April 2020 Carrier Updates

May 2020 Carrier Updates

Last Updated: May 28

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

AIG

  • Select-a-Term Updates: New, Improved Rates. As of May 4, 2020 all bands of Select-a-Term just got even more competitive nationwide. Nationwide, nearly 81% of the premium rates rank in the top 3 and over 45% of the premium rates rank in the top 2. Improved rates for bands $250k+. Rated case advantage - leading rated case pricing. Tailored solutions – 18 different term durations (10, 15-30, 35-year term).

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.

American National

  • New Term Conversion Application. Effective June 1st, there will be a new application available in ExpertForms for term conversions. Not applicable in New York.

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

  • Accumulation VUL '19 is now approved in California. For life insurance clients who want strong growth potential along with financial protection, show the value of the new Accumulation VUL, which includes: Strong cash value accumulation and retirement income potential; Two new indexed account allocation options designed to give your more conservative VUL clients the potential for reduced volatility with downside protection; Broad, diversified portfolio offerings, including the option of automatic diversification through our Lifestyle and Managed Volatility Portfolios; The opportunity to earn additional cash value and rewards by living a healthier life with John Hancock Vitality.
  • Accessing Electronic Health Records Through Human API. To help expedite the underwriting process for cases where medical records cannot be accessed through traditional channels, clients can now provide John Hancock Insurance direct access to their health records through our Human API patient portal.
  • Policy crediting rate and indexed parameter changes. At John Hancock, we’re proud of our lengthy track record for delivering exceptional policy performance for customers. Our investment capabilities are at the core of this continued success. Of course, as economic conditions change, policy crediting rates and indexed parameters will change. The recent sharp decline in interest rates has necessitated some adjustments, effective June 1, 2020. This flyer provides details on the new rates for each product.

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 fixed annuity rate announcement. Please review our rates effective on May 15, 2020. Click or tap here for National. Click or tap here for New York.
  • Change to Electronic Delivery for Select Correspondence. As we all adjust to the far-reaching impacts of COVID-19, Lincoln is taking steps to ensure our customers and financial professionals can continue accessing the information they need, without interruption. One immediate step we are taking to maintain business continuity is to move client quarterly and annual statements, and VUL confirmations, exclusively online. (Please note: documents will still be printed and mailed to policyowners). Effective June 1, 2020, Lincoln will no longer print and mail hard copies of life insurance annual and quarterly statements, or VUL confirmations, to financial professionals. For easier, faster access, all materials are available electronically at www.LincolnFinancial.com. In the past, Lincoln printed and mailed this correspondence to financial professionals and their offices. Due to increased work from home situations and safety precautions for both you and our staff, this move to electronic delivery is a natural step to ensure you continue to have access to the information you need.

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.

OneAmerica

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 GUL Repriced but Still Competitive. Effective May 4, 2020, Pacific Life is introducing premium increases for PL Promise GUL¹, a universal life insurance product with no-lapse guarantees. Premium increases reflect the continued low interest rate environment. Despite these changes, PL Promise GUL remains competitive for a wide variety of consumer combinations and still includes top rankings especially at low face amounts and age 90 guarantees.

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

  • Help Clients Share Medical Records Instantly. Principal® is working with Human API to make it easier to sell life insurance policies and speed up the application process by helping clients share their medical records electronically during the underwriting process.
  • May 2020 indexed universal life cap rate change. Recent economic factors, including increased market volatility and low interest rates, make it necessary to decrease the cap rate for indexed universal life (IUL) insurance policies. The cap rate changes will apply to both new issue and existing policies and will be effective for new index segments starting May 1. There is no change to other segment modifiers, including participation rates, floor rates, and the segment charge. The Principal® life illustration system and WinFlex will be updated with the new index cap rates effective May 1. The update will also include new maximum illustrated rates, which will be lower as a result of the reduced cap rates.

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.

Securian

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

  • Important Changes: Symetra UL-G. Due to unprecedented market volatility and the continued low interest rate environment putting additional pressure on an already strained product line, Symetra is repricing its Symetra UL-G product, effective May 1, 2020.

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.

Transamerica

  • Resonant Field Underwriting (XRAE) Replacing Rapid Review Quote. After careful consideration, Transamerica has decided to shift Rapid Reviews to Resonant Field Underwriting (XRAE). This will allow underwriters to focus their attention on the bulk of the business we receive, which is formal applications. There will be one exception – for foreign nationals and foreign travel.
  • State of Solicitation v. Residency. In cases where your client resides in one state but was solicited in another, we ask they begin signing their application for the state in which the offer was made. For example, if a customer was solicited in Texas but recently moved to Oklahoma, they should sign the application for the state of Texas. This change applies to conversion applications only.
  • Term Conversion from $1 Million to $2 Million. Effective May 16, 2020, the maximum conversion amount for our term life insurance solutions will increase from $1 million to $2 million (during the first five years). Please consult your clients as they have two options: They may accept the lower coverage amount of $1 million, or we can hold the application until the $2 million amount is available in the system.

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

Need help navigating the ever-increasing selection of products from these carriers? Learn how partnering with us can help you earn more, better serve your clients, and sell more life insurance online.

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