Advisors Blog

GBS News: Weekly Product and Underwriting Updates - Week of September 5, 2022

Published on September 08, 2022


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Improved products are better together! Term and IUL Combo Sales Idea

Show clients how combining Term and Permanent life insurance can help protect against financial risks now, and potential financial risks in the future. And with the recent improvements on both our Term and IUL products, it’s the best of both worlds!

AIG's new Term & IUL combination sales concept shows the benefits of a cost-effective combination of: 

  • short-term coverage for pre-retirement needs
  • permanent coverage for lifetime needs

Life and Fixed Indexed Annuity September Rates Effective 9/6/22

Effective September 6, 2022, Allianz has made the following annuity rate changes.


Life Insurance Awareness Month (LIAM) - An easy decision for your clients just got easier

LGA is partnering with Life Happens once again to help you educate your clients on the importance of protecting their families with life insurance. The national campaign “Life insurance — an easy decision” opens the conversation you can have about how easy life insurance is to apply for and purchase today.

In fact, life insurance is easy as 1-2-3:

  1. It's affordable: Most think they can’t afford life insurance until they talk to an advisor like you. And you can be confident knowing that Legal & General America’s OPTerm pricing consistently ranks in the top 3 (91% of the time).
  2. It's easier and faster than ever: LGA is moving at the speed of technology, allowing clients to complete the application in less than 20 minutes — and giving many the opportunity to skip the medical exams and get faster approvals (in just days or even instantly).
  3. It's more accessible to more people: Technology and data are helping us get those with certain medical conditions the coverage they need.

We want to help you empower and educate your clients with access to simple materials that help you share the value and importance of having life insurance.


Mass Mutual Revised High Net Worth Foreign National Guidelines - Effective Immediately 

Effective immediately, life underwriting has eased high-net-worth foreign national guidelines by relaxing program requirements, simplifying underwriting requirements, updating U.S. nexus requirements, and increasing internal retention limits.

The sought-after, competitive underwriting program for high-net-worth foreign nationals* living abroad and with business, financial, or personal interests in the United States launched in 2019.

“We listened to the field and enhanced our high-net-worth foreign national guidelines,” said Pam Beals, office of the Head Underwriter, Life, DI, and Long-Term Care. “Today’s updates simplify the application process while preserving strong mortality results in this valued business.”

Here is an overview of the new guidelines.

Relaxed program requirements:

  • The minimum base policy amount is $5 million (previously $10 million), or an annual base policy premium of $250,000, excluding riders.
  • The minimum global net worth remains $5 million except for premium-financed cases, where the minimum is $10 million.
  • In addition to ownership by a U.S.-based trust and trustee, business, or limited liability company, individual ownership by the insured or spouse is now permitted in certain countries.
  • Global needs for coverage may be considered in addition to U.S.-based needs, subject to verification.

Simplified underwriting requirements:

  • A copy of the passport’s identity page is required in lieu of all passport pages. (All pages may be requested at the underwriter’s discretion.)
  • Submit High net worth foreign national questionnaire (COR1999) with the formal or informal application and a cover letter. Previously, COR1999 was submitted for review before the application.

Updated U.S. nexus requirements. Aside from the U.S. travel and net-worth requirements, one requirement below is needed to establish a U.S. nexus:

  • Own a business or real estate in the U.S.;
  • Work for a U.S.-domiciled company (not a foreign subsidiary);
  • Maintain a banking relationship with a U.S. bank or financial institution for six months or more and have a minimum balance of at least $250,000; or
  • Have a spouse or child (or grandchild, with adequate financial justification) who resides legally in the U.S.

Increased internal retention limits:

  • Residents of A countries can qualify for up to $20 million (previously $7.5 million).**
  • Residents of B countries can qualify for up to $15 million (previously $5 million).**

*Foreign nationals are:

  • Non-U.S. citizens (foreign citizens) who live outside the U.S. for more than three months.
  • U.S. citizens living outside the U.S. for an extended time (either more than three months, or more than six months, depending on the country), and are underwritten under the guidelines for foreign nationals.

**Refer to the latest country classifications. All existing and applied-for coverage with MassMutual reduces available retention. Automatic reinsurance is utilized before internal retention. Maximum retention limits are subject to case details, including the insured’s age and risk class.


ExtendCare now available with Protective Executive UL 

Protective's ExtendCare rider is now available on Protective Executive UL — providing key chronic illness coverage for employers and their leadership talent.

ExtendCare advances the policy’s death benefit to manage the costs of:

  • Home health care
  • Professional nursing care
  • Transportation
  • Nursing home and assisted living costs
  • Hospice care
  • and more



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: Product and Underwriting Updates - Week of October 20 - November 2

Allianz's announced their first ever Risk-Class Upgrade Underwriting Program, offering automatic risk-class upgrades, up front, for qualifying clients. 


GBS News: Product and Underwriting Updates - Week of October 9 - October 19

Effective October 9, 2023, iPipeline iGO and LifePipe users can easily access ALL underwriting submission paths in the same session with the new SimpliNow Choice platform.


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