October 20, 2020
2020 IUL Product & Illustration Updates Coming December 12
Updates to National Life Group’s industry leading suite of Indexed Universal Life Insurance products.
As life insurance industry regulations evolve and prompt changes to how IULs are illustrated, National Life Group’s value proposition of our leading IUL products are more relevant than ever in current market environments.
In response, we are pleased to announce some updates that will ensure you can continue to provide your clients with the peace of mind that a National Life Group IUL policy offers.
Important Updates:
- Life insurers across the industry are making changes to adapt to new regulatory illustration guidelines, which limit the way bonuses are illustrated on IUL products. As such, the new illustration regulation requires changes to how current bonuses and loans can be illustrated.
- Nothing changes for existing in-force policies. Updates apply only to new business and in-force illustrations for NL and LSW IUL policy applications signed and dated on or after 12/12/20.
- FlexLife’s current bonus structure will be replaced with a fixed persistency bonus, optimizing illustrated values for your clients under the new regulation
- New PeakLife policies will offer your clients the flexibility to choose their bonus features, selecting from the current Enhancer Bonus designs or the new fixed persistency bonus design
The new product and illustration updates will go into effect on 12/12/20 (in accordance with the shift in regulatory deadlines), but we will accept business on the current versions through 12/11/20. Product updates and training will be rolled out in the weeks leading up to the updates.
More information about the new updates and important deadlines can be found below.
View Transition Rules and EOY Deadlines
Offering upside potential and downside protection, living benefits and many more competitive features, our IUL products continue to shine through regulatory changes.
Register for a training session and freshen up on our IUL products and the value of volatility control.
Stay Tuned
We will continue to share updates and details around the new bonus features over the coming weeks.
