February 2021 Carrier Updates

February 2021 Carrier Updates

Last Updated: February 26

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


AIG

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.

Genworth

  • In-Force Rate Action: Montana. Regarding Privileged Choice Flex, Montana has allowed the following increase: 40.4%. This does NOT apply to Standard policies with a 20% Couples Discount, where both insured were approved for and issued coverage, and a 10% Couples Discount, where only one insured was approved for and issued coverage. Agent notifications begin January 26, 2021. Client notifications begin February 2, 2021.
  • In-Force Rate Action: Missouri. Regarding PCS 1, Missouri has allowed the following increases: 29% for policies with limited benefit periods and 75.9% phased for policies with lifetime benefit periods (25%, 25%, 12.6% compounded). Agent notifications begin January 26, 2021. Client notifications begin February 2, 2021.
  • In-Force Rate Action: Missouri. Regarding Privileged Choice Flex, Missouri has allowed the following increases: 71.88% phased (25%, 25%, 10% compounded). This does NOT apply to Standard policies with a 20% Couples Discount, where both insured were approved for and issued coverage, and a 10% Couples Discount, where only one insured was approved for and issued coverage. Agent notifications begin January 26, 2021. Client notifications begin February 2, 2021.
  • In-Force Rate Action: Alabama. Regarding Group Trust Certificates: PCS 1, Alabama has allowed the following increases: 29% for policies with limited benefit periods and 40% for policies with lifetime benefit periods. Agent notifications begin January 26, 2021. Client notifications begin February 2, 2021.
  • In-Force Rate Action: Alabama. Regarding Privileged Choice Flex, Alabama has allowed the following increase: 40%. Agent notifications begin January 26, 2021. Client notifications begin February 2, 2021.
  • In-Force Rate Action: Kentucky. Regarding PCS II and Choice 1, Kentucky has allowed the following increases. PCS II: 20% for policies with limited benefit periods and 20% for policies with lifetime benefit periods. Choice 1: 10% for policies with limited benefit periods and 10% for policies with lifetime benefit periods. Agent notifications begin January 19, 2021. Client notifications begin January 26, 2021.
  • In-Force Rate Action: Kentucky. Regarding Privileged Choice Flex, Kentucky has allowed the following increase: 41.2% phased (305, 8.6% compounded). Agent notifications begin January 19, 2021. Client notifications begin January 26, 2021.
  • In-Force Rate Action: Kentucky. Regarding Privileged Choice and Classic Select with 1% Benefit Increase Option, Kentucky has allowed the following increases: 20% for Privileged Choice and Classic Select. Agent notifications begin January 19, 2021. Client notifications begin January 26, 2021.
  • In-Force Rate Action: Missouri. Regarding PCS II and Choice 1 with Lifetime Stable Premium Option, Missouri has allowed the following increases. PCS II: 26% for policies with limited benefit periods and 56.25% phased (25%, 25% compounded) for policies with lifetime benefit periods. Choice 1: 56.25% phased (25%, 25% compounded) for policies with limited benefit periods and 79.7% (25%, 25%, and 15% compounded) for policies with lifetime benefit periods. Agent notifications begin January 12, 2021. Client notifications begin January 19, 2021.
  • In-Force Rate Action: Michigan. Regarding AARP Privileged Choice with Stable Premium Option 1% Benefit Increase Option, Michigan has allowed the following increase: 38.9%. Agent notifications begin January 12, 20202. Client notifications begin January 19, 2021.
  • In-Force Rate Action: Minnesota. Regarding PCS II with Stable Premium Option and Choice 1 with Stable Premium Option, Minnesota has allowed the following increases. PCS II: 68.9% phased (19.1%, 19.1%, 19.1% compounded) for policies with limited benefit periods and 93.9% (24.7%, 24.7%, 24.7% compounded) for policies with lifetime benefit periods. Agent notifications begin December 22, 2020. Client notifications begin December 29, 2020.
  • In-Force Rate Action: North Dakota. Regarding Privileged Choice Flex, North Dakota has allowed the following increases: 66.4% phased (29%, 29% compounded). This does NOT apply to Standard policies with a 20% Couples Discount, where both insured were approved for and issued coverage, and a 10% Couples Discount, where only one insured was approved for and issued coverage. Agent notifications begin January 5, 2021. Client notifications begin January 12, 2021.

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.

Mutual of Omaha

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.


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