Advisors Blog

Increased Cap Rates and Max Illustrated Rates on IULs Effective April 16th

Effective April 16th, AIG is increasing cap and max illustrated rates of select index accounts on QoL Max Accumulator+ II and QoL Value+ Protector II. These changes make their IULs stronger despite volatile market conditions to help grow your business.

OPTerm Rate Change Effective April 6th

On Wednesday, April 6th, Legal & General updated their OPTerm product.

More reductions, especially in the non-tobacco classes, mean more #1 pricing than any other carrier.

Changes to level period premium rates include a mix of increases and decreases, across level term periods (10, 15, 20, 25, and 30 years). Both annual and monthly rates are highly competitive. 

Introducing the Advisor Tech Squad!

As part of LGA's growing commitment to you, they are pleased to introduce the Advisor Tech Squad. This team provides external tech support to agents and agencies, helping to solve technology challenges.

Benefits of the Advisor Tech Squad include:

• Fully dedicated and experienced tech support team. 
• Direct access to the team, resulting in faster resolution.
• Availability from 8 am – 8 pm EST, Mon-Fri (no weekends or holidays).

Fixed Annuities Rate Changes Effective April 11, 2022

Effective April 11, 2022, Global Atlantic, issued by Forethought Life Insurance Company, has made the following annuity interest rate changes.

Principal Introducing New Life Insurance Application that Delivers Benefits

Principal will be introducing a new life insurance application later this year, which will offer many benefits, including:

• An easy-to-use design. The online application is dynamic, meaning that for any given case, only questions applicable to that case are presented. And checkboxes are used, making it quicker and easier to navigate through questions.
• A single application is needed. Only one application is required regardless of product, including survivorship life (state variations may still apply).
• Parts A and B are enhanced. When the owner and insured are different for a case, both will have the chance to complete their portion of the Part A digitally. And the Part B will be the same for both life insurance and individual disability insurance, making combo cases easier.
• Supplemental forms are integrated into the application. Many supplemental forms that are standalone today have been made part of the application. When you use the online application, you’ll only be presented with forms you need to complete based on the specifics of the case.
• More applications will be received in good order. Applications completed digitally are generally more complete and lead to a smoother policy issue process for you and your clients.

Digital Health Data Expansion

For applications meeting the following age and face amount guidelines, with minor or no medical history disclosed, Principal will obtain digital health data as a routine age and face amount requirement instead of an Attending Physician Statement (APS). 

• Applicable to applications with consumer completed Part B only
• Age 69 or below
• Face amount: $10,000,000 or below
• Medical history: Minor or none

Digital health data is preferred over APS when APS is listed as one of the routine requirements .

Symetra Variable Universal Life is Now Available for High-Net-Worth Foreign Nationals

Symetra variable universal life insurance is now available with their high-net-worth foreign national market program!

New Index Cap and Participation Rates for Accumulator and Protector IUL as of April 8, 2022

Allocations to the index strategies will be credited with interest based on the performance of the selected indexes, subject to their index cap, index spread, index floor and participation rate. The index cap sets limits on the maximum potential interest earned over the index segment term while the participation rate establishes how much of the indexes’ performance you will be credited (if any). The index spread sets a minimum performance threshold above which the index must perform and credits the interest (if any) above the threshold. All strategies have an index floor to ensure that, if the selected index has negative index performance during its segment term, your index interest crediting rate will not be less than zero.