January 2023 Carrier Updates
Last Updated: January 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
Carriers with updates below:
Lincoln
Nationwide
Protective
Securian
Symetra
Zurich
Lincoln
- Lincoln Deferred Income SolutionsSM Annuity – QLAC premium limit. Lincoln Deferred Income SolutionsSM Annuity is available as a Qualifying Longevity Annuity Contract (QLAC). The dollar limitation on premiums paid for a qualifying longevity annuity contract (QLAC) under §1.401(a)(9)-6, A17(b)(2)(i) of the Income Tax Regulations will increase to $200,000, effective immediately.
- California Insurance Agent & Broker Anti-Fraud Training & Reporting Requirements. On September 18, 2022, California Senate Bill 1242 was approved to update specific sections of the California Insurance Code pertaining to agent and broker anti-fraud training and reporting requirements. In particular, agents and brokers licensed, or applying for an insurance license in California, must do the following:
- New licenses: On and after March 1, 2023, all new applicants to be licensed as a life agent or an accident and health or sickness agent must complete 12 hours of study on ethics and the California Insurance Code, including one hour of study on insurance fraud.
- Renewal licenses: On and after March 1, 2023, an individual licensed as a life agent or an accident and health or sickness agent must complete, prior to renewal of the license, a three-hour ethics course that includes one hour of study on insurance fraud.
- Coming Soon – Lincoln WealthAccelerateSM IUL. Effective Jan. 23, 2023, subject to state and firm availability, Lincoln Financial Group is pleased to introduce Lincoln WealthAccelerateSM IUL to our life insurance portfolio. Lincoln WealthAccelerateSM IUL provides a streamlined product design and underwriting categories: ▪ Issue ages: 20 – 55 ▪ Face amounts: $100k - $1.5M ▪ Death Benefit options: (1) Level or (2) Increasing by Cash Value ▪ Underwriting Classes: Preferred NT, Standard NT (up to table 3) and Standard Tobacco (up to table 3). ▪ Two indexed account options and Long-Term Care riders for additional protection for future needs.
- Lincoln MoneyGuard Fixed Advantage® Pricing Improvements. Effective Jan. 23, 2023, Lincoln Financial will be implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage®, which will improve competitive positioning. There will be no pricing increases as a result of this update. Following a transition period, Lincoln MoneyGuard Fixed Advantage® – 01/23/23 will replace currently sold Lincoln MoneyGuard Fixed Advantage® - 09/12/22. Pricing improvements range from 0-14%. Average pricing decrease is 6%. In general, single pays will get a larger discount as compared to flex pays. Pending firm approval, applications for Lincoln MoneyGuard Fixed Advantage® – 01/23/23 will be accepted beginning on Jan. 23, 2023.
Mutual of Omaha
- Mutual Income Solutions: Now Available in New York. Our newest disability income insurance product is well-positioned to help agents meet all their clients' income protection needs, especially those in the affluent market. Competitive features include: increased benefit amounts, new benefit periods, two policy types, optional benefits, expanded occupation classes, and valuable discounts.
- Inforce LTCi Rate Adjustments Effective March 1, 2023. Mutual of Omaha will be implementing inforce rate adjustments effective April 1, 2023 in Maine, New Hampshire, New Mexico, and Ohio. See link above for details.
- Updated Life Underwriting Guidelines. The Life Underwriting Guidelines for Term and Permanent Products has been updated, new for January 1, 2023, and is now available to order. Some changes include: *Inspection Reports – page 14. *The Fully Underwritten Requirements Chart – pages 16 & 17. *Fit Program parameters – page 23. *Accelerated UW Program – page 26. *Impairments – pages 34, 35 & 38.
- Introducing the Four Quarters Club. Mutual of Omaha introduces the Four Quarters Club, a brand-new incentive program for Simplified Issue products that pays out a 10% bonus on a quarterly basis to all qualifiers.
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
- Notifying Nationwide Policyholders About Policy Enhancements; Required Mailing Starts January 2023. In April 2022, two Nationwide IUL Accumulation products were enhanced with new volatility control indexed interest strategies and improved alternative loan features. Nationwide will send in-force policyholders updated policy pages beginning in early January 2023.
- CareMatters COVID guidelines have been updated. Proposed Insureds with a history of COVID with no hospitalization, no tobacco use, maximum BMI of 35, and no co-morbid conditions may be able to be considered without medical records for CareMatters after 1 month of full recovery if age 49 or younger, and after 2 months of full recovery if age 50 or older. Proposed Insureds who do not meet the above and have not been hospitalized will be postponed until 3 months of full recovery is achieved and is demonstrated by a documented visit post-COVID in medical records provided at no expense to Nationwide for review. COVID histories beyond 12 months recovery may not require medical records. Proposed Insureds with a history of COVID and hospitalization will be postponed for at least 12 months after diagnosis allowing the Proposed Insured to make a full recovery, and any consideration would require complete medical records.
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.
Protective
- Velocity’s Digital Part II Now Automatically Opts-In Clients. Protective will now automatically opt clients in to complete the medical questionnaire online, with the ability and flexibility to opt-out and utilize our TeleLife team to answer the Part II questions over the phone. This includes EZ-App, iPipeline, and other platforms as launched.
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.
Securian
- Regulatory Announcement for New York Life Insurance Applications. The New York Circular Letter No. 13, issued November 12, 2022, addresses the addition of cannabis-related criminal convictions and insurance underwriting with respect to the expunged conviction. This communication serves to clarify for financial professionals that if someone has an expunged NY criminal conviction, including an expunged cannabis-related conviction, they should check the “no” box on the NY application that asks whether the applicant has been convicted of a crime. It appears on Part 1 of the application on page 5.
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.
Symetra
- High-Net-Worth Foreign National Program Updates. Don’t miss the recent updates Symetra has made to our HNWFN market program, including:
- Symetra GoodLife Rewards: Now available on permanent products through HNWFN market program. GoodLife Rewards are underwriting credits designed to reward clients through age 70 for living healthy lifestyles.
- Updates to country list: Please review the current list of eligible countries in our program guide.
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.
Zurich
- Product Updates, Effective February 1, 2023. Effective February 1, 2023, Zurich will close the following products to new sales: Zurich Wealth Builder IUL, Zurich Select IUL, Zurich Survivor IUL, Zurich Term 10, 15, and 20. Formal applications in good order will still be accepted through 5:00 p.m. on January 31, 2023, so long as they are received by the Zurich home office by 5:00 Central Standard Time. All policies must be fully funded and delivery requirements must be received in good order by 5:00 p.m. on March 28, 2023.
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.
