Nationwide: Updated IUL and SIUL products for 2020
On November 7, 2020, Nationwide will launch an update to their Nationwide IUL Accumulator II, Nationwide IUL Protector II and Nationwide Survivorship IUL products. The changes build on their low-cost, transparent design that’s focused on putting customers’ needs first. The following new products are being introduced to replace their counterparts:
|Old Products||New Products|
|Nationwide IUL Accumulator II||Nationwide IUL Accumulator II 2020|
|Nationwide IUL Protector II||Nationwide IUL Protector II 2020|
|Nationwide Survivorship IUL||Nationwide Survivorship IUL 2020|
Illustration software to be updated Nov. 7, 2020
What is Changing?
- Removing all multipliers
- Keeping five of the indexed interest strategies and increasing the cap rate on two of them; lowering the cap rate on two; and increasing the spread rate on one
- Increasing the maximum illustrated rate for core strategies
- Lowering the maximum illustrated spread on IUL alternative loans to 0.50%
- Nov. 6, 2020: Applications must be received in good order to receive the old product.
- Nov. 7, 2020: Applications received on or after this date will be for the new, updated products.
|Application Signed Date November 6, 2020:||
|Application Received Date November 6, 2020||
|Funding Deadline January 29, 2021||Old products: In addition to the above deadlines, the policy must also be in force and funded by January 29, 2021|
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 March 29, 2021.
Reopening applications for the old products
Closed applications reopened on or after November 7, 2020 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.
Backdating to save age
Both the old and new products can be backdated to save age. Applications for older products that are received before the deadline, can be current dated.
Nationwide has long been an advocate for transparency with low costs, guarantees and illustration supplements that emphasize their focus on putting customers’ needs first. Likewise, Nationwide is proud of their consistency in never increasing COI rates on in-force policyholders, never decreasing our persistency bonuses — and not restricting applications due to COVID-19. Nationwide carefully designs, prices and manages their life insurance products to offer long-term value for policyowners and to make sure they remain a strong, stable company to honor their promises.