Legal & General America: As of August 1 We Will No Longer Accept the Traditional Paper LIA
Effective August 1, we will no longer accept the traditional paper life insurance application (LIA).
Last month, we reached out to you with important news affecting those advisors using the traditional paper LIA (ICC08-LIA and state variations) to submit business for Banner (non-NY) business.
Highlights included:
- introduction of an alternative application to the traditional paper LIA — a new LIA (ICC17-LIA and state variations for CA, DE, FL, ND, SD) that is accessible in the Forms section of our Partner Dashboard
- overview of changes made to our traditional application process until we retire the traditional paper LIA
Effective August 1, we will no longer accept the traditional LIA (ICC08-LIA and state variations). As of this date, these forms will no longer be accepted. All applications must be submitted with either the new LIA or the digital application through our Horizon platform.
New Beginnings — New Opportunities for You
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IMPORTANT — Changes to North American Term Conversion Guidelines
Please this announcement from North American regarding upcoming changes to their term guidelines for new sales.
AIG: Term Conversions Just Got Even Better!
Fully underwritten Select-a-Term policies could be eligible to convert to a permanent policy with the Accelerated Access Solution (AAS) chronic illness rider.
Select-a-Term policies that are eligible are:
- Issued in the past 5 years and attained age up to 60 or younger
- Underwriting class of Standard and better (no table rating, no flat extra)
To ensure a smooth conversion process, check out our Quick Tips Flyer.
Symetra: SwiftTerm® Receives 2022 Innovation Award
Symetra is the recipient of a 2022 Celent Model Insurer Award, winning in the Innovation Execution category for its Symetra SwiftTerm digital term life insurance platform!
Read more about this exciting news.
American National: Very Competitive GUL with ROP and Living Benefits
Extremely competitive GUL! With ROP and Living Benefits!
Internal Retention of $5 million up to age 75 thru Table 16!
Accelerated Underwriting! Xpress & Xpress Plus – Click here for more info.
Let Signature Guaranteed Universal Life provide important financial coverage for your client’s life goals
AIG: Non-Permanent Chronic Illness Claim- No Worries. Here’s How It Works.
When the unforeseen chronic illness does occur, we make life simple with our chronic illness rider – Accelerated Access Solution® (AAS):
- No need for Chronic Illness to be Permanent
- Premiums are waived during illness while AAS benefits are paid
- As your client comes OFF claim, they can be completely certain there are no “gotchas” and no “catch-up” premiums.
Share this valuable sales concept.
AAS is available on Secure Lifetime GUL3, Max Accumulator+ and Value + Protector.
RetireStronger.com
New York MoneyGuard Product Suspension
Last day to submit applications is March 25, 2022
Due to the existing regulatory environment in New York, Lincoln Life & Annuity Company of New York (Lincoln) is unable to maintain a modern portfolio of MoneyGuard® hybrid life insurance products in the state and will be suspending new MoneyGuard® sales in New York until further notice. These changes do not impact existing policyholders.
The following product currently sold in New York will be suspended after March 25, 2022:
▪ Lincoln MoneyGuard® II NY
Submission and placement deadline
▪ All New York applications for the product listed above must be received in-good-order at Lincoln by March 25, 2022, and
▪ All pipeline cases for the New York product listed above must be placed inforce, or 1035 exchange initiated by June 30, 2022
▪ Any case not placed inforce or 1035 exchange initiated by June 30, 2022 will be cancelled
As a reminder, New York Solicitation and Situs guidelines must continue to be followed. For any New York resident (Proposed Insured or Owner) applying for life insurance coverage outside of New York no part of the sale can take place in the state of New York. All sales activities including solicitation, paperwork signing, and policy delivery must be conducted in the state of situs, and all paperwork and forms must align to the state of situs. Additionally, the New York resident (Proposed Insured or Owner) must sign the Out of State Verification Form. An article with important New York Situs reminders is also available as a reference.
At this time, there is no date set for the future availability or reintroduction of MoneyGuard® products in New York. Any updates will be communicated through the Lincoln Life Leader. Please contact your Lincoln representative with any questions.
AIG’s Agile Underwriting+ (AU+) Now available on Select-a-Term and Secure Lifetime GUL 3!
Agile Underwriting+ (AU+) is AIG’s streamlined underwriting process that provides a path to policy approval that may not require an exam, labs or APS records.
Available for:
- Issue ages up to 59
- Face amounts up to and including $1 million
- Applications submitted via an approved ticket platform (like RapidApp)
More information available HERE.
JH Policy Crediting Rates and Indexed Parameter Changes
Effective March 1, 2022, the following adjustments will take place on new and inforce business:
- UL Crediting Rates will increase on Protection UL and Protection SUL by 30 bps.
- Indexed UL caps will decrease for certain Accumulation IUL, Protection IUL, Protection SIUL, Accumulation VUL and Accumulation SVUL accounts while participation rates will remain unchanged.
- Fixed Account rates will decrease for certain indexed UL and vaiable UL products by 10 bps.
Full details HERE.