and procedures. There is still a long road
ahead, however, and for life insurance
companies, two things are sure: there will
be more audits, and the industry will need
to embrace the new rules that are on the
horizon. It’s not a matter of if, it’s when
— and when is happening right now.
“Two things are for sure: there will
be more audits, and the industry will
need to embrace the new rules that
are on the horizon.”
Impact on life insurance agents
both life insurance agents — and the organization overall — to take necessary steps
now to clean up company practices and
ensure compliance with state unclaimed
Though the insurance company as a
whole must shoulder most of the burden
of this process, there are some things life
insurance agents can do to ensure their client information is up-to-date and policyholder records are in good condition.
• Check in with policyholders.
Schedule annual check-ins with policyholders to ensure that you have the correct
information on file. Policyholders may
move, get married and change their names,
or have children — and their designated
beneficiaries may need to be updated as
well. Annual check-ins will not only give
you a better handle on policyholder and
beneficiary life events and contact information, but also give you the opportunity
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1Qualifying policies are those dated on or after July 1, 2011 and through December 31, 2011. The higher credited interest rate is applied during the first year of the policy (e.g. a policy
put in force August 10, 2011 will receive an additional 1% credited interest rate for one year until August 10, 2012). In policy year two and thereafter, the policy will be credited the
current interest rate at that time. Current credited interest rate is not guaranteed and is subject to change. 2Subject to eligibility requirements. 3An administrative fee applies at time of
election. In Massachusetts, the Accelerated Death Benefit amount is payable only for expenses incurred for Qualified Long-Term Care Services. Refer to rider form for details.
UL-CV, UL-DB, and ABR-C are issued on form series L136, L137, TR137A respectively by Midland National Life Insurance Company, Administrative Office, One Sammons Plaza,
Sioux Falls, SD, 57193. Products, features, endorsements, riders or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. Refer to feature cards
12360 and 12397 for details.