December 2022 Carrier Updates
Last Updated: December 22
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:
American National
John Hancock
Legal & General America
Lincoln
MassMutual
Mutual of Omaha
Nationwide
OneAmerica
SBLI
Securian
Zurich
American National
- Discontinuation of Term Life Insurance Sales. The NAIC recently proposed the adoption of a revised Annuity Suitability Model Law. Separately, the US Securities and Exchange Commission released a proposed rule package in May 2018, which included Regulation Best Interest. 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. State Implementation Effective January 1, 2023: HI, MN, NC, SD.
- Discontinuation of Term Life Insurance Sales. As of 11/1/2022, American National arrived at the purposeful decision to cease term life sales. American National will continue to process all Signature Term Life Insurance applications received prior to 12/1/2022 and will continue to offer the highest level of customer service to all existing Signature Term Life Insurance policyholders and agents. 11/30/2022: Last day to run an illustration or term quote in ExpertOffice. 11/30/2022: Last day to apply for a Signature Term Life application. 2/28/2023: Last day to put a Signature Term Life policy inforce.
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.
John Hancock
- New Enhancement to Inforce Policy Search. John Hancock recently updated the inforce policy search options and created one simplified field, offering a more streamlined experience — and ultimately helping you find the information you need faster. Rest assured, you still have access to all the same data. We’ve just made it easier and quicker to find the details you need. You can access the inforce policy search tool via the My Business page on JHSalesHub.com. As a reminder, inforce policy details can only be viewed by the servicing agent.
- Illustration Updates. As part of their December 12 illustration release, John Hancock is implementing the following updates to illustration capabilities:
- Adding Supplemental Retirement Income with Life Insurance concept to include John Hancock VUL products in WinFlex. This popular solution can be tailored to illustrate the potential distributions from a life insurance policy designed to supplement retirement income.
- Adding Historical Performance reports to VUL products in WinFlex. These reports show how the policy values, death benefits, and internal rates of return would have performed based on actual historical net rates of return for one or more of the selected variable investment accounts.
- Updating IUL on inforce illustrations. Inforce illustrations on IUL products will now reflect what account(s) to which the policy value is currently allocated. This helps provide clarity in how inforce illustrations are being run.
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 America
- Enhancement Update. Legal & General is rolling out the following new functionalities to make you and your client’s application experience even better: *New Assigned Underwriting Process *Application Manager - Update to Navigation Section *New Email Communication for Amended/Revised Applications
Need help with any of Legal & General America's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Lincoln
- California Insurance Agent & Broker Anti-Fraud Training & Reporting Requirements. New requirements effective on or after March 1, 2023. On September 18, 2022, California Senate Bill 1242 was approved to update specific sections of the California Insurance Code pertaining to agent and broker anti-fraud training and reporting requirements. In particular, agents and brokers licensed, or applying for an insurance license in California, must do the following. Anti-Fraud Training: New licenses. On and after March 1, 2023, all new applicants to be licensed as a life agent or an accident and health or sickness agent must complete 12 hours of study on ethics and the California Insurance Code, including one hour of study on insurance fraud. Renewal licenses. On and after March 1, 2023, an individual licensed as a life agent or an accident and health or sickness agent must complete, prior to renewal of the license, a three-hour ethics course that includes one hour of study on insurance fraud. Reporting Requirements. If an agent or broker reasonably suspects or knows that a fraudulent application is being made, before an insurance application is placed with an insurer, the agent or broker must submit this information to the California Department of Insurance Fraud Division, using the electronic form within the Fraud Division’s Consumer Fraud Reporting Portal, within 60 days of making that determination. If an agent or broker reasonably suspects or knows that a fraudulent application was placed with an insurer, the agent or broker shall report that information directly to the insurer’s special investigative unit. An agent or broker shall furnish all papers, documents, reports or other facts or evidence to the insurer’s special investigative unit upon request, and shall otherwise assist and cooperate with the insurer’s special investigative unit.
- LTCG Rebranding as illumifin. Following the announcement of illumifin’s acquisition of LTCG earlier this year, LTCG will rebrand as illumifin effective Jan. 1, 2023. Lincoln partners with LTCG to fulfill client interviews and process long-term care claims for Lincoln MoneyGuard® cases, and we will continue this partnership with illumifin. We expect there will be updates to contact information, technologies, and other impacted areas as the company transitions. We will share more information as it becomes available.
- Reminder – Key Dates for MoneyGuard Couples Discount Program. Special underwriting program expanded to all Lincoln MoneyGuard® products placed through Dec. 30. Lincoln would like to remind you of upcoming key dates for participating in the Lincoln MoneyGuard® Couples Discount Program. ▪ Business must be PLACED by 12/30/2022 to receive the Couples Discount. Any case not placed by 12/30/2022 will be subject to standard underwriting. ▪ 1035 exchanges must be initiated by 12/30/2022 to hold the Couples Discount. See link above for more details.
- 2022 Life Insurance Year-End Guidelines. December 8: Suggested final date to submit all applications and tickets requesting a Tele-App or Phone PHI. The completion of the interview is contingent on your client’s scheduling availability. As a reminder, the online interview (eInterview) is flexible and can be completed at any time. December 15: Suggested final date to submit all full applications and tickets requesting an online interview. December 22: All placement-restrictive requirements, including premium, must be received at Lincoln in-good-order to be guaranteed for placement by Dec. 30, 2022. See link above for more details.
- Introducing LincolnProtectedPay. Lincoln is introducing its latest annuity solution, available beginning Nov. 28: Lincoln ProtectedPaySM lifetime income suite. Available exclusively with Lincoln Financial’s variable annuities for an additional cost, Lincoln ProtectedPay features six protected lifetime income options which offer predictable growth, investment flexibility and a lifetime income stream that can’t be outlived. See link above for more 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
- New MassMutual DI Competition Hub. With DI Competition HUB for Disability Income Insurance, you are only a click away from seeing MassMutual's competitive advantages.
- MMSD Underwriting Resources Available Now. MassMutual has launched its new underwriting website on the MMSD Digital Hub. Here you will find all the guidelines and resources that were released throughout the year in one place – for Life Insurance, and Disability Income Insurance as well.
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
- Introducing the Four Quarters Club. Mutual of Omaha introduces the Four Quarters Club, a brand-new incentive program for Simplified Issue products that pays out a 10% bonus on a quarterly basis to all qualifiers.
- Inforce LTCi Rate Adjustments Effective March 1, 2023. Mutual of Omaha will be implementing the following inforce rate adjustments effective March 1, 2023. Impacted states: DC, KS, MT, VA, and OH. Please see link for specific forms affected.
- Chronic Illness Rider Requires No Additional Underwriting. Mutual of Omaha's Income Advantage and Life Protection Advantage IULs can help meet clients' needs with the automatic Mutual of Omaha's Chronic Illness Rider that is issued on policies with no additional underwriting requirements.
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 Executive Advantage Program Enhancements. Click the link to learn more about recent improvements to the Nationwide Executive Advantage program, for eligible clients with an annual income of $150,000 or more. Features: *Increased eligible policy face amount to $20 million *Added new eligible rate classes of Standard and Standard Plus to existing rate classes of Preferred and Preferred Plus *Added options to complete an e-application and an online interview
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
- Best Interest and Suitability updates. Alaska, Colorado, and North Carolina have updated their requirements around Best Interest and Suitability in Annuity Transactions. New training courses are required to submit applications for any annuity products, including Asset Care Annuity Funding Whole Life. In states that have adopted the Best Interest changes, producers are required to use the new NAIC Best Interest Annuity Suitability Policies and Procedures Producers’ Guide, all other states will continue using the prior version of the guide.
- New Withholding Process for Asset Care Annuities Effective December 10. Beginning January 1, 2023, IRS guidelines around taxable distributions from retirement plans and annuities will change, requiring a modification to Asset Care Annuity Funding Whole Life option and Asset-Care II/III (California) application process. Starting December 10, 2022 this guideline change will necessitate the collection of a new “Statement of Understanding – Withholding” form as well as IRS Form W-4P to indicate the policyholder’s future withholding preference prior to issue.
- 2022 Year-End Deadlines. Non-underwritten annuity new business: the Home Office must receive all pending, non-underwritten annuity new business applications and all outstanding requirements by the end of business on Friday, Dec. 16. Life policies and underwritten annuities for all companies: Underwriting must approve the case. The Home Office must receive by end of business on Friday, Dec. 16, all delivery requirements, fully completed, including but not limited to: o Initial premium o Certificates of Insurability o Bank draft authorization o 1035/Transfer funds received. Any pending cases with a request for reissue or plan change must be received in the Home Office by end of business on Wednesday, Dec. 14, to ensure processing time for both Underwriting and New Business. See link above for more details.
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.
SBLI
- 2022 Year-End Processing News. Underwriting will continue to approve and issue cases through Friday, December 30, 2022. All money to put new cases in force must be received by close of business on Wednesday, December 28, 2022. All 1035 paperwork including funds must be received by close of business on Friday, December 30, 2022. All 2022 term conversion paperwork and premium must be received by close of business on Wednesday, December 28, 2022. All requests for 2022 Required Minimum Distributions must be received, complete and in good order, at the SBLI home office no later than Friday, December 30, 2022.
Need help with any of SBLI's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Securian
- Updated Underwriting Guidelines in Three Key Areas. Securian Financial’s Guideline Enhancement program's recent updates include underwriting changes for: gestational diabetes, Obstructive Sleep Apnea (OSA), and build credits.
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.
Zurich
- Product Updates, Effective February 1, 2023. Effective February 1, 2023, Zurich will discontinue sales of the following products:
- Zurich Wealth Builder IUL
- Zurich Select IUL
- Zurich Survivor IUL
- Zurich Term 10, 15, and 20
Need help with any of Zurich's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
