ProdMod: Transamerica’s New Term Rates Put Them In The Hunt


Lower Rates Across the Portfolio

With new, highly competitive rates, Transamerica now holds the top-ranked position for one in three of 3,942 quoting scenarios and finishes in the top three for more than half when comparing annual rates among top competitors.

We took a balanced approach to these adjustments, looking at where we could reprice and still remain competitive, which allowed us to make bigger price reductions for your clients across all risk classes. The key takeaway? Transamerica is now ranked in the top three 45% of the time for our two best risk classes, 63% for nonsmokers, and 97% for smokers.

Transition Rules

  • All new applications submitted on or after October 2, 2021, will reflect new pricing.
  • Applications received on or before October 1, 2021, and issued by November 5, 2021, will automatically receive the better of old or new rates; if issued November 6, 2021, or later, the case will receive the new rate.

Find out more about these changes from Transamerica…

ProdMod: Symetra’s New SwiftTerm Rates are at the Top of the Charts


SwiftTerm℠: More competitive pricing and expanded sweet spots

At Symetra, we’re always fine-tuning our products to ensure they’re competitive, fulfill your clients’ financial needs, and help you build your business. That’s why we’re excited to announce that Symetra SwiftTerm now offers even more competitive pricing and product sweet spots than before!

SwiftTerm provides the only end-to-end digital platform that can provide up to $2 million in coverage in as little as 25 minutes—and now its new pricing is also bringing the heat (PDF). With our recent changes, SwiftTerm now ranks No. 1 over 90% of the time in our expanded sweet spot ages of 30 to 50 years old in non-nicotine rate classes.2 Our new rates are available for sale effective, Oct. 1, 2021.

Find out more about these changes from Symetra…

ProdMod: New Discounts Available on MoneyGuard Market Advantage


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.

Case Submission Guidelines & Eligibility

  • Lincoln MoneyGuard Market Advantage cases only. See exclusions, below for additional details.
  • New policy submissions must include an illustration with the Couples Discount selected.
  • Cases in a pending status as of Oct. 11, 2021 are eligible. In order to qualify and apply for this program, a revised illustration with the Couples Discount selected will need to be submitted.
  • Cases placed inforce prior to Oct. 11, 2021, are not eligible.
  • MoneyGuard® iGO eApp and traditional application submissions are eligible.
  • In order to receive the enhanced underwriting Couples Discount, cases must be placed inforce, or 1035 exchange initiated, by Dec. 31, 2021.


Not eligible for the expanded Couples Discount program:

  • State of Washington
  • Lincoln MoneyGuard® III (2021)
  • Lincoln MoneyGuard® II 2020 in California
  • Lincoln MoneyGuard® II NY in New York

Transition Rules

  • In order to qualify for the Couples Discount enhancement, all cases eligible for the Couples Discount must be placed inforce, or 1035 exchange initiated, by end-of-day Dec. 31, 2021.
  • For placed business, normal internal replacement guidelines apply. Rewrites will not be accepted.
  • Ensure that you are appropriately licensed and credentialed. Clients of financial professionals who are not properly credentialed to solicit business when the paperwork is submitted will be subject to the product in effect on the date when the financial professional becomes properly credentialed and resubmits the paperwork.
  • Once an application is submitted, the Personal History Interview (PHI) must be completed within 60 days of submission. In addition, the case must be placed within 90 days of the PHI as long as the 90 days don’t go past Dec. 31, 2021. If these conditions are not met, the case will be closed out. If a case is reopened, a new Part 1 must be submitted, and the case will be subject to the product available and marital status at that time.

Find out more about these changes from Lincoln Financial…

ProdMod: Principal Releases Updated Executive VUL III


Principal Executive Variable Universal Life IIISM (Executive VUL III) is designed specifically for the business market and can be ideal for financing deferred compensation plans, bonus plans, and more. It has now been repriced and meets current Internal Revenue Code 7702 guidelines.

The updated product offers the same great features but has improved long-term accumulated value growth potential over the prior version. The new rates are effective immediately.

What can make this product a good fit for your business clients?

Executive VUL III offers business-friendly features that can help your clients do more, including:

  • Design flexibility that allows them to choose between higher early cash surrender values or greater long-term growth potential
  • Over 120 quality investment options from many well-known fund managers
  • Underwriting options for the busy executive, including Guaranteed Issue/Simplified Issue, Principal Accelerated Underwriting℠, and the new Principal Business Solutions Enhanced Underwriting
  • Dedicated case design and sales specialists before and during the sale—and in-house plan and policy administration services afterward

Transition Guidelines

  • October 1st: New rates available in all states except California and New York
  • September 30th: Last day applications can be received in our homes office to receive original rates.
  • Cases Pending on October 1st: All applications received prior to October 1st will be issued with original rates. You may request new rates for these cases. A new application is not required to receive new rates

Find out more about these changes from Principal…

ProdMod: Securian Announces 7702 Transition for SecureCare


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.

How will these changes impact SecureCare UL benefits?

  • Long-term care (LTC) benefits: The new guaranteed interest rate will have no impact on the LTC benefit pool. Regardless of whether an applicant receives the old or new guaranteed interest rate, the amount of LTC coverage they receive will be the same.
  • Death benefit: The change to the guaranteed interest rate reduces the minimum required death benefit factors used in the Cash Value Accumulation Test (CVAT). While some plan designs are not affected by these changes, this can result in lower death benefit amounts for some SecureCare UL policies in the corridor:
    • Generally, single-pay policies impacted by the 7702 changes will see a death benefit reduction immediately, while impacted multi-pay policies will see a reduction towards the end of the premium payment schedule.
    • If a policy’s death benefit amount is impacted by the 7702 changes, the difference between the old guaranteed interest rate’s death benefit and new guaranteed interest rate’s death benefit diminishes over time until they eventually match up.
  • Cash surrender value: Some policies may see a slight increase in the cash surrender value. However, some plan designs are not affected by the changes.

Transition Rules

  • Friday, October 29, 2021 – Applications must be signed, in good order and received by Securian Financial before end of business on October 29, 2021 to be eligible for the old guaranteed interest rate. Applications received after October 29, 2021 will receive the new guaranteed interest rate
  • Monday, November 1, 2021 – The new guaranteed interest rate will be available in the illustration software.
  • Friday, December 31, 2021 – Policy issuance and funding deadline to receive the old guaranteed interest rate
    • Applications received no later than October 29, 2021 must be approved, issued and paid before January 1, 2022 per The Consolidated Appropriations Act. If the policy is not approved, issued and paid by December 31, 2021, the policy will be reissued with the new guaranteed interest rate. This is a regulatory requirement, and NO EXCEPTIONS will be made.
    • Applications received after October 29, 2021 will receive the new guaranteed interest rate even if they are approved and paid by December 31, 2021. No exceptions will be made.

Find out more about these changes from Securian Financial…

ProdMod: New York Life’s Section 7702 Transition is On Deck


Since the Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020, we have been preparing to transition our life product portfolio to ensure continued compliance with all regulations. The CAA impacts the interest rates used in Internal Revenue Code (IRC) Section 7702 and Section 7702A. These interest rates are used in the calculation of Definition of Life Insurance (“DOLI”) testing and Modified Endowment Contract (“MEC”) premiums. Additionally, the allowable Nonforfeiture Interest Rate used to determine the minimum cash value on certain products has also changed. All products must be in compliance by January 1, 2022 and policies that do not comply cannot be issued in 2022.

Whole Life Suite to be updated in 2021

  • On November 6, 2021, AD121 Whole Life (WL), Custom Whole Life (CWL), and Custom Survivorship Whole Life (CSWL) will be introduced reflecting a new guaranteed cash value interest rate. A Network News will be published closer to the launch date of the new product series with full details.
  • With the launch of the new products, the Children’s Insurance (CI) rider will be discontinued. To issue a policy with a CI rider, the year-end processing rules outlined below must be followed.

Transition Rules

AD117 WL and CWL, and AD119 CSWL, cannot be issued in 2022. To issue all applicable AD117 WL and CWL, and AD119 CSWL policies by the end of the year the following deadlines have been established:

  • For AD117 WL and CWL, and AD119 CSWL, eLife applications must be signed/submitted by November 5, 2021. Applications with a Part I application date of November 6, 2021 or later will receive the AD121 series of the product.
  • A complete application package (Part 1 and 2), including all underwriting requirements, must be submitted and received by December 6, 2021 to position our underwriting teams to complete their review and issue these cases by year-end.
  • AD117 WL and CWL or AD119 CSWL policies cannot be issued after year end. No exceptions can be made.

Impact of 7702 Transition on Contractual Term Conversion Options

Original age term conversions (OATC) on term policies issued on or before November 5, 2021 will continue to be allowed to convert to an AD117 WL or CWL product on or after January 1, 2022. The contractual provision maintains the original term insurance issue date and makes available the WL product that was available for sale at that time.  Any term insurance issued on or after November 6, 2021 will have a contractual original age conversion privilege to AD121 products.

Find out more about these changes from New York Life…

AdminUpdate: Principal Introduces Concierge Underwriting for Business Cases


We’re excited to introduce our new Principal® Business Solutions Enhanced Underwriting program. At a high level, the program is an extension of Accelerated Underwriting, designed to underwrite more individuals without insurance exams at higher face amounts. It’s our way of acknowledging that fully underwritten cases have the opportunity for a better customer experience, even at multi-million face amounts when the right information to comfortably assess the risk is available. We’ll leverage both digital health data and the traditional Attending Physician Statement (APS) for this program.

Eligibility Guidelines

  • The policy must be employer-owned/sponsored, trust-owned, or an affiliated relationship (i.e., an individual policy owned by a business owner, key employee or their family member).
  • Face amounts are available up to $50 million.
  • All currently sold products are eligible.
  • Insured eligibility:
    • Ages 25-70.
    • Have total compensation of $150,000 or higher.
    • U.S. citizen or green card holder—foreign nationals/foreign residents are not eligible.
    • Professional athletes, entertainers, government officials, and other high-profile applicants are not eligible.
    • Contact your underwriter prior to case submission if you have questions about whether specific occupations qualify.
    • Standard or better risk class, including cases improved to Standard with Healthy Lifestyle Credits. Cases improved to Standard through the Principal Risk Upgrade Program are not eligible.
  • The Attending Physician Statement must include history for the past five years, including a physical with blood, urine, and physical measurements in the past 12 months.
  • Favorable EKG or cardiac testing within the past 3 years:
    • Ages 41-49 for face amounts over $10 million.
    • Ages 50+ for all face amounts above applicable Accelerated Underwriting limit.
  • An online Part B or TeleApp interview is required for application Part B completion.

Find out more about these changes from Principal…

ProdMod: Protective Drops Classic Term Prices. Again!


Protective® Classic Choice term repriced, again!

We repriced again to make Protective® Classic Choice term more competitive than ever. Our lower prices now put us in the top 3 94% of the time and in the top 5 97% of the time for monthly pay scenarios.

We’re committed to maintaining a competitive term solution by offering lower prices, longer term options, more flexibility and faster technology — so you can give your clients the coverage they need at the price they want.

Transition Rules

  • For paper business; applications must be signed and received on or before October 18, 2021.
  • For ticket business and direct writer; applications must be signed and received on or before November 1, 2021.
  • Any application in Underwriting on October 4, 2021 may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
  • NY does not have a rate change but the plan codes are changing so they will follow the above rules.

Find out more about these changes from Protective Life…

AdminUpdate: Securian Suspends Premium Finance Business for Balance of 2021


New Premium Finance Cases on Hold until 2022

Securian Financial has reached premium finance capacity limits for 2021. Effective immediately, we will not accept new premium finance cases for placement consideration in 2021.

Please note the following:

  • Proposed Insureds already reviewed and allowed to proceed to underwriting bu the Premium Financing Committee may still submit formal applications for placement consideration the year,
  • Proposed insureds with a Premium Financing Pre-Application Request submitted prior to or in conjunction with the submission o the application, but not yet reviewed but egg Premium Financing Committee, will be evaluated on a case-by-case basis for placement consideration this year. Please engage your Securian Financial Sales Team on these cases to facilitate proper consideration for placement this year.

We appreciate your business and know we remain committed to the Premium Financing market. New premium financing case will again be considered for placement starting in January 2022.

Find out more about these changes from Securian Financial…

Formal Announcement from Securian Financial

AdminUpdate: Global Atlantic Announces Washington State Cutoff for ForeCare


We encourage you to submit any Washington cases as soon as possible. While we cannot guarantee issuance by the November 1, 2021 deadline, the following guidelines and key dates should be followed to increase the likelihood of issuance before November 1.

  • October 8th: Submit all applications by October 8, 2021 (underwriting approval must be completed prior to application submission).
  • October 29th: 1035 exchange cases will be dependent on receipt of funds on in good order policies from the surrendering carrier no later than October 29, 2021. Surrendering carrier turnaround times vary, we highly recommend contacting the surrendering carrier for further details.
  • November 1st: The state of Washington allows residents to apply for an exemption from the payroll tax for policies issued prior to November 1, 2021. Any business that is not issued by October 29, 2021 will continue to be processed by Global Atlantic, however it will not qualify for exemption from the payroll tax assessment.

Forethought Life Insurance Company cannot provide specific recommendations on legal requirements or exemptions from such legal requirements, however, so each individual must consult with his or her own legal counsel for specific recommendations.