Advisors Blog

GBS News: Weekly Product and Underwriting Updates - Week of July 4, 2022

Published on July 07, 2022





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REMINDER: July 31 will be the last day that LGA will accept traditional paper life insurance applications (LIAs) for Banner (non-NY) business

After July 31, the traditional paper LIA (ICC08-LIA and state variations except for NY) will be rejected and all applications must be submitted with either: 

  • the new LIA (ICC17-LIA and state variations for CA, DE, FL, ND, SD) — an alternative to the traditional paper LIA available in the forms section of LGA's Partner Dashboard or
  • the digital application through their Horizon platform.

Nationwide CareMatters II: Price and Product Improvements - July 11, 2022

Beginning July 11, 2022, Nationwide will be implementing a price improvement across all scenarios for the current CareMatters II product, in addition to increasing their maximum issue ages for some scenarios.

These changes do not apply to Nationwide CareMatters in New York and California.

Pricing improvements

The price improvement is an average decrease of 5% for all scenarios. There will be a price decrease for all scenarios; however, the percent decrease varies by the characteristics of the case.

Maximum issue age changes

The maximum issue ages for CareMatters II will also be increasing from 70 to 75 for Single Pay, 5-Pay, and 10-Pay cases when electing our Minimum Refund of Premium with Maximum LTC.

Important dates

Any policies with an effective date on or after July 11, 2022, will receive the improved pricing.

Normal CareMatters backdating rules apply.


Life Insurance Underwriting Update

Beginning next week, the group eligibility minimum for GI Term cases will be reduced from 25 to 10 lives for qualifying cases—meaning even more of your business clients can get access to this innovative solution.

Random Holdout program for Accelerated Underwriting is also being adjusted. Effective immediately, the RHO process will work as follows:

  • A small random sample of cases that qualify for Accelerated Underwriting will be held out (the same as in the past), and the underwriters will order Electronic Health Records on the applicants rather than insurance exams.
  • If no Electronic Health Records are available for an applicant, the case will be approved through Accelerated Underwriting without the need for labs and physical measurements. 

Premium Limits and Large Case Reviews for New Business

Please refer to the below list of products and state‐specific premium limits.

Premium Limits


Need an Affordable Insurance Solution for Protection and Growth?

This month’s sales idea is a new customizable, client-facing case study highlighting a whole life/term combo as an ideal budget-focused solution for young families. 


Premium Deposit Rates, Fixed Crediting Rates Increasing August 1, 2022

Effective August 1, 2022 Securian is increasing their Premium Deposit Account Agreement (PDA) interest rates by 0.50%, new rates will be reflected on the financial professional site and in the illustration system on August 1.


Enhancements to Symetra’s High-Net-Worth Foreign National Market Program, effective June 2022

  • The minimum global net-worth requirement has been lowered to $1 million (from $2 million) for eligible clients.
  • Eligible foreign nationals currently residing in the U.S. for at least five consecutive years under specific visas and/or awaiting approval of a green card are not subject to the $1 million global net-worth requirement.
  • Symetra variable universal life is now also available for juvenile cases.
  • Basic underwriting qualification requirements for eligible clients have been updated:
  1. A visa is not required for citizens of countries participating in the U.S. Visa Waiver Program.
  2. For citizens of Mexico, a border crossing card is acceptable if the card is not expired. A copy of a border crossing card and a valid passport must be provided with the application.



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) 473-5966

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

Corporate License No. 0D87913

21820 Burbank Blvd., Suite 301

Woodland Hills, CA 91367

Phone: (800) 473-5966

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.

© 2022 Arthur J. Gallagher & Co. 




GBS News: Weekly Product and Underwriting Updates - Week of June 27 - June 30

Americans are under-prepared for future health care expenses and without proper planning, a serious accident or illness could rob your clients of their financial security. Help make sure that they are protected in the event of a chronic illness with the Accelerated Access Solution available on our IUL products.


GBS Newsletter | June 2022 Issue

The majority of people will need long-term care (LTC) at some point during their lives, and the costs can be significant.

Hybrid LTC offers your clients an efficient way to plan for these potential expenses. The included LTC coverage carries a death benefit that protects premiums paid from loss if LTC benefits are not needed.


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