News

June 2, 2023

Global Atlantic

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

Lincoln Financial Group

Lincoln VUL Dollar Cost Averaging Fixed Account Rate Program - Extended

Extended through December 31, 2023 

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

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

Accumulation Products

Will receive an 8% enhanced current interest rate:

Lincoln AssetEdge® VUL

Lifetime Guarantee Products 

Will receive a 2% enhanced current  interest rate:

Lincoln VULONE  

Lincoln SVULONE 

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

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

Tier 1 – Fixed Income Funds and the Fixed Account

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

Tier 3 – Equity Funds

OneAmerica

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

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

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

 

May 30, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Cincinnati Life

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

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

 

May 22, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Corebridge

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

Nationwide

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

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

Product Highlights:

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

 

May 15, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Lincoln Financial Group

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

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

 

May 11, 2023

Corebridge

MaxAccumulator+ III is now available in California.

Protective

Improved Underwriting Guidelines Effective May 10th, 2023

Family history

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

Dual manual approach for build

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

Senior build

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

PLUS — accelerated program throughput

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

 

May 8, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Americo

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

Securian

SecureCare III repriced in New Jersey

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

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

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

 

May 1, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Protective

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

 

April 26, 2023

Securian

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

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

 

April 24, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

American National

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

Cincinnati Life

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

Corebridge

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

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

MassMutual

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

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

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

Securian

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

VUL Survivor also provides:

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

Symetra

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

Highlights include:

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

 

April 18, 2023

Securian

Changes to Indexed Life Portfolio

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

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

 

April 11, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

John Hancock

Changes to indexed account parameters and maximum illustrated rates

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

Indexed UL illustrations

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

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

Lincoln Financial Group

Lincoln Variable Universal Life – Lincoln Elite Series of Funds

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

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

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

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

Nationwide

Nationwide CareMatters II California

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

Principal

Paper application Part B to be discontinued

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

Prudential

April 2023 Index Updates

Effective for select index segments starting April 15, 2023.

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

Securian

Securian has introduced New income replacement guidelines

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

 

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

 

April 6, 2023

Cincinnati Life

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

 

April 3, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

March 31, 2023

Pacific Life

Pacific Life will be repricing their term products effective Monday 4/3/2023. There will be a 60-day transition period where all cases issued through June 1, 2023 will automatically receive the better of old or new rates.

 

March 30, 2023

Oceanview

Oceanview MYGA rates will drop on 4/6/23 for most guarantee periods. There will be a 60-day rate lock from the application signature date. Oceanview will honor the highest rate in effect between the application signature date and the policy issue date.

 

March 27, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

American National

Important New York Required Forms Update

Beginning April 3, 2023, all new business applications for life and annuity will require the Verification of Sales Material (ANY-24-IM) form to be submitted. The Verification of Sales Material is part of the Reg. 60 Packet (ANY-25-IM) but will also be available separately in Expert Forms.

Beginning April 3, 2023:
New York Non-Replacement Applications will require:
• ANY-112
• ANY-24-IM
Replacements will require Reg. 60 Packet which includes:
• ANY-112
• ANY-24-IM
• ANY-110
• ANY-23

Lincoln Financial Group

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

Pricing Update: Effective April 17, 2023, reduced premium loads above threshold to match premium loads below threshold, improving competitiveness on single and short pay designs(current charge only).

 Indexed Account Updates

  • Increased S&P 500® Traditional Account cap from 9.50% to 10.00%
  • Decreased S&P 500® Traditional Account floor from 0.25% to 0.00%
  • Participating loans are replaced with two new Indexed Loan Accounts linked to the S&P 500 Index (excluding dividends) or the Fidelity AIM Dividend Index If selected the amount of any loan will be transferred from the Indexed Account(s) and/or Fixed Account and earn interest based on the performance of the Indexed Loan Account to which it is allocated. The loan will be charged a guaranteed rate of 5.0%

Prudential

Founders Plus has a new, clearer name: PruLife® Founders Plus Indexed UL.

PruLife®Founders Plus Indexed UL New Pricing: Effective April 24, 2023, pricing will be improved with a new and generally lower charge structure, especially in shorter pay scenarios, making 1035 exchanges and mirrored loans more attractive. For example, for $1M of death benefit the average decrease is roughly:

Single-Pay Scenarios: 20% lower

10-Pay Scenarios: 11% lower

All Pay Scenarios: 1% lower

Based on $1 at 120 premium solve using the S&P 500 Account at 5.08% (ages 45, 55, 65, 75) and top 4 underwriting classes.

Essential UL New Pricing: Effective April 24, 2023, pricing will be improved with a new and generally lower charge structure, especially in shorter pay scenarios, making asset repositioning and 1035 exchanges more affordable. For example, for $1M of death benefit the average change is roughly:

Single-Pay Scenarios: 10% lower

10-Pay Scenarios: 2% lower

All Pay Scenarios: 4% higher

Based on $1 at 120 premium solve using the Fixed Account at 3.45% (ages 45, 55, 65, and 75) and top 4 underwriting classes.

Premium Deposit Account: Both Founders Plus and Essential UL now offer an updated Premium Deposit Account. Allows clients to make a single payment into an account that pays guaranteed interest and premiums over a 2 – 10-year period. 

Benefit Access Rider-New York: You can now sell a non-permanent version of BenefitAccess Rider on Essential UL in New York. Essential UL is Pru’s first product in New York to feature the non-permanency version of BAR, which allows clients to file a chronic illness claim even if they are expected to recover.

Prudential FlexGuard® Life IVUL — Available in Maryland: Effective March 31, 2023, FlexGuard Life indexed variable universal life will be available for sale in Maryland.

 

March 24, 2023

F&G

F&G is decreasing MYGA rates on Friday, 3/31/23.  Applications must be received, in good order, by F&G no later than 3/30/23 to receive current rates. Note: F&G uses the date an application is received in good order, not the signature date, to apply rate lock rules.

FG Guarantee-Platinum MYGA as of 3/31/23
**3-Year-**4.35%
**5-Year-**4.85%
**7-Year-**4.90%

FG Guarantee-Platinum MYGA as of 3/6/23
**3-Year-**4.50%
**5-Year-**5.10%
**7-Year-**5.15%

Securian

SecureCare III rates will decrease in Connecticut

Effective Monday, March 27, 2023, rates for SecureCare™ III will be reduced by 25 percent across all case scenarios in Connecticut. SecureCare III is a long-term care (LTC) and nonparticipating whole life insurance policy.

Transition Rules:

  • The new SecureCare III rates will be available in Connecticut on March 27, 2023.
  • All pending applications that have an effective date on or after March 27, 2023 will automatically be eligible for and receive the new pricing. This will result in a face amount that is higher than originally illustrated.
  • Policies that have already been issued, paid and/or are in-force are not eligible for the new rates.
  • SecureCare III’s normal backdating rules and age limitations apply. To receive the new pricing, Securian cannot backdate prior to March 27, 2023.

 

March 20, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Lincoln Financial Group

Electronic PHI (ePHI) Effective March 27, 2023

Lincoln has announced the introduction of the ePHI, effective March 27, 2023. This enhancement will offer clients the option to answer underwriting follow-up questions through an online link and questionnaire, versus over the phone. The client can access ePHI anytime day or night – 24/7 – when it’s convenient for them.

  • Due to privacy regulations, the ePHI must be completed during one session (any information entered will not save if the client exits the form prior to submission)
  • The ePHI link will be active for 10 days
  • Availability: Life insurance (Term, IUL, VUL) ticket and Lincoln MoneyGuard® application submissions with eInterview.

 

March 17, 2023

American National

American National has announced improvements to their Signature Performance Indexed UL product, that will take effect on 04/03/23:

  • Increased income
  • New 25 bps Interest Bonus added to all interest crediting strategies
  • CVAT now available
  • No-Lapse and Surrender Charge periods extended from 10 to 15 years

Please Note: No change in California. CA producers will continue to use the current product (IUL19) until otherwise communicated.

 

March 13, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Protective

Effective March 13, 2023, Protective Advantage Choice UL, Protective Lifetime Assurance UL, and Protective Classic Choice term were repriced with a slight rate decrease.

 

March 10, 2023

Mutual of Omaha

As of March 1, 2023, Mutual of Omaha increased the maximum issue ages on IUL Express and Term Life Express Non-ROP (10T), both Simplified Issue products.

Below are some key updates:

IUL Express

Maximum issue ages for both Tobacco and Non-Tobacco ratings will increase to age 75

Currently Non-Tobacco is age 70 and Tobacco is age 65

Maximum face amount for ages 71-75 will remain $150,000

Term Life Express Non-ROP (10T):

Maximum issue age for both Tobacco and Non-Tobacco will increase to age 75

Maximum face amount for ages 71-75 will remain $150,000

 

March 7, 2023

OneAmerica

Annuity Care II: OneAmerica® is activating a 6-year Continuation of Benefits (COB) feature on Annuity Care II, effective March 11, 2023. With this change, Annuity Care II can provide your clients with long-term care (LTC) benefit values that are up to 4 times* larger than premium paid. In addition, the full monthly benefit is available regardless of the number of days services are rendered in any given month. This is especially important today as many clients desire to receive care in the comfort of their own home.
This change is simple to understand:

  • Applicants ages 40-69 receive 6-year COB benefit**
  • Applicants ages 70-80 receive the 3-year COB benefit**

Protective

Current processing time for contracting is 25-30 business days.

 

March 6, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

American National

Effective April 3, 2023, the following improvements will be made to the Signature Performance Indexed UL product:

  • Increased income
  • New 25 bps Interest Bonus added to all interest crediting strategies
  • CVAT available
  • No-Lapse and Surrender Charge periods extended from 10 to 15 years

Effective April 3, 2023, there will be premium increases for the Signature Guarantee UL product:

  • Average premium increase of 6%
  • No other changes to features or riders

Corebridge Financial (formerly AIG)

Term Rates: Effective February 21, 2023, Select-a-Term was repriced in all states, including New York. Nationally, the lower rate trend can be seen across all bands.

John Hancock

Protection IUL Product Update: Protection IUL now has improved no-lapse guarantee durations. These improvements, combined with enhancements made to the guarantees last year, result in some of the product’s longest guarantees ever — with no impact to premium or policy values.

  • The NLG duration will vary based upon issue age, gender and risk class as well as chosen funding level. The no-lapse guarantee duration is stated on the illustration and in the policy contract.
  • Maximum no-lapse guarantee duration is to age 121.

Additional Updates: Effective March 1, 2023, the following adjustments were made to new and inforce policies:

  • Crediting rates increased by 10 basis points on new and inforce Protection UL and Protection SUL policies
  • Fixed account rates increased by 20 basis points on Indexed UL and certain Variable UL products
  • The participation rate increased by 5% for Indexed UL Barclays Global MA accounts
  • Crediting rates decreased by 10-20 basis points on certain inforce products
  • The declared rate was increased by 15 basis points on Performance LTC

Lincoln Financial Group

COMING SOON! Lincoln MoneyGuard Real-Time Approval: Beginning March 13, 2023, Lincoln is excited to provide you and your clients with a Real-Time Approval for eligible Lincoln MoneyGuard cases. For a portion of your business, clients who are in excellent health and are able to be approved by Lincoln's automated underwriting process may be informed of their approval immediately after the interview.

Eligibility:

  • All States
  • Age 60 and younger
  • Both Lincoln MoneyGuard Market Advantage® & Lincoln MoneyGuard Fixed Advantage®

Mutual of Omaha

Mutual of Omaha will implement the following rate adjustments effective May 1, 2023.

Impacted Policy Forms  Impacted States
LTC04G Utah, Wyoming

Protective

Effective March 15, 2023, Protective's Indexed Choice UL cap rate will increase from 8% to 9%. Point-to-point segments that begin or renew on that date or later will have a 9% cap.

Securian

SecureCare III-Florida: Effective February 13, 2023, rates for SecureCare™ III were reduced by 25 percent across all case scenarios in Florida. SecureCare III is a long-term care (LTC) and nonparticipating whole life insurance policy.

Premium Deposit Account Rate Increase: Effective March 1, 2023, Securian increased its Premium Deposit Account (PDA) interest rates by 0.25%.

Premium Deposit Account                   February         March

All products (excluding Pennsylvania)  4.00%              4.25%

All products (Pennsylvania only)             3.50%               3.75%

Symetra

Effective February 10, 2023, SwiftTerm rates were lowered.

 

February 27, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

February 13, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

BUI February CE Webinar

Featuring Bobby Samuelson

“Gamesmanship of IUL and the Impact of AG49-B”

CE Pending: MO L/H, CFP, MO MCLE

Date/Time: Feb 23, 2023, 10:00 AM Central Time (US and Canada)

Click here for details and registration.

 

February 9, 2023

Lincoln Financial Group

Lincoln VULONE (2021) – 02/13/23

Effective Feb. 13, 2023, Lincoln has announced a pricing update on Lincoln VULONE
(2021). Lincoln VULONE (2021) – 02/13/23, a variable universal life insurance product,
continues to offer a lifetime guaranteed death benefit with market-driven growth
potential, as well as a second Guaranteed Minimum Death Benefit (GMDB) option that
for a lower premium provides 100% protection to age 90, and 50% GMDB protection
thereafter, regardless of how the market performs.

Lincoln VULONE (2021) – 02/13/23 will replace Lincoln VULONE (2021) – 06/13/22 in all states that are approved at rollout.

Pricing Updates

Pricing adjustments apply to both GMDB options (Lifetime guaranteed and GMDB drop
at age 90) and will vary by age and funding pattern. On average, adjustments are as
follows:

▪  10% increase to single pay designs

▪  10% increase to 10 pay designs

▪  No change to level pay designs

For states that are approved at rollout there is a 30-day transition period which begins
on Feb. 13, 2023 and ends on March 15, 2023. Applications received on or after March
16, 2023, will receive the new Lincoln VULONE (2021) – 02/13/23 product.

 

Lincoln SVULONE (2021) – 02/13/23

Effective Feb. 13, 2023, Lincoln has announced pricing updates on Lincoln SVULONE (2021). Lincoln SVULONE (2021) – 02/13/23, a variable universal life insurance product, continues to offer a lifetime guaranteed death benefit with market-driven growth potential, as well as a second Guaranteed Minimum Death Benefit (GMDB) option that for a lower premium provides 100% protection to age 90, and 50% GMDB protection thereafter, regardless of how the market performs.

The Lincoln SVULONE (2021) – 02/13/23 will replace Lincoln SVULONE (2021) – 07/11/22 in all states that are approved at rollout.

Pricing Updates

Pricing adjustments apply to both GMDB options (Lifetime guaranteed and GMDB drop at age 90) and will vary by age and funding pattern. On average adjustments are as follows:

▪ 12% increase to single pay designs

▪ 12% increase to 10 pay designs

▪ 5% increase to level pay designs

In addition, Premium Load changes: Current = Guaranteed: 10% in years 1-20; 6% in years 21+.

 

Lincoln WealthPreserve® 2 IUL (2020) – 02/13/23

Effective Feb. 13, 2023, Lincoln has announced an update to the Lincoln WealthPreserve® 2 IUL (2020) life insurance product.

Lincoln WealthPreserve® 2 IUL (2020) – 02/13/23 offers flexibility for growth, access to cash value, and financial protection. Built for clients who want valuable guaranteed protection with flexibility for life’s changing needs.

Pricing Updates

▪  Reduced premium loads above threshold to match premium loads below threshold to improve competitiveness on single/short pays designs (current charge only)
▪  Target premium increase (approximately 5%)

Indexed Account Updates

▪  Increased S&P Traditional Account cap from 9.50% to 10.00%
▪  Increased Fidelity Fixed Bonus from 0.95% to 1.00%
▪  Lowered S&P Traditional Account floor from 0.25% to 0.00%

 

Lincoln WealthPreserve® 2 Survivorship IUL (2020) – 02/13/23

Effective Feb. 13, 2023, Lincoln is pleased to announce an update to the Lincoln WealthPreserve® 2 Survivorship IUL(2022) life insurance product.

Lincoln WealthPreserve® 2 Survivorship IUL (2022) – 02/13/23 offers long-term protection, built-in guarantees, andlifelong flexibility. Built for couples who want solid, cost-effective protection for two lives under one policy.

Pricing Updates

▪ Reduced premium loads above threshold to match premium loads below threshold to improve competitiveness on single/short pays designs (current charge only)

Indexed Account Updates

▪ Increased S&P Traditional Account cap from 9.50% to 10.00%

▪ Lowered S&P Traditional Account floor from 0.25% to 0.00%

 

Mutual of Omaha

Inforce Long Term Care Insurance Adjustments

Mutual of Omaha will be implementing the following inforce rate adjustments effective April 1, 2023.*

*The state of Maine requires a 90-day notification period for all policyholders. Therefore, the effective date for the affected ME policies indicated below will be May 1, 2023. 

Impacted Forms Impacted States
LTC04G Maine*, New Hampshire, New Mexico, Ohio
LTC04I Maine*, New Mexico, Ohio
LTC04I7 Maine*, New Mexico, Ohio
LTC09M Maine*, New Mexico, Ohio
LTC06UI Maine*, New Mexico, Ohio
LTC09U Maine*, New Mexico, Ohio

 

Sagicor

Sagicor now allows annuity business to be submitted via eApplication and delivered via eDelivery.

Symetra

Term:  Repriced as of January 27, 2023.

Protector IUL: This product has been refreshed with the following:

  • Stronger death benefit guarantees
  • Improved pricing
  • New Putnam Dynamic Low Volatility Excess Return Index™ Strategies
  • Higher index cap and participation rates

 

February 6, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

BUI February CE Webinar

Featuring Bobby Samuelson

“Gamesmanship of IUL and the Impact of AG49-B”

CE Pending: MO L/H, CFP, MO MCLE

Date/Time: Feb 23, 2023, 10:00 AM Central Time (US and Canada)

Click here for details and registration.

 

January 30, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

BUI February CE Webinar

Featuring Bobby Samuelson

“Gamesmanship of IUL and the Impact of AG49-B”

CE Pending: MO L/H, CFP, MO MCLE

Date/Time: Feb 23, 2023, 10:00 AM Central Time (US and Canada)

Click here for details and registration.

 

January 26, 2023

Oceanview

Oceanview has decided to cease sales of all Non-Qualified contracts in Colorado, effective February 1st, 2023.

This new practice will not impact the sale of Colorado tax qualified annuities (ie: IRAs and Roth IRAs).

 

January 25, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

BUI February CE Webinar

Featuring Bobby Samuelson

“Gamesmanship of IUL and the Impact of AG49-B”

CE Pending: MO L/H, CFP, MO MCLE

Date/Time: Feb 23, 2023, 10:00 AM Central Time (US and Canada)

Click here for details and registration.

Lincoln Financial Group

Coming Soon – Enhancements to Lincoln MoneyGuard Market Advantage® Inforce Policies

Effective Feb. 13, 2023, Lincoln MoneyGuard Market Advantage® inforce policyholders will receive enhancements to their existing policies.

As previously communicated when it first launched on MoneyGuard products, the Benefit Transfer Rider (BTR) will be added to Lincoln MoneyGuard Market Advantage® inforce policies, pending state approvals.

Additionally, inforce Lincoln MoneyGuard Market Advantage® policies will be able to utilize Flexible Care Cash (FCC) forup to 7 days per week.

These enhancements do not impact existing Lincoln MoneyGuard Market Advantage® policies that were issued with the Benefit Transfer Rider (BTR) and 7 days Flexible Care Cash (FCC) when those features were introduced in Aug. 2022.

Coming Soon to California – Lincoln MoneyGuard Market Advantage®

Effective Feb. 13, 2023, Lincoln MoneyGuard Market Advantage® will be made available in California. The product approved for sale in California is Lincoln MoneyGuard Market Advantage® - 02/13/23 * with updated rates in line with Lincoln MoneyGuard Market Advantage® (2022) **. There will be no changes made to the nationally sold version of Lincoln MoneyGuard Market Advantage® (2022).

 

Protective

Protective® Classic Choice term prices were reduced as of January 17, 2023.

 

January 18, 2023

Mutual of Omaha

As of January 1, 2023, Mutual of Omaha increased the fixed crediting rates as follows:

  • Income Advantage IUL fixed account rate increased 0.50% from 3.00% to 3.50%
  • Life Protection Advantage IUL fixed account rate increased 0.50% from 2.75% to 3.25%
  • IUL Express fixed account rate increased 0.50% from 2.75% to 3.25%

These rate changes apply to newly issued policies, as well as to any new premiums received on in force policies. There are no changes to IUL cap or participation rates. All IUL fixed account money started receiving the new rates on January 1, 2023.

Securian

SecureCare III price improvement

Effective January 23, rates for SecureCare™ III will be reduced by 25 percent across all case scenarios in all states except AZ, CA, CT, DE, DC, FL, IN, MT, NJ, ND, NY, SC and SD. SecureCare III is a long-term care (LTC) and nonparticipating whole life insurance policy.

 

January 17, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

January 12, 2023

Lincoln Financial Group

Premium Due Notices for Lincoln MoneyGuard Products to be Discontinued

Beginning in the first quarter of 2023, Lincoln Financial will no longer email financial professionals to notify them of
upcoming premium due on Fixed Lincoln MoneyGuard products. There have never been premium due notices sent on Lincoln MoneyGuard Market Advantage®.

This change has been made as privacy and compliance requirements have impacted the level of detail that can be shared on the notices. How clients are billed or notified will not be affected by this change.

January 11, 2023

Lincoln Financial Group

Lincoln MoneyGuard Fixed Advantage® pricing update, effective Jan. 23rd, 2023

  • Pricing improvements range from 0-14% with average an average decrease of 6%.
  • Single pay scenarios will typically receive a larger discount than flex pays.
  • There will be no price increases due to this update.

Coming Soon – Lincoln Lincoln WealthAccelerate℠ IUL!

Lincoln Financial Group will introduce the Lincoln WealthAccelerate℠ IUL to their life insurance portfolio, effective Jan. 23, 2023, subject to state availability. Lincoln Lincoln WealthAccelerate℠ IUL is an indexed universal life product with an emphasis on the digital and automated experience, from application to policy management, and a focus on meeting consumers expectations in today’s modern world of instant decisions, exceptional experience, and simplicity.

 

January 9, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

January 3, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Securian

Effective January 1, 2023, Securian increased their Premium Deposit Account (PDA) interest rates by 1% or more.

Premium Deposit Account December January
All products (excluding Pennsylvania)
Years 2-7 premium payments 2.75% 4.00%
Years 8-10 premium payments 3.00% 4.00%
All products (Pennsylvania only)
Years 2-7 premium payments 2.25% 3.50%
Years 8-10 premium payments 2.50% 3.50%

 

United of Omaha

Annuity Maximum Issue Age Changes Effective January 1, 2023
Effective January 1, 2023, United of Omaha lowered two product maximum issue ages.

  • Ultra-Secure Plus 7-year reduced from 89 to 88 to keep the 7-year guarantee period from running beyond the age of maturity of 95.
  • Income Access reduced from 85 to 75 to allow to continue offering the product to clients up to age 75 at more competitive payout rates.

 

December 22, 2022

Prudential

January 2023 Index Updates

Caps will be improving for almost all products. The uncapped accounts for IUL products will also be changing. Changes will be effective for index segments starting January, 15, 2023.

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

Mutual of Omaha

Mutual of Omaha actively monitors their inforce long-term care business, filing rate adjustments when necessary. Mutual of Omaha will be implementing the following inforce rate adjustments effective March 1, 2023*:

Impacted Policy Forms Impacted States
LTC04G
District of Columbia, Kansas, Montana
LTC04I7
District of Columbia, Kansas, Montana, Virginia
LTC04I District of Columbia, Kansas, Montana, Virginia
LTC09M District of Columbia, Kansas, Montana, Virginia
LTC09U District of Columbia, Kansas, Montana, Virginia
LTC06UI District of Columbia, Kansas, Montana, Virginia
LT50, NH50, HCA, NHA and LTA Ohio

 

OneAmerica

As of Dec. 15th, OneAmerica changed new business interest rates for some OneAmerica® Care Solutions products.

  • Annuity Care®and Annuity Care® II new money rates decreased.
  • Indexed Annuity Care®new money rates decreased.

 

December 19, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Prudential

Effective January 9, 2023, Prudential's Term Essential will reduce rates by an average of 9%. Conversion privileges will remain unchanged.

 

December 12, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Lincoln Financial Group

  • Lincoln MoneyGuard: LTCG Rebranding as illumifin
    • Following the announcement of illumifin’s acquisition of LTCG earlier this year, LTCG will rebrand as illumifin effective Jan. 1, 2023. Lincoln partners with LTCG to fulfill client interviews and process long-term care claims for Lincoln MoneyGuard® cases, and Lincoln will continue this partnership with illumifin. We will share more information as it becomes available
  • Lincoln VUL Dollar Cost Averaging Fixed Account Enhanced Interest Rate Program                     
    • Extension effective Jan. 1, 2023 - Lincoln is pleased to extend the VUL Dollar Cost Averaging Fixed Account Enhanced Interest Rate Program through June 30, 2023. This program includes an enhanced current interest rate to help with short-term returns while the client transfers funds into variable investment options using a 12-month Dollar Cost Averaging (DCA) program. The enhanced program applies to all currently available Lincoln VUL products.

 

 

December 9, 2022

Zurich

Zurich has announced the closure of the following products, effective Feb. 1, 2023.

  • Zurich Wealth Builder IUL
  • Zurich Select IUL
  • Zurich Survivor IUL
  • Zurich Term 10, 15 and 20

 

December 7, 2022

OneAmerica

OneAmerica Asset Care annuity withholding process update due to IRS guidelines.

Jan. 1, 2023 in all states, IRS guidelines around taxable distributions from retirement plans and annuities will change, requiring a modification to OneAmerica's application process affecting the Asset Care Annuity Funding Whole Life option, as well as Asset-Care II/III (California).

Starting 12/10/2022, this guideline change will necessitate collection of a new “Statement of Understanding – Withholding” form as well as IRS Form W-4P to indicate the policyholder’s future withholding preference prior to issue.

 

December 5, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

December 2, 2022

OneAmerica

Second Price Decrease on OneAmerica’s Asset Care Portfolio

OneAmerica has announced a price decrease on their Asset Care product portfolio nationwide, effective December 9, 2022.

 

December 1, 2022

Nationwide

Nationwide's contracting department is currently experiencing a 4-6 week turnaround time.

 

November 30, 2022

Mutual of Omaha

Inforce LTCi Rate Adjustments Effective February 1, 2023

Mutual of Omaha will implement inforce rate adjustments effective February 1, 2023*, in Alabama, Alaska, Delaware, Hawaii, Maine, Massachusetts, Nebraska, New Jersey, New Mexico, Nevada, Pennsylvania, Puerto Rico, South Carolina and Virginia.

Prudential

  • Fund Changes effective December 2, 2022.
    • As of December 2, the AST Moderate Multi-Asset Portfolio will merge into the AST Balanced Asset Allocation Portfolio. Mailing of the notification letters began approximately Friday, October 28, 2022.
  • Fund Changes for 1st Quarter 2023
    • January
      • The AST BlackRock Global Strategies Portfolio will be merged into the AST J.P. Morgan Tactical Preservation Portfolio on Friday, January 20, 2023.
    • February
      • The AST Wellington Management Hedged Equity Portfolio will be merged into the AST Prudential Growth Allocation Portfolio on Friday, February 24, 2023.
    • March
      • The AST JP Morgan International Equity Portfolio will be merged into the AST International Growth Portfolio on Friday, March 10, 2023.
      • The AST International Value Portfolio will be merged into the AST International Growth Portfolio on Friday, March 10, 2023.
      • The PSF International Growth Portfolio will be merged into the AST International Growth Portfolio on Friday, March 10, 2023.

 

November 29, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

November 21, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

November 17, 2022

Oceanview

Oceanview MYGA 6, 7 & 10 will be decreasing rates on November 30th.

Protective

As of Nov. 14, 2022, Protective® Strategic Objectives II VUL offers extended lapse protection.

Issue Ages: 0-49 Guarantee: 20 years

Issue Ages: 50-64 Guarantee: Guarantee to age 70

Issue Ages: 65-80 Guarantee: 5 years

 

November 16, 2022

MassMutual

MassMutual has repriced its Universal Life Guard (UL Guard) and Survivorship Universal Life Guard (SUL Guard) insurance products, with premium rates generally improving because of higher interest rates.

UL Guard

In general, no-lapse guarantee premiums for face amounts of $250,000 and above will decrease:

  • 2%-18% for level-pay cases.
  • 3%-35% for single-pay cases.

Younger issue ages (45 and below) and standard risk classes will see the greatest impact.

UL Guard rates will not change for face amounts below $250,000.

 SUL Guard

In general, no-lapse guarantee premiums for all face amounts will:

  • Decrease 0-11% for single-pay cases.
  • Not change for level-pay cases.

Younger issue ages (55 and below) and standard risk classes will see the greatest impact.

** Nov. 19, 2022: The first day the repriced versions of these products can be issued. **

 

November 14, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Cincinnati Life

Cincinnati Life is now accepting insurance labs that are up to 12 months old. Previously they had limited labs to six months.

Lincoln Financial Group

Pricing Update: Lincoln LifeElements® Level Term (2019)

Effective Nov. 14, 2022, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will focus on competitive positioning in key cells. Lincoln LifeElements® Level Term life insurance offers both a traditional paper application process and a streamlined Tele-App process for electronic and paper ticket submissions. Goal of the reprice includes being a “top 3 carrier” in the following non-tobacco, core cells for 10, 15, 20-year term durations:

  • Face amounts of $2.5M and above for nearly all ages 45+
    • Face amounts of $500k - $999k are top 5 for ages
  • There will be a mix of premium increases and decreases

Pricing Update: Lincoln TermAccel® Level Term (2019)

Effective Nov. 14, 2022, Lincoln is announcing pricing updates to Lincoln TermAccel®Level Term (2019) which will maintain competitiveness in key cells. Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement. The reprice includes remaining a “top 5 carrier” in the following non-tobacco, core cells for 10, 15, 20-year term durations:

  • Face amounts of $500k - $999k for ages 55+
  • There will be premium increases only

Prudential

Prudential is excited to announce the introduction of a new addition to their
life insurance portfolio and an entirely new category for Prudential.

FlexGuard Life indexed variable universal life (IVUL) — available
November 14, 2022 —is an innovative, highly customizable life insurance
product designed to meet the unique needs of individual clients. The first
of its kind for Prudential in the new IVUL category, it offers more upside
potential than traditional IUL products and more downside protection than
traditional VUL options, with NEW buffered index strategies.

 

November 7, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

American National

  • As of 12/01/2022, American National will no longer offer term life insurance!
  • ANICO will continue to process all Signature Term Life Insurance apps received prior to 12/01/2022. 

Additional Details

  • 11/30/2022: Last day to apply for a Signature Term Life application
  • 2/28/2023: Last day to put a Signature Term Life policy inforce
  • This discontinuation will not affect any renewal commissions on any existing term policies.
  • This discontinuation will not affect any conversion privileges on existing term policies.
  • This discontinuation will not affect the reinstatement privileges on existing term policies.

Pacific Life

PL Promise Term Reprice - Now Top 3 in 92% of No-Nicotine Cells

Effective November 7, 2022, Pacific Life Insurance Company is adjusting rates to be more competitive for PL Promise Term1 level premium term life insurance—a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50k to $250K).

This reprice places PL Promise Term in the Top 3 for 92% of cells across all terms, ages, no-nicotine rate classes, and face amounts. A 60-day transition period is provided.

 

October 31, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Prudential

Prudential is excited to announce the introduction of a new addition to their
life insurance portfolio and an entirely new category for Prudential.

FlexGuard Life indexed variable universal life (IVUL) — available on
November 14, 2022 —is an innovative, highly customizable life insurance
product designed to meet the unique needs of individual clients. The first
of its kind for Prudential in the new IVUL category, it offers more upside
potential than traditional IUL products and more downside protection than
traditional VUL options, with NEW buffered index strategies.

Symetra

Starting November 1st, 2022, Symetra will be introducing their newest version of Protector IUL.

Includes:

  • Improved pricing
  • New Putnam Dynamic Low Volatility Excess Return Index Strategies
  • Higher index cap and participation rates
  • A simpler IUL story

 

October 24, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

October 26, 2022

Bestow

Effective December 30, 2022, Bestow will no longer directly sell North American Company for Life and Health Insurance® products through independent distribution—BGAs and Direct Marketers.

Important transition details:
Bestow will continue to administer all in-force policies. Policy documents are always accessible to policyholders via their customer portal and customer service support is available at 833-300-0603 x1.

  • Agent contracting will cease October 25, 2022. Bestow is working with SuranceBay to shut down the option to start the contracting process within SureLC. If you have questions about contracting, please contact agents@bestow.com.
  • Agent Links (unique URLs) will continue to be accessible until December 30, 2022 at 1 pm CT. After that time, the quote portion of the page will be disabled and direct clients to contact their agent for assistance.
  • The Agent Reporting Portal will continue to be available to those who have setup access. You can contact the Bestow team at agents@bestow.com if you or someone on your staff needs help with accessing the portal.
  • The Book of Business Reports will continue to be emailed to those with active business through the end of the year. After that time, all information contained within Book of Business reports will be available in your Agent Reporting Portal.
  • Monthly Commissions on business that has been put in-force by December 30, 2022 will continue to be paid in the manner which was agreed to in your contract. If you have any questions, please contact commissions@bestow.com.
  • Formal 60-day termination notices will be emailed to contacts listed on partner contracts in your agency hierarchy within the next week.

LIBRA

LIBRA Insurance Partners and Insurance Designers of America Announce Merger

LIBRA Insurance Partners and Insurance Designers of America, LLC (IDA) announce the merger of the two organizations, creating the largest independently owned life insurance marketing organization (IMO) in the United States. The combined company will operate under the LIBRA Insurance Partners (LIBRA) brand.

Bill Shelow, CEO and president of LIBRA Insurance Partners, and J. Craig Collins, president and executive director of Insurance Designers of America, along with the respective Board of Directors and more than 110 combined affiliated partner agencies, have approved entering a merger agreement. The merger will take effect on January 1, 2023, upon completing the transition process.

 

October 25, 2022

Lincoln Financial Group

Lincoln MoneyGuard:

Until December 30, 2022, all standard Lincoln MoneyGuard cases can receive the Couples Discount underwriting class regardless of marital status.

To qualify for the enhanced underwriting Couples Discount, all eligible cases must be placed in
force, or 1035 exchange initiated, by Dec. 30, 2022.

 

October 24, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

October 20, 2022

Protective

Protective Life is taking approximately 15-20 business days to complete contracting.

 

October 18, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

AIG

AIG Life & Retirement is now Corebridge Financial

It's business as usual for AIG clients and partners, and there is nothing you need to do at this time.

AIG's issuing life insurance companies will remain the same—American General Life Insurance Company and The United States Life Insurance Company in the City of New York. Please know that you may see—at least for a time— both the Corebridge and AIG brands on materials and websites.

John Hancock

John Hancock now offers two new riders on Protection SUL and Protection SIUL, including: 

  • New Cash Value Enhancement: offering higher cash surrender value in early years
  • Much-improved Policy Split Option: a cost-effective way to split a policy without underwriting*

Mutual of Omaha

Mutual of Omaha will be implementing the following inforce rate adjustments effective December 1, 2022. *

*The state of Virginia requires a 75-day notification period for all policyholders. Therefore, the effective date for the affected VA policies indicated below will be January 1, 2023. 

Impacted Forms Impacted States
LTC04G Alabama, Tennessee
LTC04I Alabama, Pennsylvania, Tennessee, and South Carolina
LTC04I7 Alabama, Pennsylvania, Tennessee, and South Carolina
LTC09M Alabama, Pennsylvania, Tennessee, and South Carolina
LTC06UI Alabama, Pennsylvania, Tennessee, and South Carolina
LTC09U Alabama, Pennsylvania, Tennessee, and South Carolina
LT50, NH50, HCA, NHA, LTA Montana and Virginia
HCAQ, NCAQ, LTAQ Montana
LT50, LT53 Massachusetts

 

Policyholder Notification Process

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

Nationwide® is pleased to announce the following price and product improvements effective November 7, 2022:

Price improvements to Nationwide CareMatters II:

Beginning November 7, 2022, Nationwide® is implementing a second price improvement of 2022 across all scenarios for the current CareMatters II product.

These changes do not apply to Nationwide YourLife CareMatters in New York and California.

The price improvement is an average pricing decrease of 5% for all scenarios. There will be a price decrease for all scenarios; however, the percent decrease varies by the characteristics of the case

Maximum issue age increase for YourLife CareMatters (CA and NY):

Beginning November 7, 2022, the maximum issue age for YourLife CareMatters will increase in California and New York. These changes do not apply to Nationwide CareMatters II.

In California, applications for individuals older than the previous maximum issue age must be submitted on paper. E-applications will not be accepted.

Price improvements on No-Lapse Guarantee Universal Life II:

Beginning November 7, 2022, Nationwide is implementing a price improvement across all scenarios for the current No-Lapse Guaranteed UL II product. These changes do not apply to No-Lapse Guarantee UL II in New York.

The price improvement is a price decrease for all no-lapse guarantee solve scenarios. The typical price decrease will range from 5% to 15%; however, the percent decrease varies by the characteristics of the case.

OneAmerica

Immediate Change to Medical Requirements for Full Underwriting:

Due to a laboratory test kit being discontinued, ExamOne now requires a blood specimen to complete the panel of tests full underwriting requires. Effective immediately, blood specimens will be required on those adults ages 35 and up for face amounts $0-99,999, on products issued and underwritten by State Life. This change will not impact Underwriting’s processing time and only applies to full underwriting. This does not affect Expedited Underwriting.

Please make sure any clients in the underwriting process are aware of this change and are prepared to undergo the collection of vitals, labs, and any other medical requirements during their exam appointment.

Principal

Relaxing some COVID-19 restrictions

Effective immediately, Principal is easing up on one prior restriction, while leaving others in place.

  • What’s changing:
    • New guidelines for ages 66-80: Maximum Table 4 rating or maximum Flat Extra of $10/million. Table + Flat Extra is allowed if Flat Extra is for non-medical reason.
  • What isn’t changing:
    • Guidelines for ages 65 or less: Maximum Table 6 rating for term products, maximum Table 10 for permanent products. Medical Flat Extras are allowed on top of table ratings.
    • Guidelines for ages 80+: No offer.

 

October 12, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

October 11, 2022

Nationwide

To help close out the year strong, Nationwide will be increasing target premiums on their IUL and VUL Accumulator by 10%.

 

October 5, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Allianz

Allianz Life Pro+ Advantage rate changes: As of October 4, 2022 cap and participation rate changes will apply to Allianz Life Pro+® Advantage Fixed Index Universal Life Insurance Policy. The new maximum illustrated rate has increased to 6.71%.

Note the following new business rules:

  • Applications placed inforce with an effective date of Monday, October 3, 2022 or earlier will receive the current/old rates.
  • Applications placed inforce with an effective date of Tuesday, October 4, 2022 or later will receive the new rates.

Principal
Effective Oct. 3, 2022, Principal announced lower premium rates for Principal® 10-, 15-, 20-, and 30-Year Term.

Key things to know about the reprice

  • Level term rates are lower at many ages and risk classes. (Principal® GI Term and Principal® One-Year Term rates are unchanged.)
  • New rates are approved in all states except South Carolina.

 

September 27, 2022

Principal

New Application: Principal will be launching their new life insurance application (Part A, B, and C) and supplemental forms, as well as Part B for individual disability insurance. The new application will be available for use effective October 1. The new design encompasses many changes to make it more flexible for use with varying types of cases and to align with industry norms.

What you need to know about the life insurance application.

  • Transition to new application: You should start using the new application beginning October 1. For any pending eApp cases that haven’t been sent for signatures by October 1, you’ll be prompted to complete additional questions before submitting the application. .
  • Accessing applications: You’ll get applications the same way you do today. All online application solutions will be updated on October 1.
  • Applicable products: All currently sold individual life insurance products will use the new application.
  • Approved states: The new application should be used when writing an application in any state, except CA, FL, MT, ND, NY, SD, and WY.

 

September 26, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

September 20, 2022

Prudential

Improved No-Lapse Guarantee Pricing for SVUL Protector:

Starting October 17, SVUL Protector® no-lapse guarantee pricing will be improving (except in NY).

 

September 19, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Symetra

SwiftTerm Enhancements as of Sept. 8, 2022:

Lower pricing
For coverage amounts $500,000 and above, SwiftTerm is once again a leader for low premium across the board, especially in their sweet spot ages of 25 to 55 years old in non-nicotine rate classes.

Policy size increase to $3 million
Increased maximum policy size from 2 million to 3 million to accommodate more of your customers’ growing coverage needs.

Coverage in as little as 18 minutes
Qualified clients can now get term coverage even faster than before, in as little as 18 minutes. This is not just an instant decision, but an actual policy on the spot.
New pricing transition rules

  • All new and pending applications will automatically receive the lowest rates available.
  • Policies issued prior to Sept. 8 will keep the older rates.

 

September 15, 2022

Sagicor

Milestone MYGA eDelivery: Beginning September 17, 2022, Sagicor will offer eDelivery for your Milestone MYGA eApplications. This includes the ability for you and your client to save a PDF copy of the Milestone MYGA contract. eDelivery is available for eApplications signed and submitted via Firelight on September 17, 2022 and later.* eDelivery is not available on paper applications.

Symetra

SwiftTerm: We are aware of intermittent issues with errors received on the Agent Validation screen when trying to submit a drop ticket for Swift Term through the IGO portal.  Symetra is working with iPipeline for resolution.

In the meantime, here are things you can try:

  • Clear cookies and cache
  • Close out all open browsers

If the problem persists, please contact BUI. We apologize for the inconvenience.

 

September 13, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

September 7, 2022

Banner

Life Step Universal Life (UL) Insurance: Effective October 1, 2022, Banner will no longer offer the Life Step UL product for new business, but it will remain available solely for term conversion. This will affect both Banner and William Penn business. The decision to close the Life Step UL product has no impact to any of Banner’s existing term product offerings.

Business transition rules:

  • Applications for the Life Step UL product must be signed and received by Banner by September 30, 2022. Any applications received after this date will not be accepted.
  • The Life Step UL product will no longer be available on their platform or other vendor platforms for application submission after September 30, 2022.

There will be no impact to conversion applications for the Life Step UL product. These will process “as usual”.

 

September 6, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

AIG

Return of Premium: Now available on AIG's Protection IUL.

Better Term Rates: Select-a-Term has been repriced with over 96% of cells having lower monthly premiums.  Please note that New York rates remain the same.

Lower Monthly Modal Factor: decreased down to 0.0845.

 

August 29, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

John Hancock

John Hancock has announced they will increase the crediting rate on their Protection UL and Protection SUL policies — both new and existing — for the second time this year. Effective September 1, their crediting rate on Protection UL and Protection SUL policies will increase by 20 basis points — resulting in a 50-basis-point increase within a six-month period:

  • John Hancock USA: 4.65% to 4.85%
  • John Hancock NY: 4.40% to 4.60%

 

August 26, 2022

MassMutual

Whole Life: Effective 8/27/2022 - Survivorship WL 12pay will be available for new business.

MassMutual introduced a Fluidless Eligible Underwriting Program: Effective Aug. 25, MassMutual introduced a Fluidless Eligible Underwriting Program to allow some applicants to qualify for certain life insurance coverage without a medical exam. This program is available in all states for all submission types.

 

August 25, 2022

Lincoln Financial Group

Lincoln MoneyGuard® Pricing Improvements

Effective Sept. 12, 2022, Lincoln Financial Group will be implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage® and Lincoln MoneyGuard® II, which will improve competitive positioning, and provide additional benefit design opportunities. There will be no pricing increases as a result of this update.

After a transition period, currently sold MoneyGuard products will be replaced by the following:

  • MoneyGuard Fixed Advantage® – 09/12/22 will replace currently sold MoneyGuard Fixed Advantage ® in all states.
  • MoneyGuard® II (2020) – 09/12/22 will replace currently sold MoneyGuard® II (2020) – 01/10/22 in the state of California.

Lincoln MoneyGuard Fixed Advantage® Pricing Improvements

  • Pricing improvements range from 0 - 21%, with an average discount of 8%.
    • Issue Ages 60 and above improved the most:
      • Average discount for Issue Ages 60 and above equals 10%
      • Average discount for Issue Ages less than 60 equals 3%

Lincoln MoneyGuard Fixed Advantage® Product Updates

  • The 6-year 5% inflation benefit design option has been added to the product.

Lincoln MoneyGuard® II Pricing Improvements

  • Pricing improvements range from 0-18%, with an average discount of 6%.

Lincoln MoneyGuard® II Product Updates

  • The 6-year 5% inflation benefit design option has been added to the product.

Nationwide

Nationwide has three updated underwriting programs.

Nationwide Term + Perm
Term + Perm program has been expanded up to $5M up to age 50, and term policies issued through an acceleration program can now be included for eligibility.

Nationwide Executive Advantage
A streamlined underwriting program that can now be used for up to a $20M face amount, the Nationwide Executive advantage is a great option for your executive clients.

Competitor Match Program
This program has been updated to match up to a face amount of $5M and has added new carriers to the qualifying list.

Symetra

Symetra will be increasing index cap and participation rates on Symetra Accumulator Ascent IUL. These increases will be effective with the Sept. 14, 2022, index sweep date and will apply to all new business, including new premium, transfers (including DCA) and reallocations of matured segments.

Accumulator Ascent IUL’s max illustrated rates are also increasing from 6.00% to 6.24% for all index strategy options. Below are key dates on our rate changes.

Important dates

Aug. 26, 2022: Symetra Life Illustrator and all other illustration systems will be updated to reflect the new index cap, participation and max illustration rates.

Sept. 14, 2022: Segments created on this date or later will receive the new rates.

 

Transamerica

Cap Rates: In response to the current interest rate environment and market volatility, Transamerica will be lowering the cap rates on our IUL products effective September 24, including Transamerica Financial Foundation IUL®(FFIUL). That said, we stand competitive against our peers and are committed to remaining a top player in the IUL category.

 

August 24, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

North American

North American is decreasing rates on their MYGA 5 & MYGA 7 for applications signed or submitted through e-App on or after Aug. 25.

Pacific Life

Effective August 22, 2022, Pacific Life Insurance Company adjusted rates for PL Promise Term1 level premium term life insurance—a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50k to $250K).  This aggressively positioned reprice places PL Promise Term in the Top 3 for 98% of the cells across all terms, ages, no-nicotine rate classes, and face amounts. A 60-day transition period is provided.

 

August 16, 2022

Lincoln Financial Group

Pricing Update: Lincoln LifeElements® Level Term (2019) – 08/15/22

Effective Aug. 15, 2022, Lincoln announced pricing updates to Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells.

Goal of the reprice includes being a “top 3 carrier” in the following non-tobacco, core cells for 10, 15, 20-year term durations:

▪ Face amounts of $500K and above, annual premiums are currently in the top 3 for most ages 55+

▪ There will be a mix of premium increases and decreases

▪ Along with this pricing update the Policy Fee is being reduced from $90 to $70 on cases of $1M and above

 

Pricing Update: Lincoln TermAccel® Level Term (2019) – 08/15/22

Effective Aug. 15, 2022, Lincoln announced pricing updates to Lincoln TermAccel®Level Term (2019) which will improve competitive positioning in key cells.

Goal of the reprice includes being a “top 3 carrier” in the following non-tobacco, core cells for 10, 15, 20-year term durations:

▪ Face amounts of $500k - $999k, annual premiums are currently in the top 3 for nearly all ages.

▪ Face amounts of $1M+, annual premiums are currently in the top 3 for nearly all ages 45+.

▪ There will be a mix of premium increases and decreases.

▪ Along with this pricing update the Policy Fee is being reduced from $90 to $70 on cases of $1M and above.

 

August 15, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Lincoln Financial Group

Effective Sep.15, 2022, Lincoln will be making changes to caps, participation rates and spreads on certain indexed accounts, which may reduce future policy performance. The changes apply only to newly created indexed account
segments for a select group of previously sold life insurance products in Lincoln’s Indexed UL product suites. The Illustration software will be updated effective Aug. 15, 2022 reflecting all indexed account changes. There are no
changes to currently sold products.

AssetEdge VUL now available in New Jersey, effective Aug. 15, 2022.

Oceanview

As of August 15th, 2022, Oceanview will be temporarily pausing new sales on their Oceanview MYGA and FIA products in North Carolina as they have reached their annual premium raise in the state.

Prudential

Fund Changes Effective September 9, 2022
As of September 9, one fund merger will be taking place and one fund will be closed to new investments.
• Subject to Proxy approval, the AST Small-Cap Growth Opportunities Portfolio will be merged into the AST Small-Cap Growth Portfolio on Friday, September 9, 2022. The AST Small-Cap Growth Opportunities Portfolio will no longer be available after close of trading on the NYSE, September 9, 2022. Policyowners who are affected by the merger will get a notification letter. Mailing of the notification letters began approximately Wednesday, August 3, 2022.
• The Franklin Templeton Growth VIP Fund, Class 2 will be closed to new investments on September 9, 2022. The last day Prudential will accept new investments in the fund is end of the business day Friday, September 9, 2022. Policyowners who are affected by the fund closure to new investments will get a notification letter. Mailing of the notification letters began approximately Wednesday, August 3, 2022

 

August 9, 2022

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

Lincoln

Effective Monday, August 15th, Lincoln will be making pricing and product enhancements to their variable MoneyGuard Market Advantage solution. MoneyGuard Market Advantage (2022) will feature pricing improvements of up to 9%, the addition of the Benefit Transfer Rider (BTR) and an increase of Flex Care Cash to 50% of the monthly benefit amount.

Nationwide

Nationwide is increasing cap rates by 0.50% on the capped S&P 500® indexed interest strategies in Nationwide IUL Accumulator II 2020, for both new and in-force business. Many of their older IUL products (even those with guaranteed multipliers) will have higher cap rates too, up to an additional 0.10%.

Participation rates in their New Heights IUL products are going up also with an additional 5% added to the current participation rates on select indexed interest strategies – even some that already have a high participation rate. All the changes go into effect September 15, 2022. This means that starting August 16, 2022, any premiums going into those indexed interest strategies with changes will benefit from the higher rates.

Prudential

VUL Protector has Improved No-lapse Guarantee Pricing
On Monday, August 15, 2022, the revised VUL Protector® will be introduced.
The following rules apply to any request for New Business, Term Conversion, or OPAI (Option to Purchase Additional Insurance) Conversion.

TRANSITION RULES
• August 15, 2022 (Ready to Sell Date): New Rates for the repriced product are in effect. All applications signed and dated on or after August 15, 2022, will receive New Rates.
• August 19, 2022 (Home Office Receipt Date): Last day that an application can be received in the Home Office with Old Rates.
• October 28, 2022 (Placement Date): Last day that a pending case can be placed with old rates. All
delivery requirements must be received in good order by end of business day (4 PM EST).
• October 28, 2022 (1035 Exchange Date): Cases involving 1035 exchange must be initiated/started by October 28, 2022, to retain old rates. If the 1035 initiation/start deadline is met, the policy will not be subject to an additional placement deadline.
REQUESTS FOR OLD RATES DURING THE TRANSITION PERIOD
• Applications with Pending Ownership Arrangements: Updates to applications as part of establishing a trust or finalizing the ownership arrangement can be made after the application deadlines outlined in the transition rules. However, these cases must still meet the application deadlines for the original application and comply with all other deadlines outlined in the transition rules.

 

August 4, 2022

AIG

Max Accumulator+ III: AIG launched a new version of their flagship accumulation IUL- Max Accumulator+ III. It replaces Max Accumulator+ II with new competitive rates and a New Proprietary index option: Franklin Quality Dividend Index (FQD).

Value+ Protector III: AIG launched a new version of their flagship protection IUL—Value+ Protector III. It replaces Value+ Protector II with a few exciting upgrades. Changes include:

  • More competitive premium
  • Improved target premium
  • New Enhanced Surrender Value Rider (Guaranteed Return of Premium)
  • Automatically included at no additional cost
  • Provides two opportunities (at year 20 and 25) for clients to receive enhanced cash surrender value when fully surrendering the policy (provided the policy is funded above certain threshold).
  • New proprietary index option: Franklin Quality Dividend Index (FQD) Not available in NY.

Banner

As of August 1, 2022, Banner no longer accepts the traditional paper life insurance application (LIA). All applications after August 1st must be submitted with either the new LIA or through drop ticket.

John Hancock

John Hancock has added a new living benefit rider to offer clients more flexibility from their life insurance policy. Their new Accelerated Death Benefit for Chronic Illness rider offers early access to a policy’s death benefit should the insured become chronically ill.

MassMutual

Mass Mutual life insurance products are now available on iGo e-app.

Pacific Life

Pacific Life has combined PL Swift and PL Smooth Sailing programs into one cohesive life insurance experience. Now, when applying for new PL Promise Term.1 life insurance policies, you can enjoy the convenience and clarity of one, friendly underwriting process—Pacific Accelerated Life+ (PAL+).

The new accelerated underwriting process offers up to $3M of coverage without medical exams or attending physician statements (APS) for PL Promise Term.1. Additionally, through the inclusion of a non-invasive modified underwriting offering, clients issue ages 18 to 70 for all risk classes can apply for up to $3M in coverage for PL Promise Term.1.

Prudential

VUL Protector Is Improving No-lapse Guarantee Pricing: Starting August 15, VUL Protector no-lapse guarantee pricing will be improving (except in NY). The new pricing makes VUL Protector a more competitive option for clients looking to balance the security they need with the potential to build cash value.

Securian

Changes to Indexed Life Portfolio: Due to ongoing volatility in the capital markets, Securian has reduced cap rates and participation rates on some of the accounts within their Indexed Universal Life (IUL) product portfolio.