October/November 2023 Legislative Update
Federal Life Rolls Out Medically Underwritten Immediate Annuity: Federal Life, Hannover Re & Vidale Marketing bring later life annuity solution to US consumers - Reinsurance News “The new solution, MyImmediateCarePlan (MyICP), is a medically underwritten single premium immediate annuity available to those aged between 70 to 95, which guarantees an income for life”.
John Hancock Introduces Premier Benefit IUL: John Hancock Insurance
“A new opportunity to sell life insurance and long-term care protection in the workplace. Key highlights include a fully digital experience and streamlined underwriting. The Vitality Plus rider is also available which rewards employees for the everyday steps they take to live longer, healthier, better lives”.
John Hancock Launches New Chronic Illness Rider: LIFE_1607_0923_FINAL.pdf (johnhancockinsurance.com) “John Hancock’s living-benefits portfolio just got even stronger with the addition of a new Chronic Illness rider. This is a great solution for producers not licensed to sell our Long-Term Care rider or when an indemnity benefit is desired. We are pleased to offer another way to help you protect more clients and their families from the costs associated with needing care”.
EquiTrust Raises Rates on Bridge Annuity: View as HTML EquiTrust (actmkt.com)
Guaranty Income Life Insurance Company (GILICO) to suspend sale of AnnuiCare.
AnnuiCare and FlexPlus products will no longer be available for new sales in 2024. GILICO will continue to service existing policies but will be removing product materials and app kits from their pre-sales suite on Nov 1st. Any new applications must be received by Dec 1st and policies issued by year end 2023.
Lincoln’s MoneyGuard® launches Conversation Catalyst tool: MoneyGuard Market Advantage | Lincoln Financial Helps clients understand care options, identify care preferences and associated costs, and confirm a funding solution is set to meet their needs.
OneAmerica Raises Rates on Asset Care, Annuity Care, and Annuity Care II: NewMoneyRates 10-15-2023.pdf (oneamerica.com)
OneAmerica: Announces a “limited time exception opportunity” for original Annuity Care (a.k.a. Annuity Care I).
Now through the rest of 2023, we will play full compensation on base policy only contracts ages 76-87 (not reduced compensation) at these ages. We will also raise the maximum to $1M from $500k, during this time (amounts over $500k will be run internally). Our New Business rates continue to rise for our annuity solutions.