August 2020 Carrier Updates
Last Updated: August 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
NOTE: As of July 3, EMSI ceased business operations. As we get responses from carriers on how they're adapting, we're adding them to our spreadsheet of COVID-19 updates. Click here to download that spreadsheet.
AIG
- Interest Crediting Rate Updates and New Inforce Interest Rate Flyers Now Available. Blend Participation Rate Account (MLSB) and Global Blend Participation Rate Account (PIMCO) will see increases. S&P 500 Cap and Participation Rates will see some decreases. Fixed account and new index segments established on or after July 25, 2020 will receive the new rates.
- AIG Life US Underwriting Update. AIG has identified some medical conditions where they believe cases may proceed or be reopened under specific circumstances. Going forward, cases with only one of the allowed co-morbidities noted below may be allowed if the co-morbidity is the only reason the case was, or would be, paused or postponed, and the applicant is under 70 years of age.
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.
Legal & General (Banner)
- New Term Pricing Effective August 11, 2020. New rates for all Banner Life and William Penn OPTerm series options include a mix of decreases and increases. See the above link for details.
- Digital Application Platform Interview Scheduler Has New Capabilities. Gives applicants the option to schedule or reschedule a phone interview to complete their application, should they need assistance or do not wish to complete the online application. Allows agents to choose an open interview time slot when dropping a ticket from the Partner Dashboard. The new scheduler functionality does not yet apply to AppAssist business, so clients will not be able to reschedule their AppAssist interview appointments online. They will need to call us to reschedule.
- Digital Application Platform Preferences and Email Options Available. New Preferences options allow GAs to assign multiple email addresses to receive notifications by function (Application Journey, Underwriting, Final Decision).
Need help with any of Legal & General's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Lincoln
- Limited-Time, One-Class Underwriting Upgrade. Fully underwritten Lincoln AssetEdge® VUL cases will receive a one-class underwriting upgrade for a limited time only. Substandard-rated cases (ex. an insured is rated Table C, Lincoln would offer Table B.) Cases with a flat extra (ex. insured is rated a standard nontobacco with $5.00 flat extra, Lincoln would offer preferred non-tobacco with $5.00 flat extra). New submissions must be received in good order at Lincoln by close of business on December 31, 2020 to be eligible.
- Recent Changes to Lincoln's Underwriting Guidelines. Effective Monday, August 10, 2020, Lincoln is pleased to announce an enhanced underwriting program to strengthen the competitive value of our Lincoln AssetEdge® variable universal life (VUL) insurance product.
- Electronic Delivery of Statements & Confirmations For Financial Professionals. Effective September 1, 2020, Lincoln will no longer print and mail hard copies of life insurance annual and quarterly statements, or VUL confirmations, to financial professionals. For easier, faster access, all materials are available electronically at LincolnFinancial.com.
- First-year premium limitations on Lincoln VULONE (2019) and Lincoln SVULONE.. Effective August 10, 2020, Lincoln will implement a maximum first-year premium limit of $500,000 for Lincoln VULONE (2019) and Lincoln SVULONE (2019). The limit applies to total first-year premium, including 1035s and lump sums. All funding patterns, ages and underwriting classes are subject to this limit.
- Lincoln MoneyGuard® Solutions: Issue Age Adjustments. Effective August 10, 2020, Lincoln will implement issue age adjustments to the Lincoln MoneyGuard solutions suite. All products will have a maximum issue age of 70. Lincoln will allow a two-day transition window to accommodate applications currently in progress. On or after August 11, 2020, no new applications will be accepted for clients ages 71 and up.
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.
Mutual of Omaha
- Rate changes and benefit option changes for the MutualCare® Solutions Portfolio. Premium adjustments may vary by age, sex and benefit selection. You may view the new rates by referring to the quoting software beginning September 1, 2020. Benefit Changes. Cash Benefit: *MutualCare® Custom: 25% of home health care benefit up to maximum of $2,000 per month. *MutualCare® Secure: 25% of home health care benefit up to maximum of $2,000 per month. See link for more details.
- Improvements to Accelerated Underwriting Program. Changes effective immediately: *Increasing the Accelerated Underwriting maximum issue age from age 55 to age 60. *Making the $2 million maximum that was announced in April a permanent increase.
- Human API Pilot for LTC and Fully Underwritten Applications. Beginning August 10, 2020, Mutual of Omaha will launch a new pilot with Human API to obtain your clients’ electronic health records as part of our underwriting process. This pilot will include Fully Underwritten Life and Long-Term Care products where ordering of medical records is required.
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
- New Conversion Privilege Endorsement on Nationwide Term Life Insurance. Nationwide will contractually guarantee Nationwide YourLife Guaranteed Level Term policy conversion rules on new policies starting on August 10, 2020.
- Illustration Signature Update on Life Insurance Applications. Beginning August 24, Nationwide will require that the “No Illustration Acknowledgement” section be properly filled out to signify whether an illustration was used in the sale of a life insurance policy and that the signature of the insured is dated accordingly in their life insurance application.
- New Conversion Privilege Endorsement on Nationwide Term Life Insurance. Nationwide announces they will contractually guarantee Nationwide YourLife Guaranteed Level Term policy conversion rules on new policies starting August 10, 2020.
- Extended 12% Enhanced DCA Annual Rate on VUL Products. We went from an 8% to a 12% enhanced DCA rate. This offer has now been extended until December 31, 2020. This offers your clients more protection against investment timing risk.
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.
New York Life
- EXTENDED: 2020 Enhanced Term Conversion Credits on Attained Age Term Conversions to Whole Life Products. The Double Conversion Credit Campaign is being extended through September 30, 2020. New York Life will continue to evaluate this campaign and the benefits it provides to clients and agents. Any potential changes to the final date of this campaign will be communicated with as much notice as possible.
Need help with any of New York Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Principal
- Life New Business and Underwriting Time Service. Due to the increased volume of submissions, Principal continues to operate at a slower pace. Informals are the lowest priority, with the equivalent of 1 underwriter processing informals.
- Temporary Underwriting Guidelines are Extended Through August 31. Effective March 24, temporary underwriting guidelines were put in place to provide additional help for pending or newly submitted formal applications.
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.
Protective
- Fixed Permanent Products Now Available for Accelerated Underwriting. More of Protective's core products are available for PLUS, Protective Life’s accelerated underwriting solution.
Need help with any of Protective's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Securian
- Product Updates to SecureCare Universal Life. Securian Financial will implement updates to SecureCare in Arizona, Connecticut, Delaware and North Dakota on September 5, 2020.
- Changes to WriteFit Underwriting in NY Now in Effect. In order to comply with recent regulatory changes in the state of New York, Securian has updated its WriteFit Underwriting guidelines, effective July 31, 2020.
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.
Transamerica
- . Effective immediately, cash is no longer required at time of application submission. You may now submit applications without initial premium when submitting individual business. Premium payment will become a delivery requirement.
Need help with any of Transamerica's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
