Advisors Blog

GBS News: Weekly Product and Underwriting Updates - Week of November 7, 2022

Published on November 10, 2022


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2022 Year End Deadlines

Key dates and deadlines for processing 2022 year-end business.


Annuity Suitability Form Update

Starting December 1, 2022, American National will implement a new Suitability Form for all states (excluding FL and NY). There is no grace period for the form changes. American National will no longer accept the previous version of the suitability forms beginning December 1. In addition, all annuity new business applications in all states (excluding FL and NY) will be required to submit Form 11207 - Producer Disclosure for Annuities.


Improved Rates Coming with Repriced UL Guard and SUL Guard

MassMutual will reprice UL Guard and Survivorship UL Guard in November, with premium rates generally improving because of higher interest rates. These flexible-premium universal life products provide the protection of permanent life insurance and may be an important part of your clients' estate and legacy planning.

UL Guard:

In general, UL Guard no-lapse guarantee premiums for face amounts of $250,000 and above will decrease:

  • 2%-18% for level-pay cases.
  • 3%-35% for single-pay cases.

Younger issues ages (45 and below) and standard risk classes will see the greatest impact. UL Guard rates will not change for face amounts below $250,000.

SUL Guard:

In general, SUL Guard no-lapse guarantee premiums for all face amounts will:

  • Decrease 0%-11% for single-pay cases.
  • Not change for level-pay cases.

Younger issues ages (55 and below) and standard risk classes will see the greatest impact. SUL Guard target premiums are not changing.


2022 Year End Deadlines

Key dates and deadlines for processing 2022 year-end business.


Immediate Change to Medical Requirements for Full Underwriting

Due to a laboratory test kit being discontinued, OneAmerica's vendor, ExamOne, now requires a blood specimen to complete the panel of tests full underwriting requires. Effective immediately, blood specimens will be required on those adults ages 35 and up for face amounts $0-99,999, on products issued and underwritten by State Life. This change will not impact Underwriting’s processing time and only applies to full underwriting. This does not affect Expedited Underwriting. Please make sure any clients in the underwriting process are aware of this change and are prepared to undergo the collection of vitals, labs, and any other medical requirements during their exam appointment.


PL Promise Term Repriced to Be More Competitive, Effective 11/7/2022

Effective November 7, 2022, Pacific Life Insurance Company is adjusting rates to be more competitive for PL Promise Term1 level premium term life insurance—a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50k to $250K). This reprice places PL Promise Term in the Top 3 for 92% of cells across all terms, ages, no-nicotine rate classes, and face amounts.2 A 60-day transition period is provided.

1 PL Promise Term level premium term life insurance (Policy Form #P16LYT or ICC16 P16LYT and S16LYT10, S16LYT15, S16LYT20, S16LYT25, or S16LYT30, based on level premium period chosen and state of policy issue).

2 As applicable, comparisons based on quinquennial ages from 20 through 80 for term periods 10, 15, 20, 25, 30; all 5 face bands from $50K+; all 6 risk classes (Preferred Best No Nicotine, Preferred No Nicotine, Select No Nicotine, Standard No Nicotine, Preferred Nicotine Use and Standard Nicotine Use); and both annual and monthly payment modes. Competitive Positioning of non-affiliated companies as of 10/5/2022 CompuLife: AIG Select-a-Term (ICC21-19311), American National Insurance Company (ANICO) Signature Term (ART18), Banner Life Insurance Company OPTerm (ICC18-OPTC), Equitable Brightlife Term (ICC14-156-LT), Fidelity Rapid Decision Life Term (F4200), John Hancock Protection Term (19TERM), Lincoln LifeElements Level Term (TRM 6063), Lincoln TermAccel Level Term (TRM 6069), MassMutual Haven Term (ICC21 HAVEN TERM), MassMutual Haven Simple (ICC20 HAVEN SIMPLE), Nationwide Guaranteed Level Term (ICC13-NWLA-490), North American ADDvantage Term (LS174), Principal Term 20 (ICC17 SN 104), Protective Classic Choice Term (TL-21), Prudential Term Essential (ICC19 PLTIC-2019), SBLI Term Life Insurance (B-56), Symetra SwiftTerm (ICC20_LC1), Symetra Term 4.0 (ICC16_LC1), Transamerica Trendsetter Super (TL22 0417), United of Omaha Term Life Answers (ICC16L145P). Pacific Life PL Promise Term (ICC16 P16LYT) rates are effective 11/7/2022.


2022 Year End Deadlines

Key dates and deadlines for processing 2022 year-end business.




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. 




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