Advisors Blog

Penn Mutual No Longer Available as of 6/30/21

Penn Mutual will no longer make their products available through wholesale distribution effective 6/30/21.This strategic change applies to ALL Brokerage General Agencies nationally, including GBS Life. Any formal applications must be received in good order by that date in order to be considered for coverage. For those clients seeking strong whole life carriers, we offer products from Mass Mutual, New York Life, Security Mutual and others, all of which are strongly rated carriers with excellent products, service and underwriting.

New Life Insurance Strategies Guide

Pacific Life has created a great reference guide on over 50 important life insurance designs and strategies for use by producers and financial planners. This reference tool shows the advantages and disadvantages to dozens of strategies in the areas of business succession, estate planning, charitable giving, executive compensation and qualified plans. You’ll want to save a copy of this handy guide for future reference.

Principal UL Provider Edge II Available in CA Starting 6/7/21

Effective June 7, 2021, the new Principal Universal Life Provider Edge II^SM will be available to illustrate and sell in California.

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:

• Available extended no-lapse guarantee to Age 100
• Early access to death benefits for chronic illness
• Potential for cash value growth
• Innovative Business Value Increase Rider – allows for face increases with NO underwriting and the increase is commissionable.

Nationwide No-Lapse Guarantee UL Pricing Changes Effective 6/13/21

Nationwide is repricing two of their No-Lapse Guarantee UL (NLG-UL) products and one version of the ENLG Rider. The reprice takes effect June 13, 2021 and applies to all new business for the following:

• Nationwide No-Lapse Guarantee UL II
• Nationwide YourLife No-Lapse Guarantee UL (NY)
• The Age 120 version of the ENLG Rider on Nationwide IUL Protector II 2020 − The Age 90 version of the ENLG Rider on this product will not be affected by this reprice.

Please click below for transition guidelines.

New PruFast Track Requirement Effective 7/19/21

Beginning July 19, 2021, all PruFast Track eligible business MUST be submitted via Prudential Xpress QuickForm worksheet or Drop Ticket.

Eligibility Criteria:

• Age: 18 to 60
• Face Amounts: $100,000 to $3,000,000
• Quoted Underwriting Category: Smoker or better
• Products: Most of Prudential’s term and permanent products (excludes PruTerm One and Survivorship products)
• U.S. Residents

Please click below for more information

Lincoln MoneyGuard Updates Effective 6/14/21

Effective June 14, 2021, Lincoln Financial will be implementing product updates to their Lincoln MoneyGuard® III, Lincoln MoneyGuard® II and Lincoln MoneyGuard® II NY.

They announced an enhancement to their Transitional Care Assistance Benefit with the introduction of the Flexible Care Cash Amendment for Lincoln MoneyGuard III. This amendment provides clients additional benefit flexibility with access to receipt-free cash to help cover informal care needs at home. As part of this enhancement, there will now be an opportunity for a spouse to provide the care in addition to the increase of eligible long-term care benefits under this feature.

All three products will also have updated rates to address the recent 7702 regulatory updates. These are not pricing changes and thus long-term care benefits will remain the same after the updates.

Signature GUL Reprice Effective 7/1/21

Effective July 1st, rates will generally increase 3-5% for most categories. Despite this increase, competitive positioning should remain intact. 

Signature Guaranteed Universal Life Offers: 

GUARANTEED DEATH BENEFIT

Clients can determine the face amount and guarantee length between ages 95 to 121. The Death Benefit is guaranteed to the chosen age, assuming all premiums are paid as scheduled.

GUARANTEED CASH-OUT RIDER

During a 60-day period following the 15th, 20th, and 25th policy anniversaries, the rider allows for surrender of policy in exchange for a partial or full return of premiums paid.