January 12, 2021
GLIR and Interest Rate Changes Coming Soon
Brush up on the adjustments to our single premium annuity product lineup.
National Life continues our commitment to deliver our promises to protect lives, families, businesses and provide for retirement. Given these unprecedented market conditions, we need to make some necessary adjustments so we can continue to be there for our customers. Beginning January 25, 2021, you will see the following changes to the GLIR and Legacy Death Benefit for single premium products.
Guaranteed Lifetime Income Rider Changes
- All Products: The Guaranteed Withdrawal Percentages will reduce by .25% for all ages
- FIT Focus Income: Benefit Base Bonus will change to 12% and have a 4.5% simple roll up rate
To keep current, roll-up rates apps must be submitted by close of business on January 22, 2021. Policy must be paid and issued by March 31, 2021.
Legacy Death Benefit Rider Changes
- FIT Horizon Growth: Roll up will change to 3%
- FIT Focus Growth: Roll up will change to 7.5%
To keep current, roll-up rates apps must be submitted by close of business on January 22, 2021. Policy must be paid and issued by March 31, 2021.
Interest Rate Changes
Interest rates will begin to change on January 29, 2021.
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Additionally, for our SPDA-only products, applications received prior to January 22 will be locked in at the pre-decrease rates. As you prepare for these upcoming changes, please note the following deadlines to maintain the pre-decrease rates:
For a policy to receive the pre-decrease rates, the policy must be funded and issued by the earlier of:
- 60 days from the original application received date, or
- 30 days from the effective date of the rate change
