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.
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.
At Symetra, we’re always fine-tuning our products to ensure they are competitive, fulfill your clients’ financial needs and help you build your business. That’s why we’re pleased to announce that our Symetra Term now offers even more competitive pricing than before.
With our recent changes, Symetra Term ranks in the top three for policies with face amounts of $1.5 million and above.1 Our new rates will be available for sale starting March 13, 2020.
Effective April 1, 2020, Mutual of Omaha will be updating the conversion language for our Term Life Answers policies.
Beginning Friday, March 13, AIG is limiting premiums in any policy year on their Secure Lifetime GUL 3 and Platinum Choice VUL 2. The GUL cap is $500k and the VUL cap is $1M. This also includes lump sums or 1035 exchanges.
This goes into effect on Friday, March 13 but Winflex will not be updated until April 3.
The Lincoln Care Coverage Accelerated Benefits Rider is coming to additional states on March 16, 2020. It will be available on the AssetEdge VUL, AssetEdge Exec VUL, WealthAccumulate IUL and WealthPreserve IUL in Arizona, Connecticut, Delaware, District of Columbia, Florida, Indiana, New Jersey, North Dakota and South Dakota.
John Hancock repriced their Protection IUL on 2/18. Enhancements include more competitive single pays, increased Vitality credits on rated cases and enhanced target premiums on single and short pay scenarios.
North American has introduced the Smart Builder IUL. It has low up-front costs for strong early cash values; Critical, Chronic and Terminal accelerated DB endorsements at no cost; and an ROP death benefit is available. It is an excellent product for idle assets, 1035 exchanges and business planning opportunities.