APIM Newsletter 7/7/22
We’re committed to keeping up with your foreign national clients’ needs. That’s why we’re pleased to announce some important enhancements to our high-net-worth foreign national (HNWFN) market program! Updates include:
- The minimum global net-worth requirement has been lowered to $1 million (from $2 million) for eligible clients.
- Eligible foreign nationals currently residing in the U.S. for at least five consecutive years under specific visas and/or awaiting approval of a green card are not subject to the $1 million global net-worth requirement.
- Basic underwriting qualification requirements for eligible clients have been updated:
- A visa is not required for citizens of countries participating in the U.S. Visa Waiver Program.
- For citizens of Mexico, a border crossing card is acceptable if the card is not expired. A copy of a border crossing card and a valid passport must be provided with the application.
We’re excited to introduce these program enhancements and look forward to your HNWFN business!
Contact us at firstname.lastname@example.org
or call us at (818)433-7952
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GIWL Compensation UPDATE
Compensation for our Guaranteed Issue Whole Life product will now be calculated and paid only on an “as earned” basis. This product change will go into effect on July 16, 2022.
What Does This Mean to Me?
- There is absolutely no change to the total amount of compensation paid out. This only removes the option for advanced comp for this product.
- This change only affects the Guaranteed Issue Whole Life product and will not affect compensation/advancement for any other Sons of Norway product(s).
- Policies issued on 7/16/22 and beyond will be under the new compensation method. The payment cycle ending 7/31/22, distributed on 8/5/22, will be the first payment to reflect these changes.
- This does not impact any policies issued on or before 7/15/22.