Beginning June 1, our Guaranteed Universal Life Survivor (GULS) product will be more flexible than ever. That’s because we’re including the Guaranteed Refund Options (GRO) Rider with every qualifying policy – at no additional cost.
The GRO Rider gives policyholders:
- Seven windows throughout the life of their policy to surrender and get either a portion or all of their premiums returned
- The flexibility to adjust to estate planning needs or other life changes
In addition, we will be making some premium adjustments to the GULS. With these adjustments, we will still remain well positioned in the industry by providing the best overall value through competitive premiums plus the guaranteed refund option.
Here’s what you need to know about the upcoming changes:
GRO Rider
- Available starting June 1, 2016 to all clients who purchase a GULS policy and continue to make the required premium payments¹(including substandard and tobacco cases)
- Approved in all states
- Works exactly like the GRO riders on GUL, GUL plus, and Income Advantage IUL products
- Offers the ability for policyholders to receive 50% of their premiums back at the 15th policy anniversary or 100% back at the policy anniversary of 20, 21, 22, 23, 24, or 25²
- Provides the flexibility to adjust to estate planning needs or other life changes
- Included at no additional cost
¹In order to remain eligible for the rider, the client must continue to make their required premium payments as defined in the rider.
² The refund amount is capped at 35 percent of the policy’s lowest face amount and is reduced by any previous withdrawals and outstanding loans.
Premium Adjustments
- Effective June 1, 2016
- Allows GULS to remain well positioned in the industry by providing the best overall value through competitive premiums plus the guaranteed refund option
- Continues to be competitive for single- and short-pay scenarios
Transition Rules
- Rider and pricing changes apply to all GULS applications signed on or after June 1, 2016
- To receive the old pricing, GULS applications must be signed prior to June 1, 2016 and received in the home office no later than June 30, 2016. These policies will not be issued with the Guaranteed Refund Option rider
- Contact your underwriting team on pending GULS applications with a sign date prior to June 1, 2016 if the clients wants their policy issued with the GRO rider along with new pricing