Effective May 13, 2013, Genworth will decrease both male and female rates for Colony Term 10, 15 and 20 by an average o 6% across all age groups. While rates for some age groups will increase, larger rate decreases will be implemented in targeted markets that include ages 35 - 55, no nicotine use classes.
Transition Rules for New Sales
May 13, 2013
Genworth will begin accepting applications for new Colony Term rates effective as of May 13, 2013. Point-of-sale systems that include WinFlex and Life Quick Request (LQR), and aggregator sites (iPipeline, VitalTerm, Aplifi, etc.) will have the new rates.
Last month ING announced a new brand identity, Voya Financial, which they will be using in the future.
Today, ING U.S. has begun trading as a public company on the New York Stock Exchange under its new ticker symbol VOYA.
An initial public offering (IPO) of 65.2 million shares of ING U.S. stock was recently priced at $19.50 per share. The IPO consists of both a primary component offered by ING U.S. and a secondary component offered by the parent, ING Group. The total offering is approximately $1.3 billion in size, before any exercise by the underwriters of an option to purchase additional shares. This included $600 million in gross primary proceeds for ING U.S.
Upon completion of the IPO, ING Group will have approximately a 75 percent ownership interest in ING U.S. Their remaining ownership interest will be reduced over time, with complete divestment by the end of 2016.
Click here to read the offical statement from ING.
Prudential announcement concerning sales of UL and SUL Protector.
Prudential is implementing limitations on applications with premiums indicated or illustrated in excess of the limits shown below on PruLife® UL & SUL Protector products. This change will go into effect May 13, 2013.
Key details and dates for the limitations
- The limitations will be the greater of $250,000 or seven times CTP, annually; the limitations are ongoing for the first three years, but are not cumulative, so each year premium up to the amount of the limitations can be paid into the policy.
- To have an application submitted without these limitations, it must have an illustration produced on May 12, 2013 or earlier, AND the application must be signed May 28, 2013 or earlier, AND the application must have a home office receipt on or before May 31, 2013.
- Informal inquiries are subject to the limitations, unless replaced by a formal application submitted and following the process above.
- For policies not subject to the above limitations and issued other than as applied, required revised illustrations will be supplied through the Life Sales Desk and the Internal Wholesalers.
How long will the limitations last?
No current timetable is set for ending these limitations on accepting premiums.
What is the cutoff date to submit an application with no premium limitations?
To have an application submitted without these limitations, it must have an illustration produced on May 12, 2013 or earlier, AND the application must be signed May 28, 2013 or earlier, AND the application must have a home office receipt on or before May 31, 2013.
What will happen to business that is in Underwriting or otherwise pending?
All cases currently received, pending issue, and pending placement, will be handled per our current rules.
Are there any exceptions?
There will be no exceptions considered.
Can illustrations for these products be run that are above the limitation?
For policies not subject to the above limitations and issued other than as applied, required revised illustrations will be supplied through the Life Sales Desk and the Internal Wholesalers.
Lifetime Secondary Guarantee Products Closed to New Sales in New York Effective May 30, 2013.
Due to changing regulatory, marketplace and economic factors, Lincoln is discontinuing sales of its lifetime secondary guarantee products in New York State.
This decision is specific to New York only. Lincoln will continue to sell its Lifetime Guaranteed Universal Life and Lifetime Guaranteed Variable Universal Life Insurance solutions in other states.
Effective May 30, 2013, the following products will be closed to new sales in New York:
• Lincoln LifeGuarantee® Plus UL (2009)
• Lincoln LifeGuarantee® SUL (2009)
• Lincoln VULONE 2010
• Lincoln SVULONE 2007
Click here for more information.
On April 29, 2013, MetLife will launch the Convertible and Renewable Options Rider on MetLife One Year Term in approved states.
This new rider will extend coverage to five years and allow conversions in years two through five providing your clients two new options for short term coverage.
MetLife One Year Term without the Convertible and Renewable Options Riders offers:
- Base policy coverage for one year only, with a level premium and death benefit
- Competitively priced short term coverage
- A lower cost alternative when longer duration coverage is not needed
- Alternative rates to the IRS 2001 Table, which can reduce the potential tax burden in split dollar cases
MetLife One Year Term with the Convertible and Renewable Options Rider offers
- Coverage for a total of five years
John Hancock is temporarily limiting first year deposits to a maximum of $3Million for all UL policies issued as Modified Endowment Contracts to the same insured and/or afiliated with the same policy owner. Additionally, there is a limit on first year deposits to a maximum of 20 times target premium on all policies, regardless of MEC status. These limitations apply to any combination of the following policies:
- Accumulation UL
- Accumulation IUL
- Protection UL
- Protection IUL
- Protection SUL
- Premier Life
In addition, the same limitations apply to allocations to the Fixed Account for the following policies:
- Accumulation VUL
- Accumulation SVUL
- Protection VUL
- Protection SVUL
- Corporate VUL
John Hancock will periodically reassess these temporary limits and inform you of any changes. Click here for the official announcement from John Hancock Life Insurance.