Agent Term Store
Our new process is as easy as ever. Get your term quotes from a broad array of top, competitive term carriers and submit a “Simple App” for your client. No more applications to complete! We will contact your client to complete the full application and schedule their exam. And, we’ll keep you updated throughout the entire process.
Drop Ticket
Our Drop Ticket allows you to submit your permanent life insurance applications on a short form for all your clients who are applying for permanent insurance.
Sales Concepts
We offer full support for a variety of Sales Concepts including Policy Review, Maximization Strategies, Life Insurance as an Accumulation Vehicle, Estate Tax Planning and more.
Policy Review Program
Our Policy Review process is the easiest one available for both you and your clients. We’ll help you generate new sales! Our program reviews your client’s life insurance at no cost or obligation. And it’s a WIN/WIN end result for YOU! With the hundreds of cases we have reviewed, over 50% of them resulted in a recommendation that improved the client’s life insurance portfolio.
Testimonials
The Team at RMIN makes my life easy! They have always been responsive and detail oriented to my requests. I can’t think of an organization that does what they do better!Mitch MichenerOne stop HELP – best back office around!Tom Stich
Rocky Mountain Insurance Network is a network of caring professionals that has enhanced my ability to do what I do. Their team works well and promptly getting me the quotes I need, following up on the details, notifying me of any issues with my business, and getting business issued and paid quickly. They are also on top of the changes in the market-place and provide me with sales ideas and product uses on a regular basis. I am very glad to have met this team and have enjoyed working with them for over 20 years.
I’ve been happily working with Rocky Mountain Insurance Network for a handful of years now. Being able to plug into their professional experience in the insurance world has been invaluable for me to be able to focus more of my time and attention on my clients’ needs, further skill development in the investment world and proactive marketing efforts for my company. Every person I’ve had the pleasure of working with at RMIN has been friendly and helpful. Most importantly, my clients have been very happy with the insurance solutions we are able to bring to them. Thanks RMIN!!
RMIN Blog
101(j) Compliance
101(j) Compliance
Have you ever heard of “janitor policies” or “dead peasant insurance”? In the early 1990’s, large corporations, who we will not name, were buying business owned life insurance policies on their rank and file employees without their knowledge nor consent. Not just some employees, but in some cases, all of them! The death benefits were payable to the corporation with a small set amount going to the employees’s beneficiary. As one can imagine, the families of these employees were not thrilled about the arrangement and in 2006 the Pension Protection Act was passed including sections 101(j) and 60391 of the Internal Revenue Code, placing new rules on business owned life insurance contracts.
101(j) now requires both notice and consent of the insured prior to the issuance of a policy. Even to this day, there is very little understanding, or even awareness, of this rule. In fact, very few insurance companies will even ask for a notice and consent form, not wanting to shoulder any liability later when the claim is paid. In addition to requiring written notice and consent, annual filing of form 8925 with the IRS is also required. Failure to do either may result in the death benefit being taxed as ordinary income.
There are thousands of non-101(j)-compliant business owned policies that must be replaced to avoid liability and tax consequences. We can help.
Most policies that were written prior to the 2006 Pension Protection Act are likely to be grandfathered and nothing needs to be done. However, there are thousands of business owned policies (think buy/sell agreements and key-person policies) that have never filed notice and consent, let alone filing form 8925 annually. From everything we have learned, the only way to fix this problem is to replace those business owned life insurance with new policies and following the guidelines moving forward.
If you’re working with any business owners now, or you have any policies you’ve written in the past, call us today and we can help you get these compliant. Replacing these policies may come at a greater cost to your client now, but not in comparison with the tax consequence later.
News
John Hancock’s Vitality Program
Explore the benefits of Vitality GO and Vitality PLUS – each designed to support a healthy and financially fit life.
Your clients can earn rewards for taking positive steps in a healthy direction, plus save money on their life insurance coverage.
There are 2 Programs to choose from:
Call us for Details!
Non-medical underwriting on a budget
Not all potential clients want to go through the hassle of the medical underwriting process for their life insurance policy.
Imagine your client getting valuable life insurance protection, with all of the benefits provided in a cash accumulation IUL, issued in as little as 5 business days with no labs, exams, or APS!
The Truth about Bonuses and Multipliers
When clients – even agents and financial professionals – see or think about a “guaranteed multiplier” in regards to Indexed Universal Life (IUL), many believe this feature is guaranteeing a positive index credit.
Unfortunately, that is not the case. And this all-too-common misconception could cost your clients heartache and money in the long term.
So what does it mean and what should you do?
Before your next appointment, download the whitepaper “Understanding bonuses and multipliers” so you can be the one to help your clients navigate this tricky terminology and allow them to make more informed decisions!