From John Hancock:
“As you know, we’ve long maintained separate products and processes for the New York market where we operate as the John Hancock Life Insurance Company of New York and serve approximately 180,000 customers. This approach generally serves all stakeholders well, but the separate products and processes create a level of complexity and inefficiency. After a thorough review of our new business activities, we’ve made the difficult choice to reduce our product portfolio in New York and will no longer offer the following products for sale:
• Accumulation VUL
• Survivorship VUL
• Protection UL
• Protection Survivorship UL
• Protection Indexed UL
• Protection Survivorship Indexed UL
The last day to submit a case for one of the above products in New York is April 15, 2021 and policies must be issued no later than June 15, 2021. We will continue to offer our Accumulation IUL, Protection Term and Vitality Term products for sale in New York.”
Please contact our office with any questions.
Give your next case a lift with Lab Lift
Now, your clients submitting paper applications can enjoy an exam-free experience with great level term pricing and coverage options from LGA.
With Lab Lift, the best of both worlds will be available to eligible clients using paper applications. Electronic health records (EHRs) or an attending physician statement (APS) will be used as a substitute for a paramedical exam and fluids — by pulling medical data and lab results from recent physician visits. All rate classes, including Sub-standard, are eligible for the program.
It’s easy to use
Agents decide which clients to include in the program by submitting the paper application with a simple one-page cover sheet including the date blood work was last completed and physician information.
For eligible applicants for Lab Lift, we are waiving full paramed and EKG requirements for the applicable ages and face amounts. Parts 1 and 2 of the app must be completed.
Agents with customers who would typically complete Part 2 during a paramed can use ExamOne to complete the application.
Visit lgamerica.com/au to learn more
Legal & General America has made improvements to their underwriting guidelines in the following areas:
- Recreational Marijuana Use
- Inspection Reports
- Visa and Green Card Considerations
See this flyer for additional information.
In response to the continued low interest rate environment, effective February 22, 2021, our rates for Term Essential and Term Elite will increase for all term durations. More information is available HERE.
See this notice from Transamerica regarding their decision to once again exit the individual LTC marketplace.
Click HERE for new guidelines from AIG. Among other things, all cases with ratable build will be postponed starting December 14th.
We welcomed Actuarial Guideline 49 (AG49) and uniformity for indexed universal life (IUL) illustration practices. Now with enhancements to this guideline, AG 49-A once again levels the playing field – so IUL products with multipliers, cap buy-ups and other enhancements cannot illustrate significantly better than traditional IUL products.
To learn how Securian Financial’s IUL products are positioned for success, view our AG 49-A FAQ and additional resources at securian.com/AG49. Please also keep in mind the important dates listed below as you place IUL cases over the next two months.
Important 2020 dates
- Friday, November 20, 2020 — Illustrations based on the old AG49 guidelines will no longer be available after this date.
- Saturday, November 21, 2020 (noon, CST) — Updated, AG 49-A compliant illustrations available.
- Friday, December 11, 2020 (3 p.m., CST) — to place a case under the old AG49 guidelines, cases need to be UNDERWRITTEN, APPROVED, PAID and DELIVERED (delivery receipt signed) with a signed illustration run no later than November 20.
Cases that have not completed the above requirements by this time will require a new, signed AG 49-A compliant illustration.
- This is a regulatory requirement and NO EXCEPTIONS will be made.
- Nevada and Oregon only. AG 49-A compliant illustrations are pending state approval. Cases for these states need to be paid and delivered by 3 p.m., Friday, December 11, 2020, with a signed illustration run no later than November 20. Otherwise, products in those states will be unable to be issued until the updated illustrations are approved. Approval timing could vary by product.
Note: There may be situations in which you receive an illustration upon policy delivery containing old AG 49 guidelines. If this occurs, you will be asked to supply a new, signed AG 49-A compliant illustration. For more information and updates on this regulation and how it impacts your business with Securian Financial, visit securian.com/AG49.
Phase 2 of Mutual of Omaha’s rate refresh will be taking effect on November 1st in 5 states – Kansas, Maryland, Massachusetts, Pennsylvania and Wisconsin.
Please note the following important dates for both paper and eApplications:
• All applications must be signed by October 31st and received at Mutual of Omaha’s Home Office no later than November 13th to receive the old rates and benefits.
• Applications signed November 1st or later will receive the new rates and benefits and will require new applications completed on the new application version
• Older application versions received in Mutual of Omaha’s Home Office after November 13th will be closed and will require new applications completed on the new application version to be processed
• Applications for the new rates will be made available on November 1st on Sales Professional Access (SPA).
• Backdating of applications is not allowed and will not be accepted
There will be no exceptions to the rules as outlined above and in the formal communication.
The original announcement can be found HERE.
What’s Changed: New rates include a mix of increases and decreases, with a focus on earning the top competitive position in the Preferred and Standard Non-tobacco classes and improving competitive position in the Preferred Plus class. Rate changes were primarily focused on the 10 to 30-year level term periods with no change to 35 and 40-year options.
More information available HERE.