November 2019 Carrier Updates
Last Updated: November 20
Gerber Life
- Important Changes to the Gerber Life Grow-Up® Plan, Young Adult and Guaranteed Life CSO Mortality Tables. The National Association of Insurance Commissioners (NAIC) has adopted the 2017 Commissioners Standard Ordinary (2017 CSO) mortality tables. Life insurance policies are required to use the updated 2017 CSO Mortality Tables by January 1, 2020. Additionally Guaranteed Life Issue policies will continue to use the 2001 CSO Mortality Tables. As a result the following changes will be made:
1. Grow-Up® Plan and Young Adult Grow-Up® Plan Transitions to the 2017 CSO Mortality Tables
All Grow-Up® Plan and Young Adult Grow-Up® Plan policies issued and paid for on November 20, 2019 or thereafter, will be based on the 2017 CSO Mortality Tables in all states.
2. Guaranteed Life Transitions to the 2001 CSO Mortality Tables
All Gerber Life Guaranteed Life policies issues and paid for on November 20, 2019 or thereafter will be based on the 2001 CSO Mortality Tables in all available states.
Premiums for all products will stay the same. - Whole life insurance with chronic care - a new way to be a hero to your clients. Your clients can maintain life insurance coverage throughout their lifetime (if they are approved and pay the premiums), and accelerate funds for chronic care should the need arise. A Gerber Life Duet policy offers from $100,000 up to $1,000,000 in life insurance coverage (age 50 and above, coverage starts at $101,000) to individuals age 25–70 years old. It provides lifetime insurance protection (as long as premiums are paid) and guaranteed premiums, cash value and death benefits. It also offers clients the ability to accelerate the lesser of 90% of the face amount or $300,000 to help cover expenses related to chronic care.
Need help with any of Gerber Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
John Hancock
- Introducing New Term Rates and 30-Year Duration. Vitality Term and Protection Term now offer a 30-year term duration (not available in NY) — better serving the mortgage-protection market — and new rates reflecting the new mortality tables.
- Introducing John Hancock Aspire TM - Life insurance designed for people living with diabetes. Don’t let your clients pay too much for life insurance just because they’re living with type 1 or type 2 diabetes! John Hancock Aspire combines affordable life insurance protection with a personalized diabetes management program, including devices, health coaching, resources and more. Aspire members also receive an enhanced version of the John Hancock Vitality Program, allowing them to save as much as 25% on premiums!
- 5 reasons you should be selling Protection SIUL. There are so many reasons to make the new Protection SIUL the top choice for your survivorship clients — and they all center on the amazing value it offers, including:
- Improved premiums for single pays
- Extended no-lapse guarantee duration, with 3-10 years improvement
- Savings and rewards with the John Hancock Vitality Program
- Increased Vitality credits on rated cases, making the program even more attractive for clients with substandard ratings
- Enhanced target premiums, with an additional 15% on single pays and other early funding designs
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.
Pacific Life
- Change of Mailing Address for Lynchburg Operations
Effective October 1, 2019. Pacific Life’s Document Processing Center in Lynchburg, VA is relocating to our Omaha, NE office. Beginning October 1, 2019, please use the following mailing addresses for all documents:
New Business Regular Mail:
Pacific Life Insurance Company – Lynchburg Operations
PO Box 2869
Omaha, NE 68103-2869
Customer Service Regular Mail
Pacific Life Insurance Company – Lynchburg Operations
PO Box 2873
Omaha, NE 68103-2873
Licensing & Commissions Regular Mail
Pacific Life Insurance Company – Lynchburg Operations
PO Box 2375
Omaha, NE 68103-2375
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
- Take action on New York Reg 187 now, before the Feb. 1 deadline. You’ve heard about Reg 187 and the new best interest standards that will take effect for life insurance sold to customers in New York. We’re here to support you through this change—so you can continue to serve New York clients with Principal® solutions you can trust. Before submitting a formal application dated Feb. 1 or later, best interest training must be completed, and a proper understanding of products available in New York is required. The New York app package will also be modified to help maintain compliance while keeping the process quick and easy.
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
- Changes Coming to Our Term Portfolio on November 11, 2019. Term Essential® and Term Elite® are being revised and remain competitive and attractive to clients. Per the National Association of Insurance Commissioners, all life insurers are required to adopt the new principle-based reserves (PBR) framework. Effective November 11, 2019, the overall average increase for Term Essential is 1.9%. Term Elite will also experience some increases. This includes terms for 15, 20, and 30 years; there is no increase for 10-year terms. Pru term products remain competitive and aren't expected to experience changes for the remainder of the year.
- eDelivery Available on IL Replacement Cases. Great news! Prudential is pleased to announce electronic policy delivery is now available on IL Replacement Cases. Financial Professionals may opt-in to electronic policy delivery (eDelivery) on a case-by-case basis during the application submission process by completing the Consent for Electronic Delivery form.
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
- 2019 year end guidelines. As we approach the end of 2019, please keep in mind the following dates and guidelines to ensure that all your business is processed in a smooth and timely manner. Variable and fixed annuities:
- December 24: Securian Financial closed at 12 p.m. CT
- December 25: Securian Financial closed
- December 27: Last day to process business for 2019 compensation; all missing requirements, money and new applications in good order must be received by 3 p.m. CT
- December 31: Last day to process new business for 2019. Compensation will be paid in 2020 for business received in good order by 3 p.m. CT.
- January 1: Closed
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
- Reminder: Important 2017 CSO Updates and Year-End Business Processing Timelines. Like all carriers, Symetra is required to transition our products to 2017 Commissioners Standard Ordinary (CSO) Tables by Jan. 1, 2020. To meet this regulatory deadline, this is a reminder that we have established the following transition dates for our Accumulator IUL, UL-G and CAUL products (Symetra Protector IUL and Term products are already on the 2017 CSO Tables). Here are some important CSO 2017 dates and timelines:
- Oct. 31, 2019: New 2017 CSO versions of Accumulator IUL, UL-G and CAUL will be available in Winflex and Symetra Life Illustrator.
- Dec. 6, 2019: Non-CSO compliant versions will be removed, and only 2017 CSO versions of Accumulator IUL, UL-G and CAUL will be available for illustration.
- Dec. 13, 2019: Symetra will no longer issue non-2017 CSO contracts. Please note that all non-2017 compliant products must be in-force by Dec. 31, 2019.
- Symetra PIUL Extra Coverage Program. Are your clients looking for additional death benefit coverage? Through our Symetra PIUL Extra Coverage Program, clients who have purchased up to $3 million of fully underwritten Symetra permanent life insurance within the last two years can purchase an additional Symetra Protector IUL policy for up to $1 million in coverage with limited underwriting. Program highlights:
- Available Nov. 1, 2019, through March 31, 2020
- Product offered: Symetra Protector IUL
- Maximum additional death benefit coverage: $1 million
- Clients ages 60 or younger who have been issued a fully underwritten Symetra permanent life insurance policy (or policies) within the past two years at a Standard rate class or better can qualify for the program
- Symetra will request an MIB, MVR (motor vehicle record) and Rx script check.
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.
Transamerica
- Effective Nov. 15, 2019, Trendsetter® Super term life insurance in New York and the Virgin Islands will no longer be available for sale in those markets. We will re-enter the term insurance markets in the state of New York when financial and regulatory conditions allow us to do so. Until then, we are announcing an updated version of our index universal life product and a new low-cost, level premium whole life product for sale within these markets in the next several weeks. The transition guidelines for the Trendsetter Super products in New York and the Virgin Islands are listed at the link above.
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.
