ProdMod: Lincoln Announces Term Reprice in Key Cells

FROM LINCOLN FINANCIAL…

Effective Nov. 15, 2021, Lincoln is announcing pricing updates to Lincoln TermAccel®Level Term (2019) and Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells.

TermAccel Details

Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement. Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:

  • For face amounts of $500k and above, ages 40 – 60, nearly all premiums are in the top 3
  • At $500k and above, all ages, nearly all premiums are in the top 5
  • For face amounts of $1M, a large majority of cells ages 45 – 60 are ranked #1
  • Premium updates include decreases only

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on Nov. 15, 2021 and ends on Dec. 15, 2021. During the transition period:

  • New applications received and applications currently in underwriting will automatically receive the lowest rates available.
  • For policies already issued Lincoln will accept a written request to change to the Lincoln TermAccel® (2019) – 11/15/21 rates.
  • For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) –11/15/21 rates.
  • For states approved after rollout the above will automatically apply based on the availability date.

Lincoln TermAccel® (2019) is not available in New York.

LifeElements Details

Lincoln LifeElements® Level Term life insurance offers both a traditional paper application process and a streamlined Tele-App process for electronic and paper ticket submissions. Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:

  • Face amounts of $1M+, currently top 3 for most ages 30+
  • A large majority of cells ages 45 and above are ranked #1
  • For face amounts of $500k – $999k, currently top 3 for almost all ages 55+
  • Premium updates include decreases only

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on Nov. 15, 2021 and ends on Dec. 15, 2021. During the transition period:

  • New applications received and applications currently in underwriting will automatically receive the lowest rates available.
  • For policies already issued Lincoln will accept a written request to change to the Lincoln LifeElements® (2019) – 11/15/21 rates.
  • For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) –11/15/21 rates.
  • For states approved after rollout the above will automatically apply based on the availability date.

Lincoln LifeElements® (2019) is not available in New York.

Find out more about these changes from Lincoln Financial…

ProdMod: Sagicor’s Milestone MYGA 6 Now Available in More States

FROM SAGICOR…

Milestone MYGA 6 available in DC, DE, FL, ND, and SD starting November 13th

This is great news for clients who want to lock in a 6-year guaranteed rate of interest — with no exposure to market risk. Milestone MYGA offers clients a choice of competitive interest crediting for 3, 4, 5, 6 and 7 years, plus:

  • 10% penalty-free withdrawals beginning contract-year two
  • Issue availability to age 90
  • Full account value payable at death

Find out more about these changes from Sagicor…

AdminUpdate: North American’s Online Part B Now Available for California Cases

FROM NORTH AMERICAN…

Introducing Online Part 2 & Tele-Interview in California

North American is excited to introduce an enhancement to the WriteAway® accelerated underwriting program in California. Beginning November 6, 2021, electronic applications in California will utilize the Online Part 2 to obtain your client’s personal and medical history. This new tool gives your clients the ability to complete the Part 2 medical questionnaire confidentially on an advanced platform, with the convenience of being able to complete the process independently, even from the privacy of their own home. We will also be offering a tele-interview option for your clients that are unable to complete the part 2 online due to a technical limitation, disability, or if they do not speak English.

Find out more about these changes from North American…

ProdMod: Principal Announces Term Price Decrease

FROM PRINCIPAL…

Term Insurance: A simple option to help meet a range of protection needs

Now, new premium rates make coverage even more attractive. Effective, Nov. 1, 2021, new rates are available for Principal® 10-, 15-, 20-, and 30-Year Term.

Key things to know about the reprice

  • Level term rates are lower at many ages and risk classes. (Principal® GI Term and Principal® One-Year Term rates are unchanged.)
  • New rates are approved in all states and available to quote now.

Transition Guidelines

  • November 1, 2021
    • New Term 11/21 rates are available to sell and quote
    • We’ll except applications for original rates until December 1, 2021
    • Term applications in underwriting will be issued at rates applied for unless 11/21 rates are requested.
  • December 2, 2021
    • All applications received in the home office on or after this date will be issued with 11/21 rates

Find out more about these changes from Principal…

ProdMod: North American Announces Sunset of Classic Term

FROM NORTH AMERICAN…

Effective November 20, 2021, Classic Term will be removed from North American’s product portfolio. Although this product will no longer be available, we encourage you to review North American’s ADDvantage® Term to meet your client’s term life insurance needs.

Important Dates: Electronic Applications (Classic Term submission is only available via e-app)

As of November 20, 2021, Classic Term will no longer be available in SimpleSubmit® e-app or Web-Based Illustrations. Electronic applications for the Classic Term must be locked, submitted, and signed by all parties by November 19, 2021.

If an e-app for Classic Term is signed and/or received November 20, 2021, or after, it will not be coded. The MGA will be notified of the details of the application so the MGA can contact the writing agent to determine if their client is interested in applying for a different product.

Find out more about these changes from North American…

ProdMod: Understanding the Impact of the 7702 Transition on New York Life Whole Life Products

FROM NEW YORK LIFE…

We are excited to announce the introduction of New York Life’s AD121 Whole Life product suite. The new product suite will be available in all jurisdictions with an application Part I date of November 6, 2021 or later. AD121 Whole Life, Custom Whole Life, Custom Survivorship Whole Life, and Option to Purchase Paid-Up Additions Rider have been re-priced to reflect the current interest rate environment and to be compliant with updates made to Internal Revenue Code Section 7702 and nonforfeiture law. AD121 products are available to be Illustrated in NYLIS.

Overview of Product Changes

Whereas our current AD117 & AD119 Whole Life products in market use a 4% guaranteed cash value interest rate, AD121 Whole Life (WL), Custom Whole Life (CWL), Custom Survivorship Whole Life (CSWL), and the Option to Purchase Paid Up Additions (OPP) rider were re-priced using a 3% rate ensuring its continued compliance beyond 2021. As a result of this re-price, the following changes can be expected with AD121 products:

  • Modest premium increases at most issue ages on AD121 WL with more material premium increases across AD121 CWL and CSWL.
  • Increased early duration guaranteed cash values across AD121 products. Long-term, non-guaranteed cash value performance varies by product. Further details are outlined in each product section below.
  • Higher Modified Endowment Contract (MEC) limits allowing increased optionality and flexibility with case designs.
  • Variable Loan Interest Rate (VLIR) will have a minimum rate of 4.0% on AD121 products compared to 5.0% on in-market versions of the products.
  • OPP expense charge is lowered to 5% (currently 12%) for all Standard or better risk classes.

These are just a few of the highlights! For a more thorough summary of the impact of the transition to new 7702 interest rates, including expected performance changes, please see the formal announcement from New York Life.

Find out more about these changes from New York Life…

ProdMod: John Hancock Announces Protection SUL Reprice

FROM JOHN HANCOCK…

John Hancock offers several survivorship life insurance products and — as a pioneer and leader in this market — we remain committed to ensuring our customers have a variety of survivorship solutions to help meet their protection and estate-planning needs. To that end, we are making some changes to our Protection SUL offering:

  • In early 2022 (pending state approvals), we will be introducing a repriced Protection SUL product (PSUL’19R).
  • Protection SUL ’19 will no longer be available for sale effective January 1, 2022. As a result, all Protection SUL ‘19 policies must be issued and in force by December 31, 2021. Therefore, please note that we must receive any Protection SUL ’19 submissions by the dates noted below to ensure the policy can be placed in force (with initial premium paid) by December 31, 2021.

Important Deadlines

  • December 10, 2021: Submission of all outstanding underwriting and administrative requirements on your pending cases to Life New Business.
  • December 21, 2021: All checks to put policies in force received in Life New Business.

Find out more about these changes from John Hancock…

ProdMod: AIG Reprices Select-a-Term to Land in the Top Three

FROM AIG…

As of October 25, 2021, there will be premium rate changes which will consist of a mix of increases, decreases and some cells being left unchanged in all states except New York, where rates will remain the same.

Newly lowered monthly modal factor is as low as any of the top term products in the market today:

  • Current Monthly Modal Factor: 0.0855
  • New Monthly Modal Factor: 0.0850*

Highlights Include

Face amounts of $250,000 & Up

  • Select-a-Term ranks in the Top 3 in nearly 75% of the cells with monthly and annual rates.
  • 45% of the cells have the lowest-priced monthly rates of any product.

Face amounts of $500,000 & Up

  • About 85% of the cells are in the Top 3 with monthly taking the number one spot 55% of the time.
  • It continues to be extremely competitive for smoking cases, especially at age 40 and older, and for face amounts of $500,000 and up.

Find out more about these changes from AIG…

AdminUpdate: Enhancements Coming to Foresters Policy Delivery Process

FROM FORESTERS FINANCIAL…

Faster Pay, Happier Clients

At Foresters™, we are committed to make it easier to sell our products.

Effective October 28, 2021, All Delivery Requirements will be secure emailed to you to avoid any delays with mail delivery.

This fast and secure method will help protect your client’s personal information and also may allow for faster placement of your business.

Find out more about these changes from Foresters Financial…

AdminUpdate: Securian Launches Online Part 2 for eApp Process

FROM SECURIAN FINANCIAL…

eApp upgrade going live October 30

In case you missed it, Securian Financial will be upgrading our life insurance eApp at the end of the month to offer client collaboration. Starting on October 30, 2021, eApp will have the option for clients to complete parts of the eApp, including their underwriting questionnaire (part 2), allowing them to answer medical questions without having to go through a tele-interview.

Additional Details

  • The Client Collaboration is only available on full eApplications. Keep in mind these instances where a phone interview will still be required:
  • SecureCare Cases
  • Applications taken in New York or for New York products
  • Drop Ticket
  • If the proposed insured and owner are different

Find out more about these changes from Securian Financial…