Advisors Blog

Updates to the Term Insurance Portfolio

Equitable is making the following changes to their Term Series 160. Effective May 2, 2022, the following changes will apply to Level Term 10, 15, 20 and ART:

The minimum face amount will be raised to $1,000,000 except for applications signed in New York or Puerto Rico. The conversion period will be shortened in all jurisdictions as outlined below:

Protection VUL 21 Reprice - May 9, 2022

John Hancock's Protection VUL just got even stronger, with 10-pays and level-pays more competitive than ever.

See how it compares:

Male 55, Preferred, $500,000 death benefit, guaranteed through age 100, 6% gross ROR

OPTerm Reprice Effective May 6, 2022

More reductions across all classes mean more #1 pricing than any other carrier.

Changes to level period premier 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.

Level up your advisors’ business processes with a new preference for offer delay

LGA is excited to announce a new preference setting available in Partner Dashboard on May 18th. Within partner preferences, you can elect to delay the offer notification sent to clients (when a case is declined) for up to 10 days.

Give your advisors the added benefit of providing alternative insurance solutions for their clients and the opportunity to level up their business processes.

What you need to know

• The system automatically defaults to a 5-day delay until the setting is changed.
• Agencies can select this option for their advisors in partner preferences.
• Clients still receive notification automatically when a case is approved.

Pricing Update: Lincoln TermAccel^® Level Term (2019) – 05/16/22 

Effective May 16, 2022, Lincoln is announcing pricing updates to Lincoln TermAccel^®Level Term (2019) which will improve competitive positioning in key cells. Lincoln TermAccel^® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement.

Pricing Updates

Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:

• Face amounts of $500k and above, nearly all annual premiums are currently in the top 3.
• Premium updates include mostly decreases with a few premium increases.

Transition Guidelines

For states that are approved at roll out, there is a 30-day transition period which begins on May 16, 2022 and ends on June 15, 2022.

Pricing Update: Lincoln LifeElements^® Level Term (2019) – 05/16/22 

May 16, 2022, Lincoln is announcing pricing updates to Lincoln LifeElements^® Level Term (2019) which will improve competitive positioning in key cells. Lincoln LifeElements^® Level Term life insurance offers both a traditional paper application process and a streamlined Tele-App process for electronic and paper ticket submissions.

Pricing Updates

Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:

• Face amounts of $1M+, annual premiums are currently in the top 3 for nearly all ages
• Face amounts of $500k - $999k, annual premiums are currently top 3 for almost all ages 55+
• Premium updates include mostly decreases with a few premium increases

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on May 16, 2022 and ends on June 15, 2022.

New Business Rates - May 15, 2022

Effective May 15, 2022, OneAmerica has made the following new business rate changes.

Note: All products may not be available in all states or may vary by state.

PL Promise Term Repriced Again to Be Even More Competitive

Effective May 16, 2022, Pacific Life Insurance Company is repricing rates for PL Promise Term level premium life insurance—a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50K to $250K).  

Rates have been updated to be more competitive with a focus on all ages and preferred no-nicotine risk classes (Preferred Best, Preferred, Select). 

A 60-day transition period is provided.

View full bulletin for pricing sweet spots and other details.

New Principal GI Term Enrollment Enhancements

The employee application process has been digitally enabled for faster and easier completion. When it’s time to enroll employees, they simply review a pre-completed application and eSign it. After policies have been issued, they’re eDelivered to the appropriate parties. This streamlined process will help:

• Reduce enrollment time
• Make it easier for employees to complete the application, resulting in more “in good order” applications
• Get policies inforce quicker 

Underwriting Restrictions Related to the COVID-19 Pandemic Liberalized 

As a result of the improving COVID-19 situation, as of Monday, May 2, 2022, many of Prudential’s underwriting restrictions related to the pandemic have been liberalized.