| Banner LIFE
Legal & General America is issuing the following underwriting guidance on new and pending applications, effective immediately:
- A Good Health Statement will be required with all new or pending applications.
- At present, we will postpone consideration of all submissions on applicants who have planned future travel outside of the U.S.
- Applicants recently returning from international travel will have their application postponed until 30 days following their return.
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| John Hancock LIFE
John Hancock has the following update applicable to all new and pending applications:
- A statement in the “Special Instructions” box in Part I, Section L of the application indicating whether or not each proposed insured or any household member has within the past 30 days traveled (or resided) outside of the U.S., by cruise ship, or has come into close contact with anyone known to the insured to have tested positive for COVID-19.
- Any consultations with medical professionals or completed or pending tests by a proposed insured that are related to COVID-19 should be disclosed in response to the relevant questions on the application.
- In some cases, underwriting decisions may be deferred for a period of time (e.g., 30 days).
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| No Printed Policies
For policies issued on or after Friday, March 27, 2020, Lincoln joins Principal and Prudential in the growing list of carriers halting traditional paper policy prints. Electronic policy delivery and PDF policy delivery will remain available.
Declaration of Insurability
DOI is now required for all Term, UL, IUL, VUL cases (excludes Money Guard). This includes all ages, all face amounts, regardless of exam completion date.
Photo Image of Requirements
A photo version of requirements will now be accepted so long as the images are clear and wording is legible, all pages are included and the entire document is visible, including the form number and revision date.
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| Product Changes
On April 13, 2020, Prudential is suspending sales of their 30-year Term products until June and restricting single pays on Universal Life products.
Beginning April 15, 2020, they will
reduce caps and credited rates for IUL products.
Effective, April 27, 2020, they will
increase pricing on UL protector by as much as 12%.
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| Pacific LIFE
For new business applications and policy deliveries, note the following underwriting process changes effective immediately:
Applicants Traveling From Travel-Ban Countries—If an applicant has traveled from one of the travel-ban countries as found at the U.S. Department of State (Travel.State.Gov), a 14-day delay period will apply.
In situations where obtaining traditional medical requirements isn't possible, PacLife is temporarily using other available data to underwriting for pending or newly submitted formal applications.
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| Examination & APS Vendors
MVP is carefully monitoring the ever- changing status situation of our many paramed and APS vendors. Providers are continuing their services according to CDC recommended practices and state mandates for essential business. Your MVP case manager will keep you in the loop on a case-by-case basis.
For obvious reasons right now, accelerated underwriting and electronic application submission with e-policy delivery is the quickest process.
Many of our carriers and service providers are experiencing a slowdown in service. Consequently, it might take an extra day or two for each step of application underwriting to be completed. Be assured that we are doing everything possible to keep your cases on track for timely submission to commission!
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| Principal LIFE
Principal's level term rates are now lower at many ages and risk classes. Effective immediately, for any pending or newly submitted formal applications, Principal is offering additional solutions to underwrite without exam requirements.
Applicant ages 18-40: For face amounts up to and including $1,000,000 - no change to Accelerated Underwriting program. For face amounts from $1,000,001 to $2,500,000, and meets the following requirements:
- Case meets regular Accelerated Underwriting guidelines for eligibility
- Applicant has had a complete physical, including labs, with all results normal within the prior 24 months
- We can confirm the exam and lab results through digital health data
There are similar changes for applicant ages 41-60, with a max face amount of $2,000,000.
Principal DISABILITY
Effective immediately, the individual disability insurance (IDI) underwriting department at Principal is changing underwriting guidelines for exams and labs. No physical measurements and labs are needed for up to the amounts listed below.
- Disability Income: $10,000/month
- Business Overhead Expense: $25,000
- Disability Buy Out and Key Person: $1,000,000
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| American General LIFE
AIG will require a statement of health for all life insurance policy approvals moving forward, however, the vast majority of their underwriting requirements remain unchanged. They may adjust accordingly as new information becomes available.
AIG Annuity
Effective March 30, 2020, all annuity New Business Contract Packages will be sent directly to the contract holder. AIG will mail the agent a Contract Data Page with the contract details.
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Nationwide LIFE
Nationwide has increased their face amount to $2 million for Intelligent Underwriting. Ages 18-50 may now qualify for possible accelerated underwriting. Ages 51-60 remains at $1 million.
On April 20, 2020, Nationwide will
increase the price of their no-lapse NLG UL II product by an average of 5% on single-pay designs, 6% on level-pay, and 10% on ten-pay designs. Beginning April 3, 2020, the maximum issue age will be 69 for all versions of Nationwide CareMatters.
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| Now is not the time to let up on the gas! Some industry experts are saying that due to the coronavirus pandemic, clients in need of life insurance should take action because carriers could start raising premiums or stop issuing policies altogether. Healthy people should not have trouble getting insurance, but recent travel or having been hospitalized for coronavirus could be complicating factors.
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| Social Distancing
Working remotely and keeping social distance doesn't mean we have to slow sales activities and increase the time required to provide financial products and security to families. Our daily lives may be restricted, but it doesn't have to hinder your business growth!
With our Quick App solutions, you don’t need to meet face-to-face with your clients to take an application or deliver the policy. And with the
accelerated underwriting possibilities, your clients may not need to meet with a paramed examiner either!
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