January 2022 Carrier Updates

January 2022 Carrier Updates

Last Updated: January 28

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

AIG

  • Coming Soon: AU+ Expansion for Term and GUL. Effective January 22, Agile Underwriting+ will be available for Select-a-Term and Secure Lifetime GUL 3 when submitted via approved ticket platforms. Below AU+ guidelines apply for Select-a-Term and Secure Lifetime GUL 3:
    • Application must be submitted via an approved ticket platform
    • Ages 59 and under
    • Face amount through $1 million

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

  • Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards Update. On February 1, 2022, all agents who are assisting American National clients with qualified rollovers to Individual Retirement Accounts, Annuities, and Defined Contribution/Benefit plans or who are selling qualified insurance and annuity products to such plans must comply with the requirements of Prohibited Transaction Exemption (PTE) 84-24 and the Impartial Conduct Standards. This update requires that agents disclose the commission they will receive when a qualified plan rollover is involved or a qualified insurance or annuity product is sold. As of February 1, 2022, Form 11229 will be required for any qualified annuity product sold. In addition, all annuity product disclosures will be updated to reflect the DOL changes. The old disclosures will not be accepted on any new business applications.

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.

Equitable

  • A Summary of Key Cost of Living Adjustments for 2022. Equitable’s Advanced Markets team offers a number of ways financial professionals can access core tax rate and contribution threshold information. It’s available on our logged in website within the Advanced Markets section and within the Advanced Markets Resource Center, a third-party platform, found within that section.

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.

John Hancock

  • All Single-Life Policies Will Now Be eDelivered. eDelivery of policy contracts service is now available for all single-life policies, including indexed UL and variable UL. Please refer to John Hancock's recently-updated eDelivery of policy contracts reference guide for a step-by-step overview of the signature process by role or contact your case manager with any questions.

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.

Lincoln

  • New York MoneyGuard® Product Suspension. Due to the existing regulatory environment in New York, Lincoln Life & Annuity Company of New York (Lincoln) is unable to maintain a modern portfolio of MoneyGuard® hybrid life insurance products in the state and will be suspending new MoneyGuard® sales in New York until further notice. These changes do not impact existing policyholders. The following product currently sold in New York will be suspended after March 25, 2022: ▪ Lincoln MoneyGuard® II NY Submission and placement deadline ▪ All New York applications for the product listed above must be received in-good-order at Lincoln by March 25, 2022, and ▪ All pipeline cases for the New York product listed above must be placed inforce, or 1035 exchange initiated by June 30, 2022 ▪ Any case not placed inforce or 1035 exchange initiated by June 30, 2022 will be cancelled.
  • Now Available – Lincoln AssetEdge® VUL (2022). Effective Jan. 24, 2022, subject to state availability, Lincoln is pleased to introduce the newest product in its variable universal life portfolio, Lincoln AssetEdge® VUL (2022). The new Lincoln AssetEdge® VUL (2022) continues to offer death benefit protection with growth potential through investment options and flexibility to meet your client’s future financial goals. This product replaces the existing Lincoln AssetEdge® VUL (2020) and Lincoln AssetEdge® Exec (2020) product versions with the focus on providing significant market-driven growth potential and cash value liquidity for retirement and protection needs. Pricing updates improve competitiveness in both accumulation/distribution focused designs and protection focused designs.
  • Lincoln MoneyGuard® - Washington Availability. Over the last year, Lincoln Financial has actively monitored and diligently managed our business in response to the Washington state legislation guidelines regarding the Long-Term Services and Supports Trust Program. With that in mind, effective Jan. 10, 2022, Lincoln will once again offer MoneyGuard® product solutions for new sales in the state of Washington, including Lincoln MoneyGuard® III and Lincoln MoneyGuard Market Advantage®. Please note, sales of policies at this time would not be eligible for exemption associated with the Long-Term Services and Supports Act in Washington, as policies needed to be placed prior to Nov. 1, 2021, to be eligible for that exemption. This update only applies to Lincoln MoneyGuard® Solutions available in the state of Washington. Lincoln Life products with LTC Rider will not be reopening in the state of Washington at this time. Additionally, Washington recently announced a delay in the collection of the payroll tax until after the 2023 legislative session. Despite the delay, there is no guarantee that a future exception window will be created so it is important to keep policies inforce. We will continue to monitor the environment and assess next steps as the situation evolves.
  • Lincoln MoneyGuard® Pricing Improvements. Effective Jan. 10, 2022, Lincoln Financial will be implementing pricing decreases to Lincoln MoneyGuard® III and Lincoln MoneyGuard® II, which will improve competitive positioning while continuing to align the MoneyGuard solutions suite. There will be no pricing increases as a result of this update. After a transition period, currently sold MoneyGuard products will be replaced by the following: ▪ Lincoln MoneyGuard® III (2021) – 01/10/22 will replace currently sold Lincoln MoneyGuard® III (2021) – 07/12/21 in all approved states. ▪ Lincoln MoneyGuard® II (2020) – 01/10/22 will replace currently sold Lincoln MoneyGuard® II (2020) – 07/12/21 in the state of California. ​See link above for details.
  • Pricing Update: Lincoln LifeElements® Level Term (2019) – 01/10/22. Effective Jan. 10, 2022, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells. Lincoln LifeElements® Level Term life insurance offers both a traditional paper application process and a streamlined Tele-App process for electronic and paper ticket submissions. Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods: ▪ Face amounts of $1M+, currently top 3 for nearly all ages o A large majority of cells ages 40 and above are ranked #1 ▪ For face amounts of $500k - $999k, currently top 3 for almost all ages 55+ ▪ Premium updates include decreases only. See link above for details.
  • Pricing Update: Lincoln TermAccel® Level Term (2019) – 01/10/22. Effective Jan. 10, 2022, Lincoln is announcing pricing updates to Lincoln TermAccel® Level Term (2019) which will improve competitive positioning in key cells. Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement. Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods: ▪ For face amounts of $500k and above, nearly all premiums are currently in the top 3, with a majority ranked #1 ▪ Premium updates include decreases only. See link above for details.
  • Lincoln VUL Dollar Cost Averaging Fixed Account Enhanced Interest Rate Program. Lincoln is pleased to extend the VUL Dollar Cost Averaging Fixed Account Enhanced Interest Rate Program through Jun. 30, 2022. This program includes an enhanced current interest rate to help with short-term returns while the client transfers funds into variable investment options using a 12-month Dollar Cost Averaging (DCA) program.

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.

Mass Mutual

  • MassMutual CareChoice Sales Resume in Montana with Introduction of Gender-Distinct, Updated Products. MassMutual introduced new gender-distinct versions of CareChoice One and CareChoice Select this month in Montana with these key dates: January 15 - Illustrations available. January 22 - First day to submit applications. MassMutual suspended submissions of CareChoice applications from Montana November 20 until the company could launch gender-distinct versions of the products, which are the same updated products introduced in other states last November. Prior to January 1, Montana state law required that only unisex rates could be offered. Now that sex-distinct rates are available for CareChoice One and CareChoice Select, unisex rates are no longer available for these products in Montana.
  • MMSD Pre-Section 7702 Cases Meeting Certain Criteria to Be Completed and Issued in January. Although the MassMutual Strategic Distributors team worked to finalize underwriting and issue policies by year-end, some underwriting requirements were delayed due to the COVID-19 pandemic. In the best interest of clients, for old product series cases meeting the following criteria, MassMutual will complete underwriting and issue policies in January: (1) The application was submitted by November 19. (2) Part 1 and Part 2 were completed by December 31, including a TeleCMI/CMI and paramed exam (where applicable). Lab results in transit will be accepted but the draw must have occurred in 2021. (3) All client-signed contractual forms were received by December 31. (4) All final underwriting and case management requirements, such as an attending physician’s statement (APS), are received by the home office in good order by 5 p.m. ET on Monday, January 24. These cases will have a December 2021 policy date and require premium back to the policy date.

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

Mutual of Omaha

  • Washington Long-Term Care Rider Available February 1, 2022. Effective February 1, 2022, Mutual of Omaha will once again accept Income Advantage and Life Protection Advantage IUL applications that include the Long-Term Care Rider in the state of Washington. Applications, illustrations, and quoting software will be available beginning February 1, 2022.
  • Inforce Long-Term Care Insurance Rate Adjustments Effective April 1, 2022. Mutual of Omaha will be implementing the following inforce rate adjustments effective April 1, 2022:
    • LTC04I: Alaska, North Dakota
    • LTC04G: North Dakota
    • LTC04I7: North Dakota
    • LTC09M: Alaska, North Dakota
    • LTC06UI: Alaska, North Dakota
    • LTC09U: Alaska, North Dakota
    • LT50, NH50, HCA, NHA & LTA: Kentucky, South Dakota, & Wyoming
  • Long-Term Care Time Service Update. Due to the recent Omicron COVID-19 variant and staffing shortages at vendor facilities, Long-Term Care vendor partners are experiencing delays in time service. To bring service times in line with industry standards, Mutual of Omaha is hiring and training additional case managers to help with workloads, ensuring your business is handled properly and as quickly as possible.

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.

Nationwide

  • Our Enhanced DCA annual interest rate on Nationwide Marathon VUL Ultra has changed. On January 1, 2022, the Enhanced Dollar Cost Averaging (DCA) interest rate has been reduced to 7% for our Nationwide® Marathon Variable Universal Life (VUL) Ultra policies. We previously ran a promotion that gave our new VUL business an Enhanced DCA annual interest rate of 12%, which ended on December 31, 2021. Our new 7% Enhanced DCA annual interest rate applies to new and in-force business on Nationwide Marathon VUL Ultra starting January 1, 2022. Any remaining funds in the Enhanced DCA program will be subject to the new 7% interest.
  • Nationwide cap rate decrease delayed two months for new business. New effective date: March 15, 2022. Thank you for all the life applications you have submitted over the past few months. We appreciate your partnership and patience as we continue to process your clients’ applications. Recently we announced a decrease to our IUL and VUL cap rates to take effect on January 15, 2022. To allow more time for pending policies to be put in force and receive the higher caps for their initial index segment(s) − the new cap rate changes will be delayed until March 15, 2022 for new business.

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.

OneAmerica

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.

Pacific Life

  • Using Instagram to Help Market Your Life Insurance Business. As the popularity of social media continues to grow, Instagram has become a powerful platform that you can use to promote your life insurance business. Learn simple steps that can make Instagram a highly effective platform to engage with potential clients. Or if you are a seasoned user, see how you can strengthen your branded content to help your business grow in this edition of Broad Market Insights.

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

  • Updated Informal Application Guidelines. Principal has made some updates to their informal application guidelines. Here are the case requirements:
    • Business cases using any of Principal's 30+ business solutions concepts, trust-owned business for a business owner or key employee, and affiliated business (personal insurance on business owners, key employees, and their families)
    • Minimum face amount of $3 million
    • Minimum issue age 35; maximum issue age 75
    • If less than $3 million face amount or under age 35, must be at least $10,000 in planned annual premium
    • COVID ratings restrictions are still in effect
    • Term or permanent product
    • Cover sheet that includes planned premium amount and the 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.

Protective

  • Protective Life 7702/7702A Product Updates in California. Like many carriers, Protective updated their product portfolio in 2021 for the 7702 and 7702A changes that were included in the Consolidated Appropriations Act, 2021. Review the bulletin to learn about the approvals that went into effect this month in California.

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.

Symetra

  • Symetra SwiftTerm Extra Coverage Program. Through Symetra SwiftTerm Extra Coverage Program, clients who have purchased up to $1 million of Symetra SwiftTerm term life insurance within the last 30 days can purchase an additional Symetra Protector IUL, Accumulator IUL, or Accumulator VUL policy for up to $1 million in coverage with limited underwriting.

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.

Need help navigating the ever-increasing selection of products from these carriers? Learn how partnering with us can help you earn more, better serve your clients, and sell more life insurance online.

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