February 2022 Carrier Updates

February 2022 Carrier Updates

Last Updated: February 28

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


AIG

  • Two Major AIG Underwriting Improvements. The following updates are effective immediately: 1. Foreign Travel: Restrictions Lifted. AIG is immediately reverting back to pre-covid country-by-country rating guidance. 2. Personal Health Statement (PHS) is No Longer Required. On case approvals that are within AIG retention, within 60 days of initial application date, and where PHS is the only delivery requirement outside of the initial premium.

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

Genworth

  • In-Force Rate Action: Massachusetts. Regarding My Future, My Plan 1.0 and 2.0, there is a clarification to the July 26, 2021 bulletin that corrects the previously stated premium increase percentage from 102% to 95%. Certificate holders that received a premium increase notification mailed from August 3 through September 16, 2021 with an incorrect premium rate were notified of the correct percentage and their effective dates have been moved out one year. The Massachusetts Division of Insurance does not review or approve premium rate increases for group products.
  • In-Force Rate Action: Louisiana. Regarding Privileged Choice and Classic Select with Stable Premium Option or Flexible Benefit Option & 1% Benefit Increase Option, Louisiana has allowed the following increases. Privileged Choice: 20%. Classic Select: 20%. This increase applies to both non-AARP and AARP policies. Agent notifications begin February 1, 2022. Client notifications began February 8, 2022.
  • In-Force Rate Action: South Carolina. Regarding Privileged Choice Flex, South Carolina has allowed the following increases. Privileged Choice Flex with inflation protection: 20%. Privileged Choice Flex without inflation protection: 0%. This rate increase does not apply to Standard policies with a 20% Couples Discount and a 10% Couples Discount. Agent notifications begin February 1, 2022. Client notifications began February 8, 2022.
  • In-Force Rate Action: Wisconsin. Regarding My Future, My Plan, Wisconsin has allowed the following increases. My Future, My Plan 1.0 and 2.0 AARP Group: 103%. Agent notifications begin February 1, 2022. Client notifications began February 8, 2022.
  • In-Force Rate Action: West Virginia. Regarding Privileged Choice and Classic Select with Stable Premium Option & 1% Benefit Increase Option, West Virginia has allowed the following increases. Privileged Choice increase for policies with limited benefit policies: 34%. Privileged Choice increase for policies with lifetime benefit policies: 55%. Classic Select increase for policies with limited benefit policies: 34%. Classic Select increase for policies with lifetime benefit policies: 55%. Agent notifications begin February 1, 2022. Client notifications began February 8, 2022.
  • In-Force Rate Action: Illinois. Regarding PCS I, Illinois has allowed the following increases. Policies with limited benefit periods: 29.5% phased (9%, 9%, 9% compounded). Policies with lifetime benefit periods: 59.1% phased (16.5%, 16.5%, 16.5% compounded). Agent notifications begin February 1, 2022. Client notifications began February 8, 2022.
  • In-Force Rate Action: West Virginia. Regarding PCS and PCS II / Choice 1 with Lifetime Stable Premium Option, West Virginia has allowed the following increases. PCS I policies with Limited Benefit Periods: 29%. PCS I policies with Lifetime Benefit Periods: 58%. PCS II policies with Limited Benefit Periods: 26%. PCS II policies with Lifetime Benefit Periods: 53%. Choice 1 with Limited Benefit Periods: 96%. Choice 1 with Lifetime Benefit Periods: 96%. Agent notifications begin February 1, 2022. Client notifications began February 8, 2022.

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

  • Reach more clients with expanded term options. To help you meet the life insurance needs of even more term clients, John Hancock has reduced the minimum face amount for Vitality Term and Protection Term. See the details below, along with additional features that can help you place more term business:
    • Expanded face amounts — now available as low as $250,000 (previously $750,000). Note: any applications with a face amount of $749,999 or less should be submitted via the John Hancock flex complete process on iPipeline iGO or through our JH eApp (not eligible for ticket submission; digital submissions not available in NY)
    • Competitively priced protection — clients can select guaranteed-level premiums for 10, 15, 20 or 30 years (30-year term not available in NY)
    • Potential to lower premiums through everyday healthy activities — clients can earn valuable rewards and discounts 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

  • Lincoln OptiBlend® fixed indexed annuity offers new indexed account strategy. We are pleased to announce that the 1 Year BlackRock Dynamic Allocation Participation Plus indexed account will be available with Lincoln OptiBlend contracts issued on or after February 22, 2022. This new strategy is tied to the performance of the BlackRock Dynamic Allocation Index. This index seeks to deliver diversified global multi-asset exposure via a combination of strategic and tactical insights, aiming to achieve a stable and consistent return profile. The Participation Plus indexed account offers clients a higher participation rate in exchange for a fee, giving them the potential for higher earnings than the nonfee version of the account.

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.

MassMutual

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

Mutual of Omaha

Need help with any of Mutual of Omaha'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.

Pacific Life

  • Revised Pricing for Pacific PremierCare® Advantage in California. Effective 2/7/2022, Pacific Life Insurance Company’s Pacific PremierCare® Advantage¹ universal life insurance with long-term care (LTC) benefits in California has been repriced. Product Highlights:
    • Multiplies funds available to help pay for LTC expenses
    • Surrender policy at any time for Return of Premium Benefit
    • Pays tax-free3 death proceeds to beneficiaries

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

  • You Can Offer Your Clients a Smoother Underwriting Process For Cases of $5 Million and Greater. The Principal Business Solutions Enhanced Underwriting program helps your clients get more coverage with less hassle. This innovative program is an extension of Principal Accelerated Underwriting and enables qualifying cases up to $50 million to be underwritten without an insurance exam. This can be an ideal solution for busy business owners and their key employees, and it’s available with any of Principal's life insurance products.
  • New Principal IDI Benefit Update Requirement to Begin April 1. Beginning April 1, 2022, Benefit Update applications received after the policy anniversary will not be accepted. Applications received between the target date (30 days prior to the anniversary) and the anniversary will still be honored on an exception basis.

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.

Protective

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

Prudential

  • Revised Build Guidelines – Coming Soon. Effective March 1, 2022, the maximum Body Mass Index (BMI) values for substandard classes and the Smoker/Nonsmoker categories for all ages, and the Nonsmoker Plus category for ages 60 and up will be reduced. There will be no changes to Preferred Best, Preferred Nontobacco, or Preferred Smoker values, nor to Nonsmoker Plus values for ages 18 – 59.
  • Revised Absolute Assignment Form (ORD 88649) – Effective Monday, February 14, 2022. Effective Monday, February 14, 2022, the Absolute Assignment To Effect A Section 1035 Exchange (ORD 88649) has been revised to include questions regarding loans on the existing policy. The revised form will carry a revision date of 2021.
  • Form Revisions for NY PruLife Custom Premier II – Effective Monday, February 14, 2022. Effective Monday, February 14, 2022, the New York state-specific Variable Supplement (ORD 96200VAR-2010_NY_2015) will revert to the 2015 form version, and the generic Suitability and Funds Listing (ORD 86218 0222) will be updated to support the removal of the Index Account Rider from the New York PruLife Custom Premier II product.

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

Securian

  • Premium Deposit Account (PDA) Rate Increase. Effective February 1, 2022, Securian is increasing their Premium Deposit Account (PDA) interest rates by .25%. New rates will be reflected on the financial professional site and in the illustration system on February 1, 2022.

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.

Symetra

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


Need help navigating the ever-increasing selection of products from these carriers? Learn how partnering with us can help you earn more, better serve your clients, and sell more life insurance online.

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