Business Underwriters Associates, LLC

AIG: Upcoming Rate Increases on May 30th

05-15-2020

American General is committed to providing competitive, attractive guaranteed life insurance products to clients, and the current environment imposes a need to increase their rates to maintain their viable position.  Effective May 30, premiums on Secure Lifetime GUL 3 and Platinum Choice VUL 2 will see an increase as the result of recent declines in interest rates and increased market volatility

Rates increase nationwide – Secure Lifetime GUL 3

Effective May 30, 2020:  Guaranteed premium to increase on average 15% varying by age and payment duration.

Transition Rules

Paper Applications

  • New GUL rates are effective May 30, 2020.
  • Applications received on or after May 30, 2020 will receive the new rates.
  • Starting 4:00 PM CDT on May 29, 2020 only the new rates will be available in WinFlex.
  • To receive the old rates, applications must be received on or before May 29, 2020.
  • Reissue requests will not be honored.

AG Quick Ticket

  • New GUL rates are effective May 30, 2020.
  • Applications submitted via Quick Ticket by May 29, 2020 will receive the old rates if AIG receives the application in good order by June 15, 2020.
  • Applications submitted via Quick Ticket by May 29, 2020 will receive the new rates if AIG receives the application in good order after June 15, 2020.
  • Applications submitted to AIG via Quick Ticket on or after May 30, 2020 will automatically receive the new rates.
  • Reissue Requests will not be honored

 

Platinum Choice VUL 2 Premium Increase

Effective May 30, 2020, premiums on Platinum Choice VUL 2 will see an increase as the result of recent declines in interest rates and increased market volatility.  Guaranteed premium to increase on average 15% varying by age and payment duration.  Changes to Current Account Premium Expense and COI charges − Current charges vary by age, gender, risk class, band and duration

Transition Rules

Paper Applications

  • New Platinum Choice VUL 2 rates are effective May 30, 2020.
  • Applications received on or after May 30, 2020 will receive the new rates.
  • Starting 4:00 PM CDT on May 29, 2020 only the new rates will be available in WinFlex.
  • To receive the old rates, applications must be received on or before May 29, 2020.
  • Reissue requests will not be honored.

AG Quick Ticket

  • New Platinum Choice VUL 2 rates are effective May 30, 2020.
  • Applications submitted via Quick Ticket by May 29, 2020 will receive the old rates if AIG receives the application in good order by June 15, 2020.
  • Applications submitted via Quick Ticket by May 29, 2020 will receive the new rates if AIG receives the application in good order after June 15, 2020.
  • Applications submitted to AIG via Quick Ticket on or after May 30, 2020 will automatically receive the new rates.
  • Reissue Requests will not be honored.