June 2023 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
Carriers with updates below:
Allianz
Global Atlantic
John Hancock
Legal & General
Lincoln
Mass Mutual
Mutual of Omaha
Nationwide
OneAmerica
Pacific Life
Principal
Protective
SBLI
Securian
Symetra
Allianz
- New Requirement to Help Policies Get Issued Faster. Effective May 30, 2023, Allianz will require sales illustrations to be included at the time of application. Providing the illustration used in the sales discussion will allow them to financially underwrite your client upfront, reducing potential delays later in the process after the medical assessment has been provided. The illustration does not need to be signed by the client upon initial submission; however, Allianz will still require a signed illustration prior to policy issuance.
- FIUL Sales Resources. Take a look at Allianz’s redesigned web content to help you increase your fixed index universal life sales. They’ve made extensive changes to improve the user experience and offer you more relevant content – such as tools, resources, marketing concepts, and easier-to-find videos.
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.
Global Atlantic
- Index universal life insurance sales suspended. Effective July 1, 2023, Global Atlantic will be suspending sales of our index universal life products that are issued by Accordia Life Insurance Company, including: Lifetime Builder ELITE index universal life (IUL), Global Accumulator IUL, and Lifetime Foundation ELITE IUL. We recognize the value of these products in addressing the needs of your clients. This decision does not impact our commitment to our existing life insurance policyholders, and we will continue to devote the necessary resources to serving them. With our industry leading annuity and preneed businesses, we are well positioned to continue to serve our clients in providing compelling product solutions. As we continue to support our inforce life products and complete the transformation to our broader new business platform, we will be well positioned to evaluate new product opportunities, including new hybrid and life insurance products, where we can deliver value to you and your clients. Please see link for details.
Need help with any of Global Atlantic's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
John Hancock
- Why Do Foreign Nationals Want US Life Insurance?. High-net-worth foreign nationals turn to US life insurance for many reasons, including help with US tax liabilities, and when large amounts of death benefit may be needed for legacy planning.
- Actuarial Guideline AG49-A Second Deadline Reminder. As a reminder, for cases that met the May 1 signed formal application and signed illustration deadline, all business must be placed inforce with at least a minimum initial premium by June 30, 2023. Please reach out to your case manager if you have any questions about any current cases.
- Changes to Indexed Account Parameters and Maximum Illustrated Rates. Effective June 30, 2023, for any policy that is using the old rates and met the April 30, 2023 signed application and signed illustration deadline, John Hancock must have provided a final underwriting offer, received all administrative requirements to issue the policy, and received at least the Minimum Initial Premium to place the policy inforce.
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
- Revised Underwriting Field Guide. Legal & General America has announced updates to its Underwriting Field Guide. Among these updates includes an increase in Automatic Binding Limit from $20 million to $30 million.
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
- Coming Soon – Indexed Account changes. 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. Please see link for details.
- Coming Soon – 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. Please see link for details.
- Lincoln VUL Dollar Cost Averaging Fixed Account Rate Program - Extended. Lincoln is pleased to extend the Variable Universal Life Insurance Dollar Cost Averaging Fixed Account Enhanced Interest Rate Program through December 31, 2023. This program includes an enhanced current interest rate to help with short-term returns while the client transfers funds into variable investment options using a 12-month Dollar Cost Averaging (DCA) program. New formal applications signed, dated, and received in good order in Lincoln’s home office up to and including Tuesday, December 31, 2023 are eligible for the DCA Fixed Account Enhanced Interest Rate. Please 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
- Introducing New Simplify Video Tutorials. Learn how you can use Simplify, MassMutual's Advanced Sales case design tool, to create client presentations through a new series of video tutorials, featuring: Executive Bonus, Estate Equalization, Gift of a Lifetime. See link for details.
- Another Shift Toward More Conservative Indexed Universal Life (IUL) Illustrations. The recently approved AG49 revisions will effectively put an end to using bonuses and multipliers that add additional accumulation value to an illustration (aside from the annual projected index credit). See link for details.
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
- New LTC Better Living Longer Program. We're excited to announce the launch of our new wellness program, Better Living Longer. This program is designed to support our long-term care policyholders who prefer to maintain their independence at home as they age. Better Living Longer, administered by The Helper Bees, is an Aging-in-Place Platform that connects millions of families with transformative services they may need in or around their homes. Please see link for details.
- Introducing a Fourth Crediting Strategy for IULs. On Friday, June 30, United of Omaha is adding a fourth crediting strategy option to our full IUL lineup: the BofA U.S. Agility Index: One-Year Uncapped account. Please see link for details.
- Quicker Underwriting Decisions for LTC. Effective June 20, 2023, Mutual of Omaha will begin ordering medical data for all applications and review it prior to ordering any interviews or medical records. Please see link for details.
- LTCi Rate Adjustments Effective September 1, 2023. Mutual of Omaha will be implementing inforce rate adjustments effective September 1, 2023 in West Virginia and Rhode Island. Please see link for details.
- Important Changes to COVID Guidelines. Mutual of Omaha has announced the following changes to COVID guidelines for Fully Underwritten Life, effective June 1, 2023: *Acceptance Guidelines Based on Insured's Issue Age: Now accepting applications on clients through age 79 without table rating restrictions; now able to consider clients age 80-85 for Standard risk class ONLY. *Clients with Positive COVID Test: A Statement of Good Health continues to be required if the client had a positive COVID diagnosis within the past 3 months and/or the client was hospitalized with a positive COVID diagnosis within in the last 6 months. Additional COVID-Related Underwriting Updates: Now allow any applicable temporary flat extra.
- Condition Related Marketing: Atrial Fibrillation (AFIB). Mutual of Omaha has created a brand new flyer that answers questions specific to the AFIB condition for your reference. This piece highlights the distinctions between Atrial Fibrillation and Atrial Flutter, who is at risk, evaluation methods, treatment options, and a brief overview of underwriting guidelines.
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
- NY Only – No Illustration Acknowledgement Process Discontinued. Due to requirements of the New York Department of Insurance, effective August 18, 2023, the No Illustration Acknowledgement process will be discontinued. All financial professionals doing business in the state of New York must have their prospective insurance clients sign and date the illustration or preliminary information statement prior to or at the time of sale.
- CareMatters Together is Here! Nationwide has officially launched the industry’s first cash-indemnity joint asset-based long-term care product. Click the link above for the product highlights.
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.
OneAmerica
- Expedited Underwriting Expansion. Effective June 28, 2023, all Asset Care applications with a total amount to underwrite (TATU) of $500k or less will be eligible for expedited underwriting.
- First Premium Payment Methods are Changing. Due to the vendor’s processing change, OneAmerica will no longer be able to accept credit cards as a method of payment for the first premium payment after June 28, 2023. For a client's first premium payment, they will accept a personal check, cashier's check, or electronic/eCheck. OneAmerica accepts checks made payable to OneAmerica or to The State Life Insurance Company.
- Save Age Change for California Asset-Care. To align their save age rules for California with Asset Care products in other states, effective immediately, OneAmerica requires the application must be received within 60 days of the client's birthday. This has increased from the prior 30-day standard and now relates to the timing of application receipt versus the timing of policy funding.
- Best Interest and Suitability: West Virginia and Wyoming. West Virginia and Wyoming have updated the requirements around best interest and suitability in annuity transactions. New training courses will be required to be able to submit applications for any annuity products, inculding Asset Care annuity funding whole life. The changes for West Virginia will go into effect Jun 8, 2023. The changes for Wyoming will go into effect July 5, 2023. Producers selling any annuity products, including Asset Care Annuity Funding Whole Life in Wyoming, must take these new training courses to sell these products. This course can be taken through your Annuity and Best Interest Annuity Training Program. Existing producers have until January 5, 2024 to update their training, and new producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications. The new Best Interest Consumer Suitability Due Diligence Questionnaire I-22733(BI) and the Producer Compensation Disclosure for Annuities form (I-34191) will be available in eApp soon. The original suitability questionnaire will be accepted until the new one is available.
- Best Interest and Suitability: Training Now Available in Illinois and Tennessee. The effective date in Illinois has been updated to August 1, 2023 and Tennessee will go into effect January 1, 2024. Producers selling any annuity products, including Asset Care Annuity Funding Whole Life in Illinois and Tennessee must take these training courses to sell these products. This course can be taken through your Annuity and Best Interest Annuity Training Program. Existing producers have until February 1, 2024, in Illinois and July 1, 2024, in Tennessee to update their training, and new producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications.
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
- PL Promise June 2023 Underwriting Updates. Pacific Life announced the following enhancements, effective immediately: *Elimination of EKG as a routine requirement (all ages and face amounts) *Increased capacity for Professional Athletes (up to $20M; jumbo limit of $65M) *Increased capacity for Entertainers and Celebrities ($46M for PL Promise Term and $20M for PL Promise GUL)
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
- Time Service Update. Principal has had higher-than-anticipated application counts over the past few months. The coding and case management processes have maintained standard time service. But underwriting time service has fallen outside the standard at 5 days for formal applications and 7 days for informal applications (the goal is 2 and 5 days, respectively).
- Reminder: Paper Application Part B to be Discontinued. Your clients have two fast and easy ways to complete part B of their life and individual disability insurance (IDI) applications – online or via TeleApp (questions are answered over the phone). These options account for the majority of application submissions. Due to the many benefits the online and TeleApp options offer – quicker turnaround times, fewer amendments, and a better overall customer experience – we’ve made the decision to discontinue use of the paper Part B. Effective June 5, 2023, Principal will no longer accept a paper part B for life or IDI applications.
- 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.
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
- Protective is Going Paperless in NY on July 1. As of July 1, 2023, Protective will no longer accept physical (paper) applications in the state of New York, even if dated prior to June 30, 2023. Only applications submitted electronically through Protective Velocity will be accepted — no exceptions.
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.
SBLI
- Win with SBLI: Trip to Boston and Red Sox Tickets. You could win a trip to see the sights of Boston. Your travel and hotel are covered up to $1,500, along with two tickets to see the Boston Red Sox! For EVERY paid case received at the SBLI home office starting June 1, 2023, and paid for by August 14, 2023, agents will earn a prize draw entry into the Win with SBLI sales contest. If three or more cases are paid, your prize draw entries are doubled, increasing your chances to win! It’s that easy! The winner will be contacted and notified by August 30, 2023.
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.
Securian
- Six Opportunities for Improved Underwriting Decisions. Securian Financial's mortality credits program offers your clients better-than-published underwriting decisions — in six key areas: Build, Tobacco, Non-combustible tobacco, Driving history, Cholesterol, and Family history impact
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
- SwiftTerm Enhancements. Symetra has announced the following changes to their SwiftTerm digital platform's underwriting process:
- Expanded build criteria guidelines so clients can receive even better rate classes than before. The new criteria is more aligned with other carriers in the instant or accelerated underwriting space—and even better in certain scenarios.
- Over 70% of submitted SwiftTerm applications will now go through instant coverage or accelerated underwriting paths—that means no labs, no doctors, no needles, no fluids and no tele-interviews
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.
