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GBS News: Weekly Product and Underwriting Updates - Week of July 25, 2022

Published on July 28, 2022

 

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MassMutual: Increased Retention Limits

Effective July 18, 2022, MassMutual has increased internal life retention from $20 million to $30 million on individual Whole Life policies.

On Survivorship Whole Life, retention is increasing to a maximum of $35 million from $25 million. These increases are for Whole Life product portfolio only, and the Additional Life Insurance Rider (ALIR). The ALIR benefit is included in the total retention limit. View the new changes in MassMutal's Life Retention & Capacity Limits flyer.

 

Mutual of Omaha: Inforce LTC Insurance Rate Adjustments

There will be inforce rate adjustments in several impacted states, effective October 1, 2022:

LTC04G - Idaho, New Hampshire, Texas

LTC04I - Idaho, Maryland, New Hampshire, Texas

LTC04I7 - Idaho, Maryland, New Hampshire, Texas

LTC09M - Idaho, Maryland, New Hampshire, Texas

LTC06UI - Idaho, Maryland, New Hampshire, Texas

LTC09U - Idaho, Maryland, New Hampshire, Texas

LT50, NH50, HCA, NHA and LTA - Tennessee

Important Term Life Answers (TLA) Conversion Policy Changes

  • Term conversions years 2 through 9 will receive full new business first-year commissions payable (an increase to what is currently paid)
  • For Term conversions in years 10+, the year 2 renewal commission rate will apply

Transition Rules:

  • These compensation changes are effective July 22, 2022
  • All TLC term conversion applications must be signed by July 22, 2022 and received by the Home Office by July 29, 2022 to receive the current compensation rules
  • TLC term Conversion applications signed on July 23, 2022 or later, will receive the new term conversion compensation detailed above
  • No exceptions will be made
 

Transamerica: Updated ITIN Guidelines

For applications dated July 1 and later, updates to the ITIN program include:

  • Trendsetter LB availability
  • Qualifying ITIN applicants may add the Chronic Illness Rider, Critical Illness Rider, and Long Term Care (LTC) Rider* to Transamerica Financial Foundation IUL® — note that riders must be added at issue.

For applications dated July 1 and later, U.S. residents with eligible visas and Employment Authorization Cards are now eligible for the LTC Rider.

 

John Hancock: New Accelerated Death Benefit Rider

Eligible clients can now access a new living benefit rider that offers more flexibility form their life insurance policy. The new Accelerated Death Benefit for Chronic Illness rider offers early access to a policy's death benefit should the insured become chronically ill.

 

Protective: Classic Choice Term Price Drop

Protective has lowered their Classic Choice Term prices again, and with longer term periods, and more flexibility.

Key Features:

  • 35 - and 40-year term periods makes Protective one of the only three carriers in the market to have level term coverage up to 40 years.
  • Protective Velocity, the suite of digital solutions, makes submission to commission even faster - saving up to 40 days.
 

Assurity: New Income Protection DI Product Available

Assurity has introduced a new DI product called the Income Protection DI, effective 07/20/22. This product is an addition to their Century + DI, BOE, and Graded Benefit products. Key features include:

  • Issue ages from 18-60, age last birthday
  • Guaranteed renewable to age 65, conditionally renewable to age 75
  • 13-week, 26-week, 1-year and 2-year benefit periods
  • 0, 7, 14-, 30-, or 90-day elimination periods (depending on selected product and benefit period)
  • $600 maximum weekly benefit

There will be an in-depth webinar on new Income Protection on August 16 - register now for expert advice on prospecting and selling this new product.

 

 

Legal & General: OPTerm Pricing Change

Effective July, 26, 2002, there will be more reductions in the non-tobacco classes. There are changes to level period premium rates across level term periods (10, 15, 20, 25, 30, 35, and 40 years) - both annual and monthly rates are highly competitive. In addition, there will be a policy fee increase - $90 for Banner, and $80 for William Penn.

 

THANK YOU

 

We at GBS Insurance thank you again for your business. For more information, or insurance 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

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21820 Burbank Blvd., Suite 301

Woodland Hills, CA 91367

Phone: (800) 473-5966

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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