Advisors Blog

Max Accumulator+ III is Now Available in California

Max Accumulator+ III, Corebridge's flagship accumulation Index Universal Life (IUL) product, is now available to be sold in California.

Why sell Max Accumulator+ III?

• Accumulate cash value with managed volatility
• Living benefits with the optional chronic illness rider 
• Access cash value with flexible choices 
• May not require a medical exam 

Introducing Total View Credits

With the launch of Total View Credits, John Hancock's offers will be even better on your more challenging cases. Total View takes a balanced look across best-class criteria, rather than focusing on one attribute being the driver of the risk class, helping to ensure your best-risk clients are getting the most competitive offer they deserve.

Key highlights:

Obtain up to a two-table improvement on your mildly substandard cases (maximum rating of 200%) — up to Standard for:

• Ages 18-70
• All face amounts
• All traditionally underwritten products (individual and survivorship)

What’s great about Total View Credits is that you don’t have to do a thing to ensure eligible clients are considered. Their underwriters will simply take their usual approach on each case you submit, assessing all aspects of the proposed insured’s profile. If the applicant is rated mildly substandard, they will then look for the additional favorable health and lifestyle attributes that will qualify for credits.

Important note: John Hancock Underwriters may exclude a case from Total View Credits at their discretion.

Revised Underwriting Field Guide

Legal & General has released an updated version of their Underwriting Field Guide. The field guide provides information about several of Legal & General America's underwriting practices including underwriting sweet spots, rate class requirements, Preferred class criteria, and many other helpful resources.

Lincoln VULONE (2021) – 05/15/23 and Lincoln SVULONE (2021) – 05/15/23

Effective May 15th 2023, Lincoln is making updates to the base account guaranteed charges on Lincoln VULONE (2021) and Lincoln SVULONE (2021), variable universal life insurance products. Note that with this update, there are no changes to the premium, secondary guarantee charges, or current base account policy charges. Changes are limited to the base account guaranteed charges which are being adjusted as follows:

Lincoln VULONE (2021)– 05/15/23

• Base Guaranteed Maximum Premium Load increases to 25% in all policy years (Current premium load remains 10% in policy years 1-5, 6% in policy years 6-10, and 3% in policy years 11+)
• Base Guaranteed Maximum per $1,000 charge duration increases to 20 policy years (The “per $1,000 charge” is a component of the Administrative Fee. Currently it applies for the first 10 policy years from the policy date or any increase in specified amount) 

Lincoln SVULONE (2021)– 05/15/23:

• Base Guaranteed Maximum Premium Load increases to 25% in all policy years (Current premium load remains 10% in policy years 1-20 and 6% in policy years 21+) 

Transition Guidelines:

There will be no transition period for this change. For states that are approved at rollout, all Formal Applications received on or after May, 15, 2023 will receive the Lincoln VULONE (2021) – 05/15/23 or Lincoln SVULONE (2021) – 05/15/23 product version and be subject to the updated guaranteed charges as outlined in the updated prospectuses once they go effective.

New Underwriting Updates for LTC

Mutual of Omaha has updated its Long-term Care and Long-term Care Rider underwriting guidelines, effective immediately.

• Long-term Care Underwriting Guidelines
• Long-term Care Rider Underwriting Guidelines

Inforce LTC Rate Adjustments Effective August 1, 2023

Mutual of Omaha will be implementing the following inforce rate adjustments effective August 1, 2023.

Nationwide YourLife CareMatters (NY) – Rate Class Update

Effective June 12, 2023, all CareMatters applicants in New York will receive the Couple rate classes. From that date, the Single rate classes will no longer be offered. The Couple rate classes will be called Preferred, and all applicants will be eligible for these rates, regardless of marital, civil union, or domestic partnership status. The only available classes will be:

1. Preferred Non-tobacco
2. Preferred Tobacco

You will continue to see the Couple rate classes referenced on the Life Pending Tracker, but customer-facing communications will display as Preferred. This applies to all policies that are effective on or after June 12, 2023.

WEBINAR: Nationwide CareMatters Together: Joint Asset Based Coverage Launching June 12, 2023

Nationwide CareMatters Together provides shared LTC coverage for both members of a couple. Linking long-term care protection with life insurance, it offers value in three key areas:

• More simplicity – the shared benefit pool helps make planning simpler
• More predictability – premium, benefits, and death benefit are guaranteed
• More control – cash indemnity LTC benefits puts them in control

Speaker: 

Joshua Ford, CLTC

Regional CareMatters Wholesaler

When:

June 6, 2023 at 11:00 a.m. PST / 2:00 p.m. ET  

Cross-Border/Non-Resident Sales Process for Life Insurance Applications

Cross-Border/Non-Resident sales refer to the situation where the state an application is written in differs from the state of residence provided for the policy owner.

Beginning June 5, 2023, any application that is not written in the owner’s residence state (or employer’s state) will require a Non-Resident Sales form (DD9680).

Cross-border sales are not allowed in MA, MN, UT, or WA. A new application will be required if the state written does not match the address provided for the owner.

Paper Applications Will Be Discontinued in New York Effective July 1, 2023

Due to New York filing requirements, Protective will move to a fully digital/online application submission process for most New York state approved Protective products.

Products impacted:

• Protective ProClassic^SM II UL
• Protective^® Classic Choice Term

Paper applications will be discontinued. Protective will accept applications signed and received before July 1, 2023, but you can get started now. There will be no exceptions to accept paper applications in the state of New York after June 30, 2023.