Advisors Blog

Pacific Life Repricing Rates for PL Promise Term Effective 9/27/21

Effective September 27, 2021, Pacific Life is repricing rates for PL Promise Term, a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50K to $250K).

Rates have been updated to be more competitive. A 60-day transition period is provided.

Have you looked at PL Promise Term lately? The next time you’re running a term quote for your clients, consider the competitive pricing and easy, all-digital experience of PL Promise Term with PL Swift Sailing accelerated and PL Smooth Sailing fluidless underwriting programs.

Mutual of Omaha Announces Life Protection Advantage IUL Product Enhancement Beginning 9/24/21

Mutual of Omaha announced that beginning September 24, 2021, they will be extending Life Protection Advantage IUL’s long-term no-lapse protection guarantee from age 85 to age 90. And, they are providing this additional 5-year guarantee at no additional cost!

This exciting new enhancement will help make Life Protection Advantage even more competitive in the industry.

In addition to providing protection that is guaranteed to age 90 at competitive premiums, Life Protection Advantage also offers:

• Competitive Protection Beyond Age 90. While the average 50-year-old in the U.S. has a life expectancy in the mid-to-late 70s, some of your clients may live past age 90. That’s why it’s extremely important to have a product that is also strong on the non-guaranteed side. When paying the ‘guarantee-to-90′ premium, you will find that Life Protection Advantage’s projected coverage will often outlast our competitors’ policies by 5-10 years, even when illustrated at conservative rates. View the updated competitive comparison.
• A Guaranteed Refund Option (GRO) Rider. Unlike many other IULs, qualifying Life Protection Advantage IUL policies* come with a premium refund option. If your clients no longer need their life insurance coverage, the GRO feature offers seven 60-day windows in which they can surrender their policy and receive their premiums back. And don’t forget, we recently increased the maximum GRO Rider refund amount to 80% of the specified death benefit.
• A Terminal and Chronic Illness Rider. This accelerated benefit feature is included with all policies at no additional cost and with no additional underwriting. And, if your clients prefer an LTC Rider, they can apply to have their Chronic Illness Rider replaced with an LTC Rider at an additional cost.

*For Life Protection Advantage, the GRO rider is not available for clients over age 60 (regardless of risk class), for substandard or tobacco cases under age 50 or for substandard tables 5-16 at ages 50 and above. In order to remain eligible for the rider, the client must continue to make their required premium payments as defined in the rider. Refund is limited to 80% of the policy's lowest specified amount and is reduced by any previous withdrawals and outstanding loans.

LGA Discontinuing Sales of their A-List Term Product as of 11/1/21

As of November 1, 2021, LGA will be discontinuing sales of their A-List Term product offering. Marketing materials, applications, and other resources will no longer be accessible after that date.

• No new groups will be allowed as of November 1, 2021 
• For existing groups, LGA will continue to allow coverage increases and the coverage for new employees through October 1, 2022. Thereafter, neither increases nor new coverage will be considered

Prudential Index Account Updates as of 10/1/21

Effective October 1, 2021, there will be improvements to cap rates for some IUL products. Please note, there are no changes to the spreads from the previous month. The cap rates for impacted index accounts will be effective for index segments starting October 1, 2021. Please see below for the complete list of Index Account changes

SwiftTerm: More Competitive Pricing and Expanded Sweet Spots Starting 10/1/21

SwiftTerm provides the only end-to-end digital platform that can provide up to $2 million in coverage in as little as 25 minutes. With these recent changes, SwiftTerm now ranks No. 1 over 90% of the time in their expanded sweet spot ages of 30 to 50 years old in non-nicotine rate classes. New rates will be available for sale starting October 1, 2021.