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.
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
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
In evaluating their current situation, Brighthouse Financial has decided to close Premier Accumulator Universal Life and Guaranteed Level Term to new sales effective September 27, 2019. This change has no bearing on term conversions as the Conversion Whole Life plan will continue to be available. While we are disappointed by this announcement, we look forward to what Brighthouse will be bringing to the marketplace in 2020.
To make sure Americans are reminded of the need to include life insurance in their financial plans, the nonprofit organization Life Happens coordinates Life Insurance Awareness Month. Each September Life Happens is joined in this educational initiative by more than 100 of the nation’s leading insurance companies and industry groups. Throughout September, The Brokers Network will be highlighting various life insurance products and the benefits they offer your clients.
John Hancock has been a leader with their Long-Term Care rider while also rewarding customers for healthy choices with the Vitality program. And now, their Critical Illness Benefit rider is raising the bar for comprehensive coverage. The new rider pays a lump-sum income tax-free benefit that is separate from – and in addition to – the death benefit. Protecting your clients during their working years and in retirement has never been more important, so John Hancock has made it easy and affordable to do both. | more
Effective February 1, 2019, the maximum illustration rates on Mutual of Omaha’s Income Advantage IUL and Life Protection Advantage IUL increased slightly. While the increases are slight, this is good news considering that most companies are going in the opposite direction with lower index caps, participation rates and illustration rates. | more