1. Transamerica Life – state approvals
March 9th – Transamerica’s TransACE 2010 rates are no
longer available in NM.
2. Assurity Life – state approvals
March 9th – Assurity Life’s non-med term is available for
sale in WA, but the maximum issue ages are reduced for the
20 and 30 year versions of the product.
3. Lincoln Life – new no lapse UL & changes
March 2nd – On February 21st, Lincoln National introduced
new rates/product for its no lapse UL. The product is called
LGUL (2012). The product replaces all previous versions except
in NV and NY where the 2011 rates are still being used.
Lincoln has also discontinued its Lincoln DurationGuarantee UL
which is the term UL product it previously offered. That has
been removed from our software.
4. Genworth Life – 15 year product removed
March 2nd – Genworth is discontinuing the sale of its 15 year
Colony Term UL product effective March 11, 2012. They are
referring to it as a “temporary suspension” so we will be
happy to add it back in should the company change its
status.
5. Sagicor Life – new no lapse UL policy
March 1st – As per item 11 below, from Febuary 21st.
Sagicor has introduced a new no lapse UL product to
replace its previous product. While the company
provided us with new rates in time for its introduction,
and while we have entered those rates, the company has
asked us not to release them until they have checked
out entries. In the meantime, we have removed the
old product.
The company has now checked our entries and have OK’d
the release of the product.
6. Pruco Life of New Jersey – new rates
March Monthly Update – Pruco has received approval for its
new no lapse UL rates (July 2011) in the state of New York.
7. Transamerica Life – state approvals and rate change
March Monthly Update – TransTermUL has introduced new
band 1 rates for its 10, 15, 20, 25 and 30 year options.
Transamerica’s new TransACE 2012 is approved in CT and OR.
We have now turned off the old 2010 rates in states that
approved TransACE 2012 on or before February 1st.
8. Genworth Life – new rates
February 27th – Genworth has introduced new rates for its
GenGuard no lapse UL products.
9. Transamerica Life Insurance Company – state approvals
February 21st – Transamerica’s new TransACE 2012 will be
approved in MA on February 22nd. We have gone ahead and
turned on the new rates.
10. Lincoln Life – policy fee reduction
February 21st – Lincoln has lowered the policy fee for its
term products from $125 to:
10 Year – $90
15 Year – $60
20 Year – $60
30 Year – $50
11. Sagicor Life – no lapse UL policy removed
February 21st – Sagicor has introduced a new no lapse UL
product to replace its previous product. While the company
provided us with new rates in time for its introduction,
and while we have entered those rates, the company has
asked us not to release them until they have checked
out entries. In the meantime, we have removed the
old product.
12. Transamerica Life Insurance Company – state approvals
February 15th – Transamerica’s new TransACE 2012 is now
approved in NM and VA.
13. Cincinnati Life Insurance – new preferred health criteria
February 15th – Cincinnati Life has liberalized cholesterol
requirements for its Super Select Plus, Select Plus and
Select health classes for term products. They have also
liberalized family health history, for Select Plus and
Select health classes for term products.
Once again, the changes do not apply to UL plans, which
continue to use the previous criteria.
*Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.
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