Effective November 1, 2021, the guaranteed interest rate on new SecureCare Universal Life (SecureCare UL) applications will be updated to comply with the Consolidated Appropriations Act of 2021, which lowers the interest rate assumptions used in Section 7702 of the Internal Revenue Code.
More information available HERE.
Effective Oct. 26, North American is launching NAC Guarantee PlusSM, a multi-year guarantee annuity (MYGA), which will replace North American Guarantee ChoiceSM multi-year guarantee annuity.
With the launch of NAC Guarantee Plus, we’re hoping to provide greater flexibility for consumers. Here are a few details highlighting the enhancements….
- Guarantee periods: 3-, 5-, and 7-year available. (10-year option not available.)1
- Re-entry option: Renewal options available for your clients when the guarantee period is up, including the option to re-enter a 3-, 5-, or 7-year guarantee period. (See brochure for full details.)
- Penalty-free withdrawals:2 Equal to the interest earned in the previous contract year.
1. For California, Florida and Delaware, NAC Guarantee Plus 7 is not available. A surrender during the surrender charge period could result in a loss of premium. Surrender charges and market value adjustment may reset with renewal. Surrender charge structures and guarantee periods may vary by state.
2. Withdrawals taken prior to age 59 1/2 may be subject to IRS penalties.
Brookfield Asset Management Reinsurance Partners to Acquire American National in $5.1 Billion Transaction
BROOKFIELD, NEWS, Aug. 9, 2021 (GLOBE NEWSWIRE) – American National Group, Inc. (“American National”) (NASDAQ:ANAT), and Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance”) (NYSE:BAMR; TSX:BAMR), today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will… READ MORE
From Mutual of Omaha:
“As a leading long-term care insurance carrier, Mutual of Omaha has a responsibility to our policyholders and distribution partners to ensure our pricing strategy and product offerings are in line with industry trends, internal claims data and the economic environment.
Last year, Mutual of Omaha began implementing new rates and benefit option changes to the MutualCare® Solutions Portfolio in approved states. Effective August 1, 2021, we will be implementing these changes in three additional states.
District of Columbia, Hawaii and New Jersey
Premium adjustments may vary by age, sex and benefit selection. You may view the new rates by referring to the quoting software beginning August 1, 2021.
Cash Benefit Changes
- MutualCare® Custom: 25% of home health care benefit up to initial maximum of $2,000 per month
- MutualCare® Secure: 25% of home health care benefit up to initial maximum of $2,000 per month
Partner Premium Allowance Changes
- Both Issued: 15%
- One Issued: 5%
Transition rules and more information can be found HERE.
Effective July 12, 2021, Lincoln Financial will be implementing pricing improvements to Lincoln MoneyGuard® III, Lincoln MoneyGuard® II and Lincoln MoneyGuard® II NY.
The purpose of these pricing updates is to improve competitive pricing in key cells. There will be no pricing increases as a result of this update.
After a transition period, currently sold MoneyGuard® products will be replaced by the following:
▪ Lincoln MoneyGuard® III (2021) – 07/12/21 will replace currently sold Lincoln MoneyGuard® III (2021)
▪ Lincoln MoneyGuard® II (2020) – 07/12/21 will replace currently sold Lincoln MoneyGuard® II (2020) – 06/14/21 in the state of California.
▪ Lincoln MoneyGuard® II NY – 07/12/21 will replace currently sold Lincoln MoneyGuard® II NY – 06/14/21 in the state of New York.
More information available HERE.
$3 million face amount limit is here to stay!
We’re excited to announce the temporary WriteFit face amount limit of $3 million for applicants ages 18 through 50 is here to stay. Many of you have taken advantage of this limit increase over the last year. With one of the highest acceleration rates in the industry, you can be confident your clients’ underwriting experience will be fast and easy.
To learn more and see which of your clients might fit into WriteFit, visit our interactive website.
Due to the overall improvement in the Coronavirus impact, we are pleased to report that Pacific Life’s temporary COVID-19 underwriting guidelines are being lifted, effective 6/30/21. We will continue to monitor the situation, reevaluate as needed, and communicate any changes.
• Ages 70 and below returning to pre-pandemic underwriting guidelines
• Allowance up to and including Table 6 for ages 71-80
We are excited to announce that John Hancock Vitality members can now earn 400 Vitality Points when they share proof of their COVID-19 vaccination.
Through programs like John Hancock Vitality and John Hancock Aspire ®, we are in a unique position to help our customers proactively manage their health — something that has become even more important for many since the onset of the pandemic last year. Motivating individuals to receive a COVID-19 vaccination is directly in line with our goal of helping our customers live longer, healthier lives.
The impact to you
By making timely enhancements to the program based on customers’ needs and larger health trends, we’re continuously adding value and improving the customer experience, thus reaffirming your recommendation to add Vitality to a policy and strengthening your producer-customer relationship.
To help you share this good news, here is a client-approved email to use with your John Hancock Vitality clients. And, if you’re interested in selling more John Hancock Vitality, visit our Vitality Business Building Kit for additional prospecting resources.
When it comes to accelerated underwriting (AU), speed is good. But, you know predictability, convenience, and transparency count too. That’s why Pacific Life created PL Swift Sailing Accelerated Underwriting.
Now, you can offer your clients up to $2 million in life insurance coverage with no medical examinations, fluids, or attending physician statement (APS).*
Below find some of the new materials.
- PL Swift Sailing Overview Brochure
- PL Swift Sailing Prequalify Checklist flyer
- PL Swift Sailing & PL Smooth Sailing Side-by-Side Comparison Flyer
- Power of Pacific Life Flyer
- PL Swift Sailing Client Flyer
Effective May 12, 2021, our temporary underwriting restrictions that have been in place since April 2020 will be lifted and our normal pre-COVID-19 underwriting guidelines will be in effect. We will continue to require a current Statement of Health for all policy approvals. See this table for details.