Advisors Blog

Trendsetter Super Reprice Effective March 25, 2022

Improved pricing for your healthiest clients

Now in the top five over 80% of the time for healthiest client cells for face amounts $250K–$3M, ages 25–55; best rate class on the 10-, 15-, and 20-year term durations.

Improved rates for higher face amounts

Now in the top five 55% of the time for face amounts $3M–$10M, ages 25–55; all term durations (10-, 15-, 20-, 25-, and 30-year).

More competitive monthly premiums across the portfolio

• A decrease in monthly modal factor, from 0.086 to 0.085
• Great news for clients who prefer the convenience of the monthly premium option.

Lincoln Life Elements Level Term Pricing Update Effective March 28, 2022

Effective March 28, 2022, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells. In addition, automated underwriting and lab-free consideration has been expanded to include face amounts through $2.5M for all LincXpress® ticket submissions.

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on March 28, 2022 and ends on April 27, 2022. During the transition period:

• New applications received and applications currently in underwriting will automatically receive the lowest rates available.
• For policies already issued Lincoln will accept a written request to change to the Lincoln LifeElements® (2019) – 03/28/22 rates.
• For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) – 03/28/22 rates.
• For states approved after rollout the above will automatically apply based on the availability date. Lincoln LifeElements® (2019) is not available in New York. 

Lincoln TermAccel Level Term Expansion to $2.5 Million Effective March 28, 2022

Effective March 28, 2022, Lincoln is pleased announce Lincoln TermAccel® Level Term (2019) pricing improvements and expansion of the maximum face amount up to $2.5 million. Along with the face amount expansion, automated underwriting and lab-free consideration will also be increased to include face amounts through $2.5 million.

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on March 28, 2022 and ends on April 27, 2022. During the transition period:

• New applications received and applications currently in underwriting will automatically receive the lowest rates available.
• For policies already issued Lincoln will accept a written request to change to the Lincoln TermAccel® (2019) – 03/28/22 rates.
• For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) – 03/28/22 rates.
• For states approved after rollout the above will automatically apply based on the availability date. Lincoln TermAccel® (2019) is not available in New York.

New Principal Term Rates Effective March 28, 2022

Principal is excited to announce new, lower premium rates—making coverage even more attractive. Effective March 28, 2022, new rates are available for 10-, 15-, 20-, and 30-Year Term.

Transition Guidelines

For purposes of these guidelines, Term rates in effect prior to the reprice are referred to as "original rates" and the new, repriced Term rates are referred to as "03/22 rates."

March 28, 2022

• New Term 03/22 rates are available to quote and sell.
• We'll accept applications for original rates through April 28, 2022.
• Term applications in underwriting will be issued rates applied for unless 03/22 rates are requested. - Note the request on a cover letter/transmittal. A new application isn't required.

April 29, 2022

• All applications received in the home office on or after this date will be issued with 03/22 rates.

Cincinnati Life Term Price Change Effective April 9, 2022

Beginning April 9, 2022, Cincinnati Life has applied an overall rate update and issue age range revision to the guaranteed level term portfolio

Key Features

• 10-, 15-, 20-, 25- and 30-year guaranteed term period options.
• Convertible at the end of the term period or the policy anniversary following the insured’s 70th birthday, whichever comes first.
• Minimum death benefit amount of $25,000.
• Rates based on actual age.
• Non-cigarette tobacco users are eligible for nonsmoker rates.
• Fully commissionable $75 policy fee.

Transition Rules

• April 9, 2022 – May 6, 2022: Applications signed and dated before May 7, 2022, and received in Cincinnati Life's office by May 13, 2022, will be issued with Cincinnati Life’s most competitive Termsetter rate.
• May 7, 2022: All applications signed and dated on or after May 7, 2022, will receive the new Termsetter rates.
• Applicable in: All states except NY 

Prudential Term Essential Price Change Effective April 11, 2022

Beginning April 11, 2022, Term Essential rates will change, with the majority decreasing.

Transition Guidelines

• April 10, 2022 (Last Day for Old Rates): Last day that an application can be signed with a request for Old Rates. The inventory of cases with a sign date of April 10th or prior will have a price compare performed at policy issue. The policy will be updated to the lower of the old vs new rates at that time.
• April 11, 2022 (Ready to Sell Date): New Rates for the repriced product are in effect. All applications signed and dated on or after April 11, 2022 will receive New Rates.
• April 15, 2022 (Home Office Receipt Date): Last day that an application can be received in the Home Office with Old Rates.
• June 17, 2021 (Placement Date): Last day that a pending case can be placed with old rates. All delivery requirements must be received in good order by end of business day (4 PM EST). Policies not placed will be updated to new rates and will no longer be eligible for the premium price compare.

Prudential Founders Plus UL and Essential UL Will See Favorable Price Changes Effective April 11, 2022

As of April 11, 2022, pricing for PruLife Founders Plus UL® and PruLife Essential UL will decrease for most ages and categories. Both products continue to offer affordable death benefit protection, meaningful no-lapse guarantees, and valuable living benefits.

To remain competitive in the current environment, both products will undergo these updates:

• Sales loads up to Target in durations 11+ are being lowered.
• The reduction in premium loads in years 11+ will result in lower premiums when comparing the products with the same assumed interest rates. On average the decrease will be about 3%.
• Because the premium load is only being reduced in years 11+, short and single pay designs are not impacted by this pricing improvement.
• There are no changes to NLG pricing.

Prudential April 2022 Index Account and Interest Rate Changes

Effective April 1, 2022, some of the interest crediting rates on their individual life insurance products are changing. Updates to the capped and uncapped index accounts will also be occurring on April 15, 2022.

Use this checklist to see if your clients qualify for up to $2 million in life insurance coverage without medical exams

Help your clients get up to $2 million in life insurance coverage without medical exams, blood draws, bodily fluids, or attending physician statements (APS). Use this prequalifying checklist to help provide a more seamless underwriting experience for your clients who may be a fit for PL Swift Sailing.

General Qualifications:

• Ages 18-60
• Face amount/total amount at risk with Pacific Life is less than or equal to $2 million.
• In good health with full disclosure of the proposed insured’s medical history.
• Evidence of routine medical care in the past 3 years
• Available on PL Promise Term 10-, 15-, 20-, 25-, or 30-year level premium periods.
• Not all clients will qualify for accelerated underwriting. Certain medical and non-medical conditions may result in full underwriting, including lab, paramedical exam, and attending physician statements.

Inforce LTCi Rate Adjustments Effective June 1, 2022

Mutual of Omaha will be implementing inforce rate adjustments effective June 1, 2022.