Cap Removal on new Secure Survival GUL II
Effective July 1st, Secure Survivor GUL II Face Amount Cap will be removed. The temporary $5,000,000 Face Amount Cap was established on April 14th of this year, and will be removed July 1, 2018. This cap removal only applies to the newly repriced product.
Backdating rules for AG Secure Survivor GUL II (existing product)
Premiums on Secure Survivor GUL II are increasing from 21% to 26% on July 1st. To receive old rates, backdating is being made available through September 28th. When backdating to receive old rates, the $5,000,000 Face Amount Cap will be effective.
Backdating will be allowed through 9/28/2018 for applications received by 6/29/2018 to receive the effective date of 6/28/2018 and the old rates. Additional premium may be required when backdating the policy. See transition rules below for more backdating detail.
Transition Rules for Secure Survivor GUL II Reprice
- The repriced product – Secure Survivor GUL II (July 2018) – will replace AG Secure Survivor GUL II effective on 7/1/12018.
- Applications received on 6/30/2018 and after will automatically receive the new Secure Survivor GUL II (July 2018) rates.
- In order to receive the old rates applications must be received by 6/29/2018 and issued with an effective date of 6/28/2018.
- Backdating will be allowed through 9/28/2018 for applications received by 6/29/2018 to receive the effective date of 6/28/2018 and the old rates. Additional premium may be required when backdating the policy.
- Applications received on 6/30/2018 or after will not be allowed to backdate prior to the new effective date of 7/1/2018.
- An application for AG Secure Survivor GUL II that results in a Secure Survivor GUL II (July 2018) policy requires a dated and signed illustration for Secure Survivor GUL II (July 2018).
These changes are specific to Secure Survivor GUL II only. This does not affect our individual product Secure Lifetime GUL 3.
While we strive to hold Secure Survivor GUL II product rates steady, the long-standing interest rate environment continues to put pressure on the industry. To ensure we stay focused on our commitment to deliver higher value to both you and your clients, a price increase is necessary.