June 2022 Carrier Updates
Last Updated: June 30
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
- Update to AIG L&R AML Training Requirements. Effective immediately, any financial professional appointed with an AIG Life & Retirement business now has a 2-year window to renew their AML training, dating back to the last date of AML training completion.
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
- Next round of in-force rate action notifications to take place in late July. In late July, we will begin policyholder notifications on the next round of John Hancock and Fortis policies impacted by the in-force rate actions, which will have an effective date beginning with anniversaries on or after November 1, 2022. The 2019 rate action notifications will include John Hancock LTCI individual policies originally issued in Alabama, Connecticut, Florida, Indiana, New Hampshire and South Carolina. John Hancock will continue the implementation of the 2019 rate increase for John Hancock LTCI individual policyholders in Illinois who received an initial “capped” or “phased-in” increase. The 2016 rate action notifications will include John Hancock LTCI individual policies originally issued in Colorado. John Hancock will continue the implementation of the 2016 rate increase for John Hancock LTCI individual policyholders in Illinois, Maryland, North Carolina and Vermont who received an initial “capped” or “phased-in” increase. John Hancock will continue the implementation of the 2016 rate increase for Fortis LTCI individual policyholders in Idaho and Minnesota who received an initial “capped” or “phased-in” increase.
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
- Postponed: Real-Time Offer for Life Insurance. Previously, we communicated that Real-Time Offer was scheduled for launch with life insurance ticket submissions on June 13, 2022. As we make final preparations for this exciting new capability, the decision has been made to postpone the launch of Real-Time Offer to later this summer to ensure we are delivering the best possible experience for our financial professionals and clients. Additional updates will be provided in an upcoming Lincoln Leader. For more information on Life Real-Time Offer, view the agent overview.
- Updated Guidelines for Lab-Free Consideration. Lincoln’s guidelines for nonmedical conditions that prompt the need for labs/vitals have been updated to offer consideration for more clients. The following conditions will no longer trigger labs to be ordered for eligible ticket submissions: ▪ History of multiple motor vehicle violations in the last 3 years ▪ Hazardous sports activity (vacation participation or club activity is usually fine) ▪ Private pilot without Instrument Flight Rules (IFR) qualification Lab-Free consideration is available for life insurance Term, IUL and VUL ticket submissions for qualifying clients ages 18-60 with face amounts $2,500,000 or less. For complete details, please review Lincoln’s Lab-Free Consideration Presubmission Qualification Guidelines [order code: UW-NOLAB-FLI001]. Note: Due to the complexity of individual medical and nonmedical histories, multiple conditions could prompt the need for labs/vitals, even if not listed within the guidelines.
- Pricing Update: Lincoln VULONE (2021) – 06/13/22 . Effective June 13, 2022, Lincoln is announcing pricing updates on Lincoln VULONE (2021) which improves competitive positioning of level pays, while remaining competitive in single pay designs. Lincoln VULONE (2021) – 06/13/22, a 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. Pricing adjustments apply to both GMDB options (Lifetime guaranteed and GMDB drop at age 90) and will vary by age and funding pattern.
- Coming Soon: Lincoln VULONE (2021) – 06/13/22 Pricing Updates. Effective June 13, 2022, Lincoln is announcing pricing updates on Lincoln VULONE (2021) which will improve competitive positioning of level pays, while remaining competitive in single pay designs. Lincoln VULONE (2021) – 06/13/22, a 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.
- Coming Soon: Real-Time Offer for Life Insurance. Beginning June 13, 2022, Lincoln is excited to provide you and your clients with a Real-Time Offer for cases that have been approved lab-free by our automated underwriting process. What is “Real-Time Offer”? To improve turnaround times for life insurance ticket submissions, Real-Time Offer will immediately communicate an approval decision to eligible clients, the writing agent, and case contact after the online or phone interview is completed. The approved underwriting offer may be ‘as applied for’ or ‘other than applied for.’ The underwriting rate class will only be provided to the agent and case contact. If labs or other information is needed, or if the case is declined, the agent and case contact will be notified through Lincoln’s standard pending case status process.
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
- New Information Available on MassMutual Whole Life Policy Loans. To help producers stay current on changes, MassMutual will post ALRs monthly. In addition, MassMutual Designs and WinFlex Web illustration output has been updated to make the policy loan information more prominent and easier to find.
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.
Principal
- Life Insurance Underwriting Update. Beginning next week, the group eligibility minimum for GI Term cases will be reduced from 25 to 10 lives for qualifying cases—meaning even more of your business clients can get access to this innovative solution. Random Holdout program for Accelerated Underwriting is also being adjusted. Effective immediately, the RHO process will work as follows: *A small random sample of cases that qualify for Accelerated Underwriting will be held out (the same as in the past), and the underwriters will order Electronic Health Records on the applicants rather than insurance exams. *If no Electronic Health Records are available for an applicant, the case will be approved through Accelerated Underwriting without the need for labs and physical measurements.
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
- Fund Changes Effective in June 2022. There will be two fund mergers and two fund names will change effective in June.
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
- Need an Affordable Insurance Solution for Protection and Growth?. This month’s sales idea is a new customizable, client-facing case study highlighting a whole life/term combo as an ideal budget-focused solution for young families.
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.
