May 2021 Carrier Updates
Last Updated: May 28
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
Allianz
- eDelivery Now Available. You can elect eDelivery when taking an application through the Equitable Life e-App platform when it becomes available. When submitting a paper application, complete the electronic policy delivery authorization form and submit with the application. eDelivery is currently not available for the following products and programs: • Guaranteed Issue • COIL Institutional SeriesSM • International Underwriting Program
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.
Banner (Legal & General)
- Enhancements to Automated Underwriting Rules. Legal & General has recently made updates to reflexive questions and some of their processes in order to streamline more cases and reduce the need for underwriting review for certain conditions. These enhancements have resulted in a 2.5% increase in the Instant Decision rate.
- Reduced need for underwriting review for Basal and Squamous Cell Carcinoma, generating more instant decisions
- Simplified rules to minimize postponements for high Cholesterol cases
- More opportunity for exam and APS-free decisions for Diabetics
- Paper RLIs Now on Digital Platform. Using the paper/PDF Request For Life Insurance (RLI) form will now drop a ticket to Legal & General's digital application for eligible applicants through digital AppAssist. This means all the perks of the digital application, including opportunities for accelerated, exam-free approvals, are available to those using this form. Agents are encouraged to take advantage of dropping a ticket or starting an advisor-assisted app from the Partner Dashboard, which is the fastest way to get the application process started. At this time, the digital application is available for all issue ages, all coverage amounts, all states except New York. At this time no: multiple policies or business coverage.
- Electronic Health Records (EHRs) automatic ordering integrated into our digital platform. Legal & General America is introducing automatic EHR ordering into our digital platform to not only give clients a simpler, more convenient process but also much faster exam-free approvals for eligible applicants. This means digital applications requiring an Attending Physician Statement (APS) will move more quickly since EHR results can come back in just a few days rather than weeks.
Need help with any of Banner's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Equitable
- Index Lock Launches. Index Lock is a feature available on Allianz Life Pro+ Advantage Fixed Index Universal Life Insurance Policy. It allows you to lock in an index value once each crediting period -so you can capture the index gain on any business day you choose, rather than having to wait until the end of the crediting period. This step-by-step guide shows you how to perform an Index Lock transaction online, either manually or with Auto Lock.
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
- Concierge Underwriting Process. Available for applicants age 35-70 with a household net worth of $10MM+. For qualified applicants, the concierge underwriting process eliminates the need for a traditional insurance medical exam as part of the application process, by leveraging the health data available from other sources, including attending physician’s statements, electronic health records, and patient portal information. See bulletin linked above for more details.
- Update to COVID-19 Application Requirements. Effective immediately, John Hancock has eliminated the following COVID-19 application requirements that were instituted last year: *The supplemental application question “Have you, or anyone in your household, been exposed to any person known to have tested positive for COVID-19?” and the supplemental Declaration of Insurability delivery requirement for insureds over age 65 and for all cases with a 1035 exchange Underwriting reserves the right to request these requirements as needed.
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
- Underwriting Updates. Effective May 10, 2021:
- Table Shave, Table 3 to Standard now available up to $10M, to age 70 for permanent insurance
- Internal Retention increased to $20M for permanent life insurance
- Substandard ratings up to Table 4 will be considered through age 80
- Flat Extras up to $10 per $1,000 will be considered
- Table Rated and Flat Extra combo cases will be considered with up to Table 2 with a Flat Extra up to $10 per $1,000
- Coming Soon – Lincoln WealthAccumulate® 2 IUL (2020) – 05/10/21. Effective May 10,2021, subject to state availability, Lincoln is pleased to announce an update to the Lincoln WealthAccumulate® 2 IUL (2020) life insurance product. Lincoln WealthAccumulate® 2 IUL (2020) – 05/10/21 is an innovative Indexed UL built for clients who want death benefit protection plus growth opportunities through indexed accounts and access to cash value for today's and tomorrow's needs. Lincoln WealthAccumulate® 2 IUL (2020) – 05/10/21 now provides the flexibility to allocate to, and move between, six indexed accounts linked to the percentage change in the S&P 500® or Fidelity AIM® Dividend Index, that are designed to provide a balance between return potential and downside protection. This new product update also incorporates the new 7702 assumptions that were effective January 1, 2021.
- Coming Soon – Lincoln WealthPreserve® 2 IUL (2020) – 05/10/21. Effective May 10, 2021, Lincoln is pleased to announce an update to the Lincoln WealthPreserve® 2 IUL (2020) life insurance product. This new product update also incorporates the new 7702 assumptions that were effective January 1, 2021. Lincoln WealthPreserve® 2 IUL (2020) – 05/10/21 offers flexibility for growth, access to cash value, and financial protection. Built for clients who want valuable guaranteed protection with flexibility for life’s changing needs. New! Introducing the Fidelity AIM® Dividend Indexed Account – Fixed Bonus. In addition to the 5 currently available account choices, the new Fidelity Account with a Fixed Bonus offers strong uncapped growth potential and a guaranteed bonus regardless of the underlying index performance. Policy value can be allocated to one or more account options with the ability to make allocation changes in the future. Indexed account options are linked to the S&P 500® Index* (excluding dividends) or the Fidelity AIM® Dividend Index# designed to provide options to help meet clients’ long-term goals based on return potential and downside protection preferences.
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
- Simplified Issue Life: Weekly Time Service Update. Mutual of Omaha continues to increase staff and work overtime on nights and weekends to ensure your business is handled properly, and as quickly as possible. Current Service Levels are as follows:
- Most new business reviews are being handled within 5 business days
- Policies are issued on average 1-5 days after application review, depending on requirements needed
- Pending requirements reviewed within 1-2 business days
- Post issue requests within 1-2 business days
- Emails and phone calls returned within 24-48 hours
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.
One America
- Annuity Care and Annuity Care II COB Updates. Last year OneAmerica made pricing updates to the Continuation of Benefit (COB) options on Annuity Care and Annuity Care II in certain approved states. On April 24, the same updates went into effect in additional states: Annuity Care - Idaho, Louisiana, Mississippi and Washington, DC. Annuity Care II - Idaho.
Need help with any of One America's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Pacific Life
- Up to $10 Million Accelerated Underwriting – Replacing Executive Class UW and Other Simplified Underwriting Programs. Beginning June 21, 2021, your clients can apply for up to $10 million in life insurance coverage without medical exams. Pacific Life’s new underwriting programs offer significant enhancements to our accelerated underwriting offers and will replace any prior simplified underwriting programs. View full bulletin to learn more.
- New Payment Option and New Face Amount. As of May 24, 2021, the following changes will affect certain Pacific Life Insurance Company Pacific PremierCare® Choice1 whole life insurance products with long-term care (LTC) benefits:
- A new budget-friendly lifetime payment option
- New lower minimum face amount limit
- Discontinuation of Pacific PremierCare Choice Multi-Pay 100
- Discontinuation of the 15- and 20-year payment options
- PL Swift Sailing Accelerated Underwriting. Offers: *up to $2 million in coverage up to age 60 *no medical exams, fluids, or attending physician statements (APS) *Improved decision time and status updates.
- Underwriting Updates. Due to the evolving impact of COVID-19, we are pleased to announce the following updates to our temporary underwriting guidelines, effective 4/30/21.
- Revised Age Limits. We are currently able to extend offers to the following applicants: • Ages 65 and below for all ratings through Table H • Ages 66–70 all ratings through Table D • Ages 71-80 at Standard or better risk classes
- Additional COVID Guidelines. For applicants who have previously tested positive for COVID-19, we will no longer require a doctor’s letter unless applicant has required ongoing care or hospitalization. However, we do require a Certificate of Health or Statement of Good Health.
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
- Show businesses the versatility of Principal GI Term. Optimism among small- to medium-sized businesses (SMBs) is the highest it's been since the COVID-19 pandemic began according to the most recent Principal Financial Well-Being IndexSM.1 With this increased confidence, many employers are interested in adding solutions to help them protect their business, employees, and lifestyle—or to restore benefits they reduced due to the pandemic. Principal® Guaranteed Issue (GI) Term2 offers a flexible option to meet a variety of business needs such as funding key person insurance and buy-sell strategies or providing coverage to key employees as an additional benefit.
- Drop Ticket Reminder. Drop Ticket must be used for all Term application submissions with a face amount of $3 million for ages 18-40 and $2.5 million for ages 41 and older. Exceptions include:
- Life/DI combos - indicate with a cover letter and/or on the Producer Report.
- Applications written in New York.
- Applications that require multiple owner signatures (examples include trust-owned where multiple trustees need to sign and business-owned where multiple business owners need to sign).
- Applications that are owned by a business or submitted as part of a business case that are administered by our Business Market Administration team. A Business Case Submission Checklist (DD-849 R-4) is required at submission. If the checklist is not included, the application will not be processed
- Applications where additional, multiple, or alternative policies are requested at the time of submission. Indicate with a cover letter and/or on the Producer Report.
- Additionally, a customer completed Part B via online or phone is preferred for these applications that are exceptions.
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
- Remember the Initial Premium Acceptance Rules as you continue through 2021. Keep your business going strong in 2021 by making sure your cases are efficiently pushed through our new business process. For a full set of guidelines, review our Initial Premium Acceptance Rules.
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.
Zurich
- Important Update Regarding Informal Applications + One Class Upgrade Program. Informal applications will now be limited to issue ages 75 and younger. Zurich will continue to accept QuickQuotes as an alternative. As a reminder, QuickQuotes cannot include any identifying information or medical records.
Need help with any of Zurich's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
