The Brokers Network is proud to announce our newest addition, Columbus Life Insurance Company. Founded as Columbus Mutual in 1906, Columbus Life is a member of the highly rated Western & Southern Financial Group and is licensed to offer life insurance in all states except New York. Columbus Life offers 10-, 15-, 20- and 30-year Nautical Term but is most known for their cash-value portfolio of fixed and indexed universal life with living benefits. Look for more information to follow in the coming weeks.
John Hancock’s Protection Term and Vitality Term are now available in Vive. Vive is an exclusive term life insurance submission platform only available to LIBRA Insurance Partners and also includes term products offer by American General, Banner Life, Cincinnati Life, Lincoln National, Pacific Life, Principal, Protective, Prudential, United States Life NY, William Penn NY and now John Hancock. Vive simplifies the submission of your term life business with a fairly uniform process with only a few variations from company to company. To learn more about Vive or to schedule a demo, contact Joe Mack at 800-749-9900, ext. 150.
Effective February 1, 2023, Zurich is closing their Wealth Builder IUL, Select IUL, Survivor IUL and Zurich Term to new sales. To preserve one of these plans for your clients, applications must be received by January 31, 2023, and placed in force with premium by March 28, 2023. While we are disappointed by this news, we look forward to the unveiling of Zurich’s new simplified underwriting term life portfolio in 2023.
American National has arrived at the purposeful decision to cease term life sales at this time. As of 12/1/2022, American National will no longer accept applications for Signature Term Life Insurance. This announcement does not affect any conversion privileges or reinstatement privileges on existing term policies. | more
We are excited to announce that AIG Life & Retirement is now Corebridge Financial, a $350 billion New York Stock Exchange publicly traded company. The names of the underlying life insurance companies – American General, United States Life of NY & VALIC – will remain the same. | more
Lincoln National’s TermAccel & LifeElements Term plans are now available in Vive for all states except New York. Vive is an exclusive term life insurance submission platform only available to LIBRA Insurance Partners and also includes term products offer by American General, Banner Life, Pacific Life, Principal, Protective, Prudential, United States Life NY and William Penn NY. Vive simplifies the submission of your term life business with a fairly uniform process with only a few variations from company to company. Contact us to learn more about Vive or to schedule a demo.
American General and United States Life NY are now offering Accelerated Underwriting through Vive for all Select-a-Term guarantee periods in all states. The process is available for issue ages 20-59 for a maximum face amount of $1,000,000. Currently, American General’s accelerated underwriting processes for term and IUL are separate so please contact us prior to submitting for situations where both term and IUL are being applied for with American General or United States Life NY.
Principal Financial Group recently concluded a strategic review initiated in February and has decided to prioritize fee-based businesses and focus on three key areas: retirement in the U.S. and select emerging markets, global asset management and U.S. specialty benefits and protection in the small-to-medium-sized business market. With this new focus, Principal will be exiting both the fixed annuity and the “individual” life insurance marketplaces. Principal will continue to offer life insurance solutions in the business environment (keyperson, buy/sell, NQDC, COLI) focusing on small/medium-sized businesses.
Principal will continue to accept all life insurance applications through September 30, 2021. After this date, only business-related life insurance applications will be accepted. Principal’s Disability protection portfolio remains unchanged with no foreseen changes coming.
While we are disappointed by this decision, we are not surprised. This is just another in a continuing trend of activist investors compelling publicly traded companies to exit the life insurance marketplace. This strategy enriches their coffers, often at the expense of existing policyowners.
Please contact us if you or your clients have any questions or concerns regarding this announcement or if you would like us review any Principal fixed annuity or life insurance cases yet to be submitted. | more
On August 9, 2021, American National Group, Inc. and Brookfield Asset Management Reinsurance Partners Ltd. announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire American National in an all-cash transaction valued at approximately $5.1 billion. Following closing, Brookfield Reinsurance intends to maintain American National’s headquarters in Galveston, Texas, as well as its existing operational hubs in Texas, Missouri and New York. Jim Pozzi, President and CEO of American National, said, “This is an energizing moment in American National’s history. Our two companies share a long-term view of building strong, enduring businesses. Brookfield Reinsurance has been very clear: they want us to continue to grow our business”. The transaction is expected to close in the first half of 2022, pending regulatory approvals and other customary closing conditions. | more
The Brokers Network is proud to announce our newest addition, MassMutual. Rated A++ (Superior) by A.M. Best, MassMutual is a Forbes 500 company with over $300 billion in assets and over $830 billion of protection inforce. Contact us for more information on MassMutual’s portfolio of whole life, term life, guaranteed universal life, disability and long-term care products.