State Life – Interest Rate Notice

Interest Rate Notice

New business interest rates for the OneAmerica Care Solutions product suite are changing, effective Tuesday, August 15, 2017.

Asset-Care, Annuity Care, Annuity Care II/III and Legacy Care new money rates are not changing. Indexed Annuity Care new money rates are mixed. New Indexed Annuity Care rates are listed below. 

View all rates »

The new rates will be as follows: 
 
Indexed Annuity Care
Point-to-point Cap: 2.15%
Point-to-point Par: 20.00%
Monthly average Cap: 2.30%
Monthly average Par: 33.00%
Fixed account: 1.10%
 
Most Beneficial Rate:  Indexed Annuity Care offers your clients the opportunity to receive the best declared interest (or cap, or par) rate available between the date their application is received in the Home Office, and the effective date of the contract, if fully funded within 60 days of application. This feature is intended as an easy-to-do-business provision to provide you and your clients the peace of mind to know that they can receive the best declared rates during the application process. Annuity Care also offers this feature for 1035/transfer monies only.  

American National – Illustrations on iPipeline iGo Being Discontinued

Illustrations on iPipeline iGo Being Discontinued     Effective 9/1/17, illustration capability within iPipeline iGo will no longer be available. Illustrations should be run utilizing ExpertIllustrator within ExpertOffice. Please note however, that iPipeline will continue to support quotes on the GUL and Term products through LifePipe. 

 

Reminder: Updated Annuity Disclosures 

    

Effective 8/1/2017, new annuity disclosures are required for several products, as seen in the chart available here. Please use the new forms to avoid a delay in business. New forms are available in ExpertForms.

 

Reminder: Updated Supplemental Application for ASIA PLUS 

 

Effective 8/1/2017, new supplemental applications are required for ANICO Strategy Indexed Annuity Plus, as seen in the chart available here. Please use the new forms to avoid a delay in business. New forms are available in ExpertForms.

Prudential – PruLife SUL Protector Changes

Changes to SUL Protector

Prudential strives to offer a relevant suite of products that align to a variety of customers’ needs. To reinforce our commitment to the no-lapse guarantee marketplace we will be introducing new pricing on PruLife SUL Protector.

The updated version has similar changes to those made to PruLife Universal Protector earlier this year. The new pricing incorporates the 2017 CSO table, uses Principal Based Reserves, and will help maintain the sustainability of SUL Protector. We will continue to monitor pricing on our entire suite of products and exercise the financial discipline that has helped Prudential provide enduring value to its clients for over 140 years.

Reprice Details

  • Level pay scenarios will increase 6% on average.
  • Single pay scenarios will increase 14% on average.
  • Face amount limits will be removed on applied for policies using the new rates.
  • Introduction of 1st year flexibility, limits impacts to the No-Lapse Guarantee when premiums are paid later in the first year than anticipated in illustrations. This can be particularly beneficial for 1035 exchanges and backdated policies.
  • CTPs will be increased and generally be higher than level pay premiums.
Limited NLG (premium based) period increasing from 5 years to 10 years.

National Western – Withdrawal Benefit Rider Updates

WBR Revisions Now Available!

 

Due to continued regulatory requirements affecting annuity income riders, NWL will be implementing changes to the Income Outlook and Income Outlook Plus 5 Withdrawal Benefit Riders effective with applications received on or after August 4, 2017.

Changes will initially be applicable to all states except California, Delaware, Hawaii, North Carolina, Ohio, Oregon, Pennsylvania, Washington, and Puerto Rico, and Impact 7S (all states). These states will continue to use the original WBR versions until further notice. The new versions will be referred to as NWL Income Outlook NH and NWL Income Outlook Plus 5 NH.

 

At-A-Glance:

  INCOME OUTLOOK NH INCOME OUTLOOK PLUS 5 NH
Initial Roll-Up Rate No Change – 3.00% Decreased from 4.00% to 3.00%
Current Annual
Rider Charge Rate
No Change – 1.00% No change – 1.50%
Maximum Annual Rider Charge Rate Increasing from
1.00% to 2.00%
Increasing from 1.50% to 2.00%

 

New Benefit – Nursing Home Confinement Provision After a 2 year waiting period, a Nursing Home Income Doubler is available for up to 5 years (90 day confinement requirement.) After a 2 year waiting period, a Nursing Home Income Doubler is available for up to 5 years (90 day confinement requirement.)
     
     

Additionally, after a 1 year Income Waiting Period, the Withdrawal Payment can be elected on any Policy Anniversary or Policy Monthiversary (any month on the same day as the Policy Date, subject to minor restrictions)!

Additional rider variations apply. Log on to MyNWL to review the marketing material including the Highlight Sheets and Consumer Brochures for additional information. 

Applicable
States:
Form
Description:
Product
Name:
Previous
Form #:
Current
Form #:
All states
(excluding
those listed
below):
NWL Income
Outlook NH – WBR Consumer Brochure
Income Outlook NH DM-1049 DM-1337
Income Outlook
Highlights – Variation
Income Outlook NH DM-1058 DM-1058-VAR
NWL Income Outlook Plus 5 NH – WBR Consumer Brochure Income Outlook
Plus 5 NH
DM-1120 DM-1338
NWL Income Outlook Plus 5 – Highlights –
Variation
Income Outlook
Plus 5 NH
DM-1122 DM-1122-VAR

 

Applicable
States:
Form
Description:
Product
Name:
Previous
Form #:
Current
Form #:
CA, DE, HI, NC, OH, OR, PA, UT, WA, PR NWL Income
Outlook – WBR
Consumer Brochure
Income Outlook DM-1049 No Change
Income Outlook
Highlights
Income Outlook DM-1058 No Change
NWL Income
Outlook Plus 5 – WBR Consumer Brochure
Income Outlook
Plus 5
DM-1120 No Change
NWL® Income Outlook Plus 5 – Highlights Income Outlook
Plus 5
DM-1122 No Change

 

 

Please note: These changes will only impact new issues and will not affect existing in-force policies. These changes will impact any applications with the Income Outlook NH or Income Outlook Plus 5 NH riders that are received on or after the effective date. Be sure to follow up on any pending transfers.