September 2022 Carrier Updates

September 2022 Carrier Updates

Last Updated: September 29

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


AIG

  • 2022 Year End Deadlines. Monday, December 5: Last day to conditionally issue and forward date Term policies, where the effective and draft date will be Tuesday, December 27. All delivery requirements must be received by December 27 for policy to be placed inforce. Note: For California policies, the last date delivery requirements may be received is Friday, November 25 due to extended forward-dating timeframe mandated by state. Friday, December 23: Last date for underwriting approval of all products to obtain policy issue and inforce placement. Please note: This assumes no other delivery requirements, current effective date, draft date, or other form of premium on file. Please see link above for more dates & details.
  • AIG Life & Retirement Is Now Corebridge Financial. AIG Life & Retirement is now Corebridge Financial, a publicly traded company on the New York Stock Exchange. Our issuing life insurance companies will remain the same—American General Life Insurance Company, The United States Life Insurance Company in the City of New York, and The Variable Annuity Life Insurance Company (VALIC). Please know that you may see—at least for a time—both the Corebridge and AIG brands on our materials and websites.

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.

Allianz

  • New adjustment to our Accelerated Underwriting program. As of September 6, Allianz is now allowing clients to stay in the Accelerated Underwriting program after two insurance activity hits within the previous 6 months. If there are three or more insurance activity hits in the last 6 months, the client will have to go through full underwriting.

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.

Genworth

  • In-Force Rate Action Announcement: Iowa. Regarding Choice 1 with Lifetime Stable Premium Option, Iowa has allowed the following increases. For policies with limited benefit periods: 72.9% phased (31.5%, 31.5% compounded). For policies with lifetime benefit periods: 80.6% phased (34.4%, 34.4% compounded). Agent notifications begin September 13, 2022. Client notifications begin September 20, 2022.
  • In-Force Rate Action Announcement: Virginia. Regarding Privileged Choice and Classic Select with Flexible Benefit Option and 1% Benefit Increase Option, Virginia has allowed the following increases. Privileged Choice and Classic Select policies issued before 10/1/2003: 58%. Privileged Choice and Classic Select policies (AARP and non-AARP policies issued on or after 10/1/2003): 39.9%. Agent notifications begin September 13, 2022. Client notifications begin September 20, 2022.
  • In-Force Rate Action Announcement: Alaska. Regarding Privileged Choice Flex with 1% Benefit Increase Option, Alaska has allowed the following increases. Privileged Choice Flex increase for policies with limited benefit periods: policies with greater than 1% inflation protection: 39.1%. Increase for policies with lifetime benefit periods: policies with greater than 1% inflation protection: 94.7%. Privileged Choice Flex policies with revised couples discount: policies with greater than 1% inflation protection: 39.1% (applies to standard policies with a 20% couples discount and/or a 10% couples discount). Agent notifications begin September 6, 2022. Client notifications begin September 13, 2022.
  • In-Force Rate Action Announcement: Hawaii. Regarding Privileged Choice Flex, Hawaii has allowed the following increases: 66.15% phased (28.9%, 28.9% compounded. This increase does not apply to standard policies with a 20% couples discount and/or 10% couples discount. Agent notifications begin September 6, 2022. Client notifications begin September 13, 2022.
  • In-Force Rate Action Announcement: Ohio. Regarding Privileged Choice Flex, Ohio has allowed the following increase: 15%. Agent notifications begin September 6, 2022. Client notifications begin September 13, 2022.
  • In-Force Rate Action Announcement: South Carolina. Regarding Privileged Choice and Classic Select with Flexible Benefit Option and 1% Benefit Increase Option, South Carolina has allowed the following increases. For policies with limited benefit periods: 20%. For policies with lifetime benefit periods: 25%. Agent notifications begin August 30, 2022. Client notifications begin September 6, 2022.
  • In-Force Rate Action Announcement: South Carolina. Regarding PCS II with Lifetime Stable Premium Option, South Carolina has allowed the following increases. For policies with limited benefit periods: 15%. For policies with lifetime benefit periods: 25%. Agent notifications begin August 30, 2022. Client notifications begin September 6, 2022.
  • In-Force Rate Action Announcement: Alaska. Regarding Privileged Choice and Classic Select with Stable Premium Option or Flexible Benefit Option and 1% Benefit Increase Option, Alaska has allowed the following increases. Non-AARP Privileged Choice increased for policies with limited benefit periods: policies with greater than 1% inflation protection: 23.7%. Increase for policies with lifetime benefit periods: policies with greater than 1% inflation protection: 116%. Non-AARP Classic Select increase for policies with limited benefit periods: policies with greater than 1% inflation protection: 23.7%. Policies with greater than 1% inflation protection: 116%. AARP Privileged Choice, increase for policies with limited benefit periods: policies with greater than 1% inflation protection: 22.2%. Increase for policies with lifetime benefit periods: there are no policies with lifetime benefit period. AARP Classic Select increase for policies with limited benefit periods: policies greater than 1% inflation protection: 22.2%. Increase for policies with lifetime benefit periods: there are no policies with lifetime benefit period. Agent notifications begin August 30, 2022. Client notifications begin September 6, 2022.
  • In-Force Rate Action Announcement: New Jersey. Regarding Privileged Choice Flex, New Jersey has allowed the following increases. For Privileged Choice Flex: 33.1% phased (10%, 10, 10% compounded). Agent notifications begin August 30, 2022. Client notifications begin September 6, 2022.

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

John Hancock

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

  • Life Step Universal Life (UL) Insurance Will be Available Solely for Term Conversions. Effective October 1, 2022, Legal & General will no longer be offering the Life Step UL product for new business, but it will remain available solely for term conversion. This will affect both Banner and William Penn business. The decision to close the Life Step UL product has no impact to any of our existing term product offerings.
  • Legal & General Ceasing New Sales of Life Step Universal Life (UL) Insurance. Effective October 1, 2022, Legal & General will no longer be offering the Life Step UL product for new business, but it will remain available solely for term conversion. This will affect both Banner and William Penn business. The decision to close the Life Step UL product has no impact to any of our existing term product offerings.

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

  • 1035 Exchanges and the Good Health Statement & Insurability Supplement. Lincoln Underwriting & New Business recently published information on when the Good Health Statement and Insurability Supplement Form (GHS) [LFF12222] may be required on a policy which was approved via Real-Time Offer. We would like to add some additional clarity for cases that have a 1035 exchange. For all cases approved with a Real-Time Offer, the Good Health Statement and Insurability Supplement (GHS) [Form LFF12222] will not be required if placed within 21 days of policy issue. If a policy is issued but not placed inforce within 21 days, the Underwriter will require the client and agent to submit this completed form. This requirement will be enforced on all policies, regardless of Real-Time Offer status. Information for 1035 exchange policies: For cases that receive a Real-Time Offer (RTO), a GHS will not be needed as long as the 1035 exchange has been initiated within 21 days of the RTO. If the 1035 exchange has not been initiated within 21 days of the RTO, the Underwriter will request one to be completed. A GHS will not be required once the 1035 exchange has been initiated.
  • 2022 Life Insurance Year-End Guidelines. December 8: Suggested final date to submit all applications and tickets requesting a Tele-App or Phone PHI. The completion of the interview is contingent on your client’s scheduling availability. As a reminder, the online interview (eInterview) is flexible and can be completed at any time. December 15: Suggested final date to submit all full applications and tickets requesting an online interview. December 22: All placement-restrictive requirements, including premium, must be received at Lincoln in-goodorder to be guaranteed for placement by December 30, 2022. December 23: 2022 compensation income placement deadline.* All business placed in-force with premium by December 23, 2022 will be considered as 2022 income. Any business placed after this date, through December 30, 2022, will count as 2022 production but will be treated as 2023 earnings. December 26: Company Holiday.
  • Lincoln MoneyGuard® Pricing Improvements. Effective Sept. 12, 2022, Lincoln Financial Group will be implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage® and Lincoln MoneyGuard® II, which will improve competitive positioning, and provide additional benefit design opportunities. There will be no pricing increases as a result of this update. After a transition period, currently sold MoneyGuard products will be replaced by the following: ▪ MoneyGuard Fixed Advantage® – 09/12/22 will replace currently sold MoneyGuard Fixed Advantage® in all states. ▪ MoneyGuard® II (2020) – 09/12/22 will replace currently sold MoneyGuard® II (2020) – 01/10/22 in the state of California.

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.

MassMutual

  • Updated Internal Retention Limits. MassMutual announces recent updates to Internal Retention Limits, which provide a breakdown of their capacity at different age and mortality thresholds including specialty risk limits on Professional Athletes, Private Aviation, and certain high-risk avocations.
  • New High-Net-Worth Foreign National Guidelines. Effective immediately, MassMutual life underwriting has eased high-net-worth foreign national guidelines by updating U.S. nexus requirements and increasing internal retention limits. relaxing program requirements, and simplifying underwriting requirements.

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

Mutual of Omaha

  • September Annuity Time Service Update. Mutual of Omaha will be implementing the following inforce rate adjustments effective December 1, 2022. Please see the link for details.
  • September Annuity Time Service Update. New Business Reviews: 15 business days from receipt into our queue. Policy Issue: On average 3-5 business days, once all requirements and funds are received. Emails and Phone Calls Returned: 48 - 72 hours. Pending and Follow-ups: 3 weeks when requesting funds from the carrier. Fund from other carriers, dependent on the carrier sending to us, take an average of 4-6 weeks to send funds.

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

  • 2022 Year End Deadlines. Make sure your Nationwide life insurance and CareMatters cases count for 2022 production by keeping these dates in mind: December 16: deadline for us to receive applications. December 26: deadline for us to receive premium. Please note: Applications must be in good order for these deadlines to apply. Holiday schedule: December 23 and December 26: Closed for the Christmas holiday. January 2, 2023: Closed New Year’s Day.
  • No Exam and No Labs for Up To $20 Million of Coverage. Nationwide's Executive Advantage streamlined underwriting program is better than ever for eligible clients who make $150,000 or more. They've made the following enhancements: *Increased eligible policy face amount to $20 million *Added new eligible rate classes of Standard & Standard Plus to existing rate classes of Preferred and Preferred Plus *Now accepting e-applications *Now offering digital interviews to your clients.
  • Eligible Face Amount Increase on Competitor Match Program. With Competitor Match Program, Nationwide will now match trial or formal applications from a wide range of eligible carriers for up to $5 million in policy face amounts.
  • New Enhancements to Term + Perm Program. Nationwide Term + Perm Program now accepts up to $5 million in face amount for ages 18-50 and for ages 51-60 and up to $1 million in face amount. Nationwide also now accepts applicants who went through an accelerated underwriting process from other eligible carriers.

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.

Pacific Life

  • PAL+ Enhancements for PL Promise. Effective September 16, 2022, the following enhancements have been made to PAL+—Pacific Life’s dynamic and streamlined underwriting process that replaces PL Smooth Sailing fluidless and PL Swift Sailing accelerated underwriting programs. 1. PL Promise GUL no-lapse guarantee universal life insurance1 is now available with PAL+’s non-invasive modified underwriting path. 2. The online health history age requirement increased from age 60 to age 70. 3. Underwriting guidelines have been updated to eliminate the need for an Amplified Inspection Report where previously required.
  • PL Promise Term Repriced, Now Top 3 for 98% of No-Nicotine Cells. Effective August 22, 2022, Pacific Life Insurance Company is adjusting rates for PL Promise Term level premium term life insurance — a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50k to $250K). This aggressively positioned reprice places PL Promise Term in the Top 3 for 98% of the cells across all terms, ages, no-nicotine rate classes, and face amounts. 60-day transition period is provided.

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

  • What you need to know about the life insurance application.. We’re excited to let you know our new life insurance application (Part A, B, and C) and supplemental forms, as well as Part B for individual disability insurance, will be available for use effective October 1. The new application design encompasses many changes to make it more flexible for use with varying types of cases and to align with industry norms. Click the link above for more information.
  • Key Information About the Updated Application - Part B. The life insurance applications (Parts A, B, and C), and a new Part B for individual disability insurance will be available for use on October 1. Here's what you can expect, so you’ll be ready to hit the ground running.
    • Employability questions are being added to Part B so that they can be used for both life insurance and disability insurance cases.
    • Checkboxes have been added to many questions to make completion easier.
    • The proposed insured’s signature will be required. This will allow medical information to be confirmed prior to underwriting instead of at delivery.
    • When ordering an online Part B, the email and phone number of the proposed insured will be required. This information will be used to authenticate the customer for their electronic signature, so failure to enter the proper information will delay the customer from completing the Part B process.
  • New York Regulation 60 Procedure Updates. Principal has updated its NY Regulation 60 procedures to streamline the process and comply with updated regulations. Beginning September 19, Life New Business will handle all requests for values from other carriers—no need for you to facilitate this yourself! Please ensure you are using the most up-to-date forms, as old versions cannot be accepted after Oct. 21, 2022. Here’s how the process will work:
    • You’ll complete the Reg 60 forms when you meet with your client, as normal. These can be completed at the same time as the application packet, or prior to—just ensure they aren’t dated after the application signed date. The Disclosure Statement, DD9642, doesn’t need to be completed at this time.
    • Once Principal has confirmed the Client Authorization, DD9664-0, to be in good order, they will request values from the replaced carrier. When the values are received, Principal will send the completed Disclosure Statement to your office for signature. At this time, only the Financial Professional needs to sign. The signature can be electronic if approved to use electronic signatures through Adobe Sign or DocuSign.
    • When the policy is issued, the Disclosure Statement will be included in the Policy Issue Packet. The owner will sign at that time. If the Disclosure Statement needed revisions prior to issue, both the owner and Financial Professional will sign it at delivery.

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’s Digital Part II Launching Soon. Doing business with Protective just got easier — effective October 6, you can opt your clients in to answer Part II medical-related questions online. Don't miss your chance to sit in on a live training ahead of the launch. Click the link above to register for a training session on October 3, 4, 5, or 11, 2022.

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

  • 2022 Year End Deadlines. December 14, 2022 4 p.m. ET: All delivery requirements including premium must be received “In Good Order” to guarantee policy placement and compensation in 2022. December 23, 2022: Closing at 2:00 p.m. ET. Prudential’s Year End Deadline, cases placed and active on administrative systems will generate compensation for 2022. NOTE: *COD cases being delivered December 29 – 31 may not place until January 2 due to policy dating rules. *Future dated policies will not place until the policy date. Please see link above for more dates & details.

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.

Transamerica

  • An Update from Transamerica's Head of Life Distribution.
    • Underwriting delays - Transamerica continues to work through the backlog of business. They have hired 14 new underwriters, as well as a new Head of Underwriting, Individual Solutions.
    • Application ease and policy issue - In June, Transamerica enabled the new iPipeline iGO e-App experience for Transamerica Financial Foundation IUL.
    • Improve service and system capabilities - through hiring new staff, expanding training, and improving processes, Transamerica's support teams (New Business, Contact Centers, Financial and non-Financial Processing) are now operating within the committed service level agreements.

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.

Work with Pinney

Enjoying Our Blog?

If so, please leave us a Google rating or review! It really helps others discover us and our content online.

Leave a Review