On December 3, 2018 Nationwide is introducing two new Indexed Universal Life (IUL) products,

Nationwide® IUL Accumulator II – Focused on protection with cash accumulation for income

Nationwide® IUL Protector II – Focused on protection with low-costs and a lifetime guarantee

  • More choice and flexibility– Seven indexed interest strategies with upfront pricing. Select a lower cost option or one with a charge for a higher cap rate or higher multiplier.
  • Up to a 65% multiplier credit – Combine our 15% and 50% multipliers for an additional 65% credit starting in policy year 6; both multipliers are guaranteed.
  • More confidence builders – We include automatic monitoring to help keep clients informed and on track to get the most from their policy. Our Nationwide IUL Rewards Program® is guaranteed – and with the growing awareness of consumers surprised by rising COi rates on in force policies – you’ll be glad to know we haven’t increased ours.

The products are not available in: CA, DC, DE, FL, HI, MA, MT, NY, VI & PR (Subject to change.)

Transition Rules

Please use these Transition Guidelines as you introduce the new products to your clients.

Old Products  New Products
Nationwide YourLife Indexed UL Protector Nationwide Indexed UL Protector II
Nationwide YourLife Indexed UL Accumulator Nationwide Indexed UL Accumulator II

Please Note: Nationwide YourLife Indexed UL will remain open and will not transition at this time.

Important Dates

Application Signed Date
Friday, March 1, 2019
  • Old product: Applications for an old product must be signed on or before March 1, 2019 to be eligible for the product
  • New product: Applications signed after March 1, 2019 will be considered an application for a new product, contingent upon state approval
Application Received Date
Friday, March 15, 2019
  • Old product: Applications for an old product must be signed on or before March 1, 2019 to be eligible for the product
  • New product: Applications signed after March 1, 2019 will be considered an application for a new product, contingent upon state approval
Funding Deadline
Friday, May 10, 2019
  • Old product: In addition to the above deadlines, the policy must also be in force and funded by May 10, 2019

1035 Exchanges

  • For policies funded by 1035 money in any state, the In-Good-Order (IGO) 1035 paperwork must come with the application with the same date restrictions above. The 1035 requests then will be sent to the
    relinquishing carrier by Nationwide and tracked following standard procedures. These cases will have an extended funding deadline of June 28, 2019.

Backdating for new products

  • New policies can be backdated to save age although they may not be backdated prior to the state approval date. Please refer to your state backdating guidelines as not all states have the same backdating rules.

Underwriting Deadline

Friday, March 1, 2019 Reopening applications for the old products
If applications for an old product have been closed – and then reopened after the Application Signed Date cutoff of March 1, 2019 – they will be considered an application for the new product. This applies to applications closed due to outstanding underwriting requirements or otherwise “not taken” – and regardless of the original application signed date.

Pending Business
Up until March 1, 2019, any pending cases for an old product will continue to be underwritten as such unless we receive a request to change to the new product. After that date, a new application will be required for the new product.All applications for a new product are contingent on state and firm approval of the product.For both Reopened and Pending Business, if the customer wants to move from the old to the new product, then the following paperwork will be required before the new policy can be issued:

  • New illustration
  • New product specific allocation form
  • Either a new application or signed amendment

 

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604 Harper Avenue, Jenkintown, PA 19046 | P: 800.543.5555 / 215.517.4080 | F: 800.343.0804 / 215.517.4087

Miami Office:
3470 NW 82nd Avenue, Suite #670, Doral, FL 33122 | P: 800.683.3077 / 305.908.6700 | F: 800.343.0804

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

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