Advisors Blog

New Requirement to Help Policies Get Issued Faster

Effective May 30, 2023, Allianz will require sales illustrations to be included at the time of application.

Providing the illustration used in the sales discussion will allow them to financially underwrite your client upfront, reducing potential delays later in the process after the medical assessment has been provided. The illustration does not need to be signed by the client upon initial submission; however, Allianz will still require a signed illustration prior to policy issuance.

Life Pro+ Advantage Rate Increases, Effective June 6, 2023

Please see attached for current rates effective as of June 6, 2023. New business rates are not guaranteed and are subject to change at the discretion of the company.

IUL Sales Issued by Accordia Life will be Suspended Effective July 1, 2023

Effective July 1, 2023, Global Atlantic will be suspending sales of the index universal life (IUL) products that are issued by Accordia Life Insurance Company. This includes: 

• Lifetime Builder ELITE IUL 
• Global Accumulator IUL
• Lifetime Foundation ELITE IUL

AG49-A Transition: Changes to Indexed Account Parameters and Maximum Illustrated Rates Effective June 30, 2023

Effective June 30, 2023, for any policy that is using the old rates and met the April 30, 2023 signed application and signed illustration deadline, John Hancock must have provided a final underwriting offer, received all administrative requirements to issue the policy, and received at least the Minimum Initial Premium to place the policy inforce.

Download this Week's Edition of the Lincoln Leader

Product Updates

• Lincoln VUL DCA Fixed Account Enhanced Interest Rate Program – Extended (reprint)

Process Updates

• Lincoln MoneyGuard eInterview Enhancements
• Save Time Completing Forms with Data Prefill!
• Reminder: Underwriting and New Business Team Phone Number Changes (updated)

LTCi Rate Adjustments Effective September 1, 2023

Mutual of Omaha will be implementing the following inforce rate adjustments effective September 1, 2023.

Another 0.25% Fixed Rate Increase in Nationwide IUL and VUL Products Effective July 1, 2023

Thanks to Nationwide's strength and stability, a better interest rate environment and continued customer focus, our policyholders will soon benefit from another increase in our IUL and VUL fixed interest crediting rates. On April 1, 2023, Nationwide raised their rate by 0.25% on their 2020 IUL products. Now they are again increasing the fixed rate by 0.25% but this time across all their IUL and VUL products. Effective July 1st, 2023, the new fixed interest rates will be:

Currently selling products

• Nationwide IUL Accumulator II 2020 & IUL Protector II 2020: 3.00%
• New York only — Nationwide YourLife IUL Accumulator & IUL Protector: 2.75%
• Nationwide Survivorship IUL 2020: 3.00%
• Nationwide VUL Accumulator and VUL Protector: 2.75%

Products closed to new business

• Nationwide IUL Accumulator II and IUL Protector II (2018): 2.75%
• Nationwide YourLife IUL Accumulator and IUL Protector (2015): 2.75%
• Nationwide YourLife IUL (2011): 3.25%
• Nationwide Survivorship IUL (2019): 2.75%

June 2023 Underwriting Updates

Pacific Life announced the following enhancements, effective immediately:

• Elimination of EKG as a routine requirement (all ages and face amounts) 
• Increased capacity for Professional Athletes (up to $20M; jumbo limit of $65M) 
• Increased capacity for Entertainers and Celebrities ($46M for PL Promise Term and $20M for PL Promise GUL) 

Cross-Border/Non-Resident Sales Process for Life Insurance Applications

Cross-border/non-resident sales refer to the situation where the state an application is written in differs from the state of residence provided for the policy owner. 

Beginning June 15, 2023, any application that is not written in the owner’s resident state (or employer’s state) will require a Non-resident Sales form (DD9680). 

Cross-border sales are not allowed in MA, MN, UT, WA, or NY. A new application will be required if the state written does not match the address provided for the owner.

Business Market Solutions Webinar:

3 Ideas in 15 Minutes

Tuesday, June 27, 2023

2:15 pm ET | 1:15 pm CT | 11:15 am PT

Join Principal for a fast-paced sales idea session with the regional directors of business solutions.

Your speakers will cover the following:

• Leverage resources to start client conversations
• Solutions to help protect businesses and their owners and deliver key employee benefits
• Underwriting and administrative services that can give you an edge

Win with SBLI: Trip to Boston and Red Sox Tickets

For every paid case received starting June 1, 2023, and paid for by August 14, 2023, agents will earn an entry into the Win with SBLI sales contest. If three or more cases are paid, prize draw entries are doubled. The winner will be contacted and notified by August 30, 2023.

SecureCare III New Reprice and State Launches June 28, 2023 - AZ, IN, D.C., ND, and SD

Effective June 28, 2023:

• SecureCare III rates will decrease by 25 percent across all case scenarios in Arizona and Indiana.
• SecureCare III will launch in Washington DC, North Dakota and South Dakota with its reprice rates.

Please click below for transition guidelines.