Carrier Updates- October
Posted on October 7, 2011 in Product & Carrier Intelligence
PERMANENT COVERAGE UPDATES
MetLife – Effective August 1st – MetLife will Increase the Pricing of the Guarantee Advantage UL Product – In general, rates will increase by approximately 5% and death benefit option B will no longer be available on policies with the coverage continuation rider.
Transition Guidelines
Lincoln – Effective August 5th – Standard and Poor’s downgraded U.S. sovereign debt from AAA to AA +. Three of the four major rating agencies have a “stable” outlook rating for Lincoln, and Moody’s recently upgraded the outlook to “positive.”
Key Facts
John Hancock – Effective October 3rd – Premier Life - A flexible premium adjustable life insurance policy, Premier Life’s blend of competitive guaranteed cash values, strong death benefit guarantees and current assumption performance is designed to appeal to clients whose tastes run to a more value oriented solution than just an ordinary life insurance policy. The products combination of guaranteed and current assumption elements give your clients the certainty they need while also helping to provide the added flexibility and upside potential they desire.
Product Guide
John Hancock – Effective October 3rd – Indexed Universal Life - The product offers:
- Equity market opportunities without being exposed to negative returns
- Two Index Accounts based on one-year changes to the S&P 500*
- Capped Indexed Account provides annual interest credits up to a maximum
- Uncapped Indexed Account credits above a threshold rate; allowing for more upside potential
- Guaranteed 0% floor on both Index Accounts – eliminating market-based losses
• Additional guarantee ensuring that upon surrender that investment performance over the life of the policy will never be less than 2% cumulatively
- Guaranteed 0% floor on both Index Accounts – eliminating market-based losses
- Additional guarantee ensuring that upon surrender that investment performance over the life of the policy will never be less than 2% cumulatively
AXA – Effective October 1st – Crediting Rates Will be Reduced - Crediting rates will be reduced on several AXA products. Please see the attached document for the specific products.
More Information
TERM COVERAGE UPDATES
John Hancock – Effective October 3rd – Term Rates Decreased – The term products are now more competitive at all issue ages, term periods and face amounts — with significant premium reductions for Term 20!
Genworth – Effective September 19th – Colony Term UL is Offering More Competitive Pricing across Face Amounts Greater than $250,000 – The competitive positioning for face amounts less than $250,000 has been maintained.
Transition Guidelines
Please let me know if you have any questions regarding the Carrier and Product Updates. If you would like to request illustrations for your clients, please let me know.
Shauna Winer
CBIZ Special Risk
800-422-7536 ext: 3115
swiner@cbiz.com