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.

Posted in Bulletins.