February 2020 Carrier Updates
Last Updated: February 28
American National
- February Annuity Rate Increases, New Flex Index Annuity, and More. Annuity Rates Up! – February 2020 rate increases shown in the Feb 2020 rates sheets for both life and annuities.
- New ASIA Plus 7 and 10 Flexible Premium Index Annuity Rates and Caps have gone up in all states (except NY which still has previous single pay versions)
- MYG Rates up 10-30 bps including NY
- Wealth Quest Citadel Diamond 7 FPDA up 10 to 25bps
- SPIA and Century Plus Annuity remain competitive
- Don’t forget our on-going Amazon Gift Card Incentives from 1/1/20 to 4/30/20 for writing agent annuity production (and life insurance too!)
- ASIA Plus 7 and 10 Flexible Premium Index Annuity as of 2/1/20. Non-rolling surrender charge for additions for both ASIA 7 and 10!Features:
- Competitive Caps and Rates
- New Uncapped 1 Year (S&P) Index Strategy with a 40% Participation Rate (35% for ASIA Plus 7) which was the best performer in back testing with strong accumulation value. No spread or fee!
- Optional and Leading LIR Rollup Rates Compounded for 10 Years – 7.2% or 4.2% + Index.
- Additional Training Required – see above link and once you click, please see the red “Required Training” button. Writing agents need completed prior to new application being signed.
- Other ASIA Plus Flex Facts and Basic Information:
- $10k(NQ) minimum initial and $5k(Q). Minimum additional is $1,000 or $100 with EFT.
- 1% Bonus on ASIA Plus 10 and no bonus on ASIA Plus 7.
- $1 million max total premium allowed in all years.
- Illustrating is available starting 2/1/20 – with improved illustrations.
- LIR fee is 1% for 7.2% rollup rate and 70bps for the 4.2% plus Index. LIR is COMPOUNDED for 10 Years. Most industry higher LIR rollup rates in the market are simple interest.
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: List All Parties to The Sale in Your New Business Transmittal Submissions, Including Informals. Be sure to include all parties to the sale when completing the New Business transmittal form - including for informal submissions.
- Exciting news about the HealthyFood benefit. We’re excited to introduce Healthy Savings to the John Hancock Vitality HealthyFood benefit starting March 1, 2020. Healthy Savings is replacing NutriSavings and Walmart’s “Great for You” to create one customer-friendly, digital shopping experience. The new HealthyFood benefit is more convenient and registration is easier than ever. Now there is one, streamlined process (instead of two) with an easy activation: Members order their new Healthy Savings card, register their account and save instantly at the register. Saving is simpler — Vitality PLUS members will get savings of up to $50 a month and 50 Vitality Points for purchasing fresh fruits and vegetables; no need to look for certain labels for qualifying items. Now, all Vitality members, including Vitality GO customers, can save up to $120 a month through Healthy Savings weekly promoted items, in addition to earning Vitality points. Clients have already been notified. In the meantime, if you have questions please contact National Sales Support at 888-266-7498, option 2.
- Application deadline for Vitality PLUS one-table upgrade program is March 31. Now customers who are approved with a substandard rating can earn greater credits when they engage in Vitality PLUS. Therefore, we will discontinue the temporary automatic one-table upgrade program for applications received after March 31.
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.
Mutual of Omaha
- Reminder: Changes to LTC Commission Timing and Policy Dating Process Now Live.. As of February 23, 2020, compensation will be paid at the time the first premium payment is received, all Post Issue Requirements (PIRs) are complete and the case is considered placed./li>
- New Authorization for Release of Individual Tax Return Transcript Form. Beginning March 1, 2020, a new Authorization for Release of Individual Tax Return Transcript form and an IRS 4506T-EZ form are needed when applying for a policy with a face amount exceeding $5 million./li>
- Rate Adjustments Announcement. Hawaii - Long-Term Care. Effective May 1, 2020. Policyholders will receive a letter notifying them at least 60 days prior to the premium rate increase. The effective date of the premium rate increase will be listed in this notification. Notification to all affected policyholders will be mailed by March 1, 2020 to ensure policyholders in the approved states receive notification of their May 1, 2020 premium rate increase. Along with the premium rate increase notification letters, most policyholders will receive an adjustment offer if there are options available. The offer will provide the policyholder a benefit reduction alternative to help reduce the impact of the premium increase.
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.
Principal
- Simplifying the underwriting process for businesses. The new Principal® Guaranteed Issue Term is an innovative program that offers a simple and affordable funding option to meet a variety of business needs—and can help make the underwriting process smoother for businesses and their employees. This program allows up to $5 million of individual Principal 10- or 20-Year Term coverage on a Guaranteed Issue basis for each eligible employee. It can be ideal for use with solutions like key person insurance, buy-sell strategies, and more.
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.
Prudential
- Good News! Exam Requirement Eliminated. Effective January 27, 2020, Prudential has eliminated the exam requirement at face amounts under $100,000 and replaced that requirement with Rx check (except on PruTerm One plans.) This change will be effective January 27, 2020! Marketing Material will reflect the revised Age and Amount requirements shortly.
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
- Important Announcement: Life Insurance Inforce Payments Going to New Address. Starting February 25, 2020, clients will be able to access their financial accounts with one user ID and password - when and where they want.
- Survivorship IUL Is Back. Eclipse Survivor II Indexed Universal Life (IUL) is now available for a competitive joint life solution. As a second-to-die, accumulation-focused policy, Eclipse Survivor II IUL offers:
- New indexed accounts, including an uncapped option
- Joint coverage for cost savings
- Strong cash value growth potential
- Fixed, indexed and variable loan options
- 2017 Commissioners’ Standard Ordinary (CSO)/Principal-based Reserving (PBR) compliant
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.
