March 2022 Carrier Updates
Last Updated: March 31
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
Equitable
- Updates to the Term Insurance Portfolio. We continue to review our life product portfolio to offer the most comprehensive and competitive product lineup while maintaining profitability standards. Accordingly, we are making the following changes to Term Series 160. Effective May 2, 2022,the following changes will apply to Level Term 10, 15, 20 and ART: The minimum face amount will be raised to $1,000,000 except for applications signed in New York or Puerto Rico. The conversion period will be shortened in all jurisdictions as outlined at the link above.
- Variable Life Portfolio Changes. Effective March 21, 2022, it will be easier for you and your clients to know which portfolios have a focus on sustainable investing with Environmental, Social, and Governance (ESG) investing principles, in response to clients’ desires to promote sustainability-related outcomes while pursuing attractive returns.
- Streamlined Executive Underwriting Program Guidelines. The Streamlined Executive Underwriting Program provides another option for potential Guaranteed Issue clients in which the group size or compensation exceeds traditional limits.
Need help with any of Equitable's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
John Hancock
- Resuming LTC Rider Applications in Washington State. Beginning March 21, 2022, John Hancock will resume accepting applications for their Long-Term Care (LTC) rider in Washington state. Their illustration system will be updated to reflect the rider’s availability at all face amounts and premium modes, with removal of the temporary changes applied in recent months. Specifically, effective March 21, the following will no longer be required: *$250,000 minimum face amount *Annual premium mode. Please note that new policies with the LTC rider in Washington cannot be backdated prior to November 1, 2021, and do not qualify for an exemption from the WA Cares program.
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
- Lincoln OptiBlend® fixed indexed annuity offers new indexed account strategy. The 1 Year BlackRock Dynamic Allocation Participation Plus indexed account is now available with new Lincoln OptiBlend® contracts. The Participation Plus account offers clients a higher participation rate in exchange for a fee, giving them the potential for higher earnings compared to the non-fee version of the account.
- Digital Underwriting and Lincoln TermAccel® Expansion. Coming Soon – March 28, 2022. In today’s rapidly changing digital world, life insurance customers increasingly expect a purchase experience more consistent with those offered by “born digital” companies. Lincoln is leading the way in creating an end-to-end experience for financial professionals and clients that makes doing business easier, faster and more convenient. Over the last several years, Lincoln’s Underwriting & New Business department has significantly ramped up new technological capabilities to improve the speed, accuracy and efficiency of our processes, from quick quotes and new business submission all the way through policy delivery. Today, we are pleased to announce the next milestone in our “Digital Underwriting Evolution” journey, along with a product enhancement to expand the maximum face amount for Lincoln TermAccel® policies. Beginning March 28, 2022: the maximum face amount for Lincoln TermAccel cases will increase to $2.5 million (up from $1 million). For all LincXpress® (Term, UL, IUL, VUL) and Lincoln TermAccel ticket submissions ages 18-60: ▪ Automated Underwriting and Lab-Free consideration will be expanded to face amounts through $2.5 million (up from $1 million), and ▪ Medical Claims Data (Dx) will now be leveraged on cases through $2.5 million to enable quicker underwriting decisions while reducing the need for Attending Physician Statements.
- Reminder: New York MoneyGuard® Product Suspension. Last day to submit applications is March 25, 2022. Important Placement Guidelines included below. Due to the existing regulatory environment in New York, Lincoln Life & Annuity Company of New York (Lincoln) is unable to maintain a modern portfolio of MoneyGuard® hybrid life insurance products in the state and will be suspending new MoneyGuard® sales in New York until further notice. These changes do not impact existing policyholders. The following product currently sold in New York will be suspended after March 25, 2022: Lincoln MoneyGuard® II NY.
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.
Mutual of Omaha
- LTC New Business Rate Refresh and Benefit Changes in California. In 2020, Mutual of Omaha began implementing new rates and benefit option changes to the MutualCare Solutions Portfolio in approved states. These changes will be implemented in California, effective April 1, 2022.
- Inforce Long-Term Care Insurance Rate Adjustments Effective June 1, 2022. Mutual of Omaha will be implementing inforce rate adjustments effective June 1, 2022 for the following policy forms and states: LTC04I - Kentucky and Missouri; LTC04G - Kentucky; LTC04I7 - Kentucky and Missouri; LTC09M - Kentucky and Missouri; LTC06UI - Kentucky, Massachusetts and Missouri; LTC09U - Kentucky and Missouri; LT50, NH50, HCA, NHA, LTA - Iowa and Illinois.
- Underwriting Update: Scheduling LTCi Telephone Interviews Via Text Message. Effective March 21, 2022, long-term care applicants will be able to conveniently schedule telephone interviews via text message. As long as a mobile number is provided on the initial application, the text message enhancement will occur concurrently with the standard email and telephone notification process.
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
- Nationwide Placement Improvement Program for VULs. With Nationwide's Placement Improvement Program, your clients who would be rated a Table C or better based on traditional company underwriting procedures may be able to receive a Standard rating on variable universal life products.
- ACH and Bankcard Authorization Update. Coming soon: To maintain customer privacy and comply with Federal law and customary ACH rules, Nationwide will no longer accept ACH and bankcard authorizations from financial professionals on behalf of their clients. The account holder will be the only party who can authorize new, or change existing, ACH and bankcard transactions.
- Acceleration Guidelines Keep Expanding for the Better. Nationwide has expanded its acceleration guidelines within the Nationwide Intelligent Underwriting process. Now, clients between the ages of 18 to 50 years old are eligible for acceleration up to $5 million in face amount. This specific age group was previously capped at a $2 million face amount.
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
- Best Interest and Suitability Updates. Kentucky, Mississippi, and North Dakota have updated requirements around best interest and suitability in annuity transactions. Producers selling any annuity products, including Asset Care Annuity, funding whole life in these states must take the new training courses to sell these products. This course can be taken using your usual training platform or OneAmerica's website. Select “required annuity training” from the COE home page. Existing producers in these states have until July 1, 2022, to update their training, and new producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications.
- "Where and When" State Chart. Find state adoptions, training requirements, and deadlines around Best Interest and suitability in annuity transactions. The chart is updated on a rolling basis.
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.
Principal
- Help Ensure Smooth SUL Underwriting. Here are some key underwriting guidelines and information you should know:
- Keep COVID guidelines in mind. COVID underwriting restrictions may impact product availability, especially in older applicants. The current guidelines are: *Ages through 65: Maximum Table 10 rating or $10 flat extra. Allow medical and non-medical flat extras on top of a table rating. *Ages 66-80: Maximum Table 2 rating or $5 flat extra. Table rating plus flat extra is okay if flat extra is non-medical. *Ages 81+: No offer.
- Help get coverage for less healthy applicants. For clients that might otherwise be unable to get insurance, SUL Provider offers a good option. It allows one life to be uninsurable and there are three uninsurable classes: *Table UA - 600% of standard mortality. *Table UB - 3,000% of standard mortality. *Table UC - 9,900% of standard mortality
- Benefit from innovative underwriting programs. Principal has robust underwriting programs to help your SUL Provider clients achieve the best ratings possible: *Principal Accelerated Underwriting *Principal Risk Upgrade Program *Principal Business Solutions Enhanced Underwriting Program
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
- Update on Informal Files Turnaround. Prudential has taken positive steps to improve turnaround times for informal file submissions and is now reviewing about 80% of informals within 7 - 10 business days of receipt. Prudential will continue to share updates on this important business in the weeks ahead.
- Revised Build Guidelines. Effective March 1, 2022, the maximum Body Mass Index (BMI) values for substandard classes and the Smoker/Nonsmoker categories for all ages, and the Nonsmoker Plus category for ages 60 and up will be reduced. There will be no changes to Preferred Best, Preferred Nontobacco, or Preferred Smoker values, nor to Nonsmoker Plus values for ages 18 – 59.
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.
Securian
- Eliminating COVID-19 Restrictions and More. Effective April 1, 2022, Securian will eliminate all remaining restrictions related to the COVID-19 Participation Guidelines for all life products, including the SecureCare product line.
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 recent enhancements to the SwiftTerm digital platform:
- Premium modal factors have been reduced, resulting in lower premiums for your clients when monthly, quarterly, or semi-annual payment modes are selected.
- Business partners now have the ability to be both an owner and beneficiary on SwiftTerm policies.
- Symetra's dedicated team has ramped up efforts to proactively work with producers and applicants to ensure the best possible experience.
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.
