February 2024 Carrier Updates

February 2024 Carrier Updates

Last Updated: February 29

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

Carriers with updates below:

American National
Cincinnati Life
Corebridge
Equitable
John Hancock
Legal & General America
Lincoln
MassMutual
Mutual of Omaha
Nationwide
North American
OneAmerica
Principal
Protective
Prudential
Securian
Security Mutual Life
Symetra

American National

  • Full Commission on Internal Annuity Exchanges. Beginning March 12, all internal replacements of Palladium Multi-Year Guarantee (MYG) 3-10 plans to a new MYG 5-10 policy within the 30-day surrender window at the end of the initial rate guarantee period, will be paid at 100% of the current commission rate. See link for details.

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.

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Cincinnati Life

  • Decreased Modal Factors for All Term Plans, Effective February 24, 2024. We have decreased the premium modal factors on all Termsetter and Termsetter ROP plans, resulting in more competitive pricing. While we continue to offer a direct bill option for annual, semiannual and quarterly modes, monthly direct bill mode is no longer available See link for details.

Need help with any of Cincinnati Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

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Corebridge

Need help with any of Corebridge's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

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Equitable

Need help with any of Equitable's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

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John Hancock

  • Webinar: John Hancock Advanced Markets Presents Insurance LLCs. Learn more about Insurance LLCs and how they can work for your clients, join Carly Brooks, Head of Advanced Markets, and John Snider, Associate Counsel, on March 27 at 2 pm ET as they explore this trending topic. Webinar takes place on Wednesday, march 27 at 2 pm ET / 11 am PT.
  • 3 New Ways Underwriting is Easier than Ever at John Hancock. Neal Halder shares an update on John Hancock's three new underwriting enhancements to streamline their underwriting process and provide your customers with a simplified experience.
  • John Hancock Underwriting Enhancements. John Hancock has several underwriting enhancements that will positively affect business this year. Two recent enhancements include:
    • Age 80+ - John Hancock is still following the pandemic guidelines of standard or better, effective immediately they have expanded this to table ratings of 200% or better. This will allow the opportunity to pick up business in the 80+ space.
    • Foreign Nationals – John Hancock relaxed some of the requirements in this space last year. They also created a dedicated team within the LIBRA team that handles all your Foreign National cases which created consistency and a strong knowledge base that was necessary to participate in this market. This change allowed them to write and pay for $15m in this market (as a company), a strong increase over 2022.
  • Policy Crediting Rate and Indexed Account Parameter Changes. John Hancock will be making adjustments to their crediting rates and account parameters effective March 1, 2024.

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.

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Legal & General America

  • Term-to-Term Exchange Program. Legal & General America is offering an exchange program allowing Banner Life customers who purchased OPTerm 10, 15, 20, 25, 30 or 35 within the past 48 months to trade up to a longer duration policy at his or her current attained age with no underwriting. See link for details.

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.

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Lincoln

  • Webinar: Power of Partnership. Lincoln Financial Distributors and S&P Global are excited to partner on the launch of two new crediting strategies available with new Lincoln OptiBlend fixed indexed annuity contracts. Join this event for a first look using the history and strength of S&P 500 Index, and innovation of Lincoln’s crediting methods. Webinar takes place on Wednesday, March 13 at 1 pm ET / 10 am PT.
  • Indexed Universal Life Portfolio Rate Updates. Throughout Q1 2024, we are taking the following actions. Future policy performance may be affected by these changes. Please see link for details.
    • Effective February 15, 2024: We are increasing caps, participation rates, and spreads on certain indexed accounts for a select group of products.
    • Effective March 15, 2024: We are decreasing caps, participation rates, and spreads on certain indexed accounts for a select group of previously sold products.
    • Effective March 11, 2024: We are increasing the Dollar Cost Average (DCA), fixed, and holding account crediting rates for a select group of products.
  • Product Update: Lincoln WealthAccumulate® 2 IUL (2020). Effective February 12, 2024, Lincoln is introducing the updated Lincoln WealthAccumulate® 2 IUL (2020). This accumulation focused IUL provides clients with options to help solve their income needs. Lincoln WealthAccumulate® 2 IUL (2020) – 02/12/24 will replace the existing Lincoln WealthAccumulate® 2 IUL (2020) – 04/17/23. Please see link for details.
  • Coming: MoneyGuard® Policy Dating and Premium Effective Date Rules. Effective February 12, we will no longer offer backdating 1 month from the signature date of the Part I to save age. With the new rules: The insured's insurance age is the insured's actual age on the date when the application is signed. The insurance age could increase if the insured has a birthday between the time of application and policy placement. Lincoln will save age for up to one month during the new business and underwriting process. In order to save age, the policy must be placed and/or the 1035 replacement initiated, within 1 month of the insured’s birthday. Otherwise, a revised illustration reflecting the older age is required and if applicable, New Business will reissue a new policy. At placement, the policy date and the effective date of the money will be the current date Lincoln New Business confirmed all requirements, including premium, are in good order.
  • Introducing the New Lincoln Life Insurance eSubmission Portal. On Feb. 12, 2024, Lincoln will launch a new user experience for producers who submit electronic life tickets and MoneyGuard® applications from the Lincoln producer website. The new eSubmission Portal will be available on Lincoln’s producer website for Life eTicket and MoneyGuard eApp cases. Please see link for details.
  • Underwriting & New Business Team Update for Lincoln TermAccel®. Starting Feb. 12, 2024, your dedicated Lincoln Underwriting & New Business team will now also support your Lincoln TermAccel® business. The change ensures consistency in communication, process, procedures, and eliminates multiple points of contact for our partners and customers. All TermAccel questions should now be directed to your dedicated Underwriting & New Business team. Beginning Feb. 12, 2024, the following TermAccel-specific contact information will include a message that will redirect users to reach out to their dedicated team, and the previously used contact numbers will be discontinued after Mar. 9, 2024. Please see link for 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.

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MassMutual

  • Webinar: Why Accumulation VUL in Today's Market. Join Bobby Samuelson, Executive Editor the The Life Product Review, and Vern Carlson, MMSD Life National Sales Manager, to discuss where accumulation-oriented variable universal life insurance (VUL) fits in today's marketplace and how to use the NEW Apex VUL to help clients achieve their financial goals. This call will not be recorded. Be sure to register in advance to attend this session! Webinar takes place on Tuesday, March 12 at 2 pm ET / 11 am PT.
  • MassMutual Tele-CMI and Paramed Exam Changes Extended Through March 31. MMSD Life New Business and Underwriting will extend the changes to the tele-CMI and paramedical exam programs.
  • New DI Underwriting Updates. MassMutual has enhanced their business owner and executive disability income (DI) insurance underwriting and their W-2 to 1099 contractor program so you can use income from your previous employer.

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.

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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.

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Nationwide

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.

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North American

  • Builder Plus IUL 3 Pays MGA 145% on Target Premium. North American's Builder Plus IUL® 3 indexed universal life (IUL) insurance has features both you and clients will love: strong death benefit protection, living benefits for no additional premium1, and the backing of a strong and stable company. With our top contract, there's something in it for you too—a strong commission! Builder Plus IUL® 3 pays MGA 145% on target premium. See link for details.

Need help with any of North American's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

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OneAmerica Financial

  • The Latest Addition to OneAmerica’s Online, Quote-Based Storytelling Capabilities Now Available. OneAmerica Financial, in collaboration with Ensight, is excited to announce the availability of an additional tool to support even more conversations between financial professionals and their clients.
  • Change to California Care Solutions Commission. For applications signed and dated February 9, 2024 or after, the commission structure for Asset-Care products in California will be adjusted to match the compensation structure for Asset-Care in all other approved states.
  • Change to California Care Solutions Commission. For applications signed and dated February 9, 2024 or after, the commission structure for Asset-Care products in California will be adjusted to match the compensation structure for Asset-Care in all other approved states.
  • Submitting A Pre-Underwriting Inquiry. A Pre-Underwriting Inquiry (PUI) is OneAmerica's informal inquiry program where you can submit your applicant’s health history for review.

Need help with any of OneAmerica Financial's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

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Principal

  • Updates to the Online App process for replacement in IN and WA. Additional information is required from financial professionals when there’s a replacement involved in an application for life insurance in Indiana and Washington. In these situations, we’ll send the financial professional an email after the insured has submitted their online application. The email will contain a link that will allow them to answer questions regarding the replacement involved in the application.
  • Reminder: Backdating Term Conversions. As of Jan. 4, backdating to save age is allowed for Term conversions. The Backdating Request form (DD1621-9) is required prior to policy issue. Any unused premium from the term policy will be applied to the new policy. For partial conversions, the most recent monthiversary will be required. For example, if a request to backdate to Dec. 6 was made and the monthiversary of the term policy was the 4th, the new policy would need to be backdated to Nov. 5 to save age. Backdating is not allowed when a term policy is beyond its final conversion date or the policy has lapsed.
  • Coming soon: Updated employer-owned GI Term onboarding process. We recently introduced improvements to the onboarding process for employee-owned Guaranteed Issue (GI) Term plans, such as electronic applications and new employer onboarding paperwork. Soon, we’ll be introducing enhancements to the employer-owned process. Some benefits will include the below; more details to be shared soon.
    • Fewer forms and less follow-up – Principal® will collect information from enrollees to complete the Consent for Employer to Purchase Life Insurance forms. All the employer will need to provide are the email addresses and cell phone numbers of participants.
    • Easy experience for participants – Each participant will receive an email with a link directing them to a digital application where they can provide the necessary information for the consent form. Then, they’ll conveniently e-sign within the same experience.
    • Followup and statusing – To ensure all participants complete and sign their consent form, Principal will send reminder emails to them daily, until complete. Additionally, we can provide status updates for all plan participants to keep you informed.

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.

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Protective

  • Updated Pricing Now Available for Protective Strategic Objectives II VUL, Effective February 1, 2024. We are pleased to announce a reprice for Protective Strategic Objectives II VUL. Our solution offers: *Tax-deferred cash value growth that isn't restricted by "guarantee fees." *Strong investment options from leading fund managers. *Two death benefit options for added flexibility. *Lapse protection to help ensure the policy and death benefit remain active. When your clients are looking for death benefit protection plus powerful cash value growth potential to fund a future goal, you can help them secure both with our VUL.
  • Protective Indexed Choice UL Now Available in NY. Recently launched in New York — our indexed universal life solution combines protection with the flexibility to adapt to life’s changes. Plus, with an option linked to market performance, your clients have the opportunity to see cash value growth.

Need help with any of Protective's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

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Prudential

  • iGo eApp Update. In April, the iGo eApp experience will be updating the electronic signature enhancement – eSignatures will be enabled for trust- and entity-owned Worksheet submissions. Please contact your case management team if you have any questions.
  • Webinar: The Next 25: Planning for Retirement with High-Net-Worth Clients. This webinar will use Jeff, a hypothetical, 40-year-old, high-net-worth client, as a case study to explore what he is doing to ensure he and his family are prepared for retirement. Prudential will also look at top concerns like market volatility, diversification, and taxes, and show how incorporating life insurance into a plan can add both protection and flexibility to make sure he and his family are secure. Webinar takes place on Thursday, February 15 at 2 pm ET / 11 am PT.

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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Securian

  • Important Fund Liquidation Information. The TOPS Target Range Portfolio will be liquidated on or about May 1, 2024. This fund has a very small number of clients invested in it. However, an initial required mailing that includes a product prospectus supplement, a fund supplement, and a transfer form must go to anyone who has the option to invest in the fund. This mailing will happen on or near February 21, 2024. You can check investment status by visiting Securian's book of business tool online.
  • Webinar: Tax Cuts and Jobs Act: Legislative Overview. Due to sunset provisions of the Tax Cuts & Jobs Act, several of the rules that financial professionals have become comfortable with will expire at the end of 2025, unless Congress takes action. The sunset of these provisions has impact on estate planning strategies, income tax strategies and corporate tax strategies. Webinar takes place on Thursday, February 22 at 2 pm ET / 11 am PT.
  • Underwriting Hot Topic: Securian's Underwriting Approach. Securian continues to develop new underwriting processes and service standards to ensure their experience is given the most important consideration.

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.

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Security Mutual Life

  • Webinar: Planning Opportunities for 2024 and Beyond: Part Two. In this presentation, Security Mutual will look at the current political, economic, and social environments, and how they may impact life insurance and financial planning. They'll focus particularly on estate and legacy planning that can be pursued in 2024 and beyond. This webinar will be recorded and available on demand. You can use the same link to view it live or recorded. Webinar takes place on Wednesday, February 21 at 11 am ET / 8 am PT.
  • Webinar: Whole Life vs. Indexed Universal Life vs. Universal Life: 5 Key Considerations. Product complexity in today’s marketplace can be completely overwhelming to the consumer. Even highly successful producing agents can have difficulty keeping up with new developments. In this one-hour session, Dan Foley, Senior Vice President, Marketing, simplifies the complications to facilitate comparing different types of permanent policies. He’ll provide five things to consider when deciding which product works best, and why guarantees matter. Webinar takes place on Thursday, February 8 at 11 am ET / 8 am PT.

Need help with any of Security Mutual Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

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Symetra

  • Symetra Term Online Pending Business Portal Enhancements. Back in November, Symetra released an update allowing you more insight into your SwiftTerm pending cases, including “pending customer interviews” when the drop ticket is complete but the customer still needs to finish their digital customer interview. With the newest portal enhancement, you’ll have the information needed to understand and resolve outstanding requirements for all your term pending cases at your fingertips. Say goodbye to generic messages like “info needed from agent,” and say hello to details on the exact information required to help move the case forward.

Need help with any of Symetra's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.

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