June 2022 Carrier Updates

June 2022 Carrier Updates

Last Updated: June 30

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


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?
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Genworth

  • In-Force Rate Action Announcement: Pennsylvania. Regarding Choice 1 with Lifetime Stable Premium Option, Pennsylvania has allowed the following increase: 20%. This applies to policies with limited benefit periods, lifetime benefit periods, Choice 1 (Loss Ratio, issued before 9/16/2002) and Choice 1 (Rate Stability, issued on or after 9/16/2002). Agent notifications begin June 28, 2022. Client notifications begin July 5, 2022.
  • In-Force Rate Action Announcement: Kentucky. Regarding Privileged Choice & Classic Select with Flexible Benefit Option and 1% Benefit Increase Option, Kentucky has allowed the following increase: 41.4% phased (30%, 8.8% compounded) for policies with Benefit Increase Option. For Privileged Choice and Classic Select with Limited Benefit Periods but without Benefit Increase Option: 10%. Agent notifications begin June 28, 2022. Client notifications begin July 5, 2022.
  • In-Force Rate Action Announcement: Maine. Regarding My Future, My Plan, AARP Assoc. Group, Maine allowed the following increases. My Future, My Plan 1.0; My Future, My Plan 2.0; AARP Association Group: 61% phased (26.9%, 26.9% compounded). Agent notifications begin June 14, 2022. Certificate holder notifications begin June 21, 2022.
  • In-Force Rate Action Announcement: Maine. Regarding PCS I and PCS II and Choice 1 with Stable Premium Option, Maine ha allowed the following increases. PCS I policies with limited benefit periods: 0%. PCS I policies with lifetime benefit periods: 3.8%. PCS II policies with limited benefit periods: 9.5%. PCS II policies with lifetime benefit periods: 35% phased (16.2%, 16.2% compounded. Choice 1 policies with limited benefit periods: 19.1%. Choice 1 policies with lifetime benefit periods: 63.1% phased (27.7%, 27.7% compounded). Agent notifications begin June 7, 2022. Client notifications begin June 14, 2022.
  • In-Force Rate Action Announcement: Maine. Regarding Privileged Choice & Classic Select with Flexible Benefit Option, Maine ha allowed the following increases. Non-AARP Privileged Choice and non-AARP Classic Select: 55% phased (24.5%, 24.5% compounded). AARP Privileged Choice: 53.3% phased (23.8%, 23.8% compounded). AARP Classic Select: 53.3% phased (23.8%, 23.8% compounded). Agent notifications begin June 7, 2022. Client notifications begin June 14, 2022.
  • In-Force Rate Action Announcement: Virginia. Regarding PCS II and Choice 1 with Lifetime Stable Premium Option, Virginia allowed the following increases. PCS II policies with limited benefit periods: 26%. PCS II policies with lifetime benefit periods: 53%. Choice 1 (Loss Ratio) policies with limited benefit periods: 55%. Choice 1 (Loss Ratio) policies with lifetime benefit periods: 72.4%. Choice 1 (Rate Stability) policies with limited benefit periods: 55%. Choice 1 (Rate Stability) policies with lifetime benefit periods: 72%. Agent notifications begin June 7, 2022. Client notifications begin June 14, 2022.
  • In-Force Rate Action Announcement: Georgia. Regarding PCS II and Choice 1 with lifetime stable premium option, Georgia allowed the following increases. PCS II and Choice 1 policies with Limited Benefit Periods: 9.9%. PCS II and Choice 1 policies with lifetime benefit periods: 9.9%. Agent notifications begin June 7, 2022. Client notifications begin June 14, 2022.
  • In-Force Rate Action Announcement: Tennessee. Regarding Choice 1 with lifetime stable premium option, Tennessee allowed the following increases. Policies with Limited Benefit Periods: 53.8% phased (24%, 24% compounded). Policies with Lifetime Benefit Periods: 65.1% phased (28.5%, 28.5% compounded). Agent notifications begin June 7, 2022. Client notifications begin June 14, 2022.
  • In-Force Rate Action Announcement: Virginia. Regarding Privileged Choice Flex, Virginia allowed the following increase: 58%. Does not apply to Standard policies with a 20% Couples Discount where both insureds were approved and issued coverage, or 10% Couples Discount, where only one insured was approved and issued coverage. Agent notifications begin May 31, 2022. Client notifications begin June 7, 2022.

Need help with any of Genworth'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

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

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


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