Business Underwriters Associates, LLC

Global Atlantic: Upcoming Sales Suspension for Index Universal Life Insurance

06-08-2023

Effective July 1, 2023, Global Atlantic will be suspending sales of their index universal life products that are issued by Accordia Life Insurance Company, including: 

  • Lifetime Builder ELITE index universal life (IUL) 

  • Global Accumulator IUL

  • Lifetime Foundation ELITE IUL 

This decision does not impact Global Atlantic's commitment to existing life insurance policyholders, and they will continue to devote the necessary resources to serving them. 

With their industry leading annuity and preneed businesses, they are well positioned to continue to serve clients in providing compelling product solutions. As Global Atlantic continues to support their inforce life products and complete the transformation to a broader new business platform, they will be well positioned to evaluate new product opportunities, including new hybrid and life insurance products, where they can deliver value to you and your clients. 

New Business Transition Rules 

  • All new business applications must be received in good order on or before June 30, 2023.
  • Financial professional contracting for these products must completed on or before June 30, 2023.  
  • All new business applications received in good order by June 30, 2023, will be processed by August 31, 2023:   
    • Applications that remain in a pending status on August 31, 2023, will be closed out as incomplete. 
  • Informal/trial life applications for these products will no longer be accepted as of June 1, 2023.  
  • All Financial Professional online product information, tools and quoting capabilities will continue to be accessible through June 30, 2023.  After that time, all new business tools and links will be disabled.

Inforce servicing  

  • Inforce policy details will remain accessible to you and policyholders via their FP and customer portals to assist with digital in-force case management/status.  
  • All data feeds and reports associated with inforce products will continue to be sent without interruption.  
  • The Global Atlantic contact center, available at (877) 462-8992, will remain in place to service financial professionals and in-force policy holders, without interruption.  
  • Commissions on in-force and issued policies will be paid according to your contract terms, without interruption.  
  • “New business” add-ons related to riders on all policies will continue to be accommodated as part of in-force management. Exchange of Insured will be permissible on COLI/BOLI (however, adding an insured will no longer be an option)  

Please give our sales team a call at 1.800.792.6795 if you have any questions.