NEWS

September 17, 2020
Prudential
On Monday October 19, 2020, the revised VUL Protector will be introduced, subject to state approvals. In order to receive the old rates, the fully completed application must be received at BUI in good order by the close of business on October 27, 2020.

September 14, 2020
Securian
On September 21, Securian’s Eclipse Survivor II Indexed Universal Life (IUL) will offer an optional No-Lapse Guarantee Agreement (NLGA) that will dial guarantees up to age 120.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

September 9, 2020
BUI
We are pleased to announce a compelling webinar on September 24, 2020 at 10:30 a.m. CDT with industry expert Bobby Samuelson.  Bobby is the Executive Editor of The Life Product Review, the industry’s best source for independent and objective life insurance product intelligence and the President of Life Innovators. Bobby is going to share information that every advisor should understand about how the low interest rate environment is affecting new products being offered in the market, as well as, in-force blocks of business.  Click here to register for the seminar!

September 8, 2020
Nationwide
Nationwide offers an Automated Premium Monitor program on select no-lapse products that utilizes a “three-tiered safety net” to help keep your clients’ guarantees intact. Click here for more information.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

September 2, 2020
Securian
Securian has announced the following changes to the temporary COVID-19 participation guidelines effective September 16, 2020:

1.Maximum issue age will increase to age 75 for all life products including SecureCare Universal Life (excluding Advantage Elite Select Term Life 15, 20, and 30);

2.COVID-19-specific travel restrictions will be removed on all life products including SecureCare UL;

3.Applicants ages 51-60 will now be accepted at table C (175%) or better rates on all life products except SecureCare UL; and

September 1, 2020
American General
Fully underwritten Select-a-Term policies could be eligible to convert to a permanent policy with the Accelerated Access Solution (AAS) chronic illness rider.

Select-a-Term policies that are eligible are:

  • Issued in the past 5 years and attained age up to 60 or younger
  • Underwriting class of Standard and better (no table rating, no flat extra)

August 31, 2020
Principal Financial Group
All Principal Term applications with face amounts of $1 million and less must be submitted via Drop Ticket, effective Sept. 8, 2020. Exceptions to this requirement are cases where the insured is a resident of New York and life/individual disability insurance combo cases.

August 31, 2020
Banner
Banner is starting a direct marketing campaign regarding accidental death (AD) coverage to inforce policyholders.  During these campaigns, select policyholders will receive a direct mail offer to purchase a pre-determined amount of AD coverage on a guaranteed issue basis. Servicing agents will be compensated on accepted offers with a one-time commission on the first year’s premium.

BUI
September is Life Insurance Awareness Month!  As always, we will be very active on LinkedIn with sharing useful ideas, statistics and more!  Click here and then click the blue “Follow” icon to stay up-to-date.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

August 25, 2020
Principal Financial Group 
Principal has announced a couple of temporary application submission changes:

  • All Principal Term applications with face amounts of $500,000 and less must be submitted via drop ticket, except for cases where the insured is a resident of New York.
  • The required minimum face amount for informal applications is increased from $1 million to $3 million. Additionally, the maximum insured age for Principal Survivorship Universal Life Protector IIISM for informals is now 75.

Mutual of Omaha 
Effective immediately, August 24, 2020 Mutual of Omaha  will begin accepting LTC applications for clients age 65 and over in all states.

Lincoln Financial Group 
Lincoln announced their LincXpress online interview is now available for singlelife UL, IUL, VUL and Lincoln LifeElements Level Term cases.

August 24, 2020
BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

August 21, 2020
Nationwide
Effective through January 1, 2021, Nationwide will postpone underwriting by 30 days for any applicant who travels, plans or anticipates travelling outside of the U.S.

  • If a proposed insured tests positive for COVID-19, they will postpone the underwriting process for 30 days from the time of recovery.
  • If a proposed insured is exposed to COVID-19 with no testing, they will postpone for 30 days post-exposure and will require a health statement.
  • If a proposed insured is hospitalized with COVID-19, they are postponing for at least 180 days following discharge, subject to a full recovery without symptoms, continued infection or functional sequelae; we will require favorable post-discharge pulmonary function testing

August 20, 2020
Securian
In response to the historically low interest rate environment, Securian Financial will implement a price increase to SecureCare and extend its payment durations to age 80 in Arizona, Connecticut, Delaware and North Dakota on September 5, 2020. These updates have already been implemented in all Compact1 states and South Dakota, and will be implemented in other states as they are approved.

August 17, 2020
Mutual of Omaha
Mutual of Omaha is refreshing their LTCi rates and implementing benefit option changes to the MutualCare® Solutions Portfolio effective September 1, 2020.

Benefit Changes:

  • 25% of home health care benefit up to maximum of $2,000 per month
  • Partner Premium Allowances: Both Issued: 15%, One Issued: 5%

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

August 14, 2020
Important Message / USPS
When mailing documents, checks, etc. to BUI, you are encouraged to use overnight mail.  Many advisors and our team are experiencing significant USPS delays (two weeks and more).  To limit issues that may impact your clients’ coverage, please avoid using the USPS at this time when sending your clients’ important documents. You may wish to check with your New Business Consultant to determine if anything you are mailing could be sent electronically (nearly all forms, including EFT, can be sent electronically/faxed).  Thank you in advance.

August 13, 2020
Banner
Banner released new rates for their OPTerm product effective August 12. New rates include a mix of decreases and increases.

August 10, 2020
Lincoln
MoneyGuard: On or after August 11, 2020, no new applications will be accepted for clients ages 71 and up. This change supersedes any guidelines previously published in marketing or reference material.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Securian
Securian Financial will implement the following updates to SecureCare in Arizona, Connecticut, Delaware and North Dakota on September 5, 2020.

For new business only, expect premiums to increase an average of:

  • Single-pay: 13.5%
  • 5- and 7-pay: 10.5%
  • 10- and 15-pay: 7%

August 10, 2020
Lincoln Financial Group
A number of changes have been announced:

  • Effective August 10, 2020, Lincoln has established a first year premium limit of $500,000 on VUL One and SVUL One.  This limit applies to total first year premium, including 1035 exchanges and lump sums.  All funding patterns, ages and underwriting classes are subject to this limit.
  • Additionally, Lincoln has also revised temporary underwriting guidelines related to COVID-19 that increases internal retention up to $10M through age 59, removing travel restrictions and the future travel amendment.
  • Effective September 15th, caps, participation rates and spreads are decreasing on both in-force blocks and new products.

Protective
Protective announced rate changes to Classic Choice Term.  They also now offer 35 and 40 year term.

August 6, 2020
Principal
Time service continues to be stressed as new application counts remain well above anticipated volume.

August 5, 2020
Symetra
Effective September 14, 2020, Symetra will be reducing caps and participation rate rates on their Accumulator IUL.  The will affect all in-force policies and new business including new premium, transfers (including DCA) and reallocation of matured segments.

August 4, 2020
Lincoln Financial Group
All pending MoneyGuard applications submitted on or before June 26th must be issued, or 1035 exchanges initiated, on or before August 28, 2020.  After that date, the client must chose a product from the current portfolio.  In addition, Lincoln will consider clients over age 70 for MoneyGuard if they are standard or better (substandard cases will continue to be postponed).

Banner
Florida has been added as an approved state for the new digital application.  In addition, Banner has created new capabilities to help clients digitally schedule or reschedule a phone interview.  As a reminder, here is the current digital platform criteria:

  • Ages 20 – 64
  • $2 million and under
  • Available in all states except NY
  • Proposed Insured is Owner and Payor

At this time, the platform cannot accept:

  • Temporary Insurance Agreement (TIAA)
  • Waiver of premium
  • Business coverage
  • Multiple policies for one applicant

Please do not send applicants who need multiple policies through the new digital platform as the system is not yet able to process them

August 3, 2020
BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

July 29, 2020
Principal
Effective September 1st, Principal will begin to only accept term applications with a $500k face amount and under through Drop Ticket and E-applications.  Paper applications will not be accepted beginning Sept 1st.  In addition, Effective immediately, informal reviews will only be accepted with a minimum face amount of $3 million, up to age 75.  Principal’s new business processing continues to be very far behind.

July 27, 2020
Mutual of Omaha
Mutual of Omaha has made the following improvements to their accelerated underwriting program:

  • Increasing the Accelerated Underwriting maximum issue age from age 55 to age 60
  • Making the $2 million maximum that was announced in April a permanent increase

Underwriting decisions typically made 47-72 hours after the client completes the application telephone interview.  Access the program through BUI’s FastApp.

July 27, 2020
Protective
Protective has simplified the underwriting guidelines it introduced on April 15 in response to the spread of COVID-19. The new guidelines are listed below. These temporary changes apply to fully underwritten life insurance applications:

  • Age and rating limitations:
  • Age 80+: Postpone
  • Ages 70 – 79: Must be Standard or better
  • Ages 60 – 69: Must be Table 4 or better
  • Ages 0 – 59: Will consider all risks through Table 4

Applicants age 0 – 59 who are rated over Table 4 will be considered on a case-by-case basis if there is no significant underlying medical condition or treatment that makes them more susceptible to COVID-19 death. These medical conditions and treatments include, but are not limited to:

  • Heart disease
  • Significant cancer in the last 10 years
  • Obesity rated higher than Table 4
  • Diabetes
  • Pulmonary disease (COPD, Asthma, etc.)
  • Autoimmune or Immunosuppressive Disease
  • Any medication that causes immunosuppression (Biologic, Prednisone/Steroid, Methotrexate, etc.)

These temporary changes apply to all new or pending cases with no final underwriting offer or outstanding underwriting requirements. They do not apply to issued or approved cases that are awaiting policy issue requirements, including a Statement of Health.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

July 20, 2020
Lincoln Financial Group
Effective June 20, 2020, clients can now choose to complete their accelerated underwriting online in lieu of a telephone interview.

Securian
Effective July 20, 2020, the maximum payment age for SecureCare Universal Life has been increased to 80 years old in AZ, CA, CT, DE, DC, FL, HI, IN, MT, NJ, ND, NY, and SD.

Prudential
Effective August 17, Prudential will be limiting access to the long-form application for term products. We recommend submitting business through BUI’s FastApp program. Prudential will continue to order requirements for this segment of business. For applications requesting coverage amounts above $3 million, or for proposed insureds over the age of 60, the BGA/Producer may order medical requirements.

July 20, 2020
Prudential
Prudential has announced their 30 year level term plan has been removed from suspension.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

July 17, 2020
Mutual of Omaha
Mutual of Omaha has lifted the 65+ age restriction in the following additional states:  KY, ME, MN, NH, NM, NC, OH, PA, VT, VA.  The remaining states where the restrictions still apply are: CA, OR, WA.

July 16, 2020
Securian
Securian now allows initial life insurance premium payments to be made online in three easy steps:

  • Go to securian.com/initial-premium
  • Enter a few pieces of information
  • Review and submit

General information, including policy number, amount to be paid, bank routing number and bank account number, will be needed.

Protective
Protective is now making Advantage Choice UL, Indexed Choice UL and Lifetime Assurance UL available for accelerated underwriting.

Pacific Life
PacLife is now able to extend offers on PL Promise GUL and PL Promise Term to applicants who are:

  • Ages 71-80 at Standard or better, and
  • Age 70 and below up to Table 4

No new applications will be accepted outside of that criteria until the temporary COVID-19 restrictions are lifted.

July 13, 2020
BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

July 7, 2020
Securian
Securian has temporarily suspended its FastApp-Drop Ticket process due to EMSI’s unexpected closure.  We expect this to be temporary.

EMSI
On Friday, July 3, one of our approved paramedical companies, Examination Management Services Inc. (EMSI), announced they were ceasing operations effective immediately. This closure impacts exams and APSs ordered by the agent through EMSI.  BUI is working with carriers and agents to reschedule appointments as quickly as possible.

July 6, 2020
Prudential
The following changes have been announced:

  • Effective July 13, 2020, Prudential is suspending new sales of PruLife Universal Protector. Applications must be submitted to BUI no later than end of day Wednesday, July 8th.
  • Due to a circumstance with the rates used in the New York, Prudential is suspending sales of SVUL Protector in that state until an update can be scheduled.  They will not accept applications dated after 07/19/2020.
  • Effective July 7, 2020, maximum retention limited is changed to $10 million on single and survivorship life insurance.

Securian
In response to the historically low interest rate environment, Securian Financial is implementing a pricing update to SecureCare Universal Life and increasing its maximum payment age from age 75 to age 80 in all Compact1 states and South Dakota on July 18, 2020. These product updates are now available to illustrate in these states.  Please note: these changes impact new business submitted after July 17, 2020.

  1. All states except AZ, CA, CT, DE, DC, FL, HI, IN, MT, NJ, ND, NY, SD

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

July 2, 2020
Mutual of Omaha
Effective July 6, 2020, restrictions for applications age 65 and over have been lifted in CT, DC, IL, MA, MI, NJ, NY and RI.

June 30, 2020
Symetra
The following changes have been made to underwriting requirements:

  • EKG requirements have been removed for clients in these categories:
    • Ages 41-50 with face amounts of $5 million to $10 million
    • Ages 51-69 with face amounts of $250,000 to $5 million
  • Rx checks will be automatically ordered for all cases.
  • NT proBNP will be ordered on most blood profiles for cases over age 50.

June 29, 2020
BUI
In observance of Independence Day, BUI will close at 5:00 p.m. on Thursday, July 2, 2020 and will reopen on Monday, July 6, 2020 at 8:30 a.m.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Principal
Effective July 1, 2020, Principal is returning to normal capacity, auto and jumbo limits.  They no longer have the $20,000,000 maximum case size limit.  The caveat to this is they will still have restrictions regarding maximum risk classes they are willing to write.  In addition, due to high volume, case management, underwriting reviews and informal quotes are running far behind their normal operating standards.

June 24, 2020
Prudential
In reaction to the low interest rate environment, Prudential is  adjusting rates for both Essential UL and Founders Plus effective June 29, 2020. In addition to the rate adjustments, they are removing the Premium Cap for Founders Plus.

June 22, 2020
BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

June 17, 2020
American General
AIG is increasing the premium cap on their Secure Lifetime GUL 3 to $1,4999,999 on June 26, 2020. Their Platinum Choice VUL2 (VULG) premium cap is remaining at $999,999. As of June 26, 2020 we must request home office approval for illustrations on cases that are greater than or equal to the premium cap,$1.5M for ULG & $1M for VULG.

Equitable (AXA)
COVID-19 underwriting changes:

  • Max Face Amount is now $5M ($10M for survivorship) for insureds ≥ 70  (previously > age 70)
  • Maximum Rating is now Table-D for ages 18 – 69  (previously ages 18 – 70)
    • Insureds ≥ age 70 must now be Standard or better in order to qualify for coverage  (previously > age 70)
  • Section for Maximum Rating on insureds who are ages 50-69 AND Table-D reflects a complete list of applicable impairments

June 16, 2020
American National
Due to the continued low interest rate environment American National is increasing premium rates for its Signature Guaranteed Universal Life Insurance product, effective 7/1/20. Changes do not include New York.

June 15, 2020
Lincoln
Effective June 15, 2020, Lincoln Financial will implement pricing increases to all products in the Lincoln MoneyGuard solutions suite. Adjustments on flex-pay designs will see a pricing increase of approximately 15%. Single-pay designs will see a pricing increase of approximately 20%. For applications to qualify for the current pricing, a projection of values and the completed application Part 1 must be signed, dates and received in good order at BUI by Monday, June 22, 2020. All pending business must be issued, or 1035 exchanges initiated (where applicable), on or before August 28, 2020.

Lincoln
Effective June 22, 2020, Lincoln is suspending the Table Reduction Program (TRP) for all life insurance products.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Securian
Securian will implement the pricing updates to SecureCare in all Compact states and South Dakota on July 18, 2020.  The pricing update on single-pay is expected to be an average of 13.5%, 10.5% on 5-and 7-pay, and 7% on 10- and 15-pay scenarios.  In addition, the maximum payment age has increased to age 80 from 75.  Please note: due to COVID-19, SecureCare policies are only being issued to applicants age 70 and younger until at least September 15, 2020.  Illustrations reflecting the new pricing will be available after July 6, 2020.

June 12, 2020
Mutual of Omaha
Effective June 15, 2020, the LTC issue age restriction is lifted in the following states: Alabama, Alaska, Arizona, Arkansas, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Dakota, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia, Wisconsin and Wyoming.

June 10, 2020
Banner and William & Penn
OPTerm 10, 15, 20, 25, 30, 35 and 40 Will have a pricing update on June 10, 2020 with a mix of increases and decreases.  The reprice lowers the monthly modal factor from .086 to .085.

American National
Due to the continued low interest rate environment American National is increasing premium rates for its Signature Guaranteed Universal Life Insurance product, effective July 1, 2020. Changes do not include New York. Premium increases are expected to be 3-10%.

Banner
Starting June 9, 2020, Banner’s FastApp drop ticket process for digital applications will include the option for link + telephone interview (versus an online link only).  This change will allow their experienced Call Center associates the opportunity to follow up with the applicant if they haven’t completed their application online.  Since most applicants complete the application within 3-4 days (they will receive text/email reminders on day 2 and 4), Banner will follow up with them by phone on day 5.

June 9, 2020
Prudential
Prudential is decreasing indexed account caps and fixed account crediting rates on PruLife Essential UL and PruLife Founders Plus UL® for new policies applied for on or after June 29, 2020.  Additionally, the illustration limits on premiums in the first three policy years have been removed from both Essential UL and Founders Plus for new issues after June 29, 2020.  Click here for details.

June 8, 2020
Principal
Principal Universal Life Protector VSM (UL Protector V) and Principal Survivorship Universal Life Protector IIISM (SUL Protector III) have new premium rates, effective June 8, 2020. The updated products are now available in all states.

BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Securian
Securian has announced reductions to caps on Eclipse Accumulator IUL, Eclipse Protector II IUL, Value Protection IUL, Eclipse Survivor II IUL, Orion IUL, Eclipse, Eclipse Survivor and Omega Builder IUL and Eclipse Protector, Eclipse Survivor Pro IUL.

June 5, 2020
Brighthouse Financial
Brighthouse Financial, as of June 5, 2020 will be lowering their  interest crediting rate on inforce blocks of business.

Symetra
Symetra Term is now available through iGO® e-App (on BUI website: Tools/NewBusiness/iGo).

June 4, 2020
Banner
Internet and All Systems Have Been Restored

June 3, 2020
Banner
Banner reports that they’ve lost services in their area (storm) and that nothing is accessible.  They hope to be back up tomorrow.

June 1, 2020
BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

May 23, 2020
BUI
Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Principal
New premium rates will be effective June 8 for Principal Universal Life Protector VSM (UL Protector V) and Principal Survivorship Universal Life Protector IIISM (SUL Protector III).  Generally higher rates are expected for both products.

BUI
Click here for carrier specific accelerated underwriting updates.

BUI
Click here for carrier specific COVID-19 underwriting updates.May 18, 2020

May 14, 2020
John Hancock
During this unique time, John Hancock will not be making final underwriting offers on cases where the applicant is 80+, but they will continue to review submissions with the goal of moving on them quickly when circumstances change.  On a positive note, they will consider recent medical records as an alternative to paramed or exam up to $5M for ages 18-65 and $3M for ages 66-70.

May 14, 2020
SBLI
Customers will continue to have the option to pay their initial premium by credit card at no cost.  In addition, they will now be able to pay their additional premiums by credit card.  They will accept both MasterCard and Visa.

OneAmerica
Coming soon: Care Solutions LTCG interview auto-order for ALL applications
OneAmerica® is excited to announce an addition to their previously launched Care Solutions LTCG interview auto-order enhancement. In March they implemented this feature for all electronic applications (eApps). Beginning on May 22, 2020, the auto-order feature will also be implemented for non-eApps.

May 12, 2020
Equitable (AXA)
On all apps submitted after May 18, 2020, the cumulative first year premium cannot exceed $1,000,000.  Foreign nationals are now excluded from the guaranteed issue program.  The maximum face amount for issue is now $10M ($5M if > age 70), maximum issue age is age 80 and max table rating is D.

Lincoln Financial Group
IUL fixed account rates decreasing from 3% to 2% and DCA currently 4% decreasing to 3%.  IUL caps decreasing.  VUL fixed account rate decreasing from 3% to 2%.

May 11, 2020
BUI
Click here for carrier specific COVID-19 underwriting updates.May 11, 2020

American General
Effective May 30, 2020, premiums on Secure Lifetime GUL 3 and Platinum Choice VUL 2 will see an increase as the result of recent declines in interest rates and increased market volatility.

May 8, 2020
Lincoln Financial Group
On May 11, 2020 Lincoln is increasing pricing on the following products:

  • Lincoln LifeGuarantee® UL (2019) with premiums increasing 20% on average.
  • Lincoln VULONE (2019) and Lincoln SVULONE (2019) with premiums increasing 16% on average, applying across all funding patterns, ages, and underwriting classes.

Applications must be signed and received at BUI, in good order, by May 20, 2020 to receive old rates.

BUI – In-Force Interest Rate Changes
Attached is spreadsheet of interest rate changes to in-force blocks. Click here to view

May 5, 2020
Nationwide
Nationwide will implement pricing updates to Nationwide CareMatters® II.  Applications must be signed by May 10, 2020 to received the old pricing and received by BUI by Thursday, May 21, 2020.

May 1, 2020
BUI
Click here for carrier specific COVID-19 underwriting updates.

May 1, 2020
Symetra
On Friday, May 1st, Symetra released new rates for their Symetra UL-G 7.0, replacing their Symetra UL-G 6.0 product.

May 1, 2020
Pacific Life
Effective May 4, 2020, Pacific Life is introducing premium increases for PL Promise GUL, a universal life insurance product with no-lapse guarantees. Premium increases reflect the continued low interest rate environment. Despite these changes, PL Promise GUL remains competitive for a wide variety of consumer combinations and still includes top rankings especially at low face amounts and age 90 guarantees.

April 29, 2020
Prudential
Prudential has temporarily updated their accelerated underwriting process as follows:

  • Increasing the face amount limit of eligible policies from $1 million to $3 million.
  • Eliminating the medical exam and lab requirements, where possible, for applicants age 60 or younger, applying for $3 million or less in face amount coverage.

April 28, 2020
United of Omaha
Effective June 10th, they will be changing their participation and cap rates on their IUL Express product.

OneAmerica
OneAmerica – These guidelines apply to all applications dated on 5/1 or later. For ages 70 and above, the limitations are:

  • Only single pay is allowed.
  • COB must also be single pay.
  • Annuity-Funded Whole Life and Asset Care 2 & 3 remain available.
  • The full suite of Annuity Care products remains available (COB pay periods remain as they are today on annuities).
  • No rated cases allowed.

Suspension of Asset Care Recurring Premium Whole Life, Asset Care 4 and Asset Care with ROP.

BUI
Click here for carrier specific COVID-19 underwriting updates.

April 28, 2020
John Hancock
Due to the impact of the low interest rate environment the interest crediting rates will decline by .25% on UL, IUL fixed accounts and VUL fixed accounts on both individual and survivor accumulation and protection products. IUL caps have been also been reduced for certain Accumulation IUL, Protection IUL, Protection SIUL and Accumulation VUL accounts.  These changes are effective June 1, 2020.  This applies to new and in-force products.

Prudential
Prudential has announced that due to the impact of market volatility and the low interest rate environment, IUL index parameters will be adjusted. The new caps and spreads for impacted accounts will be effective for May segments.  Click here for details.

Mutual of Omaha
Mutual of Omaha has added the Income Advantage and Life Protection Advantage IUL products to their iPipeline Speed eTicket drop ticket platform.  Both products are now eligible for our Accelerated Underwriting program for ages 18 to 55 and up to $2,000,000 face amount (if submitted as drop ticket).

April 23, 2020
Protective
Protective has announced the addition of the Assurance UL to its portfolio.  This product is expected to be competitive in the no-lapse guarantee market

Nationwide
Nationwide has released new rates for their No-Lapse Guarantee UL II.

April 23, 2020
Protective
Protective Classic Choice Term now offers 35 and 40 year term periods.

Transamerica
Transamerica is suspending informal reviews effective April 21st, with the exception of foreign nationals and foreign travel.

Zurich
Zurich Survivor IUL is now available.  The product has an optional death benefit guarantee to age 90.  The product has no multipliers and guaranteed 15% bonus on interest credited in prior year for years 6+ through age 90.

Human API – BUI
BUI now has access to technology that may significantly increase the speed by which your clients’ policies are underwritten.  Rather than waiting weeks for medical providers to provide data by facsimile or e-mail, we now have a process in place to collect the data through digital means by way of our partners at Human API.  Human API is an innovative resource that leverages your client’s medical provider’s patient portal to provide one-time access to obtain medical information.  The data is used only for the purposes of procuring life insurance and will not be shared with third party vendors without your client’s consent

April 20, 2020
Symetra
Symetra l is repricing their UL-G 6.0 product on May 1, 2020.  Applications must be signed and received at BUI, in good order, by April 29, 2020.

United of Omaha
United of Omaha we will begin mailing all LTC insurance policies direct to our customers effective Tuesday, April 21, 2020.

Savings Bank Life Insurance
SBLI has made the following temporary age adjustments for life insurance applications:

  • For cases aged 59 or younger:

> Table 6 or better, continuing to accept applications.
> Table 7 or higher, postponing applications until further notice.

  • For cases aged 60 or older:

> Table 2 (150%) or better, continuing to accept applications.
> Table 3 or higher, postponing applications until further notice.

  • A statement of health will be required on all cases going forward on policy delivery and must be signed and returned. Please note, the e-Policy delivery system enables the policyholder to accept, sign and pay for the policy online, as well as fulfill any state delivery requirements without any human contact.
  • They have temporarily suspended binding coverage with a Conditional Receipt and for the State of Kansas only, the Temporary Insurance Agreement.

April 15, 2020
United of Omaha
Effective Thursday, April 16, 2020, United of Omaha is implementing a temporary change and will not be accepting LTC applications for individuals age 65 and older. All LTC cases not already approved or issued will be postponed and processed as an incomplete application.

They will continue to prequalify applicants 64 and younger. The prequalification will be good for 60 days. If the health of the client changes or the prequalification is past 60 days, it will be necessary to prequalify the applicant again.

Symetra
Symetra has announced temporary changes to underwriting guidelines as they relate to older ages, smokers and clients with additional comorbidities. These changes are an update to our March 24, 2020 communication and will be effective Wednesday, April 15, 2020, until further notice. Changes are detailed below.

  • Ages 80 and above: Postpone 45 days
  • Ages 70-79 (all risks over Standard Non-Nicotine): Postpone 45 days
  • Ages 66-69 (all risks over Table 2 Non-Nicotine): Postpone 45 days
  • Ages 60-65 (all risks over Table 4 Non-Nicotine): Postpone 45 days

These guidelines will apply to new formal and informal cases, as well as any cases that are currently with Symetra where an underwriting decision has not been made.

They will continue to require a good health statement on all cases.

Smokers must be Preferred or better, otherwise they will be postponed. They will decline any cases over age 60 where the proposed insured vapes or uses vaping products.

Cases ages 60 and older with the following comorbidities will be automatically postponed for 45 days: coronary artery disease, diabetes, pulmonary issues, obesity/weight builds and immunosuppression disorders.

Please note that for any cases that are postponed, Symetra will re-underwrite the risk and review any new additional evidence after the postponement period.

United of Omaha
Effective Wednesday, April 15, 2020, United of Omaha is implementing the following temporary changes to our life insurance underwriting guidelines. These changes apply to all fully-underwritten life insurance cases that are not already approved or issued. This includes any newly submitted and pending in-house cases, whether formal or informal.

  • Postponements Due to International Travel
    All fully-underwritten life insurance cases where the proposed insured has plans to travel internationally between now and the end of the year will be postponed. These postponed cases may be considered after all international travel is complete, the proposed insured has been back in the United States for a minimum of 30 days, and no further international travel is planned this year.
  • Postponements Based on Insured’s Issue Age
    They will be postponing all fully-underwritten life insurance cases in the following categories:

     

    • If the individual is age 70 and above
    • If the individual is age 60-69 and is rated greater than a Table 2. They will also be temporarily suspending the FIT Underwriting Credit Program for all insureds age 60-69.

The temporary changes above are in addition to the guidance on COVID-19 announced on March 24th which postpones underwriting if the proposed insured has traveled or resided outside of the U.S. within the past 30 days, if the proposed insured or any member of his or her household has come into close contact with anyone known to have tested positive for COVID-19, or if the insured has tested positive for COVID-19 or has been hospitalized or quarantined for the virus.

BUI
In an effort to accommodate the desire of “no touch” underwriting, most carriers are suggesting the completion of Part 2 of the application at the time of submission.  For those looking for the greatest flexibility in underwriting for their clients, this is good practice in the current environment.

April 14, 2020
Securian
Securian has announced it will be reducing cap and participation rates on the VUL product portfolio.  These changes will take effect for all premium received and new indexed segments created after Friday, April 17, 2020. All premium received on or before April 17 for approved and existing policies will have current rates applied. Illustrations will be updated this coming weekend, April 18, 2020.

Securian Financial’s Individual Life Insurance Division has enacted the following grace period extension for individual life insurance policies:

  • Policies that were set to lapse between March 4, 2020, and June 1, 2020, will have their grace period extended by 60 days, or until the end of the state-mandated leniency period, if later.
  • Policies that lapsed between March 4 and March 31, 2020, are currently being reviewed to extend their grace period.
  • Securian Financial will automatically stop policies from lapsing. A request to your in-force team is not needed from you, as this will be automatically applied.

It is important to note they are not waiving premium payments. Premium notices will continue to be mailed out, policy charges will still accrue, and we will still accept premium payments. Furthermore, individuals who are otherwise facing financial hardship during the COVID-19 crisis are encouraged to contact Securian Financial to discuss payment options.

Nationwide
Please note, Nationwide is repricing their NLG UL II  product on April 17, 2020. Applications must be signed and received at BUI, in good order, by April 15, 2020.

Prudential
Please note, Prudential is repricing their UL Protector product on April 27, 2020. Applications must be signed and received at BUI, in good order, by May 07, 2020.

April 13, 2020
Securian
Securian has increased the face amount limitation for the WriteFit program from $2M to $3M for applicants ages 18-50.  Applicants 51 through 60 continue to be eligible for up to $1M.  With traditional life underwriting:

  • Insurance ages 71 and older: new applications will not be accepted. Currently pending applicants rated standard or better will be issued. Currently pending applicants who are rated worse than standard will be postponed until at least June 15, 2020.
  • Insurance ages 61 through 70: offers for new and pending applicants who are rated Table B or worse will be postponed until at least June 15, 2020.
  • Insurance ages 51 through 60: offers for new and pending applicants who are rated Table C or worse will be postponed until at least June 15, 2020.
  • Insurance ages 50 and younger: offers for new and pending applicants who are rated Table G or worse will be postponed until at least June 15, 2020.
  • Money may not be submitted with new applications, and temporary insurance agreements will not be available until at least June 15, 2020.

And with Secure Care:

  • Insurance ages 71 and older: new applications will not be accepted. Currently pending applicants with mortality assessed at standard or better will continue to be underwritten. Currently pending applicants with mortality assessed worse than standard will be postponed until at least June 15, 2020.
  • Insurance ages 70 and younger: mortality evaluation will need to be standard or better for a SecureCare UL policy to be issued. Applicants who would be table rated for mortality purposes will be postponed until at least June 15, 2020.
  • Money may not be submitted with new applications, and temporary insurance agreements will not be available until at least June 15, 2020.

April 10, 2020
American National
American National has expanded it’s accelerated underwriting program for those ages 50 and below under $1,000,000.  Paper and e-apps are accepted and table ratings will also be considered potentially without an exam.

New York
The State of New York recently amended insurance and banking regulations extending grace periods and giving policyowners additional rights under their life insurance policy or annuity contract if they can demonstrate financial hardship resulting from the coronavirus pandemic.  The updated regulations require licensed insurance producers to provide notice of the regulation to clients with in force policies in the State of New York. A model notice for producers to send to their clients can be found here: Model Notice for Notifying Holders of Life Insurance Policies or Annuity Contracts

April 9, 2020
Symetra
For permanent products only, Symetra will currently consider up to $2M in coverage for ages 18-50 and up to $1M in coverage for those 51-60 with no exam or APS with a completed Part 2, MIB, RX and MVR.  Available rate classes are Standard to Super Preferred.

Nationwide
When accelerated underwriting is not an option, Nationwide will consider client-provided personal health records and exam results that have been completed in the past 24 months.  Accelerated underwriting guidelines have been increased to $2M for ages 18-50 and up to $1M for ages 51-60.  Rate classes Standard or better.

April 8, 2020
Mutual of Omaha
Mutual of Omaha has increased their accelerated underwriting program to a maximum face amount of $2M for issue ages 18-55 on Term Answers, Income Advantage IUL and Life Protection Advantage IUL.  Speed eTicket through BUI’s FastApp is the only method they will accept applicants into this program (no paper applications).  In addition, all pending applications will be required to have a statement of good health at delivery.

Principal
Principal has announced new technology called Human API, which allows clients to share their medical records electronically when needed.  Digital records are available to the underwriter in minutes rather than weeks.  This safe and secure method keeps information protected and allows the process to keep moving.

John Hancock
John Hancock will routinely consider recent and comprehensive medical records as an alternative to a current paramed exam for face amounts up to $5M for ages 18-65 (and up to $3M for ages 66-70).  For these cases, medical records should include a comprehensive visit with a physical and labs within the last 12 months, accompanied by a completed Part II medical supplement form.  In addition, ExpressTrack streamlined underwriting process will include paper applications with no need for a telephone interview if both Part 1 and Part 2 of the application are completed and meet other ExpressTrack criteria.

April 6, 2020
Savings Bank Life Insurance
Effective April 6, 2020, a statement of health will be required on all cases going forward on policy delivery.  In addition, they are temporarily suspending accepting cash with an application to bind coverage under the Conditional Receipt (and, for the state of Kansas only, the Temporary Insurance Agreement).

April 3, 2020
Principal
Effective immediately, Principal is implementing a $1M premium limit on life insurance in all policies years (including 1035 exchanges, lump sums and multiple applications on the same insured).

April 2, 2020
Prudential
Effective immediately, all term policies with Prudential will be produced through eDelivery or eIssue.   No paper term policies will be mailed.  Starting Monday, permanent policies will be produced via e-delivery.

Symetra
Symetra has announced cap and participation rate reductions on their in-force Accumulator IUL citing the historicallylow interest rate environment.  These changes are effective May 14, 2020 and will impact all in-force policies and new business, including new premium (including DCA) and reallocation of matured segments.  The new cap, participation and max illustrated rates will be available for illustration on May 1, 2020.

Banner
New rates have been announced for Banner and William Penn OPTerm 10, 15, 20, 25 and 30 effective April 2, 2020. No changes to OPTerm 35 and 40. About 10% of pricing cells across all ages will see an increase. Rate percentage increases are minimal, with most well under 1%.

Lincoln
Lincoln will only issue policies via e-delivery for the foreseeable future.  Underwriting and New Business will now accept photo images of requirements.

BUI
While carriers are fairly uniform in how they are approaching underwriting requirements in the current environment, attached is a detailed summary of each carrier’s specific guidelines. CLICK HERE for the details.

March 31, 2020
Nationwide
Many significant product changes have been announced by Nationwide, to include age restrictions, face amount limitations, decreases to fixed accounts in IUL/VULs and more.  CLICK HERE for the details.

Prudential
Given the low interest rate environment, Prudential has announced the following:

  • We’re reducing caps and credited rates for IUL products. We strive to balance financial discipline and impacts to the index accounts and the upside they can offer. However, significant changes in interest rates and market volatility caused IUL index parameters to be adjusted. The new spreads and caps for impacted index accounts will be effective for index segments beginning April 15.
  • We’re restricting single pays on Universal Life products. As a result of significant decreases to current interest rates, we will restrict single and short pay sales on all UL products, excluding VUL, effective April 13.
  • We’re suspending sales of 30-year Term products until June. There will be a temporary suspension of Term Essential / Elite 30-Year Reprice Term Essential and Term Elite, effective April 13. Our goal is to reprice and reintroduce Term30 sales in June.
  • We’re revising the large case review thresholds for UL Protector, SUL protector and SIUL. Effective April 13, they will be the same thresholds already in place for IAUL, Founders Plus, and Essential UL, which is at least $1M of total premium in any policy year. All other products (mainly VUL) would stay the same at $5M in year one and $1M in other years.
  • We’re increasing pricing on UL protector. To restore and maintain profitability, we will increase pricing on UL Protector, effective April 27. The new rates will result in an average increase of 8 to 12% in all states (except New York) depending on age, underwriting class, and premium funding patterns.

Banner
Banner is using technology to make it easy to do life insurance business. Click here to see how.

March 25, 2020
Mutual of Omaha
Please note, Mutual of Omaha is repricing their Term Life Answers product on April 1, 2020. In order to receive the current rates, applications must be signed and received at BUI, in good order, by March 27, 2020.

BUI
Examinations are now permitted again in the state of Pennsylvania.

Symetra
Until further notice, Symetra will require a Good Health Statement at policy delivery on all cases or prior to initiating a 1035 exchange.  In addition, for applicants up to age 70 and face amounts of up to $5M, where a paramed exam cannot be completed, but the insured has had a physical within 12 months with blood work, they will assess each situation on a case-by-case basis.

March 24, 2020
Principal
Effective March 24, 2020, for any pending or newly submitted formal applications, Principal is adding solutions to underwrite without exam requirements.  Depending on the age and rate class, and assuming a physical and labs have been completed within two years, they will consider face amounts up to $2,500,000 for those 18-40 and up to $2,000,000 on those 41-60.  Cases that don’t meet these criteria will be considered on an individual case basis. Generally, candidates will need to be able to qualify at Standard rates or better.

BUI
With stay-at-home orders mandated by counties and states across the country, scheduling paramedical exams is becoming more difficult.  If you have an applicant, who is planning on obtaining coverage, you are encouraged to order the paramedical exam as quickly as possible.  Linked here is a document that provides non-exam “accelerated underwriting” options, for clients who do not wish to be in contact with an examiner.  For your reference, the following states have issued the strongest “shutdown” orders at present:

California
Connecticut
Illinois
Louisiana
Nevada
New Jersey
New York
Ohio
Pennsylvania
 
 
Additionally, the city of Kansas City, MO and surrounding counties in both Missouri and Kansas have ordered a shutdown.

March 19, 2020
Banner
As COVID-19 cases increase within the U.S. and around the world, Legal & General America (Banner) is issuing the following underwriting guidance on new and pending applications, effective immediately:

  • A Good Health Statement will be required with all new or pending applications.
  • At present, we will postpone consideration of all submissions on applicants who have planned future travel outside of the U.S.
  • Applicants recently returning from international travel will have their application postponed until 30 days following their return.

John Hancock
Effective immediately, John Hancock will require a statement in the “Special Instructions” box in Part I, Section L of the application indicating whether or not each proposed insured or any household member has within the past 30 days traveled or resided outside of the U.S. or has traveled by cruise ship, or has come into close contact with anyone known to the insured to have tested positive for COVID-19. If travel has occurred, they would also expect the statement to indicate where they traveled and when they returned. If an affirmative or negative responsive statement is not included in the application for each proposed insured, they will ask for an application amendment.

March 18, 2020
Securian
Due to the economic impact of the COVID-19 pandemic, Securian has announced a reduction to cap and participation rates on IUL products.  The changes take effect for all premium received and new indexed segments created after Friday, March 20, 2020.

March 17, 2020
BUI
In an effort to follow federal guidelines relating to coronavirus, many BUI employees are working remotely.  As to not delay the handling of your case, we encourage advisors to use digital forms of communication as much as possible.  Using traditional mail systems (USPS, FedEX, etc.) may cause unnecessary delays.

March 16, 2020
Lincoln Financial Group
In response to the low interest rate environment, Lincoln is increasing the pricing on MoneyGuardIII.  Depending on the design of the product, the increase is expected to be .5-9%.  The largest increases will be to single-pay, 5-pay and 10-pay scenarios.  To preserve the old (and more favorable) pricing, applications should be submitted to BUI in good order by March 25, 2020.  Lincoln will make no exceptions to applications submitted after that date.

March 11, 2020
Global Atlantic Product Update: Global Accumulator IUL

  • On Monday, March 16th, Global Atlantic will release their new Global Accumulator IUL.

American General Product Update: Secure Lifetime GUL 3 & Platinum Choice VUL 2 – Premium Caps

  • On Friday, March 13th, American General will impose premium caps on their Secure Lifetime GUL 3 & Platinum Choice VUL 2 products.

Symetra Product Update: Term 3.0

  • On Friday, March 13th, Symetra will release their new more competitive term rates at lower face amounts.

February 27, 2020
Securian Financial Product Update: Eclipse Survivor II IUL

  • On Monday, February 24th, Securian Financial released their new Eclipse Survivor II IUL product.

John Hancock Product Update: Protection IUL 20

  • On Tuesday, February 18th, John Hancock released their new Protection IUL 20, replacing their Protection IUL 18 product.

Symetra Product Overview: Symetra UL-G 6.0

  • On Friday, January 31st, Symetra released new rates for their Symetra UL-G 6.0, replacing their Symetra UL-G 5.0 product.

Lincoln Financial Product Update: Lincoln TermAccel® (2019) Reprice

  • On Monday, February 10th, Lincoln released new rates for their Lincoln TermAccel® (2019) product.

Lincoln Financial Product Update: Lincoln LifeElements® Level Term (2019) Reprice

  • On Monday, February 10th, Lincoln released new rates for their Lincoln LifeElements® Level Term (2019) product.

February 24, 2020
Lincoln Financial Group
Effective March 16, 2020, Lincoln Financial Group will implement pricing updates to the Lincoln MoneyGuard® III product with the launch of Lincoln MoneyGuard® III (2020). Due to the continued low interest rate environment, Lincoln is making prudent and responsible pricing adjustments leading to a price increase between 0-8%..

February 4, 2020
Banner
Banner is releasing new term pricing effective February 4, 2020. New rates for OPTerm 10, 15, 20, 25 and 30 include a mix of decreases and increases. No changes to OPTerm 35 and 40. Applications received in good order at BUI by March 4 and those currently pending will be issued with the most favorable premium. Applications received March 5 or later will be issued with new rates.

January 28, 2020
Symetra
Due to the continued low interest rate environment and changes in the competitive landscape, Symetra is repricing their Symetra UL-G and Symetra CAUL products to a reduced credited rate for in-force policies and new sales. Important transition rules for these changes:

Jan. 31, 2020

  • Symetra Life Illustrator and Winflex illustration systems will be updated with new rates.
  • You will be able to run Symetra UL-G illustrations with the current and new rates through the transition period.

Feb. 28, 2020

  • All formal Symetra UL-G and Symetra CAUL applications must be received at Symetra’s home office in good order (fully completed, signed and dated) to receive current rates.
  • Symetra Life Illustrator and Winflex illustration systems will be updated to reflect only the new pricing.

April 10, 2020

  • To ensure timely processing, cases must be issued/paid to receive current rates. For 1035 exchange cases, the deadline will be extended if the only outstanding requirement is the receipt of 1035 funds.

 

January 21, 2020
Secure Act 
The SECURE Act changed the way clients view and utilize their retirement plans. BUI’s summary of the SECURE Act provides the basics of what you need to know to help your clients. View article here.

December 18, 2019
BUI’s Holiday Schedule
Friday, December 20 (closing at 11:15am)
Tuesday, December 24 (closing at 12:00pm)
Wednesday, December 25
Tuesday, December 31 (closing at 12:00pm)
Wednesday, January 1

December 17, 2019
Secure Act Impacting Retirement
Linkedin article written by BUI’s Director of Advanced Planing, Brian Siegel. View article here.

December 5, 2019
Mutual of Omaha
Effective January 1, 2020, Mutual of Omaha will be:

  • Discontinuing sales of the Guaranteed Universal Life (GUL) product
  • Repricing both the Level and Graded Living Promise Whole Life final expense products.
  • The level benefit plan will experience a price increase for most cases
  • The graded benefit plan will experience a price decrease, which will better align the pricing with our guaranteed-issue direct-to-consumer product
  • Repricing the Term Life Express Non-Return of Premium (TLE Non-ROP) product
  • Discontinuing sales of the Term Life Express 20-Year Return of Premium product

In order to receive the current rates on these products, applications must be signed prior to January 1, 2020 and received at BUI, in good order, by January 10, 2020.

October 31, 2019
Mutual of Omaha
Mutual of Omaha is sending out this letter to all eligible Illinois Long Term Care policy owners who now qualify for partnership. Please contact BUI with any questions.

September 30, 2019
End of Year Product Changes
Due to new reserving guidelines that will be effective 1/1/2020, nearly every insurance carrier will have pricing changes in 4th quarter. It is expected that pricing increases will range anywhere from 2-20% depending on the carrier and product. In order to preserve the more favorable pricing options, all policies must be placed in-force by year’s end.  Before submitting an application, please confirm the submission and placement dates with the BUI team.  The new reserving requirements are mandated by the National Association of Insurance Commissions (NAIC) and, as such, carriers will be unable to provide exceptions for policies that do not meet the end-of-year deadline.

September 26, 2019
Lincoln Financial Group
Lincoln Financial Group released a new version of their MoneyGuard product. To comply with new industry regulations, all external 1035 exchange applications for Lincoln MoneyGuard® II and Lincoln MoneyGuard® Reserve must be received at BUI in good order by Friday, 09/27/2019.

September 24, 2019
Prudential
As of October 14, Prudential’s PruLife SVUL Protector will offer highly competitive lifetime guarantees plus the potential to accumulate meaningful cash value. Additional information below.

SVUL Protector Can Help Meet Clients’ Challenges

SVUL Protector is permanent life insurance that insures two people; it pays a death benefit to the beneficiary(ies) when both insureds have died. It can provide a cost-effective, efficient way to balance risk and cost to help clients protect their assets and stay in control of their wealth today and tomorrow. It can not only provide an income tax-free death benefit but also help protect clients legacy and pass along their wealth.

In addition to meaningful guarantees, now including lifetime guarantees, SVUL Protector offers:

  • A wide range of underlying investment options.
  • Cost-effective death benefit protection for two people, with the death benefit payable after both have died.
  • Cash value accumulation potential—with the ability for clients to access it when needed.
  • Flexible premiums—help your clients design their premium plan.

September 19, 2019
End of Year Product Changes
Due to new reserving guidelines that will be effective 1/1/2020, nearly every insurance carrier will have pricing changes in 4th quarter. Click here for more information.

September 18, 2019
Lincoln Financial Group
Lincoln Financial Group is releasing new versions of the products listed below. In order to receive the old product version, applications must be signed and received at BUI, in good order, by October 2, 2019 with the policy placed in force by the end of the year.

  • Lincoln AssetEdge®/Exec VUL (2015)
    •    Lincoln LifeCurrent® UL
    •    Lincoln LifeGuarantee® UL (2013)
    •    Lincoln LifeGuarantee® SUL (2013)
    •    Lincoln MoneyGuard® II (2019)
    •    Lincoln PreservationEdge® Survivorship VUL
    •    Lincoln SVULONE (2016) ⱡ
    •    Lincoln WealthAccumulate® IUL (2019) – 2/11/19
    •    Lincoln WealthPreserve® IUL (2017) – 2/11/19
    •    Lincoln WealthPreserve® Survivorship IUL
    •    Lincoln AssetEdge®/Exec VUL (2015)
    •    Lincoln LifeCurrent® UL
    •    Lincoln LifeReserve® IUL Accumulator (2014)
    •    Lincoln WealthAdvantage® IUL
    •    Lincoln WealthPreserve® Survivorship IUL
    •    Lincoln MoneyGuard® Reserve

September 16, 2019
Protective 
As of September 16, the following enhancements have been made to Protective’s underwriting requirements:

  • Elimination of most resting EKGs* (details attached).
  • Attending physician statements (APSs) will longer be required for clients with controlled hypertension.
  • Exams and labs will no longer be required for applicants ages 0-15, for face amounts under $10,000,000.
  • Protective will begin leveraging electronic inspection reports in lieu of telephone inspection reports for amounts up to $10,000,000, through age 70, and for amounts through $1,000,000 at ages 71+. Applicants aged 70 and over will not require an inspection report for face amounts $1,000,000 and below.
  • Finally, Protective will no longer require a Foreign National Questionnaire or routine APSs for green card holders.

August 27, 2019
Mutual of Omaha
Mutual of Omaha is repricing their GUL and GUL Express products on 10/01/2019. In order to receive the old rates, applications must be signed received at BUI, in good order, by 10/01/2019, with the policy placed by 12/31/2019

August 27, 2019
Brighthouse Financial
Brighthouse Financial is closing the sale of their Premier Accumulator UL and their Guaranteed Level Term products on 9/27/19. To receive old rates, paper apps must be at BUI by 9/24/19 and placed by 11/27/19. Tele apps must be at BUI by 9/20/19 and placed by 11/27/19.

August 19, 2019
Banner
On 8/19, Banner released new OPTerm pricing. New pricing includes decreases and some increases for term lengths of 10-30 years. New paper apps received at BUI by 9/16 and apps currently pending will be issued with the most favorable premium for the insured.

August 12, 2019
Protective
On 8/12/19 Protective Classic Choice Term will be more competitive with an average 1% premium decrease. For ticket business, apps must be signed and received at BUI on or before 9/6/19. For paper business, apps must be signed at received at BUI on or before 8/23/19.

July 15, 2019
Prudential
On Monday, July 15th, Prudential released new rates for their Term Essential and Term Elite products. All applications signed and dated on or after July 15, 2019 will receive New Rates (unless Old Rates are requested and permitted). Applications dated August 26th and after will receive New Rates only.

July 11, 2019
Brighthouse Financial 
Effective September 27, 2019, Brighthouse Financial will close their Guaranteed Level Term (GLT) and Premier Accumulator Universal Life (PAUL) products to new sales, limiting their life portfolio to two products. Click here for more details.

June 28, 2019
Holiday Closing
In observance of the Independence Day, BUI will be closing at 3:30 p.m. on Wednesday, July 3rd and will reopen at 8:30 a.m. on Friday, July 5, 2019.

June 26, 2019
North American Price Change
On June 24, 2019 North American released new rates for the ADDvantage Term life product (ADDvantage Term Gen. 9). To receive Gen. 8 rates, applications must be in good order at BUI by 7/31/19. Applications received 8/1/19 and after will receive Gen. 9 rates.

June 20, 2019
OneAmerica Produce Changes
On Monday, July 1, 2019, OneAmerica will be making major product changes to their AssetCare product line. Included in these changes are updates to the compensation structure. Certain product designs will offer higher compensation, while others will offer less. Please contact BUI with questions.

June 20, 2019
Minnesota Life/Securian Nicotine Use
Minnesota Life/Securian will now offer up to Standard Plus Non-Nicotine rates for non-combustible tobacco and E-Cigarette use. The client must be cigarette free for 10 years and must go through full underwriting.

June 20, 2019
Savings Bank Life Price Decrease
Savings Bank announced new lower rates for Level Term Plans and Flex Whole Life Level Term Riders. New applications quoted prior to June 3, 2019 and received in the Home Office by July 8, 2019 will be issued with the more favorable rates. New applications received July 8, 2019 and after will receive new rates.

May 23, 2019
Holiday Closing
BUI will close at 3:30pm on Friday, May 24th in observance of Memorial Day and will reopen at 8:30 a.m. on Tuesday, May 28th.

May 16, 2019
Early Closure
BUI will close at 3:30pm on Friday, May 17th for a company event and will reopen on Monday, May 20th at 8:30am.

May 14, 2019
Banner Term Price Change
Banner is releasing new competitive term rates effective May 13th, 2019. New rates for OPTerm 10, 15, 20, 25 and 30 include a mix of decreases and increases. No changes to the rates for OPTerm 35 and 40.

April 18, 2019
Voya Term Conversion Update
Effective April 29, 2019, Voya Life Companies will launch Voya Universal Life (Voya UL) and Voya Universal Life – New York (Voya UL-NY) available only for term conversion. This product significantly reduces advisor compensation and BGA involvement. Deadline to convert to existing products is April 26, 2019. Please expect delays from Voya Policy Service.

April 18, 2019
Greater St. Louis Financial Symposium
BUI’s Director of Advanced Planning, Brian Seigel, JD, AEP® will be presenting Everyday Lessons From Celebrity Estates at the Greater St. Louis Financial Symposium on Thursday, April 25, 2019 at 8:00 a.m. at the Marriott West. Greater St. Louis Financial Symposium

January 31, 2019
Lincoln MoneyGuard II Price Decrease
Effective February 11, 2019, Lincoln is implementing pricing improvements to enhance competitive positioning for Lincoln MoneyGuard II.

January 11, 2019
Inclement Weather
BUI will close Friday, January 11, at 12:30 p.m. due to weather conditions in our area. We will reopen on Monday, January 14, at 8:30 a.m.

December 18, 2018
Holiday Closing Schedule
BUI will close at 12:00 p.m. on Friday, December 21st and reopen on Wednesday, December 26th at 8:30 a.m. BUI will also be closed on Tuesday, January 1st.

December 17, 2018
OneAmerica Product Notice
Beginning January 1, 2019, the option of joint life with 4% acceleration of the death benefit will no longer be available on any Asset-Care product. All applications must be received at BUI by Thursday, December 27, 2018.

December 4, 2018
2018 Year-End Deadlines
Our carrier partners have published their 2018 year-end deadlines. Below you will find a printable summary of all carrier deadlines and important dates.
2018 Year End Deadlines

November 30, 2018
Banner Offers New Term Lengths
Banner now offers clients 35 and 40 guaranteed level term durations! Contact your BUI representative today for more information.

November 20, 2018
Holiday Closing
BUI will close for the holiday weekend at 3:00 p.m. on Wednesday, November 21, 2018 and will reopen at 8:30 a.m. on Monday, November 26, 2018. Happy Thanksgiving!

November 8, 2018
Nationwide Discontinues their No Lapse Guarantee UL
Nationwide is discontinuing their No Lapse Guarantee UL product and replacing it with the No Lapse Guarantee UL II product. In order to receive the old product, applications must be signed by 12/31/2018 and received at BUI, in good order, by 01/09/2019.

September 25, 2018
SBLI AM Best Rating
AM Best performed their annual rating committee review on SBLI and affirmed financial strength rating of A (Excellent) with a stable ratings outlook.

August 29, 2018
Holiday Closing
BUI will be closed on Monday, September 3rd, in observance of Labor Day. We will reopen on Tuesday, September 4, 2018 at 8:30 a.m.

August 1, 2018
Lincoln MoneyGuard Compensation Increase
Lincoln Financial Group has increased compensation on MoneyGuard Policies placed August 1, 2018 or later.

June 28, 2018
Holiday Closing
BUI will be closed on Wednesday, July 4th, in observance of Independence Day. We will reopen on Thursday, July 5, 2018 at 8:30 a.m.

June 4, 2018
American National Applications
Effective June 30, 2018, American National will no longer participate in the iGo application process. Please contact BUI for American National applications.

April 20, 2018
Application Requirements
In the 32 states listed below, applications must be accompanied by a correctly signed and dated illustration in order to be received by the insurance company. Because this requirement comes from the NAIC, the insurance carrier’s home office will not have the ability to be lenient on the requirement (signature at delivery, mismatched dates, etc.). A fully completed, newly signed application must be submitted to the home office if the illustration or illustration disclosure requirement is not met.
AK, AL, AR, AZ, CO, CT, HI, IA, KS, KY, LA, MD, ME, MS, MO, MT, NC, NE, NH, NJ, NM, OH, OR, RI, SC, SD, TX, UT, VA, VT, WI, WV (32 states)

February 13, 2018
2018 World’s Most Ethical Companies
Prudential and Principal have been named to the 2018 World’s Most Ethical Companies list by Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices.
See the list here.

February 8, 2018
United of Omaha Updates
Companion of New York (Mutual of Omaha subsidiary) has made the decision to discontinue sales of life and annuity products. This decision does not impact United of Omaha Life and Annuity product portfolio outside the state of New York.

United of Omaha has changed their method of paying commissions on term conversions. Going forward, (1) only renewal commissions are paid if the policy is outside of the level premium period and (2) if the policy is in the level premium period, the first year commission will only be paid on the increase in premium (over the term premium).

January 30, 2018
Procrastination & Taxes
LinkedIn article written by BUI’s President, Michael Tessler. View article here.

January 26, 2018
Mutual of Omaha AM Best Rating
AM Best performed their annual rating committee review on Mutual of Omaha and affirmed financial strength rating of A+ (Superior) with a stable ratings outlook.

January 24, 2018
American General Product Update: Select-a-Term
Effective January 22, 2018, American General released new rates for their Select-a-Term product.

AXA Product Release: NEW IUL Protect
On Monday, January 22, 2018, AXA released a new index universal life product designed for death benefit protection called IUL Protect.

January 18, 2018
North American Changes Maximum Premium Limit for IUL
Effective Monday, January 29, 2018 North American will change the Maximum Premium Limit for the New Rapid Builder IUL product from $1,000,000 to $250,000. This limit applies to lump sums, 1035 exchanges, and ongoing premiums.

January 10, 2018
One America’s Annuity Rates Increase
Effective January 15, 2018, One America’s Annuity Care, Annuity Care II/III and Indexed Annuity Care rates will increase.

Mutual of Omaha Updates Children’s Whole Life Product
Effective January 22, 2018, Mutual of Omaha will update their Children’s Whole Life product. Updates will include a new maximum face amount of $50,000 and an improved Guaranteed Insurability Rider.

January 5, 2018
The Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 has generated significant questions about the effects it will have on individuals and businesses. Click here to read a summary of the new law: Tax Cuts and Jobs Act of 2017

January 2, 2018
Cincinnati Life Changes Termsetter Guaranteed Term Rates
Effective January 2, 2018, Cincinnati Life has made an overall rate reduction of the guaranteed term portfolio. Updated rates include increases for policies less than $100,000, more competitive rates on females and smokers plus substantial rate improvements in the 20-, 25-, and 30- year durations.

Cincinnati Life Updates LifeHorizon Guaranteed Whole Life Products
Cincinnati Life has updated mortality tables and Principle Base Reserving accelerate cash value buildup in the early years of the policy. The loan interest rate has been reduced from 8 to 6 percent.

Protective Increases Survivor UL Rates
On January 1, 2018, Protective increased rates on their Survivor UL. With this change, rate bands will be removed from the product. Additionally, product illustrations will only show guaranteed values, eliminating the signature requirement.

Prudential Product Change: Term Essential
New Rates for the repriced product are in effect. All applications signed and dated on or after January 2, 2018 will receive New Rates.

December 22, 2017
Temporary Estate Tax Law Change
The estate tax exemption has been TEMPORARILY doubled to $11.2 million per individual. Effective 1/1/26, it returns to the current exemption. Allowing this temporary change to cause planning paralysis could lead to significant future consequences. Keep planning!

December 14, 2017
Department of Labor Fiduciary Rule Delayed
The U.S. Department of Labor recently finalized a delay of significant aspects of its fiduciary rule for a period of 18 months. As a result, (1) full compliance with the prohibited transaction exemptions (PTEs) and (2) the enforcement provisions for investment advice fiduciaries, will not take effect until July, 2019.

December 11, 2017
Holiday Closing Schedule
BUI will close at 12:00 p.m. on Friday, December 22, 2017 and reopen on Tuesday, December 26, 2017 at 8:30 a.m. BUI will also be closed on Monday, January 1, 2018.

December 5, 2017
Prudential Upcoming Product Change: Term Essential
On Tuesday, January 2, 2018, Prudential will release new rate for their Term Essential product.

Legal & General (Banner) Changes OPTerm Rates
Effective November 21, 2017, Banner repriced their OPTerm product, including decreases and some increases. The monthly modal factor has been reduced from .0875 to .086.

November 21, 2017
Holiday Closing 
BUI will close at 3:00 p.m. on Wednesday, November 22nd and reopen at 8:30 a.m. on Monday, November 27th in observance of Thanksgiving.

November 13, 2017
2017 Tax Reform Update
An article written by BUI’s Director of Advance Planning, Brian Seigel.

October 26, 2017
Symetra Rating Upgraded
On 10/3/17, Moody’s upgraded Symetra Life Insurance Company’s insurance financial strength rating to A1 (from A2) with a stable outlook.

October 19, 2017
IRS Increasing Estate Tax Exemption
The IRS today announced the tax year 2018 annual inflation adjustments, including an increased estate tax exemption to $5,600,000, and an annual exclusion gift increase to $15,000.

August 30, 2017
Holiday Closing
BUI will close at 3:30 p.m. on Friday, September 1st, and reopen at 8:30 a.m. on Tuesday, September 5th in observance of Labor Day.

August 28, 2017
Legal & General (Banner) Changes OPTerm Rates
Effective today, Legal & General America (Banner) reduced rates on OPTerm 10, 15, 20, 25, and 30.

August 15, 2017
Principal Repricing ULG
Principal will reprice their ULG product on August 28, 2017.

August 15, 2017
AIG Suspending ROP Term & Elite Index II UL
AIG will suspend their ROP Select-A-Term & Elite Index II UL products as of September 29, 2017.

August 10, 2017
Prudential SUL Protector Changes
On Monday, August 21, 2017, PruLife Survivorship Universal Life (SUL) Protector changes will be introduced, subject to state approval. Premiums will increase and the current death benefit limitation of $10 million will be removed.

July 26, 2017
SBLI Converts to a Mutual Insurance Company
Savings Bank Life Insurance Company of Massachusetts (SBLI) announced the completion of its conversion from a stock insurance company to a mutual insurance company owned by its policyholders. Following the conversion, the company’s name will change to The Savings Bank Mutual Life Insurance Company of Massachusetts. The conversion will have no effect on existing insurance policies or annuity contracts or on policyholder dividends, nor will it change the operation of the company.

July 6, 2017
Symetra Suspends Sales of SUL-G Product 
Symetra will temporarily suspend the sale of the Survivorship SUL-G product. By July 13, 2017, all formal Symetra SUL-G 2.0 applications must be received in good order (fully completed, signed and dated application by both the insured and owner). For all trust-owned cases, the trust must be in place, established and signed by the trustee. Any applications received after July 13, 2017, will not be accepted (regardless of signed date). Symetra SUL-G 2.0 will no longer be available to illustrate. September 15, 2017, is the final date Symetra SUL-G 2.0 policies must be issued and paid. For 1035 exchange cases, the deadline will be extended if the only outstanding requirement is the receipt of 1035 funds.

June 28, 2017
Holiday Closing 
BUI will close at 3:00 p.m. on Monday, July 3rd and reopen at 8:30 a.m. on Wednesday, July 5th in observance of Independence Day.

June 22, 2017
Symetra External Term Conversion Program 
Policyholders who have purchased a fully underwritten single life term insurance policy from a select group of carriers within the last five years may be eligible to convert that external term policy to a permanent Symetra UL-G or CAUL policy.

June 19, 2017
Legal & General (Banner) Changes OPTerm Rates 
Effective June 19, 2017, Legal & General (Banner) changed rates on OPTerm 10, 15, 20, 25 and 30.

June 19, 2017
The Best Time to Convert a Term Policy
LinkedIn article written by BUI’s Manager of Case Design Consulting, Mickey Vogt

June 14, 2017
Completed Replacement Forms Required on Life Insurance Applications 
Missouri was recently added to the list of states that have adopted the NAIC Life Insurance and Annuity Replacement Model Regulation. Effective June 30, 2017, a completed replacement form will be required for all Missouri Life Insurance and Annuity applications if the client has existing coverage, even if a policy is not being replaced.

May 31, 2017
SBLI – Reorganization of Company Structure 
The Savings Bank Life Insurance Company of Massachusetts (SBLI) is planning to convert its form of ownership from stock to mutually-owned. The process requires policyholder approval. Last week, the process of policyholder approval began with the mailing of notices to all policyholders. A meeting of the policyholders, to be administered by the Commissioner of Insurance, is scheduled for June 28, 2017 in Boston. Premiums, benefits, values, guarantees or dividend rights of policyholders will not change as a result of the conversion.

May 24, 2017
Holiday Closing 
BUI will close at 3:00 p.m. on Friday, May 26th and reopen at 8:30 a.m. on Tuesday, May 30th.

May 18, 2017
Crutches, Canes, Dementia, Oh My!
LinkedIn article written by BUI’s Advanced Product Specialist, Patti Fink, CLTC

May 10, 2017
All About the Need
LinkedIn article written by BUI’s President, Michael Tessler

May 8, 2017
Mutual of Omaha – GUL Price Increase  
Effective June 1, 2017, Mutual of Omaha will increase pricing on the GUL product. Applications signed on or after June 1, 2017 will receive the new pricing. To receive the old pricing, GUL applications need to be signed prior to June 1, 2017 and received by BUI no later than June 16, 2017.

May 4, 2017
Transamerica – Term Reprice  
Effective May 6, 2017, Transamerica will reprice the Trendsetter LB and Super term products.

May 3, 2017
Mutual of Omaha – GUL and Term Reprice  
Mutual of Omaha will increase pricing on the GUL product and reduce pricing on the term product in June. Detailed pricing and transition information will be provided as it becomes available.

Apr 28, 2017
Brighthouse – PAUL with no surrender charge  
Effective May 1, 2017, Brighthouse Life Insurance Company will release Premier Accumulator Universal Life (PAUL) with no surrender charges. The product is still pending approval in California, Missouri, New Hampshire, New York, Puerto Rico and Virginia. Please note that PAUL with surrender charges will continue to be available in these states until the no surrender charge version is approved. Please contact your BUI New Business Consultant for details on the transition rules for any pending PAUL applications.

Apr 19, 2017
Principal – New Term Product  
Effective May 1, 2017, Principal will introduce Term 2017. The new term product brings enhanced conversion options and reduced term rates. All new term applications received in the home office on this date or after will automatically receive the new Term 2017 policy. A request for the new product is not needed. Principal will accept requests for Term 2016 until June 2, 2017.

Apr 7, 2017
Now – Not Later
LinkedIn article written by BUI’s President, Michael Tessler

Mar 21, 2017
Symetra SUL-G Product Change  
In January Symetra announced pricing changes to the Survivorship UL-G (SUL-G) product. Effective May 12, 2017, all SUL-G 1.0 cases (submitted prior to February 8, 2017) must be issued and paid. Applications that are not issued by this date can still be processed, however they will receive SUL-G 2.0 pricing and the death benefit will be capped at $7.5 million. These policies must be issued and paid by June 16, 2017. Effective April 10, 2017, Symetra will implement the $3 million death benefit cap on all SUL-G 2.0 policies. All formal SUL-G 2.0 applications requesting the $7.5 million death benefit must be received in good order (fully completed, signed and dated application by both the insured and the owner) at the Symetra Home Office by April 10, 2017, and issued and paid by June 16, 2017.

Mar 20, 2017
Legal & General (Banner) OPTerm 25 Exchange Program  
The OPTerm 25 Exchange Program has been extended until June 21, 2017. The program allows customers who purchased OPTerm 10, 15, or 20 within the past four years to trade up to an OPTerm 25 plan at his or her current attained age with no underwriting. The OPTerm 25 replacement policy will be a new issue, with a full 25 years of coverage, not adjusted by the duration the original policy was held.

Mar 17, 2017
Mutual of Omaha Rate Increase  
Effective June 1, 2017, Mutual of Omaha will implement rate adjustments on the Missouri block of business (NHA, LTA, HCA, LT50, NH50). Policyholders will receive a letter notifying them at least 60 days prior to the premium rate increase. The effective date of the premium rate increase will be listed in this notification. Notification to all affected policyholders will be mailed by April 1, 2017 to ensure policyholders in the approved states receive notification of their June 1, 2017 premium rate increase. 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 a benefit reduction alternative to help reduce the impact of the premium increase.

Mar 17, 2017
Symetra Retention Increase  
Effective April 1, 2017, Symetra will increase retention limits for single life insurance products to $5,000,000. Retention rates for the survivorship product (SUL-G) remains unchanged.

Mar 17, 2017
Brighthouse Conversion Product  
Brighthouse term policies issued outside of New York may be converted to Brighthouse Premier Accumulator Universal Life.

Mar 15, 2017
Should Your Pregnant Client Apply for Life Insurance?
LinkedIn article written by BUI’s Chief Underwriter, Chris Hooper, FALU, FLMI

Mar 15, 2017
OneAmerica Product Change  
In an effort to comply with the DOL Conflict of Interest Rule, effective April 10, 2017, OneAmerica Care Solutions will discontinue ImmediateCare Plus for new business sales. It will remain only as a conversion option for Legacy Care. OneAmerica will no longer accept qualified funds as premium sources for Annuity Care, Indexed Annuity Care, and Legacy Care. Qualified funds will continue to be accepted on Asset-Care III and ImmediateCare. The Prohibited Transaction Exemption 84-24 disclosure form must be completed for qualified applications on Asset-Care III and ImmediateCare SPIA.

Mar 14, 2017
Lincoln MoneyGuard II Pricing Change  
Effective April 17, 2017 Lincoln will make pricing adjustments to all new MoneyGuard II (2017) policies. The changes will lead to a cost increase or decrease, depending on each client’s specific situation – increasing an average of 10% for single pay and an average of 14% for flex pay. For applications to qualify for the current Lincoln MoneyGuard II (2015) pricing, the completed ticket and one other required point of sale form for Lincoln MoneyGuard II (2015) must be signed, dated and received in good order by Lincoln’s home office by April 13, 2017 by 6:00 p.m. EST.

Mar 13, 2017
Brighthouse (formerly MetLife) – Product Change  
For Brighthouse Premier Accumulator Universal Life policies that have been issued or will be issued outside of New York, the following changes are effective April 28, 2017: (1) The current interest crediting rate will be reduced to 4.00%. MetLife Solutions (MLS) has been updated to reflect the new interest crediting rate. (2) The maximum face amount will be reduced to $5,000,000. This applies to new business and any inforce policies requesting an increase in face amount. In good order applications for policies with face amounts greater than $5,000,000 must be received in the Home Office by April 28, 2017.

Mar 7, 2017
Legal & General – APPcelerate Eligibility  
Legal & General expanded the eligibility criteria for APPcelerate, the accelerated underwriting program. OPTerm 15, 20, 25 and 30 maximum face amount limits have been increased to: $1,000,000 for issue ages 20-40, $750,000 for issue ages 41-45 and $500,000 for issue ages 46-60. The maximum face amount remains unchanged for OPTerm 10 ($500,000 for issue ages 20-50). Term riders are available for OPTerm 15, 20, 25 and 30, as long as the total face amount applied for does not exceed the eligibility requirements for APPcelerate. A 10-year term rider cannot exceed $500,000.

Mar 3, 2017
MetLife / Brighthouse 
Effective March 6, Brighthouse Life Insurance Company applications and documents will be available for use. After March 3, Metropolitan Life Insurance Company applications and forms will be rejected, and Brighthouse applications and forms will be required. MetLife Insurance Company USA applications received between March 3 and April 4 will be accepted and the company name will be amended to reflect Brighthouse Life Insurance Company. Beginning April 5, MetLife Insurance Company USA applications and forms will be rejected, and Brighthouse applications and forms will be required.

Mar 2, 2017
To Repeal or Not to Repeal…Does it Really Matter?
LinkedIn article written by BUI’s Director of Advanced Planning, Brian Seigel, J.D., AEP

Feb 27, 2017
Lincoln MoneyGuard II Pricing and Payment Changes 
Effective April 17, 2017, Lincoln will make pricing adjustments to all new MoneyGuard II policies. The changes will lead to a cost increase or decrease, depending on each client’s specific situation – increasing an average of 10% for single pay and an average of 14% for flex pay. Existing policies are not affected, because all rates and charges are fully guaranteed, assuming all premiums are paid as scheduled and no loans or withdrawals are taken for the life of the policy. Lincoln will also expand payment options as follows: (1) Clients age 40-54 will now have the option to fund up to age 65, potentially for as long as 25 years. (2) Clients age 55-72 will continue to have a choice of payment options up to 10 years. (3) Clients age 73-79 will have a new schedule of payment options. Starting at age 73, clients can choose payment options up to 9 years, grading down by one year at each subsequent age, to 3 years of payments at age 79. (4) Single premium options are still available.

Feb 23, 2017
John Hancock – New Term Product & Rate Reduction
Effective February 27, 2017, John Hancock released the new John Hancock Term ’17 product with reduced term rates.

Feb 16, 2017
Holiday Closing 
BUI will be closed on Monday, February 20th, in observance of President’s Day. We will reopen on Tuesday, February 21st, at 8:30 a.m.

Feb 15, 2017
What Most Clients Care About
LinkedIn article written by BUI’s President, Michael Tessler

Feb 13, 2017
Legal & General – Term Rate Reduction
Effective February 13, 2017, Legal & General reduced rates on OPTerm 10, 15, 20, 25 and 30. New rates apply to all new applications. Pending applications will be issued with the most favorable rates.

Feb 3, 2017
Mutual of Omaha – GUL Plus and GUL Survivor
Effective March 1, 2017, Mutual of Omaha will suspend sales of Guaranteed Universal Life Plus and Guaranteed Universal Life Survivor products. The individual Guaranteed Universal Life product will remain available. GUL Plus and GUL Survivor applications must be signed on or before February 28, 2017, and received by Mutual of Omaha no later than March 17, 2017. Any applications signed after February 28, 2017 (regardless of date received) or applications received after March 17, 2017 (regardless of signed date) will not be accepted.

Feb 2, 2017
Prudential – Term Essential
Prudential will reprice Term Essential on February 27, 2017. All applications signed and dated on or after February 27th will receive new rates.

Jan 27, 2017
North American – Custom Guarantee UL
Effective January 30, 2017, North American will offer a new version of Custom Guarantee UL. The new product will reflect higher premiums to guarantee the death benefit to maturity. In order to receive the old guaranteed premiums, applications (paper or e-app) must be signed by all signing parties and received by North American no later than February 17, 2017. Applications received after February 17, 2017 will receive the revised product with increased guaranteed premiums. The street level compensation will decrease by 5%.

Jan 18, 2017
Symetra – UL-G and SUL-G Pricing Changes 
Effective February 8, 2017, Symetra blended the premier and non-premier pricing and eliminated the 5 times target premium limit on the Single Life UL-G product. Symetra also increased pricing, capped the maximum face amount at $7.5 million, reduced target premium from 120% of the annual premium needed to guarantee the death benefit for life to 105% and eliminated the 5 times target premium limit on the Survivorship UL-G product. Formal UL-G and SUL-G applications must be received in good order (fully completed, signed and dated) at the Symetra Home Office by February 8, 2017. Applications dated after this date will receive the new pricing.

Jan 17, 2017
Lincoln – Product Updates 
Effective January 23, 2017, Lincoln will improve pricing of LifeElements Level Term. Effective, February 13, 2017, Lincoln will increase pricing on new sales of the LifeGuarantee Survivorship UL product. Effective with new indexed account segments opened on or after March 15, 2017, Lincoln will make changes to the caps, participation rates and spreads of the Indexed UL product suite.

Jan 13, 2017
Inclement Weather 
BUI is closed due to weather conditions in our area. We will reopen on Tuesday, January 17th, at 8:30 a.m.

Jan 11, 2017
Holiday Closing 
BUI will be closed on Monday, January 16th in observance of Martin Luther King, Jr. Day. We will reopen on Tuesday, January 17th, at 8:30 a.m.

Jan 9, 2017
Securian Term Rate Reduction 
Securian reduced Advantage Elite Select (AES) Term rates by up to 31%.

Dec 20, 2016
Lincoln Conversion and Product Updates 
In February, Lincoln will introduce a current assumption UL product called, Lincoln Conversion UL that in most cases will be the only conversion option available for policyholders with a Term product introduced prior to April 2007. For the new Term Conversion Guidelines on Term products introduced prior to April 2007, there is an extended transition period to March 1, 2017 to aid in the transition. Click here for the Lincoln Term Conversion Guidelines. Additionally, Lincoln will announce improvements to Life Elements Level Term and Term Accel in January 2017.

Dec 19, 2016
Holiday Closing Schedule 
BUI will close at 12:00 p.m. on Friday, December 23rd and reopen on Tuesday, December 27th. BUI will also be closed on Monday, January 2nd.

Dec 16, 2016
Mary Koller retires from BUI after 18+ years of service
It has been BUI’s great fortune to have Mary Koller here for over 18 years, but all good things must come to an end. Mary is retiring. While we are very happy for Mary, she will surely by missed at BUI. Mary is a 30+ year veteran of the life insurance business who worked for a retail office, a wholesale office (before coming to BUI) and held positions in BUI’s marketing department, new business department and as an application assistance specialist. In addition to her tremendous contributions at BUI, it has been a joy to see Mary’s family grow up (and grow). Please join the entire BUI team as we wish Mary all the best in the next chapter of her life.

Dec 14, 2016
Carrier Appointments & Candor (or lack of)
LinkedIn article written by BUI’s President, Michael Tessler

Dec 8, 2016
MetLife U.S. Retail Transition to Brighthouse Financial – Product Changes 
In January 2016, MetLife announced that it would separate and rebrand its U.S. retail business into Brighthouse Financial. The decision was driven by the impact of regulatory and economic factors. To learn more about Brighthouse Financial, click here. Effective February 3, 2017, MetLife will no longer offer Promise Whole Life (120, Select 10, Select 20, Select 65), Guaranteed Level Term, Secure Flex Universal Life, Provider Universal Life, Legacy Advantage Survivorship Universal Life, and Equity Advantage Variable Universal Life. Brighthouse Financial will offer Premier Accumulator Universal Life, Guaranteed Level Term ($1 million minimum face amount), and One Year Term. Click here for a PDF version of the announcement.

Nov 16, 2016
Are Your Clients Paying Too Much For Their Life Insurance?
LinkedIn article written by BUI’s Chief Underwriter, Chris Hooper, FALU, FLMI

Nov 15, 2016
Voya – Product Discontinuation
Effective December 30, 2016, Voya will discontinue sales of IUL-GDB, TermSmart, TermSmart NY, ROP Endowment Term, and ROP Endowment Term NY.

Nov 10, 2016
John Hancock – Discontinuance of LTC Insurance Sales
John Hancock announced today that it will discontinue sales of individual long term care insurance policies in all states.

Nov 7, 2016
Nationwide Upcoming Change: YourLife No Lapse Guarantee UL (reprice)
On Monday, November 7th, Nationwide will be releasing revised rates on their YourLife No Lapse Guarantee UL product.

Nov 1, 2016
Symetra
Effective November 14, 2016, Symetra will limit the UL-G and SUL-G annual premium amount including lump sum and 1035 exchanges, to five times the target premium.

Oct 31, 2016
Lincoln Conversion Changes
Policies with an effective date prior to September 12, 2016 will receive full commission for term conversion in policy years two and later.

Oct 26, 2016
Beyond the Numbers
LinkedIn article written by BUI’s President, Michael Tessler

Oct 25, 2016
Genworth Acquired by China Oceanwide
China Oceanwide Holdings Group Co. (CO) agreed to acquire Genworth Financial Inc. (GNW) for $2.7 billion. The acquisition may lead to a stabilized financial position for GNW after it was hurt by higher than expected losses tied to long term care insurance.

Oct 24, 2016
Prudential – Face Amount Restrictions
Effective October 24, 2016, Prudential will restrict face amounts to $5 million (GUL Protector) and $10 million (SUL Protector). Applications with face amounts exceeding these limits must be submitted no later than October 28, 2016.

Our Story
 
Over 50 years ago, BUI’s founder, Jerry Tessler, began his work as a pioneer in the life insurance brokerage business. At that time, BUI’s primary focus was impaired risk (or substandard) underwriting with the goal of helping families who were otherwise left uninsured in a narrow, rigid marketplace. In the mid ‘70’s, after splitting with his business partner, Jerry formed Brokerage Unlimited, Inc. (BUI). Through the decades, BUI’s sophistication and resources continued to broaden, as did its geographic presence, expanding from the greater St. Louis area to across the United States. In the mid ‘90’s, Michael Tessler became President and Owner. Since then, the company has become known simply as BUI and has grown to become a leading BGA in the nation.
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The Benefits of Partnership
 

BUI provides consultative, interactive guidance in the areas of life insurance, long term care insurance and annuities. From everyday term cases, to complex estate and business planning cases, BUI’s resources make it easy for advisors. Insurance and financial professionals rely on BUI to provide objective insurance solutions for their clients. The benefits of a partnership include:

CLIENT FIRST
Advisors have peace of mind in knowing clients’ best interests are being placed at the forefront of every interaction.

ROBUST BACK-OFFICE SUPPORT
Advisors who call during normal business hours speak to a live person and have dedicated, tenured point people for Case Design, Case Management, Licensing, Marketing and In-Force Policy Service.

PROACTIVE PLANNING
Turn-key evaluations make it easy to address insurance in a simple, process-driven and proactive fashion.

OBJECTIVITY
Products are researched through dozens of carriers to ensure the best possible options are provided. BUI is not owned or controlled by an insurance carrier.

UNDERWRITING
Advisors have access to BUI’s classically-trained, in-house underwriters who represent the best opportunity to place cases at a favorable rate.

ADVANCED PLANNING
Working with BUI’s advanced planning team translates into exceptionally sophisticated resources in estate planning and business succession planning.

TECHNOLOGY
User-friendly support tools make it easy for advisors to maximize time interacting with clients and minimize costly, time-consuming overhead.

DIFFERENTIATION
Partnering with BUI has proven to enhance client relationships, lead to new client introductions and increase revenue.

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Planning & Evaluations
 
BUI provides turn-key evaluation processes that make it easy and comfortable for advisors to engage clients about insurance topics, including:

PERFORMANCE EVALUATION
The review of the performance of existing, permanent life insurance policies.

LTC EVALUATION
An analysis of a client’s Long Term Care insurance options based upon stated goals and objectives.

ESTATE EVALUATION
A robust review of a high net worth client’s estate plan by a qualified estate planning expert.

BUSINESS SUCCESSION EVALUATION
The review of an existing business succession plan or the blue print of a new plan, if one does not currently exist.

KEY PERSON EVALUATION
An analysis of the loss of a key employee on a client’s business.

INCOME REPLACEMENT EVALUATION
Ascertaining an appropriate amount of life insurance coverage to replace lost income upon a client’s death.

While each process has a different focus, they all follow the same basic structure, making it easy and predictable to leverage the heavy-lifting and expertise onto the BUI team.

Step 1: COMMUNICATE THE VALUE
BUI provides client explanation documents that make it easy to communicate the benefits of participation to your client(s).

Step 2: GATHER INFORMATION
BUI provides an Information Gathering Kit that initiates the process. Once completed with your client, submit to BUI and the analysis begins.

Step 3: RECEIVE A COMPREHENSIVE ANALYSIS
Upon completion of the analysis, BUI provides a polished report summarizing your client’s options. An expert from BUI will even participate in a joint meeting with the client(s).

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Boutique Experience with National Clout
 

As a consistent top-producing agency with LIBRA Insurance Partners, a national life insurance marketing organization, BUI has relationships and resources that translate into exceptional underwriting, service, and advanced planning support. LIBRA Insurance Partners is among the top tier in production with nearly every major life insurance company in today’s market. Through this nationwide consortium, BUI enjoys extraordinary relationships with premier life, long-term care and annuity providers and their broad array of products and services.

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