Products August 8, 2014

Omyen Expands Social Security Tool Suite

Omyen Corp, a financial planning technology company, has updated and expanded its suite of digital Social Security planning tools for financial advisers.
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Financial advisers can now use the software tools to model government pensions, children’s benefits and lump-sum payments via the Social Security Maximizer. A new branded Social Security Checkup tool helps advisers in educational marketing.

The enhancements allow advisers to better address the Social Security Windfall Elimination Provision (WEP) for clients. Other upgrades allow for more advanced lump-sum payment option planning, which can help Social Security recipients claim benefits retroactively under certain conditions.

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A new Social Security Checkup tool helps investors estimate Social Security benefits and compare them with expected retirement expenses. The tool is designed to educate clients 55 to 65. The program includes branded marketing collateral and branded client reports; advisers can use it to engage prospective Baby Boomer clients.

Social Security Checkup is integrated with the Social Security Maximizer as well as Omyen’s other products, according to the firm. Information entered by a prospective client flows into Omyen’s suite of planning products, helping advisers gain substantial efficiencies.

Financial advisers can take advantage of the turnkey marketing program, which consists of four steps—reach out, educate, plan and increase the “share of wallet.” This program allows financial advisers to expand their client and asset base quickly by inviting an interested pool of prospective clients for online, on the air, or in-person events.

More information on Omyen’s Social Security tools is available at www.omyen.com.

Products August 8, 2014

Principal Launches Variable Universal Life Insurance Product

The Principal Financial Group introduced a new life insurance option designed to help financial advisers solve challenging coverage questions for business owners and other clients.
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The “Principal Variable Universal Life – Business” product is a variable universal life insurance policy designed to provide death benefit protection and help business owners position their business for an unexpected succession or ownership transition. Benefit payments from the policy can also help owners retain key employees during an unforeseen transition, according to The Principal.

The product also features an investment component that allows for tax-advantaged retirement investing, the firm says.

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Key features of the policy include:

  • Designated beneficiaries receive a federal-income-tax-free death benefit.
  • Principal Variable Universal Life – Business policies accumulate cash value on a tax-deferred basis. As cash value builds, the policy holder does not incur income taxes for interest earned.
  • Policyholders may take loans or partial surrenders without creating a taxable event, provided the policy is not designed as a modified endowment contract. Loans or surrenders may be subject to policy charges, surrender charges and transaction fees, and will reduce the cash values and death benefits.
  • In addition to the tax advantages, policyholders can customize the policy and the benefits it provides via increasing or decreasing the death benefit as coverage needs change. Policyholders can also change the premium amount and the timing of payments.

The product does carry some investment risk, according to The Principal, so advisers and clients must determine which investment options correspond to the client’s financial goals.

More information is available here. 

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