Effective May 13th, new rates for Banner and William Penn OPTerm 10, 15, 20, 25 and 30 include a mix of decreases and increases. No changes to their highly-competitive rates for OPTerm 35 and 40. More information available here.
Beginning April 15, 2019, PL Promise Term life insurance will get more competitive. This reprice reinforces Pacific Life’s commitment to the Brokerage channel and meeting the specific needs of the broad market consumer – affordable death benefit protection solutions. You can rely on Pacific Life to remain committed to the term marketplace and ensure our product remains competitive with innovative solutions.
• We’ve targeted “sweet spot” pricing improvements in the following areas:
– All no nicotine rate classes: Preferred Best No Nicotine Use (PBNN) – Standard No
Nicotine Use (SNN)
– Older ages for 10- and 15-year term periods
– All ages for 20- and 30-year term periods
– All premium bands, particularly under $500K
• Continued competitive strengths in the following areas:
– PL Smooth Sailing fluidless underwriting program (see page 2 for details)
– Competitive Substandard pricing (+20% per table vs. the traditional +25%)
– Competitive Monthly Premium mode (monthly premiums)
More information is available here.
As a reminder, Protective recently made changes to the Protective® Classic Choice Term product in New York to offer it only for cases at and above $1 million. As an additional update, Classic Choice Term cases in New York will no longer be available at the 25-year term period. More information and transition rules available here.
New Competitive OPTerm Pricing: Effective March 18, 2019
New rates for OPTerm 10, 15, 20, 25 and 30 include a mix of decreases and increases. No changes to our highly-competitive rates for OPTerm 35 and 40.
Rate decreases in more than 55% of pricing cells improved our ranking against core competitors.
More information HERE.
The new Ultra-Premier annuity is designed to offer your customers more competitive interest rates, while providing them with a safe, secure place for their money to grow. More HERE.
On Feb. 1, MassMutual will introduce SignatureCare 600, the company’s newest stand-alone long term care insurance (LTCi) product. Available to brokerage, it will feature gender distinct pricing and a new submission process. Join us on February 6th at 1 pm ET for a introductory webinar that will look at the product’s new enhancements and features.
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Join by phone:
1-857-327-8503, 17640851# (Dial-in Number)
1-844-567-1320, 17640851# (Dial-in Number)
Accelerated Underwriting in New York State
Based upon the recently released Circular Letter No. 1 from the New York State Department of Financial Services (available here), William Penn Life Insurance Company of New York will be withdrawing its APPcelerate accelerated underwriting program while we continue to assess the requirements of the Circular Letter.
All William Penn applications signed on or after Monday, January 28, 2019 will be subject to traditional underwriting and not eligible for the APPcelerate accelerated underwriting program.
From OneAmerica: “Beginning Jan. 1, 2019, the option of joint life with 4% acceleration will no longer be available on any Asset-Care product. This change allows us to maintain a healthy, robust product portfolio and continue providing products for consumers that are more life and LTC balanced.”
For more information, including transition rules, please click here.
LGA offers super-competitive pricing, great service and the longest term coverage available in the market, with options for 10, 15, 20, 25, 30, 35 and 40 years.
Competitive Term Price Rankings
OPTerm pricing for Banner ranks #1 – 73% of the time.
William Penn pricing ranks #1 – 73% of the time.
Check out our updated term webpage lgamerica.com/term to find administrative guidelines, product specifications and more.