At Nationwide, we are committed to carefully managing our life product portfolio in order to remain a strong, stable carrier you can rely on. Given this commitment – and the historically low interest rate environment – we are changing the pricing on our Nationwide YourLife No-Lapse Guarantee UL (NLG-UL), effective November 7, 2016. Target premiums are not changing. Also, the Nationwide YourLife No-Lapse Guarantee Survivorship UL II (NLG-SUL II) is not changing.
For new business with a specified amount of $1 million (Lifetime NLG), you can expect the following rate changes, on average:
- Ages 55-75: 0% to 10% increase (declining as the age nears 75)
- Younger than age 55: 10% or more increase
- Ages 55-75: up to 5% increase
- Younger than age 55: up to 10% increase
- 8-10% increase across all ages
* Actual rate changes will vary based on risk class, age, pay pattern, specified amount and other factors, and the percentage change may be more than the examples shown above.
On November 4, 2016, our illustration software will update with the new rates – and will also require case designs to be illustrated with a minimum no-lapse guarantee duration of at least age 95.
November 4, 2016
- Last date to receive the old pricing on Nationwide YourLife NLG-UL.
- “In Good Order” applications must be signed by November 4 and received by Nationwide no later than November 14, 2016.
- Illustration software will be updated to reflect the new pricing.
November 7, 2016
- Pricing change becomes effective for new business.
We will inform life insurance producers about this change in our October newsletters – and include the attached transition rules.
As always, we make things easier for you.
To help make NLG-UL policy management easier, we include our unique Automated Premium Monitor with every NLG-UL policy. And with more than 90 years of proven strength and stability, we are proud to be a carrier that your producers and their clients can have confidence in.