Advisors Blog

GBS News: Product and Underwriting Updates - Week of February 20, 2023 - March 2, 2023

Published on March 02, 2023


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AG/Corebridge Select-a-Term Reprice in All States Effective February 21, 2023

Effective February 21, 2023, Select-a-Term is repriced in all states, including New York. In all states except New York, well over 90% of cells have lower premiums with an average rate reduction of nearly 2%.1 In New York, more than 80% of cells have lower premiums with an average reduction just over 4%.2

1 American General Life Insurance Company (AGL)

2 The United States Life Insurance Company in the City of New York (USL)


More clients gain access to breakthrough cancer screening test

In late 2022, John Hancock offered a pilot group of customers access to the Galleri® test — a breakthrough multi-cancer early detection tool, named a best invention of 2022 by TIME. The response from the pilot was resounding: Customers want access to this type of technology and the deeper insights into their health the Galleri test can offer. 

Today, we are excited to announce that all your eligible John Hancock Vitality PLUS clients now have access to the Galleri test, part of our commitment to helping customers live longer, healthier, better lives.

Here are the key things to know:

What is the Galleri test?

The Galleri test can screen for more than 50 types of cancer with a single blood draw and indicate where in the body a cancer signal may be coming from.

Who is eligible for access to the Galleri test?

To be eligible for access to the Galleri test through John Hancock Vitality PLUS, your clients must:

  • Be registered Vitality PLUS members who are 50 years of age or older
  • Have completed the Vitality Health Review (VHR) for the current program year

The above criteria apply to new and inforce term and permanent policies. John Hancock will reach out to eligible new customers after their policies are placed as part of the Vitality registration and onboarding process.

Is there a cost?

For eligible polices with coverage amounts of $500,000 or greater, 100% of the cost of the test will be subsidized ($950 value).

For eligible policies with less than $500,000 in coverage, 50% of the cost of the test will be subsidized (customer will pay $475).


Marketing to Millennials

Misconceptions are deterring millennials from buying the life insurance protection they need. This generation (ages 27-42) represents a significant opportunity for the insurance and financial planning industries.

According to the LIMRA 2022 Insurance Barometer Study:

  • 55% of millennials have no life insurance at all
  • 35% of millennials feel that life insurance is too expensive
  • 1/3 of millennials say they haven’t purchased life insurance because they don’t think they would qualify, or they haven’t been approached

The goal of this newest "campaign in a box" is to outfit you with tools to dispel myths, inspire interest and persuade millennials to find out just how affordable and accessible life insurance can be.


Simplified Issue Product Updates, Effective March 1, 2023

Mutual of Omaha has increased their maximum issue age to both their IUL Express and Term Life Express Non-ROP (10T) products effective March 1, 2023. These enhancements will position their Simplified Issue product options to be available in more sales scenarios and will serve a wider range of clients. Below are some of the key updates:

IUL Express:

  • Maximum issue ages for both Tobacco and Non-Tobacco ratings will increase to age 75. Currently Non-Tobacco is age 70 and Tobacco is age 65
  • Maximum face amount for ages 71-75 will remain $150,000

Term Life Express Non-ROP (10T):

  • Maximum issue age for Non-Tobacco* will increase to age 75. *Please note there is no Tobacco rating available for this product.
  • Maximum face amount for ages 71-75 will remain $150,000

Transition Rules:

  • Applications must be signed, and submitted with a March 1, 2023 date or after, to be eligible to apply with these increased ages.

Protective Indexed Choice UL Improvements, Effective March 15, 2023

On March 15th, Protective's Indexed Choice UL cap rate will increase from 8% to 9%. Point to point segments that begin or renew on that date or later will have a 9% cap.

In addition to an increase to the cap rate, Protective will also be moving the maximum illustrated rate from 5.21% to 5.77%. Non-guaranteed loan rates will move from 4.71% to 5.27%.


Premium Deposit Account Rate Increase Effective March 1, 2023

Effective March 1, 2023, Securian is increasing their Premium Deposit Account (PDA) interest rates by 0.25%. New rates will be reflected on the financial professional site and in the illustration system on March 1, 2023.


One Class Upgrade Program

Give your clients the underwriting boost they deserve with Symetra’s One Class Upgrade Program. It’s designed to move clients one underwriting rate class up to bring their overall insurance premiums down.




We at GBS Insurance thank you again for your business.

For more information or insurance quote requests, please contact your brokerage manager.

GBS Insurance and Financial Services, Inc, CA License #0D87913

Phone: (800) 473-5966

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

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.

© 2023 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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