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.
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.
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.
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.
Banner Life was the first carrier to offer up to 40 years of level term life insurance coverage. Now you can earn cash for each OPTerm 40 application submitted and be entered for a chance to win a bonus! Eligible writing agents will receive $40 for each OPTerm 40 application submitted from April 22 through July 10, 2019. Each submitted application will earn one ticket to be entered into a drawing. After July 10, 2019, four participating agents will be randomly selected to win a $1,000 bonus and be invited to a special dinner with their Banner Life Account Manager. | more
The Prudential Rate Reduction program allows certain Table A and B rated applications to be moved to Standard. This underwriting advantage is available to all fully underwritten proposed insureds ages 20-70 applying for $100,000 to $5,000,000 of death benefit coverage. Covering term, universal life and variable life, this program is not a table shave program and only applies to certain ratable impairments where underwriting experience allows for an improved offer. As such, not all cases eligible for the program will see a rating reduction (even if the impairment appears on the eligible list). The program does cover some non-medical risks such as private aviation and recreational scuba diving. | more
We have updated the Term Warehouse with Protective’s new Income Provider Option (IPO) discount factors. While available on both the Custom Choice (a term-like UL plan) and Classic Choice Term, we are currently only presenting IPO on Custom Choice. With the IPO rider, your clients can convert the lump sum death benefit to a guaranteed income stream for up to 30 years. This makes IPO one of the best options available to meet your clients’ income replacement needs. Add Waiver of Premium to the mix and Custom Choice with IPO becomes one of the best life insurance values for your clients. Be sure to ask for IPO on your next income replacement sales opportunity.