Advisors Blog

GBS News: Product and Underwriting Updates - Week of December 5 - December 15, 2022

Published on December 15, 2022


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Cincinnati Life Tax Tables Now Available

Cincinnati Life's 2022-2023 Quick View Tax Guide is now available. The Quick View Tax Guide consolidates important information on inflation, lifetime gift, and estate tax and gift tax exclusion amounts for your clients and prospects. The Guide is particularly useful at year end and tax time, it can serve as a handy reference and outreach piece throughout the year.


Interest Rate Update - December 15, 2022

Effective December 15, 2022, Cincinnati Life has made the following interest rate changes.


2023 Dividend Scale and Interest Crediting Rate Announcement 

MetLife expects to pay a dividend of approximately $530M to their eligible life insurance policyholders in 2023. This payment demonstrates their continued commitment to providing policyholders with value, now and in the long term. Click below for the Crediting Interest Rates Flyer for more information.


2022 Year End Deadlines

Key dates and deadlines for processing 2022 year-end business.


Mutual of Omaha Chronic Illness Rider Requires No Additional Underwriting

Mutual of Omaha's Income Advantage and Life Protection Advantage IULs can help meet clients' needs with the automatic Mutual of Omaha's Chronic Illness Rider that is issued on policies with NO additional underwriting requirements!


Increased spread rate on uncapped S&P 500® strategies in Nationwide IUL and VUL

Given the increasing cost pressure, Nationwide is raising spread rates on uncapped S&P 500® strategies. Please click below for the new spread and maximum illustrative rates.


15% Enhanced Target Premiums on Select New IUL and VUL Business, Effective January 9, 2023

Now you can receive 15% Enhanced Target Premiums on over-funded cases in select Nationwide accumulation IUL and VUL products.

For new business, where the first-year premium is the lesser of 3 times the base target premium or the 7-pay premium, we are increasing the target premiums by 15%. It will be available starting January 9, 2023, on:

  • Nationwide® IUL Accumulator II 2020
  • Nationwide New Heights® IUL Accumulator 2020
  • Nationwide® VUL Accumulator

How it works

An additional 15% target premium will be paid on new policies funded within the first 12 months at the lesser of 3 times the base target or the 7-pay premium. Here’s an example:


2022 Year End Deadlines

Key dates and deadlines for processing 2022 year-end business.


OneAmerica Asset Care Price Reduction - Effective December 9, 2022

For the second time in 2022, OneAmerica is announcing a price decrease on their Asset Care product portfolio across the country, effective Dec. 9, 2022.

The Asset Care price decrease goes into effect on all cases issued on or after Dec. 9, 2022. This will impact the following Asset Care product portfolio funding options:

All States except California

  • Single Premium, including the Return of Premium option and Single Premium Drop-in Rider
  • Annuity Funding Whole Life: Income Benefit Rider Bonus increasing to 25%.
  • Recurring Premium: 5-pay and 10- pay only; No change on 20-pay or pay-to-95.


  • Asset-Care I
  • Asset-Care II/III
  • Asset-Care IV: No Change 

New Withholding Process for Asset Care Annuities Effective December 10, 2022

Beginning January 1, 2023, IRS guidelines around taxable distributions from retirement plans and annuities will change, requiring a modification to Asset Care Annuity Funding Whole Life option and Asset-Care II/III (California) application process

Starting December 10, 2022 this guideline change will necessitate the collection of a new “Statement of Understanding – Withholding” form as well as IRS Form W-4P to indicate the policyholder’s future withholding preference prior to issue.


Life Insurance New Business and Underwriting Updates for December

Throughout December, Principal will be making updates and enhancements to their application forms and process, including online apps and TeleApp. Please review these important reminders regarding recent changes.


2022 Year End Deadlines

Key dates and deadlines for processing 2022 year-end business.


Updated Underwriting Guidelines in Three Key Areas

Securian Financial’s Guideline Enhancement program's recent updates include underwriting changes for:

  1. Gestational diabetes
  2. Obstructive Sleep Apnea (OSA)
  3. Build credits

Closure of all Life Products for Independent Distribution - Effective February 1, 2023

Zurich announced the closure of the following products to new sales, effective February 1, 2023: 

  • Zurich Wealth Builder IUL
  • Zurich Select IUL
  • Zurich Survivor IUL
  • Zurich Term 10, 15 and 20

To make this transition easier for their distributors, formal applications in good order will still be accepted through 5pm on January 31, 2023, so long as they are received by the home office by 5:00 Central Standard Time. All policies must be fully funded and delivery requirements must be received in good order by 5:00 p.m. on March 28, 2023.




We at GBS Insurance thank you again for your business. For more information or insurance quote requests, please contact your brokerage manager or give us a call at (800) 473-5966

For agent use only - not for use with the general public.

Corporate License No. 0D87913

21820 Burbank Blvd., Suite 301

Woodland Hills, CA 91367

Phone: (800) 473-5966

GBS Insurance and Financial Services, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

© 2022 Arthur J. Gallagher & Co. 




GBS News: Product and Underwriting Updates - Week of October 20 - November 2

Allianz's announced their first ever Risk-Class Upgrade Underwriting Program, offering automatic risk-class upgrades, up front, for qualifying clients. 


GBS News: Product and Underwriting Updates - Week of October 9 - October 19

Effective October 9, 2023, iPipeline iGO and LifePipe users can easily access ALL underwriting submission paths in the same session with the new SimpliNow Choice platform.


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