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ProdMod: Corebridge Increases Cap & Max Illustrated Rates on Multiple IUL Products

FROM COREBRIDGE…

As of January 21, 2023, we have increased our cap and max illustrated rates across all our new business Index Universal Life products. Winflex has been updated to provide illustrations that reflect these rate changes.

New Business Highlights
  • S&P 500 cap rates for Max Accumulator+ III and Value+ Protector III will increase by 1.00%
    • Max Accumulator+ III & Value+ Protector III cap rates are now even stronger at 11.50% and 10%, respectively
  • Max Illustrated Rate (MIR) will also improve:
    • 6.93% for Max Accumulator+ III
    • 6.24% for Value+ Protector III
  • Despite market volatility, participation rates will remain unchanged
Inforce Product Highlights
  • A mix of rate increases & decreases across inforce products
 
These changes will improve our competitiveness in the market and enhance illustrated performance.
 

ProdMod: AIG Implements Higher Commission & Better Term Rates for Select-a-Term

FROM AIG…

Effective August 29, 2022, we have several big upgrades to Select-a-Term:

Higher Commission
We have increased the street level commission on all 18 durations of Select-a-Term! Commissionable writing agents who submit Select-a-Term applications signed August 29, 2022, or after will receive an additional 5% commission in all states except for New York where commissions will remain the same.

To confirm your commission schedule, log into Connext and find your schedule under Contracting & Commission, and Agent Lookup.

Better Term Rates
Effective August 29, 2022, Select-a-Term is getting repriced in all states except New York where rates will remain the same. There are many great adjustments increasing our position in the top 3 across all terms.

Over 96% of cells have lower monthly premiums. Be sure to check out the new 10- 15 year rates! Please see transition rules for more information.

Lower Monthly Modal Factor
We have also lowered the monthly modal factor which puts Select-a-Term among the top term products in the market today.

  • Current Monthly Modal Factor = 0.0850
  • New Monthly Modal Factor = 0.0845

Transition Rules 

  • New product rates will be available effective August 29, 2022 (Paper Applications & AG Quick Ticket)
  • New product rates will be available effective August 27, 2022 (iGo Full e-Application)
  • Applications received in the Home Office prior to September 26, 2022, will manually be given the product with the lowest rates prior to policy issue.
    • o This does NOT apply to previously issued or conditionally issued policies.
  • Applications received in the Home Office September 26, 2022, and later will automatically be given the new product rates.
  • Reissue requests to new plan will NOT be honored.
  • New applications submitted to replace existing inforce coverage with the new rates will not be honored within 90 days of the existing coverage going inforce.

Find out more about these changes from AIG…

ProdMod: AIG to Launch Updated Value+ Protector III

FROM AIG…

On July 25, 2022, we are launching a new version of our flagship protection IUL – Value+ Protector III. It replaces Value+ Protector II with a few exciting upgrades that make our protection IUL more attractive and competitive as your go-to product to help clients look to the future with confidence.

Product Upgrades

  • More competitive premium
  • Improved target premium
  • New enhanced Surrender Value Rider (Guaranteed Return of Premium)
    • Automatically included at no additional cost
    • Provides two opportunities (at year 20 and 25) for clients to receive enhanced cash surrender value when fully surrendering the policy*
  • New proprietary index option: Franklin Quality Dividend Index (FQD)
  • Updated rate increases and adjustments

Transition Rules – Paper & Ticket

  • Applications received in the Home Office July 25, 2022 and later will automatically be given the new product.
  • Reissue requests to new plan will NOT be honored.
  • New applications submitted to replace existing inforce coverage with the new product will not be honored within 90 days of the existing coverage going inforce.

Transition Rules – iGo Full e-Application

  • New Case: Only the new Value+ Protector III will be available for agents in iGo Full eApp after July 23, 2022, 12:00 AM CDT.
  • Locked Case: For locked cases, agent will be permitted to complete the eSignature and eSubmit process.
    • Cases locked before July 23, 2022, 12:00 AM CDT must be submitted within 15 business days.
  • Unlocked Cases on or after July 23, 2022, 12:00 AM CDT must apply for the new Value+ Protector III; If needed, see PDF Retrieval Information that follows.

Find out more about these changes from AIG…

ProdMod: AIG to Launch Updated Flagship IUL – Max Accumulator+ III

FROM AIG…

On July 25, 2022, we are launching a new version of our flagship accumulation IUL – Max Accumulator+ III. It replaces Max Accumulator+ II with new competitive rates and a New Proprietary index option: Franklin Quality Dividend Index (FQD) – creating more options that make our accumulation IUL more attractive and competitive.

Product Upgrades

  • Improved target premium by an average of 17%, higher for target ages 30-55
  • New proprietary index option – Franklin Quality Dividend Index (FQD)
  • Updated cap/par rates and AVE – Life Interest Rates
  • With Agile Underwriting+, most cases are approved in as fast as 5 days
  • This streamlined underwriting process is available for applicants age 59 and under and applying for $2 million or less in coverage
  • Along with these changes, Montana rates will be changed from unisex to sex distinct

Transition Rules – Paper & Ticket

  • Applications received in the Home Office July 25, 2022 and later will automatically be given the new product.
  • Reissue requests to new plan will NOT be honored.
  • New applications submitted to replace existing inforce coverage with the new product will not be honored within 90 days of the existing coverage going inforce.

Transition Rules – iGo Full e-Application

  • New Case: Only the new Max Accumulator+ III will be available for agents in iGo Full eApp after July 23, 2022, 12:00 AM CDT.
  • Locked Case: For locked cases, agent will be permitted to complete the eSignature and eSubmit process.
    • Cases locked before July 23, 2022, 12:00 AM CDT must be submitted within 15 business days.
  • Unlocked Cases on or after July 23, 2022, 12:00 AM CDT must apply for the new Max Accumulator+ III

Find out more about these changes from AIG…

ProdMod: AIG Announces New Select-a-Term Rates & Comp Increase

FROM AIG…

Good news! We are increasing commission on 10 Year Select-a-Term applications and offering NEW Select-a-Term rates!

Select-a-Term Rates
Commissionable writing agents who submit 10-year Select-a-Term applications signed on May 23, 2022, or after will receive an additional 10% commission.

To confirm your commission schedule please log into Connext and find your schedule under Contracting & Commissions, and Agent Lookup.

Premium Rate Changes
Effective May 23, 2022 there will be premium rate changes which will consist of a mix of increases, decreases with some cells left unchanged in all states except New York, where rates will remain the same.

Transition Rules
  • New product rates will be available effective May 23, 2022.
  • Applications received in the Home Office prior to June 20, 2022, will manually be given the product with the lowest rates prior to policy issue.
    • This does NOT apply to previously issued or conditionally issued policies.
  • Applications received in the Home Office June 20, 2022, and later will automatically be given the new product rates.
  • Reissue requests to new plan will NOT be honored.
  • New applications submitted to replace existing inforce coverage with the new rates will not be honored within 90 days of the existing coverage going inforce.
Click to learn about transition rules for applications received via AG Quick Ticket.

Agile Underwriting+ (AU+) is available for Select-a-Term! Dive right into policy approval that may not require labs. Click here for some quick tips.

Rapid Rater Instant quotes for all classes and durations are available on Rapid Rater. Visit aig.com/RapidRater for more information.

ProdMod: AIG to Increase Cap Rates & Max Illustrated Rates on IUL Products

FROM AIG…

Supporting your business is a priority for us. That’s why we continuously find ways to make our products stronger despite volatile market conditions.

Effective April 16, 2022, we are increasing cap rates and max illustrated rates of select index accounts on currently marketed Max Accumulator+ II and Value+ Protector II IUL. These positive changes aim to help you grow your business and add more value to your clients so they can look to the future with confidence.

Applicable Products

Max Accumulator+ II (AGL only)
  • ML Strategic Balance Index: New Illustrated Rate = 6.48% (+0.24%)
  • PIMCO Global Index: New Illustrated Rate = 6.48% (+0.24%)
  • S&P 500 High Bonus Rate Index: New Illustrated Rate = 5.14%
  • S&P 500 High Cap Rate Index: New Illustrated Rate =  6.48% (+0.24%)
Value+ Protector II (AGL only)
  • ML Strategic Balanced Index: New Illustrated Rate = 5.35% (+0.28%)
  • PIMCO Global Index: New Illustrated Rate = 5.35% (+0.28%)
  • S&P 500 Participation Rate Index: New Illustrated Rates = 5.31% (+0.24%)
  • S&P 500 Cap Rate Index: New Illustrated Rate = 5.35% (+0.28%)

Does not include USL products or Protection Extend IUL

For additional details, please see the formal announcement from AIG.

AdminUpdate: AIG Reverts Foreign National Underwriting to Pre-COVID Protocols

FROM AIG…
 

AIG is eliminating all COVID-based foreign travel limitation effective immediately and reverting back to pre-covid country by country rating guidance as published in our Foreign Travel Guidelines.This reversion to the previous foreign travel guidelines allows AIG to offer up to Best Class rates for clients traveling to detonations with Country Codes A – D for as long as 8 weeks.

Product and Coverage Amounts

  • All life insurance plans are available
  • Autobind up to $41MM on Term and $60MM on Permanent products
  • Jumbo Limit to $65MM
  • Individual Consideration for long-term travel (greater than 1 year)
  • Individual Consideration for amounts over $20MM, age greater than 70, rating greater than Table D
Check out AIG’s Foreign Travel Guidelines for additional details and country codes.
 
Find out more about these changes from AIG…
 

AdminUpdate: AIG Launches Accelerated Underwriting for Term and GUL

FROM AIG…

AU+ expansion for Term and GUL

Effective January 22, 2022, Agile Underwriting+ (AU+) will be available for Select-a-Term (SAT) and Secure Lifetime GUL 3 cases submitted via additional approved ticket platforms, providing more opportunities for a seamless, lab-free experience.

To improve the customer experience, our AU+ process will also be enhanced to provide a real-time decision if an exam and labs are needed upon conclusion of the tele-interview with ExamOne.

The following AU+ guidelines apply for Select-a-Term and Secure Lifetime GUL 3:

  • Application must be submitted via an approved ticket platform
  • Ages 59 and under
  • Face amount through $1 million

AU+ Availability by Product

  • Term
    • Age: 59 and under
    • Face amount: Up to $1M
    • Submission method: Approved ticket platform
  • GUL
    • Age: 59 and under
    • Face amount: Up to $1M
    • Submission method: Approved ticket platform
  • IUL
    • Age: 59 and under
    • Face amount: Up to $2M
    • Submission method:
      • iGO full eApp
      • AG Quick Ticket
      • Paper

Transition Rules: AU+ for Term and GUL

  • AU+ will be available for approved ticket platform submissions on or after January 22, 2022.
  • Ticket submissions prior to January 22, 2022 will require full underwriting

Find out more about these changes from AIG…

AdminUpdate: AIG Announces Enhancements to Agile Underwriting+

FROM AIG…

Agile Underwriting+ enhancements: Expansion to age 59, $2MM face amount

Our Agile Underwriting+ (AU+) program will be expanded to encompass cases through age 59 and with a face amount of up to $2 million. This AU+ update also allows the flexibility for an agent-completed Part B for some cases. The expansion, which is effective December 4, 2021, offers more opportunities for quick IUL cases under our AU+ program. AU+ offers your clients a path to IUL coverage that may not require an exam, labs or APS records.

Agent-completed Part B for added flexibility

  • Also included in this latest AU+ update, producers will have the option of submitting agent-completed Part B applications for cases that meet the following criteria:
  • Face amount through $1 million
  • Case must be submitted by iGO full eApp

Transition Rules

  • Eligible applications (ages 59 and under, face amounts $2M and under for qualified products) received on or after Dec. 4, 2021 will be available for expanded AU+ Program.
  • Applications falling under the expanded age (issue age 51-59) or face amount (over $1 million through $2 million) received prior to Dec. 4, 2021 will require full medical underwriting.

Find out more about these changes from AIG…

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…