AdminUpdate: 2021 Year End Dates and Deadlines

The end of 2021 is rapidly approaching and the AIN Core Carriers have begun to release their year-end processing deadlines. While not all have been released as of today, please review those that have below, and keep an eye on your in box for updates as additional carriers declare themselves!


The pertinent 2021 year-end cutoff dates for the AIN Core Carriers can be found via the links below.

ProdMod: Transamerica Launches Updated Financial Foundation IUL

FROM TRANSAMERICA…

FFIUL Just Keeps Getting Better

Effective December 4, 2021, Transamerica Financial Foundation IUL® (FFIUL) may be an even more attractive option for your agents and their clients. From lower charges and fees to expanded coverage, FFIUL features several exciting enhancements we think you and your agents are going to love:

  • Reduced Per Unit Charges (PUC) – New lower PUC in all cells for bands 2, 3, and 4 mean many new policies with a face amount of $100,000 and above are now even more competitively priced.
  • 30% Lower Minimum No-Lapse Premiums – Requires less premium to guarantee the policy stays in force if your client’s financial circumstances change.
  • Higher Funding Limits – Transamerica’s illustration and administrative systems have been updated to reflect new regulatory interest rates under the 7702 & 7702A guidelines.
  • Expanded LTC Coverage:
    • LTC International Coverage Benefit – FFIUL policyholders in the U.S. with the LTC Rider, who incur qualified LTC expenses at an international long term care facility outside the U.S., District of Columbia, and Canada, can now file an LTC claim.
    • LTC Informal Care – The Long Term Care Rider now allows clients to pay family members, friends, or even neighbors for providing care as outlined in the plan of care.

Transition Rules

  • All applications submitted on or after December 4, 2021, will reflect new repricing and new plan codes.
  • In-flight applications (submitted prior to December 4, 2021)
    • Cases issued on or after December 4, 2021, will get the new plan codes, repricing, and illustration.
    • Cases issued or printed prior to December 4, 2021, will have old rates and plan codes.

Find out more about these changes from Transamerica…

AdminUpdate: AIG Begins Migrating eDelivery to DocFast

FROM AIG…

Our eDelivery process has moved to DocFast!

AIG is now using DocFast ® eDelivery from iPipeline as its new service for electronic policy delivery, effective for all new eDeliveries initiated on or after November 15.

Faster and smoother delivery process

DocFast is a widely used platform designed for the Life Insurance industry, with AIG-customized features. With robust functions for financial professionals and easy-to-use navigation for clients, DocFast delivers a fast, high-quality experience for all.

Use Connext for case-level access and tracking

Financial professionals and case managers will have seamless access to DocFast via Connext, using their existing Connext user profile and sign-in. To request DocFast eDelivery for applicable products and cases:

  • On the application transmittal/cover sheet, note preference for eDelivery, or
  • In Connext, turn eDelivery ON within the Policy Information Policy Delivery Details section.

Find out more about these changes from AIG…

New York Life Declares 2022 Dividend Interest Rate

FROM NEW YORK LIFE…

New York Life declares largest dividend in company history, despite historically low interest rate environment

New York Life announced that the company has declared the largest dividend to eligible participating policy owners in company history. The company’s declared dividend includes a hold of our Dividend Interest Rate (DIR) at 5.8%.

Exceeding our guarantees to policy owners for 168 years

New York Life today announced that the company has declared a dividend of $1.9 billion to eligible participating policy owners in 2022, the largest in company history.

The ability to declare a dividend for a 168th consecutive year underscores New York Life’s commitment to financial strength, mutuality, and delivering ongoing value to policy owners. The company has paid in excess of $1 billion in dividends every year since 1990 and more than $44 billion in total dividend payouts over that time.

Complementing New York Life’s foundational life insurance franchise are strategic businesses that deliver diversified revenue streams. These revenues contribute to surplus, dividends, and earnings and can help mitigate the impact of today’s historically low interest rate environment.

Find out more about these changes from New York Life…

Now Available: Updated Product Intel Resources posted to AIN Essentials

The AIN Member Services Team has completed a “top to bottom” review and update of the Product Intel Resources curated on AIN Essentials. Read on for the details!


Product Intel: General

  • Updated: Child Rider Details – A summary of the available Child Riders by carrier
  • Updated: Life Insurance In Qualified Plans – A summary of current Core Carrier policy and procedure regarding the sale of life insurance products in qualified plans. Now includes carrier position on Defined Benefit and 412 plans.
  • Updated: Max Issue Age and Age Calculation – Working on a truly “older age” client? Pop this resource open to gain an understanding of carrier policy and procedure for clients over age 80
  • Updated: New York Products by Carrier – Have a “New York state of mind”? Keep track of what you can and can’t sell in New York with this resource
  • Updated: Premium & Face Amount Limits – Life Products – A summary of current Core Carrier limits on premiums and face amounts, if applicable
  • Updated: Premium Deposit Accounts – Premium Deposit Accounts are becoming a more important part of the case design process to improve performance, accommodate large non-mec lump sums or both. Check out the parameters for the Core Carriers captured in this new resource.
  • Updated: Product Availability by State – Stay up to date on where recently launched products are approved for sale with links to carrier state approval details
  • Updated: Product Type By Carrier – Increase your knowledge of the breadth of product available from the AIN Core Carriers with this quick summary sheet
  • Updated: Terminal Illness Rider Details – Qualification and terms regarding acceleration of death benefits due to a terminal illness diagnosis
  • Updated: Section 7702 Transition Summary – A brief summary of 7702 compliant products, including links to applicable materials from each of the Core Carriers

Product Intel: LTC and CI Products and Riders

Product Intel: Permanent Products

  • Updated: Available Riders – Permanent Products – A summary by Core Carrier of the various riders available on permanent products.
  • Updated: High Early Cash Value Riders – Includes a brief description of the relevant terms and conditions governing the use of high early cash surrender value riders
  • Updated: Loan Rescue: 1035 Exchanges With Outstanding Loan – While the true “loan rescue” products of the past are close to extinction, there are many sales to be had if we can find more favorable terms for a heavily loaned contract. This resource will get you headed in the right direction from a carrier and product standpoint.
  • Updated: Premium Financing Guidelines – A summary of the AIN Core Carrier’s minimum requirements for Premium Finance cases. Given the complexity of this subject, a quick call to the Member Services Team is recommended as well before submitting a case formally or informally.
  • Updated: Return of Premium Rider Details – Return of Premium features add flexibility and open up insurance planning conversations instead of simply taking the order. Keep tabs on the nuances of these riders with this spreadsheet.

Product Intel: Specialty Products

  • Updated: Final Expense Product Details – A quick summary of the pertinent details around the Core Carrier’s Final Expense offerings.
  • Updated: Juvenile Product Details – A summary of the products available for sale to those under the age of 18
  • Updated: Middle Market SI Product Details – A snapshot of the Simplified Issue products available from the AIN Core Carriers. Focuses on modest face amounts and products that are priced to accommodate up to Table 4 risks at a Standard underwriting class, where speed and convenience are more important than price.
  • Updated: Executive GI & SI Guidelines – The corporate owned and white collar multi-life markets are growing based on the need for effective, tax-favored savings vehicles for high income earners. Use this resource to understand program parameters from each of the AIN Core Carriers.

Product Intel: Term Products

  • Updated: Available Riders – Term Products – A summary by Core Carrier of the various riders available on term products.
  • Updated: External Term Conversion Programs – With all the consolidation and changes to conversion privileges in our business, these External Term Conversion programs can represent a more comfortable landing spot for clients seeking alternatives to the issuing carrier’s offering.
  • Updated: Term Conversion Privileges – A summary of the current term conversion privileges by carrier.
  • Updated: Term Face Reductions – Just how “manageable” is Term Insurance? Great question, and this reference focused on the rules around future face amount reductions to keep a client’s coverage in line with their needs can help you find the right carrier for your next case.

F&G 2021 Year-End Deadlines

Please keep the following dates to keep in mind for F&G cases intended for 2021 placement:

  • Friday, December 24th –
    • F&G and NTT Data Services (TPA) will be closed.
  • Monday, 12/27 –
    • F&G is closed.
    • NTT Data Services is open and can process delivery requirements at DeliveryRequirements@fglife.com to avoid delays. Please note, this is an unmonitored box, so no responses are sent as the team works attachments to process business.
  • Friday, 12/31 –
    • F&G is closed
    • NTT is open and can process delivery requirements at DeliveryRequirements@fglife.com to avoid delays. Please note, this is an unmonitored box, so no responses are sent as the team works attachments to process business.

Transamerica 2021 Year-End Deadlines

Below please find important deadlines regarding year-end commission and payout dates for Transamerica.

  • December 20th: All premium and final delivery requirements must be received in good order on or before this date to ensure placement prior to year-end.
  • December 21st and after: New business and delivery requirements will continue to be processed, but are not guaranteed to be in force prior to year-end.
  • December 24th: Last commission cycle for the year. All business to count for 2021 production year will need to be placed by this date.
  • December 24th: Closed for the holiday

Please contact your sales support team for any questions you may have.

ProdMod: North American Introduces Smart Builder IUL 2

FROM NORTH AMERICAN…

North American is pleased to announce a new Indexed Universal Life (IUL) insurance product available November 22, 2021. Smart Builder 2 is designed for death benefit protection and the potential for strong early cash surrender values through a 0% premium load and optional Waiver of Surrender Charge (WOSC) Option Rider.

Smart Builder 2 highlights:

  • Death benefit protection
  • Includes new 7702 and 7702A calculations for Guideline Premium Test, Cash Value Accumulation Test, and what qualifies as a Modified Endowment Contract
  • 0% premium load
  • 0% surrender charge when the WOSC Option Rider is selected*
  • Surrender charge period is 10 years
  • Strong early cash value performance
  • Accelerated death benefit endorsement for critical, chronic, and terminal illness1
  • Variable interest rate policy loans allowed in policy year one2
  • 10% of the surrender value is available for a penalty free withdrawal beginning in policy year two

Transition Rules

Electronic Applications

  • As of December 15, 2021, the previous version of Smart Builder will no longer be available in SimpleSubmit®.
  • Electronic applications for the previous version of Smart Builder must be signed by all parties and submitted by December 14, 2021.

Paper Applications

  • To receive the previous version of Smart Builder, the application must clearly indicate that product, be signed by December 14, 2021, AND received by December 27, 2021.
  • Paper applications signed November 22, 2021, and after that do not specify which series is wanted, will automatically receive Smart Builder 2.
  • All applications received December 28, 2021, and after will automatically receive Smart Builder 2, regardless of what is requested on the application.

Current pending business

  • Existing applications that are currently being processed in New Business or Policy Change but have not yet been placed inforce can be changed to Smart Builder 2.
  • To change an existing case to Smart Builder 2, a new fully completed application that is dated November 22, 2021, or later, will be required.

Find out more about these changes from North American…

ProdMod: Symetra Launches New Accumulation VUL Product

FROM SYMETRA…

Our new variable universal life (VUL) product continues our tradition of simplicity, transparency and cost efficiency.

Accumulator VUL is a straightforward, client-friendly VUL offering death benefit protection and the potential to help build wealth for future goals.

Features and riders include:

  • Subaccounts are managed by professional money managers, each with a focus on specific investment objectives or that track and attempt to replicate the performance of specific market indexes.
  • Optional Waiver of Monthly Deductions Rider can help clients if they are totally disabled and unable to work.
  • Embedded Overloan Lapse Protection Rider and No-Lapse Guarantee feature for advanced planning situations.
  • Embedded Accelerated Death Benefit for Chronic Illness and Terminal Illness Riders and an optional Accelerated Death Benefit for Chronic Illness Plus Rider.
  • Optional Charitable Giving Benefit Rider provides an additional benefit to the qualified charity of your client’s choice.
  • Optional Surrender Value Enhancement and Supplemental Protection Riders, which can add design flexibility in complex cases.

Find out more about these changes from Symetra…

ProdMod: Prudential Announces Retirement of Term Elite

FROM PRUDENTIAL…

Term Elite Is Retiring Effective November 22, 2021

In order to focus on the strength of our core term solutions, the Term Elite product will be discontinued as of November 22, 2021. Please note important dates to consider in relation to the retirement of Term Elite:

  • Monday, November 22, 2021
    • Retirement Date
    • Last day application can be signed and accepted
  • Sunday, November 28, 2021
    • Retirement Grace Period End Date
    • Date when paper app can be received in the Home Office (app must be signed by retirement date)
  • Friday, January 21, 2022
    • Placement End Date Policy placed

Find out more about these changes from Prudential…