News
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
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.
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 |
|
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.