GBS News: Weekly Product and Underwriting Updates - Week of September 12, 2022
Published on
September 15, 2022
 |
|
|
IUL Cap Rate Increases Effective 9/15/22
Nationwide is increasing cap rates by 0.50% on the capped S&P 500® indexed interest strategies on Nationwide IUL Accumulator II 2020, for both new and in-force business. Many of their older IUL products (even those with guaranteed multipliers) will have higher cap rates too, up to an additional 0.10%. The changes go into effect September 15, 2022. This means that starting August 16, 2022, any premiums going into those indexed interest strategies with changes will benefit from the higher rates.
|
|
|
|
|
|
Improved No-Lapse Guarantee Pricing for SVUL Protector Effective 10/17/22
Starting October 17th, SVUL Protector no-lapse guarantee pricing will be improving (except in NY). Couples looking for death benefit protection, cash value accumulation potential, meaningful no-lapse guarantees, and diverse investment options should consider SVUL Protector. With a balance of death benefit protection and the potential to build cash value, this new pricing makes SVUL Protector an attractive option their leadership talent.
|
|
|
|
|
|
SwiftTerm Enhancements, Effective 9/8/22
Symetra is pleased to announce three exciting enhancements to Symetra SwiftTerm that are available starting 9/8/22.
- Lower pricing for coverage amounts $500,000 and above, SwiftTerm is once again a leader for low premium across the board — especially in their sweet spot ages of 25 to 55 years old in non-nicotine rate classes.1
- Policy size increase to $3 million. They’ve increased their maximum policy size from $2 million to $3 million to accommodate more of customers’ growing coverage needs.
- Coverage in as little as 18 minutes. Qualified clients can now get term coverage even faster than before — in as little as 18 minutes.2 That’s not just an instant decision they're providing, but an actual policy on the spot.
New pricing transition rules
- All new and pending applications will automatically receive the lowest rates available.
- Policies issued prior to Sept. 8 will keep the older rates.
1For more details about Symetra SwiftTerm’s competitive standings, refer to LIM-1637.
2Depending upon your client’s answers during the application process, they may travel down one of three underwriting paths— instant coverage, accelerated underwriting or full underwriting. The typical coverage turnaround time is about 18 minutes for instant coverage, 24-72 hours for accelerated underwriting and 30 days for full underwriting.
|
|
|
|
|
|
|
|
|
We at GBS Insurance thank you again for your business. For more information or insurance quote requests, please contact your brokerage manager or give us a call at (800) 473-5966
|
|
|
|
|
|
For agent use only - not for use with the general public.
|
Corporate License No. 0D87913
|
|
|
|
21820 Burbank Blvd., Suite 301
|
|
|
|
|
|
GBS Insurance and Financial Services, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
© 2022 Arthur J. Gallagher & Co.
|
|
|
|
|
|
