January 2021 Carrier Updates
Last Updated: January 28
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
- 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.
John Hancock
- Interest Crediting Rate Changes. Effective March 1, 2021, John Hancock will be changing the interest crediting rates on certain universal life, indexed universal life, long-term care products, and variable life fixed accounts for new and inforce policies. Also, we will be making some changes to the indexed account cap rates of certain indexed universal life products.
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 (Banner)
- Lab Lift Exam Substitution Program for Paper Apps – Coming Soon. With Lab Lift from Legal & General America, the best of both worlds will be available to your eligible clients using paper applications. Electronic health records (EHRs) or an attending physician statement (APS) will be used as a substitute for a paramedical exam and fluids. Ages 20-60, up to $2 million!
- Underwriting Improvements. Legal & General America has announced they will be making changes to the following areas: *Marijuana use consideration for non-tobacco rate classes. *Electronic Inspection Reports (EIRs) replacing all Inspection Reports (IRs). *Visa and Green Card consideration. Get more detail for each at the link above.
Need help with any of Legal & General's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Lincoln
- Pricing Update: Lincoln TermAccel® Level Term. Effective January 11, 2021, Lincoln is announcing pricing updates to Lincoln TermAccel® Level Term (2019). Lincoln TermAccel® offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement. The majority of core cells, for all term durations, ages 30 – 60 and face amounts of $500K - $1M, will rank in the top 5 compared to key competitors. Preferred Plus class will remain ranked mainly in the top 4 – 8 compared to key competitors. Premium updates will be a mix of both decreases and increases. Please see bulletin for more details.
- Pricing Update: Lincoln LifeElements® Level Term. Effective January 11, 2021, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells. Lincoln LifeElements® Level Term offers both a traditional paper application process and a streamlined Tele-App process for electronic and paper ticket submissions. The majority of the following core cells, all term durations, will rank in the top 3 compared to key competitors: o Face amounts of $1M and above, age 30 and above o Face amounts of $500k-999k, ages 50 and above ▪ Premium updates will be a mix of both decreases and increases. Please see bulletin for more details.
- Long-Term Care Rider – Now Available in Additional States. Effective January 11, 2021, Long-Term Care Rider, a life insurance rider, will be made available with the following products in the denoted states: Lincoln AssetEdge® VUL (2020) 01/11/21 and Lincoln AssetEdge® Exec VUL (2020) 01/11/21: Connecticut, Florida and New Jersey. Lincoln VULONE (2019) 10/12/20: Florida and New Jersey. Only available at policy issue, at an additional cost, this rider is designed for clients who have a need for death benefit protection with accumulation potential but are also concerned about long-term care expenses of covered services for temporary and permanent chronic illness, now with a zero-day elimination period.
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.
Pacific Life
- Increase to Face Amount Limit to $5 Million for PL Promise GUL. Pacific Life is increasing the PL Promise GUL face amount limit from $3.5 million to $5 million effective January 11, 2021. PL Promise GUL is a universal life insurance product with no-lapse guarantees designed to provide affordable death benefit protection. Winflex Web and IXN will be updated with the new face amount limit on January 11, 2021 and with all other quoting vendors to follow. Due to COVID-19, Pacific Life is currently accepting risk classes up to Table 4 for issue ages 70 years old and younger and Standard or better for issue ages 71 through 80. View full bulletin for details.
Need help with any of Pacific Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Principal
- New AU program guidelines effective Feb. 15, 2021. You no longer need to request AU. All applicants who meet the age and face amount requirements will automatically start through AU and will only be removed if we determine they no longer meet eligibility. When this occurs, we’ll advise of the exam requirements needed to continue. Drop Ticket must be used for all term submissions up to the stated maximum AU face amounts—except for applications written in New York. Term applications that don’t meet these guidelines will no longer be accepted beginning April 1, 2021. Further details will follow. Client-completed Part B (online or phone) is required for permanent products.
- Informal applications. Good news! We’re lifting the temporary suspension of informal application submissions, effective Jan. 19. Beginning on that date, we’ll start accepting informal applications that meet the requirements listed below. But we’ll also monitor volumes and placement rates and will adjust the program’s availability as needed.
- Minimum face amount of $5 million
- If less than $5 million, must meet $10,000 in planned annual premium
- Minimum issue age 50; maximum issue age 75
- Ratings remain limited to Table 6 up to age 59 and Table 2 for ages 60 and over
- Term or permanent product
- Cover sheet that includes planned premium amount and offer needed to win the case
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
- Repricing Coming to Term Essential® and Term Elite®. In response to the continued low interest rate environment, effective February 22, 2021, our rates for Term Essential and Term Elite will increase for all term durations.
- PruLife SUL Protector Price Change Coming Soon. Effective February 22, SUL Protector rates are increasing.
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.
SBLI
- Contracting Updates. Updated AML Policy: Effective immediately, SBLI will only require proof of Anti-Money Laundering Training to be submitted for agents submitting Whole Life, Annuities or UL Conversion business. Updated Contracting Requirement: SBLI will require a new form to be initialed and signed as part of the agent contracting process, for all NEW contracting requests as of January 1, 2021. Anyone contracted with SBLI before January 1, 2021 or who started the contracting process with SBLI prior to January 1, 2021 does not need to complete this form.
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
- Changes to COVID-19 participation guidelines. We are pleased to announce the following changes to the temporary COVID-19 participation guidelines effective January 1, 2021.
- Expanding the issuance of second-to-die policies when one insured age 75 or younger receives a standard or better mortality evaluation, the other insured must be rated: Table H (300%) or better if insurance age is 50 or younger; Table F (250%) or better if insurance age is 51 through 60; Table D (200%) or better if insurance age is 61 through 70; Table B (150%) or better if insurance age is 71 through 75.
- Expanding the issuance of SecureCare Universal Life (UL) policies to include applicants assessed at mortality Table B (150%) or better. All others will be postponed until at least March 31, 2021.
- WriteFit expansion to $3,000,000 for applicants ages 18-50 will continue.
- All other participation guidelines, including money not being accepted with new applications and temporary insurance agreements not being available, continue until March 31, 2021. For a full list of the participation guidelines effective January 1 and continuing through March 31, 2021, please see below.
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.
Transamerica
- Transamerica to Discontinue Standalone Long Term Care. As announced December 10, 2020, on Capital Markets Day by Aegon CEO Lard Friese, Transamerica will discontinue sales of our individual, standalone Long Term Care (LTC) business on March 31, 2021. In addition, acceptance of applications under approved multi-life cases (worksite and association) will end on June 30, 2021. LTC riders on life insurance policies are not affected. The only impacted products are TransCare® II and TransCare® III. Clients with existing policies are not impacted.
- Living Benefit and LTC Riders Available for Ages 56-75. As of January 1, 2021, Transamerica will resume accepting applications with Long Term Care (LTC) and Living Benefit Riders (LBRs) for individuals ages 56–75, subject to normal underwriting requirements.
Need help with any of Transamerica's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Zurich
- Zurich's Table Reduction Program. Your client can improve his or her table rating by meeting 3 out of the 5 following criteria:
- BMI 18-25.4 for females and 20-27.4 for males
- Blood pressure meets at least our Preferred Class requirements
- Cholesterol/HDL meets at least our Preferred class requirements
- Any type of normal stress test (treadmill, stress echo, imaging) within the past 2 years
- A1c of 5.5 or less within the past 6 months
- Basic qualifications: Up to our full retention of $20,000,000
- Ages up to and including 70
- Permanent medical table ratings through Class F
- Non-tobacco
- Alcohol/drug-related ratings are not eligible
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.
