John Hancock | March 2022
To help you meet the life insurance needs of even more term clients, John Hancock is reducing the minimum face amount for Vitality Term and Protection Term.
Jess Guyer
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Zurich | March 2022
Due to the continued low interest rate environment, Growth Cap and Maximum Illustrative rates for Index UL policies are changing. These changes will be effective for new index segments starting March 15, 2022. There is no change to participation rates, floors, or asset fees. WinFlex will be updated with the new rates on March 15, 2022. Read more.
Protective | March 2022
Protective Classic Choice term in NY will join the iPipeline platform! Easily submit business through iGO with less hassle.
Nationwide | March 2022
Nationwide has expanded its acceleration guidelines within our Nationwide Intelligent Underwriting process. Read more.
Mutual of Omaha | Feb 2022
Return of Premium (ROP) now has Critical Illness and Chronic Illness Riders available in addition to the Terminal Illness Rider. Read more.
Stage is Set for Strong Rebound in Senior Market Life Sales
Life underwriters are seeing light at the end of COVID tunnel which means they are further lifting restrictions on issue ages, opening up the all-important senior market segment. Coupled with the lowest rates we’ve seen in a long time and peak interest in life insurance due to the pandemic, the stage has been set for a strong year in life insurance sales.
Though health conditions due to the Omicron variant of COVID continue to evolve, an increasing number of carriers are moving on from the restrictive guidelines that have been in place for nearly two years. While some carriers continue to keep a chokehold on older issue ages, many have opened underwriting to ages up to 80 but with some additional conditions, such as proof of vaccination, limited auto binding, and lower maximum coverage limits. The bottom line is for your elderly clients in relatively good health, there are life insurance solutions to be found.
A Rare Window of Opportunity
The timing couldn’t be better as seniors, largely ignored over the past two years, are motivated to get their estates in order and shore up their legacy needs. Life insurers are motivated as well, seeking to make 2022 a strong rebound year. As the year progresses and carriers continue to loosen their requirements, we expect more solutions to become available, expanding your opportunities in the senior market.
With First American Insurance Underwriters as your partner, you can have access to the broadest array of life insurance products available for any market. Send us your cases and we’ll work with you to find the best possible solution for your senior clients.
-By Allan Gersten, Founder
Symetra | Feb 2022
We’re pleased that our latest indexed universal life insurance innovation–Symetra AI Strategies–is now available to your clients with in-force Symetra Accumulator and Protector IUL policies issued before June 12, 2021.
Securian | Feb 2022
Increased Premium Deposit Account (PDA) interest rates by .25%. New rates are reflected on the financial professional site and in the illustration system.