Please read this announcement about rate and cap changes effective today.
Effective January 13, 2020, the Lincoln Life & Annuity Company of New York is pleased to announce the newest linked-benefit product in the Lincoln MoneyGuard® Solutions suite, Lincoln MoneyGuard® II NY. Lincoln MoneyGuard® II NY is a single or flexible premium, universal life insurance product that provides a death benefit and long-term care (LTC) coverage through policy riders.
Below are just SOME of the highlights of the new product:
• 0-day deductible for ALL services (previously 90 day facility wait)
• Couples Discount added to LTC Extension of Benefits Rider (not available on previous version)
• Eliminated tobacco classes—tobacco users now get the same non-tobacco rates
• No age restriction on single-premium business (previously restricted to age 69)
• Return of Premium added for flex-pay cases (previously on single pay only)
• Pay to 65 option added in addition to 1-10 year designs
• More competitive plan designs for clients under 50
• Benefits now available internationally
• Enhanced Submission Process to align with MG offerings in other states
Additional information can be found HERE.
Effective January 1, 2020, Mutual of Omaha will be making a number of product changes, including the discontinuation of their Guaranteed Universal Life (GUL) product. For a complete list of the upcoming changes, please click HERE.
As a reminder, here’s a link to the transition rules for Prudential’s updated term products.
From Transamerica: “Effective Nov. 15, 2019, Trendsetter® Super term life insurance in New York and the Virgin Islands will no longer be available for sale in those markets. We will reenter the term insurance markets in the state of New York when financial and regulatory conditions allow us to do so.”
From AIG: “Starting December 7, 2019, the premiums on Secure Lifetime GUL 3 (GUL 3) will be increasing an average of 4% on level pay, and 9% on single or 10 pay scenarios. While we strive to hold the prices of all of our products steady, the long-standing low interest rate environment continues to put pressure on our industry. To ensure we stay laser focused on our commitment to deliver higher value to both you and your clients, a rate change is necessary.”
More available HERE.
Effective November 11, 2019, the overall average increase for Term Essential is 1.9%. Term Elite will also experience some increases. This includes terms for 15, 20, and 30 years; there is no increase for 10-year terms. Pru term products remain competitive and aren’t expected to experience changes for the remainder of the year.
Transition rules can be found HERE.
A series of year-end product moves will help make it easier to position the North American fixed index annuity line-up.
Effective Jan. 1, 2020 the following will be discontinued:
- NAC BenefitSolutions® 14 (10-year still available)
- Performance Choice® 12 and 12 Plus (8 and 8 Plus still available)
REMINDER: As of Sept. 24, Performance Choice 8 and 8 plus minimum premium is $20,000 (qualified and non-qualified)
- NAC RetireChoice® 10 (NAC VersaChoice® 10 still available)
- Income Pay® Plus (Income Pay® in Pennsylvania), optional guaranteed lifetime withdrawal benefit (GLWB) rider
More information available HERE.
Effective October 1st, 2019, PruLife Return of Premium Term (ROP Term) is no longer available for purchase.
PBR/2017 CSO Compliance: Across the industry, insurers have been updating products to be compliant with principle-based reserving and 2017 Commissions Standard Ordinary Mortality Table. After careful consideration, ROP Term will not be updated at this time. Any applications submitted through September 30, 2019, will be processed through the end of 2019. All policies must be placed by December 31, 2019. No exceptions will be granted.
More info available here.