About First Protective
Posts by First Protective:
We’ve repriced Protective Classic Choice term to have new lower rates in multiple cells, putting it in the Top 3 or better 95% of the time in monthly pay scenarios and in the Top 3 93% of the time in annual pay scenartios. These new rates go into effect today, July 20, 2020.
As of July 24, 2020 a new version of the Guaranteed Issue Whole Life (GIWL)1 product will be replacing the currently offered one. This new version has a Limited Pay feature, revised premium rates, and a maximum issue age of 80.
John Hancock offers two ways your clients can reduce their premiums and earn rewards for living healthy with the John Hancock Vitality Program – one product offers the benefit as an optional rider, and the other has the Vitality benefit built in.
Repricing Coming to Term Essential® and Term Elite®
See Why We Remain Competitive (And guess who’s back?)
In response to the low interest rate environment, effective July 20, 2020, our rates for both Term Essential and Term
Elite will increase for most term durations. Note that, for non-NY policies, there is a rate decrease for 10-year term and no
change for 15-year term. And, effective July 20, 2020, 30-year term is back!
Pricing Update – Lincoln LifeGuarantee® SUL (2019) –
As the life insurance industry continues to operate in today’s challenging and changing
environment, Lincoln remains committed to proactively manage our business as part
of our disciplined approach to financial and risk management.
Craving an underwriting process that helps to ensure a higher placement ratio? Look at the 12 competitive sweet spots where PL Promise Life Insurance from Pacific Life can help you deliver the best underwriting offer to your client the first time.
Prudential has decided to change our maximum retention limit to no more than $10 million, effective immediately. Since this change is consistent with the COVID-19-related reduction put into effect in March, there is no formal transition period.
From time to time, we evaluate our product portfolio and make adjustments to ensure our customers are getting the best value possible. After careful consideration we’ve decided to suspend sales of UL Protector.
Due to the current economic environment that has driven interest rates exceptionally low, we decreased indexed account caps and fixed account crediting rates on PruLife Essential UL and PruLife Founders Plus UL® for new policies applied for on or after June 29, 2020. Here are the rates:
On Monday July 20, 2020, the revised SVUL Protector will be introduced, subject to state approvals. The following rules apply to any request for New Business, Term Conversion, or OPAI (Option To Purchase Additional Insurance) Conversion.
On March 13, 2020, American General Life Insurance Company (AGL) and The United States Life Insurance Company in the City of New York (US Life) implemented a premium cap reduction to GUL and VULG. With our recent pricing adjustment, we are making premium cap updates on June 27, 2020 to better support our Distribution partners and clients.
In response to the low interest rate environment, effective July 20, 2020, our rates for both Term Essential and Term Elite will increase for most term durations. Note that, for non-NY policies, there is a rate decrease for 10-year term and no change for 15-year term. And, effective July 20, 2020, 30-year term is back!
Securian Financial is committed to building secure tomorrows by doing the right thing today. To deliver on this promise and in response to the historically low interest rate environment, Securian Financial will implement the following product updates to SecureCare in all Compact states1 and South Dakota on July 18, 2020. These updates will be implemented in other states as they are approved.
Our team is committed to providing low-cost coverage and long-term
protection options. We’re always looking for ways to improve, whether
in pricing or process, to offer the best value and experience for you
and your clients.
Coming Soon – Lincoln AssetEdge® VUL (2020) and
Lincoln AssetEdge® Exec VUL (2020)
Same death benefit protection offering significant market-driven growth
Effective June 15, 2020, subject to SEC and state approval, The Lincoln National
Life Insurance Company is pleased to announce the newest product in its
variable universal life portfolio, Lincoln AssetEdge® VUL (2020). This product
and its Business Solutions version, Lincoln AssetEdge® Exec VUL (2020), offer a
variety of quality Separate Account investment options across all asset classes
along with the opportunity for predictability and reduced volatility through a
total of four indexed account options.
Protective Classic Choice Term Rate Change and Higher Max Issue Ages
North American Premium Increases
As one of the leading providers of life insurance and annuities in the United States, we have continuously fulfilled commitments to our customers since 1886. Today, we remain focused on our
commitment to our policyowners, our distribution partners, and continue to make decisions for the long-term.
New premium rates for guaranteed
UL and survivorship UL products
New premium rates will be effective June 8 for Principal Universal Life Protector V and Principal
Survivorship Universal Life Protector III. The challenging economic environment makes a pricing
adjustment necessary as follows:
- On average, UL Protector V single and 10 pays will increase 13-14%, and level pays will increase 4%.
- On average, SUL Protector III rates will increase 11-12% for all premium scenarios.
The guidelines below provide key dates for the transition from original rates to new rates.
June 2020 Index Cap Updates
Due to current economic conditions, low interest rates and increased market volatility have caused a
reduction in hedge budgets and an increase in hedge costs. As a result of the market impact, IUL index
account parameters need to be adjusted. These are unprecedented times and market conditions, which
have caused index account changes to occur more frequently and at a higher magnitude than normal.
We are committed to maintaining financial discipline and continue to review impacts to the index
accounts, and the upside they can offer.
Effective May 30, 2020, premiums on Secure Lifetime GUL 3 (issued by
AGL and USL) will see an increase as the result of recent declines in
interest rates and increased market volatility. At AGL and USL, we are
committed to providing competitive, attractive guaranteed life insurance
products to your clients.
Effective May 30, 2020, premiums on Platinum Choice VUL 2 will see an
increase as the result of recent declines in interest rates and increased
market volatility. At AGL, we are committed to providing competitive,
attractive guaranteed life insurance products to our clients, and the current
environment imposes a need to increase our rates to maintain their viable
Important Changes: Symetra UL-G
April 20, 2020
As you know, the unprecedented market volatility and continued low interest rate
environment are putting additional pressure on an already strained product line. Due to
these issues and changes in the competitive landscape, we are repricing our Symetra
UL-G product, effective May 1, 2020.
Protective Life has added guaranteed level term options at 45 and 40 years to Protective Classic Choice Term, in addition to our 10-, 15-, 20-, 25- and 30-year term options.
Nationwide® is committed to carefully managing our life product portfolio to remain the strong, stable carrier you can rely on. To keep this commitment – and in response to the extremely low interest rate environment and unprecedented volatility in the markets – we are repricing our No-Lapse Guarantee (NLG) UL product and djusting the fixed account rate, maximum face amount and upper age limit on select products.
Administrative Alert! Changes to Variable Life Portfolio
Due to the economic impact of the COVID-19 pandemic, it is necessary to reduce cap rates and participation rates on our Variable Universal Life product portfolio.
Effective with new indexed account segments opened on or after May 15, 2020, Lincoln will be making changes to
the caps, participation rates and spreads on most of the Indexed UL product suite, including the indexed accounts on
Effective April 13, 2020, Lincoln is announcing pricing adjustments to Lincoln TermAccel® Level Term (2019). Lincoln
TermAccel® offers an entirely electronic, streamlined Tele-App process with fully automated underwriting and no APS
We at Legal & General America strive to maintain highly competitive term rates throughout the year. Unfortunately, we recently discovered that some of the OPTerm premium rates that were published on April 2, 2020 were higher than intended.
We’re committed to providing life insurance products that offer long-term value to your individual and business clients. And occasionally that requires making adjustments during times of significant economic pressure—such as the current market volatility and the prolonged low interest rate environment. Effective immediately, we’ll be implementing the contractual $1 million premium limit on life insurance policies.
An Important Update from Ray Caucci, Senior Vice President, Product Management and Underwriting and Gretchen Dinucci, Vice President and Chief Underwriter.
SYMETRA ACCUMULATOR IUL: INDEX CAP AND PARTICIPATION RATE CHANGES EFFECTIVE THURSDAY, MAY 14, 2020
Due to the unprecedented market volatility and historically low interest rate environment, we will be decreasing Symetra Accumulator IUL’s index cap and participation rates.
Prudential Individual Life Insurance continues to help customers with their life insurance needs in this challenging time of interest rate changes and market volatility. To do that, we take a prudent financial approach by continuously reevaluating our product portfolio and have made some adjustments to our offerings.
I’d like to bestow continued best wishes from our First Protective team to you, your families and your clients. Even as we all continue to adjust to the unprecedented circumstances associated with the COVID-19 spread, I am heartened as this situation proves once again that adversity does indeed bring out the best in so many people. I’ve been moved as I’ve witnessed the selfless outreach Americans everywhere are exhibiting daily, helping their neighbors, acquaintances and even complete strangers deal with these uncertain times.
Many of you have heard me speak about the noble cause and the essential mission we are all engaged in as insurance and financial services professionals. Never has that been so apparent as now, when so many Americans are concerned about health, welfare and financial security. We should all be honored to serve in professions that enable us to help them solve these issues, particularly amid the heightened uncertainty we all face today. First Protective continues to stand at the ready to help you serve your clients in these unique times.
Our industry has adapted incredibly to the quickly changing circumstances of recent weeks. For example:
- First Protective, along with most of our partner insurance carriers, quickly executed an almost 100% work from home capability.
- First Protective has quickly pivoted to leveraging all the best technology at our disposal to enable our employees to work remotely, while maintaining full connectivity with our customers, partners, networks and systems.
- Our Regional Directors continue to stay highly engaged with producers, and are available for phone consultations, virtual meetings and other support activities as needed.
- Producers are increasingly taking advantage of electronic submission capabilities, and when that is impossible, are using electronic means to avoid mail and other paper delivery, by using faxed or scanned documents
- Many life insurance carriers have substantially enhanced their business processing capabilities, policies and procedures to better enable business when face-to-face client engagement is impossible. This has included:
- Higher coverage limits on simplified or accelerated underwriting; including substantially relaxed limits on fluid-less underwriting and evidence requirements
- Substantially expanded time windows to use previously collected lab results and other medical evidence in the underwriting process
- Enabling expanded product choices available for drop ticket and other electronic submissions
- New electronic signature capabilities and policy delivery options are supporting the sales and fulfillment process without requiring face-to-face engagement
Of course, with these sorts of changes, it’s more important than ever to stay current on changing product, underwriting requirements and business processes among our life, annuity, long-term care insurance and disability income insurance providers. That’s why we have expanded our communication capabilities and outreach at First Protective, including:
- Updating our website to provide “at-a glance” updates on these quick-breaking developments regarding business processes, product changes, and other carrier news
- Continuing and expanding our updates, including our weekly video newsletter and bulletins
- Equipping our Regional Directors with state-of-the-art virtual meeting capabilities
- Continuing our proactive outreach efforts to our producers and partners, using phone calls, email and social media to ensure we’re doing all we can to provide the support they need in these unusual times
- Continuing to offer unsurpassed engagement and support across the spectrum of sales, support and service. This includes all our functional areas including case design, illustrations, product recommendations, underwriting, case management, contracting and appointments, and commission processing.
We are here for you. We appreciate your business, and we will do our utmost to earn it every day. Thank you for your partnership with First Protective.
Changes to par rates, cap rates, and fixed account rates on several UL and IUL products.
In response to decreasing market interest rates as well as rapidly changing market conditions related to the national emergence of the COVID-19 (Coronavirus), Pacific Life will limit new PL Promise GUL1 business to face amounts of $2.5 million or less effective Wednesday, April 1, 2020. PL Promise GUL is a universal life insurance product with no-lapse guarantees.