February 2021 Carrier Updates
Last Updated: February 26
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
AIG
- Changes Coming to Fixed Annuity Features. Effective March 22, 2021 American Pathway fixed annuities will: *No longer offer the Activities of Daily Living rider. *Include updated Owner Acknowledgement language for easier product understanding. Click the link above for more info.
- Non-Medical UW Available on Value+ Protector II. Effective February 6, 2021, AIG's non-medical underwriting will be extended to Value+ Protector II for cases that fall within these guidelines: *Face amounts up to and including $1 million. *Ages 50 or below (18-50 in New York). *Standard to Preferred Plus underwriting classes.
- Fully Underwritten Select-A-Term Policies Could Be Eligible to Convert to a Permanent Policy With the Accelerated Access Solution Chronic Illness Rider. Select-a-Term policies that are eligible are: *Issued in the past 5 years and attained age up to 60 or younger. *Underwriting class of Standard and better (no table rating, no flat extra).
- COVID-19 Underwriting Update. The second phase of AIG's adjusted COVID-19 guidelines have gone into effect as previously announced. Effective Monday, January 11: All rated pending cases for ages 60-65 will be postponed; AIG will eliminate the use of credits on all pending cases.
Need help with any of AIG's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
American National
- MYG 3-Year Is Back!. Effective March 1, 2021, American National will be offering a 3 Year Guarantee Period version of our Palladium Multi-Year Guarantee single premium fixed deferred annuity. New MYG-3 SPDA is available in all States except NY - NY still has MYG 5, 6, 7 and 10. 30-day bailout window without a surrender charge after 3 years (also applies to the MYG-5, 6, 7, 8, 9, 10). 10% of account value liquidity in year 1 (interest only in year 1 for NY, CA). Surrender charge waivers for Confinement, Disability and Terminal Illness. 3-Year MYG Rates:
- 2.10% for amounts $250,000 and above
- 1.95% for amounts $100k - $249,999
- 1.85% for amounts $99,999 and below
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.
Mutual of Omaha
- LTC New Business Rate Refresh and Benefit Changes for Additional States. Effective March 1, 2021, Mutual of Omaha will be implementing new rates and benefit option changes to the MutualCare® Solutions Portfolio in Arizona, Connecticut, Indiana and Vermont.
- Rate Refresh Partner Allowance Guidelines. Mutual of Omaha is allowing a 6-month period for policyholders to receive the "Partner - Both Issued" allowance when partners are issued policies with two different rates.
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.
OneAmerica
- Expedited Underwriting: Expanded and Simplified. With Asset Care® expedited underwriting, applicants who qualify can bypass medical exams and medical records, and policies move through underwriting and on to issue more quickly. Now, we’re expanding the program so more applicants can participate, and we’re simplifying the calculations that determine who qualifies. The changes below apply to all new applications submitted on or after February 24.
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.
Principal
- Accelerated Underwriting program enhancements. Last March, we introduced temporary underwriting guidelines to use with our Accelerated Underwriting (AU) program. They enabled us to underwrite more of your clients on a non-examination basis by using digital health data from various sources, including the patient portal. We’ve used those learnings to establish new AU guidelines outlined below that will allow more of your clients to benefit from this innovative program. Please see the link above for new AU program guidelines effective Feb. 15, 2021.
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
- Informal Inquiry Process Update – Effective March 1, 2021. In order to continue to provide strong service on large informal cases as well as your formal applications, effective March 1, 2021, we are updating our informal submission guidelines as follows. This change in our process will allow us to focus more resources on your larger cases and formal applications. Less detailed questions can still be directed to our Quick Quote mailboxes or by utilizing other self-service tools such as XRAE and Rx for Success. Both tools can be found on pruxpress.
- Minimum face amount of $3M, all products
- Will also accept face amounts less than $3M if the annual premium is $25,000 or greater (annual premium should be listed on the cover sheet or a supporting proposal included).
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.
