Last Updated: December 22
Global Atlantic
- AM Best Improves Outlook to Positive While Affirming A- Rating. On December 15, 2016, AM Best revised the outlook on Global Atlantic’s insurance companies’ financial strength ratings to “positive” from “stable” while affirming the ratings at A- (fourth of 13). *The positive outlook is a reflection of Global Atlantic’s continued success in executing on its business strategy, favorable operating and financial performance, and strong levels of capital. These achievements are made even more notable coming at a time when rating agencies have a negative outlook on the industry as a whole.
This is an important step toward achieving an upgrade from AM Best in the future. We will continue working closely with AM Best to reinforce this positive momentum in 2017. Click here to read the press release from AM Best. We couldn’t have reached this milestone without you. Thank you for being a valued partner and for your continued support of our business.
Need help with any of Global Atlantic's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Lincoln Financial
- A message from Andy Bucklee and Mike Burns: Term Product Updates. To support our ability to continue offering a comprehensive, competitive and relevant portfolio of permanent and Term insurance products for your clients, Lincoln announced changes in July, 2016 to its Term Conversion Guidelines. Since that time, we have continued to evaluate our Term Conversion Guidelines for policies with an effective date prior to September 12, 2016. This has included many conversations with partners and careful evaluation of the meaningful feedback that we have received.
In October, we reinstated full commissions in policy years two and later for policies with an effective date prior to September 12, 2016. While we could not reinstate our previous guidelines in their entirety, we felt this was a meaningful action that recognizes the servicing needs you provide to your clients. At that time, we acknowledged further adjustments would be forthcoming.
Today we are announcing those adjustments, which pertain only to convertibility options for Term products introduced prior to April 2007. Please click the link above to read more about those adjustments.
We are also pleased to share that in the first quarter Lincoln will be making pricing improvements to Lincoln Life Elements® Level Term and Lincoln TermAccel® that will solidify “top 3 carrier” competitiveness in each product’s target market, with the lowest price in select scenarios. Details are still being finalized which we will announce in January, but we are excited to share this news with you today. As a reminder, with all new sales of Term policies, Lincoln offers 7 years of guaranteed conversion to its full product portfolio, while the industry typically offers 5 years without guaranteed product availability. Lincoln also pays commissions in all years, including full commissions in years four and later.
Need help with any of Lincoln Financial's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Transamerica
- Underwriting: Updated Trial Application Submission Guidelines. Effective January 1, 2017, trial applications will only be available on permanent products for insured ages 50-80 and with face amounts of $5 million or greater. Those that do not meet these age/face guidelines will be reviewed if the annual premium is $25,000 or greater and the anticipated premium is clearly indicated on the cover page. Trials on term products will no longer be reviewed. Trials can be submitted via the secure email platform or faxed to 800-814-2205.
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.
