July 2023 Carrier Updates
Last Updated: July 27
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:
Allianz
American National
John Hancock
Legal & General
Lincoln
MassMutual
Mutual of Omaha
OneAmerica
Pacific Life
Principal
Protective
Symetra
Allianz
- Changes to Connecticut Application Process. Effective July 18, Connecticut producers and insureds have a choice in how they want to complete the health interview for their life insurance application. Along with the option of a full paramed exam, you can choose Tele-PHI and submit business via ApplyNOW or iGo – streamlining the process and getting your business issued faster. Current Option for Connecticut: Submit longform (Paramed only) via paper and ApplyNOW. Options for Connecticut, effective July 18: Submit longform (Paramed) via paper or ApplyNOW OR submit worksheet (Tele-PHI) via paper, ApplyNOW, or iGo.
Need help with any of Allianz's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
American National
- Reminder: ANICO Does Not Accept Quick Quotes or Informals for Term. American National will only accept quick quotes and informal requests for Permanent plans only. Term Products are not available for informals or quick quotes. Quick quotes available up to $5 million death benefit and maximum age of 70. Informals require a minimum $10,000 annual premium with a maximum age of 75. American National also requires a HIPPA authorization form, full illustration. list of carriers already shopped and carrier offers made, if any, medical files available, and summary if available.
- Premium of $10,000 or greater.
- Ages up to 75, no greater.
- Permanent Plan only (no term).
- HIPPA authorization – many agencies use the blanket authorization listing many carriers which is ok as long as American National and/or American National - NY is listed depending on where the application will be taken.
- Full Illustration (not mandatory for LIBRA).
- List of carriers already shopped and carrier offers made, if any.
- List of carriers which are currently being shopped, if any.
- Medical files available.
- Summary if available.
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.
John Hancock
- MOVEit Data Breach Update. Manulife / John Hancock does not use the MOVEit platform but continues to investigate for any indirect exposure on a vendor-by-vendor basis. If it is determined there is an impact on customers, they will be contacted as appropriate by the impacted vendor. John Hancock has been actively monitoring the security vulnerability that impacted MOVEit, software used by one of our third-party vendors used by Vitality, a behavioral insurance partner in Canada and the US. Any customer whose data may have been impacted will be notified directly from Vitality as appropriate. While Manulife / John Hancock doesn’t use the platform, a communication plan was in place where firms were notified if they had any producers that had a client impacted. John Hancock also notified the producers directly and then the consumers were notified directly from Vitality. All notifications have been handled at this point.
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
- MOVEit Data Breach Update. Legal & General America does not use MOVEit for any file transfer services and has not experienced any breach or system or data as a result of the MOVEit vulnerability. They have not been notified by any 3rd party that any LGA systems or data have been compromised by MOVEit.
- Underwriting Updates. Recent underwriting updates, digital application states, and key contact resources from Legal & General include:
- Increased Automatic Binding Limit. Legal & General has increased its Automatic Binding Limit from $20 million to $30 million.
- Transitioning to SwissRe Manual. Legal & General has begun the process of transitioning to the SwissRe manual and aims to complete this transition by the end of 2024.
- Upcoming Commission Changes You Need to Know About. Legal & General will be making changes to its commission structure to stay in compliance with the Producer Licensing Model Act.
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
- MOVEit Data Breach Update. Lincoln has engaged their Enterprise Privacy Team, Info Sec Team and Operational Risk resources and are monitoring vendor and third party impacts. To date, no impact has been identified.
- LFI Monthly Market Snapshot. Lincoln's client-approved, monthly market performance snapshot is now available!
- Indexed Account Changes Effective July 15, 2023. Effective July 15, 2023, Lincoln will be increasing certain participation rates on Lincoln WealthAccumulate® 2 (2020) IUL - 04/17/23, which may improve future policy performance. The changes apply only to newly created indexed account segments for Lincoln WealthAccumulate® 2 (2020) IUL - 04/17/23. The Illustration software will be updated effective July 10, 2023, reflecting the increased participation rates.
- Now Effective - Update to Premium Finance Net Worth Guidelines. As the premium financing marketplace evolves, Lincoln has adjusted its guidelines for net worth requirements. Premium financing offers high net worth individuals the opportunity to leverage life insurance for legacy and business planning, for those that don't want to liquidate assets tied up in a business or in other profitable investments. Effective July 10, 2023, to be eligible for commercial premium financing, clients must:
- Be between the ages of 30 – 70
- Have a minimum net worth of $5 million
- Earn an annual income of at least $250,000 per year
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
- Enterprise Cyber Security (ECS) Response to June 2023 MOVEit Vulnerability. MassMutual does not utilize the MOVEit application and is not directly impacted by the vulnerability affecting MOVEit Transfer and Cloud application. MassMutual is currently engaging with its third and fourth-party service providers to determine if any services utilize MOVEit and if there was an impact. If an impact is identified, MassMutual will investigate and take appropriate action.
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 LTCi Rate Adjustments Effective October 1, 2023. Mutual of Omaha will be implementing inforce rate adjustments effective October 1, 2023. The state of Rhode Island requires a 90-day notification period to all policyholders. Therefore, the effective date for the affected RI policies indicated below will be November 1, 2023. Impacted states included Arizona and Rhode Island. Please click the link for details.
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.
OneAmerica
- Changes in Credit Card Payments. Due to the vendor’s processing change, effective June 28, 2023, OneAmerica will no longer be able to accept credit cards as a payment method. This applies to all payments, including first premium payments. Personal checks, cashier’s checks, and electronic checks or eCheck will still be accepted. Checks can be made payable to OneAmerica or to The State Life Insurance Company.
- 2022 OneAmerica Annual Report. The eventual need for long-term care (LTC) will be a reality for many, and LTC protection can be vital to maintaining financial wellness in retirement. But this awkward topic keeps a lot of people from having the conversation. This survey's results give financial professionals insights to better serve their clients.
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
- MOVEit Data Breach Carrier Update. Pacific Life is a MOVEit customer and actively monitors the recently revealed vulnerabilities in the MOVEit product. They have applied appropriate remediation steps in accordance with the vendor’s recommendations and currently have found no indicators of compromise. Pacific Life is currently assessing third-party usage of the MOVEit software within its supply chain in line with its third-party vendor management policy.
- PL Promise Underwriting Updates. For PL Promise Pacific Life can now accept 2-year green cards (marry a US citizen, investment, or exceptional skill. The insured will need to be approved for the 10 years after it expires.) PL Promise Cannabis underwriting guidelines have also been updated.
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
- Reminder: New Cross-Border/Non-Resident Sales Process for Life Insurance Applications. Cross-border/non-resident sales refer to the situation where the state an application is written in differs from the state of residence provided for the policy owner. Beginning June 15, 2023, any application that is not written in the owner’s resident state (or employer’s state) will require a Non-Resident Sales form (DD9680). Cross-border sales are not allowed in MA, MN, UT, WA, or NY. A new application will be required if the state written does not match the address provided for the owner.
- Reminder: Enhancements to Guaranteed Issue Underwriting. Get an underwriting advantage for your business cases. Guaranteed Issue simplifies life insurance underwriting for qualifying groups.
- GI Term II Enrollment Updates. The following changes have been made to the employee-owned enrollment process:
- Simplified census for employer – Has fewer fields to complete and a consistent format with the census used for individual disability insurance Guaranteed Standard Issue cases.
- Enhanced application experience for employees – New and improved technology and process makes completing the application a snap: Application is partially pre-filled using census information; Improved digital experience featuring helper text to guide them through the application; Only a handful of questions to answer; Easy eSignature process; Daily follow up emails to ensure prompt application completion
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
- MOVEit Cybersecurity Statement. Protective continues to investigate all potential risks associated with this event.
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
- Streamlined and Improved WriteFit Underwriting Offers. *Preferred Select for qualifying experimental or occasional use (up to 3 times per month). *Preferred non-tobacco for qualifying intermittent use (up to 9 days a month).
- Streamlined and Improved Traditional Underwriting Offers. *Preferred Select for qualifying experimental or occasional use (up to 3 times per month). *Preferred non-tobacco for qualifying intermittent use (up to 9 days a month).
- Updates to Symetra SwiftTerm Platform. Effective July 19, 2023, you will see the following SwiftTerm platform enhancements: *Instant policy delivery *Fully embedded lifestyle and health questions *Simpler application signing process *New reminders to begin the customer interview *Option to resend customer interviews from your iGO portal and update their email addresses if needed is temporarily disabled *Email domains are changing for two parts of the SwiftTerm workflow. These changes will allow for a better customer experience, an improved customer interview flow, and a more intuitive customer signature process.
- Discontinuing Symetra’s One Class Upgrade Program. Effective July 31, Symetra is discontinuing its One Class Upgrade Program (PDF). All cases that qualify for the program must be issued/paid by July 31 to receive the upgraded rate class.
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.
