August 2021 Carrier Updates

August 2021 Carrier Updates

Last Updated: August 27

In addition to the carrier updates below, you may also be interested in:

American National

  • Revised NAIC Annuity Suitability Model Law. The NAIC recently proposed the adoption of a revised Annuity Suitability Model Law. Separately, the U.S. Securities and Exchange Commission (SEC) released a proposed rule package in May 2018, which included Regulation Best Interest (Reg BI). The SEC finalized Reg BI in June 2019. The final Reg BI establishes a best interest standard of conduct for broker-dealers beyond the existing suitability obligation that applies to federally registered variable annuities. PLEASE NOTE: TX training requirement is effective 1/1/2022, however, the new forms will be required as of 9/1/2021, with no grace period. Click the link above for a current list of states that have adopted the revised model.

Need help with any of American National's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Equitable

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 IUL Now Approved in California. For clients looking for the protection and growth potential of an indexed universal life (IUL) insurance policy, John Hancock’s new Protection IUL continues to lead the way with highly competitive premiums plus a more competitive Cash Value Enhancement rider. And our new Base Capped Two-Year Indexed Account option gives more conservative clients a longer time horizon for growth potential, while enjoying the security of Protection IUL’s 0% floor.
  • Changes to applications with LTC rider in Washington state. Beginning August 6, we will temporarily suspend all applications with the LTC rider in Washington. To meet the deadline, applications must be received in good order by the close of business on August 5. We expect to resume accepting applications for the LTC rider in Washington after November 1, 2021. In the meantime, from July 30 - August 5, for new application submissions, only illustrations with annual premium mode will be accepted when the LTC rider is elected in Washington. Our illustration system has been updated accordingly. Please contact National Sales Support to obtain a revised illustration for any mode other than annual on applications submitted prior to Friday, July 30. As previously announced, the minimum face amount for all applications that include the LTC rider in Washington is currently $250,000.

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.

Legal & General (Banner)

  • Introducing a new product policy form for OPTerm. Coming in early September, we're implementing a new product policy form for our OPTerm products which will help us continue to provide the highly competitive pricing and strong customer value for which LGA has long been known. We're also making OPTerm 35 and 40 available for William Penn. The new product policy form will have a new form number and will replace the current product policy form. Applications received prior to the effective date will be issued on the current product policy form. Applications received on or after the effective date will be issued on the new product policy form. There will be a one-time, automatic reduction in the death benefit at the end of the level period. Premium will increase for most customers. All other product features and riders will remain unchanged.
  • New York: Go Lab Lift Exam-Free Up to $2m for Paper Apps. As other carriers discontinue doing business in New York, we'd like to take this opportunity to let you know that we remain committed to providing great products and friendly service to our William Penn BGA's and advisors. We make it easy to do business so we've included just a few reasons below to submit your next case with LGA.
    • Consistent financial ratings. Legal & General America has an industry leading 95 COMDEX score, which is a composite of all the financial strength ratings we have received. We hold an A+ (Superior) financial strength rating from A.M. Best and AA- (Very Strong) financial strength rating from Standard & Poor’s and Fitch Ratings.
    • Underwriting strengths. We have recently revised our temporary COVID guidelines to provide more opportunities for cases to be underwritten, approved and issued. See our Underwriting Field Guide.
    • Accelerated UW and exam substitution programs. Accelerated underwriting is available through our industry-applauded AppAssist tele-application program and can speed qualified applicants through to approval with no medical exams, labs or APSs. Eligible clients up to age 60 submitting paper applications can also enjoy up to $2 million in exam-free coverage with our Lab Lift exam substitution program. An APS will be used as a substitute for a paramedical exam and fluids for those with recent physician visits and bloodwork (last 18 months). All rate classes, including Sub-standard, are eligible for the program.
    • Digital solutions. Submit business in minutes from Legal & General America’s Partner Dashboard or various multi-carrier drop ticket platforms. Meet client expectations with electronic signature, payment and delivery of policies through DocuSign. eDelivery reduces cycle time and eliminates mailing costs. Clients can use a debit card, credit card or PayPal® to pay initial premiums online. ACH bank draft is also available.
    • Self-service options. Agents can utilize our Partner Dashboard to view the status of their business, download forms and applications, and run commission statements and quotes. Customers can go to lgamerica.com and register online to service their policy, make premium payments, change address, and add or change beneficiaries. There are even options for billing notifications via text and the ability to pay on the go!

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

  • Lincoln OptiBlend® fixed indexed annuity. Effective with new Lincoln OptiBlend® fixed indexed annuity contracts issued August 23, 2021 and later, clients can allocate their premium to the 1 Year and 2 Year BlackRock Dynamic Allocation Participation accounts. These two new indexed accounts are tied to the performance of the BlackRock Dynamic Allocation Index. This index seeks to deliver diversified global multiasset exposure via a combination of strategic and tactical insights, aiming to achieve a stable and consistent return profile.
  • Updates to Lincoln Insured IncomeSM immediate annuity and Lincoln Deferred Income SolutionsSM annuity issue requirements. Maximum premium lowered to $1M. Effective August 23, 2021, we are lowering the maximum premium limit to $1M (previously $2M) for both Lincoln Insured IncomeSM single premium immediate annuity (SPIA) and Lincoln Deferred Income SolutionsSM deferred income annuity (DIA).
  • Now Available – Lincoln ConversionSM UL (2019).Effective August 16, 2021, Lincoln is updating Lincoln ConversionSM UL (2019) – 08/16/21 which incorporates the new 7702 assumptions that went into effect on January 1, 2021. This current assumption universal life product fulfills contractual obligations for conversions. In most cases, this product continues to be the only conversion option available for policyholders with a term product introduced prior to April 2007*. Lincoln ConversionSM UL (2019) – 08/16/21 has been updated to reflect the new minimum statutory interest rate assumptions used in calculating the premium limits under sections 7702 and 7702A of the Internal Revenue Code. Consistent with the current version, Lincoln ConversionSM UL (2019) – 08/16/21 will be offered at a price that reflects the anticipated mortality risk of converted policies based on today’s pricing and risk‐management standards. Lincoln ConversionSM UL (2019) – 08/16/21 is replacing Lincoln ConversionSM UL (2019). For states approved at rollout the transition period will end on September 15, 2021. This version of the product will not be available in New York.
  • Pricing Update: Lincoln TermAccel® Level Term (2019). Effective August 16, 2021, Lincoln is announcing pricing updates to Lincoln TermAccel® Level Term (2019) which will improve competitive positioning in key cells. Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement. Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods when compared to key competitors: ▪ Face amounts of $500K – $1M, premiums are in the top 3 for most ages 40 – 60 ▪ Face amounts of $1M, premiums are ranked #1 for a large majority of ages 45 – 60 ▪ Pricing updates include decreases only. For states that are approved at rollout, there is a 30-day transition period which begins on August 16, 2021 and ends on September 15, 2021.
  • Lincoln MoneyGuard Submission Guidelines for Washington. Lincoln encourages you to submit any Washington cases as soon as possible to ensure the maximum amount of Lincoln MoneyGuard cases in Washington are placed before the state’s deadline of November 1, 2021. While Lincoln cannot guarantee placement by this date, these guidelines and key dates should be followed to help you place your inforce case(s) before November 1.
  • New York Life Insurance Product Update -REMINDER August 13, 2021 Submission Deadline. Recently, as part of a review of its electronic signature processes, Lincoln Life & Annuity Company of New York (Lincoln) became aware that the application currently used for its life insurance products sold in New York, does not comply with New York’s requirements for use with electronic processes and platforms. Lincoln is committed to ensuring our products and processes are in compliance with state regulations and guidelines, therefore the following actions will be taking place until a new, electronic-compliant application and process can be implemented. All New York applications for the life insurance products listed below must be received in-good-order at Lincoln by August 13, 2021, and all pipeline cases for the New York products listed above must be placed inforce, or 1035 exchange initiated by October 29, 2021. Any case not placed inforce or 1035 exchange initiated by October 29, 2021 will be cancelled. The following life insurance products currently sold in New York will be suspended after August 13, 2021:
    • Lincoln LifeElements® Level Term (2019) - 07/15/19
    • Lincoln WealthAdvantage® Indexed UL
    • Lincoln WealthPreserve® IUL (2017) - 02/12/18
  • Extension of Maturity Offer Expanding to Include Variable Universal Life Products. Now available in Mississippi. Lincoln is broadening the range of products eligible for an extension of the policy maturity date. The offer applies mostly to older products in the Lincoln suite, as newer products often contain a maturity extension feature as part of the base contract. The effort to extend maturity dates on additional Lincoln products is part of a phased approach that now includes variable universal life (VUL) policies. This offer is now available in Mississippi. For the full article please click the link above.

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.

Mass Mutual

Need help with any of Mass Mutual's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Mutual of Omaha

  • Important State of Washington Long-Term Care Rider Announcement. Earlier this month, we announced the preferred deadline to submit applications with the Long-Term Care Rider for our Income Advantage and Life Protection Advantage IUL policies in the state of Washington. After further review, we have made the decision to suspend sales of the Long-Term Care Rider effective immediately in the state of Washington. We will continue to accept applications for the Income Advantage and Life Protection Advantage IUL policies that do not include the Long-Term Care Rider. Effective immediately Income Advantage and Life Protection Advantage IUL applications, with the LTC Rider in the state of Washington, will NOT be accepted. All paper and electronic applications that include the LTC Rider must be received in good order at Mutual of Omaha by 5:00 p.m. (CT) on Friday, August 13, 2021. Drop Tickets submitted before the deadline cannot have the LTC Rider added after submission. Applications received after this deadline will be closed. No exceptions will be made.
  • Important Update Regarding IUL Policies With the Long-Term Care Rider in the State Of Washington. On July 21, 2021, we announced an increase to the minimum face amount on all Income Advantage and Life Protection Advantage IUL policies with the LTC Rider to $250,000 in the state of Washington. Your business is important to us and we will make every effort possible to issue policies as soon as possible. However, we cannot guarantee policies will be issued by the Washington deadline. To give your applications the best opportunity of being processed before Washington's November 1st, 2021 deadline, all applications should be received in the home office no later than Friday, August 6, 2021.

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 is suspending all individual life insurance sales in Washington state until further notice. The passage of the WA Cares Fund in Washington state has created an opportunity for people to consider obtaining long-term care coverage. Because of the increasingly intense interest in Nationwide solutions, the application volume we have received has far exceeded expectations. To provide the best possible experience for all customers, we must notify you of the following change to new business applications in Washington. Effective immediately, Nationwide is temporarily suspending sales of all individual life insurance products, including Nationwide CareMatters®, in Washington state until further notice. All Washington applications received after 5:00 p.m. ET, August 10, 2021 will not be processed. No exceptions will be made. At this time, while we are making every attempt possible to process all business that has been received, we cannot guarantee the issue date for any previously submitted applications in Washington. We will resume accepting new business as soon as possible, but it may not be until after November 2021. In order to manage the volume of applications already received, we have created a separate underwriting and case management team dedicated to handling life applications from Washington. All other states will continue to follow our normal underwriting process.

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.

OneAmerica

  • Return to Pre-COVID Guidelines: COI No Longer Required for Every Case.Effective immediately, OneAmerica will no longer require a Certificate of Insurability (COI) to be completed at policy delivery if premium is submitted with the application and the policy is issued standard or better. As long as the premium is submitted with the application, doesn’t have a substandard rating, and bound via a temporary insurance agreement (such as in Cash with App cases), no COI will be required.
  • Legacy Care in Idaho No Longer Available. Effective immediately, regulatory changes have made it necessary to discontinue Legacy Care sales in the state of Idaho. Please reach out to the OneAmerica Sales Desk with any questions.
  • Suspension of all asset-based LTC sales in Washington state. We have continued monitoring the risk environment created by the WA Cares Fund, and it is necessary to temporarily suspend sales of ALL OneAmerica® company products that meet the definition of long-term care in Washington state effective Aug. 14, 2021. In addition to Asset Care, communicated earlier this week, this suspension now includes Annuity Care, Annuity Care II, and Indexed Annuity Care.
  • Suspension of Asset Care Sales in Washington State, effective Aug. 14.We have been monitoring the sales and regulatory environment created by the WA Cares Fund. It’s important for OneAmerica® to regularly assess risk to protect our ability to deliver on promises made today and long into the future. Accordingly, we have decided to temporarily suspend sales of our Asset Care product in Washington state effective Aug. 14, 2021. New Business Submission Rules. Beginning Aug. 14, 2021, Asset Care applications in Washington will no longer be accepted. All eApp or paper applications must be received in the Home Office by close of business, Friday, Aug. 13, 2021. OneAmerica is fully committed to the long-term care marketplace. We will communicate a future date for Asset Care sales to resume in Washington to help ensure that our mutual clients have access to our asset-based long-term care strategies.
  • Start the LTC Conversation and Make Connections with OneAmerica’s Interactive Site. OneAmerica's interactive consumer website was designed to help your existing and prospective clients envision their retirement and begin to understand the impact that a long-term care event could have on realizing that vision. It’s a great way to get them thinking about a concept that might not be top of mind for them or their families.
  • Legacy Care in Idaho No Longer Available. Effective immediately, regulatory changes have made it necessary to discontinue Legacy Care sales in the state of Idaho. Please reach out to the OneAmerica Sales Desk with any questions.

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.

Protective

  • Updated COVID-19 Life Insurance Underwriting Guidelines. Effective immediately, Protective Life has revised its temporary life insurance underwriting guidelines due to the COVID-19 pandemic with the modifications below. Note that these updates apply to: *Fully underwritten applications (does not apply to applicants who are approved for instant issue of simplified issue life insurance, including single payment whole life or Executive Benefit life products approved on a guaranteed issue basis). *All new or pending cases with no final underwriting offer or outstanding underwriting requirements. Age and rating limitations:
    • We have reverted to pre-COVID-19 underwriting guidelines (no restrictions) for individuals who are 0 – 60 years of age.
    • Ages 61 – 79: We will postpone coverage if individuals are rated higher than Table 4. However, we can consider coverage with: o Evidence of completed COVID-19 vaccination (copy of vaccination card with name, vaccine batch number and date(s) administered). o At least two weeks since the final injection. o No history of immunodeficiency, impairments requiring IVIG treatment or prednisone dependency.
    • We will continue to postpone coverage on individuals who are age 80 and above.

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.

Prudential

  • Rating and Requirement Refinement for Recreational Marijuana Use. Good news – effective August 16, 2021: Daily recreational marijuana use, defined as not exceeding seven times per week, will now be acceptable at Table B rates. More frequent use will still result in the application being Declined. In addition to the daily use liberalization, full underwriting requirements will now only be ordered when the client discloses marijuana use within the past twelve months. This represents a reduction from the previous five-year period, allowing for greater opportunity for PruFast Track processing.
  • An Exciting Option Has Been Added for VUL Protector: The Premium Deposit Account (PDA). As of August 16, you can give clients one more option for paying premiums on VUL Protector: enrolling in a Premium Deposit Account (PDA). It can help them enjoy tax efficiency, convenience, predictability, and choice. The PDA is an optional account, separate from the policy, in which a client makes a one-time deposit. This deposit earns fixed interest and the PDA automatically makes annual premiums into the policy.

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

  • Administrative Change to SecureCare UL Sales in Washington State. In response to new long-term care legislation in the state of Washington, effective August 6, 2021, Securian is suspending sales of SecureCare Universal Life (UL) product to residents of Washington state. Here’s what you need to know: *Applications received by end of business day August 6, 2021, will be processed as normal. *All currently pending SecureCare applications will be processed as normal. *Any new applications received from residents of the state of Washington after August 6, 2021, will not be accepted. No exceptions will be made. Securian anticipates resuming sales of SecureCare to residents of Washington state in November 2021. For any questions, please contact your sales team.

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.

Security Mutual Life

  • Transition Guidelines for Updated IRC Section 7702. New and pending applications for universal life insurance policies will be issued and administered under the updated IRC Section 7702 rules beginning August 19, 2021. The WinFlex illustration system will be updated accordingly. Policies ready for issue will reflect the updated rules at that time. No revised illustrations will be required on those cases where signed illustrations have already been obtained unless the policies are issued using the Cash Value Accumulation Test. Signed illustrations showing a CVAT will be reviewed and revised illustrations will be required when appropriate. Whole life insurance policies comply with the modified IRC Section 7702 using the basis of computation rate appearing in the policy contract. In force Universal life insurance policies issues January 1, 2021 to August 18, 2021, will be updated to reflect the modified IRC 7702 rules.

Need help with any of Security Mutual Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

Transamerica

  • Introducing TransMatch. Transamerica has launched a new program to help you attract clients who may benefit from a simple upgrade of their life insurance coverage. Introducing TransMatch. It’s simple and easy for you and your clients. And it’s another way Transamerica is working hard to earn your business.
  • Transamerica Suspends Sale of LTC Riders on FFIUL Policies in Washington State. After August 16, 2021, Transamerica will not accept applications for Financial Foundation Index Universal Life (FFIUL) policies that include a Long Term Care (LTC) rider in the state of Washington. No exceptions will be made. For any business submitted after August 16th, Transamerica will do its best to communicate with you the options available to your client. This does not impact existing business, including future reinstatements. In order to process, we must receive both paper and iGo applications for FFIUL with LTC rider policies “in good order” before midnight CT, on August 16th. Any application already received before the deadline and in process will continue through underwriting and new business review. Some administrative systems may take longer to update with this information. Your patience is appreciated.
  • Removing COVID Age Restrictions. Transamerica is removing the temporary hold on applications for clients over age 75 for the following life insurance products: Transamerica Financial Foundation IUL(FFIUL), Trendsetter Super Series, Trendsetter LB, Transamerica Lifetime. Effective immediately, all life products are now available for insureds over age 75 with maximum table rating of Table B. Risks assessed over Table B will be declined.

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.

Need help navigating the ever-increasing selection of products from these carriers? Learn how partnering with us can help you earn more, better serve your clients, and sell more life insurance online.

Work with Pinney

Enjoying Our Blog?

If so, please leave us a Google rating or review! It really helps others discover us and our content online.

Leave a Review