April 2022 Carrier Updates
Last Updated: April 28
In addition to the carrier updates below, you may also be interested in:
- Our compilation post on how to market online: our best and most relevant posts for marketing in a digital-only environment
- Our ongoing, constantly updated list of non-med carrier options
- Our post on taking your agency digital
AIG
- Increased cap rates and max illustrated rates on IULs. Supporting your business is a priority for us. That’s why effective April 16, we are increasing cap and max illustrated rates of select index accounts on Max Accumulator+ II and Value+ Protector II. These changes make our IULs stronger despite volatile market conditions to help grow your business.
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.
Cincinnati Life
- Cincinnati Life Underwriting Requirements Update. Cincinnati Life recently completed an assessment of the medical requirements that apply to all fully underwritten products. As a result, they have updated their guidelines for the medical examinations required for life insurance applications. Key points:
- Telephone interviews are no longer required for face amounts of $3 million or lower
- EKG’s required for fewer groups
- Physician exams and chest x-rays no longer required
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
- Enhancements to Informal Submission Guidelines. In an effort to maintain a strategic focus on providing best-in-class permanent life insurance products, Equitable has updated informal submission criteria.
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.
John Hancock
- Protection VUL Now Has a Lower Threshold (1.5X the Basic Target) to Qualify for a 15% Enhanced Target Premium. When the client pays a higher premium upfront, rather than the NLG premium, it can help improve their policy’s performance and lower their overall costs — while also improving the target premium.
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
- COVID-19 Temporary Underwriting Guidelines Revised. Effective April 11, 2022, Lincoln’s COVID-19 temporary underwriting guidelines have been revised with modifications to the postponement period for individuals who test positive for COVID-19, and the validity period has been extended for the Good Health Statement and Insurability Supplement.
- Rider Availability Changes in Washington. Effective May 16, 2022, Lincoln will once again offer Long-Term Care Rider (LTC Rider) and Lincoln Care Coverage Accelerated Benefits Rider (CCBAR) for new sales in the state of Washington.
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
- Rider Premium Limits for MassMutual Whole Life ALIR and LISR. Due to the prevailing interest rate environment, in March of 2020, MassMutual implemented a $1,000,000 premium limit for the Additional Life Insured Rider (ALIR) and for the Life Insurance Supplement Rider (LISR). These limits also apply to the Survivorship Additional Life Insured Rider (ALIRS) and Supplemental Life Insurance Supplement Rider (LISRS) available on Second-to-Die Survivor Legacy policies.
- Financial Underwriting. MassMutual has introduced a new Financial Underwriting Reference Guide. Their Underwriting team can address any questions and provide assistance on your challenging financial cases.
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
- Critical Illness Product Update for Virginia. Effective May 2, 2022, Mutual of Omaha will no longer offer the Critical Illness product in the state of Virginia. The Cancer Insurance and Heart Attack & Stroke Insurance products will still be available.
- Inforce Long-Term Care Insurance Rate Adjustments Effective July 1, 2022. Mutual of Omaha will be implementing inforce rate adjustments effective July 1, 2022.
- A Real-Life Solution with No Additional Underwriting Requirements. Mutual of Omaha automatically issues a Chronic Illness Rider on all Income Advantage and Lifetime Protection Advantage IULs, no additional underwriting required.
- Long-Term Care Time Service Update. Mutual of Omaha's long-term care insurance application service levels have returned to normal operating times, including face-to-face assessments and telephone interviews. Currently, they are seeing nearly 90% of telephone interviews being scheduled through their newly released text messaging process.
- Simplified Issue Time Service Update. Mutual of Omaha's Simplified Issue Life Underwriting team is currently experiencing an unprecedented volume of new business, and in turn is experiencing delays in time service. Current Simplified Issue Life Service Levels:
- New Business Reviews: 3-4 business days from receipt
- Policy Issue: On average 5 business days, depending on requirements needed
- Pending Requirements Reviewed: 2 business days
- Post Issue Requests: 1-2 business days
- Emails and Phone Calls Returned: 24-48 hours
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.
Nationwide
- Nationwide Placement Improvement Program for VULs. With Nationwide's Placement Improvement Program, your clients who would be rated a Table C or better based on traditional company underwriting procedures may be able to receive a Standard rating on variable universal life products.
- ACH and Bankcard Authorization Update. Coming soon: To maintain customer privacy and comply with Federal law and customary ACH rules, Nationwide will no longer accept ACH and bankcard authorizations from financial professionals on behalf of their clients. The account holder will be the only party who can authorize new, or change existing, ACH and bankcard transactions.
- Acceleration Guidelines Keep Expanding for the Better. Nationwide has expanded its acceleration guidelines within the Nationwide Intelligent Underwriting process. Now, clients between the ages of 18 to 50 years old are eligible for acceleration up to $5 million in face amount. This specific age group was previously capped at a $2 million face amount.
Need help with any of Nationwide's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Pacific Life
- New Rates for PL Promise Term Life Insurance. Effective April 18, 2022, Pacific Life Insurance Company is repricing rates for PL Promise Term1 level premium life insurance — a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50K to $250K). Rates have been updated to be more competitive. A 60-day transition period is provided. Our commitment to providing affordable life insurance coverage for everyday consumers remains strong. View full bulletin for pricing sweet spots and other 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
- Digital Health Data Expansion. For applications meeting the following age and face amount guidelines, with minor or no medical history disclosed, Principal will obtain digital health data as a routine age and face amount requirement instead of an Attending Physician Statement (APS).
- Applicable to applications with consumer completed Part B only
- Age 69 or below
- Face amount: $10,000,000 or below
- Medical history: Minor or none
- Digital health data is preferred over APS when APS is listed as one of the routine requirements
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
- Informal Process Update – Effective April 25, 2022. In order to continue to provide strong service on large/higher premium informal cases as well as your formal applications, effective April 25, Prudential is updating its informal submission guidelines as follows: Minimum face amount of $1M on permanent products; Minimum face amount of $4M on term products. This change in this process will allow Prudential to focus more resources on your larger/higher premium cases and formal applications. Less detailed questions can still be directed to Quick Quote mailboxes or by utilizing other self-service tools such as XRAE and Rx for Success, which can be found on PruXpress.
- Reminder: New License and Appointed Requirement Effective April 11, 2022. Updated legal guidance has identified additional states that require IMOs and BGAs to be licensed and appointed in order to receive override compensation payments (referred to as override states). The list of states is expanding from three (MS, NY, and VA) to 16. This change impacts all of our IMO and BGA partners.
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
- Improved Underwriting Opportunities. Through Securian's mortality credits program, your clients may be eligible for an improved underwriting decision in these three key areas: Build: Underwriters will look to make a one rate class improvement on standard or better offers. Cholesterol: Clients with higher cholesterol can still qualify for preferred rates. Tobacco: Infrequent tobacco users can still qualify for non-tobacco rates. In addition to the above, there are also three other areas your clients can get better-than-published underwriting decisions.
- Term Applications for 1.5 Million and Below Will Require Digital Submission. Securian will require eApp or Drop Ticket application submissions for Advantage Elite Select term policies $1.5 million and below starting May 2, 2022. This will ensure that your applications are submitted in good order.
- Chronic Illness and Waiver of Premium Agreement Changes. Effective April 29, 2022, Securian will be making some changes to the availability around these agreements. Accelerated Death Benefit for Chronic Illness Agreement (ADB-CIA) and Waiver of Premium Agreement (WPA) are optional agreements offered on individual life insurance policies.
- ADB-CIA and WPA will no longer be available to add to inforce policies
- ADB-CIA is now approved in Florida for new Indexed Universal Life (IUL) sales (Eclipse Accumulator and Eclipse Protector II). New issue ages for ADB-CIA will be 25-65 (previously ages 20-80) in Florida only. Applications received after April 28, 2022, will be subject to the new issue ages of 25-65 for ADB-CIA.
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.
Symetra
- Introducing Accumulator Ascent IUL. Symetra is committed to the IUL marketplace and is always looking for ways to offer products and services that provide value for our customers. That’s why we’re pleased to introduce a new version of Accumulator IUL—Accumulator Ascent IUL — launching April 8, 2022! Get product features and highlights at the link above.
- Symetra Variable Universal Life is Now Available for High-Net-Worth Foreign Nationals. Symetra variable universal life insurance is now available with their high-net-worth foreign national market program!
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.
