When it comes to life insurance, it seems that financial planners do more things differently than the same. Some review life insurance policies; others refer clients to a local agent. A few charge fees for insurance advice, others receive a commission.
Advisor Services at TIAA-CREF can help provide you with a flexible solution for your life insurance needs. No matter how you choose to incorporate life insurance into your current practice, our support will give you access to a wide array of products and services designed with the fee-only financial advisor in mind. And our business model enables us to work with you, or your client, or both of you to whatever degree is desired.
Advisors Told Us What They Need
Advisor Services began to actively support life insurance in mid-2002. We talked to a number of you and this is what we heard.
- You want to work with agents who know insurance and are not paid to sell a product.
- You want access to competitive products with lower loads and fees and no built-in commission. Products without surrender charges are a must.
- You want help with in-force policy analysis and interpretation. On an ongoing basis, you must be kept informed if changes in the life insurance policy are needed.
- You want insurance experts who will manage the underwriting process and keep lines of communication open, so you know at all times exactly what is going on.
- You want someone who treats your clients as you would. We must realize that insurance is part of the overall financial plan you have created to help ensure the financial well-being of your client.
Working with You and Your Client
With Advisor Services, you can be as involved as you need or want to be -- that choice is yours and your client's. We will work with you and your client however you like. Let's look at some scenarios that illustrate this.
On the one hand, our relationship may be primarily with you. For example, an advisor contacted us because a client had decided to do a 1035 exchange into a TIAA-CREF Life Insurance Company (TIAA-CREF Life) policy offering premium flexibility and no surrender charges. We took the application and followed it through the underwriting process. The advisor was our primary contact.
Alternatively, our main point of contact can be the client. For example, an advisor asked us to contact the client directly. We documented all correspondence and kept the advisor informed in case the client called with questions. But otherwise the advisor trusted us to provide the most appropriate and cost-effective solution for the client.
We Will Not Sell You Anything
In these examples, advisors and their clients felt that TIAA-CREF Life offered much better value. However, we are working on your behalf and in the best interests of your client. If TIAA-CREF Life cannot deliver better value and we can accomplish the objective in a more effective way, we will tell you.
Solutions for Fee-Only Planners
TIAA-CREF Life Insurance Company offers a complete portfolio of life insurance products. Our term portfolio consists of annual renewable term and 10-, 15-, 20- and 30-year level term life insurance. Our term products carry guaranteed conversion privileges to our permanent life products. The owner may convert all or part of this Policy prior to age 80 (age 65 in New York), to any permanent life insurance policy, which we will make available for conversion at the time of conversion on the life of the Insured. Evidence of insurability will not be required.
Our permanent life insurance consists of universal life, survivorship universal life, variable universal life, and survivorship variable universal life. All of our permanent life products were built with the fee advisor in mind. They pay no commissions and have no surrender charges.
Tell Us What You Need
We encourage your looking at our value proposition. For more information about insurance support through Advisor Services, please contact us at 1 866 966-5623 or AdvisorInsurance@tiaa-cref.org.
What's Happening with Clients' VUL?
With the volatility in the equity markets over the past few years, Variable Universal Life insurance policies should be reviewed periodically. Be sure to request an in-force illustration to evaluate the adequacy of the funding of the policy.
About TIAA-CREF Life
TIAA-CREF Life is part of the TIAA-CREF group of companies, which is recognized as one of the nation's premier financial services institutions.
For more than 85 years, the TIAA-CREF group of companies has earned a reputation for high-quality, competitive financial products, and for its responsive service, financial stability, and professional integrity.
TIAA-CREF Life was established to further these traditions by offering a portfolio of competitive priced, quality insurance products to meet the needs of a wide range of customers.
AAA Ratings
As a result of its relationship with its parent, Teachers Insurance and Annuity Association (TIAA), TIAA-CREF Life has received the highest possible ratings from the nation's four leading insurance industry rating agencies: A++ from A.M. Best Co.; AAA from Fitch; Aaa from Moody's Investors Service; and AAA from Standard & Poor's.*
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 1 866 966-5623 8:00 a.m. to 7:30 p.m., ET, Monday through Friday or click the prospectus link below for a prospectus that contains this and other information. Please read it carefully before investing.
Insurance and annuity products are available through TIAA, TIAA-CREF Life Insurance Company and CREF, each of which is responsible for its own financial obligation.
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