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
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.
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.
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
The New York State Department of Financial Services Regulation 187 requires producers and insurers to implement a process that ensures they are acting in the consumer’s best interest when recommending life insurance policies issued in New York. This regulation goes into effect on February 1, 2020, and includes many new guidelines and training requirements. If you write life insurance in New York, you must complete all required training prior to soliciting and submitting any new business on or after February 1, 2020. We encourage you to complete your training as soon as possible to avoid any unnecessary delays in the processing of your life insurance applications. | FAQ | Training
As of January 1, 2020, all life insurance plans available for sale must be priced based on the 2017 Commissioners’ Standard Ordinary mortality table (2017 CSO) and be subject to Principle Based Reserving (PBR). Because of these requirements, insurance companies will be revising their most popular plans and retiring the balance. Any pending application for a plan that has not been revised to meet the new standards or is being retired must be placed inforce prior to January 1, 2020. There will be no exceptions. The Brokers Network will keep you updated on announced company guidelines and your affected pending life insurance business. | current guidelines