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…

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…

ProdMod: 7702 Compliance and Increased Par Rate coming to AIG’s Max Accumulator

FROM AIG…

Max Accumulator+ II IUL & 7702 Updates

We are pleased to announce that effective July 17th, 2021, Max Accumulator+ II IUL will be updated to meet the new 7702 requirements, including new CVAT Corridor Factor and Guideline/7-Pay Premium Test interest rates. As the result of the change, clients can now choose to pay more premium into the policy without creating a Modified Endowment Contract (MEC) violating life insurance tests, and therefore improve cash value accumulation and income distribution potential.

In addition to this 7702 update, we also made some changes and improved the ML Strategic Balanced Index Participation Rate from 110% to 115%. Max Accumulator+ II will continue to be a competitive cash accumulation IUL with innovative features.

Transition Rules

Paper Applications

  • New Max Accumulator+ II product is effective July 17, 2021.
  • Applications received on or after July 17, 2021 will receive the new product.
  • Starting 4:00 PM CDT on July 16, 2021 only the new product will be available in Winflex.
  • To receive the old product applications must be received on or before  July 16, 2021.
    • A new 7702 compliant illustration is required and must be requested from the Sales Support Desk (access code required). Please contact the Sales Support Desk to request a new 7702 compliant illustration.
    • Applications for the old product must be issued by September 16, 2021; otherwise, an illustration for the new product will be required.
    • For 1035 exchanges, funding must be received from the transferring carrier no later than September 16, 2021. Or alternatively, the insured may pay the minimum initial out-of pocket premium by September 16, 2021 to continue toward issuance of the prior version of the Max Accumulator+ II product. Otherwise, an illustration for the new product will be required.
  • For applications received prior to July 17, 2021, the new Max Accumulator+ II product can be requested with a new product illustration provided.
  • Reissue requests will not be honored.

Please see the formal transition rules for additional details regarding cases submitted via Quick Ticket and iGo.

Other products affected by the 7702 change:

Value+ Protector II, Protection Extend IUL (conversion only IUL) and Secure Lifetime GUL 3 will also use new 7-Pay and Guideline Premium Test calculations in the illustration software and administrative Systems effective July 17th

Value+ Protector II, Protection Extend IUL and Secure Lifetime GUL 3 Transition Rules

  • New IRC 7702 rates are effective July 17, 2021.
  • Starting 4:00 PM CDT on July 16, 2021 the new 7702 compliant illustration will be available in Winflex.
  • Applications received but not issued and with an effective date on or after July 17, 2021 will require a new 7702 compliant illustration prior to issue.
    • A new 7702 compliant illustration can be rerun on Winflex after 4PM on 7/16/2021.
    • Please submit the revised illustration to the Home Office.
  • Applications pending with a prior version of the illustration and an effective date prior to July 17, 2021 must be issued by September 16, 2021.
  • If not issued by September 16, 2021 a new 7702 compliant illustration will be required with a new effective date on or after July 17, 2021.
  • Reissue requests will not be honored

Find out more about these changes from AIG…

AdminUpdate: AIG Lifts COVID-19 Related Underwriting Restrictions

FROM AIG…

In the wake of positive COVID-19 case trends, we are pleased to announce that, effective May 12, 2021, our temporary underwriting restrictions that have been in place since April 2020 will be lifted and our normal preCOVID-19 underwriting guidelines will be in effect. We will continue to require a current Statement of Health for all policy approvals. See the table below for details.

Within WinFlex, cases previously impacted by the COVID-19 restrictions can be illustrated but may still get warning messages. These COVID warning messages can be ignored. They will be removed as part of the next WinFlex release update.

We truly appreciate your partnership and patience through these challenging times. Our Sales, Underwriting and New Business teams are ready to review and process your cases, and help get your business back to normal as quickly as we can.

AIG Life US Underwriting Guidelines – Effective May 12, 2021

 

 

 

 

 

 

 

 

 

Find out more about these changes from AIG…

ProdMod: AIG Begins 7702 Transition Process with the Value + Protector IUL

FROM AIG…

Value+ Protector II Product Changes – Effective May 15, 2021

We are repricing Value+ Protector II, effective May 15, 2021, due to the impacts of low interest rate and spread, especially on younger ages. In addition, the Cash Value Accumulation Test (CVAT) interest rate is updated to meet the new IRC 7702 requirements.

As a result of the change:

  • Premiums will increase slightly by 1-3%
  • Primary guarantees for younger insureds (45 and under) will drop below age 90, while older ages can still be guaranteed to and around 90
  • No or minimal change to cash value and target premium
  • No changes to cap, par and max illustrated rates

Transition Rules:

  • May 14, 2021: Applications must be received on or before this date to receive the old rates. Starting 4PM CDT, only new rates will be available in Winflex
  • May 15, 2021: Applications received on or after this date will receive the new rates

Find out more about these changes from AIG…

AdminUpdate: AIG’s Value+ Now Available with Non-Med Underwriting

FROM AIG…

Fast-track your business with Non-medical UW on Value+ Protector II

Effective February 6, 2021, our non-medical underwriting will be extended to Value+ Protector II for cases that fall within these guidelines:

  • Face amounts up to and including $1 million
  • Ages 50 or below (18-50 in New York)
  • Standard to Preferred Plus underwriting classes

What this means to you:

  • Cases can be approved quicker and your commissions paid faster! When applicable, you also have the ability to pivot to medical underwriting.
  • Increase your efficiency – Leave Part B to us! No need to submit a Part B, exam, labs or APS records for cases with non-medical underwriting, including Value+ Protector II, Max Accumulator+ II and Platinum Choice VUL 2 cases.

What this means to your protection-focused clients

  • A simplified life insurance buying experience with quicker access to the life insurance coverage they need to meet their financial goals.

Transition Rules

iGO Full e-Application

  • New Case: If the Agent selects Value+ Protector II product on or after February 6, 2021 12:00 AM CDT non-medical underwriting will be available.
  • Locked Case: When the agent enters iGO Full e-Application for a Locked Case, he/she will be permitted to complete the eSignature and eSubmit process. Cases locked before February 6, 2021 12:00 AM CDT must be submitted within 15 business days. These locked cases will require full medical underwriting.
  • Cases Started, In Process, or Unlocked Cases on or after February 6, 2021 will be available for non-medical underwriting.

AG Quick Ticket

  • Value+ Protector II applications submitted via Quick Ticket on or after February 6, 2021 will be available for non-medical underwriting.

Paper Applications:

  • Value+ Protector II applications received on or after February 6, 2021 will be available for non-medical underwriting.
  • Value+ Protector II illustrations generated through WinFlex on or after February 6, 2021 will be available for non-medical underwriting.
  • All applications with a received date prior to February 6, 2021 will require full medical underwriting.

Find out more about these changes from AIG…

ProdMod: AIG Releases New Select-a-Term Rates

FROM AIG…

As of January 19, 2021, Select-a-Term gets even more competitive nationwide! As of January 19, 2021, there will be premium rate changes which will consist of a mix of increases and decreases with some cells being left unchanged.

Here’s how strong we are in our target cells:

  • $250,000 and up: Over 70% of the premiums rank in the top 3, and nearly half rank in the top 2
  • $500,000 and up: Among these cells, over half of the premiums, 53% rank number 1; 70% are in the top 2; and 84% are in the top 3
  • With the new rates, there is a renewed emphasis on the 10-year duration at face amounts $250,000 and above: Nearly one-third are in the top 2, and approaching half are in the top 3

Transition Rules

  • Applications received in the Home Office before January 19, 2021 will automatically receive the old product rates unless the new product is specifically requested.
  • Any requests to get the new product must be made prior to policy issue or conditionally issue.
  • Applications received in the Home Office starting January 19, 2021 through February 14, 2021 will manually be given the product with the lowest rates prior to policy issue.
  • Applications received in the Home Office February 15, 2021 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.

Please see the formal announcement from AIG for additional transition details regarding Quick Ticket submissions and New York cases.

Find out more about these changes from AIG…

AdminUpdate: AIG Announces New COVID-19 Underwriting Restrictions

FROM AIG…

With the continued surge in COVID-19 cases across the country, we are now seeing new records in positive cases, hospitalizations and number of deaths per day. For this reason, we need to put a hold on our plans to relax our temporary COVID-19 guidelines, and for some cases we are reinstating stricter guidelines.

We understand this is disappointing news, and we have made every effort to make these latest adjustments as minimally disruptive as possible. For this reason, we will employ a two-step approach that provides a 4-week window allowing us to monitor developments and adjust if trends improve.

Here are the adjustments to our current temporary guidelines that will go into effect in two steps beginning December 14:

Step 1, effective December 14

  • All pending cases for ages 70-75 will be postponed
  • All pending cases with a ratable BMI will be postponed

Step 2, effective January 11, 2021

  • All rated pending cases for ages 60-65 will be postponed
  • We will eliminate the use of credits on all pending cases

Please see the formal announcement from AIG for a summary of their new COVID-19 Underwriting Guidelines.

Updated: Year-End Processing Deadlines for All Core Carriers Now Available

With just over three weeks left before 2021 is upon us, we now have the final year-end deadlines for 2020 business from all the AIN Core Carriers. Please review the list below for additional details for each insurance company,

Important: These deadlines may or may not reflect the transition rules regarding AG 49A. Please see AIN’s AG 49A Resource for those rules and deadlines.

The pertinent 2020 year-end cutoff dates for the AIN Core Carriers can be found via the links below.