Advisors Blog

GBS News: Product and Underwriting Updates - Week of March 6 - March 16, 2023

Published on March 16, 2023


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Major improvements to Signature Performance Indexed UL - April 3, 2023

ANICO announced big improvements to the industry-leading Signature Performance Indexed UL product, that will take effect on 04/03/23:

  • Increased income
  • New 25 bps Interest Bonus added to all interest crediting strategies
  • CVAT now available
  • No-Lapse and Surrender Charge periods extended from 10 to 15 years

On 04/03/23 they will also be increasing premium rates for the Signature Guaranteed UL product:

  • Average premium increase of 6%
  • No other changes to features or riders
  • Remains one of the most competitively priced and feature rich Guaranteed UL products in the market

New Single and Flexible Premium Deferred Annuities - March 1, 2023

Cincinnati Life’s new Portfolio Edge Single Premium Deferred Annuity and Portfolio Edge Flexible Premium Deferred Annuity offer a stable, proven way for your clients to prepare for retirement. Our competitive guaranteed and current interest rates, financial strength and return of principal guarantee make Portfolio Edge annuities excellent choices for your clients.

Key Features

  • Guaranteed 2.50% minimum interest rate
  • Current interest rate guaranteed for first full contract year – FPDA - 4.60% – SPDA - 5.00%
  • One-year rate guarantee on each deposit • Return of premium feature
  • No up-front sales charges or fees
  • Up to 10% annual withdrawal free of surrender charges
  • Fixed surrender charge periods based on contract date, not the payment date
  • Optional maturity date provision
  • Optional Long Term Care Facility and Terminal Illness rider

WEBINAR: The Future of Estate Tax Exemption

Thursday, March 23, 2023

2:00 pm ET | 1:00 pm CT | 11:00 am PT

What will happen to the estate tax exemption? Will the high exemptions get extended? Will the sunset occur before 2026? There are many questions as to what may — or may not — happen to the lifetime exemption.


Real-Time Approval: Instant communication of underwriting approval for Lincoln MoneyGuard® cases

Beginning March 13, 2023, Lincoln is excited to provide you and your clients with a Real-Time Approval for eligible Lincoln MoneyGuard cases. For a portion of your business, clients who are in excellent health and are able to be approved by our automated underwriting process may be informed of their approval immediately after their interview.

What is “Real-Time Approval”?

Real-Time Approval is the immediate communication of an underwriting approval at the end of the client online or phone interview. The client will be told they are approved either on the interview completion screen or by the telephone interviewer. The writing agent and case contact will also receive notice of the approval. If the client does not receive a Real-Time Approval at the end of the interview, the case will continue as it does today. There will be no change to the underwriting and follow-up process. The agent and case contact will be notified through Lincoln’s standard pending case status process. They will be informed if the policy has been referred to an underwriter, postponed or declined.


Higher cap, participation and fixed rates in many Nationwide IUL products; effective April 15, 2023

Effective April 15, 2023, Nationwide is introducing newly increased cap, participation and fixed rates in select IUL products.

These changes offer clients the opportunity to gain even greater growth potential — including higher participation rates on all of our uncapped volatility control indexed interest strategies.

Key dates

  • March 16, 2023: Illustration software will be updated with new rates
  • April 7, 2023: Life illustration software will be lowered to a 5.33% maximum illustrative rate for Plus strategies in Nationwide IUL Accumulator II 2020 due to AG 49-A regulatory changes expected May 1, 2023
  • April 15, 2023: New rates will become effective

More overfunded IUL and VUL accumulator cases are now eligible for 15% enhanced target premiums

Nationwide is offering enhanced target premiums on new overfunded cases to better support the work you do securing and servicing this business. Enhancements will apply to most insurance-based income solution cases utilizing Nationwide® accumulation indexed universal and variable universal life products (non-New York).

How it works:

An additional 15% of target premium will be paid on new policies that have first-year premium that is equal to the lesser of:

  • 3 times the original target premium
  • 7-pay premium
  • Maximum level amount able to be paid over 7 years

OneAmerica Activating 6-Year Continuation of Benefits on Annuity Care II, Effective March 11, 2023

We are excited to share that OneAmerica® is activating a 6-year Continuation of Benefits (COB) feature on Annuity Care II, effective March 11, 2023. With this change, Annuity Care II can provide your clients with long-term care (LTC) benefit values that are up to 4 times* larger than premium paid. In addition, the full monthly benefit is available regardless of the number of days services are rendered in any given month. This is especially important today as many clients desire to receive care in the comfort of their own home.

This change is simple to understand: 

  • Applicants ages 40-69 receive 6-year COB benefit**
  • Applicants ages 70-80 receive the 3-year COB benefit**

*for clients ages 40-69

**subject to underwriting approval


Reprice alert: Protective Classic Choice Term - Effective March 13th 2023

Protective has lowered their Classic Choice term prices once again. And with longer term periods, more flexibility and faster technology, they're also making short-term business easier and more innovative.

  • Reducing pricing puts them in the top 3 75%1 of the time in monthly premium scenarios and 74% of the time in annual premium scenarios. (Please note, iGo defaults to annual premium quotes. Be sure to change to monthly premium quotes to see Classic Choice term's most competitive rates.)

Reprice alert: Protective Advantage Choice℠ UL and Protective® Lifetime Assurance UL - Effective 03-13-23

Protective has repriced their Advantage Choice UL and Lifetime Assurance UL as of March 13th, 2023.

  • The slight rate decrease helps them accommodate the current interest rate environment while continuing to offer this competitive solution.



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 March 20 - March 30, 2023

There has been considerable client interest in the liquidity of life insurance and annuity companies in the wake of bank regulatory actions against Silicon Valley Bank (SVB) and Signature Bank of New York (SBNY) over the last several days. The concerns are understandable given the number of similarities between banks and life insurance companies. There are several substantial differences between banks and life insurance companies that result in materially lower liquidity risks for life insurers.


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


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