FEBRUARY 21, 2012 - Effective March 19, Principal will reduce term rates for it Principal Term product in the majority of its target markets.
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FEBRUARY 14, 2012 - On March 5, MetLife will introduce its newest product, MetLife Promise Whole Life 120, which will offer very competitive premiums, attractive long-term cash value, and a minimum face amount of $250,000.
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FEBRUARY 14, 2012 - John Hancock's new Protection UL product offers low-cost premiums, cash value growth potential, and strong death benefit protection. The new Protection UL product will replaced Protection UL (11).
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FEBRUARY 14, 2012 - Effective February 18, Minnesota Life will adjusts rates on its second-to-die, fixed interest rate universal life product, Legacy Protector SUL.
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FEBRUARY 8, 2012 - Transamerica's new TransTerm UL policy offers the best of both worlds: initial cost-effective, term-like premiums, with the flexibility for the policy owner to extend to lifetime coverage, if needed. With TransTerm's Coverage Continuation Compensation program guidelines, now producers may have the opportunity to be paid additional full first-year commission if coverage is extended beyond the initial level premium period.
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JANUARY 30, 2012 - Effective March 30, MetLife will update its issue limit rules to implement premium caps on Guarantee Advantage UL and Legacy Advantage SUL polices, applied for both with or without a coverage continuation rider. These new issues rules will limit premiums to eight times the target premium.
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JANUARY 25, 2012 - Effective February 27, Genworth will implement a series of changes to their GenGuard UL, GenGuard SUL, and LifeTime Protector SGII products. Once rates changes are in effect, Genworth will change these products to non-illustrated (projections will include guaranteed values only).
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JANUARY 23, 2012 - AVIVA will introduce a new no-lapse SUL product, Survivorship Builder, on February 20. This new product, which will replace AVIVA's Index SUL, was designed with cash accumulation in mind.
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JANUARY 19, 2012 - Effective February 21, 2012, Lincoln Financial will implement changes to a number of products including Lincoln LifeElements and Lincoln LifeGuarantee.
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JANUARY 9, 2012 - Effective January 23, Lincoln Benefit will introduce targeted price increases on Legacy Secure SL. For level-pay series for issue ages 55 to 70, there is generally less than 2 percent increase, with a 2-5 percent increase for issues age 70+ (there are no increases for level-pay scenarios issues ages under 55). For sales using up-front funding, the increase will range from 5-12 percent depending on the amount of dump in and the age.
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JANUARY 3, 2012 - Effective January 3, Hartford will reprice its UL Freedom Series. Single premiums will increase by approximately 5 percent for both the Harford Bicentennial UL Joint Freedom II and Bicentennial UL Freedom products, with a 10 percent increase for the Bicentennial UL Freedom product in California and Maryland.
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DECEMBER 28, 2011 - Effective January 23, 2012, Principal will increase rates on its Principal SUL Protector single-pay scenarios only.
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DECEMBER 27, 2011 - Effective January 1, 2012 - AVIVA will implement changes to its life products, which will include the sales discontinuation of MultiChoice Indexed Single Premium Life; the introduction of the NLG premium rates on Guarantee UL Solution III for all face amounts of $100,000 and above, issues ages 51 and above; lowered fixed crediting rates on Guarantee UL Solution II and III from 4.75 percent to 4.50 percent; lowered fixed crediting rates on AVIVA LifeStage UL from 5.25 percent to 5 percent; a 25 basis point decrease for credited rates on fixed crediting strategies on all IUL products; a 25 basis point decrease for the cap rate on the One-Year Point-to-Point Strategy on all IUL products; and a 50 basis point decrease for the cap rate on the Two-Year Point-to-Point Strategy on all IUL products. There will be no changes to NLG premiums on the Advantage Builder.
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DECEMBER 22, 2011 - Effective December 1, United of Omaha made changes to its single premiums and 1035 exchange limits.
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DECEMBER 21, 2011 - Transamerica is eliminating commissions on premium received in excess of target in any policy year for its TransACE Survivor 2010 product.
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DECEMBER 20, 2011 - Effective January 3, 2012, John Hancock will reprice its UL-G 11 and SUL-G 11 products. Premiums for both products will increase 12 percent at most issue ages. The new John Hancock products will launch as UL-G 12 and SUL G-12. Target premium levels on both products are increasing proportionally with the premium increases. The Cash Value Advantage (CVA) rider will not be available on the new product.
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DECEMBER 12, 2011 - Effective December 9, United of Omaha decreased rates in many cases for its Guaranteed Universal Life product. Rates were generally lowered by 1 percent to 5 percent. Since this is a reprice only, no changes were made to the product or underwriting requirements.
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DECEMBER 12, 2011 - Effective December 12, Protective lowered rates for its Protective Secure-T product by as much as 20 percent in some risk classes, specifically in the Select Preferred and Preferred categories. The new Secure-T rates will only be available through Protective Life
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NOVEMBER 23, 2011 - Effective December 1, United of Omaha will decrease rates for its Term Life Answers 10, 15, 20, 30 products.
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NOVEMBER 9, 2011 - As of November 7, Nationwide introduced its new product, YourLife Indexed UL, offering minimum guarantees, strong indexed-linked cash value accumulation and flexible access for supplemental cash needs.
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NOVEMBER 9, 2011 - Banner reduced its term rates, effective for all policies issued November 1 and later.
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OCTOBER 24, 2011 - Effective November 21, Lincoln Benefit Life will reduce rates for its True Term product. The rate changes will reduce rates in select cells up to 20 percent, with typical rate reductions in the range of 5 to 15 percents. While not all rates will change, there will be no rate increases.
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OCTOBER 3, 2011 - Available as of October, Premier Life, a new flexible premium adjustable life insurance policy from John Hancock, offers competitive guaranteed cash values, strong death benefit guarantees and current assumption performance.
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OCTOBER 3, 2011 - Available as of October, John Hancock's new Indexed UL offers equity market opportunities without being exposed to negative return and additional guarantee ensuring that upon surrender that investment performance over the life of the policy will never be less than 2 percent cumulatively.
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SEPTEMBER 29, 2011 - Effective immediately, John Hancock is now accepting paramedicals instead of medical exams for all face amounts and ages 16 and up. This change allows John Hancock to provide more competitive offers for three common cancers: thyroid, uterine, and testicular.
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SEPTEMBER 26, 2011 - Effective October 3, Hartford will introduce Hartford Founders Plus UL (Founders Plus), its newest current assumption universal life product. It will replace its existing current assumption product, Hartford Bicentennial UL Founders II (Founders II).
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SEPTEMBER 20, 2011 - Effective September 19, Genworth repriced its Colony Term UL, offering more competitive pricing across face amounts greater than $250,000 in all states (expect New York) and Bermuda. Competitive positioning for death benefits less than $250,000 has been maintained.
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SEPTEMBER 20, 2011 - Effective immediately, Hartford increased the pricing on the Bicentennial UL Freedom single pays an additional 5 percent beyond the August 15 pricing levels announced back in June/July.
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Find out why: Fewer American adults own life insurance; Troubling declines for men in individual life insurance; Women lag behind in life insurance coverage; More US adults are relying on employer-sponsored life insurance; More than 80 percent of African-Americans believe the main reason to buy life insurance is because you love your family; 70 percent of Hispanics think they need life insurance
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SEPTEMBER 14, 2011 - Effective October 1, 2011, American General will suspend sales of the AG ROP Select-a-Term 15 level premium endowment term insurance.
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AUGUST 9, 2011 - Effective September 19, the minimum face amount for Lincoln Benefit Life's TrueTerm will increase to $200,000 for issue ages 18 to 45 for all policy term periods. For issue ages of 46 and above, the minimum face amount will remain at $50,000*.
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AUGUST 4, 2011 - Effective August 15, 2011, Lincoln Financial will introduce Lincoln LifeGuarantee UL, the newest individual product in its universal life portfolio. Lincoln LifeGuarantee UL (2011) is an updated version of Lincoln LifeGuarantee UL (2009). The new product provides the same type of affordable, flexible and guaranteed protection on the life of the insured with a focus on lifetime guarantees.
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AUGUST 4, 2011 - Effective August 1, Transamerica will introduce two new index universal life policies, Freedom Global IUL II and Freedom Index Universal Life II, offering flexible benefits and potentially greater policy value accumulation without exposure to market declines.
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JULY 29, 2011 - Effective August 1, Transamerica will withdraw its Trendsetter Super Series level premium term portfolio from sale. A two month window will be provided to complete and close all pending sales.
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JULY 18, 2011 - Effective August 1, MetLife will reprice its Guarantee Advantage Universal Life product. Premium rates will increase by approximately 5 percent, and the Death Benefit Option (increasing) will no longer be available for policies issued with the Coverage Continuation Rider.
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JULY 12, 2011 - As of July 11, Hartford has repriced its Bicentennial UL Joint Freedom II product, and effective August 15, will reprice its Bicentennial UL Freedom product.
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JULY 7, 2011 - Approved as of late June, West Coast Life’s One Step Life is a versatile and affordable flexible-premium universal life product that offers a lower entry-level premium concept to guaranteed death benefit coverage.
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JULY 5, 2011 - Effective July 25, Principal will launch updating pricing for its Survivorship Universal Life Protector (2011) product. This price adjustment will include minimal changes in most of its short- and continuous-pay premiums, slight decreases in limited pay premiums, and increases in single-pay rates. On average, single pay will increase by roughly 5 to 6 percent.
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JULY 1, 2011 - Effective July 18, Prudential will reprice its PruLife UL Protector, Term Essential, and Term Elite products. While the product features are not changing, this repricing will improve their competitiveness at key ages.
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JULY 1, 2011 - Effective July 1, Transamerica has enhanced its No-Lapse, guaranteed TransACE UL to include a new Surrender Flexibility Endorsement. The new endorsement will be added at no additional cost to every TransACE (2010) policy issued after July 1 in states where the endorsement is approved and available for sale.
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JUNE 22, 2011 - Effective July 5, MetLife's Guaranteed Level Term product will be repriced. The reprice will improve competitiveness with significant decreases for many 10-, 15- and 20-year term cases with face amounts above $500,000, as well as generally lower rates for female applicants.
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JUNE 15, 2011 - The opportunity to receive a 5 point increase in writing agent compensation on American General's robust portfolio of creative universal life insurance solutions has been extended through December 31, 2011.
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JUNE 2, 2011 - On June 6, Lincoln will release the latest update to the Term product portfolio, Lincoln LifeElements Level Term (2011). Rates for all four term periods were improved for many of our higher-face amount clients at ages 50 and older.
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MAY 27, 2011 - Effective May 23, Genworth introduced its new product, Colony LifeLong UL, an affordable, flexible premium universal life insurance policy offering low-cost lifetime death benefit guarantee. Colony LifeLong UL includes the Accelerated Death Benefit rider and offers two other rider options, the Waiver of Specified Premium and Children's Level Term Insurance.
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MAY 24, 2011 - Now available, AXA's newly enhanced Athena Universal Life (Series 152) is a truly felxible product with strong cash value accumulation potential, long-term guarantees often extending beyond life expectancy, competitive premiums, and a strong set of riders.
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MAY 23, 2011 - On June 1, Mutual of Omaha will introduce its two new products, Guaranteed Universal Life and Guaranteed Universal Plus, available in all states except Arizona, California, Nevada, New York and Oregon. Both products will offer great guarantees, favorable features, and competitive rates in the Standard nontobacco, Standard tobacco and Preferred nontobacco risk classes, and in $500k to $1mil+ face amounts.
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MAY 13, 2011 - Effective March 28, Lincoln announced its newest product in its linked-benefits life insurance portfolio, Lincoln MoneyGuard Reserve Plus. With this release, in addition to the same solid benefits that the previous versions of MoneyGuard have provided, there is now a zero-day elimination period for covered long-term care services and a new International Benefit.
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MAY 13, 2011 - Launching on May 23, Principal will offer highly competitive lapse protection via its newest product, Principal Universal Life Protector IV (UL Protector IV).
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MAY 13, 2011 - Introduced as of mid-May, John Hancock's new Protection SUL offers highly competitive premiums, substantial no-lapse guarantees and cash value growth potential. Its key features include low-cost premiums in most funding scenarios such as full-pay, ten-pay and single-pay, guarantees that can often extend to life expectancy, and enhanced targets for policies with qualifying lump-sum payments in the first year.
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APRIL 28, 2011 - Effective May 16, Lincoln Benefit will revise its Legacy Secure SL product. These revisions include the removal of the Six Times Target premium and a maximum face amount cap increase from $5 million to $20 million, with best pricing extending through $10 million face amounts. There will also be modest increases for level pay cases for over age 55.
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APRIL 28, 2011 - Effective April 18, Banner/William Penn will reduce rates on its OPTerm and Penn Term products. These changes affect male rates in the 15, 20 and 30-year plans. There are no increases.
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APRIL 28, 2011 - Effective May 23, AVIVA will launch updated versions of its Advantage Builder with No-Lapse Guarantee Rider and Guarantee UL Solution with built-in no-lapse guarantee products. Now known as Advantage Builder IV and Guarantee UL III, the two products will see improved competitiveness at $1 million face in most lifetime pay scenarios and a majority of single-pay cells. Additionally, monthly policy charges will increase from $8 to $12 for both products.
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APRIL 28, 2011 - Effective June 1, Nationwide will increase rates on its YourLife No-Lapse Guarantee UL product, affecting all new policies.
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APRIL 21, 2011 - Beginning April 1, The Hartford is significantly raising the Treadmill EKG age/amount limits for nonnicotine users, from $10 million to $20 million. These new limits are for Single life and Last Survivor products. Treadmill EKG limits for Nicotine users ages 56-70 will not change.
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APRIL 21, 2011 - Effective May 2 in most states, Prudential will reprice PruLife SUL Protector, its new and improved second-to-die product with LIFETIME no-lapse guarantees is being repriced.
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MARCH 30, 2011 - Effective April 4, 2011, MetLife's Legacy Advantage Survivorship Universal Life will be repriced. In general, premium rates will increase by approximately five percent, and Death Benefit Option B (increasing) will no longer be available with the Joint Coverage Continuation Rider (JCCR).
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MARCH 31, 2011 - Effective March 30, American General announced a broad and substantial rate reduction on its AG Select-a-Term product. Premiums have been lowered in the 20-30 year durations and non tobacco underwriting classes. Depending on age, rate class and face amount, rate reductions can run anywhere from 8 percent to almost 26 percent lower.
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John Hancock’s Vice President of Underwriting will visit Premier Brokerage on April 27, 2011. If you have a special case you would like to discuss, call Lauren or Brenda at 800.543.5555.
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MARCH 24, 2011 - Effective March 28, Lincoln Financial will introduce its newest universal life survivorship product, Lincoln LifeGuarantee SUL (2011), which is an update to Lincoln LifeGuarantee SUL (2009). The new product, which will include only guaranteed values, provides the same type of affordable, flexible and guaranteed protection on the lives of two insureds as the prior product with a focus on lifetime guarantees.
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MARCH 24, 2011 - The Lincoln PREMIER PARTNERS program acknowledges the best of the best each year by offering program qualifiers a number of rewarding benefits for themselves and benefits to help them grow their business as thanks for entrusting the carrier with so much of the Partners’ business. The program represents its promise to provide the tools, support, and service needed to be their “partner of choice.”
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MARCH 24, 2011 - From March 14 through June 14, MetLife will open its Term Conversion Plus program to MetLife term policy owners issued Standard Nonsmoker or better with an issue date ranging from March 1, 2006 to November 1, 2010. No more than 60 months can pass between the existing term policy issue date and the new policy’s application date.
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MARCH 24, 2011 - As of February 21, Minnesota Mutual allows single life term conversions to both its Legacy Protector SUL product and recently launched Eclipse Survivor Indexed Life product.
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MARCH 24, 2011 - Effective immediately, Lincoln Benefit has extended the time limits for accepting medical requirements in most cases to increase ease of doing business.
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MARCH 21, 2011 - Effective March 21, 2011, the minimum issue age for Life Value Term™ 20 and 30 will be gently increasing to age 25. This change affects Life Value Term policies issued by both Banner Life Insurance Company and William Penn Life Insurance Company of New York.
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FEBRUARY 1, 2011 - Available as of mid-February, American General will introduce its new universal life insurance product, Secure Lifetime GUL, which will replace the existing ContinUL product. The new AG Secure Lifetime GUL is designed to be competitively priced for all available ages, including older clients, and will offer guaranteed death benefit, guaranteed cash value, and guaranteed access.
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FEBRUARY 17, 2011 - As an indexed universal life product, AVIVA’s Lifetime Builder IUL’s cash value can earn interest based in part on the upward movement of a stock market index, while providing guaranteed safety against market downturns. It’s designed for cash accumulation and retirement income, provides the highest target premiums of any Aviva product, and offers a Guaranteed Account Value Enhancement of 0.6 percent per year beginning with the 10th policy year.
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FEBRUARY 17, 2011 - As of January 31, West Coast Life increased its current rates on Secure-T for the 10, 15, and 20 year plans, with premiums higher across the board. The Secure-T product will remain competitively positioned for short-term coverage at affordable rates.
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FEBRUARY 17, 2011 - As of January 31, West Coast Life is offering the Income Provider Option on its Secure-T universal life product. The Income Provider Option is an optional endorsement that provides a guaranteed monthly or annual income stream to designated beneficiaries. The policy owner may also select an initial lump-sum payout, in addition to the regular income stream payments.
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FEBRUARY 10, 2011 - Available as of March 7, Nationwide will introduce its new survivorship universal life insurance product, YourLife No-Lapse Guarantee SUL II, replacig YourLife SUL. It now offers rolling targets and flexible guarantee durations to age 120, as well as supplemental coverage options and competitive pricing in lifetime and 10-pay scenarios at 60 to 75 target ages.
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FEBRUARY 1, 2011 - Effective January 31, Hartford reduced rates for the Policy Protection Rider that results in lower premiums required to provide the no-lapse guarantee in certain client scenarios for Hartford Bicentennial UL Joint Freedom II.
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FEBRUARY 1, 2011 - Available as of February 14, Prudential’s new term product, WorkLife 65, offers clients a blend of product benefits and up to 40 years of coverage.
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JANUARY 27, 2011 - Effective January 21, Transamerica's Trendsetter Super Series portfolio is being revised, while its Trendsetter Super Series (NY) portfolio remains unchanged.
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JANUARY 27, 2011 - On January 21, Transamerica introduced its new universal life insurance policy, TransTerm. The new policy blends the basic characteristics of level term insurance for temporary need coverage with the lifetime, guaranteed protection available with no-lapse universal life.
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JANUARY 24, 2011 - Updated rates for West Coast Life's Golden Legacy Protector X 11/10 are available for new applications in Pennsylvania.
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JANUARY 12, 2011 - In February, Lincoln Benefit Life will introduce two new life insurance products, Legacy Secure II and Legacy Choice II. These new products will continue to offer a total value-life insurance protection at competitive pricing that builds meaningful cash value, just like the current Legacy Series. The products will be priced very comparable to the current Legacy Series and will even have the same features, including the Liquidity Guarantee Rider on Legacy Secure II.
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JANUARY 10, 2011 - Starting January 22, Principal Term insurance will reprice its following term products: Principal 10-Year Term; Principal 15-Year Term; Principal 20-Year Term; and Principal 30-Year Term.
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JANUARY 4, 2011 - John Hancock's new Protection UL, rolled out this month, promises to be the most affordable death benefit protection product in the industry, offering highly competitive premiums in all funding scenarios. Beyond the low premiums, John Hancock's latest product provides a substantial no-lapse guarantee and long-term cash value growth potential.
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JANUARY 4, 2011 - Effective January 18, 2011, West Coast Life will offer a new type of supplementary coverage for chronic illness care as an optional rider on the WCL LifeTime Platinum III UL lapse protection guarantee policy.* WCL LifeTime Platinum III UL is one of the most competitive guaranteed universal life policies in the industry. As an optional rider on the LifeTime Platinum III UL, the new ExtendCare rider increases the policy’s flexibility by allowing 100 percent of the death benefit to be accelerated in the event the insured becomes chronically ill and qualifies for the benefit.
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JANUARY 4, 2011 - Effective January 18, 2011, West Coast Life will make modest increases to the current rates on the following lapse protection guarantee* and current assumption universal life insurance products.
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JANUARY 3, 2011 - On January 3, MetLife will introduce MetLife Promist Whole Life, a new whole life product offering a balance between competitive pricing, product guarantees and flexibility, and includes the new Flex Term Rider.
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DECEMBER 30, 2010 - Along with Life Choice UL™ (for long payment guarantees) and Life Step UL™ (for lower face amounts and conversions of term plans greater than five years old), Banner/William Penn's new universal life policy, Life Change UL, enables its universal life portfolio to address expanded market segments … want to go 20-and-done? Or get out of a bad situation? Life Change UL is your ticket.
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DECEMBER 23, 2010 - Please be advised that new disclosure requirements for New York producers become effective January 1, 2011. The New York State Insurance Department’s Regulation 194, Producer Compensation Transparency, requires producers selling insurance in New York to inform a purchaser either orally or in prominent writing at or prior to the time of application for insurance of the following:
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DECEMBER 7, 2010 - Effective January 3, 2011, Prudential will reprice its Term Essential, Term Elite, and PruLife Universal Protector.
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DECEMBER 1, 2010 - As of December 1, current interest crediting rates will change for universal life products (both new and in force) for Banner Life Insurance Company and William Penn Life Insurance Company of New York. The one exception is Life Step UL, as the current crediting rate, 3 percent, will remain the same.
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NOVEMBER 19, 2010 - Effective November 15, Genworth will change rates on its GenGuardUL product, with improved short pay scenarios for face amounts of $250,000 and more. Policies with face amounts less than $100,000 will see an increase in rates in all payment scenarios.
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Effective January 3, 2011, Sun life will change rates and case design guidelines for their Sun Executive UL and VUL products. Among the changes are a decrease in crediting interest rates, and increases monthly face amount charges and premium expenses loads on the UL product only.
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Effective November 15, Hartford will reduce rates for the Policy Protection Ride. This reduction may result in lower premiums required to provide the lapse guarantee for Hartford Bicentennial UL.
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TransACE Survivor® 2008 is being revised effective November 1, 2010. In order to be eligible for the 2008 version of TransACE Survivor, the formal applications must be IN GOOD ORDER and received in Transamerica's Cedar Rapids Administrative Office by the close of business on Tuesday, November 30, 2010.
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Effective December 3, John Hancock will reprice its Protection UL-G and Protection SUL-G products, seeing premium increases in most ages. The new products will launch as UL-G and SUL-G.
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OCTOBER 28, 2010 - Launching November 1, Banner and William Penn will carry the new Life Step UL product for term conversions. After launch, it will be the only conversion product for the two company's term policies in force five years or more. Life Choice UL being the conversion product for term policies in force less than five years. Paperwork for conversions of term policies more than five years old to Life Choice UL must be received in the home office by November 30, 2010.
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OCTOBER 26, 2010 - Recent challenges in the guaranteed UL marketplace have generated price increases across the industry. In some cases, it has resulted in the complete withdrawal of a product from the marketplace. Given the current environment, West Coast will increase the rates for its survivorship no-lapse guarantee product, effective November 15.
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Beginning November 13, 2010, Lincoln Benefit's first-year premium for Legacy Choice UL, Legacy Secure UL, and Legacy Secure SL will be limited to a maximum of six times the target premium.
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SEPTEMBER 30, 2010 - Effective September 13, GenGuard SUL rates will change for Genworth Life and Annuity Insurance Company and, for New York only, Genworth Life Insurance Company of New York. Most age groups will be affected by rate increases or decreases; however, there will be minimal impact, if any, in level pay to age 110 illustrations.
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Effective September 20, 2010, sales for John Hancock's Protection Whole Life will be suspended temporarily. They are not currently able to offer this product due to the ongoing low interest rate environment.
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Effective September 20, John Hancock's Performance UL will now offer even lower premiums. The premium reductions are most significant below issue age 70 - especially got dump-in, single-pay and limited-pay scenarios. These improvements apply to all new business and in-force Performance UL 10 policies.
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Effective September 27, Principal will roll out its re-priced Survivorship UL Protector product. With this reprice, ages 55-65 & ages 75-80 will see a 2-4 percent rate increase, with ages 65-75 seeing a 1-2 percent rate increase.
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Sun Life has announced the withdrawal of their No-Lapse Guarantee life insurance products. This announcement impacts both our Sun Universal Protector UL and Sun Survivorship UL products. Below are the transition rules regarding any pending cases. This announcement does not impact Sun Protector VUL.
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Effective July 17, ING will reduce premiums for its Guaranteed Death Benefit II by 9 percent, at all ages, classes and face amounts.
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In June, West Coast introduced the new Secure-T an affordably-priced UL product that can provide a guaranteed death benefit for level-premium periods of 10, 15, 20, 25 or 30 years.
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Lincoln Financial Group (NYSE: LNC) announced on June 30 that it has repurchased all of the preferred shares issued to the U.S. Treasury under its Capital Purchase Program (CPP). The company used the proceeds of recent equity and debt offerings and available resources to fund the repayment.
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Effective June 1, LFG’s new Term Product Autobind Face Amount Issue limits will match the Permanent Product Autobind Issue limits of $50,000,000. Age limits are different for Term, with the maximum face amount issue limit being age 75. Product Specific Age restrictions still apply. The Maximum Table Rating for Term is Table F.
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On June 1, Sun Life introduced its new External Term Insurance Program. Policyholders who purchased a fully underwritten single life term policy within the last three years may be eligible to exchange it for Sun Life’s Sun AccumULator UL product.
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Effective immediately, a special one-time conversion opportunity is being offered to all West Coast Life term policyholders with policies dated January 1, 2008 to present.
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Effective July 1, Mutual of Omaha will make changes to its Term Life Express (TLE) and Term Life Complete (TLC) products. Premiums will be adjusted to most products in most cells including the TLE & TLC 15T 15-year Long Guarantee with ROP, TLC 20T 20-year & 30T 30-year long guarantee with ROP $100,000 - $249, 999 bands, and TLE & TLC 20T 20-year with ROP issue ages above 50.
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A.M. Best Co. has upgraded the financial strength rating of the AEGON companies to A+ (Superior) from A (Excellent).
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Effective July 15, Banner will reduced male and female rates for its OPTerm and Penn Term products across all term periods (10, 15, 20, and 30 year plans), with a focus on Preferred Plus NT, Preferred NT, Standard Plus NT (and therefore most impaired risk cases). In addition, Banner’s minimum face amount is now $100,000.
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Living Better While Preserving the Legacy Certain assets that may be excellent vehicles in retirement planning can also be subject to a number of taxes at death, proving inefficient vehicles for transferring wealth. The client with an asset repositioning strategy may secure both a healthier income stream and a larger transfer to heirs.
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