As of September 12, 2020, a new design of Select-a-Term will be launching in New York. Premiums will also be changing with a mix of increases and decreases, and some cells left unchanged.
In addition to new rates, the new product design includes these updates:
- Discontinuation of the Term conversion credit
- New Annual Renewable Term (ART) rates and changes to the ART design
- Death Benefit will have a onetime reduction at the end of the level period
- The first three premiums during the ART period will remain level with annual increases thereafter
Select-a-Term offers a unique mix of flexibility and reach:
- Guaranteed level term coverage for 18 durations, including 10-year and15 through 30 years and a 35-year term
- Select-a-Term remains convertible to the earlier of age 70 or the end of the level term period
- Extended conversion eligibility to the full suite of competitive US Life permanent products for the first 8 years of 10 year term durations, or
the first 10 years for term durations of 15 years and greater
Transition Rules for General Distribution
- Revised product and premium rates are available September 12, 2020.
- Applications received in the Home Office before September 12, 2020 will automatically get the old product rates unless the new product is
specifically requested. - Any requests for pending applications received prior to September 12, 2020, to get the new product, must be made prior to policy issue or conditional issue
- Applications received in the Home office September 12, 2020 and later will get the revised product rates.
- Reissue requests to the new plan will NOT be honored.
- New applications submitted to replace existing inforce coverage with the revised product will not be honored within 90 days of coverage going inforce.
AG Quick Ticket
- Revised product and premium rates are available September 12, 2020.
- Applications received in the Home Office before September 12, 2020 will automatically get the old product/rates unless the new product is specifically requested.
- Any requests for pending applications received prior to September 12, 2020, to get the new product, must be made prior to policy issue or conditional issue
- Applications received in the Home office September 12, 2020 and later will get the revised product/rates.
- Reissue requests to the new plan will NOT be honored.
- New applications submitted to replace existing inforce coverage with the revised product will not be honored within 90 days of coverage going inforce.