National Life Group’s IUL products are more relevant now than they have ever been. With new regulatory illustration guidelines going into effect, updates to our product and illustrations will ensure that you can continue to provide your clients with the peace of mind that a National Life Group IUL policy offers.
6 Important Updates to Know
- New FlexLife policies will have a different bonus structure, the Interest Bonus, which optimizes illustrated values for your clients under the new regulation and varies according to index crediting strategy.
- New PeakLife policies will offer your clients the flexibility to choose their bonus features, selecting from the current Enhancer Bonus designs or the new Interest Bonus design.
- The benchmark Point-to Point-Cap Focus S&P 500 strategy cap will decrease from 9.75% to 9.00% for all currently sold IUL products and most predecessor products. Credit Suisse Balanced Trend participation rates remain unchanged. New rates will be updated in illustrations systems on 12/12 and will apply for business paid after 12/14 for January 2021 sweeps. Cases paid on 12/14 (or prior) will sweep on 12/14 and receive the old rates.
In new illustrations, the Credit Suisse Balanced Trend index will become the default strategy, offering your clients the largest Interest Bonus for both FlexLife and PeakLife. Illustrations will also allow loan rates to be adjusted upward for Participating Variable and Standard Loans.
- Updates apply only to new business for NL and LSW IUL policy applications signed and dated on or after 12/12/20. Nothing changes for existing in-force policies.
- We will accept submitted business on the current IUL versions with applicant signatures signed and dated on or prior to 12/11/20. The new product and illustration updates will go into effect on 12/12/20.
Get your new business in! The final day to run new business IUL illustrations with current product bonus features is 12/11/20. If you have questions about running illustrations, please contact the Sales Desk.
Review the coming changes, transition rules and product enhancements on the IUL Update landing page and look for updated marketing and training materials, including IUL Buyer’s Guides and Product Guides, on 12/14.