Expect Something Different |
In This Issue:West Coast Life Announces Changes to their Term Portfolio New COBRA rules leads to Confusion. Severe fines for failure to give notice to eligible former employees Only in Texas - A look at Occupational Accident Coverage AMG announces Term Life Sales with no application taken by the writing agent When you call AMG be sure to ask about our new online fillable quote request forms for group, life and occupational accident. Email them to your your clients. They can complete them and email back a complete clear request for coverage. | Industry Updates March 2009 | |
Carriers are Raising Term Rates and Lowering Commissions To Agents West Coast Life has released word as the latest in a series of rate increases by carriers on their product portfolios. Effective March 16, 2009, WCL will implement the following updates to the West Coast Life Focus Term Series product. Focus Term 20 first year commission to the agent will be reduced by 5 points. For more information contact Steve Gresso at 713.977.0611 or visit our website at: | American Recovery and Reinvestment Act COBRA Rules Change There has been a great deal of confusion as the government, insurance carriers, employers and their former employees try to understand and implement the new COBRA rules as mandated by the American Recover and Investment Act. Considering that President Obama has signed the Act and the Cobra premium reduction became effective on 3/1/2009 yet notices and procedures are yet to be finalized you can be sure that your clients would appreciate any guidance you are able to provide. Without going into detail it allows an individual to pay 35% of their premium and the employer will pay 65% with a reimbursement of the employers portion through the Federal Government to be credited against payroll taxes. The subsidy is available to individuals (and their dependents) who were involuntarily terminated from their employment and became eligible for COBRA beginning September 1, 2008 through December 31, 2009. Persons who elected prior to the enactment of the Act (but on or after September 1, 2008) will be eligible to receive the subsidy prospectively from the date of enactment through the maximum nine-month period. There are severe penalties that can run over $200.00 per day in total for failure to notify employees that were involuntarily terminated back to 9-1-2008. United Healthcare has announced that they will do the COBRA administration and full FSA (Flexible Spending Account) for groups written through them at no additional cost. For more information contact Angela Moore at 713.977.0611 | |
Only In Texas | Life Sales - No Application | |
Texas is the only state in the country that does not mandate workers compensation, but to do so there are guidelines and filings that must be sent to Austin. As a less expensive alternative many companies of all sizes are looking at Occupational Accident to provide their employees and themselves with protective coverage. If you would like to learn more about Occupational Accident and the carriers and plans we offer give us a call at 713.977.0611 | AMG is a privately owned full service brokerage agency located in Houston Texas. Offering Group Health and ancillary products; occupational accident coverage; and as a part of Lifemark Partners one of the most comprehensive Life portfolios in the industry | AMG is pleased to announce an exclusive program that will allow qualified agents, brokerage offices and banks to offer their clients term quotes from multiple carriers and submit a request for coverage on line for the carrier they chose without taking an application. The complete transaction can be completed in less than 15 minutes. There is full agent compensation and the only other requirement on your part is policy delivery and premium collection after issue. Contact Ed Massey at 713.977.0611 for details. |
