June 2021 Carrier Updates

June 2021 Carrier Updates

Last Updated: June 30

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


AIG

  • Form update: IUL Supplemental Applications. Updated versions of the Index Universal Life Supplemental Application used for our IUL Life products are now available. The forms are revised to provide for enhanced Dollar Cost Averaging (DCA) Rider options now available on all new business Max Accumulator+ II and Value+ Protector II products issued on or after June 2018.

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.

American National

  • New Crediting Strategies for ANICO Strategy Index Annuity (ASIA) Plus 7 & 10. Available July 1, 2021. Introducing two new crediting strategies for new and existing customers of ASIA Plus (Flex) 7 & 10.
    • S&P MARC 5% Index. Focused on low volatility. 1-year point-to-point uncapped. The S&P MARC 5% is a derivative of the more well-known S&P 500 Index that is rebalanced daily to manage market volatility. There is not a cap on the crediting rate in this strategy, and yet, the rate will never be less than 0%.
    • Nasdaq 100 Index. Focused on growth. 1 year point-to-point with cap. The Growth Cap strategy crediting rate is determined based on the annual change in the Nasdaq 100 Index. There is a declared cap on the crediting rate, but this strategy will never credit less than 0%, even when the stock market is down.
  • Reprice For Signature Guaranteed Universal Life. Effective 7/2/21. Rates are generally increasing 3-5% for most categories. Despite this increase, competitive positioning should remain intact. Signature Guaranteed Universal Life Offers:
    • Guaranteed Death Benefit. Clients can determine the face amount and guarantee length between ages 95 to 121. The death benefit is guaranteed to the chose age assuming all premiums are paid as scheduled.
    • Guaranteed Cash-Out Rider. During a 60-day period following the 15th, 20th, and 25th policy anniversaries, the rider allows for surrender of policy in exchange for a partial or full return of premiums paid.
  • New IUL Product: Signature Protection Index Universal Life. Available July 1, 2021. Signature Protection Indexed Universal Life will offer your clients the ability to protect what matters most. It will provide customizable death benefit protection, while also building wealth safely in an account that's tied to the growth of the financial markets and protected from the downturns.
    • Build wealth. Choose the interest crediting strategies that help achieve financial goals. Participate in the upside of the financial markets. Credited interest will never drop below 0%.
    • Guaranteed Protection. Customize the Death Benefit. Choose the amount of death benefit protection that meets your client's needs. Guarantee coverage and premiums from ages 80 to 121.
  • Updated ANICO Underwriting Impairment Guide. This guide will give agents some general field underwriting guidance as they weigh a prospect’s coverage possibilities across a litany of medical conditions and impairments.

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

Banner (L&G)

  • Updated Temporary Underwriting Guidelines. Effective June 2, 2021. Temporary Exam and APS Substitutions: With the introduction of our Lab Lift exam substitution, available for both digital and paper applications since February 12th, we are no longer continuing the COVID-19 temporary exam and APS substitutions with HumanAPI. Please discontinue use of those previous guidelines, effective immediately. With regard to age and risk profile postponement parameters: • Full consideration based on pre-COVID underwriting guidelines for ages 20 through 70 • We will continue to postpone ages 71 and over with a tentative rating exceeding Table 2 AND the risk profile includes any of the referenced underlying chronic conditions (arrhythmia, coronary artery disease, stroke/TIA, other ratable cardiovascular diseases, diabetes, lung disease, asthma, COPD, bronchitis/pneumonia, other ratable lung disease). Please see the link above for full details.

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

Cincinnati Life

  • Revised Temporary Underwriting Guidelines. Applications dated 5/1/2021 or later that were closed or postponed within the last 30 days due to our prior COVID underwriting guidelines can be reviewed with your request to your underwriter. Any applications dated prior to 5/1/2021 or closed more than 30 days ago will require a new application. A Statement of Good Health is required at delivery if the issue date of policy is more than 30 days after the application date (excludes voluntary payroll deduction policies). We have lifted the previous COVID travel restrictions for countries with a level 3 or 4 advisory as noted by the U.S. Department of State. Issue age and substandard rating limitations – We have expanded the acceptable table and flat extra ratings for ages 60-79. We are currently not accepting applications for the following: • Ages 60-79 with rating greater than Table 4 or Flat Extra greater than $5 per $1,000 due to medical impairments • Ages 80 and above

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

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: Texas. Regarding Choice 1 with Stable Premium Option, Texas has allowed the following increase: Choice 1 increase for policies with limited benefit periods: 38% phased (20%, 15% compounded). Increase for policies with lifetime benefit periods: 50% phased (25%, 20% compounded). Agent notifications begin June 22, 2021. Client notifications begin June 28, 2021.
  • In-Force Rate Action: Pennsylvania. Regarding Choice 1 with Lifetime Stable Premium Option, Pennsylvania has allowed the following increase: Choice 1 increase for policies with limited benefit periods: 20%. Increase for policies with lifetime benefit periods: 20%. Agent notifications begin June 22, 2021. Client notifications begin June 29, 2021.
  • In-Force Rate Action: Nevada. Regarding Privileged Choice Flex, Nevada has allowed the following increase: 73.2% phased (20.1%, 20.1%, 20.1% compounded). This does not apply to Standard policies with a 20% Couples Discount, where both insureds were approved for and issued coverage, and a 10% Couples Discount, where only one insured was approved for and issued coverage. Agent notifications begin June 15, 2021. Client notifications begin June 22, 2021.
  • In-Force Rate Action: Kentucky. Regarding AARP Privileged Choice and Classic Select with 1% Benefit Increase Option, Kentucky has allowed the following increases: Privileged Choice and Classic Select: 20%. Agent notifications begin June 15, 2021. Client notifications begin June 22, 2021.
  • In-Force Rate Action: Georgia. Regarding PCS II and Choice 1 with Lifetime Stable Premium Option, Georgia has allowed the following increases: PCS II and Choice 1 increase for policies with limited benefit periods: 12%. Increase for policies with lifetime benefit periods: 12%. Agent notifications begin June 1, 2021. Client notifications begin June 8, 2021.
  • In-Force Rate Action: Nebraska. Regarding PCS I, Nebraska has allowed the following increases: PCS I increase for policies with limited benefit periods: 29%. Increase for policies with lifetime benefit periods: 21%. Agent notifications begin June 1, 2021. Client notifications begin June 8, 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

  • Immediate changes to applications with LTC riders in Washington state. With new long-term care (LTC) legislation in Washington state, we are seeing an increase in demand for permanent insurance with an LTC rider, particularly at very low face amounts. To best meet this demand and to help ensure these policies are being purchased for the purpose of lasting life insurance and LTC protection, we are implementing the following changes. Please note: these changes only apply in Washington state with the LTC rider. There are no changes to minimum face amount requirements in other states.
    • Increased minimum face amount: Effective immediately, the minimum face amount for all John Hancock applications that include the LTC rider in Washington will increase to $250,000. Any Washington state application with an LTC rider and a face amount below $250,000 will no longer be accepted. When the LTC rider is not included on a policy, the minimum face amount will remain at $50,000 across our single-life, permanent products.
    • Illustration updates: Also effective immediately, the LTC rider will not be available on JH Illustrator at any face amount in Washington until July 19, 2021. At that time JH Illustrator will be updated so that the rider is available for face amounts of $250,000 or more. Until July 19, if you wish to run an illustration with the LTC rider for a Washington policy with a minimum face amount of $250,000 or more, please contact us.

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

  • Pricing Update: Lincoln LifeElements® Level Term (2019). Effective June 14, 2021, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will improve 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. Pricing Updates: Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods: o Face amounts $1M, ages 41 and above o Face amounts of $500k - $999k, ages 55 and above ▪ Along with this pricing update, the monthly modal factor has been reduced. This results in a 1.7% decrease for monthly premiums, in addition to any other rate changes. Premium updates will be a mix of both decreases and increases.
  • Pricing Update: Lincoln TermAccel® Level Term (2019). Effective June 14, 2021, Lincoln is announcing pricing updates to Lincoln TermAccel®Level Term (2019) which will improve competitive positioning in key cells. Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement. Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods. Face amounts of $500k - $1M, ages 40 – 60. Along with this pricing update, the monthly modal factor has been reduced. This results in a 1.7% decrease for monthly premiums, in addition to any other rate changes. Premium updates will be a mix of both decreases and increases.
  • Now Available – Lincoln MoneyGuard Product Suite Updates. Effective June 14, 2021, Lincoln Financial will be implementing product updates to Lincoln MoneyGuard® III, Lincoln MoneyGuard® II and Lincoln MoneyGuard® II NY. For MoneyGuard ® III, Lincoln is excited to announce an enhancement to our Transitional Care Assistance Benefit with the introduction of the Flexible Care Cash Amendment. This amendment provides clients additional benefit flexibility with access to receipt-free cash to help cover informal care needs at home. As part of this enhancement, there will now be an opportunity for a spouse to provide the care in addition to the increase of eligible long-term care benefits under this feature. The product changes for Lincoln MoneyGuard® III, Lincoln MoneyGuard® II and Lincoln MoneyGuard® II NY will address recent 7702 regulations by providing for updates to the policies’ 7-Pay interest rates and CVAT Factors. It is important to note that these are not pricing related changes (i.e. resulting in increases/decreases). After a transition period, currently sold MoneyGuard® products will be replaced by the following:
    • Lincoln MoneyGuard® III (2021) will replace currently sold Lincoln MoneyGuard® III (2020) – 06/15/20.
    • Lincoln MoneyGuard® II (2020) – 06/14/21 will replace currently sold Lincoln MoneyGuard® II (2020) – 06/15/20 in the state of California.
    • Lincoln MoneyGuard® II NY – 06/14/21 will replace currently sold Lincoln MoneyGuard® II NY – 06/15/20 in the state of New York.
  • Lincoln VULONE Suite Enhanced Underwriting Program (Updated). Lincoln is committed to finding new ways to help our partners grow their business and reach new customers and we’re pleased to announce, effective immediately, Lincoln is offering an enhanced underwriting program to provide even more value with our suite of Lincoln VULONE product solutions. Lincoln VULONE and SVULONE cases received at Lincoln by September 3, 2021, and subject to full underwriting, will receive a one-class underwriting upgrade. Any case placed inforce prior to May 20, 2021 is not eligible.
  • Revised COVID-19 Life Insurance Underwriting Guidelines (Updated). Effective May 10, 2021, Lincoln’s Underwriting team is pleased to announce the following modifications to our COVID-19 temporary underwriting guidelines. For any pending case that was submitted prior to May 10, 2021 and was impacted by the prior temporary underwriting guidelines, please work directly with your dedicated Lincoln Underwriting team for guidance according to the revised guidelines on a case-by-case basis. Lincoln Underwriting does not ask about immunizations (for any virus/disease) through the application process and has no plans to ask about the COVID-19 vaccine. The COVID-19 vaccine is not a factor in the underwriting process.
    • The Table Reduction Program (TRP) is now available! Consideration for up to $10 million maximum face amount, through age 70, for Table 3 to Standard rate classes for permanent life insurance products
    • Internal Retention Limits have been increased up to $20 million for permanent life insurance products
    • Substandard ratings, up to Table 4, will be considered for all ages through 80
    • Cases assessed with a Flat Extra up to $10.00 per $1000 will be considered
    • Table Rated and Flat Extra combo cases will be considered with up to Table 2 (150%) with a Flat Extra up to $10.00 per $1000
    • Lincoln MoneyGuard® cases for ages 71 and up will now be considered for the following products:
      • Lincoln MoneyGuard® III, ages 71 – 80
      • Lincoln MoneyGuard® II, ages 71 – 79
      • Lincoln MoneyGuard® II NY, ages 71 – 79
  • Extension of Maturity Offer Expanding to Include Variable Universal Life Products. Lincoln is broadening the range of products eligible for an extension of the policy maturity date. The offer applies mostly to older products in the Lincoln suite, as newer products often contain a maturity extension feature as part of the base contract. The effort to extend maturity dates on additional Lincoln products is part of a phased approach that now includes variable universal life (VUL) policies. See link above for more detail.

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.

Mutual of Omaha

  • Washington State Long-Term Care Insurance Product Offering Update. Effective immediately, Mutual of Omaha is instituting the following adjustments to the MutualCare Solutions product offerings for the state of Washington:
    • Increasing minimum issue age to 40
    • Increasing minimum monthly benefit to $3,000
    • Lifetime Compound Inflation of 3% or higher is required; no other options available
  • Simplified Issue Life: Weekly Time Service Update. Mutual of Omaha is pleased to announce our Simplified Issue Life Underwriting team has returned to normal time service levels! Thank you for your business, continued support, and patience as we worked to process your business.

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.

OneAmerica

  • Text Notifications: The NEW Enhancement for Paramedical Exams. Life insurance and Asset Care applicants can now receive a text message of their completed paramedical report when their results are ready. This feature is available to all applicants; however, they must opt into the service. Applicants need only provide their cell phone number and sign a Telephone Consumer Protection Act (TCPA) consent during their exam to benefit from ExamOne’s updated electronic laboratory slip. The text notifications are fast, easy to use, and secure. Learn more about this enhancement and how it adds value for your clients.

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

  • 4 Tips to Simplify Asking for Referrals. There's no doubt that referral marketing works, but how do you encourage people to recommend you when the opportunity arises? Here are four tips, geared for both customer and colleague referrals.
  • Up to $10 Million Accelerated Underwriting – Replacing Executive Class UW and Other Simplified Underwriting Programs. Beginning June 21, 2021, your clients can apply for up to $10 million in life insurance coverage without medical exams. Pacific Life’s new underwriting programs offer significant enhancements to our accelerated underwriting offers and will replace any prior simplified underwriting programs. View full bulletin to learn more.
  • Introducing Pacific Trident IUL. It can be uncomfortable to explain the low ratio of premium to cash surrender values in the early years of an indexed universal life insurance (IUL) product…particularly when those clients are interested in premium financing or corporate-sponsored policies. Introducing Pacific Trident IUL, death benefit protection with competitive guarantees:
    • Death benefit protection with no premium load to cut into premium payments, guaranteed.
    • Guaranteed cash surrender values up to 85% of premiums for up to the first 10 policy years.
    • Guaranteed minimum interest crediting rates provides protection from index-based losses.

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.

Protective

  • Lower Cost of Insurance by Customizing Beneficiary Income Streams with Income Provider Option. The Income Provider Option (IPO) is a no cost endorsement available on most Protective Life policies. This endorsement allows the policy owner to predetermine how the death benefit will be paid, whether it be via income payments lasting up to 30 years, or a combination of a lump sum and reoccurring income payments. A small percentage of each income payment will be classified as taxable at the beneficiary’s income tax rate. The taxable amount is clearly outlined in the illustration. Income Provider option specifications:
    • Availability: Only at policy issue
    • Benefit Payment Period: 1-30 years
    • Benefit Payment Frequency: Monthly, annually or on a specific day each year (e.g. birthday, holiday)
    • Issue Ages and Face Amount: Vary depending on the policy selected
  • Protective® Classic Choice Term — repriced, again!. We’ve repriced Protective® Classic Choice Term to have new lower rates in multiple cells, putting it in the top three or better 95% of the time in monthly pay scenarios and in the top three 89% of the time in annual pay scenarios. These rates are more competitive than ever, and they go into effect starting June 7, 2021.

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

  • Reminder – Important VUL Protector Deadlines. In effect with the May 2021 VUL Protector reprice, there is an upcoming 1035 Exchange initiation deadline that will take place on June 18 (June 25 for NJ) and placement deadline of July 23 for all non-1035s to retain prior rates. For more information on these important dates, please view the VUL Protector Transition Rules.
  • Higher Premium Limits for Many Life Products. Beginning June 14, 2021, Prudential is increasing the premium limited on many products from $1 million to $2 million, per insured, per year.
  • IRC 7702 Tax Limit Changes New Business Announcement. Prudential has been working diligently on updating our systems to reflect changed tax limits to comply with the recent changes to IRC §7702 under the Consolidated Appropriations Act (CAA). Our illustration systems were updated 4/19/21. This FAQ includes important information on the CAA, what the changes mean to clients, and what opportunities these changes present. While the changes the IRS made to IRC 7702 generally have a neutral or positive impact on policy performance and case design flexibility, we have heard some concerns about the impact to certain in-force policies issued between January 1, 2021, and April 18, 2021. To accommodate these situations, we introduced a backdating option for the small set of policies we believe may be impacted. Please note that the deadline for submitting a request to backdate a policy is June 10, 2021. Please see the link above for full details.
  • PruFast Track Program: New Requirement Effective July 19, 2021. To get more clients on their way to a faster, more convenient buying experience, beginning July 19, 2021, all PruFast Track eligible business MUST be submitted via Prudential Xpress QuickForm worksheet or Drop Ticket. Application Submission Process: Submit eligible new business applications via the Prudential Xpress QuickForm worksheet or Drop Ticket. Refrain from using the long application. Once the interview is completed, the PruFast Track model will determine the underwriting path. Case status will keep you updated and informed throughout the process. Accelerated cases will be approved within hours or days, without the need for a medical exam or lab work. If a client doesn’t qualify for an accelerated decision, the underwriter will order the “best” requirement based on the client’s individual history. This may include an exam, lab, or medical records. Prudential will handle ordering all requirements for eligible cases. Eligibility criteria:
    • Age: 18 to 60
    • Face Amounts: $100,000 to $3,000,000
    • Quoted Underwriting Category: Smoker or better
    • Products: Most of Prudential’s term and permanent products (excludes PruTerm One and Survivorship products)
    • U.S. Residents

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.

SBLI

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

Securian

  • Changes to COVID-19 Participation Guidelines. Securian announces the following changes to the temporary COVID-19 participation guidelines, effective July 1, 2021:
    • Removing rate class restrictions for applicants up to age 60
    • Allowing up to table D for applicants age 61 – 70
    • Expanding maximum issue age to 80 for standard or better risks
    • Returning SecureCare Universal Life mortality to table D

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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