August 2022 Carrier Updates

August 2022 Carrier Updates

Last Updated: August 29

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


Genworth

  • In-Force Rate Action Announcement: Montana. Regarding Privileged Choice and Classic Select with 1% Benefit Increase Option, Montana has allowed the following increases. For Privileged Choice: 26.07%. For Classic Select: 26.07%. Agent notifications begin August 23, 2022. Client notifications begin August 30, 2022.
  • In-Force Rate Action Announcement: Alaska. Regarding PCS II and Choice I with Lifetime Stable Premium Option, Alaska has allowed the following increases. For PCS II policies with limited benefit periods: (a) policies with no inflation protection: 0%; policies with greater than 1% inflation protection: 80%. For Choice I policies with limited benefit periods: (a) policies with no inflation protection: 0%; policies with greater than 1% inflation protection: 105%. For PCS II policies with lifetime benefit periods: (a) policies with no inflation protection: 35%; policies with greater than 1% inflation protection: 95%. For Choice I policies with lifetime benefit periods: (a) policies with no inflation protection: 80%; policies with greater than 1% inflation protection: 105%. Agent notifications begin August 23, 2022. Client notifications begin August 30, 2022.
  • In-Force Rate Action Announcement: South Carolina. Regarding PCS I and Choice I with Lifetime Stable Premium Option, South Carolina has allowed the following increases. For policies with limited benefit periods: 15%. For policies with lifetime benefit periods: 25%. Agent notifications begin August 16, 2022. Client notifications begin August 23, 2022.
  • In-Force Rate Action Announcement: Montana. Regarding My Future, My Plan, Montana has allowed the following increase. For product series 1.0 and 2.0: 40.18%. Agent notifications begin August 9, 2022. Client notifications begin August 16, 2022.
  • In-Force Rate Action Announcement: South Carolina. Regarding Pre-PCS, South Carolina has allowed the following increases. For policies with limited benefit periods: 0%. For policies with lifetime benefit periods: 32.1%. Agent notifications begin August 9, 2022. Client notifications begin August 16, 2022.

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

Lincoln

  • Guaranteed minimum cash surrender value interest rates : Changing September 1st. Due to changes in the interest rate environment, the Guaranteed Minimum Cash Surrender Value (GMCSV) interest rate is increasing to 1.80% (up from 1.00%) for several products. The Guaranteed Minimum Fixed Interest Rate (GMFIR) is increasing for several single premium fixed indexed annuities. The Guaranteed Minimum Interest Rate (GMIR) chart has been updated to reflect these changes and will be available after September 1st, from the Lincoln Forms Tool: Form AN11725.
  • Streamlined Roth IRA Conversion process available with Lincoln OptiBlend® fixed indexed annuities. Effective August 22, 2022, representatives can submit one application to establish two Lincoln OptiBlend® contracts: a Traditional IRA, and a second contract that represents the Roth IRA conversion amount.
  • Enhancements to the indexed account line-ups for Lincoln OptiBlend® and Lincoln FlexAdvantage® fixed indexed annuities. Effective with contracts issued on or after August 22, 2022, Lincoln is pleased to announce additional indexed accounts for new Lincoln OptiBlend and Lincoln FlexAdvantage contracts. Effective with new contracts issued on or after August 22nd, clients will have the opportunity to allocate premium to the new accounts: Lincoln OptiBlend 5, 7 & 10-year surrender charge schedules - 1 Year S&P 500 Performance Triggered. Lincoln FlexAdvantage 5 & 7-year surrender charge schedule - 1 Year BlackRock Dynamic Allocation Participation and 1 Year BlackRock Dynamic Allocation Participation Plus (includes fee).
  • Now Available – Lincoln MoneyGuard Market Advantage® (2022). Lincoln MoneyGuard Market Advantage® (2022) is available effective Aug. 15, 2022, subject to state approvals. MoneyGuard Market Advantage® (2022) provides pricing improvements that allow for even greater benefit growth potential and adds the new Benefit Transfer Rider (BTR) to all policies at no additional cost. This innovative rider provides beneficiaries the option to leverage some or all their death benefit proceeds to enhance their own benefits on an existing MoneyGuard Fixed AdvantageSM or MoneyGuard Market Advantage® policy, all with no additional underwriting requirements. Additionally, the Flexible Care Cash (FCC) benefits are extending to seven days a week (previously five) providing clients greater flexibility and access to cash for informal care needs.
  • Now Available in New Jersey – Lincoln AssetEdge® VUL (2022). Click the link for details on AssetEdge® VUL (2022), now available in New Jersey (effective date in other approved states 1/24/22).
  • Real-Time Offer Launches. Beginning July 25, 2022, Lincoln is excited to provide you and your clients with a Real-Time Offer for eligible life insurance cases. This feature will immediately communicate an underwriting approval decision to clients that have been approved lab-free by our automated underwriting process. The client, writing agent and case contact will be notified of the approval upon completion of the online or phone interview. Available for life insurance ticket submissions only: Lincoln TermAccel®, LincXpress® submissions (single-life only): Lincoln LifeElements® Term, IUL, VUL, Available for tickets submitted on or after July 25, 2022.

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 to Introduce a Fluidless Eligible Underwriting Program. Effective August 25, MassMutual will introduce a Fluidless Eligible Underwriting Program to allow some applicants to qualify for certain life insurance coverage without a medical exam. This program will be available in all states for all submission types. Eligible for ages 17-50; face amounts up to and including $1 million.

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

  • Inforce LTCi Rate Adjustments Effective November 1, 2022. Mutual of Omaha will be implementing the following inforce rate adjustments effective November 1, 2022. Impacted policy forms: LTC04G, LTC04I, LTC04I7, LTC09M, LTC06UI, LTC09U, LT50, NH50, HCA, NHA, and LTA. Please see link above for details.
  • COVID-19 Underwriting Guidelines Update. They changed their temporary guidelines effective August 1, 2022. These guidelines apply to all fully underwritten life insurance cases and includes all newly submitted and pending in-house cases, whether formal or informal. Acceptance Guidelines Based on Insured's Issue Age: We will now accept applications for clients through age 79 and up to table 6. If the client is age 80 and above all cases will be temporarily postponed. Fit Underwriting Program: We will be reinstating the FIT underwriting program for individuals through age 75 and through Table 4. Positive COVID Testing: If the applicant has tested positive for COVID-19 at the time of the application, we will postpone the application for 30 days. Applicants with a history of COVID-19, will be required to provide a Statement of Good Health upon delivery otherwise we will return to our pre-COVID guidance for Statement of Good Health. For Express Products: If the client admits to a positive COVID Test, we will postpone the case for 30 days in lieu of the previous temporary guideline of 90 days.

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 Updated Underwriting Programs. Nationwide has three updated underwriting programs to create more opportunities for your advisors and clients to do business with Nationwide.
    • Nationwide Term + Perm: Term + Perm program has been expanded up to $5M up to age 50, and term policies issued through an acceleration program can now be included for eligibility.
    • Nationwide Executive Advantage: A streamlined underwriting program that can now be used for up to a $20M face amount, the Nationwide Executive advantage is a great option for your executive clients.
    • Competitor Match Program: This program has been updated to match up to a face amount of $5M and has added new carriers to the qualifying list.

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

  • Introducing Pacific Accelerated Life+ (PAL+). Pacific Life has combined PL Swift and PL Smooth Sailing underwriting programs into one cohesive, friendlier, all-digital life insurance experience. Now, when applying for new PL Promise1 life insurance policies, you can enjoy the convenience and clarity of one seamless underwriting process.

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

  • Benefit from recent GI Term enhancements). We recently made a couple of enhancements to the Principal® Guaranteed Issue Term (GI Term) program to streamline the process and make it available to more clients. GI Term can be an effective solution for business needs such as key person insurance, buy-sell strategies, and executive carve-out plans. The changes include:
    • Digitally-enabled the employee application process so they simply review a pre-completed application and eSign it. After policies have been issued, they’re eDelivered to the appropriate parties.
    • Reduced the group eligibility minimum from 25 to 10 lives for qualifying cases. Group eligibility is determined based on a calculated group risk score involving a de-identified prescription check. With a qualifying aggregate score, we’ll be able to consider groups of 10+ lives.

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.

Sons of Norway

  • All Cash Value Products Are Now Available for Sale in the State of California. Sons of Norway's cash value insurance products are once again available for your clients in California. This now includes our popular Simplified Issue suite and our remaining fully underwritten whole life products. Our Guaranteed Issue Whole Life product was approved for sale on July 20. Please note: our Term product is not yet approved.
  • Guaranteed Issue. Recapping their most popular product, Guaranteed Issue: *Issue ages 0-85 *Up to $25,000 in coverage *True guaranteed issue (zero medical questions) *Very simple application process *Renewal commission for the lifetime of the policy.
  • Simplifying Simplified Issue. The PHI (Personal Health Interview) is no longer a requirement for our Simplified Issue Whole Life product. The application is the exact same. We’ve added additional underwriting tools behind the scenes that removes the need for clients to speak with an interviewer. You and your client will experience an increased speed to decision, 24 hours in most cases, a significant improvement from our previous process that required client intervention. This applies to our Simplified Issue Whole Life (Simple Solution - SIWL) and Single Premium Simplified Issue Whole Life (One Solution – SPSIWL).

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


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