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Protective Update – AG49

Home/Others/Protective Update – AG49

Indexed Universal Life Maximum Illustrated Rate Change

Effective September 1, 2015, the maximum illustrated rate for Protective Indexed Choice UL will change from 6.28% to 5.76%. This will only impact the illustrated rate on new policies, and not the actual credited rates which are based upon the performance of the S&P 500. This rate change will be active in their illustration system as of August 17, 2015

​More detail 
Protective Life Bulletin
DATE: August 19, 2015
TO: Protective Life Distributors
FROM: Transpacific Financial Inc.
RE: Indexed Universal Life Maximum Illustrated Rate Change 
Effective September 1, 2015, the maximum illustrated rate for Protective Indexed ChoiceSM UL will change from 6.28% to 5.76%. This will only impact the illustrated rate on new policies, and not the actual credited rates which are based upon the performance of the S&P 500®. This rate change will be active in our illustration system as of August 17, 2015.

Protective Indexed Choice UL policies issued after August 15 will have an effective date of September 15 or later. We will request a Revised Illustration with the new 5.76% rate for any policy issued after August 15 originally illustrated with the 6.28% rate.

This change comes from Actuarial Guideline 49 (AG49), a new requirement mandated by the National Association of Insurance Commissioners (NAIC) in an effort to standardize how indexed universal life insurance policies are illustrated across the industry. These new requirements only impact how indexed universal life policies are illustrated, not how they function.

The new maximum illustrated rate is limited by a calculation using the average annual return of the S&P 500 with an Annual Point-to-Point strategy, assuming a 100% participation rate, 0% floor rate and current annual cap rate using rolling 25-year periods dating back 65 years.

At Protective Life, we wholeheartedly support these changes to help deliver a more consistent indexed universal life experience to consumers. We believe that even with this change, our Protective Indexed Choice UL policy will continue to be extremely competitive solution in the marketplace, helping you offer even more value to your clients.

 

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