News

January 30, 2023

BUI

Click Here for carrier specific COVID-19 underwriting updates.

Click Here for carrier specific accelerated underwriting updates.

 

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.