News

March 14, 2024

Banner

Banner Life has new OPTerm level term rates, effective March 14, 2024, for their existing OPTerm Level Premium Plans and Term Riders.

Rate Change Highlight Summary

  • Premium rate changes were made to level term periods only with changes in all rate classes in the 10-40 year term durations.
  • The change to the level period premium rates includes a mix of increases and decreases.
  • Normal transition rules will apply, that is, the prior rate scale will be honored for 30 days from the March 14, 2024 effective date, or until April 13, 2024.

 

March 13, 2024

Symetra

Symetra’s Swift Term system is currently experiencing technical difficulties due to a vendor issue. Agents may encounter difficulty in completing drop tickets, and applicants may face challenges in completing their online interviews and purchasing their policies.

We sincerely apologize for any inconvenience this may cause you. Symetra is actively working on resolving the issue, and we will keep you updated on the progress. Thank you for your patience and understanding.

 

March 12, 2024

American National

New Annuity Suitability Form

Effective March 13, a new version of the 4465 form series, the Annuity Suitability form, will be required for all new annuity applications.

To ensure a smooth transition, all applicable electronic platforms will be automatically updated to accommodate the new form.

Please Note: Beginning March 13, the old version of the form will no longer be accepted. It is crucial to use the updated form to avoid potential delays in business operations. Remember to check the revision date on the bottom right corner of the form, which should be marked as RV 12-23.

 

March 11, 2024

Lincoln Financial Group

Pricing Update: Lincoln LifeElements® and  Lincoln Term Accel® Effective March 11, 2024

  • Lincoln LifeElements Level Term:
    • Premiums are increasing approximately 2% on average for non-tobacco, core cells.
    • Premiums are increasing 4-6% on average for preferred plus and ages 35 - 45.
    • Most competitive cells will generally be older ages and standard risk classes
  • Lincoln TermAccel
    • Premiums are increasing approximately 2% on average for non-tobacco, core cells.
    • Premiums are increasing 3% on average for preferred plus and ages 35 - 45.
    • Most competitive cells will generally be older ages and standard risk classes.

Nationwide

Enhancements to Foreign National Guidelines

Nationwide has made several significant updates to its international guidelines:

  • No $1,000,000 minimum required policy if Foreign National has been in the U.S. less than 3-years
  • All Products including Term are now available for Foreign Nationals
  • All Riders are now available including the LTC-Rider for Foreign Nationals in the U.S. for greater than 1-year
  • Preferred risk classes are now available after 1-year of residence with preferred plus available after 3-years in the U.S.
  • Accelerated underwriting is now available to anyone who has been in the U.S. for 1-year
  • Expanded acceptance for foreign nationals from C and D countries

Prudential

Enhancements to PruLife® Custom Premier II in New York

Custom Premier II was enhanced in New York on 03/04/24 with non-permanent BAR, a new set of variable funds, and a PDA option. You’ll also see an enhanced illustration function that may increase the client’s death benefit with minimal impact on cash accumulation.

 

March 7, 2024

John Hancock

Updates to John Hancock Protection IUL

Competitive premiums across all funding scenarios

  • Offering protection and value coupled with leading cost-effectiveness among today’s IUL products

Access to indexed accounts with the most real world value

  • Competitive S&P indexed account parameters to provide real life value to policy holders
  • Providing a 7% volatility target — the highest on the market today — to help position for growth and stability
  • Facing the future with better back-tested 10-year returns than competitors’ managed volatility accounts

Both indemnity and reimbursement options to address extended care needs:

  • Helping clients achieve the best balance of death benefit and long-term care or chronic illness protection for their specific needs

Savings and discounts through the unique John Hancock Vitality Program:

  • Allowing clients to earn rewards for the everyday things they do to live a longer, healthier, better life™

Nationwide

Fixed Interest Rate Increases

2020 IUL products fixed account: 0.25% rate increase effective April 1, 2024

For all 2020 IUL products, the fixed interest strategy (fixed account) rate is increasing by 0.25% to 3.75%. This applies to both in-force and new policies in these products.

Advanced Premium Deposit Fund fixed account: 0.50% increase on accounts effective April 1, 2024

The rate credited to Advanced Premium Deposit Fund (APF) accounts is increasing by 0.50%. Policyholders already using the APF account will automatically receive the higher rate.

Nationwide CareMatters® fixed account: 0.25% rate increase effective April 1, 2024

The rate credited to the Nationwide CareMatters fixed account is increasing by 0.25% and applies to both in-force and new policies. This change does not impact premiums. CareMatters illustrations are shown on a guaranteed basis only. If premiums are paid and no loans or partial surrenders are taken, the benefits are guaranteed.

 

March 1, 2024

Cincinnati Life

Decreased modal factors for all term plans

Cincinnati Life has decreased the premium modal factors on all Termsetter and Termsetter ROP plans, resulting in more competitive pricing. While they continue to offer a direct bill option for annual, semiannual and quarterly modes, monthly direct bill mode is no longer available.

Securian 

Updated psych guidelines

Included in this update:

  • Competitive underwriting offers for mild and moderate ADHD, anxiety and depression histories that are well controlled and stable. And the potential qualification for up to Preferred-Select classification.
  • Improved underwriting offers for individuals with long-term stable and controlled bipolar disorder
  • Increased cases qualifying for acceleration (WriteFit™ Underwriting*)
  • Reduction of Attending Physician Statement (APS) requests
  • Reduced turnaround times

Please note: The above does not apply to the SecureCare™ product line.

 

February 27, 2024

Protective

Updated pricing now available for Protective® Strategic Objectives II VUL

This product offers:

  • Tax-deferred cash value growth that isn't restricted by "guarantee fees."
  • Strong investment options from leading fund managers.
  • Two death benefit options for added flexibility.
  • Lapse protection to help ensure the policy and death benefit remain active.

 

February 26, 2024

Corebridge

Introducing a performance-triggered index strategy on the Power Series of Index Annuities in New York

Effective February 26, 2024, Corebridge Financial has added the S&P 500 Index – Annual Point-to-Point with Performance Triggered strategy to the line-up of index account options available on our New York Index Annuity products Power Index 5 NY and Power Index Premier NY.

Mutual of Omaha

Life Insurance with Long-Term Care Rider Application Reminder:

When submitting applications that include the Long-Term Care Rider, the Drop Ticket application method cannot be used.

Long-Term Care Inforce Rate Increase:

Mutual of Omaha will be implementing the following inforce rate adjustments in the state of Arkansas, effective May 1, 2024.

Impacted Forms

LTC04G

LTC04I

LTC04I7
LTC09M

LTC06UI
LTC09U

Policyholders will receive a letter notifying them at least 60* days prior to the premium rate increase effective date as outlined above.

Along with the premium rate increase notification letters, most policyholders will receive an adjustment offer if there are options available. The offer will provide the policyholder with a benefit reduction alternative to help reduce the impact of the premium increase.

Nationwide

Effective March 16, 2024, the VUL Protector II will be available in CA.

LTC rider reprice: price decrease for all scenarios

Principal 

Backdating Term Conversions

As of Jan. 4, backdating to save age is allowed for Term conversions.

The Backdating Request form (DD1621-9) is required prior to policy issue.

Any unused premium from the term policy will be applied to the new policy.

Backdating is not allowed when a term policy is beyond its final conversion date or the policy has lapsed.

Protective

Protective Indexed Choice UL has been launched in NY.

Security Mutual

LT Security Plus Rate Update!

Security Mutual has released their latest rate update for the LT Security Plus products.

 

February 23, 2024

MYGA Rate Lock

After several months of steady interest rate increases, multi-year guarantee fixed annuity interest rates have been steadily declining.  To meet your clients’ interest rate expectations, it is imperative that applications and carrier-specific training is “in good order” prior to submission and that advisors are mindful of the “rate lock” period.  Unlike some aspects of insurance underwriting where there may be flexibility, the rate lock date is non-negotiable and insurance carriers will not make exceptions.

 

February 14, 2024

Lincoln Financial Group

Product Update: Lincoln WealthAccumulate® 2 IUL (2020)

On February 12, 2024, Lincoln introduced the updated Lincoln WealthAccumulate® 2 IUL (2020). This accumulation focused IUL provides clients with options to help solve their income needs. Lincoln WealthAccumulate® 2 IUL (2020) – 02/12/24 will replace the existing Lincoln WealthAccumulate® 2 IUL (2020) – 04/17/23

What’s New?

  • Increase to Caps and Participation Rates*
  • Increase to Current Fixed, Holding and DCA Account Rates* (Current Fixed and Holding: 3.50%; Current DCA: 4.50%)
  • Addition of 4 Indexed Loan Accounts* (Indexed Loan Accounts mirror Non-loaned Indexed Accounts)
  • Decrease to Current Policy Value Charge (Decreasing to 0%)
  • Changes to Current Premium Load 9% in first 20 policy years; 5% thereafter (from 12% years 1-5; 5% years 6+)
  • Extended Current Cost of Insurance duration to age 121 (from age 100)
  • Increase to Current Cost of Insurance Rates
  • Increase to Guaranteed Policy Loan Charge Rate 25% (from 5%)
  • The Lincoln Enhanced Value® Rider (LEVR) will have one Return of Premium option of 85%. (The 100% and 93% Return of Premium options will be removed from the currently sold product as of Feb. 12, 2024)*

*indicates updates that also apply to the currently sold Lincoln WealthAccumulate® 2 IUL (2020) –04/17/23

 

February 12, 2024

Nationwide

Indexed Interesting Strategies Update:

Effective March 15, 2024, Nationwide will implement improved rates on many indexed interest strategies in their Nationwide IUL and VUL products, including a 19.5% cap rate and a 300% participation rate. They will also improve the spread rates on the uncapped S&P 500® across many of their products with this strategy. However, for a few strategies within a subset of products, there are some slight decreases due to changing market conditions and increased hedge costs for those specific indexed interest strategies.

  • Segments created on this date will receive the new rates
  • Includes new premium, transfers (including DCA) and matured segment reallocations

Accelerated Death Benefit For Chronic Illness Rider-California

Nationwide has announced that the Accelerated Death Benefit for Chronic Illness Rider has been approved in California. All eligible new policies issued on or after February 19, 2024 will automatically include the rider. No additional paperwork will be required.

In addition, Nationwide be issuing the rider to qualifying in-force policyholders for applicable policy types issued on or after January 11, 2021. They are required to notify them about the addition and send them a set of updated policy pages. The mailing for this initiative will continue through 2024.

  • Nationwide IUL Accumulator II 2020
  • Nationwide IUL Protector II 2020
  • Nationwide New Heights® IUL Accumulator 2020
  • Nationwide No-Lapse Guarantee UL II
  • Nationwide Advisory VUL*
  • Nationwide VUL Accumulator*
  • Nationwide VUL Protector*
  • Nationwide 20-pay Whole Life
  • Nationwide Whole Life 100
  • Nationwide 15-year Guaranteed Level Term
  • Nationwide 20-year Guaranteed Level Term
  • Nationwide 30-year Guaranteed Level Term

*The Chronic Illness Rider will not be added to currently in-force VUL policies.

Other requirements for this rider:

  • The policy Issue Age is 18-65 (except for term products, where the maximum issue age is 55).
  • The policy is Table Rating C or better and $5 flat extra per 1,000 or better.
  • Policies that have the long-term care rider are not eligible.

OneAmerica

New interest rates for Care Solutions products will be effective February 15, 2024.

Prudential

Now Approved in CA: Enhancements to Founders Plus Indexed UL & Essential UL

On 02/26/24, Founders Plus Indexed UL and Essential UL will be enhanced in California. Most clients will benefit from improved pricing and a generally lower charge structure, and can add the updated Premium Deposit Account.

Securian

Rates for SecureCare™ III, a long-term care (LTC) and nonparticipating whole life insurance policy, were decreased by 25 percent across all case scenarios in South Carolina.In addition, SecureCare III is now available in Montana.

 

February 7, 2024

Mutual of Omaha

Introducing Fluidless Underwriting

This Special Program Applies to:

  • Life insurance applicants ages 30-65
  • U.S. citizens or valid Green Card holders
  • Applicants who have had a complete annual or executive physical in the U.S. or U.S. territory:
    • Within 18 months for face amounts $2,000,001 - $5,000,000
    • Within 12 months for face amounts $5,000,001 - $10,000,000
  • Applications for: Term Life Answers, AccumUL Answers, Income Advantage IUL and Life Protection Advantage IUL. All riders are eligible under this program

It MUST be clearly indicated on the application cover letter that you are requesting that your applicant be considered for the Fluidless Underwriting Program

 

February 1, 2024

One America 

OneAmerica® is now OneAmerica Financial℠

During this time, you may come across both their previous and current branding.

Protective

Interest rate adjustments effective February 1, 2024: Protective is updating interest crediting rates on multiple Protective universal life in-force policies and all Protective Indexed Choice UL products.

Protective® Classic Choice term pricing decrease effective February 1, 2024: This price decrease puts Protective in the top three 72% of the time in monthly premium scenarios and 73% of the time in annual premium scenarios.

Symetra

SwiftTerm pricing updates effective February 2, 2024

With these updates, SwiftTerm will maintain its top competitive positioning for coverage amounts of $500,000 to $3 million in non-nicotine rate classes. New rates will be available starting Friday, February 2, 2024.

 

January 31, 2024

John Hancock

Policy crediting rate and indexed account parameter changes

The following adjustments will be effective March 1, 2024:

  • Crediting rates will increase on the retail indexed UL Fixed Account — most products will increase by 30 basis points, while Accumulation IUL 23 and Premier Benefit IUL will increase by 80 basis points
  • For Accumulation IUL 23, participation rates will increase by 15%-20% on Barclays Global MA Indexed Accounts
  • Most caps for indexed accounts without an Indexed Performance Charge (IPC) will have an increase, while most caps for indexed accounts with an IPC or two-year durations will decrease
  • Crediting rates will increase by 5-10 basis points on certain retail UL products and VUL Fixed Accounts
  • Protection UL and Protection SUL crediting rates remain unchanged

 

January 30, 2024

John Hancock

Offering early cancer screening to more policyholders

John Hancock is expanding access to Galleri® — a multi-cancer early detection Test from GRAIL — to eligible policyholders who purchased a life insurance policy from them before John Hancock Vitality was available.

Eligible policyholders age 50 or older with a policy issued between January 1, 2005 and December 31, 2009 will receive a letter from Brooks Tingle, President & CEO of John Hancock, detailing what the Galleri Test is and how these policyholders can request the Test at no cost. Here is a snapshot of some of the eligibility criteria:

  • Permanent policies greater than $250,000 where the insured is 50 or older
  • Policy issue date between January 1, 2005 and December 31, 2009
  • Policy issued in one of the following states: Alabama, Arkansas, Arizona, Florida, Georgia, Iowa, Kansas, Minnesota, Mississippi, Nebraska, Ohio, Rhode Island, South Dakota, Virginia, West Virginia and Wyoming

Lincoln Financial Group

MoneyGuard® Policy Dating and Premium Update

Effective February 12, 2024

Lincoln is updating their MoneyGuard Policy Dating Rules to add consistency across their life insurance product portfolio, help simplify how policy issue age is handled, and better align themselves with the competitive marketplace.

Effective February 12, Lincoln will no longer offer backdating 1 month from the signature date of the Part I to save age. With the new rules:

  • The insured's insurance age is the insured's actual age on the date when the application is signed.
  • The insurance age could increase if the insured has a birthday between the time of application and policy placement. Lincoln will save age for up to one month during the new business and underwriting process.
  • In order to save age, the policy must be placed and/or the 1035 replacement initiated, within 1 month of the insured’s birthday. Otherwise, a revised illustration reflecting the older age is required and if applicable, New Business will reissue a new policy. At placement, the policy date and the effective date of the money will be the current date Lincoln New Business confirmed all requirements, including premium, are in good order.

Mutual of Omaha

Mutual of Omaha has made the decision to no longer offer the Term Life Express 30 Return of Premium (TLE 30 ROP) product, effective January 31, 2024.

 

 

January 19, 2024

Lincoln Financial Group

MoneyGuard:

  • Pricing Improvements for MoneyGuard Fixed Advantage and MoneyGuard II, effective 1-22-24.

AssetEdge VUL:

  • The Table Reduction Program (TRP) is no longer available for Lincoln AssetEdge VUL.
  • Target premiums will decrease on average by 9% for Death Benefit Option 1 and Death Benefit Option 3.

 

January 18, 2024

Oceanview

Harbourview MYGA & FIA

Oceanview will implement rate changes on their Harbourview MYGA & FIA products, effective January 22, 2024.

In addition, effective January 22, 2024, they will offer two new index crediting strategies for their Harbourview FIA series:

  • S&P 500 Daily Risk Control 5% Excess Return Annual Point-to-Point with Participation Rate
  • S&P 500 Daily Risk Control 10% Excess Return Annual Point-to-Point with Participation Rate

Principal

New rates are now available for Principal's IUL Accumulation II product, also including improved early cash values

Protective

Protective has expanded eligibility for its voice signature process. Key updates include:

  • Applications with ExtendCare Rider are now eligible.
  • The previous age limit of 70 has been removed (note: there is still an age limit for 65+ at $1 million and above).
  • The face amount limit has been increased from $3 million to $5 million

Securian

SecureCare III repricing in SC and launching in MT

Effective January 29, 2024, SecureCare III rates will decrease by 25 percent across all case scenarios in South Carolina. In addition, SecureCare III will launch in Montana and will include the pricing decrease of 25 percent across all case scenarios.

 

January 5, 2024

Mutual of Omaha

Important Notice: Customers who had an Automatic Bank withdrawal scheduled for 12/31/23 may notice an incorrect policy status on Customer Access. Mutual of Omaha has received their payment and are actively working to apply the payments to policies and accurately update the policy status. Policy status on Customer Access will be updated the week of 1/08/2024.

 

December 22, 2023

American National

American National’s Single Premium Immediate Annuity product on FireLight will be released by the start of the new year. Enjoy the features of automatic EFT premium payments, which ensure hassle-free transactions, suitability assessments, and seamless integrations with interest rates to guarantee accurate monthly rate updates.

Banner

Horizon's newest enhancement allows someone other than the primary insured and policy owner to join the payment process. Referred to simply as the payor, they can now enjoy a smoother third-party process.

Mutual of Omaha

Inforce LTCi Rate Adjustments Effective March 1, 2024

Mutual of Omaha will be implementing the following inforce rate adjustments effective March 1, 2024 impacting the states of Georgia, Alabama, Delaware:

Policy Forms Impacted - Georgia & Alabama: LTC04G, LTC0417, LTC04I, LTC06UI, LTC09M, LTC09U

Policy Forms Impacted – Delaware: LTC06UI

Protective

Updated ExtendCare per diem

The per diem limit for chronic death benefit riders will decrease to $410/day beginning in 2024.

The Internal Revenue Service (IRS) recently announced upcoming changes to the per diem limitations for periodic payments received under qualified long-term care insurance policies and certain life insurance policies which offer accelerated death benefits for chronic illness care.

The 2024 per diem limitation for periodic payments from these types of policies will decrease from $420 to $410. This per diem change will provide clients the opportunity to access up to $12,300 of their policy's death benefit each month through ExtendCareSM, a chronic illness protection rider available with the purchase of new universal life insurance policies from Protective. The new per diem limitation will apply to policies issued with a 2024 effective date. For policies issued in 2024, the policy can still be issued with the 2023 maximum benefit if the illustration as submitted shows the higher amount. For claims actually submitted in 2024, the max amount that can be paid out tax-free is $12,300.

Protective has expanded eligibility for its voice signature process

Key updates include:

  • Applications with ExtendCare Rider are now eligible.
  • The previous age limit of 70 has been removed (note: there is still an age limit for 65+ at $1 million and above).
  • The face amount limit has been increased from $3 million to $5 million

Prudential

Enhancements to PruLife® Custom Premier II as of 01/16/24

Enhancements include:

  • Expanded variable fund line-up.
  • Improved target premiums with an average increase of 14% for policies with Death Benefit Option B
  • Adjusted surrender charges (only effects cash surrender values in years 1 through 10)
  • The availability of the Premium Deposit Account
  • BAR Concierge Care Services will now be available in more states through the addition of the Other Goods and Services Rider
  • Enhanced illustration functionality that allows selected percentages above the minimum solves, supporting higher Death Benefit non-MEC with potentially low impact to cash accumulation

 

December 18, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

December 11, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

December 8, 2023

Securian

Updated Juvenile Guidelines

Securian's juvenile underwriting guidelines have been reviewed and updated. Changes to the guidelines include:

  • Securian will now consider up to $250,000 of coverage on juveniles without their usual 50 percent restriction of parental coverage
  • Securian has extended consideration for grandparent gifting scenarios
  • Expanded underwriter guidance for juvenile build considerations, resulting in fewer attending physician statements (APSs)

John Hancock

Term application deadline extension

John Hancock has extended the deadline to submit applications for their Protection and Vitality Term '20 products to December 29. As such, the following products will be available until December 29:

  • Protection Term '20
  • Vitality Term '20
  • Protection Term '23
  • Vitality Term '23

Please note: This extension does not apply in New York. Protection and Vitality Term '23 are not approved in California.

 

December 7, 2023

Lincoln Financial Group

Lincoln VUL Dollar Cost Averaging Fixed Account Rate Program – Extended

Extended through June 30, 2024

Lincoln is pleased to extend the Variable Universal Life Insurance Dollar Cost Averaging Fixed Account Enhanced Interest Rate Program through June 30, 2024. This program includes an enhanced current interest rate to help with short-term returns while the client transfers funds into variable investment options using a 12-month Dollar Cost Averaging (DCA) program.

Premium Payment Changes

Beginning January 2, 2024, Lincoln will transition back to its pre-COVID payment practices, and payments will no longer be accepted over the phone. Please note they will still accept grace payments and pending payments for reinstatement.

In October 2023, Lincoln launched an easier, faster way for policy owners to receive and pay their premium bills online using electronic billing (eBill) and electronic payments (ePay). These enhancements allow Lincoln life insurance —including MoneyGuard® — policy owners to securely manage their payments 24/7 on any device.

Updated Rate Lock Procedures for Fixed Indexed Annuities

Updates to rate lock procedures for cash with application

Rate lock procedures for cash fixed indexed annuity business have been updated to 7 calendar days from when the application is signed, a change from 14 days.

Rates eligible for a rate hold include the contract’s fixed account interest rate and indexed account rates.  There is no rate hold on the index value. The applicable index value is determined on the date the contract is issued.

  • Cash with application: Cash must be received and the contract must be issued within 7 calendar days from the date the application is signed.
  • Transfer of funds (nonqualified): Funds from noninsurance accounts to nonqualified annuities are treated as cash with application, such as mutual fund shares, CDs, brokerage accounts, or any other financial institution funds selected in section 2B of the ACORD transfer form (ACORD951). Proceeds must be received and the contract must be issued within 7 calendar days from the date the application is signed.

There are no changes to 1035 exchange rate lock procedures.  A 60-day rate hold will apply to Lincoln-initiated 1035 exchanges and qualified trustee-to-trustee transfers beginning on the date the application is signed.

Mutual of Omaha

As of December 1, 2023, Mutual of Omaha increased their Minimum Premiums for Index Universal Life Express. This increase will only impact Minimum Premiums for IUL Express. It will not impact the Easy Solve premiums that you use today or the quotes you run in Mobile Quotes.

Nationwide

.50% fixed rate increase in Nationwide IUL 2020 products

Effective January 1, 2024, the fixed interest rate will increase to 3.50% for the following products:

  • Nationwide IUL Accumulator II 2020
  • Nationwide IUL Protector II 2020
  • Nationwide Survivorship IUL 2020

Oceanview Life & Annuity

Business operations have fully resumed to their normal functions.

Principal

As of December 4, 2023, Principal introduced a new level term (10-, 15-, 20-, and 30-Year). In addition to updated rates, it features:

  • A new nonconvertible policy option that offers a lower-cost alternative to the convertible policy option.
  • Two optional riders that allow clients to get face amount increases, without additional underwriting – the Business Value Increase Rider and the Salary Increase Rider.

Prudential

Variable Investment Option Fund Merger

The target fund identified below will merge and will no longer be available as an investment option on existing policies. This will be effective as of the close of trading on the New York Stock Exchange (NYSE) on December 8, 2023 (“the merger date”). On the merger date, the value in the target fund will be automatically reallocated to the PSF PGIM Jennison Blend Portfolio (“the acquiring fund”).

Target Fund: PSF PGIM Jennison Focused Blend Portfolio

Acquiring Fund: PSF PGIM Jennison Blend Portfolio

Details have been mailed to impacted clients.

 

December 4, 2023

Oceanview Life & Annuity

Update regarding the service disruption caused by the cybersecurity incident at Infosys McCamish Systems ("McCamish"), the third-party administrator of Oceanview Life and Annuity Company.

  • Oceanview has resumed processing all disbursements, including commissions, surrenders and withdrawals on a daily basis.
  • Agent & Client portal remain down, and the Infosys Call Center cannot presently provide policy-level information.
  • Oceanview continues to receive and process new business applications via fax.

 

November 27, 2023

Equitable

Equitable introduced a guaranteed lifetime protection product with the VUL Incentive Life Protect℠. This product includes:

  • Extended No-Lapse Guarantee (ENLG) option for lifetime life insurance protection
  • Long-Term Care Services℠ Rider (LTCSR) for long-term care expenses to provide asset protection
  • Market Stabilizer Option® II (MSO II) Indexed Options with upside potential, up to a cap, and levels of downside protection for managing market volatility

John Hancock

Premier Benefit IUL is now available in California.

Protective

Protective has lowered prices on their Protective Classic Choice term product.

Securian

Changes to Early Values Agreement on select products.

As of November 1, 2023, Securian made a positive change that will impact some policyholders with products that have the Early Values Agreement (EVA). The EVA charge will be waived starting 11 years after the later of the policy issue date, or the most recent face increase for the following products:

  • Eclipse Indexed Universal Life (IUL)
  • Eclipse IUL (NY)
  • Eclipse Survivor IUL
  • Eclipse Survivor IUL (NY)
  • Omega Builder IUL
  • Balanced Growth Advantage IUL
  • Balanced Growth Accumulator IUL
  • Orion IUL

This change will not affect any other currently sold products as most use a different version of the EVA that only charges during the surrender charge period.

 

November 21, 2023

Oceanview Life & Annuity

Following up on our recent announcement concerning the service disruption caused by the cybersecurity incident at Infosys McCamish Systems ("McCamish"), the third-party administrator of Oceanview Life and Annuity Company, McCamish has now informed Oceanview that it has resolved the issue. Based on the information provided by McCamish, Oceanview will be fully operational in implementing all of its policy and agent protocols on Thursday, November 30, 2023. We apologize for the disruption that was caused by this incident.

 

November 8, 2023

Oceanview Life & Annuity

On November 2, 2023, Oceanview Life and Annuity Company’s third-party administrator, Infosys McCamish Systems (“McCamish”) became aware of a cybersecurity incident that impacted its ability to serve its clients, including Oceanview. Oceanview has its policy administration (applications, surrenders, and withdrawals) and agent appointments conducted by McCamish. We understand that McCamish promptly took steps to isolate and lock down its systems.  Accordingly, Oceanview has been unable to process policies and agent administration since the shutdown of the systems by McCamish.

McCamish's investigation is in the early stages and McCamish does not have answers at this time about the impact on specific customers' data, including with respect to Oceanview’s agents and policyholders. Due to the severity of the incident and the complexity of McCamish’s network, the restoration process is taking longer than originally anticipated. McCamish now believes that they will not be back to normal operations until at least November 14, 2023.

 

November 2, 2023

American National

New Automatic Premium Drafting for Annuities

American National has announced the integration of automatic premium drafting into their FireLight Annuity E-application system. As you complete the application, the premium will be seamlessly drafted, saving you valuable time and effort.

Corebridge

Improved Term Rates

As of October 30, 2023, Select-a-Term was repriced in all states, excluding New York. Overall, the rates trend lower and decreases can be seen across all key bands.

Equitable

Effective November 13, 2023, Equitable will introduce its new VUL Incentive Life Protect℠, offering options for guaranteed lifetime protection with the Extended No-Lapse Guarantee, Long-Term Care Services℠ Rider and Market Stabilizer Option® II Indexed Options to manage market volatility.

Lincoln Financial Group

Lincoln VULONE (2021) – 11/13/23

Effective November 13th 2023, Lincoln VULONE (2021) – 11/13/23 will replace Lincoln VULONE (2021) – 05/15/23. With this product update, there are no changes to the guarantee premium. Changes are limited to the base account charges and credits. As Lincoln continues to prioritize a disciplined and prudent approach to risk management, the following changes will allow the flexibility to continue to offer competitive level pay guaranteed premiums. With this product update, Lincoln is discontinuing the following product options for new sales of Lincoln VULONE (2021):

• Bonus Rider

• Premium Reduction Option (Guaranteed Minimum Death Benefit (GMDB) Option that provides a Lifetime Guaranteed Death benefit with 50% drop at age 90)

Lincoln SVULONE

Effective November 13, 2023, Bonus Rider and Premium Reduction Option will be discontinued on Lincoln SVULONE.

Lincoln MoneyGuard Market Advantage

Effective November 13, 2023 through June 30, 2024, Lincoln is introducing DCA 10% Fixed Account enhanced interest rate Program for Lincoln MoneyGuard Market Advantage.

Nationwide

Nationwide VUL Protector II launches November 4, 2023.

 

October 27, 2023

Securian

The eApp is now available for Securian survivorship products: Eclipse Survivor II Indexed Universal Life and Variable Universal Life Survivor.

 

October 24, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

October 18, 2023

John Hancock

John Hancock now offers an indemnity Chronic Illness rider. Available on Protection UL, Protection IUL, and Protection VUL

Key features include:

  • No restrictions — clients can use benefit dollars for anything they choose
  • No receipts required
  • No permanency requirement to qualify

Securian

Introducing competitive underwriting for NT-proBNP

N-terminal pro-BNP (NT-proBNP) is a well-studied laboratory Test used as a predictor for the development of heart failure, cardiovascular disease and cardiac-related deaths.

Securian has announced they can now offer competitive underwriting decisions through their new guidelines and simplified crediting program for NT-proBNP laboratory results.

What to expect:

More competitive offers

  • Expanded eligibility for Standard, Non-Tobacco Plus, Preferred and Preferred-Select classifications
  • Improved crediting program:
    • Standard or better cases may qualify for a one-class improvement
    • Sub-standard cases may qualify for up to a two-class improvement

Better turnaround times

  • Simplified, more competitive guidelines will enable underwriters to deliver quicker decisions
  • Improved risk approaches will reduce the need for escalated handling or additional discussions between financial professionals, clients and underwriters

Please note: The above does not apply to the SecureCare™ product line.

Symetra

Symetra’s Accelerated Underwriting Program is designed to offer clients a permanent life insurance policy without completing an exam or submitting an APS. To make the program even more attractive, and potentially deliver even faster underwriting offers, they have added an Express path.

How does it work?

  • Clients ages 18 to 60 with face amounts up to $1 million will automatically travel this path.
  • No exam can be submitted or pre-ordered.
  • Just submit Part I and II applications and a HIPAA consent form. Symetra will do the rest.

 

October 17, 2023

Corebridge

iPipeline iGO users will have access to instant decision

As of October 9, 2023, iPipeline iGO users will have access to Corebridge’s new iPipeline SimpliNow Choice platform that can deliver a real-time offer on Select-a-Term.

Lincoln Financial Group

Lincoln VULONE and Lincoln SVULONE: Table Reduction Program will be discontinued on Lincoln VULONE and Lincoln SVULONE products Effective Nov. 13, 2023

Product Update - Lincoln WealthAccelerate® IUL: As of October 16, 2023, Lincoln made updates to the Lincoln WealthAccelerate® IUL. Lincoln WealthAccelerate® IUL - 10/16/23 will replace Lincoln WealthAccelerate® IUL.

Summary of changes 

  • Fidelity AIM® Dividend – Fixed Bonus participation rate increased to 155% (from 140%)
  • Removed excess premium loads (current charge only)
  • Cost of Insurance increase and duration of charge extended to age 121
  • Target premium decrease of 5% on Level Death Benefit Option (DBO1)
  • Minimum Premium Requirement Increase

Pacific Life

PL Promise GUL & PL Promise Conversion UL: Reprice and Enhancements Now Available in Washington, D.C.

Securian

SecureCare III, a long-term care (LTC) and nonparticipating whole life insurance policy, will become available in Delaware on October 23, 2023.

 

October 13, 2023

Mutual of Omaha

Effective October 11, the following enhancements have been made to all client signatures on Mutual of Omaha's electronic application:

  • Text message signature process is available
  • There is less scrolling and no required pop-ups
  • The number of clicks has been reduced throughout the signature process

The products available for this application process include IUL Express, Term Life Express, Living Promise Whole Life, and Children’s Whole Life.

Nationwide

Nationwide® IUL Accumulator II 2020: Effective October 15, 2023, Nationwide will increase the cap rate on every capped indexed interest strategy. The participation rates for their volatility control strategies will increase as well.

Principal

Key Person Coverage:

New, higher multiples for key person coverage. Death benefits of up to 10 times key employees’ total compensation is the standard amount available, but higher amounts can be warranted in some situations. Effective immediately, Principal will consider 15-20 times compensation for well-established businesses and/or unique circumstances.

Prudential

October 2023 Index Account Updates

Overall higher hedging costs associated with capped accounts caused decreases, while uncapped accounts had lower hedge costs and were improved (spreads reduced).  These changes will be effective for index segments starting October 15, 2023.

A letter will be sent to policy owners when there are changes to index accounts, informing them of the new caps, rates and spreads, and that the future segments will be impacted. The letter also indicates that these changes may result in different values than were shown in their most recent illustration and how they can request a current illustration.

 

October 2, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

September 29, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

John Hancock

Introducing Premier Benefit IUL

A life insurance solution for employeess

Premier Benefit IUL gives you a new opportunity to tap into an employer market focused on attracting and retaining top talent. It offers high-earning employees an easy way to buy voluntary individual permanent life insurance with optional long-term care rider protection — all at no cost to the employer. Every policy includes John Hancock Vitality PLUS.

Key highlights:

  • Fully digital experience — ensures an efficient process from start to finish
  • Streamlined underwriting — requires no APS, medical exams, or labs and often results in an instant decision; guaranteed issue available for larger group sizes
  • Enhanced protection with our Long-Term Care rider — gives employees the option to accelerate their policy's death benefit in the event of a long-term care need
  • Cost-efficient, permanent death benefit protection with income tax-free growth potential — gives employees a choice of tying policy performance to an S&P®-linked indexed account and/or a Fixed Account
  • John Hancock Vitality PLUS — rewards employees for the everyday steps they take to live longer, healthier, better lives

State approvals

Premier Benefit IUL is approved in all states except: California, Guam & New York

 

September 28, 2023

Corebridge

Protection IUL improved positioning Effective September 29, 2023

On September 29, 2023 an average premium reduction of 4% will be taken across the board on Value+ Protector III with continued emphasis towards performing well in all scenarios (max%: 6% and 5%) and across payment structures (level and short pay). Also improved guaranteed premium solve to age 90.

MassMutual

Effective until December 31, MassMutual will pilot Tele-CMI and paramedical exam changes for a better term, whole, and universal life insurance underwriting experience and industry alignment.

Mutual of Omaha

In mid-September, Mutual of Omaha will began mailing out letters to IUL policyholders to notify them that they now have a new crediting strategy option for their policies: The BofA U.S. Agility Index.

Oceanview

Oceanview is no longer accepting annuity applications for the state of North Carolina in 2023.  Business in the state of NC will automatically resume on January 1, 2024.

Protective

Protective Indexed Choice℠ UL: As of September 18, 2023, Protective Indexed Choice℠ UL is available in New York. Non-NY version has also been repriced to improve competitiveness in key scenarios.

Protective Classic Choice: Rates have been lowered on the Protective Classic Choice term product.

Prudential

Prudential FlexGuard® Life IVUL is now available in California

 

September 19, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

September 14, 2023

Lincoln Financial Group

Pricing Improvement MoneyGuard Fixed Advantage®

Effective September 11, 2023, Lincoln Financial Group implemented pricing improvements on MoneyGuard Fixed Advantage®, which includes reductions up to 15%.

Nationwide

Nationwide CareMatters Together launched in AZ and DC on September 11, 2023.

OneAmerica

New business interest rates for Indexed Annuity Care® are increasing effective Friday, Sept. 15, 2023.

Securian

Premium Limits Increasing

Securian has increased their premium limits for the first policy year only on new sales for select products. Premium limits for Eclipse NY, Eclipse Protector II Indexed Universal Life (IUL), Eclipse Survivor II IUL and Variable Universal Life (VUL) Survivor products sold with the No Lapse Guarantee Agreement (NLGA) will increase to the greater of 5x target and $5mm (the current limit is $1 million).

 

September 6, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

September 1, 2023

Mutual of Omaha

Long Term Care: New Personal Worksheets for New York and North Dakota

Effective August 31, 2023, new Personal Worksheets became available for New York and North Dakota.

Updates include:

  • Rate Increase History Grid
  • Two new questions (#2 & # 6)
  • Rewording of questions and additional answer options

Previous personal worksheets will no longer be accepted after September 30, 2023.  

** California is still pending and will be implemented upon approval from the state.

Pacific Life

PL Promise Term Rates Update

Pacific Life Insurance Company is rolling out new pricing for PL Promise Term level premium life insurance—a product designed to offer affordable death benefit protection to consumers with household incomes of $50,000-$250,000 and business owners needing short-term flexible coverage.

Rates have been updated to increase competitiveness across all combinations of terms, risk classes, gender, and issue ages with a focus on lower premiums at $3 million of coverage and above.

Symetra

SwiftTerm Pricing Update

Effective Sept. 1, 2023, Symetra will lower SwiftTerm premiums for coverage amounts of $500,000 to $3 million—especially within ages of 25 to 55 in non-nicotine rate classes.

 

August 29, 2023

John Hancock

John Hancock has announced the following:

Enriched conversion options:

Protection and Vitality Term now offer conversion to any John Hancock permanent policy for the following periods:

–  6 years for Term 10

– 8 years for Term 15

– 10 years for Term 20

– 12 years for Term 30

The “any product” conversion period is extended even further for Vitality Term. If the insured attains a Gold or Platinum status in each of the three most recent annual processing dates prior to conversion, the “any product” conversion period is extended:

– Through year 10 for Term 10 and Term 15

– Through year 15 for Term 20 and Term 30

Improved Vitality Term experience:

Vitality Term clients will have more control and predictability over their premiums. That’s because they will now pay the Gold premium in year one and then pay premiums based on their participation in the Vitality program. Specifically, starting in year two, they will pay the premium associated with the Vitality Status they earned in the previous year. The premium amount for each status (Platinum, Gold, Silver, Bronze) is set at issue and guaranteed not to change.

Term application deadline extension

John Hancock has extended the deadline to submit applications for their Protection and Vitality Term 20 products to November 17. As such, the following products will be available until November 17:

  • Protection Term 20: Guaranteed level premium product with a 4 year conversion period* for 10, 15, 20 and 30 year durations
  • Vitality Term 20: Non-guaranteed, non-level premium product with signed illustration required
  • Protection Term 23: Guaranteed level premium product with a 6, 8, 10, and 12 year conversion period* for 10, 15, 20 and 30 year durations
  • Vitality Term 23: Guaranteed, non-level premium product that does not require a signed illustration. Offers enhanced convertibility that can be further extended up to 10 years on 10 and 15 year durations and 15 years* on 20 and 30 year durations with Vitality participation in the three years prior to conversion.

After November 17, only Protection Term 23 and Vitality Term 23 will be available for quoting.

Lincoln Financial Group

Coming Soon - Lincoln MoneyGuard Fixed Advantage® Pricing Improvements

Effective September 11, 2023, Lincoln Financial will be implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage, which will improve competitive positioning. There will be no pricing increases as a result of this update. Following a transition period, Lincoln MoneyGuard Fixed Advantage® – 09/11/23 will replace currently sold Lincoln MoneyGuard Fixed Advantage® - 01/23/23.

Pricing Improvements

• Pricing improvements range from 0 - 15%

• Average pricing decrease is 5%

• Issue ages 55 through 65 will see the most improvement

 

 

August 28, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

August 25, 2023

Symetra

Carrier Match Program

Starting September 1, 2023, Symetra will match formal or informal rate class offers from their group of eligible life insurance carriers.

The program will be available with their Accumulator Ascent and Protector IUL products for issue ages 20-65 and face amounts up to $5 million.

Here is how the program works:

  • Submit two matching underwriting offers from their group of eligible carriers dated within 90 days of the Symetra application (instant and accelerated underwriting programs are excluded).
  • All underwriting requirements used to assess the rate must be included in the carrier’s offer.
  • Any “subject to” additional requirements (such as an APS) will apply, and the final offer is subject to the favorable review of these requirements.
  • Approval of the carrier match is subject to a fully completed Symetra application and review of routine and/or outstanding requirements such as an MIB, MVR, Rx and Dx.

Cases must be submitted by Dec. 31, 2023, and issued by Jan. 31, 2024.

 

August 23, 2023

American National

Enhanced Annuity e Application Experience:  FireLight® Website Integration

FireLight will soon be integrated into American National's website to use when writing Palladium® MYG and ASIA PLUS products. Their newly enhanced ExpertApp software will remain available for agents to write WealthQuest™, Palladium® SPIA, and Century Plus products.

Banner

** Legal & General (Banner) has made significant changes to their commission structure to stay in compliance with their interpretation of the Producer Licensing Model Act (PLMA). As of August 16, 2023, any agents or agencies that are not licensed in the state at time of application will not receive commission. This specifically impacts agents in Florida, Georgia, Massachusetts, Montana, North Carolina, New Mexico, Pennsylvania, South Carolina, Utah, Virginia, Wisconsin, and West Virginia. Previously Banner would reject these applications, but going forward they will proceed with underwriting, but no compensation will be paid and they will not reverse compensation for any reason.

Nationwide

CareMatters II price improvement effective August 21, 2023 As of August 21, 2023, Nationwide®  implemented price improvements across all scenarios for the current CareMatters® II product effective in the states of Connecticut (CT), Florida (FL), North Dakota (ND), South Carolina (SC), South Dakota (SD) and the District of Columbia (DC).

CareMatters II price improvements and product minimum decrease There is also a price decrease for all scenarios, which varies by the characteristics of the case.

In addition, to make CareMatters II more accessible to more clients, Nationwide has lowered the current minimum LTC benefit from $2,500 a month to $1,500 a month. South Dakota, Vermont and Wisconsin require higher minimums.

Pacific Life

New Replacement Form & Processes

As of August 18, 2023, Pacific Life now requires the following for all PL Promise life insurance business involving replacements:

  • Use of the new NAIC Replacement Form (15-46070-01).
  • The NAIC Replacement Form signed-on date must be on or prior to the life insurance application signed-on date.
  • The insurer name must be clearly stated on the form.

 

August 14, 2023

John Hancock

John Hancock has enhanced their Protection Term and Vitality Term products. Updates include:

Enriched conversion options — giving clients more time in which to convert to any of the options offered in their suite of permanent solutions

Removed the signed illustration requirement for Vitality Term

Simplified Vitality Term experience — the premium amount is determined by the achieved Vitality status. The premium for each Vitality status is guaranteed and provided in the Contract, giving your clients added predictability and control.

Fast and easy purchase process — streamlined digital experience makes submitting business with John Hancock simple and convenient

Lincoln Financial Group

Beginning Aug. 14, 2023, Lincoln’s Underwriting team will now offer new opportunities within the foreign national market. The following updates will make it easier to do business with Lincoln and enable coverage for a broader set of your foreign national clients.

  • Allowing a Limited Power of Attorney to sign Good Health Statement
  • Expand travel abroad criteria for U.S. Citizens or Green Card holders
  • Routine inspection reports no longer required

Prudential

VUL Protector: Prudential has new pricing for VUL Protector no-lapse guarantee solves. Most scenarios will improve, however, some designs will see an increase.

BenefitAcces Rider Update (NY): BenefitAccess Rider (BAR) has been enhanced on VUL Protector in New York. It now offers non-permanency, which allows clients to file a chronic illness claim even if they’re expected to recover.

SBLI

SBLI is fundamentally changing their accelerated underwriting program and will be offering immediate decisions on all cases and more competitive rates.

Phase One Changes, Effective August 14, 2023

AcceleRate will provide one seamless application process for all digitally submitted cases and many great enhancements to their digital end-to-end Accelerated Underwriting (AU) process with an immediate decision.

New AU Eligibility Criteria: Ages 18-50; face amounts $1,000,000 or less, all risk classes.

New AcceleRate Program: Accelerated underwriting cases that are approved will have no examination or APS requirements. Traditional underwriting cases will require an examination and potentially an APS. Please note, if an eligible accelerated underwriting case does not qualify, it will automatically pivot to traditional underwriting.

New Application Form: New application form with updated reflexive questions designed to support immediate case decisions.

New Term Rates: New highly competitive term rates offered across the board with a spotlight on 30-year durations.

 

August 9, 2023

IMPORTANT: Banner

Banner has made significant changes to their commission structure to stay in compliance with their interpretation of the Producer Licensing Model Act (PLMA).  Effective 8/16, any agents or agencies that are not licensed in the state at time of application will not receive commission.  This specifically impacts agents in Florida, Georgia, Massachusetts, Montana, North Carolina, New Mexico, Pennsylvania, South Carolina, Utah, Virginia, Wisconsin, and West Virginia.  Previously Banner would reject these applications, but going forward they will proceed with underwriting, but no compensation will be paid and they will not reverse compensation for any reason.

 

August 7, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

August 3, 2023

Lincoln Financial Group

Coming Soon - Lincoln WealthAccelerate® IUL available in Massachusetts

Effective August 14, 2023, Lincoln WealthAccelerate® IUL will be available in the state of Massachusetts.

Coming Soon - New Unified Life Application in Massachusetts. 

Starting August 14, 2023, the latest unified life insurance application package will be available for use in Massachusetts (MA). With this new application comes two firsts for MA: Real-Time Offer opportunities for eligible clients, and the ability to sell Lincoln WealthAccelerate® IUL.

Securian

To enhance the competitiveness of their IUL products and reflect current industry trends, Securian Financial is changing the way they manage their IUL portfolio starting this September. IUL Portfolio Management will better align the indexed account parameters and fixed account interest rates they are crediting with the investments that were made to support each block of business. Additionally, this creates latitude for Securian to price products that better reflect the current economic environment- a similar approach used by most other insurance companies in recent years.

Securian will have distinct indexed account parameters and fixed account interest rates by product and create a new sales block for the following products: Eclipse Accumulator IUL, Eclipse Protector II IUL and Eclipse Survivor II IUL for policies with a policy date on or after September 15, 2023. This will result in multiple changes to indexed account parameters across their IUL product suite.

 

August 2, 2023

Cincinnati Life

Effective August 1, 2023, Termsetter ROP rates have been adjusted for the ROP portfolio, with the majority of rates decreasing. The issue age ranges in the Preferred Smoker and Standard Smoker classes have been reduced by one year in some bands for the 20- and 25-year terms.

 

July 27, 2023

OneAmerica

As of July 26, 2023, the joint option on OneAmerica Asset Care will include the 4% acceleration option. The addition of a 75-month shared benefit pool expands One America’s ability to provide flexible benefit options for cost-conscious clients, and the lifetime benefit will now be more affordable in many situations. *Please note, the 75-month option currently is not available in California.

 

July 24, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

July 20, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Mutual of Omaha

Mutual of Omaha will implement the following inforce rate adjustments effective September 1, 2023. *The state of Rhode Island requires a 90-day notification period for all policyholders. Therefore, the effective date for the affected RI policies indicated below will be October 1, 2023.

Impacted Forms                                  Impacted States

LTC04G                                                     Arizona & Rhode Island

LTC04I                                                       Arizona & Rhode Island

LTC04I7                                                     Arizona & Rhode Island

LTC09M                                                     Arizona & Rhode Island

LTC06UI                                                     Arizona & Rhode Island

LTC09U                                                      Arizona & Rhode Island

Prudential

As of July 10, 2023, Prudential FlexGuard Life IVUL is now available in Louisiana.

Symetra

As of July 19, 2023, Symetra introduced the following SwiftTerm platform enhancements:

  • Instant policy delivery
  • Fully embedded lifestyle and health questions:
    • Lifestyle and health questions are fully embedded into the user experience. Customers will have a clearer view of where they are in the application process.
    • Customers only see one question at a time to create a more seamless mobile and tablet experience.
    • Questions are answered with a single click. No more clicking to answer and then clicking again to “save.”
    • These changes will help reduce the number of errors reported when customers access the questions.
  • Simpler application signing process: Customers no longer need to “lock” their application answers before moving on to the signature stage. A new summary screen shows their answers and allows them to quickly jump back to a section if they need to change it before signing. The signature stage is fully embedded in the application process to reduce potential errors.
  • New reminders to begin the customer interview: You and your customers will receive email reminders to start the customer interview on days 2, 3, 11 and 29. Customers have 30 days from the time a ticket is dropped to fill out their portion and complete the SwiftTerm application process.

 

July 10, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

American National

Brookfield Reinsurance, American National’s parent company, has entered into an agreement to acquire American Equity Investment Life Holding Company (AEL). The acquisition is expected to close during the first half of 2024.

Protective

As of July 10, 2023, Protective has lowered its prices on the Protective®Classic Choice term.

 

July 7, 2023

United of Omaha

United of Omaha announced the addition of their fourth crediting strategy to their IUL portoflio*: the BofA U.S. Agility Index: One-Year Uncapped account*. Clients now have this option to consider if they are looking for an index that may provide more consistent performance in fluctuating market environments. The BofA U.S. Agility Index is not available in CA, NY and VI.

 

June 28, 2023

American National

Enhanced Annuity e Application Experience: FireLight® Website Integration

FireLight will soon be integrated into American National's website to use when writing Palladium® MYG and ASIA PLUS products.

Their newly enhanced ExpertApp software will remain available for agents to write WealthQuest™, Palladium® SPIA, and Century Plus products.

Lincoln Financial Group

Indexed Account changes

Lincoln WealthAccumulate® 2 IUL (2020) – 04/17/23

Effective July 15, 2023, Lincoln will increase certain participation rates on Lincoln WealthAccumulate® 2 (2020) IUL - 04/17/23, which may improve future policy performance. The changes apply only to newly created indexed account segments for Lincoln WealthAccumulate® 2 (2020) IUL - 04/17/23.

OneAmerica

Expedited Underwriting Expansion (Long-Term Care)

Effective June 28, 2023, all Asset Care applications with a total amount to underwrite (TATU) of $500k or less will be eligible for expedited underwriting*. Currently, the TATU limit is $250k for cases with lifetime COB and $500k for cases with limited COB. This change brings alignment and simplicity to this process. This change is applicable to all states where OneAmerica conducts business.

*Underwriters may require applicants to move through full underwriting if there are no LabPiqture hits.

Prudential

July 2023 Index Account Updates

Changes will be effective for index segments starting July 15, 2023.

A letter will be sent to policy owners when there are changes to index accounts, informing them of the new spread and that the future segments will be impacted. The letter also indicates that these changes may result in different values than were shown in their most recent illustration and how they can request a current illustration.

 

June 26, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

June 22, 2023

Mutual of Omaha

Changes to Long Term Care Underwriting

As of June 20, 2023, Mutual of Omaha integrated medical claims data which streamlined the long term care underwriting process and reduced the potential need for additional requirements.

Some important updates include:

Mutual of Omaha will no longer auto-order medical records. Records will only be ordered at the underwriter’s discretion.

For clients aged 59 or younger, Phone Health Interviews will no longer be automatically ordered. They will be ordered only when necessary and at the underwriter’s discretion.

For clients aged 60-64, after a review of medical claims data, they will order a Phone Health Interview with cognitive screening which will be conducted by phone.

For clients aged 65 and older, after a review of medical claims data, they will order Face to Face Assessments.

Securian

SecureCare III repricing in AZ and IN

SecureCare III launching in DC, ND and SD

The following changes will be effective June 28, 2023:

  • SecureCare III rates will decrease by 25 percent across all case scenarios in Arizona and Indiana
  • SecureCare III will launch in Washington DC, North Dakota and South Dakota with its reprice rates

 

June 20, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Symetra

SwiftTerm® Enhancements
Expanded build criteria and fewer labs

  • SwiftTerm’s build criteria guidelines have expanded, The new criteria is more aligned with other carriers in the instant or accelerated underwriting space—and even better in certain scenarios.
  • Over 70% of submitted SwiftTerm applications will now go through Symetra’s instant coverage or accelerated underwriting paths (meaning no labs, doctors, needles, or tele-interviews for those who qualify).

 

June 16, 2023

Nationwide

CareMatters II

Effective June 12, 2023, Nationwide implemented a price improvement across all scenarios for the current CareMatters II product. Note: the reprice is not yet approved in the following states: AZ, CA, CT, DC, DE, FL, IN, ND, NJ, SC, SD

In addition, Nationwide lowered the current minimum LTC benefit from $2,500 a month to $1,500 a month. South Dakota, Vermont and Wisconsin require higher minimums.

 

June 14, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Global Atlantic

Effective July 1, 2023, Global Atlantic will be suspending sales of the index universal life (IUL) products that are issued by Accordia Life Insurance Company. This includes:

  • Lifetime Builder ELITE IUL
  • Global Accumulator IUL
  • Lifetime Foundation ELITE IUL

Protective

Underwriting Criteria & Requirements Improvements:

PLUS — accelerated program throughput

Protective made some adjustments to their Protective Life Underwriting Solution (PLUS) program to help more cases qualify for fluidless underwriting; improving outcomes for more cases at Preferred rates.

Family history

Protective’s Select Preferred underwriting criteria will no longer factor in whether a client’s parent or sibling had an incidence of cancer, heart disease or cardiac condition prior to age 60 — only whether they died prior to age 60. This means more clients with a family history of cancer or heart disease will qualify for Best Class.

Dual manual approach for build

Protective discontinued their internal build chart in favor of using the best result achieved from their two reinsurance manuals (Hannover Re & Swiss Re). Credits can be applied in some cases with other favorable risk factors.

Senior build

Protective  implemented minor adjustments to Select Preferred and Preferred build cutoffs for applicants aged 71 and up.

Protective (New York)

Due to recent New York application filing requirements, Protective has made the decision to transition their application submission system to a 100% digital/online process. As of July 1, 2023, Protective will no longer accept physical (paper) applications in the state of New York.

Paper application numbers: PL 400R NY, PL 402 NY, PL 405R NY, and PL 406 NY will all be discontinued.

To help support a smooth transition to a fully digital process, even if dated prior to June 30, paper applications will no longer be accepted in the state of New York after June 30, 2023. Only applications submitted electronically through Protective Velocity will be accepted — NO EXCEPTIONS.

Mutual of Omaha

New Personal Worksheets Now Available for LTC

New personal worksheets are now available for all states except California, New York, and North Dakota. Previous worksheets will no longer be accepted after June 30, 2023

 

June 5, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

June 2, 2023

Global Atlantic

Beginning 6/5/23, Global Atlantic will require eApps. Advisors will be required to log in to Global Atlantic's website to access the eApp as it will not be available via BUI's website.

Lincoln Financial Group

Lincoln VUL Dollar Cost Averaging Fixed Account Rate Program - Extended

Extended through December 31, 2023 

Lincoln is pleased to extend the Variable Universal Life Insurance Dollar Cost Averaging Fixed Account Enhanced Interest Rate Program through December 31, 2023. This program includes an enhanced current interest rate to help with short-term returns while the client transfers funds into variable investment options using a 12-month Dollar Cost Averaging (DCA) program.

New formal applications signed, dated, and received in good order in Lincoln’s home office up to and including Tuesday, December 31, 2023 are eligible  for the DCA Fixed Account Enhanced Interest Rate is available as follows:

Accumulation Products

Will receive an 8% enhanced current interest rate:

Lincoln AssetEdge® VUL

Lifetime Guarantee Products 

Will receive a 2% enhanced current  interest rate:

Lincoln VULONE  

Lincoln SVULONE 

These allocations must follow the restrictions put in place for applications received on or after May 15, 2023:

Three tiers of funds are available. Up to 100% may be allocated to either Tier 1 or Tier 2 or a combination of both. If any allocation is made to Tier 3, then at least 25% must be allocated to Tier 1.

Tier 1 – Fixed Income Funds and the Fixed Account

Tier 2 – Blended (Equity/Fixed Income) Funds, Asset Allocation Funds

Tier 3 – Equity Funds

OneAmerica

Due to the vendor’s processing change, OneAmerica will no longer accept credit cards as a method of payment for the first premium payment after June 28, 2023.   For a client's first premium payment they will accept:

  • Personal check
  • Cashier’s check
  • Electronic check or eCheck

OneAmerica accepts checks made payable to OneAmerica or to The State Life Insurance Company.

 

May 30, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Cincinnati Life

Effective June 1, 2023, Cincinnati Life will update Termsetter rates (in all states except New York).

Premium decreases will be seen in shorter term durations, Preferred Best Non-Nicotine and Preferred Non-Nicotine rates classes, and at younger ages.

 

May 22, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Corebridge

Select-A-Term Rate Update as of May 22, 2023 - Corebridge has released their latest rate update for the AG/US Life Select-A-Term products (all states except New York).

Nationwide

Nationwide has announced that on June 12, 2023, they will launch Nationwide CareMatters TogetherSM. This product is designed to provide long-term care coverage via a linked-benefit policy to couples or two individuals with an insurable interest in each other. Product will be available in all states except California, District of Columbia, Montana, Arizona and New York.

Nationwide CareMatters Together offers a shared pool of benefit dollars. Policyowners can use some or all of the benefit as best fits their situation. The benefit is cash indemnity. This means that Nationwide places no restrictions on how the benefit is spent.

Product Highlights:

  • Designed for couples age 30 to 70
  • Shared pool of long-term care benefits
  • Guaranteed premium, accrued benefits and LTC benefits
  • Guaranteed second-to-die death benefit
  • Cash indemnity long-term care benefit

 

May 15, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Lincoln Financial Group

Effective May 15, 2023, Lincoln AssetEdge® VUL (2022) is available in Virginia.

Effective May 15, 2023, the most recent version of Lincoln LifeElements and Lincoln TermAccel is available in Oregon.

 

May 11, 2023

Corebridge

MaxAccumulator+ III is now available in California.

Protective

Improved Underwriting Guidelines Effective May 10th, 2023

Family history

Select Preferred underwriting criteria will no longer factor in whether a client’s parent or sibling had an incidence of cancer, heart disease or cardiac condition prior to age 60 — only whether they died prior to age 60. This means more clients with a family history of cancer or heart disease will qualify for Best Class.

Dual manual approach for build

Discontinued the internal build chart in favor of using the best result achieved from their two reinsurance manuals (Hannover Re & Swiss Re). Credits can be applied in some cases with other favorable risk factors.

Senior build

Minor adjustments to Select Preferred and Preferred build cutoffs for applicants aged 71 and up.

PLUS — accelerated program throughput

Adjustments made to the Protective Life Underwriting Solution (PLUS) program to help more cases qualify for fluidless underwriting; improving outcomes for more cases at Preferred rates.

 

May 8, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Americo

Americo will no longer accept 1035 funds from a life policy to fund an annuity.

Securian

SecureCare III repriced in New Jersey

Effective May 8, 2023, rates for SecureCare III, a long-term care (LTC) and nonparticipating whole life insurance policy, were decreased by 25 percent across all case scenarios in New Jersey.

All pending applications that have an effective date on or after May 8, 2023, will automatically be eligible for and receive the new pricing. This will result in a face amount that is higher than originally illustrated.

SecureCare III’s new rates are now available in all states except AZ, DE, DC, IN, ND, SC and SD.

 

May 1, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Protective

As of May 1, 2023, Protective has lowered term prices on Classic Choice term.                                                                    *Rate change not applicable in New York.

 

April 26, 2023

Securian

On May 1, 2023, Securian’s VUL Defender® product will be updated with new and improved pricing in many cells, primarily for 10-pay and lifetime pay policies, along with product improvements that can make it an attractive option for clients looking for lifetime guarantees. Highlights include:

  • Repriced to be more competitive in short pay and lifetime pay designs.
  • New non-tobacco plus (NT+) underwriting class
    • Standard rates will change slightly as a result of adding this underwriting class.
  • Changes when including No Lapse Guarantee Agreement (NLGA)
    • Waiver of the fund allocation restrictions that previously placed limits on the percentage of net premium allocations, transfers and rebalancing that can be allocated to variable sub-accounts.
      • The fund allocation restrictions have been waived on in force and new sales of VUL Defender. We reserve the right to enforce the limits in the future. A new amendment reflecting this change will be sent to all existing policyholders and included with any new policies sold. Allocation forms have also been updated to reflect this change.
    • Monthly or quarterly automatic rebalancing is no longer required when adding NLGA.

 

April 24, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

American National

As of 5/1/2023, American National will no longer accept applications for the American National Term Rider on Signature Whole Life policies.

Cincinnati Life

Effective immediately, Cincinnati Life is removing Covid-19 underwriting restrictions with one modification: Proposed insureds age 80 and over can now be considered, however, no table ratings or flat extras are permitted.

Corebridge

The National Association of Insurance Commissioners (NAIC) has adopted the Revised Actuarial Guideline 49-A (AG 49-A) which will go into effect for any IUL policy sold on or after May 1, 2023. A a result, there will be some updates to Corebridge’s IUL products.

  • This update only impacts illustrations, not how the life insurance product operates or performs.
  • Illustrated performance of Volatility Control Index (VCI) accounts will be reduced to similar levels as current S&P 500 index accounts.
  • Caps and participation rates are not changing.
  • There are some interest rate changes in the in-force products to reflect the current market environment.

MassMutual

MassMutual has announced they are lowering the minimum face amount for Whole Life 10-Pay and 12-Pay products to $25,000.

Please note, this change excludes the High Early Cash Value (HECV) product which remains at $100,000.

  • A new face amount band will become available for face amounts between $25,000 and $99,999. Premiums and dividends for policies in this band will vary from higher bands.
  • The new minimum face amount will be available for policies with and without the LTCAccess Rider (LTCR), although for policies with LTCR, the minimum face amount will be $97,000 (like other non-HECV products). There are no changes for face amounts above the new low band.

Securian

On May 1, 2023, Securian Financial will offer a new life insurance option. Variable Universal Life (VUL) Survivor, a second-to-die policy, is designed to give your clients life insurance coverage that can grow with them and fit their changing needs.

VUL Survivor also provides:

  • Cost savings - Maximize premium dollars by purchasing one policy vs. two individual policies
  • No-lapse guarantee - Add a lifetime of guaranteed coverage at an affordable price — no matter policy performance
  • Estate planning solution - Use as part of your clients' estate plan for legacy or tax planning, charitable giving or special needs
  • Cash value growth potential - Over 70 variable sub-account options, fixed indexed accounts and a guaranteed interest account
  • Competitive max distributions - For supplemental retirement income, estate planning needs or money for an unexpected emergency

Symetra

Symetra is introducing new versions of Symetra Accumulator Ascent IUL and Protector IUL, effective April 28, 2023.

Highlights include:

  • Stronger competitive positioning
  • Higher index cap, participation rates and bonuses
  • New Accelerated Death Benefit for Chronic Care Advantage Rider

 

April 18, 2023

Securian

Changes to Indexed Life Portfolio

Securian has announced they will increase participation rates on a number of Indexed Universal Life (IUL) products and will reduce the cap on their Blended account.

These changes will take effect for all premium received and new indexed segments created after Friday, April 21, 2023. All premium received on or before April 21 for approved and existing policies will have current rates applied. Illustrations will be updated April 22, 2023.

 

April 11, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

John Hancock

Changes to indexed account parameters and maximum illustrated rates

Important details about the transition for AG49-A (May 2023 revisions):

Indexed UL illustrations

John Hancock announced that as of May 1, 2023, they will increase the participation rates on the Barclays indexed accounts for new and inforce Protection IUL (PIUL) and Protection SIUL (PSIUL) customers.

Additionally, on May 1, 2023, the National Association of Insurance Commissioners (NAIC) will enact enhancements to Actuarial Guideline XLIX (AG49-A). By this date, all illustrations of indexed UL (IUL) products sold by John Hancock and all US insurers must comply with these new regulations. For John Hancock, this will impact the illustrated rates for the following accounts: Barclays Global MA Classic, Barclays Global MA Bonus, and the Base Capped Two Year.

Lincoln Financial Group

Lincoln Variable Universal Life – Lincoln Elite Series of Funds

Updates Effective April 25, 2023, the JP Morgan Insurance Trust Global Allocation Portfolio - Class 1 will be closed and no longer available as an investment option.

Impacted products include currently sold or inforce Lincoln VUL products that offer the Lincoln Elite Series of Funds, including, but not limited to:

  • Lincoln VULONE (2021)
  • Lincoln SVULONE (2021)
  • Lincoln AssetEdge® VUL (2022)

If clients hold any of these funds, the assets need to be transferred to any of the other funds in the variable life policy on or before April 14, 2023. If Lincoln does not receive a transfer request from affected clients by April 14, 2023, any remaining assets in the fund and/or future contribution investment elections or rollovers directed to the JP Morgan Insurance Trust Global Allocation Portfolio - Class 1 will automatically be mapped (or transferred) to the Franklin Income VIP Fund – Class 1. Because this mapping (or transfer) is automatic, inforce policy holders do not need to take any action. Impacted policyholders were notified in writing 30-days prior to the transfer deadline.

Nationwide

Nationwide CareMatters II California

On April 17, 2023, Nationwide is introducing Nationwide CareMatters® II to the state of California. CareMatters II will offer more accessibility, a broader appeal, expanded features and more opportunities for you to help your clients. CareMatters II continues paying cash indemnity long-term care benefits.

Principal

Paper application Part B to be discontinued

Due to the many benefits the online and TeleApp options offer, including quicker turnaround times, fewer amendments, and a better overall customer experience, Principal has made the decision to discontinue use of the paper Part B. Effective June 5, 2023, Principal will no longer accept a paper part B for life or IDI applications.

Prudential

April 2023 Index Updates

Effective for select index segments starting April 15, 2023.

A letter will be sent to policy owners when there are changes to index accounts, informing them of the new spread and that the future segments will be impacted. The letter also indicates that these changes may result in different values than were shown in their most recent illustration and how they can request a current illustration.

Securian

Securian has introduced New income replacement guidelines

Old guidelines
Age: Factor times income
< / = 35 30x
36-45 25x
46-55 20x
56-60 15x
61-65 10x
66+ Individual consideration

 

New guidelines
Age: Factor times income
< / = 35 35x
36-40 30x
41-50 25x
51-55 20x
56-60 15x
61-65 10x
66-70 5x
>70 Individual consideration

 

April 6, 2023

Cincinnati Life

Effective immediately, Cincinnati Life is removing Covid-19 underwriting restrictions with one modification: Proposed insureds ages 80 and over can now be considered; however, no table ratings or flat extras are permitted.

 

April 3, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.