Original carrier announcements that are highlighted below are available upon request.
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- Effective July 20, 2015, Genworth will enhance its Flex 3 LTC product in 35 states. Some of the improvements include: Reduced base rates by as much as 10%; adding the option to drop Waiver of Premium to reduce premiums; including a Refund of Premium benefit up to age 65 at no additional cost; introduces an Increase Coverage option to allow policyholders the chance to apply for more coverage; and an enhanced Couple’s Discount whether or not both individuals apply. See announcement for details.
- John Hancock has announced the launch of their new Protection Indexed UL and Accumulation Indexed UL products for 2015. The Vitality Rider is also available on both products. The Protection IUL has reduced premiums for all males and females age 25-75 with significant reductions for short pays and single pays. The Accumulation IUL has a minor increase to base premium solves and improved target premiums on death benefit Option 1.
- Effective August 1, 2015, Banner and William Penn will implement a cost of insurance (COI) increase for selected blocks of Universal Life policies issued in the past. This increased COI charge will be reflected in the first monthly deduction following the date of increase. However, for policies with no-lapse guarantee (NLG), the COI increase will not change the NLG premium and the coverage will remain guaranteed provided the NLG premiums are paid on time. This action has been taken because of the continued low interest environment and the severely eroded profitability of certain blocks of UL business. See announcement for details.