september 08, 2008

When you have scuba divers think MFN and West Coast Life.

HOW LOW CAN YOU GO?
Check out West Coast Life Underwriting for Scuba Diving!

SUPER PREFERRED - Scuba Diving to 75'
STANDARD - Scuba Diving 76’ to 100’

West Coast Life offers a competitive edge by allowing BEST CLASS RATES for recreational scuba diving down to depths of 75 feet. Please provide a completed avocation questionnaire for scuba diving with the following details:

• Frequency of dives
• Depth
• Experience level
• Qualifications

We think you’ll agree that West Coast Life will help you stay afloat with your scuba diving clients.

***Please note that this is intended for new business cases only***

For more information, please call us at (800) 890-1173

july 22, 2008

Do You Have an Applicant With a Lead Foot?

West Coast Life recently liberalized their underwriting stance regarding MVRs & moving violations. While two moving violations will still qualify for preferred at best, your applicants can now have three before being offered standard.

You may wonder what a few speeding tickets have to do with your client’s mortality. According to the National Highway Traffic Safety Administration, motor vehicle crashes are the leading cause of death for people of every age from 2 through 34.

A DUI/DWI or reckless driving charge in the past five years is still standard at best. We typically cannot consider applicants with multiple DUIs. Alcohol- impaired driving fatalities account for 32% of the total motor vehicle traffic fatalities in the United States.

While we certainly don’t condone speeding, when you have an applicant with a lead foot, we now have an option with West Coast Life.

Please note that this is for new business cases only. For more information, call Ted at 248.348.4900

july 22, 2008

IRS Extends Deadline for 409A Documentation Compliance

The IRS recently announced (Notice 2007-78) that taxpayers will now have until December, 31, 2008 to bring documents into compliance with the final non-calcified deferred compensation (NQDC) regulations under IRS Section 409A. This extends the date by one year from the April 2007 communication where the IRS issued final 409A regulations. In the April 2007 announcement, the IRS provided guidance regarding the requirements for deferral elections and payment timing under section 409A. The effective date of the regulations is January 1, 2008 and all plans subject to Code Section 409A will need to be compliant with the final regulations as of January 1, 2008. These regulations are in response to legislation enacted by Congress in 2004 to address concerns involving reported abuses of non-calcified deferred compensation plans.

Notice 2007-78 addresses the following issues:

  • Provides that deferrals of compensation deferred after Dec. 31, 2007 and before Jan. 1, 2009, will not comply with Sec. 409A unless the plan designates in writing a compliant time and form of payment of the deferred compensation. This must be done prior to Jan. 1, 2008.


  • States that a plan will satisfy this requirement if it provides an objective manner to determine payment payable upon: a separation from service, a change in control event, an unforesee able emergency, a specified date or fixed schedule of payments, death or disability. These events are further defined in Code Sec. 409A.


  • Provides additional guidance regarding the application of the final regulations to employment
    agreements and cash out features of Sec. 409A


  • Announces that the grace period provided to offshore trusts in IRS Notice 2006-33 is not being extended beyond the December 31, 2007 deadline.


  • Announces that the Treasury and the IRS anticipates issuing guidance containing a limited voluntary compliance program that will permit corrections of certain unintentional operational violation of Section 409A.


    • In order to comply with the extension of the written plan requirement, the plan must be amended on or before Dec. 31, 2008 retroactively to Jan. 1, 2008. This requirement is satisfied only if the written plan, as amended, contains all of the written provisions required by the final regulations and the written plan provision accurately reflects the operation of the plan on and after Jan. 1, 2008 and through the date of the amendment.

    Please be advised that this document is based on the company’s general understanding of federal income tax rules for U.S. individuals and is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor.

    july 14, 2008

    2 Different Underwriting Programs Designed to Improve Offers

    When an application is going to be rated Table B or C, Midwest Financial has resources like MetLife who offers two programs that may improve the rating—MetEdge and Table Shaving. Their underwriters check both programs to determine which one provides the best offer for the applicant.

    What are MetEdge and Table Shaving?
    These programs are two different ways to achieve the same result—improving our offer.

    Why not just have one program?
    While there are many similarities, there are also significant differences. This allows our underwriters greater flexibility to provide our best possible offer.

    Will either MetEdge or Table Shaving be used on all Table B or C offers?
    While there are many similarities, there are also significant differences. This allows our underwriters greater flexibility to provide our best possible offer.

    Click here to download the rest of the details:
    http://www.midwestfbg.com/PDFs/MetlifeTableShaving.pdf