American General’s Value+ Protector II IUL joins the Max Accumulator+ II IUL on American General’s non-medical underwriting program. This program is available for issue ages 0-50 for up to $1,000,000 of death benefit coverage for both non-smokers and smokers. For those who qualify, the application process will be less intrusive with no paramed exams, no APS and no lab tests. All living benefits and rate classes will be available. This includes American General’s Table Shave program (Table 2 to Standard) for your mildly impaired clients. | more
Posts by Brian Schaefer:
Several more states are moving quickly to add a best-interest annuity sales standard to its regulation of insurance products. The latest states to pursue the best-interest model law put forth by the National Association of Insurance Commissioners are Michigan, Arkansas, Maine and Nebraska. In February 2020, the NAIC adopted a model law that articulates a best-interest standard through the following four obligations: care, disclosure, conflict of interest and documentation. With the outbreak of COVID-19, states were slow to adopt the model in the months that followed. The NAIC began lobbying state officials over the summer of 2020 and began work on a series of FAQs to help facilitate adoption. | more
Since the onset of the COVID-19 pandemic, life insurance companies have announced an unprecedented number changes to their life products and underwriting. These changes have altered the life insurance landscape like never before. While some of these changes have actually been beneficial – like increased death benefit amounts for Accelerated Underwriting and the introduction of new APS retrieval options – others have not been so favorable. Please use the resources below to guide you through the many changes that have been announced.
- Accelerated Underwriting Guidelines – overview of the various term, universal life and whole life accelerated underwriting programs we offer.
- COVID-19 Underwriting Restrictions – summary of current life insurance underwriting restrictions.
- COVID-19 Announcements – detailed listing of life insurance company product, underwriting and workflow changes.
Please do not hesitate to contact us for additional information on any of the above or for assistance in structuring an application process for your clients to maximize social distancing.
The Brokers Network is proud to announce the addition of Delaware Life to our portfolio of fixed annuity solutions. Contact us for more information on their great multi-year guarantee and fixed indexed annuities with some of the highest trail commissions in the industry.
Actuarial Guideline 49 (AG-49) was adopted by the National Association of Insurance Commissioners (NAIC) in 2015 to bring uniformity to indexed universal life (IUL) illustrated rates. A revised version known as AG-49A was approved by the NAIC earlier this year to address illustrated rates for the latest innovations of IUL products, including multiplier and buy-up features. To comply with AG-49A, life insurance companies are either modifying their existing IUL products or introducing new IUL products this month. If you have any outstanding sales opportunities, we encourage to submit your applications by November 19, 2020, or contact us for updated illustrations that will comply with AG-49A.
Effective October 15, 2020, Savings Bank Mutual Life (SBLI) increased the maximum face amount for their unique Accelerated Underwriting process, which is guaranteed for anyone ages 18-60, from $500,000 to $750,000 all risk classes. The process is available on all SBLI term and whole life insurance products and provides expedited underwriting with no in-person contact to maximize social distancing.
The Brokers Network recently enhanced their fixed annuity portfolio with the additions of Oceanview Life & Annuity and Oxford Life. Though completely unrelated companies, Oceanview and Oxford Life were both established west of the Mississippi in 1965. Oceanview and Oxford Life have relatively new product portfolios so they are not strained by old blocks of business in this near 0% interest rate environment. We invite you to learn more about these new options and how their guaranteed fixed annuity solutions can help your clients.
The Brokers Network is proud to announce the addition of Security Mutual Life of New York to our portfolio of companies. With 127 consecutive years of paying dividends, we invite you to contact us for an illustration on their complete line of whole life products.
As of July 3rd, Examination Management Services Inc. (EMSI) ceased the processing of insurance interviews, paramed exams, medical records and all related services. This sudden and unexpected announcement is creating service issues across the entire life insurance industry. The Brokers Network is working closely with affected life insurers and their service providers regarding all underwriting requirements previously assigned to EMSI.
Any requirements we are handling on your behalf are in the process of being re-ordered. If you ordered any medical records or insurance exams directly with EMSI, you must place new orders with a different service provider. If you would like assistance in re-ordering these requirements, please let us know. | more
Following the close of the June 1, 2020, acquisition by Fidelity National Financial, F&G is pleased to report financial strength ratings upgrades for its primary operating subsidiaries from S&P Global Ratings, Moody’s Investors Service and Fitch Ratings. Already a significant fixed indexed annuity carrier as a top 10 provider (top 3 in the IMO channel), these upgrades for F&G are a testament to the benefit of Fidelity National Financial’s ownership and will help power F&G’s future growth.