Mass Mutual | July 2022
MassMutual repriced its term life insurance to improve our competitive position in key areas while adjusting some products to improve profitability. Now, applications can be submitted for this new rate series. Read More.
Carrier Updates Menu
Prudential | July 2022
Prudential’s premium limits have increased to $5MM for all products EXCEPT SUL Protector in NY where the limit will remain at $2MM. Any premiums over these amounts will be eligible for our Product Profitability review process.
Lincoln | July 2022
Lincoln’s guidelines for nonmedical conditions that prompt the need for labs/vitals have been updated to offer consideration for more clients. For complete details, please review Lincoln’s Lab-Free Consideration Presubmission Qualification Guidelines.
Securian | June 2022
AZ, CT & IN to transition from SecureCare UL to SecureCare III, effective JUNE 27th.
This leaves DC, DE, ND, and SD as the only states left to transition from SecureCare UL to SecureCare III. These remaining states will transition in the coming months.
Key dates
- Friday, June 24, 2022: Applications for SecureCare Universal Life in AZ, CT and IN must be signed, in good order and received by Securian Financial’s home office or submitted via eApp by 3 p.m. CST.
- Monday, June 27, 2022: SecureCare III will be available in AZ, CT, and IN. To accommodate SecureCare III’s product changes, we will offer a new application
Transition rules
- All licensing and LTC certification training must be in good order before the sale of any LTC products. Review LTC licensing and training requirements in each state.
- Applications for SecureCare Universal Life in AZ, CT and IN must be signed, in good order and received by Securian Financial’s home office or submitted via eApp by 3 p.m. CST June 24. If a new application is needed due to a licensing issue or because the application is not in good order, the client will no longer be able to apply for SecureCare Universal Life and will need to apply for SecureCare III.
- If a client has already submitted an application for SecureCare Universal Life and started the underwriting process, but wants to switch to SecureCare III, the new application is required. This must be sent to us, along with a cover letter explaining the desired change. Any completed underwriting requirements will be applied to the new application.
- SecureCare Universal Life policies that have already been issued, paid and in-force cannot be exchanged for SecureCare III, unless the policy is in its free-look period.
Allianz | June 2022
Allianz Life Pro+ Advantage Fixed Index Universal Life Insurance Policy is now available on iPipeline’s iGo. We’re making it easier to do business with us, with quicker submitting and issuing of polices. Start submitting with iGo today!
Legal & General | June 2022
Effective August 1, Legal & General will no longer accept the traditional paper life insurance application (LIA). As of this date, these forms will no longer be accepted. All applications must be submitted digitally through our website. Read More.
Nationwide | June 2022
Advisors can now earn up to 10% higher target premium on Nationwide New Heights® IUL. To qualify for the new target premiums, policies must be funded and in-force on or after June 13, 2022. Contact us to learn more.
Lincoln | June 2022
Lincoln has made pricing updates on Lincoln VULONE which will improve competitive positioning of level pays, while remaining competitive in single pay designs.
On average adjustments are as follows:
▪ 17% decrease to Level pay designs
▪ 1% decrease to 10 pay designs
▪ 5% increase to single pay designs
Allianz | June 2022
Allianz Life Pro+® Advantage Fixed Index Universal Life Insurance has rate increases. Read More.
Allianz made enhancements to improve the underwriting process for both you and your clients:
- Extending the expiration date of our Personal History Interview (PHI) from 6 months to 12 months (for most cases).
- Expanding issue ages for Accelerated Underwriting to include 18-24 year-olds.
- Expanding the Accelerated Underwriting risk classes to include clients identifying as tobacco users
Lincoln | June 2022
Effective June 13, 2022, Lincoln is pleased to announce a product reprice for Lincoln Premier BOLI UL. The product will be updated to reflect the 7702 and 7702A interest rates changes to comply with the updated Consolidated Appropriations Act that went into effect in 2021. Lincoln Premier BOLI UL, a general account BOLI product, is designed with flexible advantages for your clients. There will be no changes to the benefits or features of the existing product, such as a first-year rate lock, no COIs in the first year, and competitive rates and commission schedules. Read More.