IUL Protect Series 160 updates the guaranteed multiplier and enhances the riders offered on the product while keeping the familiar features of IUL Protect Series 159.
- Guaranteed Multiplier: Starting in policy year two, the Index-Linked Rates of Return for maturing Segments will be increased by persistency bonus of 10%.
- Riders and Endorsements: The Cash Value Plus Rider and the Long-Term Care ServicesSM Rider can now both be offered on a single policy.
- Premium Charges: The premium charge will be 6% in all years on a current basis. On a guaranteed basis, they will not exceed 8%.
- A new look and feel comes to the IUL Protect Series 160 life illustration.
Key Existing Product Features:
- Extra Interest Credit: The innovative Segment Interest feature allows clients to benefit directly from future increases in the credited interest rate for the unloaned GIA even while their funds are allocated to the Select (Index-linked) Account.
- “No-Math” No Lapse Guarantee to age 90 (or for 40 years if issued for an insured under attained age 50.)
- Policy charges cease at attained age 105 on a current, non-guaranteed basis.
- Applications can be submitted beginning Tuesday, January 22, 2019.
Most features remain the same between Series 159 and Series 160. This section highlights the significant changes.
- Guaranteed Multiplier
Starting in policy year two, the Index-Linked Rates of Return for maturing Segments will be increased by persistency bonus of 10%.
- Cash Value Plus Rider Enhancements
The Cash Value Plus Rider and the Long-Term Care ServicesSM Rider can now both be offered on a single policy. In addition, the increased compensation rates for CVPlus introduced with BrightLife® Grow Series 159 will be brought to IUL Protect Series 160.
- Premium Charges
The premium charge will be 6% in all years on a current basis. On a guaranteed basis, they will not exceed 8%.
Effective January 22, 2019, IUL Protect Series 160 will be available for sale in all jurisdictions. The state availability chart will be made available in the Products section of our website. The policy form will not change from Series 159.
IUL Protect Series 160 will be replacing IUL Protect Series 159 in our life insurance product portfolio in all jurisdictions.
IUL Protect Series 159 will remain available until February 15, 2019. This means that both IUL Protect Series 160 and IUL Protect Series 159 will be available from January 22, 2019, through February 15, 2019. Signed applications received after February 15, 2019, will be issued as IUL Protect Series 160 provided the necessary requirements are received.
Prospective owners of applications for IUL Protect Series 159 currently pending underwriting approval, as well as owners of IUL Protect Series 159 policies issued between November 23, 2018, and January 21, 2019, may elect to switch to a IUL Protect Series 160 policy. This transition period provides prospective owners with the opportunity to get the enhanced features of the new product with no change in timing or amount of coverage in force. Please seek clarification from your case manager and/or Life Product Management on the eligibility and process for specific cases to manage the transition and any additional requirements.
If the owner elects to do this, the request to exchange must be received by February 15, 2019, and AXA will require the following:
- IUL Protect Series 159 policy must still be in force (if already placed)
- A completed IUL Protect Series 160 Product Information Questionnaire
- A IUL Protect Series 160 illustration that conforms with the amended application
- If the original IUL Protect Series 159 policy has already been printed and mailed, then a Notification of Non-Acceptance of Policy (NTO) form for the original policy will also be required
- A critical amendment to the application for the original IUL Protect Series 159 policy will be sent out once all other requirements are received and the new policy is in print.
Once issued, the new policy will have a new policy number and will have a register date based on standard new business dating rules.