SYMETRA
Effective 09/15/22
Symetra is announcing a rate change effective Thursday, September 15th 2022.

Stride: No change

Edge Elite:

S&P cap +1%
S&P Par +2%
JPM cap- No change
JPM par +5-15%
Putnam cap- no change
Putnam par+ 5-10%
Fixed rate +60bps

Income Edge

Fixed rate + 25bps
S&P cap +50 bps
JPM Efficiente+ 100bps

Select Pro + 40-50bps

Select Max +40-75bps

NY FIXED RATES

Custom 5 and 7 + 0-20bps

Select 5 and 7 +10-20 bps

To view rates, click here.

AMERICAN EQUITY
Effective 08/17/22
AssetShield Rates Are Increasing
We’re pleased to announce that fixed interest and crediting rates are increasing on our flagship AssetShield fixed index annuity series, starting August 17.
To view rates, click here.
Contracts issued August 17, 2022 and after will receive the new rates. There will be no rate adjustment made to previously issued contracts, and no exceptions.
Thank you for your continued business with American Equity. If you have any questions, please reach out to Sales Support at 888-647-1371.

PROTECTIVE
Effective 09/12/22
Lower Rates for Protective Classic Choice Term

Protective is dedicated to staying competitive in the term market, so we’ve lowered our prices on Classic Choice Term effective 9/12/22. Please see below for full transition guidelines and click here for the official bulletin (9/12/22 Classic Choice Term Reprice).

This reprice impacts all states except NY and includes premium decreases in our Non-Tobacco, Preferred and Select Preferred classes (no increases). The largest decreases were to our $250K+ face band for 20-year term as well as $250k and $1M face bands for 35-year term. 

Keep in mind, our most competitive positioning is on monthly mode. Some illustration tools default to annual mode, so make sure and check out our rates at monthly mode for those cases that will likely be sold as monthly even though they might initially be quoted at annual.

Transition Rules:

• For paper business: applications must be signed and received on or before September 26, 2022.
• For electronic ticket business and direct writers: applications must be signed and received on or before October 10, 2022.
• Any application in Underwriting on September 12, 2022, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
• New York does not have a rate change, but the plan codes are changing so they will follow the above rules.

PROTECTIVE
Effective 08/15/22
Protective Indexed Choice UL and Classic Choice Term were repriced 8/15/22 with even lower rates in most scenarios! See below for details and transition guidelines.

8/15 Indexed Choice UL Reprice

Lower premiums for Guarantee to Age 90 solves

Averaging 12% to 16% decrease

• New rate band at $500K, improving competitiveness for death benefits of $500K – $999K
• As a result of these lower premiums, some cash values may decrease.
• Some designs (other than A90 NLG solves) may see slight increases so double-check any cases you are currently working and note the transition guidelines below to ensure you get the case submitted accordingly.

Transition Guidelines

• For paper business: applications must be signed and received on or before August 29, 2022.
• For ticket business: applications must be signed and received on or before September 12, 2022.
• Any application in Underwriting on August 15, 2022 may choose the version of the product (old or new) but will retain the rates that were initially quoted unless otherwise requested up until the case has been approved.

Click this link to access official announcement BGA – ICUL Latest News.

8/15 Classic Choice Term Reprice – All States Except NY

• Rates lowered to maintain competitive positioning
• CCT now ranks #1 in 70% of scenarios and is in the top 5 in 92% of scenarios (monthly premiums)
• Larger decreases targeted at
• $100K-$249K and $1M rate bands for 20-30 term periods
• $500K-$999K rate band for 20-year term
• Post level term rates remain the same
• Tobacco rates remain the same for all term periods

New York

• No change to rates but there will be new plan codes

Transition Guidelines

• For paper business: applications must be signed and received on or before August 29, 2022
• For ticket business: applications must be signed and received on or before September 12, 2022.
• Any application in Underwriting on August 15, 2022 may choose the version of the product (old or new) but will retain the rates that were initially quoted unless otherwise requested up until the case has been approved
• New York does not have a rate change; however, the plan codes are changing so they will follow the above rules

Click this link to access official announcement BGA – CCT Latest News page.

BANNER LIFE
Effective 08/01/22
Banner Life will no longer accept the traditional LIA (ICC08-LIA and state variations). As of this date, these forms will no longer be accepted. All applications must be submitted with either the new LIA or the digital application through our Horizon platform.