News

Interest Rates May Be Dropping – Act Now on MYGA Opportunities!

As you may have seen, interest rates have dropped notably over the past few weeks, and this shift is already beginning to impact the multi-year guaranteed annuity (MYGA) marketplace.

While we cannot predict where rates will land, we've heard from several major carriers that MYGA rate reductions of 25-30 basis points (bps) could be imminent—possibly within days.

For clients considering locking in current MYGA rates, time is of the essence. We strongly encourage submitting applications as quickly as possible to secure today's higher rates before carrier adjustments take effect.

Prioritize outstanding MYGA applications and make sure they are submitted in good order (with training, licensing, and contracting completed).
Follow-up with clients who have expressed interest but haven't submitted paperwork.
Contact our team with any cases you're working on – we can help expedite processing

May 21, 2025

Mass Mutual

New UL Guard & SUL Guard Products

Mass Mutual is introducing new UL Guard and SUL Guard products, designed for clients who want permanent life insurance and low-cost permanent death benefit. Policies will be issued through C.M. Life Insurance Company for all jurisdictions except New York, where MassMutual will be the issuing company.

The new UL Guard and SUL Guard products offer:
• A no-lapse guarantee up to a lifetime
• Improved no-lapse guarantee pricing from their previous products in single-pay and short-pay case designs for target issue ages ranging from 45-75

Illustrations for the new products will become available on June 1, 2025, and the first day to submit applications for the new products is July 19, 2025.

May 15, 2025

Lincoln Financial Group

Lincoln WealthBuilder ECV IUL Now Available

Lincoln’s newest indexed universal life insurance product is available May 12, 2025, subject to state availability.

Lincoln WealthBuilder ECV IUL, the second product in Lincoln’s Elite IUL Portfolio. Lincoln WealthBuilder ECV IUL is life insurance built for growth and designed for high early cash value to help clients meet their financial obligations, such as premium financing and business insurance needs while funding life insurance.

With the introduction of WealthBuilder ECV IUL, Lincoln will sunset new sales of WealthAccumulate® 2 IUL. For states that are available at rollout there is a 90-day transition period which begins on May 12, 2025, and ends on August 10, 2025.

May 8, 2025

Banner & William Penn

Notification of Rate Change

Banner Life and William Penn, have new OPTerm level term rates effective 5/8/2025 for existing OPTerm Level Premium Plans and Term Riders.

The rate change applies to level term premiums only; not applicable to post-level term premiums.

The new level term premium rates contain a mix of increases and decreases.

Transition Rules: Normal transition rules will apply; the prior rate scale will be honored until 6/7/2025 (30 days after the Effective Date).

May 7, 2025

Nationwide

Changes to Compensation on Internal Replacements and Exchanges

The following changes to Compensation on Internal Replacements and Exchanges became effective March 3, 2025.

Compensation on Policy Replacements and Exchanges

Full compensation will be paid on new premium.
Full compensation will be paid on the cash value transferred in an internal exchange only if:
- The new policy is in the CareMatters series of products and the existing Nationwide life policy has been in force for 10 or more years, or
- The new policy is any other Nationwide life product (not including the CareMatters series of products) and the existing Nationwide life policy has been in force for 13 or more years.
No compensation will be paid on the cash value transferred in an internal exchange if:
- The new policy is in the CareMatters series of products, and the existing Nationwide life policy has been in force for less than 10 years, or
- The new policy is any other Nationwide life product (not including the CareMatters series of products) and the existing Nationwide life policy has been in force for less than 13 years
The compensation option will be the same option that was elected for the original contract, when applicable.
For Nationwide life products that offer the Enhanced Commission Target Premium (CFP), internal replacements and exchanges will not be included in accumulated premium used to qualify for enhanced CTP.

Compensation on Term Policy Conversions

For conversions in year 1, the original Nationwide term policy is cancelled. Full compensation chargeback occurs. The entire premium is transferred to the new Nationwide life policy. Full compensation is paid on the new Nationwide life policy.
Conversions after year 1 may be eligible for a conversion credit, depending on the age and the type of the Nationwide term policy.
Conversion credits, if applicable, are commissionable. For conversion to Nationwide universal life, compensation on the conversion credit from the converted Nationwide term policy is payable at the first year excess of the target rate.
Normal chargeback rules will apply on the existing Nationwide life policy.

May 1, 2025

Protective

Classic Choice Term Rate Update

Protective has released their latest rate update for the Classic Choice Term products.

Symetra

SwiftTerm Rate Update

Symetra has released their latest rate update for the Symetra SwiftTerm products.

April 29, 2025

Banner

Notification of Rate Change:

Product: OPTerm

Effective Date: 4/25/2025

Company: Banner (No impact to William Penn)

Summary of Rate Changes:

Level term premiums only; not applicable to post-level term premiums
The new level term premium rates contains a mix of increases and decreases
All rate classes
All OPTerm durations (10-40)

April 22, 2025

John Hancock

Updated Pricing

John Hancock has updated their pricing for both Protection Term and John Hancock Vitality Term. The updates include an average premium decrease of approximately 13% between ages 35-60 for face amounts under $2M, and in some cases up to 40%.

Banner

New Financial Underwriting Updates

Key Features:

More progressive key person multipliers (up to 20x), increasing flexibility in evaluating coverage for entrepreneurs and startups.
Reduced need for co-signers, making approvals easier for business owners.
Shortened business term requirements to align better with SBA loan collateral assignments.
Doubled retention limits, providing underwriters more discretion to approve larger policies
Raised accelerated underwriting (AUW) limits from $2M to $4M, freeing up underwriters to focus on complex cases rather than transactional term business.

Corebridge

Updated Term Rates

Effective April 19, 2025, Select-a-Term is repriced in all states, excluding New York. Please note that this update only affects the AG products and does not include the US Life products.

Principal

Updated Term Rates

Effective April 21, Principal® Term (10-, 15-, 20-, and 30-Year) has been updated for new-issue policies in approved states.

Rates are updated with a mix of decreases and increases across ages and face amounts.
The minimum face amount for issue ages 66+ has been increased to $1 million.
New York has approved Term 2023 (04/2025 on quoting systems).

April 17, 2025

Lincoln Financial Group

AssetEdge® VUL (2025) now available in California

As of April 14, 2025 Lincoln's AssetEdge® VUL (2025) is available in California. This product will replace Lincoln AssetEdge® VUL (2022). All application for the 2022 product must be signed, dated, and received in good order in Lincoln's

Securian

SecureCare UL Rate Change (CA)

New rates for SecureCare™ Universal Life (UL) (only available in California) went into effect April 7. All pending applications that have an effective date on or after April 7, 2025 will automatically be eligible for and receive the new pricing. Policies that have already been issued, paid and/or are in-force are not eligible for the new rates.

April 8, 2025

Lincoln Financial Group

MoneyGuard Fixed Advantage Product Update

Effective April 14, 2025, and pending state approval, Lincoln Financial Group will implement structural and pricing changes to Lincoln MoneyGuard Fixed Advantage® with the launch of Lincoln MoneyGuard Fixed Advantage® (2025).

New Point of Claim payment option (indemnity option): Clients choose to receive LTC benefit payments through Reimbursement (receipts required; direct billing and direct deposit available) or Indemnity (monthly payments; no bills or receipts required) at time of first claim. Note: If electing the indemnity option, the benefit amount is limited to 80% of the LTC Maximum Monthly amount

New Life and LTC premium split reporting: The owner will see one billed premium; for reporting purposes there will be a split between Life and LTC premiums to allow for tax deductibility potential for the portion of premiums identified as long-term care coverage.

New Increases for Specified Amount will be allowed: Allows for the flexibility to potentially increase benefits post issue.

Pricing impact: Overall, the pricing for MoneyGuard Fixed Advantage (2025) will be consistent with the current MoneyGuard Fixed Advantage offering
- Most design offerings will see minimal pricing differences ranging from -1% to +1%
- The design offerings featuring 5% compound inflation will see an average increase of 9%

North American

New Protection Builder IUL2

North American is introducing their newest life insurance solution— the Protection Builder IUL2. This product is designed to deliver lifelong protection paired with growth potential. The Protection Builder IUL2 offers affordable premiums, lifelong death benefit guarantees, and flexibility.

March 27, 2025

American National

Discontinuing Life Insurance Business

American National has made the decision to stop writing new life insurance business and will focus on their Annuity, Pension Risk Transfer (PRT) and farm and ranch and targeted commercial Property & Casualty businesses. As of May 31, 2025, American National will no longer accept new life insurance applications.

5/31/2025: Last day to apply for a life insurance application
7/31/2025: Last day to put a life insurance policy inforce.
Effective immediately, Life Underwriting will no longer accept any Quick Quote inquiries or informal requests.

March 25, 2025

Transamerica

Trendsetter Super Rate Update

Transamerica has released their latest rate update for their Trendsetter Super term products.

Nationwide

IUL and VUL Fixed Interest Rate Increase

Nationwide is increasing the fixed interest rates on their currently sold IUL and VUL products. The higher rates apply to in force policies as well. All fixed account rate increases listed below become effective April 1, 2025 and will be reflected in Nationwide's illustration software April 4, 2025.

New fixed interest rates for Nationwide’s currently sold products:

Indexed Universal life

Nationwide® IUL Accumulator II 2020 – 4.25%
Nationwide® IUL Protector II 2020 – 4.25%
Nationwide® Survivorship IUL 2020 – 4.25%
Nationwide YourLife® IUL Accumulator (NY only) – 3.5%
Nationwide YourLife® IUL Protector (NY only) – 3.5%

Variable Universal Life

Nationwide® VUL Accumulator – 3.25%
Nationwide® VUL Protector II – 3.25%
Nationwide® Survivorship VUL II – 3.25%
Nationwide® Advisory VUL – 3.25%

March 18, 2025

John Hancock

Lower Term Rates

John Hancock has announced lower rates for Protection Term and Vitality Term.

Key features:

An average rate decrease of approximately 13% between ages 35-60 for face amounts under $2M, and in some cases up to 40%.
Potential for an instant underwriting decision when submitted via an approved eApplication platform (i.e., JH eApp, iPipeline iGo, etc.)
- Applications below $750K will not be considered unless digitally submitted.
New term rates went into effect on Monday, March 17. For policies being issued between March 17 and March 28, New Business will confirm product selection prior to issue.

March 13, 2025

Lincoln Financial Group

New State Approvals for LifeElements and TermAccel

The following states are now approved for the latest LifeElements and TermAccel updates:

Arkansas
Massachusetts
Maryland
Missouri
Washington

March 10, 2025

Nationwide: Kadance

Nationwide has announced that existing clients who own, and new clients who purchase, a Nationwide life insurance policy sold through a LIBRA Insurance Partners organization will have access to Kadance, a precision health management beginning in March 2025. The Kadance program is not currently available to policyholders who reside in the state of New York. With Kadance, clients can gain access to precision medicine through advanced genetic-based testing. Available for an additional cost to clients, this program delivers actionable insights into their inherited cancer risks, and medication management services based on their genetics and health conditions, helping them make better-informed health decisions with their doctor.

March 3, 2025

Cincinnati Life

Accelerated Underwriting Update

Effective March 3, 2025, Cincinnati Life has increased the maximum death benefit amount for Rapid Review Accelerated Underwriting from $1 million to $2 million.

Key Features:

Available on all four nonsmoker classifications for Termsetter and Termsetter ROP
Nonsmoker rates available for eligible clients who smoke cigars, pipes or marijuana or chew tobacco
Preferred Plus and Preferred consideration for clients who smoke no more than six cigars per year

Nationwide

Kadance program for LIBRA / Nationwide Policyholders

Nationwide has announced they have partnered with Kadance to offer new services for eligible Nationwide life insurance clients beginning in March 2025. Clients who will be eligible to purchase this program include existing clients who own, and new clients who purchase, a Nationwide life insurance policy sold through a LIBRA Insurance Partners organization.

With Kadance, clients will receive:

Proactive health management – Includes a Pharmacogenomic Test to get insights into how medications may work with their DNA, and a Hereditary Cancer Risk Test with genetic counseling and a risk-reduction action plan.
Precision cancer care management – Includes a personal Oncology Nurse Navigator at every step, and genetic testing and sequencing.¹
Survivorship and recovery services – Resources for continued support after remission, including DNA-based recurrence monitoring.

Symetra

SwiftTerm® Replaces Symetra Term for Lower Face Amounts

Effective February 28, the minimum policy size for Symetra’s core Symetra Term product is increasing from $250,000 to $1.5 million. For policy amounts below $1.5 million, Symetra SwiftTerm is available. SwiftTerm offers term life insurance coverage to clients ages 20 to 60 with face amounts of $100,000 to $5 million.

Transition Rules:

Both iPipeline and Symetra will only accept Symetra Term applications with policy amounts of $1.5 million and above.
Pending Symetra Term cases with outstanding requirements will continue to be processed as usual.
Symetra Term applications below $1.5 million submitted on March 1, 2025, or after, will not be processed and you will be notified.

February 27, 2025

Security Mutual Life

Term Pricing Update and 30-Year Term Product Suspended

On February 20, 2025 Security Mutual Life implemented two changes to their term life insurance products. Firstly, rates for the 10, 15 and 20-year level term options will be increased. Secondly, they will no longer be offering a 30-year level term product.

Pricing update:
• 10-year premiums increase by approximately 10-percent for all ages and risk classes
• 15-year level term policies increase by an average of one percent with many ages and risk class cells remaining unchanged
• 20-year level term policies increase by approximately 20 percent for all age and risk classes

February 25, 2025

SBLI

Accelerated Underwriting Age Expansion

As of Monday, February 17, SBLI's updated AcceleRate program is live.

New Accelerated Underwriting Eligibility:

Ages 18–50: Face amounts up to $1,000,000
Ages 51–60: Face amounts up to $500,000
Available for all risk classes

February 20, 2025

Securian

New IUL Now Available in Florida

Securian Financial’s new Indexed Universal Life (IUL) product, Eclipse Accumulator II IUL, will be available in Florida beginning Wednesday, February 26, 2025.

SBLI

Premium Term Rate Update

SBLI has released their latest rate update for the SBLI Premium Term products.

Security Mutual

LT Security Plus Rate Update

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

February 13, 2025

Banner

Notification of Rate Change:

Product: OPTerm

Effective Date: 2/13/2025

Company: Banner (No impact to William Penn)

Summary of Rate Changes:

Level term premiums only; not applicable to post-level term premiums
The new level term premium rates contains a mix of increases and decreases
All rate classes
All OPTerm durations (10-40)

February 11, 2025

Banner

Legal & General Ownership Change

Legal & General Insurance America (Banner Life Insurance Company & William Penn Life Insurance Company of New York) has announced the sale of its US term life business to Meiji Yasuda and the creation of a long-term strategic partnership in PRT and asset management. While ownership will change, BUI has every reason to believe Meiji Yasuda will be a good steward of the business. They have a long history in insurance and a strong commitment to long-term financial stability. Please contact us if you have any questions.

Lincoln Financial Group

Pricing Update

As of February 10, 2025, Lincoln implemented price improvements to Lincoln LifeElements® Level Term (2019) and Lincoln TermAccel®.

LifeElements® Level Term (2019):
- Premiums are decreasing approximately 2.5% on average for their non-tobacco, core cells
- Most competitive at face amounts of $2.5M+ and over age 40
- No premium increases
Lincoln TermAccel® (2019):
- Premiums are decreasing approximately 2.0% on average for their non-tobacco, core cells
- No premium increases

SBLI

New Accelerated Underwriting Eligibility

Starting Monday, February 17th, AcceleRate, SBLI’s accelerated underwriting program, will expand its eligibility to include clients up to age 60. This applies to traditional term and whole life products with the following updated criteria:

Ages 18–50: Face amounts up to $1,000,000
Ages 51–60: Face amounts up to $500,000

In addition, there will be rate changes introduced.

February 5, 2025

Cincinnati Life

Termsetter Rate Update

Cincinnati Financial has released their latest rate update for the Cincinnati Termsetter products. Additional changes include modified issue age ranges for some preferred smoker and standard smoker cells and a decreased, fully commissionable $65 policy fee.

Protective

The following rate changes are available with Protective Indexed Choice UL illustrations as of February 3, and will be effective on the following dates:

The maximum illustrated rate has decreased from 5.79% to 5.55% and will be effective on March 15, 2025.

The loan charge rate has decreased from 5.29% to 5.05% effective March 15, 2025, for new loans and effective on the next policy anniversary on or after March 15, 2025, for existing loans.

The cap rate has decreased from 9.00% to 8.50% and is in effect as of the next segment start date on or after March 15, 2025.

There are no changes to the fixed account interest rate which will remain at 3.50%.

January 24, 2025

Banner

Notification of Rate Change:

Product: OPTerm

Effective Date: 1/23/2025

Company: Banner (No impact to William Penn)

Summary of Rate Changes:

Level term premiums only; not applicable to post-level term premiums
The new level term premium rates contains a mix of increases and decreases
All rate classes
All OPTerm durations (10-40)

Securian

New and improved Eclipse Accumulator II IUL

Eclipse Accumulator II IUL, launches Monday, February 10, 2025 in all states except California, Florida and Oregon.

Competitive talking points

Two new indexed account options
Target premiums increased
Competitive distributions
Low charges, high value
Simple and transparent design

January 23, 2025

Update to BUI's Secure Email System

BUI has enabled 'Enforced TLS Encryption" on all email services. Transport Layer Security (TLS) is a protocol that encrypts the transmission of emails, making them secure from unauthorized access during transit. By enforcing TLS encryption, it helps to ensure that all emails sent and received through our system are encrypted, protecting sensitive information and maintaining compliance with industry best practices. We believe this change will not only help to maintain the highest level of protection of sensitive data, but also improve the experience of exchanging emails with the BUI team.

January 21, 2025

American National

Enhancements Coming to ANICO Strategy Indexed Annuities

American National has announced upcoming changes to their ANICO Strategy Indexed Annuity 10 (Strategy Index 10) and ANICO Strategy Indexed Annuity 7 (Strategy Index 7).

Strategy Index 10 Updates

New S&P 500 Cap strategy with a higher cap & maximum allocation percentage of 20%.
New Diversified Blend Allocation Option: a pre-selected allocation feature designed to streamline the selection process by using predetermined values. Clients can either choose this option or use custom allocation options like they use today.

Strategy Index 7 & 10 Updates

Remove the S&P 500 50% Par
Remove the S&P 500 Monthly Sum
Remove the S&P 500 Specified Rate

January 19, 2025

Lincoln Financial Group

Introducing Lincoln AssetEdge® VUL (2025) Available as of January 13, 2025

Lincoln announced the launch of Lincoln AssetEdge® VUL (2025), replacing Lincoln AssetEdge® VUL (2022). Lincoln AssetEdge® VUL (2025) is a variable universal life insurance policy that offers death benefit protection plus growth potential through investment options – all with the flexibility to meet financial goals from retirement to legacy planning. It offers a variety of quality Separate Account investment options across multiple asset-classes along with opportunity for reduced volatility through indexed account options.

Summary of Changes

Indexed Account Allocation Threshold Restriction has been removed (can now allocate up to 100% to the indexed accounts in all policy years)
Updated DBO II calculation to remove the 115% factor (simplifies the initial specified amount calculation)
NEW! Enhanced Overloan Protection Endorsement replaces Overloan Protection Rider
Earlier exercise ability and greater access
- Ability to exercise rider as early as age 65 if policy is sufficiently funded (prior version age 75) .
- Allows entire account value to be taken as a lump sum loan (if desired) and immediately go into overloan.
Automatically invokes (if DBO1 is in effect)
- Does not require active election and automatically kicks in when debt is greater than account value.
No upfront fee
No-Lapse Provision Update
No-lapse premiums will be impacted by the Lincoln Enhanced Allocation Rider (LEAR). The no-lapse premium will be lower when LEAR is attached to the policy and active. If LEAR is turned off, the no-lapse premium amount will adjust up.
Change of Insured Rider removed (due to low utilization)

Introducing Lincoln AssetEdge® SVUL Available as of January 13, 2025

Lincoln is offering early access to Lincoln AssetEdge® SVUL, the newest addition to their Life Insurance portfolio. Lincoln AssetEdge® SVUL is a performance-driven policy that offers death benefit protection on two lives plus growth potential through flexible investment options to help meet estate planning and legacy needs. Help couples and business partners preserve their wealth in a cost-effective and tax-efficient way. And, since the policy is written on two lives, it may be easier to qualify for coverage and access a higher death benefit for a lower premium than with two individual policies. Lincoln AssetEdge® SVUL offers a variety of quality Separate Account investment options across all asset-classes along with opportunity for reduced volatility through indexed account options.

Preview Lincoln AssetEdge® SVUL:

Lincoln AssetEdge® SVUL is designed to mirror key features of Lincoln AssetEdge® VUL including the following:

Full access to the Elite Series of Funds lineup and the same Indexed Accounts on Lincoln AssetEdge® VUL

Includes Hedged Equity Funds - Introduced in May 2024 on Lincoln AssetEdge ® VUL (2022)
Lincoln Hedged S&P 500 Fund
Lincoln Hedged S&P 500 Conservative Fund

Model Portfolios (introduced in May 2024)

Asset allocation model portfolios utilize passively managed funds to provide a low cost and a welldiversified model solution
Offer simple “check-the-box” options to create a portfolio to meet specific needs and objectives

No-Lapse Provision

Subject to a premium requirement, the no-lapse provision can prevent the policy from lapsing regardless of investment option performance or any future changes in insurance charges (included in base policy)
No-lapse period based on issue age
The lesser of 20 years or to the younger insured’s attained age 80
If younger insured age is greater than 70, then there is a minimum of 10 years

Enhanced Allocation Rider

Option to utilize Cash Value within the policy to pursue increased upside potential through indexed features
Each month the rider is active, a charge will be taken from the Separate Account to purchase an Uncapped option on the S&P 500 with a 0% floor and a participation rate.
Each month the participation rate will be set at time of option purchase based on current market prices

Enhanced Overloan Protection Endorsement

Ability to exercise rider as early as age 65 if policy is sufficiently funded
Allows entire account value to be taken as a lump sum loan (if desired) and immediately go into overloan
Automatically invokes (if DBO1 is in effect)
- Does not require active election and automatically kicks in when debt is greater than account value
- No upfront fee

Additional Rider available with Lincoln AssetEdge® SVUL:

Estate Protection Rider

Protects the policy proceeds if an irrevocable life insurance trust is not established prior to policy issue and both insureds die within the first four policy years.
- Covers this risk by providing a minimum of $250,000 of additional term insurance death benefit which offsets the effect of applicable estate taxes on the total policy proceeds, keeping the intended policy benefit intact.

Coming Soon: New Accelerated Benefit Riders for Lincoln AssetEdge® SVUL:

Survivorship LifeAssure® Accelerated Benefits Rider (SLAABR)*

Will accelerate up to 100% of the eligible benefit when written certification is received that the Insured is Chronically Ill and/or Terminally Ill and all conditions of eligibility are met.
Covers both temporary and permanent conditions
Rider can only be exercised after first death (proof of death required)
Benefit period is 12 months
Lifetime Maximum Benefit Amount capped at:
- $1,000,000 when younger insured is between ages 70-80
- $1,500,000 when younger insured is below age 69

No separate rider charge
Benefit payments will be discounted upon each acceleration and an administrative fee of $250 will be deducted from each benefit payment

Terminal Illness Rider*

Available to Insured(s) who do not qualify for Survivorship LifeAssure® Accelerated Benefits Rider • Will accelerate up to the lesser of 50% or $250,000 of the eligible face (discounted by a factor) when written certification is received that the Insured is Terminally ill, and all conditions of eligibility are met.
Rider can only be exercised after 1st death (proof of death required)
Rider exists as coverage for insured(s) that do not qualify for the SLAABR due to assessed table rating/flat extra (note: can have both riders on the same policy if 1 insured qualifies for SLAABR and the other does not)
Indemnity (no receipts required), no waiting period
Benefit is a 1-time lump sum payment
There is an admin fee of $250 deducted from the benefit payment

Nationwide

Launch of Nationwide Heritage Single Premium Whole Life

Nationwide Heritage is designed to be an efficient way to help clients maximize excess assets into a larger legacy by offering:

A simple design: It’s a good alternative to other investment options, such as a CD or mutual fund, because it immediately increases the funds that clients can pass on.
An instant decision: Automated application and simplified underwriting make the process quick and easy.
A dependable investment: It provides a guaranteed death benefit without losing control of their asset or creating a tax burden for loved ones.

Nationwide CareMatters Together is now available in California.

January 6, 2025

Equitable

As of January 1, 2025, Equitable will no longer accept new business applications for ALL products except COLI through the third party brokerage distribution channel.

Please note, this does not effect term conversions and only pertains to life products and not annuities.

December 12, 2024

Celebrating Cindy Strutman’s Retirement: 40 Incredible Years of Dedication

It is with mixed emotions that we announce the retirement of Cindy Strutman, BUI’s Vice President of Operations, after an extraordinary 40 years with the company.

Originally hired by BUI’s founder, Jerry Tessler, Cindy's journey with the company began as a high school student participating in a work-study program. Through her unmatched dedication and expertise, she grew into a cornerstone of the organization. Her leadership has been instrumental in shaping the operations and success of BUI. Beyond her professional achievements, Cindy has been a mentor, leader, and friend to countless colleagues and clients over the years.

Cindy’s time at BUI brought her not only a remarkable career but also a love story. She met her husband, Dave, during her tenure here, and together they are now embarking on a new adventure—retiring to a beautiful farm near Bowling Green.

While we will miss Cindy’s incredible knowledge, guidance, and warm presence, we are thrilled for her and Dave as they begin this exciting new chapter. On behalf of the entire BUI team, we extend our deepest gratitude to Cindy for her four decades of service and wish her nothing but happiness and fulfillment in retirement.

Cindy, thank you for everything. You have left an indelible mark on BUI, and you will always be a part of our family.

December 16, 2024

Protective

UL Premium & Rate Changes

Here’s what will be changing:

Repricing

Protective Advantage ChoiceSM UL and Protective® Lifetime Assurance UL premiums will increase between 2.5% and 5.5% on average in all states (except New York).

Rate increases

Current credited rates are going up.

Securian

Required age for cognitive assessment increased

Effective December 16, 2024, the age at which a cognitive assessment is required for the SecureCare™ product line has been increased. A cognitive assessment is now required for clients ages 60 and older.

This change applies to both SecureCare Universal Life (available only in California) and SecureCare III, a long-term care and nonparticipating whole life insurance policy (available in all states except New York and California).

Please note: a cognitive assessment may still be required for younger clients based on their responses to the underwriting questionnaire (part 2 of the application).

December 12, 2024

Banner

Accelerated Underwriting (AUW) limit for OPTerm through Banner Life Insurance Company will increase to $4 million on January 2, 2025.

December 10, 2024

Update to BUI's Secure Email System

BUI has enabled 'Enforced TLS Encryption" on all email services. Transport Layer Security (TLS) is a protocol that encrypts the transmission of emails, making them secure from unauthorized access during transit. By enforcing TLS encryption, it helps to ensure that all emails sent and received through our system are encrypted, protecting sensitive information and maintaining compliance with industry best practices. We believe this change will not only help to maintain the highest level of protection of sensitive data, but also improve the experience of exchanging emails with the BUI team.

December 2, 2024

American National

Rate Certainty Annuity (Fixed Indexed Annuity) now available in California

Balanced Design

Rate Certainty Annuity combines the straightforward nature of a Multi-Year Guarantee Annuity with the potential growth of a Fixed Index Annuity. This unique blend provides your clients with a simple yet powerful tool to grow their retirement savings without the typical complexities of indexed annuities.

Guaranteed Predictability

One of the standout features of Rate Certainty Annuity are the crediting parameters guaranteed at issue. This certainty allows clients to plan their future with confidence, free from renewal rate volatility.

Simplified Choices

Rate Certainty Annuity simplifies the decision-making process with one index and three performance triggered strategies. This approach eliminates the confusion often associated with multiple indices and complex choices, making it easier for your clients to understand and select the best option for their needs.

December 1, 2024

American National

Updates to Annuity Paper App Minimums 12/01/24

Effective December 1, 2024, American National will no longer accept annuity paper applications valued at $25,000.00 or less. Applications below this threshold must be submitted electronically, with the exception of New York annuity products.

American National will continue to process annuity paper applications of $25,000.00 or less, provided they are signed and dated by November 30, 2024.

Starting December 1, 2024, any paper applications not meeting the minimum requirement may be delayed.

Prudential

PruFast Track: Cases up to $5M are now eligible

The face amount limit for accelerated underwriting within the PruFast Track program is now $5 million, up from $3 million.

Securian

Financial Underwriting Enhancements

In response to feedback received, Securian has simplified their existing financial underwriting requirements, specifically around their tax form 4506-C and financial supplements.

Tax form 4506C : Discontinuing tax form 4506C as an automatic age and amount requirement.

Financial supplement:

Under Age 61: Required face amount will change from $2,000,001 to $3,000,001.
Ages 61-69: Financial supplement amount will remain at $2,000,001.
Age 70 and up: Financial Supplement requirement for face amounts $1,000,0001 - $3,000,000 is being added, replacing the existing Third-Party Financial Documentation requirement at these age and face amounts.

November 25, 2024

Mutual of Omaha

Effective January 1, 2025, the state of California will require a Buyer’s Guide for Annuities. This new requirement will require that you gain the customer’s signature on the applicable CA product disclosure form to acknowledge receipt of the guide. This disclosure form is required with the application submission.

November 22, 2024

Banner

Banner has announced enhancements to their financial underwriting guidelines. These updates are designed to simplify the underwriting process and provide clearer guideline.

Financial underwriting guide enhancements

Updated third-party financial requirement
Banner will now only require third-party financials if the total life insurance coverage (in force and applied for) through Banner Life Insurance Company and William Penn Life Insurance Company of New York is $5 million or more for business coverage and $10 million or more for personal coverage.

Please note: Total life insurance coverage with all carriers must be financially justified and, at the discretion of the underwriter, additional financial information may be requested.

Reduced business loan repayment term
Banner has reduced the loan repayment term requirements from a minimum of 10 years to a minimum of 7 years.

Expanded key person multipliers
Their key person multipliers now allow the opportunity to consider coverage amounts beyond our standard multipliers.

Mutual of Omaha

Sunsetting of Income Annuity with Premium Return

The Income Annuity with Premium Return product will be closed to new sales, effective December 31, 2024. All forms and applications for this product must be received in the Home Office by December 31, 2024. Mutual of Omaha will return all applications received on or after January 1, 2025. They will continue to offer their other Single Premium Income Annuity (SPIA) options: Ultra Income and Income Access.

Protective

Effective Dec. 31, 2024, new sales of Protective Custom Choice UL will be discontinued. Explore their alternative, short-term coverage solution: Protective Classic Choice term and the optional Conversion ChoiceSM rider with ExtendCareSM

Securian

Effective November 11, 2024, Individual Life new business will require a signed illustration to be dated on or before the signature date of the application for all permanent and variable policies in the state of Pennsylvania. This change is required to align with Pennsylvania insurance regulations. If an illustration is received after the signature date on the application, a new application will be required.

Reminders:

Anytime replacement is involved, please include it on the application (Section G) and submit the appropriate forms (Replacement Notice and Replacement Disclosure Statement), when the application is submitted.
Pennsylvania requires a Pennsylvania Disclosure Statement. This form outlines additional information that is required based on the agreements the client has on the policy. Please include the additional information as requested on the form.

November 1, 2024

Securian

New requirements for submitting new business in PA

Effective November 11, 2024, Individual Life new business will require a signed illustration to be dated on or before the signature date of the application for all permanent and variable policies in the state of Pennsylvania. This change is required to align Securian with Pennsylvania insurance regulations. If an illustration is received after the signature date on the application, a new application will be required.

A couple reminders:

Anytime a replacement is involved, please include this on the application (Section G) and submit the appropriate forms (Replacement Notice and Replacement Disclosure Statement), when the application is submitted.
Pennsylvania requires a Pennsylvania Disclosure Statement. This form outlines additional information that is required based on the agreements the client has on the policy. Please include the additional information as requested on the form.

Symetra

Business ownership now available for SwiftTerm

As of Oct. 31, 2024, Symetra SwiftTerm life insurance is available for ownership by businesses, including corporations, partnerships and LLCs.

To ensure fast processing, Symetra recommends having the following information available when starting a SwiftTerm drop ticket:

Company name, address and phone
Date of establishment
Tax ID number
Primary signer name, email and relationship to insured
Primary signer power to revoke (yes or no)
Beneficiary details, including name, address, phone, DOB, relationship and percent allocated

October 28, 2024

California Training Requirement Update

New training requirements go into effect Jan. 1, 2025 for producers selling certain life insurance and annuity products in California. You can find the approved courses on the California Department of Insurance website.

American National

New Product! Rate Certainty Annuity (Fixed Indexed Annuity)

Available Nov. 4th, 2024

Balanced Design

Guaranteed Predictability

Simplified Choices

MassMutual

New Apex VUL® Now with Increased Target Premiums

MassMutual’s new Apex VUL is an accumulation focused VUL that provides a death benefit guarantee to age 85 along with attractive account value accumulation and retirement income potential.

OneAmerica

Asset Care 2024 Enhancements Debut

OneAmerica Financial announces the debut of an enhanced product offering that includes new features to help address many of the complicated aspects of giving and receiving long-term care.

Enhancements include:

A new cash benefit for informal care to complement our existing reimbursement approach for formal care
Simplified benefit period options
Expansion of supportive equipment benefit
Expanded options for inflation protection
a new caregiver consultant benefit that provides informal caregivers in the home access to a consultant who will provide insights and education during optional monthly touchpoints

October 16, 2024

Lincoln Financial Group

Foreign National Nexus

Underwriting Guidelines Expansion

Effective immediately, Lincoln Financial Group is expanding their nexus guidelines to offer more opportunities for clients to satisfy the nexus requirements.

What You Need to Know:

Foreign National clients must have a strong connection to the U.S. (nexus) and provide proof through at least one of Lincoln’s requirements
In addition to the approved nexus connections currently published in Lincoln’s guidelines, the following are now available:
- UPDATED Client owns U.S. bank or brokerage account(s) with a minimum balance of $25,000 (previously $100,000) and open with that balance for at least 30 days (previously 90 days) prior to application date
- NEW Client travels on a regular or ongoing basis to the U.S. for business or pleasure
- NEW Client has a child or immediate family member residing in the U.S. Immediate family members include parents, siblings, spouse and children
- NEW Client is married to a U.S. citizen

October 10, 2024

Corebridge

Guaranteed Living Benefit Updates

Corebridge will update rates on their Guaranteed Living Benefit (GLB) features, effective October 14, 2024. This update will impact the Lifetime Income Choice living benefit.

John Hancock

Crediting rate changes on Protection UL and Protection SUL

Recent macroeconomic conditions have necessitated a 0.30% reduction in the crediting rate on Protection UL and SUL policies, effective November 1, 2024.

Notification to Protection UL and Protection SUL policyholders Beginning November 1, 2024, new rates will be reflected on annual statements. Policyholders may request inforce illustrations that reflect this change prior to receiving their annual statement.

Prudential

No-Lapse Guarantee Premium Update

As of October 14, 2024, Prudential will increase No-Lapse Guarantee (NLG) premiums for VUL Protector® and PruLife® SVUL Protector. NLG premiums for these products will increase by 5% on average for all ages and across premium funding types (all pays, 10 pays, single pays).

October 2, 2024

MassMutual

Discuss needs with clients during MassMutual's term conversion limited-time offer.

From Sept. 30-Dec. 31, 2024, clients who own certain MassMutual Term policies can submit a full-face amount conversion application for up to a 25% increase in coverage, capped at $1 million per insured, without additional underwriting.

The increased coverage is available when converting to a new MassMutual Whole Life or Apex VUL policy, or an existing whole life or VUL policy that contractually allows face increases.

Oceanview

Oceanview MYGA Renewals

Oceanview is printing the interest rate available for the client’s MYGA auto-renewal when they produce the letter for the client about their 30-day window at the end of the guarantee period. OV is then honoring that higher rate if/when the rates lower before the client says yes, auto-renew my MYGA policy. This means the annuity may renew at a higher interest rate than what is currently available. Advisors need to pay close attention to these renewal letters.

Protective

Accelerated Underwriting Update

Effective October 7, 2024, maximum face amounts will increase for accelerated underwriting through the Protective Life Underwriting Solution (PLUS).

Accelerated underwriting updates:

Maximum face amounts up to $2 million to age 45 and $1 million to age 60
Increases apply to eligible products — from term to variable

September 30, 2024

Prudential

Two new term life insurance products, Prudential EssentialTerm ValueSM and Prudential EssentialTerm PlusSM will be available beginning October 14, 2024 to better match the budgets and long-term planning needs of clients.

Both products will first be available on policies with face amounts up to $249,999.

The Term Essential product will remain available in several scenarios as Prudential works towards expanding availability of EssentialTerm products to polices with higher face amounts in the near future.

The new EssentialTerm Suite of products offers:

Competitively priced death benefit protection for a term of 10, 15, 20, or 30 years.
The flexibility to convert to permanent coverage for the level premium period or till age 70, whichever comes first.
A terminal illness rider that is automatically included at no charge.
A fast and easy application process.

EssentialTerm Value – Prudential’s most affordable option is here to help you meet the needs of budget-conscious buyers. This product includes the ability to convert to any of Prudential’s permanent products for the first 7 years, or until age 70, whichever comes first. In year 8 through the end of the level premium period or age 70, whichever comes first, clients can convert to a designated conversion product.

EssentialTerm Plus – Designed for clients who want term insurance today, but are long-term planning-minded. This option provides Prudential’s most robust conversion option, allowing clients to convert to permanent products for the length of the level premium period, or to age 70, whichever comes first.

Product Availability

The EssentialTerm suite is available on policies with face amounts up to $249,999. Only digital applications will be accepted for EssentialTerm products.
Term Essential is available on policies with face amounts of $250,000 or more. Digital and paper applications will be accepted for Term Essential.*

September 27, 2024

Lincoln Financial Group

Guaranteed minimum rates updated for new fixed and fixed indexed annuity contracts

New guaranteed rates effective September 1st

Several of the guaranteed minimum rates have increased for new fixed and fixed indexed annuities:

Fixed Account rate: The Fixed Account guaranteed minimum interest rate increased to 1.65%, during the surrender period. This guarantee provides a floor for Fixed Account renewal rates.
The Guaranteed Minimum Cash Surrender Value (GMCSV) interest rate: The GMCSV interest rate increased to 3.00%, during the surrender period.

As a reminder, the GMCSV calculation provides a floor for the minimum amount a client can receive if they surrender their contract.

The GMCSV equals 87.5% of the premium, minus any partial surrenders and related premium taxes, accumulated at the GMCSV interest rate, to the date of contract termination (death or annuitization or full surrender).

Mutual of Omaha

Effective October 4, Apptical will discontinue phone interview services. The product impacted by this change is Living Promise Whole Life.

Protective

As of December 31, 2024, new sales of Protective Custom Choice UL will be discontinued.

Protective is pleased to offer a comprehensive alternative: Protective® Classic Choice term and the optional Conversion ChoiceSM rider wtih ExtendCareSM.

Like Protective Custom Choice UL, Protective Classic Choice term and the Conversion Choice rider with ExtendCare offers:

Affordable short-term coverage now, with more time to convert to a broader range of permanent solutions

In addition, Protective Classic Choice term and the Conversion Choice rider with ExtendCare provides:

Access to chronic illness protection upon conversion — no additional underwriting or medical exams required
35- and 40-year term periods
Fast policy placement

September 26, 2024

Corebridge

Annuities: Reg 60 Update

As of September 23, 2024, Corebridge Financial implemented an enhanced Disclosure Statement (Appendix 10B), which is based on standardization guidelines developed by the Life Insurance Council of New York (LICONY).

This new format with the additional data elements should be familiar, as many have already adopted and implemented similar formats for what has become the industry standard in the State of New York.

Mutual of Omaha

Deferred Annuity Rates Will Decrease October 1, 2024

New money rates for deferred annuity products will decrease on October 1, 2024

September 24, 2024

Nationwide

2024 4Q Product Launch: Nationwide Survivorship Variable Universal Life II

Nationwide will launch their new Survivorship Variable Universal Life II during 4Q 2024. It has been filed for approval in all states except New York, Puerto Rico, and Virgin Islands. This product is designed to offer permanent life insurance coverage for two and builds upon Nationwide’s diverse VUL product suite.

Nationwide SVUL II (product CUSIP 63890A751) offers cost-efficient, permanent death benefit coverage for two insureds. This new product offers optional guarantees and cash indemnity long-term care coverage in addition to a diverse fund lineup to meet various investment needs.

Product Highlights:

Designed for two insureds with a target market age of 50-70
Competitive pricing
Extended no lapse guarantee rider with optional ENLG Advantage program
Cash indemnity long-term care rider
55 subaccounts with highly rated Morningstar funds, including many low-cost options

OneAmerica Financial

OneAmerica Financial has entered a definitive agreement with Voya Financial to acquire their Retirement Services recordkeeping business.

Importantly, in Voya Financial, OneAmerica Financial is leaving its retirement business in the hands of an organization that they are confident will commit to delivering industry-leading offerings and service to clients.

What does this mean for you?

This transaction will enable greater leadership focus on OneAmerica Financial’s core businesses and best opportunities for growth. Looking forward, OneAmerica Financial will intensify their focus on driving growth in Individual Life and Financial Services, including their Care Solutions product line, as well as Employee Benefits and Institutional Markets lines of business.

Securian

IUL rate increases

Securian Financial recently increased caps by up to 1% with participation rates as high as 215% on Indexed Universal Life (IUL) products effective August 17, 2024. In addition, the Maximum Illustrated Rate was increased to as high as 6.56% improving their illustrative competitive positioning. These changes impacted both currently sold and previously issued IUL products.

September 18, 2024

Corebridge

iPipeline Term product selection name change

Effective Wednesday, September 25, 2024, the iPipeline product selection, Select-a-Term (New Submission Platform) will change to Select-a-Term (SimpliNow Choice).

SimpliNow ChoiceSM includes multiple instant lab-free decision options from a ticket along with other submission options.

Pacific Life

Expansion of Pacific Healthy Rewards (PHRs) to PL Promise products.

In keeping with their commitment to a progressive approach to life insurance underwriting with a focus on delivering the most competitive underwriting decisions possible, Pacific Life is introducing the expansion of Pacific Healthy Rewards (PHRs) to their suite of PL Promise products, effective October 1, 2024. Pacific Healthy Rewards incorporates an individualized approach by optimizing their decisions using your client’s favorable health and lifestyle attributes.

September 12, 2024

Securian

Improvements made to build charts to offer competitive decisions.

Changes include:

Condensed down to two age groups, ages 16-64 and 65+.
Updated guidance now creates additional leniency on preferred and preferred select rate classes for ages 65+.
Added a preferred rate class to underweight tables for ages 16-64.

September 11, 2024

Oceanview Life and Annuity

Effective September 13, 2024, Harbourview MYGA rates will decrease.

September 9, 2024

Lincoln Financial Group

Coming Soon: Updated Part II & LTC Supplement for MoneyGuard® Applications

Available September 16, 2024

Lincoln’s MoneyGuard® Underwriting & New Business team has announced that updated versions of the Part II and LTC Supplement will soon be available. These forms and an updated client interview process will be available for all Lincoln MoneyGuard® life insurance products in all states, excluding California, starting September 16, 2024.

Part II and LTC Supplement

The enhancements made to the Part II and LTC Supplement will improve the client personal history interview experience across all application media (electronic, telephone, paper), and are based on our experience and feedback from our valued partners. Enhancements include:

Improved clarity of questions to reduce completion errors
Redesigned format which gathers more details from the client up-front to reduce additional underwriting touchpoints and increase opportunities for straight-through processing:
- More checkboxes rather than freeform sections
- Alphabetical ordering of conditions
- Separated medical conditions by body system/type

Increased efficiencies within the underwriting process to complement Lincoln’s Real Time Approval process for eligible applicants in good health

September 6, 2024

Lincoln Financial Group

NEW Product: Lincoln OptiBlend® Advisory 5 fixed indexed annuity

Now Available: The Lincoln OptiBlend® Advisory 5 fixed indexed annuity includes a Fixed Account with a guaranteed interest rate for one year, and six indexed account options, providing for diversification opportunities within one product.

Lincoln MYGuaranteeSM Plus 10-year fixed annuity

A 10-year Initial Interest Rate Guarantee Period is now open to new sales. Other durations of 5 and 7-years will remain available.

Surrender Charge Schedule:

5-year (7%, 7%, 6%, 5%, 4%, 0% thereafter)
7-year (7%, 7%, 6%, 5%, 4%, 3%, 2%, 0% thereafter)
10-year (7%, 7%, 6%, 5%, 4%, 3%, 2%, 1%, 1%, 1%, 0% thereafter)

September 5, 2024

American National Insurance Company

Annuity Update:

American National has updated Annuity Applications as of September 4, 2024. As a reminder, processing is determined by the date of signing. Applications signed on or after September 4 will need to utilize the new version. However, any applications signed prior to September 4 will continue to use the current version.

Please Note: All online electronic application platforms will automatically generate the correct form for your convenience.

Life Insurance Update:

New and Improved Beneficiary Account Options

As of Sept. 4, 2024, American National Insurance Company offers new account types for inherited or "stretch" accounts, which were previously unavailable. At American National, these will be recognized as Beneficiary Annuities and Beneficiary IRAs.

Advantages that these stretch account types can provide are outlined below:

Non-Qualified Beneficiary Annuities (New!)

Extended Payouts: Beneficiaries can receive annuity payouts over an extended period, rather than taking a lump sum distribution.
Tax Efficiency: Spreading out distributions can potentially reduce tax liabilities.
Long-Term Growth: This strategy can maximize the long-term growth potential of the annuity.

Qualified Beneficiary IRAs

Expanded Eligibility (NEW!): Previously, only spouses were eligible when the date of death was before January 1, 2020. Now, both spousal and non-spousal beneficiaries are accepted, regardless of the date of death.
Designed for Retirement: These accounts are specifically designed for retirement accounts like IRAs or 401(k)s.
Tax-Efficient Growth: Stretching distributions over a beneficiary’s life expectancy offers a tax-efficient way to preserve and grow retirement assets.
Steady Income Stream: Ensures a steady income stream for beneficiaries.

These changes provide more options and flexibility for beneficiaries, making stretch accounts a valuable tool for estate planning, retirement income strategies, and overall financial planning.

Lincoln Financial Group

Guaranteed minimum rates updated for new fixed and fixed indexed annuity contracts

Effective with new contracts as of September 1st.

Lincoln Financial Group has increased several of the guaranteed minimum rates for new fixed and fixed indexed annuity contracts issued September 1, 2024 and later.

Fixed Account rate: The Fixed Account guaranteed minimum interest rate is increasing to 1.65%, during the surrender charge period. This guarantee provides a floor for Fixed Account rates.

The Guaranteed Minimum Cash Surrender Value (GMCSV) interest rate:

The GMCSV interest rate is increasing to 3.00%, during the surrender charge period. As a reminder, the GMCSV calculation provides a floor for the minimum amount a client can receive if they surrender their contract. The GMCSV equals 87.5% of the premium, minus any partial surrenders and related premium taxes, accumulated at this minimum rate of return to the date of contract termination (death or annuitization or full surrender).

MassMutual

MassMutual Term reprice scheduled for Sept. 7, 2024

MassMutual’s term life insurance portfolio will be repriced with premiums rising for all products by an average of 8-10% for key ages, bands, and risk classes. Products will continue to provide affordable life insurance coverage with competitive convertibility options.

Key points

Please note this is a reprice only. There are no contractual, functional, or compensation changes to our term products.
The reprice impacts all 10 of MassMutual’s convertible term products: Annual Renewable Term (ART), Term 10, Term 15, Term 20, Term 25, Term 30, Term 15 ECP (Extended Conversion Period), Term 20 ECP, Term 25 ECP, and Term 30 ECP.

North American

Important update regarding the availability of the Nursing Home Confinement Waiver Rider in California

The Nursing Home Confinement Waiver Rider (Rider) is no longer available on any North American fixed index annuity (FIA) or multi-year guarantee annuity (MYGA) products in the state of California. This applies to all new and pending sales.

Symetra

SwiftTerm® Updates

As of August 29, 2024, SwiftTerm now includes new riders and features. Enhancements include the following:

Trust ownership: Symetra has extended SwiftTerm’s ownership options to include trusts to meet more of your sales needs. To ensure the fastest processing, they recommend having the following information handy when starting a drop ticket:

Trust name
Date of establishment (must be prior to drop-ticket date)
Tax identification number
Trustee name, email and relationship to the insured
Trustee power to revoke (yes or no)
Beneficiary information

Conversion Enhancement Rider: SwiftTerm’s new Conversion Enhancement Rider gives clients the freedom and flexibility to convert to a broader selection of Symetra permanent life insurance products without additional underwriting or evidence or insurability. They may also be eligible for an extended conversion period if a 15-, 20- or 30-year term period is selected. This rider is available at application for an additional cost.

Value Added Benefit: Symetra has partnered with Empathy to offer a new Value Added Benefit providing personalized, comprehensive and on-demand support to beneficiaries after their loved ones are gone. Services include assistance with:

Coping with grief
Bill and debt payments
Property and assets
Probate references, wills and more

September 4, 2024

Banner

Effective November 1, 2024, Legal & General America (Banner) is defaulting to paperless preferences for policy delivery.

Legal & General America (Banner) has announced a significant enhancement to their policy delivery process. Starting November 1, 2024, William Penn and non-Horizon Banner Life will be transitioning to all paperless policies. This means they will no longer default to mailing paper policies; instead, BGAs and Advisors can access policies online through our eDelivery platform or Partner Dashboard. Clients will still be able to access documents through the client portal.

August 30, 2024

Missouri-Revised Suitability in Annuity Transactions

As of August 14, 2024, Missouri adopted the NAIC revised Suitability in Annuity Transactions Model Regulation.

Changes as of August 14, 2024, include:

Producers must act with a heightened standard of care in soliciting and selling annuities.
This heightened standard of care is satisfied by meeting four obligations: care, disclosure, conflict of interest, and documentation.

As part of this heightened standard of care, producers must not prioritize their financial interests over the consumer's. Please visit your Department of Insurance website to read the new regulations and understand your obligations.

Securian

SecureCare III now offers underwriting questionnaire online.

When using an eApp with SecureCare III, clients are now able to complete the underwriting questionnaire (part 2 of the application) online and on their own time. No more waiting to schedule a lengthy tele-interview — the application now has the potential to be completed, signed and submitted within one day.1

Enhancements include:

Enhanced client convenience — application can be completed any time
Faster underwriting process — eliminates lengthy tele-interview
Tailored application experience — only relevant questions asked

Please note: Client must have valid email address and cell phone number to be eligible to complete part 2 of the application online.

August 21, 2024

Securian

SecureCare Universal Life — coming soon!

Launching in California August 26

SecureCare Universal Life (SecureCare UL) is a linked-benefit solution that offers four powerful guarantees, ensuring clients are covered whether they need care or not:

Guaranteed cash indemnity benefit for long-term care (LTC)
Guaranteed return of premium
Guaranteed death benefit
Guaranteed reduced paid-up benefit

August 9, 2024

Securian

Administrative Alert! Cap and participation rate increases

Securian is increasing caps and participation rates on a number of Indexed Universal Life (IUL) products.

These changes will take effect for all premium received and new indexed segments created after Friday, August 16, 2024. All premium received on or before August 16 for approved and existing policies will have current rates applied. Illustrations will be updated August 17, 2024.

August 6, 2024

Nationwide

CareMatters Cognitive Screening

Clients now have a digital cognitive option for ages 60-69. Cognitive screening is routine for those ages 60 and older, although may be requested at any time based on findings. Online cognitive screening typically takes less than 5 minutes, is available 24 hours a day/7 days a week, and no scheduled time is required. Available in all states except NY and CA, where the phone interview is still required.

July 31, 2024

MassMutual

Term reprice effective August 1, 2024

The reprice impacts all 10 of MassMutual’s convertible term products:

Annual Renewable Term (ART), Term 10, Term 15, Term 20, Term 25, Term 30, Term 15 ECP (Extended Conversion Period), Term 20 ECP, Term 25 ECP, and Term 30 ECP.

Mutual of Omaha

Simplified Issue via eApp: Pre-Approval is Here!

As of July 24th, advisors can view the viability of an applicant before completing the e-application via iGo through Mutual of Omaha’s new pre-approval process.

The products included for these pre-approvals are:

Indexed Universal Life Express®
Term Life Express®
Living Promise® Whole Life

July 26, 2024

Nationwide

Children's Rider Update

As of July 15, 2024, Nationwide made important changes regarding the Nationwide Children’s Rider.

New Sales: The rider will now be available only on Variable Universal Life Accumulator policies.

In-force: Access to the rider for all in-force VUL policies will remain unchanged; however, the rider will no longer be available to add on any other policies.

Prudential

Prudential Momentum IUL Launching August 19, 2024

Prudential’s new accumulation-focused indexed universal life product offers death benefit protection plus cash value growth potential with market downside protection.

Sagicor

Sagicor now requires eApplications for all MYGA applications.

July 8, 2024

John Hancock

Next round of in-force rate action notifications to take place in late July.

In late July, John Hancock will begin policyholder notifications on the next round of John Hancock and Fortis (Union LTCI) policies impacted by the in-force rate actions, which will have an effective date beginning with anniversaries on or after November 1, 2024.

The 2022 rate action notifications will include John Hancock LTCI individual policies originally issued in Alabama, Illinois, Maryland, Missouri, and South Carolina.

John Hancock will continue the implementation of the 2019 rate increase for John Hancock LTCI individual policyholders in Florida who received an initial “capped” or “phased-in” increase.

John Hancock will continue the implementation of the 2019 rate increase for Union LTCI individual policyholders in Illinois who received an initial “capped” or “phased-in” increase.

John Hancock will continue the implementation of the 2016 rate increase for John Hancock LTCI individual policyholders in Colorado and Minnesota who received an initial “capped” or “phased-in” increase.

Please Note: Producer notification packages are no longer available. You can now view your clients’ actual notification packages through John Hancock’s e-Delivery program by visiting the John Hancock Sales Hub and registering for access to your online documents.

Protective

Introducing the new Conversion Choice rider with ExtendCare for Protective® Classic Choice term

Protective has introduced the new Conversion Choice rider with ExtendCare for Protective® Classic Choice term. This innovative solution provides clients with longer conversion timelines for a broader range of permanent solutions from Protective. Plus, clients can access chronic illness protection upon conversion — no additional underwriting or medical exams required.

Clients can add this rider to new term policies and take advantage of enhanced benefits including:

Added protection upon conversion for chronic illness expenses with ExtendCare
Longer conversion periods for more Protective permanent products
No additional medical exams or underwriting

The Conversion Choice rider with ExtendCare became available for distribution on July 3, 2024.

The Conversion Choice rider with ExtendCare is not available in California or New York.

June 27, 2024

American National

American National: Annuity Product Discontinuation Notice

As of 7/3/2024, American National will cease the sale of two of their annuity products including: Century Plus Annuity and Century Plus Annuity New York American National will continue to process all annuity applications received prior to 7/3/2024 for these products and will continue to offer the highest level of customer service to all existing annuity policyholders and agents.

Lincoln Financial Group (MoneyGuard)

Pricing Updates for Lincoln MoneyGuard® II (2020)

Effective July 15, 2024, Lincoln will implement pricing changes to Lincoln MoneyGuard II (2020), which improves competitive positioning in targeted areas. Following a transition period, Lincoln MoneyGuard® II (2020) – 07/15/24 will replace currently sold Lincoln MoneyGuard II® (2020) - 01/22/24 in the state of California.

Pricing improvements ranging from 4% to 17% are strategically focused on the following areas:

Issue Ages 55-65
3% Compound Inflation
6-year Long-term care durations

* Designs outside of the targeted improvements will have pricing increases and decreases varying by a wider range as part of these updates

Lincoln Financial Group (WealthAccelerate IUL)

Fixed and Indexed Account Rate Improvements for Lincoln WealthAccelerate® IUL

As of June 15, 2024, Lincoln increased cap and participation rates on Lincoln WealthAccelerate® IUL, which may improve future policy performance. Lincoln

WealthAccelerate® is an indexed universal life product that offers a fully digital and automated experience — from application to policy management.

The following changes apply to newly created segments opened on or after June 15, 2024, for all currently and previously sold policies.

Lincoln WealthAccelerate® IUL Indexed account rate improvements

Fidelity AIM® Dividend Indexed Account — Fixed Bonus

Participation rate Increases to 170% (from 155%)
Max illustrated Rate increases to 5.69% (from 5.19%)

S&P 500® Traditional Indexed Account

Cap increases to 10.50% (from 9.50%)
Max illustrated Rate increases to 6.60% (from 6.11)

DCA, fixed, and holding account crediting rate improvements

Current Fixed and Holding: 3.75% (from 2.25%)
Current DCA: 4.50% (from 3.00%)

Mass Mutual

Upgraded financial underwriting guidelines

Income replacement

Income replacement multiples that determine available coverage based on needs are increasing for many ages:

Age x annual earned income multiple updates

40 times annual earned income for ages 18-40

30 times annual earned income for ages 41-50

25 times annual earned income for ages 51-60

15 times annual earned income for ages 61-67

10 times annual earned income for ages 68-75*

5 times annual earned income for ages greater than 76*

*individual consideration for additional coverage

These updates reflect increasing retirement and mortality ages in the United States.

Charitable giving

A charity may buy coverage on a client if there would be a measurable financial loss to the charity following the client’s death.

Coverage typically is obtained on financial donors to the charity; however, MassMutual also can consider coverage on current or former board members whose death would financially impact the charity, for example, a loss in fundraising efforts, management functions, or special name recognition.

Clients who pursue charitable coverage should have adequate personal insurance already established.

Symetra

Coming soon: Symetra SwiftProtector

Symetra has announced the newest addition to their Swift platform—Symetra SwiftProtector—launching July 9, 2024. It’s indexed universal life insurance that’s fast, easy and all online. Clients can complete their application at a time and place that’s convenient for them and get coverage in as little as 25 minutes, if they qualify.

SwiftProtector highlights include:

100% online application process
Flexible, cost-effective guaranteed death benefit protection
Coverage amounts of $100,000 to $3 million
Issue ages: 20 to 60 years old

Transamerica

Transamerica has announced enhancements to their digital underwriting/IGO E-application experience on their Trendsetter Super, Trendsetter LB, and FFIUL/FCIUL products.

This is available for all states (Except for CA, FL, GU, NY, SC and SD).

Some Enhancements:

Reduction in time for policy issue on average 8-10 business days quicker than current process.
Minimize back and forth.
Auto Pre-Fil of PHI for the client.
Reflexive questions.
Currently 10% to 12% are going instant issue without underwriter review.
When needed Transamerica will be ordering Vitals only, with this experience the full Paramed exams will no longer be needed.

June 26, 2024

Mutual of Omaha (Long Term Care)

Illumifin Experiencing Phone Health Interview Delays

Mutual of Omaha’s vendor, Illumifin, is currently experiencing delays in scheduling of Phone Health Interviews (PHI). Currently, they are experiencing significant application volumes, and the recent holidays: Memorial Day, Juneteenth, and the upcoming 4th of July have further impacted interviewer availability.

Illumifin is taking steps to address the delays and anticipate returning to normal operations by mid-July. However, at present, interviews are backed up by approximately three weeks.

June 13, 2024

PHL Variable Insurance Co. in Rehabilitation

PHL Variable Insurance Co., the insurer that once wrote the Phoenix Companies’ variable insurance policies and variable annuity contracts, has been put in rehabilitation.

What does this mean? Please click here for the FAQs from the Connecticut Insurance Department.

June 6, 2024

Symetra

New Cancer Care Compass℠ state approvals

Cancer Care Compass is approved for sale in Idaho, South Carolina and Utah, as of May 31, 2024.

American National

Product Discontinuation Notice

After careful consideration, American National has decided to sunset three of their life products. Beginning August 1, the products that will no longer be available are as follows: Executive Universal Life, Limited Pay Whole Life, and Signature Guaranteed Universal Life (Non-NY Only).

Please note: Signature Guaranteed Universal Life (SGUL) will stay active in states yet to approve the NEW Protection IUL Series, currently Oregon and California. Upon approval, American National will replace SGUL with the new product series.

June 4, 2024

John Hancock

Limited-time opportunity: new Survivorship Guaranteed Purchase Option

John Hancock is excited to introduce a Survivorship Guaranteed Purchase Option that will be automatically included on all qualifying survivorship policies issued after June 3, 2024.*

Should the estate tax sunset occur in 2026, the Survivorship Guaranteed Purchase Option will allow clients to purchase a new survivorship life insurance policy between January 1st – June 30th, 2026, without needing additional proof of insurability. It’s an innovative way to empower clients to feel comfortable purchasing what they need today while giving them easy access to additional protection in preparation for anticipated tax law changes.

Here’s how it works

Eligible clients with survivorship policies issued between June 3 - December 31, 2024, will have the option to buy an additional policy in 2026 at the same underwriting class
The death benefit on the new policy is up to the original policy’s face amount (capped at $5 million maximum)
Available for clients ages 75 or younger and for approved risk classes rated 200% or better
New policy purchased in 2026 is fully commissionable
No charge to access the feature in 2024 or at the time of exercise in 2026

*Inclusion for the VUL version of our survivorship life insurance policy is intended to come at a later date.

Lincoln Financial Group

Life Portfolio Update: Discontinuation of Lincoln VULONE and Lincoln SVULONE Closing to new sales effective August 9, 2024

After careful consideration, Lincoln is discontinuing new sales of Lincoln VULONE and Lincoln SVULONE

Financial professionals and applicants will be given a transition window of more than 60 days for new and pending applications, with August 9, 2024, as the deadline to submit formal applications.

The last day to place Lincoln VULONE and Lincoln SVULONE business will be December 31, 2024.

June 3, 2024

Protective

Effective June 3, 2024, Protective has repriced the Protective Indexed Choice NY UL. The non-NY version has not changed.

May 31, 2024

American National

Pre-Appointment NOW Required for Pennsylvania, Puerto Rico, AND Washington

Symetra

Effective May 31, 2024, Cancer Care Compass is approved for sale in Idaho, South Carolina and Utah.

May 30, 2024

American National

Coming Soon! New & Simplified Annuity Application

American National has updated and simplified their Base Annuity Application which will be available for use soon. The enhancements aim to ensure a more streamlined and tailored experience. With the separation of the Producer’s Report from the application, new product specific pages, and an overall shorter application, submitting new annuity business has never been easier.

Coming Soon! New Offerings for ANICO Strategy Indexed Annuity PLUS 7&10

Both products will soon be enhanced with a custom index. BNPP Patriot Technology Index is designed to offer a balanced approach to investing in technology with an eye on growth and protection and added volatility control overlay to help manage risk.

Symetra

Symetra SwiftTerm® Enhancements

Effective May 31, 2024, Symetra will implement the following enhancements to their Symetra SwiftTerm product:

Policy size increase to $5 million: This will increase the maximum policy size from $3 million to $5 million.
Age increase to 55 on 30-year term: This will increase the maximum issue age for the 30-year term period from 50 to 55 years old for non-nicotine user
Redesigned SwiftTerm client page: The current SwiftTerm customer page is getting a new look and is moving to their main website, www.symetra.com, to join their other products.

May 28, 2024

Corebridge

Index annuity rates are increasing effective June 3, 2024.

John Hancock

As of Wednesday, May 22, 2024 the Long-Term Care Insurance Personal Worksheet (NB5299) will be required for submissions in Pennsylvania, Texas and Utah that include our Long-Term Care (LTC) rider. This form is a state requirement and helps ensure the rider is the right solution for the proposed insured.
Important notes

The form must be signed and dated on or before the application signed date
Starting May 22, John Hancock cannot approve or issue policies in PA, TX or UT that include the LTC rider until they receive this new requirement

Mutual of Omaha

Mutual of Omaha will implement the following infore rate adjustments in the state of Louisiana, effective August 1, 2024.

Impacted Forms

LTC041- 25% increase
LTCo9M – 20% increase
LTCo9U – 25% increase

Prudential

FlexGuard Life will be available for sale in New Jersey

As of June 10, 2024, Prudential FlexGuard® Life IVUL will be available for sale in New Jersey. One of the first of its kind in the new indexed variable universal life (IVUL) category. FlexGuard Life offers more upside potential than traditional IUL products and more downside protection than traditional VUL options.

Enhancements to PruLife® Custom Premier II in California

Custom Premier II in California now includes BenefitAccess Rider, a new set of variable funds, and a PDA option.

May 23, 2024

Sagicor

Sagicor is getting rid of paper apps!

Effective June 1, 2024, MYGA paper applications will no longer be accepted by Sagicor.

May 16, 2024

MassMutual

MassMutual system outage over Memorial Day weekend to complete system upgrade

New application submissions in iGO unavailable during this time

Due to a platform upgrade at MassMutual over Memorial Day weekend, new cases should not be started or submitted in iGO for MassMutual products between Saturday, May 25, starting at 5 p.m. ET through Monday, May 27, 5 p.m. ET. Any cases started during this time may encounter unexpected credentialing errors. Producers may receive error messages about their contracting status or their BGA not being set up correctly during this time.

May 13, 2024

Oceanview

Oceanview will decrease rates on their Harbourview MYGA products, effective 5/21/2024

Additionally, they have recently implemented a new writing rule:

In the event of a rate decrease, all applications must be received within 14 calendar days of the application sign date. Any applications received after 14 calendar days will receive a NIGO and require a new application package.

May 8, 2024

Banner

Advisor Communication Update: Starting in June 2024, Legal & General America will begin to notify advisors of cases waiting to be accepted.
Banner is updating advisor communications! Starting June 4, LGA will notify advisors of applications in the "Offer Made" status to encourage clients to accept their approved policy. The goal is to ensure no business is left on the table, commissions are paid promptly, and more families are protected.

What you need to know:

Advisors will receive a notification if they have policy offers on the table.
The communication will be sent weekly.

Term Life Pricing Update: Banner Life Insurance has new OPTerm level term rates effective 5/7/2024 for their existing OPTerm Level Premium Plans and Term Riders. No changes were made to William Penn (NY).

Rate Change Highlight Summary

Premium rate changes were made to level term periods only with changes in all rate classes in the 10-40 year term durations.
The change to the level period premium rates includes a mix of increases and decreases.

May 2, 2024

American National

American National is updating their Signature Protection IUL available in June!

New Signature Protection IUL Series

American National has announced their new product series, the Signature Protection IUL Series, offering two products in order to better cater to clients’ needs. Both products, the Signature Protection IUL and the Signature Protection Plus IUL, will be available June 3, 2024, providing clients with the flexibility to obtain a guaranteed death benefit while simultaneously enjoying the advantages of the traditional IUL accumulation value.

With the Signature Protection Plus IUL clients can choose between two No-Lapse Guarantee (NLG) options allowing them to select how long they want to guarantee their death benefit. This product also comes equipped with our Guaranteed Cash-Out Rider giving clients the opportunity to cash out their policy should their needs change in the future.

The Signature Protection IUL version offers a 20-year no-lapse guarantee with enhanced accumulation opportunities, which is perfect for clients looking to build their cash value or extend their death benefit coverage through increased contributions and the performance of the selected index.

May 1, 2024

Protective

Protective has lowered prices on Protective® Classic Choice term

This pricing update puts this product in the top 3, 72% of the time in monthly premium scenarios and 73% of the time in annual premium scenarios.

35- and 40-year term periods make Protective one of three carriers in the market to have level term coverage for up to 40 years.

April 30, 2024

Mutual of Omaha

Long Term Care Insurance Product Updates

Effective June 3, 2024, the Maximum Monthly Benefit will increase from $10,000 to $15,000 on Mutual of Omaha’s MutualCare Solutions long-term care products. This will allow clients access to additional benefits if needed and provide a greater sense of security if a long-term care event occurs.

Monthly benefit amounts range from $1,500 to $15,000 per month with this new increase*. The total Maximum Monthly Benefit, including long-term care coverage from other companies, will also increase to $15,000.

Please also note, the Maximum Monthly Benefit for Class I and Class II health risks will remain at $5,000.

Principal

Business Value Increase Rider

Principal's new Term '23 product is now offering a unique and business forward Business Value Increase Rider which allows business owners to get increases in their coverage without additional underwriting based on the growth in the value of their business.

How it Works:

The rider works in three-year cycles starting with the business being valued before coverage using Principal's complimentary Informal Business Valuation Service.
The coverage is automatically increased 5% after years one and two, for a total increase of 10%.
After the third year, the business is valued again. Any increase in value above 10% results in a matching percentage increase to the policy's face amount.

Details:

There is no cost to have this rider, however when an increase is exercised, the premium will increase to reflect the higher face amount.
The increases are non-underwritten and fully commissionable.
Policy face amount must be $1MM or greater and is only available on Principal 10-, 15- and 20-Year Term.

Increased limit for Expanded Capacity Underwriting program:

Through agreements with select reinsurers, Principal®,can now offer an additional $30 million in capacity over the previous limit for clients requiring significant amounts of life insurance coverage. With this increase, the maximum issue limit is $85 million for qualifying insureds under the Expanded Capacity Underwriting program.

Updated Replacement Notices:

The following Life Insurance Replacement Notices have been updated:

DD2660-2

DD2660AR-2

DD2660RI-2

DD2660CT-2

DD2660VA-2

DD2660VT-2

Please ensure you’re using these new versions as prior versions will no longer be accepted after April 27th. If prior version is received after the 27th, a new application with the new version of the replacement notice will be required.

Protective

Protective® Strategic Objectives II VUL product improvements

Starting May 1, a new Buffered Growth & Income model portfolio option will be available for Protective Strategic Objectives II VUL. This new model portfolio includes high-quality investment options, including the Invesco® V.I. Defined Outcome Funds. These funds are designed to help clients capture market gains (up to a predetermined cap) while offering loss protection to provide them with defined growth potential.

New Protective Strategic Objectives II VUL product enhancements go into effect May 1, 2024, and will also include:

Rebalance of existing model portfolios with several new fund allocation options
New fund categories added to select investment options to align with Morningstar classifications

Securian

Exciting changes for WriteFit

Effective June 1, 2024, Securian will make changes to their WriteFit Underwriting™ program that will help improve the customer experience, increase efficiency, and simplify underwriting requirements. This will also impact eApp requirements. These changes help support the transition to a more digital application process through eApp.

What’s Changing?

Discontinuation of WriteFit Express
WriteFit eligibility ages 0-60
WriteFit required for all products with face amount of $500k or less for ages 0-60.
Term minimum issue age increased to age 18 (previously 16)
Juvenile term policies will no longer be available (NY included

Note:

No changes from a permanent policy to a term policy with a face amount less than $250,000
No term policies with a face amount less than $250,000
Paper applications will not be accepted for term policies below $3M or permanent policies below $500,000

NO EXCEPTIONS will be made.

April 29, 2024

Lincoln Financial Group

Update to Lab Policy for Lincoln TermAccel® and WealthAccelerate® IUL
For Lincoln TermAccel® and WealthAccelerate® IUL electronic ticket (eTicket) submissions, if Lincoln determines that labs are needed, they will now accept labs that have been completed for another carrier within the past 12 months. To help prevent clients from undergoing unnecessary labs, Lincoln continues to discourage preemptive lab orders. At the end of the client interview, if it’s determined that labs are required, Lincoln will order the necessary labs, or will accept labs that have been completed for another carrier within the past 12 months.

Coming Soon – Lincoln MoneyGuard Market Advantage® (2024) Effective May 13, 2024
Effective May 13, 2024, Lincoln will launch Lincoln MoneyGuard Market Advantage® (2024), their newest variable linked-benefit solution in the Lincoln MoneyGuard® portfolio, subject to state, SEC, and firm approvals.

Coming Soon: Model Portfolio Options for Lincoln AssetEdge® VUL (2022)

Effective May 13, 2024, Lincoln is adding model portfolio options to its Lincoln AssetEdge® Variable Universal Life Insurance product as a simpler alternative to selecting individual funds. These asset allocation model portfolios utilize passively managed funds to provide a low cost and a well-diversified model solution. Model Portfolios offer applicants simple “check-the-box” options to create a portfolio that meets their specific needs and objectives.

How to Allocate Using a Model Portfolio

The allocation form for use has been updated and available on the Lincoln Forms Tool for Lincoln AssetEdge® VUL (2022). Beginning May 13, 2024, applicants who wish to allocate to a model portfolio will be able to do so by submitting allocation form LF12401_5-24 (“AssetEdge VUL Allocations”).

April 17, 2024

American National

New Annuity Suitability Form Required as of March 13, 2024

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

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

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

New revision dates will be applied to the following affected forms:

4465-NAIC RV 12.23
4465-NAIC-MN RV 12.23

In addition to this change, the 4394 form series will be removed for annuity new business only. Moving forward, ExpertForms will be transitioning to the industry standard:

ACORD 1035 EXCHANGE / ROLLOVER / TRANSFER eFORM

This change will align paper with electronic applications and help the annuity new business team streamline these requests on one form.

Banner

Effective August 1, 2024, Banner Life will no longer accept the traditional Request for Life Insurance Form LAA1297.

Starting August 1, Banner Life will transition to digital-only submissions. This is a significant step in our journey toward a more efficient, paperless process, aligning with our commitment to sustainability and digital innovation.

What you need to know:

Paperless policy: Banner Life will no longer accept paper versions of Form LAA1297. The form will be removed from Partner Dashboard and all third parties on May 15th.

Applicability: This change is only for Banner Life business. William Penn will continue to accept paper Form LAA1297WP. The issue state is based on the owner's residence and determines the applicable form and process.

Lincoln Financial Group

Enhancements to the indexed account line-up for Lincoln fixed indexed annuities

Effective, March 18, 2024, Lincoln announced an additional indexed account option for new fixed indexed annuity contracts designed to provide growth potential in up, flat, and even down markets. Effective for most new contracts issued on or after March 18th, clients can allocate premium to a new account:

1 Year S&P 500 Dual Trigger

Additional indexed account updates - Updates to Lincoln OptiBlend® contracts issued on or after March 18, 2024

The 1 Year S&P 500 10% Daily Risk Control Trigger will be an option on new contracts.
The 1 Year S&P 500 10% Daily Risk Control Spread account will no longer be available.

Mutual of Omaha

New Proposal Requirement for Immediate Annuity Applications

Beginning May 1, 2024, a proposal must be included with all immediate annuity application submissions. This new requirement allows Mutual of Omaha to capture the necessary details regarding premium payouts and rate lock information at the time of application. Thus, helping to eliminate the reissuing of many policies due to missing information on the application.

Securian

Securian VUL Defender Target Premium Update
Securian has announced they are increasing target premiums on VUL Defender® by up to 10% effective May 1, 2024, which could affect agent compensation.

Percent increase by insured age

Under age 40: 7-10% increase
Ages 40-59: 4-5% increase
Ages 60+: 1-3% increase

April 9, 2024

Protective

Protective has introduced the Protective® Executive 10-Year Term, a group term carve-out solution tailored for executives.

Designed to drive growth in your business market, Protective Executive 10-Year Term features:

Affordable and level premiums
Guaranteed-issue type underwriting with just two key questions
Individual, portable protection that doesn’t go away at retirement

April 3, 2024

MassMutual

MassMutual introduced the NEW Apex VUL, which provides death benefit protection with an accumulation focus that diversifies MassMutual’s life insurance portfolio. Apex VUL helps to better meet clients where they are in the financial life cycle. Featuring:

A variety of investment options from leading investment companies including low-cost index options and a new 10% buffer fund.
Innovative conversion feature to any new individual MassMutual Whole Life policy.

April 1, 2024

Oceanview

Oceanview is increasing the S&P 500 Annual Point-to-Point w/ Cap Rate on the 7- and 10-year Harbourview FIA products, effective 4/1/2024.

Prudential

April 2024 Index Account Updates effective April 1, 2024

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

Generally, the hedge budgets for IUL products improved allowing for improvements to caps and spreads while the opposite was true for the hedge budget for IVUL.

March 29, 2024

Mutual of Omaha

Deferred Annuity Rates Will Increase April 1, 2024

New money rates for deferred annuity products will increase on April 1, 2024.

The payout rate for Income Annuity with Premium Return will also increase 10 bps.

March 28, 2024

Mutual of Omaha

Upcoming Fixed Account and Index Loan Rate Changes for Life Products

Effective April 1, 2024, Mutual of Omaha will increase the fixed index loan rate for their IULs from the current 4.00% to 5.00%. Current fixed account credited rates will be updated as follows:

Income Advantage IUL fixed account rate will increase 0.50% from 3.50% to 4.00%
Life Protection Advantage IUL fixed account rate will increase 0.25% from 3.25% to 3.50%
IUL Express fixed account rate will increase 0.50% from 3.25% to 3.75%

The loan rate change applies to new loans taken on or after April 1st and to existing loans after they pass their annual loan anniversary.

Nationwide

Nationwide CareMatters® II price improvement effective April 1, 2024 (California)

Beginning April 1, 2024, Nationwide® is implementing a price improvement across all scenarios for the current CareMatters® II product effective in the state of California (CA).

CareMatters II price improvements and product minimum decrease

There will be a price decrease for all scenarios, which varies by the characteristics of the case. In addition, to make CareMatters II more accessible to more clients, Nationwide has lowered the minimum LTC benefit from $2,500 a month to $1,500 a month. The minimum is $1,550 in California. South Dakota, Vermont and Wisconsin also require higher minimums.

March 27, 2024

American National

Annuity Disbursements Made Easy through the Client Portal

Clients can now request distributions through American National’s Self-Service Portal. This streamlined process accelerates distribution receipt, eliminates paper usage, and reduces the risk of lost checks in the mail. Encourage your clients to take advantage of this efficient method for managing their distributions.

Banner

As of March 14, 2024, Legal and General released their latest rate update for the Banner OPTerm products.

Corebridge

Lifetime Income Choice – New Enhanced Income Benefit

As of March 25, 2024, Power 7 Protector Plus Income and Power 10 Protector Plus Income index annuity contracts issued with the Lifetime Income Choice guaranteed living benefit now include the new Enhanced Income Benefit should clients require confinement care. The Enhanced Income Benefit provides for increased income by up to 200% of a clients Maximum Available Withdrawal Amount (MAWA) under the rider for Single Life or 150% for Joint Life when qualifying conditions are met, like:

Confinement must be in a qualified facility, like a nursing home
Covered person(s) cannot have been confined on the contract issue date
Confinement claims are available after the second contract year
Covered person(s) must be confined to a qualified facility at the time a claim is submitted
Payment period of up to 5 cumulative contract years (need not be consecutive) or until contract value is reduced to zero, whichever is sooner

Select-A-Term Rate Update

As of March 11, 2024, Corebridge released their latest rate update for the AG/US Life Select-A-Term products.

Lincoln Financial Group

Online Fund Transfer Expansion

As of March 25, 2024, Lincoln expanded its online fund transfer capabilities to Lincoln MoneyGuard Market Advantage® and most Lincoln VULONE and Lincoln SVULONE variable universal life insurance (VUL) policies

Already available for Lincoln AssetEdge® VUL, this capability offers a fast and easy way for registered LincolnFinancial.com users to manage policy funds at any time, from anywhere.

LifeElements and TermAccel Rate Updates

As of March 11, 2024, Lincoln Financial Group released their latest rate update for the LifeElements and TermAccel Products.

Oceanview Life & Annuity

AM Best has upgraded the Financial Strength Rating and Long Term Issuer Credit Rating of Oceanview Life and Annuity Company to “A” (Excellent) from A- (Excellent).

OneAmerica

As of March 15, 2024, new interest rates for Care Solutions products went into effect.

Protective

Updated Interest Rates on Select Products

Updates to interest crediting rates on multiple Protective universal life in-force policies and all Protective Indexed ChoiceSM UL products went into effect on March 15, 2024.

SBLI

As of March 14, 2024, SBLI released their latest rate update for the SBLI Premium Term Products.

Symetra

Cancer Care Compass

Effective March 29, 2024, Symetra will launch the Cancer Care Compass.

Symetra’s Cancer Care Compass is an industry-first rider package offering a unique combination of cancer care benefits and services that can help your clients navigate living longer and healthier lives. Highlights include:

Multi-cancer early detection testing
Health advocacy services
Nutrition intervention, guidance and support
A cash benefit

IUL Index Cap and Participation Rates Increase

Effective April 15, 20204, Symetra will increase index cap and participation rates on:

Accumulator Ascent IUL (versions 1.0 and 2.0) and
Protector IUL (versions 4.0 and 5.0)

March 19, 2024

Transamerica

Beginning March 21, 2024, Transamerica Financial Choice IUL℠ (FCIUL) maximum illustration rates will change for Fidelity Small-Mid Multifactor Index ℠ Account new business sales and in force illustrations. Rates will remain the same for Transamerica Financial Foundation IUL® (FFIUL) and TFLIC Financial Foundation IUL® new business and in force illustrations.

March 14, 2024

Banner

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

Rate Change Highlight Summary

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

March 13, 2024

Symetra

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

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

March 12, 2024

American National

New Annuity Suitability Form

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

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

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

March 11, 2024

Lincoln Financial Group

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

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

Nationwide

Enhancements to Foreign National Guidelines

Nationwide has made several significant updates to its international guidelines:

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

Prudential

Enhancements to PruLife® Custom Premier II in New York

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

March 7, 2024

John Hancock

Updates to John Hancock Protection IUL

Competitive premiums across all funding scenarios

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

Access to indexed accounts with the most real world value

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

Both indemnity and reimbursement options to address extended care needs:

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

Savings and discounts through the unique John Hancock Vitality Program:

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

Nationwide

Fixed Interest Rate Increases

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

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

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

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

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

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

March 1, 2024

Cincinnati Life

Decreased modal factors for all term plans

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

Securian

Updated psych guidelines

Included in this update:

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

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

February 27, 2024

Protective

Updated pricing now available for Protective® Strategic Objectives II VUL

This product offers:

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

February 26, 2024

Corebridge

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

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

Mutual of Omaha

Life Insurance with Long-Term Care Rider Application Reminder:

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

Long-Term Care Inforce Rate Increase:

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

Impacted Forms

LTC04G

LTC04I

LTC04I7

LTC09M

LTC06UI

LTC09U

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

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

Nationwide

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

LTC rider reprice: price decrease for all scenarios

Principal

Backdating Term Conversions

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

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

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

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

Protective

Protective Indexed Choice UL has been launched in NY.

Security Mutual

LT Security Plus Rate Update!

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

February 23, 2024

MYGA Rate Lock

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

February 14, 2024

Lincoln Financial Group

Product Update: Lincoln WealthAccumulate® 2 IUL (2020)

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

What’s New?

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

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

February 12, 2024

Nationwide

Indexed Interesting Strategies Update:

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

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

Accelerated Death Benefit For Chronic Illness Rider-California

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

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

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

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

Other requirements for this rider:

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

OneAmerica

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

Prudential

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

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

Securian

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

February 7, 2024

Mutual of Omaha

Introducing Fluidless Underwriting

This Special Program Applies to:

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

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

February 1, 2024

One America

OneAmerica® is now OneAmerica Financial℠

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

Protective

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

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

Symetra

SwiftTerm pricing updates effective February 2, 2024

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

January 31, 2024

John Hancock

Policy crediting rate and indexed account parameter changes

The following adjustments will be effective March 1, 2024:

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

January 30, 2024

John Hancock

Offering early cancer screening to more policyholders

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

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

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

Lincoln Financial Group

MoneyGuard® Policy Dating and Premium Update

Effective February 12, 2024

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

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

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

Mutual of Omaha

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

January 19, 2024

Lincoln Financial Group

MoneyGuard:

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

AssetEdge VUL:

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

January 18, 2024

Oceanview

Harbourview MYGA & FIA

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

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

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

Principal

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

Protective

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

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

Securian

SecureCare III repricing in SC and launching in MT

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

January 5, 2024

Mutual of Omaha

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

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