There have been a lot of life insurance premium rates on the rise, many of them effective in July 2009. Here are some updates of product and rate changes for this month*.
1. John Hancock Life - new no lapse UL rates and products
July 28th - John Hancock has introduced new premium rates for its
no lapse UL product. In addition, the company has now provided
us with the premiums for their 20 pay, 10 pay and single pay
variations which are in this update.
As with ANY no lapse UL product that we quote, Huntley Wealth’s
quotations are approximations of the actual premiums being
offered by each respective company. The company illustration is the
ONLY SOURCE of precise and accurate information for that product. Our
comparisons are a snap shot of the market.
In ALL CASES you should find that our quotations are very close
to those provided by the company, or a tick higher. IN NO CASE
should you find the premium that Huntley Wealth is quoting LOWER, and
we would strongly urge you to immediately contact us if you
should encounter ANY CASE where our quoted premium is lower
than that in the life company’s illustration.
2. Aviva Life - state approval
July 21st - Aviva’s Advantage Builder II is now approved in VT.
3. AXA Life - state approvals
July 19th - The 150 series rates are now approved in DE and OR.
4. Aviva Life - old products removed
July 19th - We have now pulled the old rates for Aviva Life.
5. American General Life - date correction
July 19th - American General had advised us they had extended the
term price changeover to August 15th and we changed the dates
accordingly. We have now learned that the August 1st date is the
correct date and have switched dates back.
6. MetLife Investors - new rates
July 13th - Effective July 10th, Metlife has introduced new 10,
15, 20 and 30 year term rates. The existing term rates will
remain for sale until 07/31. For complete details of the
transition rules, please contact us.
7. American General Life - new no lapse UL rates
July 12th - American General is raising premiums for its ContinUL
Extend product and has changed the name of the product to
ContinUL Extend Plus.
The previous ContinUL Extend product can still be sold through
July 28th, as long as applications are signed that date or
earlier, and providing those applications are received in the
Home Office by:
5:00 pm, Central Time, July 31, 2009
The company will be removing the ContinUL Extend product from its
software on July 24th, and Compulife plans to do the same.
8. Aviva Life and Annuity - new rates
July 9th - Effective July 19th Aviva will introduce new rates for
its 1, 10, 20 and 30 year term products. As some of these rates
are increases, the company has authorized us to release these
early so that agents have a fair warning of the coming increase.
Old rates are marked “(til 07/18)” indicating that they are
available to that date.
New rates are marked “(07/19″) to indicate those will be the
rates that take affect at that time.
NY has not yet approved the new rates
9. Reliastar Life - old rates removed
July 9th - We have now removed the old rates for Reliastar.
Reliastar Life of NY - old rates removed
July 9th - We have now removed he old rates for Reliastar of NY.
10. Ohio National Life - UL product removed
July 8th - Ohio National no longer offers Virtus G.
11. Allianz Life - state approvals
July 7th - Allianz’s new term rate are now approved in CA, MD,
MS, NV, OR and VA.
12. American General Life - new term rates
July 6th - Effective August 15th American General will introduced
new rates for is Select-a-Term products. The company has
authorized us to release these rates early.
The 31-35 year level term periods will be eliminated on August
15th.
A new low band has been introduced which will eliminate the need
for the LTG Ultra-C products. This will give you all level
periods available for smaller face amounts.
Once again, the new rates are not available for sale until August
15th. To facilitate the transition we have marked the new rates
with 08/16 and we have marked the old rates “(til 08/14)”. The
transition falls in the middle of a weekend.
Regardless, the new rates are NOT yet approved in CT, MS, NY, OR,
PA or WA.
13. Banner Life - 20 year term change
July 2nd - Banner has changed the premium rates for its 20 year
term product, for band 1, for Preferred Smokers, for ages 61 to
65. The new rates are lower.
14. William Penn Life - 20 year term change
July 2nd - William Penn has changed the premium rates for its 20
year term product, for band 1, for Preferred Smokers, for ages 61
to 65. The new rates are lower.
15. Cincinnati Life - ROP product correction
July 2nd - In the state of PA, Cincinnati Life is still offering
the product it was selling prior to the new rates it introduced
in June 2008. The old products have been put back in our
term quotes software for PA.
*Life insurance updates provided by Compulife®. Compulife® is a registered trademark of Compulife Software, Inc.
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