November 2022 Carrier Updates

November 2022 Carrier Updates

Last Updated: November 29

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


Allianz

  • Holiday Hours and Year-End Processing. Allianz's Contact Center will close early on Wednesday, November 23, and Friday, November 25. The Contact Center and sales teams will be closed on Thursday, November 24. Please see link above for more details.

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

American National

  • Annuity Suitability Form Update. Starting December 1, American National will be implementing a new Suitability Form for all states (excluding FL and NY). See link above for details.
  • 2022 Year End Deadlines. Paper applications must be received in the Springfield Processing Center no later than 12/12/2022 to begin processing in 2022. E-App applications must be received by 12/16/2022. Please see link above for more dates & details.
  • Discontinuation of Term Life Insurance Sales. American National will no longer accept Signature Term Life Insurance applications effective December 1, 2022. They will continue to process all Signature Term Life Insurance applications received prior to December 1.
  • Attention Colorado and South Carolina Producers. Colorado and South Carolina are adopting the new NAIC model which requires an updated Continuing Education training requirement. Colorado and South Carolina Producers will continue to use the current suitability forms until December 1, 2022. Colorado: Effective November 1, 2022, Training Required by May 1, 2023. South Carolina: Effective November 27, 2022, Training Required by May 27, 2023.

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.

Cincinnati Life

  • 2022 Year End Deadlines. Headquarters end of year deadlines: Dec. 6 – All underwriting requirements must be received. Dec. 20th – Acceptance of outstanding offers must be received. Dec. 28th – All post issue requirements must be received in order to place policies inforce. Please see link above for more dates & details.
  • Labs Update. Beginning November 3, Cincinnati Life is now accepting insurance labs that are up to 12 months old. Previously they had limited labs to six months.

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.

Genworth

  • In-Force Rate Action Announcement: Oklahoma. Regarding Privileged Choice® Flex with 1% Benefit Increase Option and Reduced Covered Percentage Option, Oklahoma has allowed the following increases. Privileged Choice Flex, policies with greater than 1% inflation protection and Privileged Choice Flex (*policies with revised couples discount), policies with greater than 1% inflation protection: 32.3% phased (15%, 15% compounded). *This rate increase applies to Standard policies with a: (1) 20% Couples Discount, where both insureds were approved for and issued coverage, and a (2) 10% Couples Discount, where only one insured was approved for and issued coverage. Agent notifications begin November 15, 2022. Client notifications begin November 22, 2022.
  • In-Force Rate Action Announcement: North Dakota. Regarding Privileged Choice® & Classic Select® with Flexible Benefit Option and 1% Benefit Increase Option, North Dakota has allowed the following increases. Privileged Choice, policies with greater than 1% inflation protection and Classic Select, policies with greater than 1% inflation protection: 103.9% phased (19.5%, 19.5%, 19.5%, 19.5% compounded). Agent notifications begin November 15, 2022. Client notifications begin November 22, 2022.
  • In-Force Rate Action Announcement: Delaware. Regarding My Future, My Plan, AARP Assoc. Group, Delaware has allowed the following increases. My Future, My Plan 1.0, My Future, My Plan 2.0, and AARP Association Group: 49.7% phased (14.4%, 14.4%, 14.4% compounded). Agent notifications begin November 15, 2022. Client notifications begin November 22, 2022.
  • Reminder – New York Suitability and Best Interests in Life Insurance and Annuity Transactions Regulation. Amendments to 11 NYCRR 224 Insurance Regulation 187 (NY Reg 187) were implemented to ensure that all recommendations related to the sale of these products will be in the consumer’s best interests. The regulation became effective on August 1, 2019, with respect to annuity transactions and on February 1, 2020, with respect to life insurance policies.
  • In-Force Rate Action Announcement: Tennessee. Regarding Pre-PCS, Tennessee has allowed the following increases. Increase for policies with limited benefit periods: 9.3%. Increase for policies with lifetime benefit periods: 18%. Agent notifications begin November 1, 2022. Client notifications begin November 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.

Legal & General America

  • Pricing Update: Lincoln LifeElements® Level Term (2019) – 11/14/22. 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. See link above for details.
  • Pricing Update: Lincoln TermAccel® Level Term (2019) – 11/14/22. 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. See link above for details.

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

Lincoln

  • Change to EKG Ordering Requirements. Electrocardiograms (EKGs) will only be required for applicants ages 51-60 for policy amounts above $5 million and for applicants age 61-70 for policy amounts above $2 million. This applies to the Horizon Experience (Banner), along with William Penn business.

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

  • University Digital Knowledge Hub. MassMutual's new digital knowledge hub, MMSD University, is now available. The University hosts learning content you can access at any time. The initial offering includes illustrations guides on several of popular concepts, including: retirement supplement, gift of a lifetime, and whole life on a budget (LISR).
  • Options expand for U.S. military clients pending deployment. On Nov. 1, MassMutual launched a pilot program to expand life insurance options for active U.S. service members. The pilot will be assessed at the end of first quarter 2023.

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

  • Inforce LTCi Rate Adjustments Effective February 1, 2023. Mutual of Omaha will be implementing the following inforce rate adjustments effective February 1, 2023. Impacted states and territories include AL, AKM HI, MA, NE, NJ, PA, SC, VA, Puerto Rico, DE, ME< NM, and NV. Please see link for details.
  • November Annuity Time Service Update. Current Annuity Service Levels as of November 7, 2022:
    • New Business Reviews - 5 business days from receipt into our queue
    • Policy Issue - On average 3 business days, once all requirements and funds are received
    • Emails and Phone Calls Returned - 48 hours
    • Pending and Follow-ups - 3 weeks when requesting funds from carrier (Funds from other carriers, dependent on the carrier sending to us, take an average of 4-6 weeks to send funds)
  • Mutual of Omaha Underwriting Guide is Now Digital. Find product-specific details and all the underwriting parameters you need to know. Please see link above for details.

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.

New York Life

  • 2022 Year-End Deadlines. December 5: Submit a complete application package by this date. Not applicable for Wealth Plus products. December 12: Submit underwriting and new business requirements by this date. Self-Complete Part 2 or TeleApp Interviews for Wealth Plus Products. December 19: Receive underwriting approval by this date. December 27: Submit initial premium payment and current Supplemental Application (Self-Health Certificate) by this date to receive compensation for 2022.

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

OneAmerica

  • Medical Requirement Change for Full Underwriting. Recent changes in test kit availability have required the need for the collection of blood specimens for select age and face amount categories. This change will not impact Underwriting’s processing time and only applies to full underwriting. This does not affect Expedited Underwriting.
  • Colorado and North Carolina Best Interest and Suitability Updates. Colorado and North Carolina have updated their requirements around Best Interest and Suitability in Annuity Transactions. New training courses will be required to submit applications for any annuity products, including Asset Care annuity funding whole life. Changes for Colorado went into effect on November 1, 2022, while North Carolina’s effective date is January 1, 2023. Producers selling any annuity products must take these new training courses to sell these products. Existing producers in Colorado have until May 1, 2023, while existing producers in North Carolina have until July 1, 2023, to update their training. New producers in Colorado and in North Carolina must complete the new Best Interest and Suitability four-hour training before solicitation of any annuity products.
  • New Best Interest Producer Guide and Forms. In states that have adopted the Best Interest changes, producers are required to use these: NAIC Best Interest Annuity Suitability Policies and Procedures Producers’ Guide, Best Interest Consumer Suitability Due Diligence Questionnaire, I-22733 (BI), and Producer Compensation Disclosure for Annuities, I-34191.

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

  • 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.
  • 2022 Year-End Deadlines. December 22, 2022: Last day to receive critical requirements for 2022 income: Initial premium and all delivery requirements, in good order, must be received to fund the policy regardless of funding source. December 29, 2022: Last day to receive critical requirements for 2022 production credit. Initial premium and all delivery requirements, in good order, must be received to fund the policy regardless of funding source. See link for more dates & details.

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

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

  • 2022 Year End Deadlines. To expedite your business during this time, please be aware of the year-end processing guidelines. Ticket submission: November 7 (term) and October 31 (permanent). Interview complete: November 14 (term) and November 7 (permanent). Finalize underwriting requirements: November 28. Policy issue: December 19. Premium and delivery requirements: December 30.

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.

Securian

  • 2022 Year End Deadlines. As we approach the end of 2022, please keep in mind the following dates and guidelines to ensure that all your business processes in a smooth and timely manner. December 9: Recommended last day for Tele-Underwriting and Medical Requirements. December 16: Last day for new business paper applications to give the best chance to receive compensation in 2022. December 28: Last day for new business eApps, policy issue requirements, product changes, conversions/exchanges and wiring money to give the best chance to receive compensation in 2022. Please see link above for more dates & details.

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.

Sons of Norway

  • No New Apps for Guaranteed Issue Whole Life (GIWL). Effective December 5, 2022, Sons of Norway will no longer accept new applications for the Guaranteed Issue Whole Life (GIWL) product. This does not impact policies that are currently in force. This change ONLY applies to Guaranteed Issue (GIWL) and does not affect any other products in Sons of Norway's product lineup. Any applications in-process need to be received, in good order, by close of business (5 PM CT) on December 2nd regardless of when they are scheduled to be issued.

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

Symetra

  • Introducing Symetra’s new Protector IUL. Highlights include improved pricing, higher index cap and participation rates, and New Putnam Dynamic Low Volatility Excess Return Index™ Strategies (Putnam Index Strategies). Please see link above for details, dates, and transition rules.

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.


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