Posts by First Protective:
Pacific Life – Lynchburg has increased the face amount limit on their Promise GUL from $2.5M to $3.5M, effective today.
You Can’t Control the Economy––But You Can Offer Clients Protection with the #1 VUL Carrier
Economic uncertainty has taken a toll on interest rates.
Still, clients need financial protection for the people they love.
And they want it from a strong insurer––even better if the coverage is through the number one variable universal life carrier¹ with Prudential’s VUL Protector®.
Securian News: Coming Soon! Optional No Lapse Guarantee Agreement on Securian’s Eclipse Survivor II Indexed UL
Eclipse Survivor II IUL
Why Eclipse Survivor II IUL?
• Strong cash value growth potential
• Unique estate planning solutions
• Joint coverage for cost savings
• Optional No-Lapse Guarantee Agreement
Introducing: Term Conversions with AAS (Accelerated Access Solution) Chronic Illness Rider!
As of 08/31/2020, Select-a-Term policies issued in the past 5 years could be eligible to convert to a permanent policy with the AAS Rider. NonInvasive underwriting will be required to determine eligibility for the AAS Rider. The maximum AAS benefit is $3 Million, and partial conversions are allowed. This rider is not available for previously converted policies and is available in all states.
New Rates for PL Promise Term Life Insurance
On September 7, 2020, Pacific Life is adjusting rates for PL Promise Term,1 a product specifically
designed to serve the death benefit protection needs of the broad market consumer (household
incomes of $50K to $250K).
Upcoming premium limit changes
While our competitors are pulling back from this market, we are charging forward with our
guaranteed universal life and guaranteed indexed universal life insurance products. Our
strength and stability provided by our prudent investment philosophy and private ownership
allows us to continually evaluate opportunity and options to our distribution partners and
customers. As a result, effective immediately we will be increasing the annual premium limit
on all policy years on the following products:
• Custom Guarantee® UL
• Protection Builder IUL with Premium Guarantee Rider (PGR)
New Pricing: Effective August 11, 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!
Symetra Accumulator IUL: Index Cap and Participation Rate Changes Effective September 14, 2020
Due to the continued historically low interest rate environment, we will be decreasing Symetra Accumulator IUL’s index cap and participation rates.
We’ve repriced Protective Classic Choice term to have new lower rates in multiple cells, putting it in the Top 3 or better 95% of the time in monthly pay scenarios and in the Top 3 93% of the time in annual pay scenartios. These new rates go into effect today, July 20, 2020.
John Hancock offers two ways your clients can reduce their premiums and earn rewards for living healthy with the John Hancock Vitality Program – one product offers the benefit as an optional rider, and the other has the Vitality benefit built in.
Repricing Coming to Term Essential® and Term Elite®
See Why We Remain Competitive (And guess who’s back?)
In response to the low interest rate environment, effective July 20, 2020, our rates for both Term Essential and Term
Elite will increase for most term durations. Note that, for non-NY policies, there is a rate decrease for 10-year term and no
change for 15-year term. And, effective July 20, 2020, 30-year term is back!
Pricing Update – Lincoln LifeGuarantee® SUL (2019) –
As the life insurance industry continues to operate in today’s challenging and changing
environment, Lincoln remains committed to proactively manage our business as part
of our disciplined approach to financial and risk management.
From time to time, we evaluate our product portfolio and make adjustments to ensure our customers are getting the best value possible. After careful consideration we’ve decided to suspend sales of UL Protector.
Due to the current economic environment that has driven interest rates exceptionally low, we decreased indexed account caps and fixed account crediting rates on PruLife Essential UL and PruLife Founders Plus UL® for new policies applied for on or after June 29, 2020. Here are the rates:
On Monday July 20, 2020, the revised SVUL Protector will be introduced, subject to state approvals. The following rules apply to any request for New Business, Term Conversion, or OPAI (Option To Purchase Additional Insurance) Conversion.
On March 13, 2020, American General Life Insurance Company (AGL) and The United States Life Insurance Company in the City of New York (US Life) implemented a premium cap reduction to GUL and VULG. With our recent pricing adjustment, we are making premium cap updates on June 27, 2020 to better support our Distribution partners and clients.
In response to the low interest rate environment, effective July 20, 2020, our rates for both Term Essential and Term Elite will increase for most term durations. Note that, for non-NY policies, there is a rate decrease for 10-year term and no change for 15-year term. And, effective July 20, 2020, 30-year term is back!
Securian Financial is committed to building secure tomorrows by doing the right thing today. To deliver on this promise and in response to the historically low interest rate environment, Securian Financial will implement the following product updates to SecureCare in all Compact states1 and South Dakota on July 18, 2020. These updates will be implemented in other states as they are approved.
Our team is committed to providing low-cost coverage and long-term
protection options. We’re always looking for ways to improve, whether
in pricing or process, to offer the best value and experience for you
and your clients.
Coming Soon – Lincoln AssetEdge® VUL (2020) and
Lincoln AssetEdge® Exec VUL (2020)
Same death benefit protection offering significant market-driven growth
Effective June 15, 2020, subject to SEC and state approval, The Lincoln National
Life Insurance Company is pleased to announce the newest product in its
variable universal life portfolio, Lincoln AssetEdge® VUL (2020). This product
and its Business Solutions version, Lincoln AssetEdge® Exec VUL (2020), offer a
variety of quality Separate Account investment options across all asset classes
along with the opportunity for predictability and reduced volatility through a
total of four indexed account options.
Protective Classic Choice Term Rate Change and Higher Max Issue Ages
North American Premium Increases
As one of the leading providers of life insurance and annuities in the United States, we have continuously fulfilled commitments to our customers since 1886. Today, we remain focused on our
commitment to our policyowners, our distribution partners, and continue to make decisions for the long-term.
New premium rates for guaranteed
UL and survivorship UL products
New premium rates will be effective June 8 for Principal Universal Life Protector V and Principal
Survivorship Universal Life Protector III. The challenging economic environment makes a pricing
adjustment necessary as follows:
- On average, UL Protector V single and 10 pays will increase 13-14%, and level pays will increase 4%.
- On average, SUL Protector III rates will increase 11-12% for all premium scenarios.
The guidelines below provide key dates for the transition from original rates to new rates.
June 2020 Index Cap Updates
Due to current economic conditions, low interest rates and increased market volatility have caused a
reduction in hedge budgets and an increase in hedge costs. As a result of the market impact, IUL index
account parameters need to be adjusted. These are unprecedented times and market conditions, which
have caused index account changes to occur more frequently and at a higher magnitude than normal.
We are committed to maintaining financial discipline and continue to review impacts to the index
accounts, and the upside they can offer.
Effective May 30, 2020, premiums on Secure Lifetime GUL 3 (issued by
AGL and USL) will see an increase as the result of recent declines in
interest rates and increased market volatility. At AGL and USL, we are
committed to providing competitive, attractive guaranteed life insurance
products to your clients.
Effective May 30, 2020, premiums on Platinum Choice VUL 2 will see an
increase as the result of recent declines in interest rates and increased
market volatility. At AGL, we are committed to providing competitive,
attractive guaranteed life insurance products to our clients, and the current
environment imposes a need to increase our rates to maintain their viable
Important Changes: Symetra UL-G
April 20, 2020
As you know, the unprecedented market volatility and continued low interest rate
environment are putting additional pressure on an already strained product line. Due to
these issues and changes in the competitive landscape, we are repricing our Symetra
UL-G product, effective May 1, 2020.
Protective Life has added guaranteed level term options at 45 and 40 years to Protective Classic Choice Term, in addition to our 10-, 15-, 20-, 25- and 30-year term options.
Nationwide® is committed to carefully managing our life product portfolio to remain the strong, stable carrier you can rely on. To keep this commitment – and in response to the extremely low interest rate environment and unprecedented volatility in the markets – we are repricing our No-Lapse Guarantee (NLG) UL product and djusting the fixed account rate, maximum face amount and upper age limit on select products.
Administrative Alert! Changes to Variable Life Portfolio
Due to the economic impact of the COVID-19 pandemic, it is necessary to reduce cap rates and participation rates on our Variable Universal Life product portfolio.
Effective April 13, 2020, Lincoln is announcing pricing adjustments to Lincoln TermAccel® Level Term (2019). Lincoln
TermAccel® offers an entirely electronic, streamlined Tele-App process with fully automated underwriting and no APS