Product News

Lincoln Financial UW Guidelines

Lincoln Underwriting Guide

COVID-19 UPDATES

Effective immediately, SBLI has revised its temporary life insurance underwriting guidelines due to the COVID-19 pandemic with the modifications below.

Underwriting Operations Update 

• Temporary acceptable risk classification adjustments are updated as follows:
  • For cases to age 60:
    • Table 6 or better: Applications accepted
    • Table 7 or higher: Applications will not receive an offer and will be postponed until further notice
  • For cases ages 61 to 65:
    • Table 5 or better up to $500,000: Applications accepted
    • Table 2 or better over $500,000: Applications accepted
    • Table 3 or higher: Applications will not receive an offer and will be postponed until further notice
  • For cases ages 66 or older:
    • Table 2 (150%) or better: Applications accepted
    • Table 3 or higher: Applications will not receive an offer and will be postponed until further notice

• Positive COVID-19 cases are still being postponed for 30 days after resolution of symptoms and back to normal physical activity. Cases that are more severe and require hospital admission will most likely require a longer postponement period, depending on the severity.

• A statement of health is still required upon policy delivery, except on cases with a Part 2 date within 2 weeks of issue. Our e-Policy delivery system helps to support this process as it allows the policyholder to accept, sign, and pay for the policy online, as well as fulfill any state delivery requirements without any human contact.

Foreign Travel Update

• Travel plans to a country with advisory Level 1 or 2 are acceptable, subject to answers on Covid-19 questions indicating no symptoms, positive test, or self-isolation.
• Travel plans to a country with advisory Level 3 or 4 will continue to be a postpone until 30 days after return with no COVID-19 symptoms, positive test, or self-isolation.

Vendor Information

Electronic Health Record Update:

• We continue to utilize electronic health records as an option when medical records are required.  We have piloted both Human API and MIB sources and continue to try and use this information. If distribution has access to obtaining any electronic health records, we are willing to review if submitted.  If additional information is required, SBLI has the right to request a traditional APS.

Client Profile Form Update

The Client Profile Form has been enhanced to reduce NIGO items and guide an agent when documenting the basis for their recommendation or reasons for replacing an existing annuity.
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New Lockbox Requirement

Effective 11/30/2021, our lockbox provider JPM Chase Bank, will no longer accept U.S. Post Office mail or courier packages (UPS, FedEx, etc.) that are missing a lockbox number from the address label.
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Additional states adopt changes to suitability rules

Financial professionals in Alabama, Maine, and North Dakota must complete required training due to National Association of Insurance Commission (NAIC) revisions to its Model Regulation 275, Suitability in Annuity Transactions. Please read the bulletin for deadlines and changes to our application submission process for each state below:
Alabama Bulletin

Maine Bulletin

North Dakota Bulletin

Help clients generate the yields they want with a fixed index annuity

A recent study found that an FIA-enhanced portfolio may outperform a traditional 60/40 stock and bond portfolio 72%-92% of the time, depending on the interest rate environment. Use our online calculator to gain additional insight into how a fixed index annuity may fit in an asset allocation portfolio.Link to an online calculator

When will clients need the most retirement income?

Research shows that spending is highest early in retirement and declines with age. Talk to clients about how The Power Series Index Annuity with Lifetime Income Choice^SM Max Income Option can help provide more income early in retirement, when spending is generally the highest.
Download the case study

Diversified choices for more growth potential

The Power Series Index Annuity offers diverse crediting options that provide the potential to earn interest based in part on the performance of a leading equity market or hybrid multi-asset index such as: MLSB, PIMCO, AQR. The following case study highlights the key features and return history of the hybrid indices available with this index annuity.
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A potential income advantage – for life

Assured Edge Income Achiever^SM can provide clients a predictable 6% income growth rate each year until income begins. And when they need it most…guaranteed lifetime income that’s protected from market risk to help reduce portfolio strain. Use the online calculator below to help calculate your clients future income potential based on premium amount or income need.
Link to calculator

Calculating the retirement “Income Number”

Knowing how much income clients are going to need, starts by determining their “income number.” Our interactive planning worksheet can help you help them calculate future income needs based on the lifestyle they want.
Download the worksheet

Help clients answer the “Big Question” – When to start collecting Social Security?

Although Social Security will likely only serve as one source of your client’s income in retirement, it’s an important decision that will impact the income they receive throughout their lifetime. To help clients make informed decisions, you’ll want to consider a number of key factors described in this brochure.
Download the brochure

Digital hub to help you build a more digitally savvy practice

Check out Client Connections from AIG – our 360-digital hub with access to videos and additional practice-building tools.
Visit Client Connections

CLICK HERE TO DOWNLOAD THE FLYER NOW!

CLICK HERE to view our updated menu of lead options! 

Due to some agents marketing the products as “final expense” for the “risk impaired” and a look at claims that have come in recently, Boston Mutual has requested we take it off the portal until they can complete their review and can get a question approved by their legal to add to the portal to prevent the types of claims we are getting so quickly after enrollment. Hazen is hopeful we will have a resolution with them this week. We’ve made it clear that we are willing to adjust the offering to whatever makes them comfortable to continue to work with them, even if it means adding a health question or requiring additional proof of employment/income to keep them comfortable with their underwriting offer.

This happened late Friday evening, so a message on the broker portal was the best we could do in such short notice. We have spent the day getting to as many recruiting agents as possible, and we hope to have a message to all agents with the resolution this week.  Please keep an eye on the broker portal for messaging as that is the fastest way to get a message out.

Regardless of the resolution on the above, we will have a National General term life on the portal on 12/1. This will be a simplified issue up to $100,000; ages 18-64.

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Top 10 Facts to Know About Long-Term Care Planning

Here are some key LTC statistic to consider!

CLICK HERE to access our LTC Awareness Marketing Guide

# 1 – Americans are living longer, in large part due to advances in medical care and public health.

# 2 – By 2030, one in five residents in the US will be age 65 or older.

# 3 – The number of people in need of long-term support services (LTSS) in the United States is already at 14 million and expected to grow to 27 million by 2050.

# 4 – Average out-of-pocket costs are $140,000 for those individuals who utilize paid long term care. Roughly 17 percent will spend over $100,000 on LTSS. Almost 9 percent will spend over $250,000 on LTC.

# 5 – By 2040, the total prevalence of Alzheimer’s disease and related dementias in the US is expected to approximately double from 7.2 million to nearly 13 million, with 8.5 million women and 4.5 million men expected to develop dementia.

# 6 – For those requiring high levels of LTSS, individuals and families pay 55 percent of long-term care costs out of pocket.

# 7 – Currently, the majority of older single-person households are female. Women comprised 74 percent of solo households age 80 and over.

# 8 – Some 7.5 million Americans have some form of long-term care insurance. Two-thirds of all new individual long-term care insurance claims pay for care needed by women.

# 9 – The long-term care insurance industry paid out $11 billion in benefits to some 310,000 individuals with insurance protection in 2019.

# 10 – 69.5 percent of new claims start after the policyholder reached age 80. If you live a long life, you are very likely to need long term care. You’ll be very glad you have a policy to pay benefits.