IRC Section 101(j) was enacted as part of the Pension Protection Act of 2006. For Employer-Owned Life Insurance (EOLI) issued after August 17, 2006, the death proceeds of a life insurance policy above the policy cost basis will be income tax free only if certain Notice and Consent requirements are met. IRS issued IRS […]
Archive for year: 2014
Transamerica is introducing its TransNavigator Index UL product. The product features domestic (S&P 500) or global index accounts (S&P 500, Hang Seng, EURO STOXX 50). Also, a Long Term Care rider is available. With the release of TransNavigator Index UL, Transamerica is withdrawing the Freedom Index UL II product and the Freedom Global IUL II […]
Effective August 11, 2014, Prudential will be re-pricing their UL and Term products. For UL Protector, single pays will decrease across the board by 10-12% and level pays are decreasing 3% primarily on males ages 50-75; For SUL Protector, single pays will see a 1% price decrease and level pays will see a 1% increase […]
Mutual of Omaha has lowered their term life rates for preferred and standard non-tobacco, especially for face amounts in the $500,000 and $1,000,000 bands. Very competitive rates for Term Life Answers 10, 15, 20, and 30 year products at issue ages 40-65. Extremely competitive rates for Term Life Answers 30 year product; Term conversions are […]
Effective July 1, 2014, ANICO introduces its Signature Indexed UL product. The product offers three interest crediting strategies based on the performance of an Index with 100% participation rates: Cap of 14% with 0% floor; Cap of 10% with 1.5% floor; and 7.5% specified rate when Index increases or remains the same. Also, new partial […]
Effective July 1, 2014, SBLI will offer new competitive term rates. The new rates are particularly strong for face amounts of $500,000 and up. The number of premium bands have been increased from three to four: Band 1-$100,000 to $249,999; Band 2-$250,000 to $499,999; Band 3-$500,000 to $999,999; Band 4-$1,000,000 +.
Effective July 1. 2014, Legal & General will implement a significant premium increase on their Life Step UL product. Life Step UL is their UL policy for term conversions. Premiums for males will increase from about 30% to 50% depending on underwriting class. Premiums for females will increase just over 20% across all underwriting classes. […]
Effective June 5, 2014, ING has removed its premium restriction on its guaranteed Indexed UL product which had limited any annual premium to 5 x the premium target. This lifting of the 5 x restriction will make Section 1035 exchanges and short pay premium scenarios available again.
Effective July 21, 2014, Genworth will be launching its Privileged Choice Flex 3 long term care product. The maximum daily benefit amount changes from $400 to $300; the maximum monthly benefit changes from $12,000 to $9,000; a 2% compound inflation protection option is added; all home care services require an Agency service provider; and refund […]