April 2021 Carrier Updates

April 2021 Carrier Updates

Last Updated: April 29

In addition to the carrier updates below, you may also be interested in:


Equitable

Need help with any of Equitable's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Genworth

  • In-Force Rate Action: Maryland. Regarding PCS I and PCS II with Lifetime Stable Premium Option, Maryland has allowed the following increases: PCS I increase for policies with limited benefit periods: 21% phased (10%, 10% compounded followed by a third year with no increase). Increase for policies with lifetime benefit periods: 21% phased (10%, 10% compounded followed by a third year with no increase). For PCS II, increase for policies with limited benefit periods: 29.4% (15%, 12.5% compounded followed by a third year with no increase). Increase for policies with lifetime benefit periods: 29.4% (15%, 12.5% compounded followed by a third year with no increase). The PCS I rate increase applices to policies that are not issue age 75 and older, two year Benefit Period, and Lifetime Policies with no Inflation Protection. The PCS II rate increase applies to policies that are not issue age 75 or older or two year Benefit Period. Agent notifications begin April 13, 2021. Client notifications begin April 20, 2021.
  • In-Force Rate Action: Maryland. Regarding Privileged Choice Flex, Maryland has allowed the following increases: Privileged Choice Flex: 26.56% phased: 12.5%, 12.5% compounded. The following policies are excluded from this rate increase: issue age 70 and older, policies with no Inflation Protection, policies with Future Purchase Option, and policies with a 365 day Elimination Period. Agent notifications begin April 13, 2021. Client notifications begin April 20, 2021.
  • In-Force Rate Action: Maryland. Regarding Privileged Choice and Classic Select with Flexible Benefit Option, Maryland has allowed the following increases: Privileged Choice: 32.25% phased: 15%, 15% compounded; Classic Select: 32.35% phase: 15%, 15% compounded. This rate increase applies to policies that do not have a two year Benefit Period, Inflation Protection, or a 365 day Elimination Period. Agent notifications begin April 13, 2021. Client notifications begin April 20, 2021.
  • In-Force Rate Action: Washington DC. Regarding Privileged Choice and Classic Select with Flexible Benefit Option & 1% Benefit Increase Option, Washington DC has allowed the following increases: Privileged Choice: 10%; Classic Select: 10%. Agent notifications begin April 6, 2021. Client notifications begin April 13, 2021.
  • In-Force Rate Action: Kentucky. Regarding PCS 1, Kentucky has allowed the following increase: 20% for policies with limited benefit periods and 20% phased for policies with lifetime benefit periods. Agent notifications begin April 6, 2021. Client notifications begin April 13, 2021.
  • In-Force Rate Action: South Dakota. Regarding Privileged Choice and Classic Select with Flexible Benefit Option & 1% Benefit Increase Option, South Dakota has allowed the following increases: Privileged Choice: 40.2%; Classic Select: 40.2%. For South Dakota AAARP, the Privileged Choice increase percentage will be 39.9%. Agent notifications begin April 6, 2021. Client notifications begin April 13, 2021.

Need help with any of Genworth's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

John Hancock

  • Five New ETF Portfolios Added to VUL Investment Platform. The investment story you can tell your John Hancock VUL customers just got stronger than ever with the addition of five new exchange-traded fund (ETF) portfolios comprising “The Optimized Portfolio System ® (TOPS ®),” which is managed by ValMark Advisers, Inc. Each TOPS ® option offers clients a separate risk/return ratio from conservative to aggressive growth. Information about our new funds has been added to our recently updated — and client-approved — guide to investing and allocation options brochure.
  • John Hancock Vitality members can now earn points for COVID-19 vaccination. John Hancock Vitality members can now earn 400 Vitality Points, simply by sharing proof of their COVID-19 vaccination. In offering a program that uses science to drive meaningful change and influence health outcomes, we believe that motivating individuals to receive a COVID-19 vaccination is directly in line with our goal of helping our customers live longer, healthier lives. And by making timely enhancements to the program based on customers’ needs and larger health trends, we’re continuously adding value and improving the customer experience, thus reaffirming your recommendation to add Vitality to a policy and strengthening your producer-client relationship.
  • New Protection VUL: Now approved in California. For life insurance clients looking for strong, guaranteed protection with equity-based growth potential, show them how the new Protection VUL can give them confidence to “stay the course” with their financial plan by offering: death benefit guarantee to age 100, no investment restrictions to maintain the age-100 guarantee, "top of spreadsheet" level-pay scenarios in three best risk classes, strong growth potential, comprehensive living-benefit coverage, and additional savings and rewards for healthy living with John Hancock Vitality.

Need help with any of John Hancock's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Lincoln

  • Life New Business COVID-19 Resources and Vaccine Update. Lincoln remains committed to helping our partners and customers through the changes associated with the pandemic. With the increased availability of the COVID-19 vaccination across the country, we want to reinforce that our underwriting position related to vaccines and immunizations has not changed. At Lincoln, we do not ask about immunizations (for any virus or disease) through the application process and have no plans to ask our customers about the COVID-19 vaccine. Therefore, the COVID-19 vaccine is not a factor in the underwriting process. The COVID-19 Life Insurance guidance section of our public-facing website now includes a new section focused on “Applying for Life Insurance”, including questions related to COVID-19 testing and vaccinations: https://www.lfg.com/public/COVID-19/Life.

Need help with any of Lincoln's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Nationwide

Need help with any of Nationwide's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

OneAmerica

  • Grace Period in Place to Assist Policyholders Receiving Late Billing Statements. Due to the pandemic and weather mailing delays, some policyholders are receiving their premium notices very close to the payment due date. If you receive calls from concerned policyholders, please keep the following in mind:
    • OneAmerica provides up to 60 days of grace.
    • OneAmerica will neither charge late fees nor assess any kind of penalties for late payments.
    • OneAmerica provides no payment history reporting of any kind to credit agencies on client payment activities.
  • Attention Arkansas, Michigan and Rhode Island: Best Interest is Here. Arkansas, Michigan, and Rhode Island have updated the requirements around best interest and suitability in annuity transactions. A new training will be required to be able to submit applications for any annuity products, including annuities funding whole life. The changes for Arkansas and Michigan went into effect Dec. 29, 2020, and for Rhode Island, the changes will take effect until April 1, 2021. Information will be forthcoming on the new training requirements and the new forms to use in these states. Original forms can be submitted until updated ones are made available. Note: States previously approved include Arizona and Iowa. A new version of the Producers’ Guide has been created to align with the 2020 Best Interest revisions of the NAIC Suitability in Annuity Transactions Model Regulation. The prior version of the Producers’ Guide will remain in effect for those states that have not yet adopted the revised Best Interest requirements.

Need help with any of OneAmerica's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Pacific Life

  • Up to $10 Million in Coverage with No Medical Exams. Coming May 17, 2021! Apply for up to $10 Million in death benefit coverage with no medical exams, no needles, no bodily fluids! Learn more about the programs and see if your client will qualify. Click the link above for a pre-qualification questionnaire.
  • Chart a Course Towards a New Accelerated Underwriting!. Coming Mid-May: PL Swift Sailing Accelerated Underwriting. Offer your clients ages 18-60 up to $2 million in coverage with quicker decisions and a streamlined digital process that can help you provide an improved customer experience.
  • Announcing IRC Sec. 7702 System Readiness and Policyowner Notice. Pacific Life's administrative and quoting systems have been updated so that life insurance policies issued or paid between Jan. 1, 2021 and March 26, 2021 will now reflect the new limits per the changes outlined under IRC Section 7702. They will begin notifying impacted policyowners of their new policy limits via a mailing beginning the week of April 5th, 2021. There will be no policyowner communication for the following product lines: Pacific Life Insurance Company issued term life insurance, whole life insurance, whole life insurance or universal life insurance with long-term care benefits.
  • Claims Processing and COVID-19 Vaccines. Recent media coverage has raised questions regarding how claims related to COVID-19 vaccines are administered. COVID-19 vaccines are FDA approved. Pacific Life insurance policies do not contain an exclusion for FDA approved vaccines. All claims received will be processed in accordance with our normal procedures.
  • Announcing IRC Sec. 7702 System Readiness and Policyowner Notice. Pacific Life's administrative and quoting systems have been updated so that life insurance policies issued or paid between Jan. 1, 2021 and March 26, 2021 will now reflect the new limits per the changes outlined under IRC Section 7702. They will begin notifying impacted policyowners of their new policy limits via a mailing beginning the week of April 5th, 2021. There will be no policyowner communication for the following product lines: Pacific Life Insurance Company issued term life insurance, whole life insurance, whole life insurance or universal life insurance with long-term care benefits.

Need help with any of Pacific Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Principal

  • New State Approvals. Effective May 1, Principal Universal Life Provider Edge II and Principal Universal Life Flex III will be available to sell in New York.
  • New Policyholder Communications. Principal will soon begin sending periodic emails to select policyholders with informative articles, tips, and tools to help them make the most of managing their life insurance policy and financial well-being. This value-added service will also inform them how to view their policy online and/or make routine changes when needed—saving you both time and hassle.

Need help with any of Principal's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Securian

  • Changes to COVID-19 Guidelines. Securian announces the following changes to the temporary COVID-19 participation guidelines effective April 1, 2021:
    • Expanding the issuance of single life applicants at the following ages: *Insurance ages 61–75, allow table B (150%) or better *Insurance ages 51–60, allow table D (200%) or better
    • Expanding the issuance of joint life applicants to allow up to table B (150%) for the better rated insured.
    • Write Fit expansion to $3,000,000 for applicants ages 18-50 will continue.

Need help with any of Securian's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.


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