October 2021 Carrier Updates

October 2021 Carrier Updates

Last Updated: October 29

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

AIG

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

  • Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards Update. Beginning on 12/20/2021, all agents who are assisting American National clients with qualified rollovers to Individual Retirement Accounts, Annuities and Defined Contribution/Benefit plans or who are selling qualified insurance and annuity products to such plans will be required to comply with the requirements of Prohibited Transaction Exemption (PTE) 84-24 and the Impartial Conduct Standards. This update requires that agents disclose the commission s/he will receive when a qualified plan rollover is involved or a qualified insurance or annuity product is sold. As of 12/20/2021, Form 11229, will be required for any qualified annuity product sold.

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

  • Important Year-End Reminders. For cases you are targeting to include in your 2021 sales results, please note the key submission deadlines outlined in this flyer.
  • Accumulation VUL is Now Approved in Delaware. For clients who want strong tax-deferred cash value accumulation potential with downside protection, show them the compelling solution our enhanced Accumulation VUL can offer.

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 (Banner)

  • New Horizon Benefit: Digital Journey Now Offers Exam-Free Eligibility Up to $2 Million. Starting October 7, 2021, Legal & General is increasing the face amount eligibility criteria for accelerated underwriting (AU) from $1M to $2M when using their industry-leading digital application. All other eligibility criteria will remain the same: *Ages 20-50, up to $2 million, any term duration *Standard Plus, including Preferred Tobacco or better

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

  • Underwriting Guideline Updates. At Lincoln, our Underwriting philosophy includes a commitment to constantly reviewing and updating our guidelines to support you, your business, and our mutual clients by delivering the underwriting advantages you’ve come to expect. Effective immediately, we’re pleased to implement the following changes to our medical and financial underwriting guidelines. Medical Underwriting: Lincoln will no longer require mandatory ordering of Attending Physician Statements (APS) based on age and insurance face amount applied for. With the continued accessibility and use of electronic medical data sources, all APS ordering will now be at the discretion of the underwriter. Financial Underwriting: To maintain our leading-edge underwriting position, we have completed a comprehensive review of our financial guidelines. The updates to our guidelines focus on the following categories: ▪ Intergenerational Wealth Transfer Guidelines: added to account for the transfer of wealth from the Baby Boomer generation to next generation and beyond. These guidelines will allow for estate growth and providing more insurance coverage for heirs than they normally would qualify for. ▪ Estate Growth Guidelines: adjustment to allow for more precise life expectancy projections by assessed risk class. ▪ Income Replacement Financial Guidelines: adjustment to now allow for greater multiples of earned income for certain age ranges, including up to 35x earned income for ages 18-40. ▪ Buy-Sell Agreement Guidelines: ability to now use a more competitive way to determine the value of an organization.
  • Discuss the “Fixed Income Dilemma” with clients. Lincoln OptiBlend® fixed indexed annuity may provide balance to a portfolio - new digital guide now available With bonds unlikely to generate meaningful returns, how do you position a portfolio for growth, while continuing to provide downside protection? This new digital guide discusses historical bond portfolio returns and the risks involved during an extended low interest rate environment. Clients nearing retirement may be more cautious about market risk and interested in a strategy designed to provide: • 100% protection to help guard against downturns • Upside potential with growth tied to market indices • No cost • Confidence that you’re working with a consistent and dependable provider With a Lincoln OptiBlend fixed indexed annuity as part of a portfolio, you may help your clients bring protection and growth into balance.
  • Year-end 2021 business cut-off dates. Year-end processing dates for individual annuities. Listed below are some important cut-off dates regarding year-end processing of 2021 Good Order business. Please keep in mind that transactions processed after the deadline will be completed on a best-efforts basis with no guarantees as to the tax year in which they will be reported. All annuity business mail (applications, checks, financial request, etc.) must be received in good order in the appropriate location by 4:00 p.m. ET by the date specified below. The dates shown do not represent 2021 compensation payout. The contract must issue in 2021 in order to earn 2021 production credit with Lincoln. Important dates to remember: • All fixed, fixed indexed and income annuities: December 21, 2021 ­ This cut-off date applies to all applications; however, for "Applications without money," this date is for rate locks only. Standard rate lock procedures apply. This date does not pertain to Lincoln production credit or the issue date. ­ Contact the appropriate New Business Case Coordinator with any questions regarding new business. Requests in good order received on or before the following dates will ensure 2021 tax reporting: • Withdrawals, internal transfers, surrenders, loans, one-time RMDs: December 23, 2021 • Automatic Withdrawal Service (AWS) for RMDs: December 3, 2021
  • Couples Discount Expanded to All of Lincoln MoneyGuard Market Advantage®. Special underwriting program lowers rates and increases value through Dec. 31, 2021. Lincoln is excited to announce that effective Oct. 11, 2021, all eligible standard Lincoln MoneyGuard Market Advantage® cases will now receive the Couples Discount underwriting class, regardless of status, until Dec. 31, 2021. This enhanced underwriting program improves pricing up to 10% and increases value, supporting our commitment to helping our partners grow their business and reach new customers.
  • Countdown to October 29. Deadline for New York Product Placement, Lincoln VULONE Upgrade & Lincoln MoneyGuard® Policy Placement in Washington. New submissions for Lincoln VULONE and SVULONE cases must be received at Lincoln, in-good-order, by Oct. 29, 2021, to be eligible for a one-class underwriting upgrade. New York Term and IUL pending life insurance cases must be placed inforce, or 1035 exchange initiated, by Oct. 29, 2021. Any New York case not placed inforce, or 1035 initiated, by Oct. 29, 2021, will be cancelled. Lincoln MoneyGuard® III and Lincoln MoneyGuard Market Advantage® policies for the state of Washington must be placed inforce by end-of-day Oct. 29, 2021. Any business that is not placed inforce by this date will continue to be processed by Lincoln, however it will not qualify for the exemption from the WA payroll tax assessment.

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

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

  • Update on Life Insurance Processing Delays; How to Get Your Policies Issued. Nationwide has separated Washington state business from all other states' business to minimize impacts on non-Washington applications. They have increased staffing to process applications. Cases that require vendors are also experiencing significant increases in volume. See the list below for what you can do to help get policies placed by October 31, 2021. While there is no guarantee that Nationwide will be able to get business placed by October 31, 2021, these steps will help:
    • Submit outstanding requirements as soon as possible using Life Pending Tracker.
    • Have an illustration (even if it’s unsigned) on file with Nationwide so when they have an underwriting decision, they will be able to issue the policy at the next review. You can upload the illustration on the Life Pending Tracker.
    • Provide modal premium or EFT information with the permission to draft. With this Nationwide will place the case in force right away and collect any needed signatures when the policy is delivered.
    • Monitor your applications online via Life Pending Tracker. The Tracker is available 24/7, updated frequently throughout the day. Your cases will not appear in Life Pending Tracker if your just-in-time licensing appointment or required LTC education has not been completed – or for Washington state business – the case was submitted after our application deadlines: July 30, 2021 (for paper or any application sent outside iPipeline or Porch); August 10, 2021 (for electronic applications through iPipeline or Porch)

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

  • Update: WA long-term care application process. The rapid influx of applications in the state of Washington (WA) has put significant strain on carriers, underwriters, and the vendors who support this business across the industry. When we made the decision to temporarily suspend sales of our Asset Care and Annuity Care products in Washington state on Aug. 14, we indicated we were unable to guarantee applications would be fully processed with a policy in force prior to Nov. 1, 2021. The following is the current status on pending applications for the remainder of October:
    • On WA applications requiring medical records it is highly unlikely that we can request, receive, and review those records prior to Oct. 31.
    • OneAmerica will continue to process and underwrite WA applications as requirements are received. If your client decides NOT to continue with the underwriting process, please reach out to your OneAmerica Case Manager.
  • Virginia - Best Interest Training Now Available. Virginia has updated the requirements around Best Interest and Suitability in annuity transactions. New training courses will be required to be able to submit applications for any annuity products, including Asset Care annuity funding whole life. The changes for Virginia went into effect September 1, 2021. Producers selling any annuity products must take these new training courses to sell these products. This course can now be taken using your usual training platform or on OneAmerica's Product Training site. When training is taken on the NAIC site, through the provided link, the course completion box is checked, and the completion date is immediately added to the site. Existing producers have until March 1, 2022, to update their training, and new producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications.

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

  • Pacific Life 2021 Year-End Deadlines. Key dates and deadlines for processing 2021 year-end business. December 23, 2021: Last day to receive delivery requirements, in good order, for 2021 production credit (paid as 2021 income): Initial premium and all delivery requirements, in good order, must be received to fund the policy regardless of funding source. December 24, 2021: Pacific Life Holiday; Last commission cycle for 2021 income will be December 24, 2021. Direct Deposit payments will be disbursed on Tuesday, December 28, 2021. Receipt of payment is dependent on your financial institution processing times.
  • AboutMe Online Health History Enhancement. Pacific Life's AboutMe online health history (OHH) process is being updated to offer a more seamless experience for both you and clients. Effective October 13, 2021, the proposed insured will be contacted via telephone within 24 hours after electronic ticket is submitted and AboutMe OHH questionnaire link is sent—offering the option to schedule a tele-interview instead of AboutMe OHH to gather health history information.
  • PL Promise UW Update: Online Health Interview. Effective October 13, 2021, the proposed insured will be contacted via telephone within 24 hours after electronic ticket is submitted and AboutMe OHH questionnaire link is sent (previously within 7 days)—offering the option to schedule a tele-interview instead of AboutMe OHH to gather health history information. Click the link above for details.

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

  • New Underwriting Program Can Reduce Hassle for Busy Insureds. The new Principal Business Solutions Enhanced Underwriting program helps your clients get more coverage with less hassle. This program is an extension of Principal Accelerated Underwriting and enables qualifying cases up to $50 million to be underwritten without an insurance exam.
  • Life Insurance Premium Limit to Be Lifted. Effective Oct. 23, 2021 Principal will be waiving the contractual $1 million premium limit until further notice for life insurance products.

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

  • Protective 2021 Year-End Deadlines. To place a case in-force for year-end 2021, all necessary forms and underwriting requirements should be in-house by the close of business on Monday, November 29. See link above for additional dates and information.

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.

Prudential

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

  • New Sleep Apnea Underwriting Enhancement. Securian has recently made enhancements to their Obstructive Sleep Apnea (OSA) guidelines. Clients with OSA and treated hypertension can now be considered for better than Standard rates. In addition, Securian has increased accelerated underwriting opportunities by accepting self-reported mild sleep apnea through the WriteFit Underwriting program.
  • Informal Applications Suspended Until Further Notice. As part of a multi-step effort to manage their aggressive New Business and Underwriting service standards for formal business, Securian Financial will be suspending review of informal life applications until further notice. All informal applications received during this time will be canceled and the file will not be retained for future review.
  • New Premium Finance Cases on Hold Until 2022. Securian Financial has reached Premium Finance capacity limits for 2021. Effective immediately, they will not accept new Premium Finance cases for placement consideration in 2021.
  • 7702 Changes for SecureCare UL. Effective November 1, 2021, the guaranteed interest rate on new SecureCare Universal Life (SecureCare UL) applications will be updated to comply with the Consolidated Appropriations Act of 2021, which lowers the interest rate assumptions used in Section 7702 of the Internal Revenue Code.

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.

Security Mutual

  • Introducing: Security Design WL4U3. Security Mutual is pleased to introduce the Security Designer WL4U3 participating whole life insurance series. Security Designer WL4U3 includes LP121, LP100, LP65, and 10 Pay products and is immediately available in the states and jurisdictions listed in this field bulletin.

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

Symetra

  • Swift Strategies Webinar Replay: SwiftTerm Updates. Symetra’s ILD and SwiftTerm leadership teams reviewed exciting SwiftTerm term life insurance updates, including lower pricing, competitive product positioning, underwriting success stories and much more.

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.

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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