i'm back

hi, everyone,

i (and many others) just can't seem to live without my personal blog on life insurance and due to many requests from consumers and even fellow advisers, i have decided to continue on my life time (by the grace of God) mission to share my knowledge (and hopefully raise the financial quotient) on the labyrinth or jungle that is life insurance.

by the way, today (also known as Boxing day) is proving to be a very busy day for FAs (Financial Advisers).


why?

because Tokio Marine Life Insurance made an abrupt announcement on the withdrawal of their 2 best selling whole of life products namely TM Legacy Plus and TM Legacy Lifetime effective December 22, 2014 but the insurer will still accept last minute submissions by 3pm today as specified in their notice viz:

All proposals and documents must be dated on or before 26 December 2014 (Friday) and reach TMLS Office latest by 26 December 2014 (Friday), 3pm.

 

Documents which are received by us after the specified timeline will be returned. No notice will be given to these proposals.

 

because of last minute submissions, even my company's courier cannot leave our office until 12.30pm today (usually he is out of our office at 11am) to hand carry the applications to Tokio Marine Life Insurance.

my guess is that all applications submitted today are probably TM Legacy Lifetime cases.

what is TM Legacy Lifetime?

this is a MDB (or MPV) limited premium whole of life participating plan and is probably Tokio Marine Life Insurance's best selling product in their entire stable

Unique Selling Propositions

a.   it is the only whole life or whole of life participating plan to provide MDB (or MPV) lifetime coverage
b.   the DD (dread disease) accelerating rider is the only one in the market that comes with non-reviewable and guaranteed pricing
c.   when attached, the Early Care rider provides life time coverage.

Tokio Marine Life Insurance has also announced a new whole of life plan to be launched in early 2015:

A new whole life product and riders will be made available in 2015. We will provide further details to you via a separate announcement. 

my hope is that the new whole of life product will not disappoint. 

stay tuned! 

 Notes:

MDB = Minimum Death Benefit
MPV = Minimum Protection Value
whole life = with a specified maturity date which is usually till the life insured's 99th or 100th birthday
whole of life = no specified maturity date
early care = 2nd generation CI product with coverage sub-divided into early, intermediate and advance stages