Advisors Blog

2023 Life Insurance Year-End Guidelines

Click below for important key dates and deadlines for processing 2023 year-end business.

Enhanced Underwriting Program

Effective September 11, 2023, Lincoln is offering an enhanced underwriting program to provide even more value with Lincoln's accumulation-focused variable (VUL) and indexed (IUL) universal life insurance product solutions.

Lincoln AssetEdge VUL and Lincoln WealthAccumulate 2 IUL cases will receive a one-class underwriting upgrade, subject to full underwriting approval.

Download this Week's Edition of the Lincoln Leader

• Enhanced Underwriting Program
• Now Available - Lincoln MoneyGuard Fixed Advantage Pricing Improvements (Reprint)
• Indexed Account Rate Changes (Reprint)
• September is Life Insurance Awareness Month
• GoDigital Website 
• Express Issue for Term Policies (Reprint)
• 2023 Life Insurance Year-End Guideline (Reprint)

Nationwide® IUL Accumulator II 2020 Cap and Participation Rate Increase, Effective October 15, 2023

Effective October 15, 2023, Nationwide is increasing the cap rate on every capped indexed interest strategy. The participation rates for volatility control strategies are increasing as well.

New Business Interest Rates

OneAmerica has announced new business interest rates for Indexed Annuity Care, effective Friday, September 15, 2023.

New Applications Available

Effective October 21, 2023, Principal has updated applications for CA, FL, MT, ND, SD, and WY.

Transition Guidelines:

October 23, 2023

• Updated Life applications for all products are available for CA, FL, MT, ND, SD, and WY.
• Current applications for these states can be used with the updated Part B (commingled) or updated Parts A and C can be used with the current Part B.

January 5, 2024

• Current Life applications for CA, FL, MT, ND, SD, and WY will no longer be accepted, except to satisfy a final underwriting and/or administrative requirement for policy issuance.

Protective Indexed Choice UL is Repriced and Now Available in New York

Protective has launched Protective Indexed Choice UL in New York, effective September 18, 2023. The non-New York version is also repriced to improve competitiveness in key scenarios.

Carrier-specific product training for NY version:

Training is required prior to the sale of Protective Indexed Choice UL NY. Access training on the RegEd website under product code: PICULNY.

Reprice transition rules for non-NY version:

• For paper business: applications must be signed and received on or before October 2, 2023.
• For ticket business and direct writer: applications must be signed and received on or before October 16, 2023.
• Any application in Underwriting on September 18, 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.

First Year Premium Limits Increasing – Effective September 1, 2023

Securian has increased single premium limits to the greater of 5x target and $5mm (the current limit is $1 million) on the following products effective September 1, 2023:

• Eclipse NY
• Eclipse Protector II Indexed Universal Life (IUL)
• Eclipse Survivor II IUL and
• Variable Universal Life (VUL) Survivor

Important:

• The products need to be sold with the No Lapse Guarantee Agreement.
• The premium limits are for the first year only.

Caps and Rates Changes for Indexed Universal Life (IUL)

Securian Financial has made changes to its Indexed Life portfolio, effective September 15, 2023. Click below to find the complete list of indexed account parameters and important dates that take effect this month and may impact existing IUL policyholders.

Earn More This Fall Through Symetra’s Accelerated Underwriting Program

Between September 1 and December 31, 2023, Symetra is offering 5% bonuses on qualifying Accumulator Ascent IUL and Protector IUL policies submitted through the Accelerated Underwriting Program.