Oceanview MYGA Rate Change Effective June 6
Effective June 6, Ocanview will be raising rates on their Harbourview series.
Updated Rates Available HERE.
Product Changes
Prudential: EssentialTerm Suite Now Available!
We’ve evolved our term insurance portfolio to better match the budgets and long-term planning needs of our customers. Prudential EssentialTermSM Value and Prudential EssentialTermSM Plus are available for sale beginning October 14.
American National to Discontinue Term Sales
American National has arrived at the purposeful decision to cease term life sales at this time. As of 12/1/2022, American National will no longer accept applications for Signature Term Life Insurance.
More HERE.
Prudential Innovates Again! Coming Soon: Prudential FlexGuard® Life IVUL
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Great News: John Hancock is Increasing the Crediting Rate on All Protection UL and SUL Policies
We are pleased to announce that John Hancock is increasing the crediting rate on all our Protection UL and Protection SUL policies — both new and existing — for the second time this year.
Once again, our unique, alternative long duration asset (ALDA) investment strategy within our General Account, combined with our strong product design, enables us to share value with our customers.
Effective September 1, our crediting rate on Protection UL and Protection SUL policies will increase by another 20 basis points — resulting in a 50-basis-point increase within a six-month period:
John Hancock USA: 4.65% to 4.85%
John Hancock NY: 4.40% to 4.60%
Please click HERE for more information.
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.
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.
7702 Changes Effective November 1st for SecureCare UL
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.
New MYGA from North American to Launch October 26, 2021
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.
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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.
IMPORTANT: Omaha LTC New Business Rate Refresh and Benefit Changes for NJ, DC and HI
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.
Impacted States
District of Columbia, Hawaii and New Jersey
Rate Adjustments
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.