earlier this year, C. Devine and Associates published an exhaustive industry peer review on the impl...
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Underwriting Enhancements & Case Design Tips to Help You Sell in the Foreign National Market

Underwriting Enhancements & Case Design Tips to Help You Sell in the Foreign National Market
"I haven't been everywhere, but it's on my list" - Susan Sontag High net worth individuals and families exist all over the world.  In today's global economy, you probably have clients with friends or relatives living abroad who are looking to buy life insurance from U.S. based companies. Whether for business planning, wealth transfer, legacy planning, wealth accumulation or family protection, many foreign nationals are motivated by having monies outside their country of residence.  They desire the stability of US dollar denominated coverage, asset diversification and protection again...
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Today There's a $22 Million Lifetime Gift Tax Exclusion - Your Clients Can Use It Or Lose It

Today There's a $22 Million Lifetime Gift Tax Exclusion - Your Clients Can Use It Or Lose It
A successful sale typically has three common elements:  It solves a large problem.  The solution itself is time-limited, meaning that if you don't take action soon, all will be lost.  And it's a story that you can honestly get passionate about because it's so important to the client. The Tax Cuts and Jobs Act of 2017 created that exact scenario.  Beginning in 2018 and lasting through 2025, the U.S. has dramatically increased the amount of money/assets that individuals can gift to non-charitable entities without being subject to federal gift taxes.  Any client who had m...
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The World of Indexed Universal Life: A Conversation with Bobby Samuelson and Marc Schwartz

The World of Indexed Universal Life: A Conversation with Bobby Samuelson and Marc Schwartz
  It's always great catching up with industry technical guru and thought leader, Bobby Samuelson.  Bobby's Life Product Review is the only source for independent, objective and technical life insurance product intelligence and an outstanding resource for all of us in this industry. We asked Bobby if he would like to join Windsor's Marc Schwartz in a conversation about the latest developments in Index Universal Life products, and Bobby graciously accepted. Marc Schwartz, Windsor Insurance: Bobby, we really appreciate you taking the time to educate us on what's happening in the wo...
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Policy Loan Rescue Strategies and Section 1035

Policy Loan Rescue Strategies and Section 1035
The popularity of Index Universal Life products has stirred up the creative talents of many professional financial advisors, and nowhere has that creativity been more apparent than in the area of policy loan rescues.  No question this is a significant opportunity to bring value to clients and generate a new sale, but it requires a high degree of expertise to navigate successfully.  This article will review rescue strategies so that you have a better idea of what works and what doesn't.  In addition, the Windsor case design team is fully conversant on the options and approaches t...
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At Last! A Tax Break for Both You and Your Client!

At Last!  A Tax Break for Both You and Your Client!
  New Section 199A Makes Pass-Through Deductions Available for Small Business Owners and Life Insurance Professionals The Internal Revenue Service (IRS) recently issued its final regulations describing the rules pertaining to section 199A. For those who are unfamiliar with 199A, the section provides for a new deduction of up to 20 percent of qualified domestic business income for pass through entities such as sole-proprietorships, partnerships, S-corporations, trusts, and estates. AALU provided this summary in its January 30, 2019 WR Newswire: "By way of background refresher on section 19...
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Fast and Furious - Year-End Sales Ideas in 60 Seconds or Less

Fast and Furious - Year-End Sales Ideas in 60 Seconds or Less
Ready for some quick sales ideas that you can take from start to finish before December 31?  Here are some of the best from Windsor and our carriers!   Year-End Tax Deductions!  American National ​As we enter the last two months of the year we are at the very peak of the pension season. Now is the time to contact prospects who couldn't pull the trigger on planning earlier in the year. There is much greater urgency to establish a plan now than back in March when no deadlines were looming. Contact accountants and let them know that you can help them and their client...
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Does an $18,000 Premium Grab Your Attention?

Does an $18,000 Premium Grab Your Attention?
A major life insurer recently shared significant premium results that they've realized in the business planning marketplace over the last couple of years. The average size case represents $18,000 in new premium. And that's $18,000 of traditional individual life premium - not COLI or spread compensation type products. If that number and the resulting revenue grabs your attention, then you'll want to invest some of your time to realize this kind of ROI - because the results are real, business owners are buying, and advisors are successfully using permanent life insurance to alleviate a host of w...
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Life Insurance Awareness Month

Life Insurance Awareness Month
Introducing Caitlin Peterson -  Earlier this year, Windsor participated in the Life Happens "Life Lessons Scholarship Program" for young people whose lives were dramatically changed by the death of a parent. The participants were asked to tell their stories and, as you would expect, all of their experiences were tragic and powerful.   Windsor selected Caitlin's story as the most compelling, and as a result Caitlin was awarded a scholarship for her ongoing education.    We recommend that you take a few minutes to read Caitlin's inspirational story here. ​ September is L...
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A Great Idea That's Only Getting Better. Stronger. Easier. Life Insurance Retirement Plan.

A Great Idea That's Only Getting Better. Stronger. Easier.  Life Insurance Retirement Plan.
For life insurance industry veterans, using cash value life insurance to supplement retirement savings is as old as the rate book. Overfunding premiums and enjoying the advantages of both insurance protection and tax-free accumulation (without the burden of qualified plan rules) is what makes our product so unique. And with the potential for tax-free income down the road, we really have an unmatched solution for clients wanting to enhance their retirement in a very tax-efficient way. If life insurance is new to you, or if you just need a refresher on the Life Insurance Retirement Plan (LIRP) c...
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A No-Hassle Unique Benefit Your Client Has Never Seen - Until Now

A No-Hassle Unique Benefit Your Client Has Never Seen - Until Now
Interested in offering clients additional products and services while enjoying the compensation that comes with it? How would you like to strengthen and secure your client relationship by helping the business retain and reward key people? Could your practice benefit from another source of current and future revenue by providing innovative life insurance solutions without the "noise" associated with this line of business (underwriting and ongoing administration)? What if the only invasive question was "are you actively at work?" And finally, any "white collar" client with existing group term in...
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