To view this email as a web page, click here.                                                                                                    November 13, 2007

With the end of 2007 fast approaching, we wanted to make it easy for you to keep up-to-date with the processing deadlines imposed by our carriers. Be sure to refer to the Year-End Carrier Deadlines section that we've added to this e-newsletter for the most current application or commission cut-off dates and other important year-end information!

Thank you in advance for working with us to make these next few weeks as productive as possible!

Andrea Caruso, VP Operations & Underwriting,
The Potomac Group
 

American General Life
- Announcing AIG Income Advantage VUL

Lincoln Life
- Lincoln SVULONE: Guarantees and Upside Potential
- Accelerated Benefits for Enhanced Financial Protection

Protective Life
- Introducing Protective LifeRSVP
- Withdrawal of Protective Classic UL

Prudential
- Pru Offers Return of Premium Term – Not Return of Some of Premium Term
 

Phoenix Life
- Change in Status of Premium Financing Programs
 

Special Report (November 2007)
-  IRS Identifies a New Transaction of Interest: “Toggling Grantor Trusts”
 

Case of the Week: TOLI – The Mystery Continues for Many Trustees

The Problem
Jim Baker has agreed to be the trustee of his brother’s (Tom Baker) irrevocable life insurance trust. The trust’s beneficiaries are Jim’s two nieces, a nephew (all minor children) and Tom’s wife, Patricia. The trust has been established and Jim, as trustee, has applied for a $5 million Universal life insurance policy on Tom’s life. The trust is the policy’s owner, premium payer and beneficiary. The policy’s annual premium is $36,000. Tom is gifting $36,000 a year to the trust, utilizing the annual gift tax exclusion and the Crummey withdrawal rights of the beneficiaries. Tom has already given the trust a stock portfolio valued at $100,000, using a portion of his lifetime gift exemption.

Recently, Jim attended a seminar on trusts and trust administration offered by a local bank. He came away feeling intimidated and more confused about his fiduciary responsibilities. Jim discussed his concerns with you over lunch one day. “I know just enough to be able to evaluate the stocks in the trust’s portfolio but I know absolutely nothing about life insurance. What about these so-called Crummey notices? How do I keep track of all of this stuff?"

A Simple Solution: Help your clients “outsource” trust administration to the Insurance Trust Monitor (ITM)
The Insurance Trust Monitor is a fee-based total trust administration service offered to non-professional trustees and small trust departments looking to outsource their trust management. They act as agent for the trustee and handle all of the duties that a professional trustee would handle at a fraction of the price.

Benefits of ITM
1. Peace of mind for the grantor that the trust’s performance is being monitored.
2. All “day to day” administration of the trust is performed by ITM, taking the burden off of the non-professional trustee.
3. A professional, documented “suitability” process is in place that helps the trustee demonstrate the basis of his/her decisions concerning trust assets.
4. Total documentation in case of future audits.
5. Third party life insurance policy evaluations (that you can market as part of your practice).

Ask your Advanced Markets Director about Crump’s TOLI Simplified marketing program. The Crump TOLI Simplified program is an array of information-based marketing materials and services designed to provide you with a process-based solution to bring to the TOLI marketplace.
 

AXA Equitable
- Year-End Processing Deadlines

John Hancock
- Guidelines for Timely Year-End Processing

ING
- End-of-Year New Business Deadlines

Phoenix Life
- Final 2007 Closing on December 14

West Coast Life
- Year-End Processing Schedule

 

Upcoming Calls and Events

Teleconference: Principal: Increase Your Bottom Line
Date: 11.15.07 - 3:00 pm EST
Register Online Now or call 888.241.1254

Teleconference: AXA Presents Trust Funding Strategies
Date: 11.28.07 - 3:00 pm EST
Register Online Now or call 888.241.1254

Teleconference: How Driving Records Affect the Underwriting Process
Date: 11.29.07 - 3:00 pm EST
Register Online Now or call 888.241.1254

Teleconference: Ask the Doctor: Part 3
Date: 12.04.07 - 3:00 pm EST
Register Online Now or call 888.241.1254

 

carrier incentives

American National
- ANICO’s 2008 Marketing Conference in Hawaii
 

Call The Potomac Group at
800.722.1600, ext. 6446 for more information.
 

For Producer use only - not intended for use in solicitation of sales to the public. Products and programs offered through Crump are not approved for use in all states. As a Crump producer, you will receive emails occasionally to update you on Crump services and carrier news. In the future, if you no longer wish to receive these email updates, please click here to unsubscribe.  11.07  TPG.136.1  

The Potomac Group, 6550 Rockspring Drive, Suite 320, Bethesda, MD 20817