September 2020 Carrier Updates

September 2020 Carrier Updates

Last Updated: September 24

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


AIG

  • Introducing: Term Conversions with AAS (Accelerated Access Solution) Chronic Illness Rider. As of 08/31/2020, Select-a-Term policies issued in the past 5 years could be eligible to convert to a permanent policy with the AAS Rider. NonInvasive underwriting will be required to determine eligibility for the AAS Rider. The maximum AAS benefit is $3 Million, and partial conversions are allowed. This rider is not available for previously converted policies and is available in all states. Click the link above for more info.
  • Introducing: Term Conversions with AAS (Accelerated Access Solution) Chronic Illness Rider. As of September 12, 2020, a new design of Select-a-Term will be launching in New York. Premiums will also be changing with a mix of increases and decreases, and some cells left unchanged. In addition to new rates, the new product design includes these updates: • Discontinuation of the Term conversion credit • New Annual Renewable Term (ART) rates and changes to the ART design. Click the link above for more info.

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: Arizona. Regarding Privileged Choice and Classic Select with 1% Benefit Increase Option, Arizona has allowed a 35.5% rate increase for each. Applies to non-AARP and AARP policies issued on or after 5/10/2005. Agent notifications begin on September 22, and client notifications begin on September 29.
  • In-Force Rate Action: Maryland. Regarding Choice 1 with Stable Premium Option, Maryland has allowed a 13.5% increase for policies with limited benefit periods or lifetime benefit periods. This rate increase applies to policies that include a benefit increase option (BIO) and policies with an issue age of 69 and younger. Agent notifications begin on September 22, and client notifications begin on September 29.

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.

Global Atlantic

  • Temporary Underwriting Guidelines Updated. In March 2020, we announced temporary underwriting guidelines to address the risks associated with the Covid19 pandemic. These changes were necessary to ensure that Global Atlantic’s underwriting philosophy and processes remain a strategic advantage in a rapidly changing environment. We are pleased to announce the following updates to the temporary guidelines put in place in response to Covid19. Applications will be accepted effective September 1, 2020 for: *Individuals ages 70-79, standard or better only, up to $10 million. Foreign National cases that meet Global Atlantic’s regular guidelines. For age 70+ standard or better only, up to $10 million. *U.S. citizens or permanent U.S. residents traveling outside the U.S. however, applications up to age 69 with rating higher than Table D/4 will be postponed. For all policies, a Good Health Statement will be required at policy delivery attesting that there has been no change to the insured’s health.

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

Pacific Life

  • Increase to Face Amount Limit for PL Promise GUL. Pacific Life is increasing the PL Promise GUL face amount limit to $3.5 million effective September 21, 2020. PL Promise GUL is a universal life insurance product with no-lapse guarantees designed to provide affordable death benefit protection. The face amount limit of $2.5 million that was implemented on April 1, 2020 is increasing to $3.5 million as of September 21, 2020. Winflex Web and all of our other quoting vendors will be updated with new face amount limit on September 21, 2020. Any ticket or application submitted on or after the effective date (September 21, 2020) with a face amount greater than $3.5 million will not be considered. View full bulletin for details.
  • New Rates for PL Promise Term Life Insurance. On September 7, 2020, Pacific Life Insurance Company is adjusting rates for PL Promise Term,1 a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50K to $250K). For this reprice, new rates may be higher or lower than the old rates. Rates have been refreshed to increase consistency for solid competitiveness across all combinations of terms, risk classes, male/female, and issue ages. A 60-day transition period is provided. Our commitment to providing affordable life insurance coverage for everyday consumers remains strong. View full bulletin for 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

  • All Principal Term applications with face amounts of $1 million and less must be submitted via Drop Ticket, effective Sept. 8, 2020. Exceptions to this requirement are cases where the insured is a resident of New York and life/individual disability insurance combo cases. This change maximizes our Principal Life Online capabilities and aligns well with Accelerated Underwriting. Drop Ticket is an electronic fillable short form that allows you to quickly provide basic client information. Once you drop a ticket, your client receives an email link so they can complete the rest of the application online. This seamless process helps expedite policy-issue by ensuring more complete and accurate application information, usually resulting in fewer underwriting follow ups. All Drop Ticket platforms default to Accelerated Underwriting as the preferred method if the insured qualifies based on age and face amount. For best time service and the possibility of getting the case approved without fluids, please don’t order labs/exams until after your underwriter advises of requirements that may be necessary. Using this approach can have significant benefits for you and your clients. Based on our experience, case turnaround times can be improved by up to 60%, and you can receive underwriting decisions up to 20 days faster, on average. This approach aligns with efforts underway, where all cases that meet age and face amount requirements will automatically run through the Accelerated Underwriting program. We’ll share more details on those efforts in the future.
  • All informal application reviews are being temporarily suspended, effective immediately. All applications currently pending review will be closed out and no new ones will be accepted until further notice. We hope to be in a position to begin reviewing cases informally again in the near future. Our Quick Quote process remains available. This option provides a tentative risk assessment based on a brief summary of pertinent medical information you provide via an email request.

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.

Prudential

  • Medical Requirement Ordering. Effective September 28, 2020, Prudential will handle ordering medical requirements for term cases with face amounts of $3M and below and ages 18 – 60 in order to maximize the number of cases that are assessed through PruFast Track.

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

  • Optional NLGA on Eclipse Survivor II IUL. Eclipse Survivor II Indexed Universal Life (IUL) now has an optional No-Lapse Guarantee Agreement (NLGA) so you can design a survivorship product to meet your client’s accumulation or protection needs. With the NLGA, your clients can dial the guaranteed duration up to age 120.
  • Drop ticket orders. Securian is targeting to have Drop Ticket ‘turned back on’ in early September, shortly after the Labor Day holiday. Internal training materials are being updated with APPS’ information. They will be distributed in advance of Drop Ticket becoming available to ensure you and your customers receive solid service.
  • Changes to COVID-19 participation guidelines to be implemented September 16, 2020. We are pleased to announce the following changes to the temporary COVID-19 participation guidelines effective September 16, 2020: (1) Maximum issue age will increase to age 75 for all life products including SecureCare Universal Life (excluding Advantage Elite Select Term Life 15, 20, and 30); (2) COVID-19-specific travel restrictions will be removed on all life products including SecureCare UL; (3) Applicants ages 51-60 will now be accepted at table C (175%) or better rates on all life products except SecureCare UL; and (4) Write Fit expansion to $3,000,000 for applicants ages 18-50 will continue. All other participation guidelines, including money not being accepted with new applications and temporary insurance agreements not being available, continue until December 31, 2020.
  • Participation guidelines effective September 16 through December 31, 2020.
    • WriteFit: The maximum face amount for WriteFit applicants ages 18 through 50 is being increased from $2 million to $3 million. Applicants ages 51 through 60 continue to be eligible for up to $1 million of coverage via the WriteFit platform. Eligibility for WriteFit is determined by answers to the tele-interview.
    • Traditional Life Underwriting (includes underwritten policy changes. *Insurance ages 76 and older: new applications will not be accepted. *Insurance ages 61 through 75: Applicants assessed at Standard or better rates will be issued. All others will be postponed until at least December 31, 2020. *Insurance ages 51 through 60: Applicants assessed at Table C (175%) or better rates will be issued. All others will be postponed until at least December 31, 2020. *Insurance ages 50 and younger: Applicants assessed at Table F (250%) or better rates will be issued. All others will be postponed until at least December 31, 2020. *Money will not be accepted with new applications until at least December 31, 2020, and temporary insurance agreements will not be available during this time.
    • SecureCare UL Underwriting. *Ages 76 and older: new applications will not be accepted. *Ages 75 and younger: mortality evaluation will need to be standard or better for a SecureCare UL policy to be issued. Applicants who would be table rated for mortality purposes will be postponed until at least December 31, 2020. *Money will not be accepted with new applications until at least December 31, 2020; and temporary insurance agreements will not be available during this time.

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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