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Annuity and Life Insurance Product Update Q3 & Q4 2018

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This slide deck examines product releases from annuity carriers and life insurers covered in Corporate Insight's Annuity Monitor and Life Insurance Monitor research services. We provide a rundown of new products introduced on coverage group firms' websites in the second half of 2018 and highlight their key features.

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Annuity and Life Insurance Product Update Q3 & Q4 2018

  1. 1. Annuity and Life Insurance Product Update Q3 and Q4 2018 Patrick Flood
  2. 2. Table of Contents ▪ Introduction ▪ Annuities: Product Releases - Allianz Dual Bonus Benefit Rider and Index Advantage Income Variable Annuity - Brighthouse Fixed Rate Annuity, Fixed Rate Annuity MVA and Shield Level Select Six-Year Annuity v.3 - Jackson Lifetime Check and Elite Access Advisory II - Lincoln OptiBlend Plus ▪ Life Insurance: Product Releases - AXA BrightLife Grow - Haven Life Plus - John Hancock Accumulation IUL, Guaranteed Acceptance, HealthyMind, Vitality Go and Vitality Plus - MassMutual Vantage Term Product Series, Simplified Whole Life and Income Protection Option - Nationwide No-Lapse Guarantee, Accumulator II and Protector II - Prudential SimplyTerm ▪ About
  3. 3. Introduction
  4. 4. Background ▪ This slide deck examines new product releases from annuity carriers and life insurers covered in Corporate Insight’s Annuity Monitor and Life Insurance Monitor research services ▪ We provide a rundown of new products introduced on coverage group firms’ websites in the second half of 2018 and highlight their key features
  5. 5. Firms Covered ▪ Below is a list of the firms we track for our Annuity Monitor and Life Insurance Monitor research services: Annuity Monitor Life Insurance Monitor • Allianz Life • Athene • AXA • Brighthouse Financial • Fidelity • Guardian Life • Jackson National • Lincoln Financial • MassMutual • Nationwide • New York Life • Pacific Life • Principal • Prudential • TIAA • Transamerica • USAA • Vanguard • AXA • Brighthouse Financial • Haven Life • John Hancock • Liberty Mutual • Lincoln Financial • MassMutual • Nationwide • New York Life • Northwestern Mutual • Pacific Life • Principal • Prudential • State Farm • USAA
  6. 6. Annuities: Product Releases
  7. 7. Allianz Dual Bonus Benefit Rider ▪ New benefit rider launched in August, available with the Allianz Accumulation Advantage Annuity ▪ Offers two bonuses ▪ Provides a 10% bonus applicable to all premiums in the first year ▪ Includes interest bonus starting at 5% of interest earned and rising to 50% after contract year 10 until annuitization or full withdrawal
  8. 8. Allianz Index Advantage Income Variable Annuity ▪ Variable annuity product introduced in August ▪ Features income withdrawal percentages that increase yearly as account owners defer retirement ▪ Provides customization options through crediting methods ▪ Allows account owners to choose level or—if paired with the Income Benefit rider—increasing income payments in retirement
  9. 9. Brighthouse Fixed Rate Annuity ▪ One of two fixed annuities Brighthouse launched in September ▪ Offers an initial guarantee period of three, five or seven years ▪ Receives an enhanced rate with any purchase payment of $100,000 ▪ Includes the option to elect the Principal Guarantee Rider, which cannot be canceled
  10. 10. Brighthouse Fixed Rate Annuity MVA ▪ Second in a pair of fixed annuities Brighthouse launched in September ▪ Is similar to the Fixed Rate Annuity ▪ May apply a market value adjustment (MVA) if the account owner makes a withdrawal greater than the free withdrawal amount
  11. 11. Brighthouse Shield Level Select Six-Year Annuity v.3 ▪ New indexed annuity introduced in September ▪ Includes a six-year contract term with access to the S&P 500, Russell 2000 and MSCI EAFE indices ▪ Is currently only available through Raymond James Advisors
  12. 12. Jackson Lifetime Check ▪ Living benefit rider introduced in October ▪ Is the foundation of a larger company campaign that emphasizes financial freedom ▪ Provides a lifetime check that may increase, but will not decrease, based on the markets
  13. 13. Jackson Elite Access Advisory II ▪ Update of Elite Access Advisory variable annuity added in December ▪ Includes no withdrawal charge ▪ Has higher monthly fees than Elite Access Advisory I ▪ Allows account owners to choose between 130 investment options
  14. 14. Lincoln OptiBlend Plus ▪ November expansion of the existing OptiBlend 10 fixed indexed annuity ▪ Includes 6% premium bonus available upon purchase ▪ Offers three indexed accounts ▪ Is available with the optional Lincoln Lifetime Income Edge rider, which offers guaranteed lifetime payments
  15. 15. Life Insurance: Product Releases
  16. 16. AXA BrightLife Grow ▪ Enhanced version of the existing Brightlife Grow indexed universal life insurance policy released in September ▪ Includes updated index options ▪ Can be paired with Long-Term Care Services Rider and Cash Value Plus Rider concurrently
  17. 17. Haven Life Plus ▪ New rider introduced in August ▪ Provides account owners with third-party benefits ▪ Includes a legal will through Trust & Will, an online safe deposit box from LifeSite and a 15% discount on MinuteClinic service, available at CVS and Target
  18. 18. John Hancock Accumulation IUL ▪ Update of the existing Accumulation universal life product introduced in June ▪ Features redesigned index accounts ▪ Includes a guaranteed multiplier starting in year one
  19. 19. John Hancock Guaranteed Acceptance ▪ New final expense insurance product made available in October ▪ Starts at $13.40 a month for $2,000 of coverage ▪ Allows prospects to apply online or over the phone ▪ Does not require a medical exam
  20. 20. John Hancock HealthyMind ▪ New benefit introduced in June for the Vitality program ▪ Allows participants to gain Vitality points for meditating and completing a 30-day sleep challenge ▪ Includes free 12-month subscription to the Headspace app
  21. 21. John Hancock Vitality Go ▪ New, more basic version of the Vitality program introduced in October ▪ Allows policy holders to earn lower premiums with healthy actions, as with all Vitality programs ▪ Is included for no additional cost ▪ Offers Amazon and REI discounts ▪ Continues the ability to add Vitality points
  22. 22. John Hancock Vitality Plus ▪ Upgraded version of the Vitality program introduced in October ▪ Can be included in the cost of the policy or added for a minimum of $2 a month ▪ Includes an Amazon Prime membership for participants who meet certain requirements and a partnership with Hotels.com
  23. 23. MassMutual Vantage Term Product Series ▪ New series of term life insurance products launched in July ▪ Offers additional level-premium period options and an extended conversion period option
  24. 24. MassMutual Simplified Whole Life ▪ Simplified whole life policy unveiled in July ▪ Allows clients to apply online or over the phone ▪ Is available with $2,000 to $25,000 in coverage for final expenses ▪ Does not require a medical exam
  25. 25. MassMutual Income Protection Option ▪ New disability insurance product debuted in July ▪ Is offered to clients purchasing whole or term life insurance ▪ Includes limited benefits to help replace income for two years if the client becomes totally disabled
  26. 26. Nationwide No-Lapse Guarantee ▪ October update to the existing No-Lapse Guarantee universal life insurance product ▪ Offers a new optional return of premium feature, allowing clients to recover all or a portion of their premium should they no longer desire coverage ▪ Promotes the ability to pay with Apple Pay and Text to Pay
  27. 27. Nationwide Accumulator II ▪ New iteration of the existing Accumulator indexed universal life insurance policy introduced in December ▪ Is not available with the Additional Term Insurance Rider ▪ Is promoted as a method for boosting retirement income
  28. 28. Nationwide Protector II ▪ New iteration of the existing Protector indexed universal life insurance policy introduced in December ▪ Is promoted as a good fit for prospects looking to replace term or supplement employer insurance
  29. 29. Prudential SimplyTerm ▪ New term life insurance policy available in September ▪ Can be purchased online ▪ Offers up to $500,000 in coverage for term lengths of 10, 20 or 30 years
  30. 30. About
  31. 31. Annuity Monitor and Life Insurance Monitor ▪ Annuity Monitor (AM) and Life Insurance Monitor (LIM) focus on the online user experiences that leading firms provide prospects, clients and advisors ▪ Using actual accounts, AM and LIM give a firsthand look at current online capabilities, including client account information, transactions, tools, customer service and educational resources ▪ AM and LIM follow the products and services offered by competitors across the industries, providing an up-close view of what firms are doing to attract new clients
  32. 32. Contact Us Patrick Flood Senior Research Associate (646) 876-7535 pflood@corporateinsight.com

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