Assurity Century+ DI Now Available in NY!
Assurity’s Century+ product is guaranteed-renewable disability income coverage, ideal for individuals in the middle-income market and a variety of occupations including the self-employed. More details, including product information, occupational classifications and more, can be found here.
Important Life Product Update from Mutual of Omaha
Effective March 1, 2017, Mutual of Omaha is suspending sales of the following products:
• Guaranteed Universal Life Plus—designed for larger first-year premium dump-ins
• Guaranteed Universal Life Survivor—designed for second-to-die, survivorship sales
Their individual Guaranteed Universal Life product will remain available, which is where they receive the majority of their fully-guaranteed life insurance business. This product will continue to provide your customers significant value with flexible features such as the Guaranteed Refund Option Rider and Accelerated Death Benefit Rider for Terminal and Chronic illness, all included at no additional cost.
Additional details and transition rules can be found here.
The OPTerm 25 Exchange Program has been extended!
The OPTerm 25 Exchange Program has been extended until March 31, 2017. This program allows customers who purchased OPTerm 10, 15, or 20 within the past four years to trade up to an OPTerm 25 plan at his or her current attained age with no underwriting. The OPTerm 25 replacement policy will be a new issue, with a full 25 years of coverage, not adjusted by the duration the original policy was held.
Prudential NY Product Update — GUL Premium and BAR Update
Effective January 17, 2017, new sales of UL Protector policies issued in New York will see increased rates. Also effective January 17, 2017, the new version of the BenefitAccess Rider, which offers a choice of monthly benefit payout options (either 2% or 4%), will be available on all permanent products sold that currently offer the BenefitAccess Rider in New York. Finally, there is an important note regarding a New York state requirement for the BenefitAccess Rider, which applies to new and existing policy owners with BenefitAccess Rider.
For further details and explanations, please continue reading here.
North American MYGA Rate Increase
Great News! Most interest rates improve effective January 5, 2017. Click here for rate sheet.
2017 Accelerated Death Benefit Increase for Protective ExtendCare
The Internal Revenue Service (IRS) recently announced upcoming changes to the per diem limitations for periodic payments received under qualified long-term care insurance policies and certain life insurance policies which offer accelerated death benefits for chronic illness care. The 2017 per diem limitation for periodic payments from these types of policies will increase from $340 to $360. This increase will offer your clients the opportunity to access up to $10,800 of their policy’s death benefit each month through ExtendCareSM, a chronic illness protection rider available with the purchase of new universal life insurance policies from Protective Life Insurance Company. Policies must be dated January 1, 2017 or later to qualify for the higher amount. The ELI illustration system will be updated to reflect this change on December 30, 2016. Full details here.
AIG Select-A-Term: New lower term rates, improved conversion options, and a new 35-year term
Select-a-Term, AIG’s flagship product, just got even more competitive! Check out our new market-leading rates (durations of 15 years and more, and $250,000-plus face amounts) and other great enhancements. Help your clients Choose Wisely and protect them from the unexpected. Check out all the improvements here.
MetLife, After Kicking Snoopy to Curb, to Sunset Majority of Life Portfolio
Effective February 3rd, 2017, MetLife will sunset the majority of its life insurance portfolio, including all whole life products, level term with face amounts less than $1m, and some universal life products. For a full description of the changes as well as key dates for the transition, click here.
Companion Life: Income Advantage℠ IUL is approved in New York
Effective December 1, 2016, Income Advantage IUL is available for sale in New York. This Indexed Universal Life product is a great option for clients who want:
- Strong growth potential from our three indexed crediting strategies
- Permanent death benefit protection
- Flexibility for the future with our no-cost Guaranteed Refund Option, Accelerated Death Benefit and Lapse Guard riders
Here’s what you need to know about Income Advantage IUL in New York.
VOYA Says Goodbye (Bon Voyage?) To Most Life Products
Effective December 30, 2016, Voya will suspend Voya Indexed Universal Life-Guaranteed Death Benefit (IUL-GDB) and all level-term insurance sales while continuing to offer cash value life insurance products. More details here.