Life Insurance Sales Growing at The Highest Rate in Nearly 40 Years

Total life insurance new annualized premium grew 20% in 2021, representing the highest annual growth since 1983, according to a recent LIMRA survey.

Driven primarily by the COVID-19 pandemic, Americans are now much more aware of mortality risk and its impact on the financial security of their families.

Your employer clients will want to know how life insurance can be included in the overall benefits program offered to their employees.

Group term life and supplemental life insurance plans are available through several of our high-quality carrier partners. Contact us today for a life insurance quote.

New Law Requires Retirement Plan for Groups with 5+ Employees - June 30, 2022 Deadline

There is a new law going into effect that will impact small employers with more than 5 CA-based employees. The law is already in effect for groups with 50+ employees and will go into effect June 30, 2022 for employers with 5-49 employees.

Summary

• All employers with 5 or more California-based employees (at least one of whom is age 18) are affected.
• The law is meant to help more people save more money for retirement with a convenient payroll deduction.
• The new CalSavers law requires employers to join the CalSavers Retirement Savings Program, unless they’re exempt because they have a 401(k), 403(b), SEP IRA, or Simple IRA retirement plan.
• If the employer has one of the above retirement accounts in place by June 30th, they may request an exemption from the state and may opt-out of CalSavers on the CalSavers website.
• If the employer wants to set up an employer-sponsored retirement plan, we can help you facilitate that through our partner Principal.
• If the employer does not want to set up their own retirement program, they simply need to register for CalSavers by the deadline. The employer does not need to contribute money toward the account, nor answer any questions about retirement. CalSavers will do that. The employer will be responsible for facilitating the payroll deductions for CalSavers.

Access the CalSavers Retirement Savings Program resources to learn more.

Total Choice

Total Choice lets employers offer health plans and benefits available in all four ACA metal tiers: bronze, silver, gold and platinum. This means your clients and their employees have more options when it comes to coverage to fit their individual healthcare needs.

Popular with employers and employees, Total Choice:

• Provides employees with the most benefit choices and price points to satisfy their needs.
• Allows employees to buy up or down, enabling employers to keep costs low without limiting choice for employees.
• Encourages increased participation by offering the lowest-cost options for employees who want to enroll dependents, and options providing the highest level of coverage.
• Offers more to discuss at renewal! Total Choice is a great way to offer all options to your clients without disrupting current plan availability.
• There's no employer cost to offer Total Choice, and there's no participation requirement for any tier.

With the state's largest portfolio of plans and networks, CaliforniaChoice (a private exchange for employee benefits) specializes in helping small businesses control healthcare costs while offering more choices than any single health plan option. Learn more and contact us today for a quote.

Webinar: Q2-2022 Updates

Learn about important updates for the second quarter. Join the Cigna + Oscar California sales team for a 30-minute webinar for important information on pricing, their portfolio and network through CaliforniaChoice, along with other valuable news.

Choose the day/time that works best for you:

• Tuesday, March 29, 2022, 2:00 pm - 2:30 pm PT
• Wednesday, April 6, 2022, 10:00 am - 10:30 am PT

With rates comparable to Kaiser, and networks that include Dignity Health, UCSF, Stanford, and Sutter, Cigna + Oscar brings together the power of Cigna’s nationwide and local provider networks, and Oscar’s member-focused tech-driven experience, to deliver small group health insurance that meets the unique needs of California small businesses and their employees. Register now!

New Plan Options - Dental PPO 2 and Dental Traditional Preferred (TRP) 2

Available with April 1, 2022 effective dates, Humana has introduced two new plan options to their dental portfolio: Dental PPO 2 and Dental Traditional Preferred (TRP) 2.

With these new plans, your employer clients have additional budget-friendly dental options and an easy way to offer employees dental coverage for the first time. A range of annual maximums are available starting from $500 to unlimited, providing great flexibility for employers.

Learn about the features and contact us today for a Humana quote.