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Protective: Reprice Alert
Effective August 15, 2022, Protective's Classic Choice Term has dropped in price.
Transition Rules:
- Paper applications must be signed and received on or before August 29, 2022.
- Electronic ticket business and direct writers, applications must be signed and received on or before September 12, 2022.
- Any application in underwriting on August 15, 2022, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless other wise requested up until the case has been approved.
- New York does not have a rate change, but the plan codes are changing so they will follow the above rules.
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Guggenheim Life Name Change
Guggenheim Life and Annuity Company is now Clear Spring Life and Annuity Company.
In accordance with the new name, there is a new website - clearspringlife.com. This is where you will find and all the product information, service forms, e-apps, app builder, policy information, and commission statements. The login credentials for the agent portal on the new website will remain unchanged from the one used at guggenheimlife.com.
Clear Spring will only continue to accept Guggenheim Life branded forms for 45 days.
If agents were appointed with Guggenheim Life and Annuity Company prior to 2019, and have not yet signed the new agency agreement, you will need to do so before submitting any new business.
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John Hancock: Protection IUL '22 and Protection UL '22 Update
Effective August 15, 2022, John Hancock has improved the guarantee durations on:
- Protection Indexed UL '22 policies.
- Protection UL '22 policies that include the Long-Term Care (LTC) Rider.
The average guarantee increase is three years, and applies to both new and inforce Protection IUL '22 policies. For Protection UL '22, the NLG duration will now be similar whether the LTC rider is included or not. These improvements have no impact on premiums or policy values.
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Lincoln Financial: Term Pricing Update and Index Changes
Lincoln is updating their Life Elements and Term Accel Rates effective August 15, 2022.
TermAccel and LifeElements Level Term:
- New applications received and applications currently in underwriting will automatically receive the lowest rates available.
Indexed Account Rate Changes:
Effective September 15, 2022, Lincoln will be making changes to caps, participation rates and spreads on certain indexed accounts, which may reduce future policy performance. The changes apply only to newly created indexed account segments for a select group of previously sold life insurance products in Lincoln’s Indexed UL product suites. The Illustration software will be updated effective Aug. 15, 2022 reflecting all indexed account changes. There are no changes to currently sold products.
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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) 473-5933.
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For agent use only - not for use with the general public.
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Corporate License No. 0D87913
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21820 Burbank Blvd., Suite 301
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GBS Insurance and Financial Services, Inc. do 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.
© 2021 Arthur J. Gallagher & Co.
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