July 2022 Carrier Updates
Last Updated: July 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
- Simplify the IUL Story in Minutes. For consumers: Use this tool to see the potential impact of market volatility, and how some features of Index Universal Life (IUL) can help boost confidence as you look forward to your future.
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.
Legal & General
- Reminder: July 31 Last Day Traditional Paper LIAs Accepted for Banner (Non-NY) Business.. After July 31, Legal & General will reject traditional paper LIA (ICC08-LIA and state variations except for NY). All applications must be submitted with either the digital application through the Horizon platform of the new LIA (an alternative to the traditional paper LIA available in the form section of their Partner Dashboard.
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 SVULONE (2021) – 07/11/22. Effective July 11, 2022, Lincoln is announcing pricing updates on Lincoln SVULONE (2021) which serve to better balance the competitive positioning of our premium durations by maintaining competitiveness in key strategic single pay cells while increasing competitiveness in level pay designs. Lincoln SVULONE (2021) – 07/11/22, a survivorship variable universal life insurance product, continues to offer a lifetime guaranteed death benefit with market-driven growth potential, as well as a second Guaranteed Minimum Death Benefit (GMDB) option that for a lower premium provides 100% protection to age 90, and 50% GMDB protection thereafter, regardless of how the market performs. See link for details.
- Lincoln MoneyGuard Fixed AdvantageSM - Now available in Montana and New Jersey. As a leader in the hybrid long-term care marketplace, with over 30 years of expertise in providing long-term care solutions, Lincoln is committed to innovation and solutions to help meet the changing needs of clients. We’re excited to announce our newest addition to the Lincoln MoneyGuard solutions product portfolio, Lincoln MoneyGuard Fixed AdvantageSM, is available effective July 11 in Montana and New Jersey. See link for details.
- Now Launching July 25: Real-Time Offer for Life Insurance. We are excited to announce the new launch date of Real-Time Offer: July 25, 2022. The decision to postpone until this date has allowed us to make final preparations for this exciting new capability, and ensure we are delivering the best possible experience for our financial professionals and clients. 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.
MassMutual
- Increased Retention Limits on Whole Life Policies. Effective July 18, 2022, MassMutual has increased internal life retention from $20 million to $30 million on individual Whole Life policies. On Survivorship Whole Life, retention is increasing to a maximum of $35 million from $25 million. These increases are for Whole Life product portfolio only, and the Additional Life Insurance Rider (ALIR). The ALIR benefit is included in the total retention limit.
- Life Underwriting Requirements: Quick Reference Guide. This new guide defines MassMutual's age and amount requirements and provides a detailed definition of both medical and financial requirements.
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.
Mutual of Omaha
- Inforce Long-Term Care Insurance Rate Adjustments Effective October 1, 2022. The following inforce rate adjustments and impacted states will be implemented effective October 1, 2022. Please see link above for more details.
- LTC04G - Idaho, New Hampshire, Texas
- LTC04I - Idaho, Maryland, New Hampshire, Texas
- LTC04I7 - Idaho, Maryland, New Hampshire, Texas
- LTC09M - Idaho, Maryland, New Hampshire, Texas
- LTC06UI - Idaho, Maryland, New Hampshire, Texas
- LTC09U - Idaho, Maryland, New Hampshire, Texas
- LT50, NH50, HCA, NHA and LTA - Tennessee
- Important Term Life Answers (TLA) Conversion Policy Changes. Term conversions years 2 through 9 will receive full new business first-year commissions payable (an increase to what is currently paid). For term conversions in years 10+, the year 2 renewal commission rate will apply. Please see link above for transition rules.
- LTC Time Service Update. Current Long-Term Care Service Levels. Application Entry: Within 3 business days. New Business Review: Within 24 hours of receipt. Pending Requirements Reviewed: Within 2 business days. Approve to Issue Time: Within 2 business days. Emails and Phone Calls Returned: Within 24 hours of receipt.
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.
Pacific Life
- Offering Life Insurance to Your Clients Living with HIV. Effective July 11, 2022, Pacific Life now offers life insurance coverage to your eligible clients living with human immunodeficiency virus (HIV).
- Updated Financial Underwriting Guidelines for Estate Preservation Cases. Pacific Life’s financial underwriting guidelines now allow for many estates to forecast growth over a maximum of 20 years to determine the highest death benefit amount allowable.
- Ready for a New Generation of Policyowners? Gen Z is growing up—graduating from college, starting careers, buying homes and yes, getting ready to buy life insurance. But what guides their buying behaviors and how can financial professionals engage with this new generation? Read this edition of Pacific Life Insights to learn more.
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.
SBLI
- Sales Idea: The Gift of Giving. Do you have clients who’d like to leave substantial gifts to their grandchildren? Life insurance offers a particularly tax-efficient way of providing a legacy at an affordable cost. Download the new customizable, client-facing sales sheet to promote this great sales idea.
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.
Symetra
- Enhancements to Symetra’s High-Net-Worth Foreign National Market Program. Symetra has made the following updates to their high-net-worth foreign national (HNWFN) market program:
- The minimum global net-worth requirement has been lowered to $1 million (from $2 million) for eligible clients.
- Eligible foreign nationals currently residing in the U.S. for at least five consecutive years under specific visas and/or awaiting approval of a green card are not subject to the $1 million global net-worth requirement.
- Symetra variable universal life is now also available for juvenile cases.
- Basic underwriting qualification requirements for eligible clients have been updated: *A visa is not required for citizens of countries participating in the U.S. Visa Waiver Program. *For citizens of Mexico, a border crossing card is acceptable if the card is not expired. A copy of a border crossing card and a valid passport must be provided with the application.
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.
Transamerica
- Updated ITIN Guidelines. For applications dated July 1 and later, updates to the ITIN program include:
- Trendsetter LB availability
- Qualifying ITIN applicants may add the Chronic Illness Rider, Critical Illness Rider, and Long Term Care (LTC) Rider* to Transamerica Financial Foundation IUL® — note that riders must be added at issue.
- ITIN Program Enhancements. Based on feedback from agents like you, we’re pleased to announce several enhancements to the Individual Taxpayer Identification Number (ITIN) program. For applications dated July 1 and later, updates to the ITIN program include:
- Trendsetter® LB availability
- Qualifying ITIN applicants may add the Chronic Illness Rider, Critical Illness Rider, and Long Term Care (LTC) Rider* to our industry-leading Transamerica Financial Foundation IUL® — note that riders must be added at issue.
- We are also pleased to announce that Asylum Seekers (C8) are now eligible to apply for coverage under our ITIN program.
- LTC Rider Eligibility Enhancements. For applications dated July 1 and later, U.S. residents with eligible visas and Employment Authorization Cards are now eligible for the LTC Rider.
- Underwriting Guide Update. Effective June 25, Transamerica has removed the electrocardiograph (ECG or EKG) as a routine requirement for certain age and face amounts on Transamerica Financial Foundation IUL (FFIUL), Trendsetter Super Series, Trendsetter LB, and Transamerica Lifetime. Final Expense Solutions Portfolio is not affected.
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.
