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Important Levinson News & Updates – 7/19/24

Industry Update

ALIRT Insurance Research

Annuity Surrenders Rise for US Life Insurers

The operating environment for annuity issuers has changed quite dramatically over the last several years, driven in large part by higher interest rate levels that have persisted since the beginning of 2022.

These higher interest rates have led to a spike in fixed annuity sales, while traditional variable annuity sales have suffered amid ongoing equity market volatility, higher crediting rates for fixed annuity products, and the growing popularity of registered index-linked annuities (RILAs).

 

AMERICAN NATIONAL

Patriot Technology Index Strategy Added

The Patriot Technology Index Strategy has been added to all new inforce Strategy 10 Index Annuity cases, effective July 15. This new index strategy is available exclusively to ANICO and is managed by the world-renowned BNP Paribas. See the overview to learn more. Not available in NY. 

New Annuity Applications Effective July 15, 2025

ANICO has updated and simplified its Base Annuity application. The enhancements aim to ensure a more streamlined and tailored experience. With the separation of the Producer’s Report from the application, new product-specific pages, and an overall shorter application, submitting new annuity business has never been easier.

 

BANNER / LEGAL & GENERAL

New Collateral Assignment Process Effective July 10, 2024

Legal & General America has announced improvements to their collateral assignment process for business cases, effective July 10. This streamlined process is designed to enhance efficiency and clarity for you and your team.

APS Turnaround Time: Now Faster Than Ever

Legal & General America is updating its APS process with new strategic partners. You’ll start to see these changes go into effect in mid-July.

 

LINCOLN FINANCIAL

Download This Week’s Edition of the Lincoln Leader

  • Now effective – pricing improvements for Lincoln MoneyGuard II
  • Are you taking advantage of the model portfolio options for Lincoln AssetEdge VUL?
  • Deadline reminders
  • Lincoln Financial now available on eValuate
  • Coming soon – new online claims portal
  • Resource roundup

Download This Week’s Edition of the Lincoln Leader: Fixed Annuities

  • New materials available – fixed annuity resource guide
  • Enhanced eDelivery experience video
  • Market intel exchange
  • Peak 65 retirees have a big problem
  • Coming soon – new online claims portal
  • Reminder – Roth conversions
  • Holiday hours
  • Lincoln annuity eCapabilities
  • Forms release
  • NAIC training required

 

MASS MUTUAL

New Carriers Added to Platinum Pass Express Underwriting Program

Three new carriers have been added to MassMutual’s Platinum Pass program, joining other carriers (including MassMutual) whose policies may be used to obtain new MassMutual whole life coverage using prior exams and labs from coverage obtained in the past 5 years.

 

MUTUAL OF OMAHA

Join Mutual of Omaha for a Special Training Simplified

Monday, July 22 @ 9:00 AM PT

Register to attend a special edition of Training Simplified on Monday, July 22, at 9:00 AM PT. Those who attend will be the first to learn about another game-changing enhancement coming to Mutual of Omaha’s eApp that will help ensure that a larger percentage of the cases you are submitting will ultimately be approved. This new enhancement will also save you and your client precious time when the proposed insured does not appear to be a good fit so that you can help them find an alternate solution.

 

NATIONWIDE

Nationwide Children’s Rider Update

Nationwide is making important changes regarding the Nationwide Children’s Rider, effective July 15.

  • New sales – the rider will now be available only on Variable Universal Life Accumulator policies.
  • Inforce – access to the rider for all inforce VUL policies will remain unchanged. However, the rider will no longer be available to add on any other policies.

Understanding Healthcare Costs & Their Impact on Retirement

Tuesday, July 23 @ 11:00 AM PT

Available for 1 credit in all states except for NJ & DC and for these designations: CFP, CPE, CLU, ChFC & CIMA. 

This course will help recognize the shift in retirement income and retiree healthcare, responsibilities from employer-sponsored defined benefit plans to individual personal savings and private insurance. It examines how advisors can help clients place healthcare expenses into their overall retirement income plan. It discusses the importance of planning for healthcare-related expenses in retirement and teaches how advisors can help clients address and manage healthcare expenses.

 

PRUDENTIAL

Special Planning Needs

Thursday, August 8 @ 11:00 AM PT

Do you know clients who have loved ones with special needs? those clients work hard to ensure that their loved ones have the best quality of life possible. join Prudential to learn how life insurance can be part of an overall strategy that helps make sure that quality of life is maintained well into the future. 

Important Levinson News & Updates – 7/18/24 – Prudential

Prudential Momentum IUL

Launching August 19th

Beginning August 19, you can help clients build momentum in meeting their financial goals. Prudential’s new accumulation-focused indexed universal life product is an attractive option for clients looking for a tax-advantaged accumulation policy without market risk. Momentum IUL also offers features to help clients adapt to life’s changes while enabling them to protect and grow cash values.

Get the Details

Important Levinson News & Updates – 7/16/24 – Lincoln

Lincoln

With the U.S. Supreme Court’s ruling on the Connelly case, business owners need to carefully consider the way they structure their buy-sell agreements. We’ve taken a deep dive into the case, how it could impact business owner estate taxes, and where we can pivot to help clients mitigate risk. Ready to see how life insurance can now be included in the value of a business and why its inclusion in a business’s fair market value matters? 

VIEW THE UPDATED CONNELLY CASE FLYER

Important Levinson News & Updates – 7/10/24 – Allianz

Allianz

What you should know about new Allianz Life Accumulator™

Our newest innovation in the indexed universal life (IUL) marketplace, Allianz Life Accumulator™ Indexed Universal Life Insurance Policy, launches July 16. 

Join Corey Luke, Allianz AVP, and Austin Bichler, AVP Actuary, at this special event webinar as they walk you through all you should know about this product – not just the benefits you expect from an IUL product, but these additions:
  • NEW lockable indexes that can help jump-start accumulation
  • NEW 1% guaranteed bonus opportunity
  • NEW features – including an Auto Lock lower target
  • NEW strategies for IUL diversification
  • PLUS, we’re extending the underwriting risk-class upgrade program

Important Levinson News & Updates – 7/08/24 – Protective

Protective

New Electronic ApplicationConversion ChoiceSM rider with ExtendCareSM for Protective® Classic Choice term

We are excited to introduce the new Conversion Choice rider with ExtendCare for Protective® Classic Choice term. This innovative solution provides clients with longer conversion timelines for a broader range of permanent solutions from Protective. Plus, clients can access chronic illness protection upon conversion — no additional underwriting or medical exams required. All while providing the affordable short-term coverage you’ve come to expect from Protective.

Clients can add this rider to new term policies and take advantage of enhanced benefits including:

  • Added protection upon conversion for chronic illness expenses with ExtendCare
  • Longer conversion periods for more Protective permanent products
  • No additional medical exams or underwriting
    • The Conversion Choice rider with ExtendCare is available for distribution on July 3, 2024.
    • Applications in ‘Pending’ or ‘Issued’ status on June 24, 2024, or after will have the option to add the Conversion Choice rider via an amendment.
    • Applications in ‘Pending’ status on June 24, 2024, or after will have the option to add the Conversion Choice rider via the Rider worksheet and an amendment. Once an application is approved with a formal underwriting offer, the rider may no longer be added.
      • The rider worksheet from Protective will need to be submitted to add the rider.

The Conversion Choice rider with ExtendCare is not available in California or New York.

Transition rules

      • The Conversion Choice rider with ExtendCare is available for distribution on July 3, 2024.
      • Applications in ‘Pending’ or ‘Issued’ status on June 24, 2024, or after will have the option to add the Conversion Choice rider via an amendment.
      • Applications in ‘Pending’ status on June 24, 2024, or after will have the option to add the Conversion Choice rider via the Rider worksheet and an amendment. Once an application is approved with a formal underwriting offer, the rider may no longer be added.
        • The rider worksheet from Protective will need to be submitted to add the rider.
      • The Conversion Choice rider with ExtendCare is not available in California or New York.

        FAQ Guide

Important Levinson News & Updates – 6/26/24 – Lloyds/Petersen International

Lloyds/Petersen International

New Electronic Applications

Due to increasing product demand with a growing need to streamline policy application processing and ensure continued exceptional and expeditious service, Petersen International is excited to announce the immediate implementation of several new online product applications for the Key Person Failure to Survive (FTS) plan, the Buy/Sell Failure to Survive (FTS) plan as well as the Contract Indemnity Failure to Survive (FTS) plan.  These join and complement our other on-line applications for specialty medical, life and disability programs.

The new Failure to Survive (FTS) electronic application platforms will permit individuals to apply for the insurance on an expedited basis for terms of insurance up to five years.  These FTS programs allow clients in need of insurance with a death benefit to help close on business deals, address divorce decrees, indemnify investment contracts, protect corporate buy/sell agreements and satisfy key person protection while in underwriting for domestic coverage or in case traditional term insurance is not available or viable due to the presence of impaired risks.

The links for these new e-applications can be acquired through the PIU Producer Zone.  The links will also appear on the insurance proposals requested from our office for these products.

Secure File Upload

Do you need to submit sensitive or confidential information, but you are worried about sending it via e-mail? Now you can upload the files directly to our servers. Click here to upload your files secure.

Important Levinson News & Updates – 6/20/24 – Assurity

Assurity has an option for fully-employed clients with current or past medical conditions who were declined for traditional disability coverage. If a client is declined for our Century+ LTDI product, Assurity’s underwriting team will automatically consider these applicants for Graded Benefit Disability Income.

Maximum issue limits by income and occupation class match our Century+ Individual Disability Income product, limiting policy changes when your client’s health history requires a pivot to the graded benefit plan.

Let me know if any of your recently submitted DI cases have been declined by other carriers and we can run them by our UW Team today to check for GBDI eligibility. It’s a way to stand out to your clients with a Save the Sale specialized product that most other agents aren’t aware of or currently offering.

Important Levinson News & Updates – 6/18/24 – Legal & General/Banner Life

Term-2-Term Exchange
Protect Clients’ Futures


Reach out to clients who qualify for exchange

Make a tangible connection with your clients using our Term-2-Term exchange program post card. This postcard is perfect for catching attention and sparking interest in extending their term life insurance coverage.

Why a postcard?

  • Personal touch: Show clients you care with a physical reminder
  • Visibility: Some clients may not check their email as often as their mailbox. Stand out for better engagement.
  • Effortless: Easily send to clients and enjoy the lasting impact.

How to use:

    • Download the postcard for William Penn or Banner Life.
    • Personalize with your specific contact information.
    • Print and mail to eligible clients and wait for their call.

Download the Banner Life Postcard

Important Levinson News & Updates – 6/17/24

AMERICAN NATIONAL 

Annuity Application Changes Starting July 1

ANICO will implement a new version of annuity paper applications that will mirror the life side. The Producer’s Report, currently the last page of the application, will be split to be product-specific for trail commission selection. FireLight and other platforms will be updated with these forms on July 1, but there will be no change to the front end of how the information is collected. Other revised forms include:

BNPP Patriot Technology Index Available July 1

Starting July 1, the new BNPP Patriot Technology Index will be available on the currently selling flexible premium ASIA Plus Index Annuity and in-force single premium ASIA Plus policies (non-New York only). This index strategy will mirror the MARC 5 strategy as a point-to-point uncapped strategy with a participation rate.

FL Form Requirement

Starting July 1 in Florida, ANICO will again require the 10981-FLACOMP replacement comparison form to be submitted for all replacement business. Florida will still use the annuity suitability form 4465-NAIC. Fill out all applicable information there and on 10981-FLACOMP. ANICO heavily encourages using FireLight for all annuity applications in Florida due to the duplicate information that will be collected. FireLight will ask it once and map to both forms appropriately.

Century Plus Annuity (Plus New York Product) Going Away

Century Plus Annuity (including New York) products will be discontinued starting July 3, 2024. 

  • July 2, 2024 – Final day to run an illustration or to quote in Expert Illustrator for products
  • July 2, 2024 – Deadline to submit an application

September 3, 2024 – All pending policies for these products must be issued by this date. 

LEGAL & GENERAL

Enhancing Coverage Longevity with LGA

Tuesday, June 18 @ 11:00 AM PT

Join Internal Account Manager Scott Mitchell on June 18 as he uncovers the best ways to lengthen and strengthen your clients’ coverage with LGA. From long-term policies to child riders, LGA’s product offerings and policy flexibility bring endless opportunities.

LINCOLN FINANCIAL

Download This Week’s Edition of the Lincoln Leader

  • Coming soon – fixed and indexed account rate improvements for Lincoln WealthAccelerate IUL
  • Lincoln VUL Dollar Cost Averaging Fixed Account Rate Program has been extended
  • Lincoln will decommission the LifeComp Administration Platform
  • Now available – Lincoln eSubmission Portal on the Prospect View and navigation changes to Lincoln producer website
  • Coming soon – new online claims portal

MASS MUTUAL

Underwriting Quotes from MMSD Just Got Easier

MassMutual is excited to announce the adoption of the Paperless Solutions Group (PSG) and their eValuate pre-underwriting platform.

PRINCIPAL

Principal Product and New Business Underwriting News – June 2024

  • IDI occupation class changes
  • Application Part B eSignature updates
  • Request Part B – new URL

Reminder – update to application Part B Draft Copy Process for both life and IDI

PRUDENTIAL

Prudential Juneteenth Holiday Hours

In observance of Juneteenth, Prudential will close at 11:00 AM PT on Tuesday, June 18, and remain closed through Wednesday, June 19. Their office will resume normal business hours on Thursday, June 20.

SBLI

Start the Summer with SBLI

For every paid case received at the SBLI home office beginning June 3, 2024, and paid for by August 12, 2024, agents will earn a prize draw entry into the Start the Summer with SBLI sales contest.

SECURIAN

Leaving a Tax-Efficient Legacy

Thursday, June 20 @ 11:00 AM PT

Recent retirement tax legislation has downgraded qualified dollars as a favorable legacy asset. At the same time, lower tax rates under the Tax Cuts & Jobs Act (TCJA) will expire in 2026. Now is the time to consider several strategies using annuities and life insurance as financial tools to create a more tax-efficient legacy for heirs.

SECURITY MUTUAL LIFE

Security Mutual Life Will Be Closed July 1-5, 2024

Security Mutual Life offices will be closed from July 1 to July 5, 2024, in honor of the July 4th holiday.

TRANSAMERICA

Transamerica’s New Underwriting Digital Experience

Transamerica’s new digital underwriting experience and the iGO e-App on Trendsetter Super and LB, along with FFIUL and FCIUL products, are now available for all states (except CA, FL, GU, NY, SC, and SD).

Some enhancements:

  • Reduction in time for policy issues, on average 8 to10 business days quicker than the current process
  • Minimize back-and-forth
  • Auto pre-fill of PHI for the client
  • Reflexive questions
  • Currently, 10% to 12% are going instant issue without the need for an underwriter review 
  • When needed, Transamerica will be ordering vitals only, so that the full paramed exams will no longer be required 

Important Levinson News and Updates – 6/12/24 American National

American National

Life Product Discontinuation Notice

As of 8/1/2024, American National arrived at the purposeful decision to cease the sale of three of our life products including: Executive Universal Life, Signature Guaranteed Universal Life, and Limited Pay Whole Life.

American National will continue to process all insurance applications received prior to 8/1/2024 for these products and will continue to offer the highest level of customer service to all existing Life Insurance policyholders and agents. Additional Details:

  • 7/31/2024: Last day to run an illustration or quote in ExpertOffice
  • 7/31/2024: Last day to apply for an Executive Universal Life, Signature Guaranteed Universal Life, or Limited Pay Whole Life application.
  • 10/1/2024: Last day to put an Executive Universal Life, Signature Guaranteed Universal Life, or Limited Pay Whole Life policy in force.
  • This discontinuation will not affect any renewal commissions on any existing policies.
  • This discontinuation will not affect any conversion privileges on existing policies.
  • This discontinuation will not affect the reinstatement privileges on existing policies.

Please Note: Signature Guaranteed Universal Life (SGUL) will stay active in states yet to approve the NEW Protection IUL Series, currently Oregon and California. Upon approval, we’ll replace SGUL with the new product series.

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