September 2023 Carrier Updates

September 2023 Carrier Updates

Last Updated: September 28

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

Carriers with updates below:

Brighthouse
Corebridge
Equitable
John Hancock
Legal & General
Lincoln
MassMutual
Mutual of Omaha
Nationwide
North American
Pacific Life
Principal
Protective
Prudential
Securian
Symetra
Transamerica

Brighthouse

  • Final Notice: Life Insurance Payment Remittance Address Change Reminder. On September 7, 2021, Brighthouse Financial updated the administrative contact information for certain life insurance policies. For convenience, the mail forwarding process was extended past the originally planned expiration date of January 5, 2022, to November 10, 2023. During this extended period, Brighthouse continued to forward client payments from the old address to the updated address for processing. Clients were also mailed a reminder letter to take action to update their information to the correct payment remittance address. This is the final notice that the mail forwarding process will expire on November 10, 2023, and will not be extended.

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

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Corebridge

  • Protection IUL improved positioning effective September 29, 2023. On September 29, 2023, an average premium reduction of 4% will be taken across the board on Value+ Protector III with continued emphasis towards performing well in all scenarios (max%: 6% and 5%) and across payment structures (level and short pay). Also improved guaranteed premium solve to age 90! Please see link for more details.
  • 2023 Year-End Processing Dates and Holiday Hours. Mon, Dec 4: Last day to conditionally issue and forward date Term policies, where the effective and draft date will be Tuesday, December 26. All delivery requirements must be received by December 26 for policy to be placed inforce. Note: For California policies, the last date delivery requirements may be received is Friday, November 24 due to extended forward-dating timeframe mandated by state. Thu, Dec 21: 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 for all dates and details.

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.

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Equitable

  • September Growth Cap Rates. Check out the current September Growth Cap Rates, and watch a video to see how clients may benefit from equities’ performances in up, flat and down markets while having the added benefit of some downside protection (-10%, -15% or -20% depending on the Indexed Option), all to help manage volatility in their VULs.

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.

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John Hancock

  • Introducing Premier Benefit IUL. Premier Benefit IUL gives you a new opportunity to tap into an employer market focused on attracting and retaining top talent. It offers high-earning employees an easy way to buy voluntary individual permanent life insurance with optional long term care rider protection — all at no cost to the employer. What's more, every policy includes John Hancock Vitality PLUS, which supports employees in their pursuit of living a longer, healthier, better life.

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.

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Legal & General

  • CORRECTION: States Following and Not Following PLMA Guidelines. We wish to inform you of an important update concerning our previous communications about the Producer Licensing Model Act (PLMA) guidelines. There was an error in our previous communications. Contrary to what was mentioned: Utah is a PLMA state. Texas is not a PLMA state.
  • SMS Text Alerts Now Available in Horizon. Legal & General has completed a review of their SMS texting system in the Horizon platform and confirmed they are compliant with recent rule changes.

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.

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Lincoln

  • Guaranteed minimum rates updated for new fixed and fixed indexed annuity contracts. Several of the guaranteed minimum rates have increased for new fixed and fixed indexed annuities:
    • Fixed Account rate: The Fixed Account guaranteed minimum interest rate is now 1.40%, an increase for most products. This guarantee provides a floor for Fixed Account renewal rates.
    • The Guaranteed Minimum Cash Surrender Value (GMCSV) interest rate: The GMCSV interest rate is now 2.75%. As a reminder, the GMCSV calculation provides a floor for the minimum amount a client can receive if they surrender their contract. The GMCSV equals 87.5% of the premium, minus any partial surrenders and related premium taxes, accumulated at the GMCSV interest rate, to the date of contract termination (death or annuitization or full surrender).
  • GoDigital resources. One location includes a digital resource library with a simplified, modern layout and a "What's New" carousel. You'll find helpful tools, videos, and easier navigation. This is your one-stop location for life and MoneyGuard, with access to annuities.
  • Enhanced Underwriting Program. Effective September 11, 2023, Lincoln is offering an enhanced underwriting program to provide even more value with Lincoln's accumulation-focused variable (VUL) and indexed (IUL) universal life insurance product solutions.
  • Coming soon – Lincoln MoneyGuard Fixed Advantage® Pricing Improvements. Effective September 11, 2023, Lincoln will be implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage, which will improve competitive positioning. There will be no pricing increases as a result of this update. Following a transition period, Lincoln MoneyGuard Fixed Advantage® – 09/11/23 will replace currently sold Lincoln MoneyGuard Fixed Advantage® - 01/23/23. Highlights: *Pricing improvements range from 0 - 15%. *Average pricing decrease is 5%. *Issue ages 55 through 65 will see the most improvement. Please see link for details.
  • Coming Soon - Indexed Account Rate Changes. Effective Sept. 15, 2023, Lincoln will be making changes to caps, participation rates and spreads on certain indexed accounts, which may reduce future policy performance. The changes apply only to newly created indexed account segments for a select group of previously sold life insurance products in Lincoln’s Indexed UL product suites. The Illustration software was updated effective August 14, 2023 reflecting all indexed account changes. There are no changes to currently sold products. Please see link for details.
  • Express Issue for Term Policies. To enable faster turnaround times on your Lincoln term policies, Lincoln is pleased to announce that beginning Sept. 5, 2023, Lincoln will automatically issue in-good order term policies with face amounts of $2.5 million and below that are approved with a Standard Non-Tobacco or better rating. Regardless of the applied-for rating, all policies $2.5 million and below that are approved Standard Non-Tobacco or better will automatically be issued. • During policy delivery, the agent or agency pre-approver will have the ability to review the policy and decline to sign. if changes are required before the policy is delivered to the client. • The following will require underwriting offer acceptance prior to policy issue: - All table-rated cases - All tobacco rate classes. Please see link 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.

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MassMutual

  • Tele-CMI and Paramed Enhancements. Effective until December 31, MassMutual will pilot Tele-CMI and paramedical exam changes for a better term, whole, and universal life insurance underwriting experience and industry alignment.

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.

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Mutual of Omaha

  • Important Notice Regarding Policyholder Letters. In mid-September, Mutual of Omaha will begin mailing out letters to IUL policyholders to notify them that they now have a new crediting strategy option for their policies: The BofA U.S. Agility Index.
  • Additional Updated Underwriting Flyers Available. Mutual of Omaha has updated more of their underwriting quick reference flyers that are used with fully underwritten life insurance products.
  • Inforce Illustrations. We are very excited to unveil our new tool that allows producers to run their own inforce illustrations. This new functionality will help you provide better ongoing service to existing policyholders. It can be found on our SPA website through the ‘Sales & Marketing Tab’ and then navigating to the ‘Mobile & Online Quoting’ page. Key considerations when accessing this tool include: *You must be the writing agent of record to access this function, servicing agents cannot run inforce illustrations *Previous inforce illustrations are saved in the list for up to 14 days *Chrome is the recommended browser
  • New Enhancements to the Book of Business Tool. As many of you know, you can get a complete list of your in-force policy information in one easy-to-sort file, using Mutual of Omaha’s Book of Business download tool, on Sales Professional Access (SPA). Effective immediately, you will notice additional enhancements we have made to the Book of Business download tool including the following: *Additional data elements when there is a second writing producer on a policy, to match the elements for the base producer *Annual Premium, Current Interest Rate, Flat Extra Amount additional fields *Additional details in the Plan Type description for Medicare supplement
  • New Personal Worksheets for North Dakota and New York. Effective August 31, 2023, new Personal Worksheets will be available for New York and North Dakota.
  • Trial Application Submissions. Effective September 5, 2023 Mutual of Omaha will implement changes for all Trial Application Submissions. See link for details.

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.

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Nationwide

  • Cap and participation rate increase. It’s coming up on the end of the year! If you want to deliver more growth potential to your clients, we have some good news regarding Nationwide® IUL Accumulator II 2020. Effective October 15, 2023, we are increasing the cap rate on every capped indexed interest strategy. The participation rates for our volatility control strategies are increasing as well! Please see link for details.
  • CareMatters Together launching in AZ and DC on Sept. 11, 2023. Beginning September 11, 2023, CareMatters TogetherSM will be available in the state of Arizona (AZ) and the District of Columbia (DC). After September 11, 2023, CareMatters Together will not yet be available in California, Montana and New York. CareMatters Together will not be filed outside of the 50 states and the District of Columbia (DC). We will continue to offer Nationwide CareMatters® II for individuals seeking long-term care coverage for a single life. For pending applicants who wish to transition to CareMatters Together, additional paperwork or requirements could be needed.

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.

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North American

  • Setting Up Agent Notifications. If you don't already, make sure you have agent notifications set up to be alerted when a client receives their annual statement.
  • More Competitive and Simplified Underwriting Is Here. North American is excited to share recent guideline updates to help simplify the underwriting process. A single build chart for all genders and age groups is now available. Plus, the death benefit guidelines for juveniles has been expanded. Reference North American's newly updated Underwriting Guidelines for additional details.

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

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Pacific Life

  • Now, Better Pricing for PL Promise Term Life Insurance. Effective September 5, 2023, Pacific Life Insurance Company is rolling out new pricing for PL Promise Term1 level premium life insurance — a product designed to offer affordable death benefit protection to consumers with household incomes of $50,000 - $250,000 and business owners needing short-term flexible coverage. Rates have been updated to increase competitiveness across all combinations of terms, risk classes, gender, and issue ages with a focus on lower premiums at $3 million of coverage and above. A 60-day transition period is provided. See link for more detail.

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.

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Principal

  • Principal Illustration Edge to be Retired. Illustration Edge has been replaced for all new business and inforce illustrations by Principal Life Illustration System (PLIS). Effective October 23, 2023, Illustration Edge will be retired and no longer available.
  • New Applications Available Soon in Several States. Effective October 21, 2023, the updated application will be available in new states, including CA, FL, MT, ND, SD, and WY. See link for more detail.
  • Form Update. The Military or Military Dependent Sales Disclosure has been updated. Please ensure you’re using the most current version of the form DD2647-7. The iGO e-App will be updated at a later date.

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.

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Protective

  • Protective Indexed ChoiceSM UL lower pricing and NY availability. We're excited to introduce Protective Indexed Choice UL in New York, effective September 18, 2023. It's designed to help protect customers’ goals while offering flexibility to adapt to life’s changes – including the opportunity to grow and access cash value linked to market performance. Plus, we’ve lowered the pricing. See link for details.
  • Velocity Customer Portal Launch. Protective announces the launch of their new Velocity Customer Portal, a secure, self-service website that is available to the customer 24/7 that assists the customer with completing their life insurance application.

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.

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Prudential

  • Start Your Week with 10-Minute Mondays. Join Prudential for their 10-Minute Monday series. In just 10 minutes, they’ll share the foundation of a new strategy and how you can use it to grow your business.

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.

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Securian

  • Premium limits increasing!. Good news! We are increasing our premium limits for the first policy year only on new sales for select products. Premium limits for Eclipse NY, Eclipse Protector II Indexed Universal Life (IUL), Eclipse Survivor II IUL and Variable Universal Life (VUL) Survivor products sold with the No Lapse Guarantee Agreement (NLGA) will increase to the greater of 5x target and $5mm (the current limit is $1 million). Illustrations were updated as of September 1, 2023 with this change. These limits may change over time.
  • New Suicide Exclusion Endorsement in Arizona, Colorado, and Missouri. The Compact approved certain amendments relating to life insurance suicide exclusions. These amendments maintain a maximum suicide exclusion period of up to two years and include an exception requiring a shorter maximum suicide exclusion period where required by state law. While the Compact default standard is a two-year suicide exclusion, some Compact states (AZ, CO, and MO) already require shorter suicide exclusion periods. These Compact amendments require that an endorsement be added to policies in those states. A letter explaining the change along with a copy of the endorsement will be mailed to clients with affected policies the last week of October.

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.

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Symetra

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.

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Transamerica