May 2023 Carrier Updates
Last Updated: May 26
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
Corebridge
John Hancock
Legal & General
Lincoln
Mutual of Omaha
Nationwide
OneAmerica
Principal
Protective
SBLI
Transamerica
Allianz
- Policy Illustration to Be Required at Application Submission – Effective May 30. 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. Contact your Pinney brokerage manager or Allianz for more details.
- China to be Removed from High Net Worth Foreign National Program. As of Friday, May 5, 2023, Allianz Life will no longer accept citizens of the People’s Republic of China into its High Net Worth Foreign Nationals Program. However, Allianz Life will continue to accept applications outside of its HNWFN program from PRC citizens who are permanent residents of the United States and who meet the carrier's criteria. Contact your Pinney brokerage manager or Allianz for more details.
- Important: AG 49A Updates Only Impact Illustrated Rates. On May 1, AG 49A updates went into effect – but these impact only fixed-bonus illustrated rates. It does not affect how Allianz Life Pro+ Advantage Fixed Index Universal Life Insurance Policy can offer your clients these powerful benefits: *Allianz's highest PDF rate ever at 5% *Fixed account rate at a historic 5% *Competitive caps and participation rates *The only FIUL carrier to offer Index Lock *Underwriting Risk-Class Upgrade Program. Please see link for details.
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.
Corebridge
- Important IUL product updates. The National Association of Insurance Commissioners (NAIC) has adopted the Revised Actuarial Guideline 49-A (AG 49-A) which will go into effect for any IUL policy sold on or after May 1, 2023. As a result, there are some updates to our IUL products. Please see link above for more details.
- Important application guidance for New York cases. New York recently provided guidance to all insurers regarding cannabis-related criminal convictions and underwriting. Specifically, New York provided guidance on application questions related to arrests or convictions that should be answered "No" if certain categories apply to the applicant.
Need help with any of Corebridge's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
John Hancock
- Introducing Total View Credits. Obtain up to a two-table improvement on your mildly substandard cases (maximum rating of 200%) — up to Standard for: *Ages 18-70 *All face amounts *All traditionally underwritten products (individual and survivorship). What’s great about Total View Credits is that you don’t have to do a thing to ensure eligible clients are considered. Our underwriters will simply take our usual approach on each case you submit, assessing all aspects of the proposed insured’s profile. If the applicant is rated mildly substandard, we will then look for the additional favorable health and lifestyle attributes that will qualify for credits.
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 Field Guide. Legal & General has released an updated version of their Underwriting Field Guide. The field guide provides information about several of Legal & General America's underwriting practices including underwriting sweet spots, rate class requirements, Preferred class criteria, and many other helpful resources.
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
- Lincoln AssetEdge® VUL (2022) Now available in Virginia. Effective May 15, 2023, Lincoln is pleased to introduce Lincoln AssetEdge® VUL (2022), a Variable Universal Life Insurance policy in the state of Virginia. Lincoln AssetEdge® VUL (2022) continues to offer death benefit protection with growth potential through investment options and flexibility to meet your client’s future financial goals. This product replaces the existing Lincoln AssetEdge® VUL (2020) and Lincoln AssetEdge® Exec (2020) product versions with the focus on providing significant market-driven growth potential and cash value liquidity for retirement and protection needs. Pricing updates improve competitiveness in both accumulation/distribution focused designs and protection focused designs. Lincoln AssetEdge® VUL (2022) will replace both Lincoln AssetEdge® VUL (2020) and Lincoln AssetEdge® Exec (2020) products. There is a 30-day transition period which begins on May 15, 2023 and ends on June 14, 2023.
- Important Information Regarding New York Situs. As we continue to reinforce our New York (NY) Situs measures, effective May 12 the following disclosure will be added to the agent report and producer attestations: “The undersigned confirms this contract was principally negotiated, issued, and delivered in the state where the application was signed, and no part occurred in the state of New York (NY). For NY residents, any communication pertaining to this contract also occurred in the state where the application was signed, and no part occurred in NY.” See link for background & more details.
- Now Effective: Illustration Changes for Indexed UL Products (AG49-A update). Revisions to Actuarial Guideline 49-A (AG49-A) were adopted by the National Association of Insurance Commissioners (NAIC) to update the existing AG49-A guideline that is applicable to all Indexed Universal Life (IUL) products. The changes will be effective on Monday May 1st, 2023. They are prospective only, so will not apply to any new business or future in-force illustrations for any policies that meet the transition rules. Please note that the account default rates in the illustration software will not update until May 15. When running illustrations during this time – May 1st to May 15th – you will receive an alert to manually adjust to the new max illustrated rate.
- Product Updates: Lincoln VULONE (2021) and Lincoln SVULONE (2021). Allocation Requirement Changes for Lincoln VULONE (2021) and Lincoln SVULONE (2021). Effective May 15th 2023, Lincoln will be making updates to the base account guaranteed charges on Lincoln VULONE (2021) and Lincoln SVULONE (2021), variable universal life insurance products. Note that with this update, there are no changes to the premium, secondary guarantee charges, or current base account policy charges. See link above 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.
Mutual of Omaha
- Inforce LTC Rate Adjustments Effective August 1, 2023. Mutual of Omaha will be implementing inforce rate adjustments in Colorado effective August 1, 2023. See link for details.
- New Underwriting Updates for LTC. Mutual of Omaha has updated its Long-term Care and Long-term Care Rider underwriting guidelines, effective immediately. See link above for details on UW guidelines & rider UW guidelines.
- Mutual of Omaha IULs Remain Compliant. From the very beginning, Mutual of Omaha's IUL products were structured to stand the test of time by building them with the lowest cost structure - no hidden multipliers, bonuses or special calculations allowing them to perform even in a low credited environment.
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 YourLife CareMatters (NY) – Rate Class Update. Effective June 12, 2023, all CareMatters applicants in New York will receive the Couple rate classes. From that date, the Single rate classes will no longer be offered. The Couple rate classes will be called Preferred, and all applicants will be eligible for these rates, regardless of marital, civil union, or domestic partnership status. The only available classes will be: *Preferred Nontobacco *Preferred Tobacco. You will continue to see the Couple rate classes referenced on the Life Pending Tracker, but customer-facing communications will display as Preferred. This applies to all policies that are effective on or after June 12, 2023.
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
- Navigating Asset Care Expedited Underwriting Interview Delays. Due to increased demand and limited staffing with vendors, OneAmerica is experiencing delays in scheduling and completing telephone interviews. They are working closely with their vendor to resolve the delays and return to more acceptable service levels.
- First Premium Payment Methods Are Changing. Due to a vendor’s processing change, OneAmerica will no longer be able to accept credit cards as a method of payment for the first premium payment as of June 28, 2023.
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
- 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 5, 2023, any application that is not written in the owner’s residence state (or employer’s state) will require a Non-Resident Sales form (DD9680). Cross-border sales are not allowed in MA, MN, UT, or WA. A new application will be required if the state written does not match the address provided for the owner.
- Reminder: Paper Application Part B to be Discontinued. Effective June 5, 2023, Principal will no longer accept a paper part B for life or IDI applications. Any paper Part B’s currently in process should be submitted to the home office before June 5.
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
- Underwriting Changes. Protective has removed "history" of cancer and heart disease from select preferred.
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
- Product Conversion Options. Our term products continue to provide great conversion options to either a whole life or universal life policy. The types of permanent policies have been expanded to include a nonparticipating whole life. The conversion options available to specific policyholders are linked to the customer’s policy issue date. See link for details.
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.
Transamerica
- No Impact on IUL Illustrated Rates. Transamerica's Financial Foundation IUL and Financial Choice IUL (FCIUL) already comply with the new AG49 regulations. There will be no changes to maximum illustrated rates.
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.
