Advisors Blog

Revised Underwriting Field Guide

Legal & General America has announced updates to its Underwriting Field Guide. Among these updates includes an increase in Automatic Binding Limit from $20 million to $30 million.

Download this Week's Edition of the Lincoln Leader

• Effective July 10, 2023 – Update to Premium Finance Net Worth Guidelines
• Effective July 15, 2023 – Lincoln will be increasing certain participation rates on Lincoln WealthAccumulate® 2 (2020) IUL - 04/17/23, which may improve future policy performance. The changes apply only to newly created indexed account segments for Lincoln WealthAccumulate® 2 (2020) IUL - 04/17/23
• Lincoln VUL DCA Fixed Account Enhanced Interest Rate Program – Extended (reprint)

Mutual of Omaha Introduces a Fourth Crediting Strategy for IULs

Effective June 30, Mutual of Omaha announced a fourth crediting strategy is available on their entire Indexed Universal Life product portfolio. Clients now have this option to consider if they are looking for an index that may provide more consistent performance in fluctuating market environments.

CareMatters Together is Here!

Nationwide has officially launched the industry’s first cash-indemnity joint asset-based long-term care product. Click here for the product highlights, or if you’re familiar with our CareMatters II product you can click here to compare the two products!

Green Card and Cannabis Underwriting Guidelines

Pacific Life's PL Promise products now accepts 2 year green cards (marry a US citizen, investment, or exceptional skill. The insured will need to be approved for the 10 year green card after it expires). 

The PL Promise Cannabis underwriting guidelines have also been updated.

Protective is Going Paperless in NY on July 1

As of July 1, 2023, Protective will no longer accept physical (paper) applications in the state of New York, even if dated prior to June 30, 2023. Only applications submitted electronically through Protective Velocity will be accepted — no exceptions.

Protective announces lower prices on Protective Classic Choice term - effective 7/10/23

Transition Rules:

• For paper business: applications must be signed and received on or before July 24, 2023.
• For electronic ticket business and direct writers: applications must be signed and received on or before August 7, 2023.
• Any application in Underwriting on July 10, 2023, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
• New York does not have a rate change, but the plan codes are changing so they will follow the above rules.

SecureCare III is repriced in AZ and IN. It is also now available in DC, ND and SD.

Effective June 28, 2023, rates for SecureCare^™ III, a long-term care (LTC) and nonparticipating whole life insurance policy, were decreased by 25 percent across all case scenarios in Arizona and Indiana.

All pending applications in Arizona and Indiana, that have an effective date on or after June 28, 2023, will automatically be eligible for and receive the new pricing.

Discontinuing Symetra’s One Class Upgrade Program

Effective July 31, 2023, Symetra is discontinuing its One Class Upgrade Program (PDF). All cases that qualify for the program must be issued/paid by July 31 to receive the upgraded rate class.

SwiftTerm Enhancements

Symetra has announced the following changes to their SwiftTerm digital platform's underwriting process:

• Expanded build criteria guidelines so clients can receive even better rate classes than before. The new criteria is more aligned with other carriers in the instant or accelerated underwriting space—and even better in certain scenarios.
• Over 70% of submitted SwiftTerm applications will now go through instant coverage or accelerated underwriting paths—that means no labs, no doctors, no needles, no fluids and no tele-interviews.