As previously communicated, sales of new MetLife individual disability insurance (IDI) policies will be suspended as of September 1, 2016. The last date to place issued policies is October 31, 2016. As we continue toward this suspension of new MetLife IDI sales, we want to confirm some key dates. MetLife will continue to accept New Business Applications and continue to license, appoint and contract new brokers until August 31, 2016. Please keep in mind, all IDI New Business Applications must be received (in good order) in MetLife’s Tampa service office by September 1, 2016. Any IDI New Business Application received after that date will be returned. All issued IDI policies must be placed on or before October 31, 2016. Any applications still pending as of October 31, 2016, will be closed out.
Posts by Peri Lane:
Effective for all applications dated on or after September 1, 2016, first-year commissions will be reduced by 5.00% on all fully underwritten United of Omaha GUL plans. This includes GUL, GUL Plus and GUL Survivor. Please note that the GUL Express plan is not affected by this change. In order to preserve the current commission payouts, applications must be dated on or before August 31, 2016, and received in the United of Omaha home office by September 14, 2016.
Lincoln National has announced sweeping changes to their term conversion guidelines for both inforce and future term policies. Changes include the limiting of product availability for conversion purposes and reductions (and in some cases the elimination) of first-year commissions on conversions. We are in the process of reviewing all Lincoln National inforce term policies written through our agency and will be contacting affected agents in the coming weeks. Click [here] for more information on the changes and key dates.
A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of North American Company for Life and Health Insurance (North American). In addition, A.M. Best has affirmed the ICR of “a-” and issue rating of “a-” for Sammons Financial Group, Inc. (SFG, Inc.), and its $200 million 7.00% senior unsecured notes due 2043. SFG, Inc. is an intermediate holding company for North American, and is indirectly owned by Sammons Enterprises, Inc. The outlook for each rating is stable. [more]