Advisors Blog

Lincoln Financial Implementing Updated Application Package for all Life Insurance Products Starting March 28

Beginning March 28, 2022, Lincoln Financial will implement an updated application package for all life insurance products and submission methods. We are excited to share a preview of these new and updated forms, which can be accessed via the Overview of Key Changes document. This document provides a comprehensive overview of each form and the changes made throughout the application. This updated application package has been designed, based on feedback from Lincoln's partners and consumers, to enhance the user experience of completing and applying for a policy, improve clarity and readability of the forms, and reduce overall turnaround times by increasing efficiencies within case processing and underwriting. 

Digital Underwriting and Lincoln TermAccel Expansion Starting March 28

The following product and process enhancements are effective beginning March 28, 2022:

PRODUCT UPDATE:

The maximum face amount for Lincoln TermAccel cases will increase to $2.5 million (up from $1 million).

PROCESS UPDATES:

For all LincXpress® (Term, UL, IUL, VUL) and Lincoln TermAccel ticket submissions ages 18- 60:

• Automated Underwriting and Lab-Free consideration will be expanded to face amounts through $2.5 million (up from $1 million), and
• Medical Claims Data (Dx) will now be leveraged on cases through $2.5 million to enable quicker underwriting decisions while reducing the need for Attending Physician Statements 

There will be no changes to the ticket submission process for these cases.

• eTicket submission: Available for LincXpress and Lincoln TermAccel
• Paper ticket submission: Available for LincXpress only

Additional details and transition guidelines soon to follow.

Resuming LTC Rider Applications in Washington State Starting March 21

Beginning March 21, 2022, John Hancock will resume accepting applications for their Long-Term Care (LTC) rider in Washington state. Their illustration system will be updated to reflect the rider’s availability at all face amounts and premium modes, with removal of the temporary changes applied in recent months.

Specifically, effective March 21, the following will no longer be required:

• $250,000 minimum face amount
• Annual premium mode

Please note that new policies with the LTC rider in Washington cannot be backdated prior to November 1, 2021, and do not qualify for an exemption from the WA Cares program.

Get Your Healthiest Clients Underwriting Decisions WriteAway with North American's Accelerated Underwriting

Get your healthiest clients underwriting decisions WriteAway with North American's underwriting process, available on all products submitted online via their SimpleSubmit portal.

WriteAway is an efficient underwriting process that couples an online application with publicly available data to help eliminate a paramedical exam and labs for your healthiest clients. WriteAway uses the same pricing as traditional underwriting with no additional policy fee.

Clients eligible for a faster underwriting decision include clients who are age 18–60 who do not have major medical conditions. WriteAway is available up to $2,000,000 through age 50 and now up to $1,000,000 for ages 51-60.

Scheduling LTCi Telephone Interviews Via Text Message

Mutual of Omaha is pleased to announce that effective March 21, 2022, long-term care applicants will be able to conveniently schedule telephone interviews via text message. 

As long as a mobile number is provided on the initial application, the text message enhancement will occur concurrently with the standard email and telephone notification process. 

New Telephone Interview Scheduling Process

• First Contact: Email sent in conjunction with text message directing applicant to schedule online
• Second Contact: Reminder text message sent
• Third and Fourth Contact: Phone call made to applicant, with online scheduling information left in voicemail
• Fifth Contact: Reminder text message sent
• Application "On Hold" Contact: Text message sent notifying applicant their file is now on hold

Once the applicant's telephone interview is scheduled, a confirmation text, reminder text and late appointment text (if applicable) will also be sent. For a more detailed review of the communication process, including screenshots and text message language.

SecureCare III Now Available to Illustrate -Effective March 14, 2022

All good things come in threes.

At least that’s our philosophy. And we think you’ll agree when you see what SecureCare III has to offer you and your clients.

It has everything you love about its predecessor – a cash indemnity benefit for long-term care (LTC) clients can use however they want — plus more flexibility.

The three new features we think you’ll be most excited about:

1. Simplified product design
2. Three return of premium options, including LTC Boost
3. Enhanced flexibility to customize the policy for each client’s needs

Key dates

• Monday, March 14, 2022: Illustration software now includes SecureCare III.
• Friday, March 25, 2022: Applications for SecureCare Universal Life must be signed, in good order and received by Securian Financial’s home office or submitted via eApp by 3 p.m. CST.
• Saturday, March 26, 2022: SecureCare III will be available on eApp in all states except AZ, CA, CT, DC, DE, IN, MT, ND, NY and SD. Collect all required eSignatures for SecureCare Universal Life and submit your eApp to Securian Financial before 3 p.m. CST March 25 to avoid impact.
• Monday, March 28, 2022: SecureCare III will be available in all states except AZ, CA, CT, DC, DE, IN, MT, ND, NY and SD. To accommodate SecureCare III’s product changes, we will offer a new application.

Transition rules

• Applications for SecureCare Universal Life in all states except AZ, CA, CT, DC, DE, IN, MT, ND, NY and SD must be signed, in good order and received by Securian Financial’s home office or submitted via eApp by 3 p.m. CST March 25. If a new application is needed due to a licensing issue or because the application is not in good order, the client will no longer be able to apply for SecureCare Universal Life and will need to apply for SecureCare III. Remember that:
• In pre-appointment states, agents need to be pre-appointed before they take the application. See a list of pre-appointment states (on page 3).
• Agents must complete any state-required LTC training before they take the application. Review LTC licensing and training requirements in each state.
• If a client has already submitted an application for SecureCare Universal Life and started the underwriting process, but wants to switch to SecureCare III, the new application is required. This must be sent to us, along with a cover letter explaining the desired change. Any completed underwriting requirements will be applied to the new application.
• SecureCare Universal Life policies that have already been issued, paid and in-force cannot be exchanged for SecureCare III, unless the policy is in its free-look period.

OPTerm Price Reduction Effective March 11, 2022

What’s Changed?

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, 30, 35 and 40 years). Both annual and monthly rates are highly competitive.

Classes: Non-tobacco classes

Bands: All bands

Policy fee: No change

Modal Factor: No change

Compensation: No change

New Business Submission and Pending New Business

Traditional Paper Applications

• New applications received in the home office by April 10, 2022, and applications currently pending will be issued with the most favorable premium for the insured.
• Applications received April 11, 2022, and later will be issued with the new rates.

AppAssist

• Formal applications received by April 10, 2022, will be issued with the most favorable premium for the insured.
• In order for the policy to be eligible for prior rates, the drop ticket should be submitted with enough time for the interview to be completed and the application submitted by April 10, 2022.
• New rates will apply to all completed interviews and subsequent formal applications received April 11, 2022, and later.

Digital Applications

• Formal applications received by April 10, 2022, will be issued with the most favorable premium for the insured.
• In order for the policy to be eligible for prior rates, the drop ticket should be submitted with enough time for the interview to be completed and the application submitted by April 10, 2022.

New rates will apply to all completed interviews and subsequent formal applications received April 11, 2022, and later.