Posts by Marci Tharan:
Principal is discontinuing sales of their UL Protector and SUL Protector products, effective January 15th.
They are also introducing a new product, the UL Provider Edge II, and repricing their UL Flex II on January 19th.
In UW news, they will begin accepting informal apps on that same date with new guidelines.
New Premium Limit
After careful consideration, Prudential has made the decision to place a premium limit on all Life Insurance products except Private Placement VUL products. The premium limit is $500k per insured and applies in all years. Therefore, planned premiums cannot be greater than $500k for single life policies and greater than $1M for survivorship policies in any year. There is no impact to inforce policies. Important deadlines:
- November 16, 2020 – Prudential’s illustration system will no longer provide quotes with premiums above the limit in any year.
- November 30, 2020 – After this date, Prudential will no longer accept new applications for Life Insurance products with premium amounts above the limit.
- Cases in excess of the limits above that are applied for prior to this date need to be placed by December 28, 2020.
On Monday October 19, 2020, the revised VUL Protector® was introduced, subject to state approvals.
The following rules apply to any request for New Business, Term Conversion, or OPAI (Option to Purchase Additional
Nationwide® IUL, SIUL and VUL cap and spread rate changes
Effective November 15, 2020
Nationwide is committed to carefully managing our life product portfolio to remain the strong, stable carrier
insurance professionals and their clients can rely on. To keep that commitment, and in response to the
volatile markets and continued low interest rate environment, we are making cap and spread rate changes to
the products listed below.
Important date: Nov. 15, 2020 — Segments created on this date or later will receive the new cap and spread
rates at maturity.
The National Association of Insurance Commissioners (NIAC) has moved back the effective date of AG49-A to December 14, 2020. After this date, all illustrations for new IUL business must comply with the new guidelines. However, each carrier has their own transition rules so please refer to them before submitting an IUL application. Apps submitted after the deadline will require new illustrations, with no exceptions.
IMPORTANT UPDATES: AG49A TRANSITION RULES AND DECREASED CREDITING RATES FOR SYMETRA UL-G AND CAUL PRODUCTS
On December 14, 2020, Actuarial Guideline AG49A will go into effect, and any indexed universal life (IUL) illustrations prepared for Symetra IUL products must adhere to the new guideline.
Update to AG49-A effective date and Lincoln transition dates
NAIC has adjusted the effective date of AG49-A to December 14, 2020. With this change, Lincoln Underwriting and New Business has also adjusted application deadlines to secure pre-AG49-A illustration requirements for the existing Indexed Universal Life (IUL) products. Refer to our updated year-end guidelines for these dates and all year-end business.
The National Association of Insurance Commissioners (NAIC) is making enhancements to Actuarial Guideline XLIX (AG 49), which governs indexed universal life (IUL) insurance products.
The new regulation is called AG 49-A and is designed to provide more consistency in IUL illustrations by limiting how products with index-linked interest rate enhancements can illustrate.
AG 49-A goes into effect Dec. 14, 2020—and all IUL illustrations must be compliant with the regulation by that date.
At Protective Life, doing the right thing is at the foundation of everything we do. This is why we wish to inform you that effective October 19, 2020, we are slightly increasing rates for Protective Advantage Choice UL product. This price change enables us to continue offering this solid, well-designed protection solution that meets our customers’ expectations and helps us deliver on our promises – together.
Nationwide is committed to carefully managing our life product portfolio to remain the strong, stable carrier insurance professionals and their clients can rely on. To keep that commitment, and in response to the volatile markets and continued low interest rate environment, we are making cap and spread rate changes to the products listed below.
New Pricing: Effective October 8, 2020
Give your clients the option to purchase simple, straightforward protection that can cover them into retirement and beyond. Our competitive, guaranteed level term OPTerm series comes in durations of 10, 15, 20, 25, 30, 35 and 40 years!
A new digital application gives eligible customers an easier path to get the coverage they need to financially protect their loved ones.
At Prudential, we are committed to maintaining financial discipline and continue to review impacts to the index accounts, and the upside they can offer. Effective October 2020, there will be some improvements to the uncapped index accounts, particularly to the index account spreads. Please note, there are no changes to cap rates form the previous month. The new spreads for impacted index accounts will be effective for index segments starting October 2020.
Coming Soon: NEW Long-Term Care Rider
Effective October 12, 2020, Lincoln will be introducing the newest addition to its life insurance rider portfolio, the Long-Term Care Rider (LTC Rider). Only available at policy issue, at an additional cost, this rider is designed for clients who have a primary need for death benefit protection but are also concerned about long-term care expenses of covered services for temporary and permanent chronic illness. This rider will initially be made available on Lincoln VULone (2019) and will replace the Lincoln Care Coverage® Accelerated Benefits Rider (CCABR) in approved states.
We’ve repriced Protective Classic Choice term to have new lower rates in multiple cells, putting it in the Top three or better 96% of the time in monthly pay scenarios and in the Top three 91% of the time in annual pay scenarios. *These new rates go into effect today, September 21, 2020.