Carrier and Product Updates- August
Posted on August 30, 2011 in Product & Carrier Intelligence
PERMANENT COVERAGE UPDATES
Lincoln-Effective August 15th – Lincoln Introduced the LifeReserve Indexed UL – This new product represents an update of the current version with a focus on improving accumulation, distributions, and compensation.
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Lincoln-Effective August 15th – Lincoln Introduced the Re-Priced LifeGuarantee UL – The Coverage Protection Guarantee provides the same secondary guarantee protection, but now has two funding options: Lifetime Option and Flex Option. Please see attached document for product information and transition guidelines.
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Lincoln-Effective September 15th – Lincoln Life Guarantee SUL Will Limit the Sale of Heavily Funded Business – Lincoln defines “heavily funded” business as any policy more quickly funded than a 5-pay policy. This means Lincoln will not accept more premiums in the first 5 years than the cumulative 5-pay premium for the policy.
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Pacifc Life- Effective July 25th – Pacific Life Introduced the Pacific Prime VUL – Pacific Prime VUL is flexible premium, variable life insurance. This product offers tax-deferred cash value potential and the strength of over 70 high-quality funds, including 18 asset allocation investment options and 2 Fixed Options.
Product Information
Pacific Life- Effective August 1st – Cost of Insurance Rate Reduction for Versa-Flex III and Versa-Flex IV – Please see the attached document for additional details.
COI Reduction
Zurich-Effective August 2011- Zurich Introduced the Index UL – This product provides valuable death benefit protection combined with policy growth potential. The base policy provides death benefit guarantees with the option to issue select long-term death benefit guarantees. Please see attachment for additional information.
Product Information
Shauna Winer
CBIZ Special Risk
800-422-7536 ext: 3115
swiner@cbiz.com