April 2023 Carrier Updates
Last Updated: April 27
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
Carriers with updates below:
Allianz
Cincinnati Life
Corebridge
John Hancock
Lincoln
MassMutual
Mutual of Omaha
OneAmerica
Principal
Prudential
Symetra
Allianz
- AG49-A Updates Go Into Effect May 1. As a result of these updates, the new maximum illustrated rate on our Bloomberg US Dynamic Balance II ER Index and PIMCO Tactical Balanced ER Index that include the Classic Bonus will drop from 7.08% to 5.74%, effective May 1, 2023.
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.
Cincinnati
- Cincinnati Life Covid-19 Underwriting Update. Effective immediately, Cincinnati Life is removing Covid-19 underwriting restrictions with one modification: Proposed insureds age 80 and over can now be considered, however, no table ratings or flat extras are permitted.
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.
Corebridge
- Coming Soon! Important IUL product updates. The National Association of Insurance Commissioners (NAIC) has adopted the Revised Actuarial Guideline 49-A (AG 49-A) which will go into effect for any IUL policy sold on or after May 1, 2023. As a result, there will be some updates to our IUL products. This update only impacts illustrations, not how the life insurance product operates or performs. Caps and participation rates are not changing. Please see link above for more details.
Need help with any of Corebridge's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
John Hancock
- AG49-A Update Deadline. Due to revisions of AG49-A, you have until April 30, 2023, to submit cases based on the current illustration regulation. To meet the deadline for new cases or cases currently in progress, the following must be received by April 30, 2023: *Signed formal application *Signed illustration. As a result of the AG49-A update, maximum illustrated rates for certain Index Accounts will be changing on May 1, 2023. Policies that did not meet the April 30, 2023 application and illustration deadline will need to use an illustration based on the new regulation. Those policies that do meet the signed application and signed illustration deadline must be placed in force with at least a minimum initial premium by June 30, 2023. As a reminder, the update to AG49-A does not impact the policy’s actual performance or product features.
- Changes to Indexed Account Parameters and Maximum Illustrated Rates. Effective May 1, 2023, John Hancock will increase the participation rates on the Barclays indexed accounts for new and inforce Protection IUL and Protection SIUL customers. Additionally, on May 1, 2023, the NAIC will enact enhancements to Actuarial Guideline XLIX (AG49-A).
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
- Now Available – Lincoln WealthAccumulate® IUL (2020) – 04/17/23. Lincoln is pleased to announce an update to the Lincoln WealthAccumulate® 2 IUL (2020) life insurance product. Lincoln WealthAccumulate® 2 IUL (2020) – 04/17/23 offers flexibility for growth, access to cash value, and financial protection. Built for clients who want death benefit protection plus growth opportunities through indexed accounts and access to cash value for today’s and tomorrow’s needs. At launch, this product will comply with the updated illustration requirements for AG49-A (Effective May 1, 2023).
- Upcoming Illustration Changes for Indexed UL Products (AG49-A update). Revisions to Actuarial Guideline 49-A (AG49-A) were adopted by the National Association of Insurance Commissioners (NAIC) to update the existing AG49-A guideline that is applicable to all Indexed Universal Life (IUL) products. The changes will be effective on Monday May 1st, 2023. They are prospective only, so will not apply to any new business or future in-force illustrations for any policies that meet the transition rules. Please note that the illustration software will not update until May 15. When running illustrations during this time – May 1st to May 15th – you will receive an alert to manually adjust to the new max illustrated rate.
- Lincoln Variable Universal Life – Lincoln Elite Series of Funds Updates. Effective April 25, 2023, the JP Morgan Insurance Trust Global Allocation Portfolio - Class 1 will be closed and no longer available as an investment option. Impacted products include currently sold or inforce Lincoln VUL products that offer the Lincoln Elite Series of Funds, including, but not limited to: • Lincoln VULONE (2021) • Lincoln SVULONE (2021) • Lincoln AssetEdge® VUL (2022). Please see link above for details.
- Product Updates: Lincoln VULONE (2021) and Lincoln SVULONE (2021). Following are details outlining updates effective May 15th, 2023. Allocation Requirement Changes for Lincoln VULONE (2021) and Lincoln SVULONE (2021) - see link for details. Lincoln VULONE (2021) – 05/15/23 and Lincoln SVULONE (2021) – 05/15/23. Effective May 15th 2023, Lincoln will be making updates to the base account guaranteed charges on Lincoln VULONE (2021) and Lincoln SVULONE (2021), variable universal life insurance products. Note that with this update, there are no changes to the premium, secondary guarantee charges, or current base account policy charges. See link above for details.
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
- MassMutual’s Dividend Interest Rate Delivers Competitive Results. MassMutual’s DIR has delivered competitive results with substantially less variability than the investment options typically available in Variable Universal Life and Index Universal Life Insurance policies.
- NEW! Risk Assessment Credit (RAC) Resources. The new Risk Assessment Credit Guidelines and a Case Study: A Closer Look at Underwriting – Impact of Risk Assessment Credits were designed to help you identify life cases that may be a good fit for MassMutual.
- MMSD University Continues to Expand. MassMutual has added a new Disability Income Insurance (DI) Illustration Guide to MMSD University.
- Introducing MassMutual Underwriting Sweet Spots. The Underwriting Sweet Spots flyer was designed to help you identify life insurance cases that may be a good fit for MassMutual.
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
- New Underwriting Updates for TLE and IULE. Mutual of Omaha has updated its Underwriting Guidelines and application forms for Term Life Express and IUL Express, effective April 22, 2023.
- Top Ten Long-Term Care Considerations. Mutual of Omaha continually strives to underwrite cases responsibly and to handle each application with care. We feel it's very important to clearly communicate a few tips with our underwriting guidelines and expectations, particularly in the pre-submission timeframe. Please use this quick reference guide highlighting ten common health conditions that should be given some extra consideration before submitting an application. This will help ensure a smoother application process.
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.
OneAmerica
- Process Solutions. Two enhancements were made to the Asset Care eApp process, to provide a new online option to complete the Part 2 questions and to help identify underwriting program earlier. In addition to the release above, here’s an updated eApp process video.
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.
Principal
- Paper Application Part B to be Discontinued. Effective June 5, 2023, Principal will no longer accept a paper part B for life or IDI applications. Any paper Part B’s currently in process should be submitted to the home office before June 5.
- SSN Documentation & Bank Account Information Updates. Effective immediately, Principal will be making changes to procedures for obtaining missing Social Security Numbers and collecting bank account information.
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
- AG 49-A Frequently Asked Questions. Actuarial Guideline 49-A (AG 49-A) is a regulation that outlines how indexed UL policies should be illustrated. A revised version of this guideline is expected to go into effect on May 1, 2023. This update will impact illustrations using the Goldman Sachs Voyager (GSV) Index Account on Founders Plus.
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.
Symetra
- One Class Upgrade Program. Give your clients the underwriting boost they deserve with Symetra’s One Class Upgrade Program. It’s designed to move clients one underwriting rate class up to bring their overall insurance premiums down.
- Symetra’s MultiLife Business Program. MultiLife Business Program provides streamlined life insurance protection to multiple key employees through a guaranteed-issue underwriting process designed specifically for them.
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.
