- American National
- Accordia Life
- Department of Labor Fiduciary Rule
- Legal & General (Banner Life & William Penn)
- Penn Mutual
- Regulation 187
New York State Life Insurance Product Portfolio Changes Effective April 1, 2018
Acting in the long-term best interests of all of its policyholders, Penn Mutual has made the business decision to no longer accept applications for the following life insurance products from New York state effective
April 1, 2018:
Accumulation Builder Advantage Indexed
Guaranteed Protection Universal Life
Survivorship Plus Indexed Universal Life
Protection Guard Universal Life
This decision is aligned with our 2017 CSO product portfolio strategy in New York state.
Formal applications In Good Order for these products
must be received in the Home Office no later than Friday, March 30, 2018. The policies that result from these applications must be issued and paid for by Thursday,
May 31, 2018.
In accordance with existing policies’ terms, advisers may continue to service all inforce policies in New York.
Products Still Available in New York
The following life insurance products will continue to be available in New York state:
Guaranteed Choice Whole Life
Diversified Growth Variable Universal Life
Guaranteed Term 10-15-20
One Year Term
Please note, there will be no change in the annuity products available in New York state.
Any questions? Please contact Specific Solutions Marketing Team at 716-632-7777 or 800-873-2345
New time-saving electronic Inspection Report
Life Insurance · 01/19/2018
We’ve all heard about the increased use of data in the underwriting of life insurance applications. Many requirements of the past have been replaced by new information sources. The pace of change is swift. And our newest change is intended to make the underwriting experience even better for the applicant.
The traditional Inspection Report is being replaced by an electronic Inspection Report, which means no more phone calls to the applicant.
It also means the electronic Inspection Report will be ordered by Principal® instead of in the field office.
Electronic Inspection Report:
It’s no longer a traditional IR where the client is called. We may still order a traditional IR for cause, but they are no longer an age and amount requirement. Instead we are running “EIR’s” – Electronic IR’s at certain ages/face amounts. We are hoping that this will be a better experience for the client’s, less intrusive in terms of calling out to them, asking the same questions we ask on app and exam.
Why is this good?
Fewer touches with the applicant for information during underwriting
Less work in the field office to order and follow up on the Inspection Report
Faster completion of the electronic Inspection Report to help reduce underwriting time
What else do I need to know?
We’re also eliminating mandatory third party financial information on trust-owned cases where the trust is less than two years old.
Starting February 5th, you can use the updated Paper Application Requirements (DD9155B) and TeleApp Requirements (DD9155A) in place of any existing ones you have.
When does all of this happen?
Changes are effective with applications dated Feb. 5, 2017 or after.
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