This month’s carrier landscape is marked by a clear shift toward precision: from MassMutual’s fund substitutions to Prudential’s cap adjustments and Nationwide’s significant product transitions. These updates are reflections of a broader industry evolution where speed to issue, jurisdictional flexibility, and technical overfunding strategies are becoming the primary levers of client value.
Term Conversion Benefit Changes (Effective April 1): Ameritas is recalibrating its term conversion infrastructure. Conversion Credits (equal to one year of term premium) are now exclusive to conversions occurring in policy years two through five. Additionally, the Care4Life Accelerated Death Benefit Rider has been revised for new conversions; critical illness benefits are now capped at the lesser of $10,000 or 5% of the face amount.
IUL Interest Rate Adjustments (Effective March 28): Corebridge is implementing interest rate shifts across its currently sold and in-force IUL portfolios. While Max Accumulator+ IUL and Value+ Protector III will see minor impacts on cap and participation rates, the carrier maintains its competitive position in the accumulation and protection markets.
International Issuance & Promotional Extensions (Effective March 15): In a move highlighting jurisdictional flexibility, Manulife Bermuda now allows Global Generations (MGG) cases for Middle East residents with premiums up to $15M. Furthermore, the MGIUL ’24 and MGIUL PRO promotions have been extended through April 30, 2026, offering extended windows for pending cases to participate in these specialized offers.
Simplified Underwriting (Effective March 16): MassMutual has eased requirements for life policies under $100,000. Insureds age 60 or under can now receive faster offers with no fluids or physical exams required (Standard tobacco or non-tobacco classes).
Variable Product Fund Substitutions (Effective April 24): Post-NYSE close on April 24, five fund substitutions will be implemented for the LifeTrust and Variable Life Select products. Advisors should consult the Fund Substitution FAQ to manage client allocation strategies.
IUL Accumulator III Transition (Deadline April 10): The transition from the 2020 version to IUL Accumulator III is nearing its final stage. Applications for the old product must be signed by April 10 and received by the Home Office by May 8. Policies must be in force and funded by June 5.
Broad Portfolio Rate Increases (Effective March 15): Nationwide has increased most cap and participation rates across both currently sold and closed-block IUL and VUL products. This includes enhanced spread rates on select uncapped strategies and a reduction in strategy fees for the 2020 High-Cap Multi Index Monthly Average strategy.
Express Issue Expansion (Effective March 16): Leveraging advanced mortality predictive modeling, New York Life now offers accelerated underwriting for face amounts up to $5 million. This “lab-free” path is designed to assign a risk class in as little as 48 hours for eligible clients.
Underwriting & Compliance Enhancements (Effective March 16): Principal has introduced enhanced email validation and signature requirements for organization- and trust-owned policies. Additionally, a new New York Submission Guide is now available, alongside a Key Decision Maker form requirement for business-funded plans.
Premium Flexibility Expansion (Effective March 9): Protective’s Lifetime Assurance UL now accepts short pays, single pays, and 1035 exchanges for new policies. This update enhances the utility of the product’s guaranteed coverage (to age 121) and the optional ExtendCare chronic illness rider.
Q2 Index Account Increases (Effective April 15): Prudential is raising caps across its index account and buffered strategy portfolio. This proactive adjustment allows advisors to illustrate stronger upside potential in the current market environment.
IUL Mechanic Mastery (April 9): Symetra is hosting a technical webinar at 12:00 p.m. CT focused on the inner workings of Multipliers and Bonuses, offering an objective look at evaluating long-term performance.
