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Important Carrier Product Updates and Announcements

Published on February 02, 2021

 

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Price Increase Coming to Prudential Term Essential and Term Elite

In response to the continued low interest rate environment, effective February 22, 2021, Prudential will increase their rates for Term Essential and Term Elite for all durations. Click below for more information.

 

Prudential SUL Protector Price Increase

Effective February 22, 2021, SUL Protector rates will be increasing. On average, Level pays are increasing by 8% and shorter pays by more than 15%. Click below for transition guidelines.

 

John Hancock Temporarily Raises Minimum Face Amount to $750k

Effective January 28, 2021, John Hancock is temporarily raising their minimum face amount for term insurance to $750,000. Applications under $750k must have been received by John Hancock on January 27th. Any applications received on or after January 28 with a face amount of $749,999 or lower will be returned.

 

NEW! Principal UL Provider Edge II

When your individual and business clients have a need for affordable coverage with long-term guarantees, Principal Universal Life Provider Edge II can help.

Highlights:

  • Flexible payment levels that fit within most budgets.
  • Optional extended no-lapse guarantees to age 100.
  • Early access to death benefits for health issues.
  • Chronic Illness Rider.
  • Potential cash value growth.
  • Innovative Business Value Increase Rider1
  • Available in most states, but currently waiting on approval in CA, NY, FL and DE.

All guarantees are based on the claims-paying ability of the issuing insurance company.

1 Rider availability varies by state.

 

Principal UL Life Flex III Price Change

Effective January 19, 2021, Principal has updated their UL Flex III product for new-issue policies. In most cases, there will be a slight price increase from the current rates. Applications must be received in Principal's Home Office by February 18th, to be issued with original rates.

Re-price overview:

  • Policy charges include a combination of slight increases and decreases.
  • The guaranteed minimum interest rate for cash value is now 1%.
  • The No Lapse Guarantee (NLG) duration is reduced at older issue ages.
  • The policy loan charge rate and loan crediting rate are reduced.
  • New rates for UL Flex III are effective in all states except CA, DE, FL, NY, ND and SD
 

Transamerica Exits the Standalone Long Term Care Business

Transamerica announced they will discontinue new sales of their individual, standalone Long Term Care (LTC) products on March 31, 2021. In addition, the enrollment of new Multi-Life (worksite and association) LTC insurance under approved Multi-Life cases will end on June 30, 2021. The only impacted products are TransCare® II and TransCare® III. This will not affect any existing customers with inforce LTC policies.

 

THANK YOU

 

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.

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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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