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Our Sixth Annual Carrier Survey: An Overview of the State’s Plans
1. What percentage of the cases you underwrote last year were issued at your top two preferred non-smoker classes?
Banner Life: 66 %
MetLife Investors USA Insurance Company: 32%
Principal Financial Group: 71%
Prudential: 53% (All data reflects policies sold through Prudential Select Brokerage in 2007.)
Transamerica Occidental Life: 64%
West Coast Life: 53%2. What percentage of the cases you underwrote last year were issued at your top two standard nonsmoker classes?
Banner Life: 31%
MetLife Investors USA Insurance Company: 57%
Principal Financial Group: 27%
Prudential: 42%
Transamerica Occidental Life: 30%
West Coast Life: 44%3. What percentage of the cases you underwrote last year were issued at your top two standard smoker classes?
Banner Life: 3%
MetLife Investors USA Insurance Company: 5%
Principal Financial Group: 2%
Prudential: 5%
Transamerica Occidental Life: 4%
West Coast Life: 3%4. What is your A.M. Best Rating?
Banner Life: A+
MetLife Investors USA Insurance Company: A+
Pacific Life Insurance Company: A++
Prudential: A+
Transamerica Occidental Life: A+
West Coast Life: A+5. What are the convertibility options?
Banner Life: Convertible for the duration of the guaranteed level premium period or up to attained age 70 whichever comes first. Policies issued at age 66 or over are convertible during the first five policy years.
MetLife Investors USA Insurance Company: For issue ages less than 65, the policy is convertible until the earlier of the end of the initial level period or the policy anniversary at the insured’s attained age 70. For issue ages 65 and older, the policy is convertible for the first five policy years.
Pacific Life Insurance Company: Level term period or Age 75 whichever occurs first.
Principal Financial Group: Term policies are convertible to any of our currently issued permanent life insurance products up to the insured’s age of 65.
Prudential:
• Term Essential 10-year, 15-year, 20-year, and 30-year is convertible to the end of the level premium period or age 65 whichever is earlier, but never less than five years.
• Term Elite 10-year, 15-year, and 20-year is convertible to age 65, but never less than five years. A term conversion premium credit is available during the first five years. The term conversion premium credit is fully commissionable upon conversion in years three to five.
• PruLife’s return-of-premium term 15-year, 20-year, and 30-year is convertible to age 65 or the 10th policy anniversary whichever is earlier, but never less than five years.
Transamerica Occidental Life: Up to the earlier of the end of the initial level premium period or insured’s 70th birthday (75th birthday for Preferred Plus).
West Coast Life: Conversion allowed on all term products until the end of the level term period for 10-year, 15-year, 20-year policies. It is convertible for 20 years for the 25-year and 30-year policies. Conversions must be before insured’s attained age of 75.6. May a term policyholder select any permanent product or is the term policyholder restricted to certain products?
Banner Life: Advantra is a 20-year term alternative UL plan, which is not available for conversions. All other UL plans are available for conversions.
MetLife Investors USA Insurance Company: In general, all products are available, but there may be rare exceptions. All base products are available.
Pacific Life Insurance Company: Any product we make available at the time of the conversion.
Principal Financial Group: Any permanent product.
Prudential: The policyholder may select any individual permanent plan regularly offered for sale. The policyholder is allowed to convert to a survivorship policy although the company can choose to discontinue this practice.
Transamerica Occidental Life: Convertible to designated UL.
West Coast Life: Term may be converted to permanent plans available for conversion.7. What are the available riders, such as WP, Child, AD&D?
Banner Life: Waiver of premium.
MetLife Investors USA Insurance Company: Waiver of premium, convertible waiver of premium, and acceleration of death benefit.
Pacific Life Insurance Company: accelerated living benefit, premium waiver
Principal Financial Group: Waiver of premium, accelerated benefits, hazardous sports, aviation.
Prudential: Waiver of premium, child protection rider, and accidental death riders are available.
Transamerica Occidental Life: WP, children’s and accident indemnity.
West Coast Life: WP, accidental death benefit, children’s insurance, accelerated death benefit.8. Do you offer any other riders? Please describe.
Banner Life: No
MetLife Investors USA Insurance Company: Yes, long-term care guaranteed purchase option.
Pacific Life Insurance Company: No
Principal Financial Group: No.
Prudential: An accelerated death benefit is available.
Transamerica Occidental Life: No9. What was the average face of issued cases last year?
Banner Life: $658,561
MetLife Investors USA Insurance Company: $921,077
Pacific Life Insurance Company: $1,321,000
Principal Financial Group: $727,130
Prudential: Average brokerage face amount is $935,541
Transamerica Occidental Life: $600,000
West Coast Life: $577,55310. What was the average premium of issued cases last year?
Banner Life: $1,219
MetLife Investors USA Insurance Company: $1639
Pacific Life Insurance Company: $2781
Principal Financial Group: $1,209
Prudential: $2,147.
Transamerica Occidental Life: $1,650
West Coast Life: $99911. What term periods do you cover?
Banner Life: 10-year, 15-year, 20-year, and 30-year.
MetLife Investors USA Insurance Company: 10-year, 15-year, 20-year, and 30 year.
Pacific Life Insurance Company: ART, 10-Year and 20-year.
Principal Financial Group: 10 year, 15 year, 20 year, 30 year, ART.
Prudential:
• Term Essential – 10-year, 15-year, 20-year, and 30 year.
• Term Elite – 10-year, 15-year, and 20-year.
• PruLife ROP Term – 15-year, 20-year, and 30-year.
Transamerica Occidental Life: YRT, 10-year, 15-year, 20-year, 25-year, and 30-year.
West Coast Life: 10-year, 15-year, 20-year, 25-year, and 30-year.12. What percentage of term was 10-year level?
Banner Life: 19%
MetLife Investors USA Insurance Company: 30%
Pacific Life Insurance Company: 37%
Principal Financial Group: 24%
Prudential: 42%
Transamerica Occidental Life: 35%
West Coast Life: 23%13. What percentage of term was 20-year level?
Banner Life: 54%
MetLife Investors USA Insurance Company: 27%
Pacific Life Insurance Company: 41%
Principal Financial Group: 49%
Prudential: 31%
Transamerica Occidental Life: 37%
West Coast Life: 49%14. What percentage of term was 30-year level?
Banner Life: 16%
MetLife Investors USA Insurance Company: 32%
Principal Financial Group: 12%. Also, 11% 15-year term, 4% ART
Prudential: 12%
Transamerica Occidental Life: 8%
West Coast Life: 13%