Business Underwriters Associates, LLC

Corebridge - Protection IUL Improved Positioning 9.29.2023

09-21-2023

On September 29, 2023 an average premium reduction of 4% will be taken across the board on Value+ Protector III with continued emphasis towards performing well in all scenarios (max%: 6% and 5%) and across payment structures (level and short pay). Also improved guaranteed premium solve to age 90!

Commitment to diversification options

  • New S&P 500 High Bonus account performs best at 5% or more conservative rates
  • Merrill Lynch Strategic Balance (MLSB) and S&P 500 High Cap accounts will continue to perform best at max rate
  • Franklin Quality Dividend Index (FQD) is no longer available
  • All index account rates remain unchanged with the addition of the new S&P 500 High Bonus index account

 

Transition rules


AG Quick Ticket & Paper Application

  • Starting at 8:00 PM CST on September 29, 2023, only the new Value+ Protector III product will be available in WinFlex. The old Value+ Protector III product will be discontinued.
  • Application packets received in the Home Office October 2, 2023, through October 29, 2023, will automatically be given the new Value+ Protector III product unless the old Value+ Protector III product is specifically requested
  • Applications received in the Home Office October 30, 2023, and later will automatically receive the new Value+ Protector III product and the old Value+ Protector III product will no longer be available
  • Inforce reissue requests to the new product will NOT be honored
  • New applications submitted to replace existing inforce coverage with the new product will not be honored within 90 days of the existing coverage going inforce

iGO Full e-Application

  • Starting at 8:00 PM CST on September 29, 2023, only the new Value+ Protector III product will be available in WinFlex. The old Value+ Protector III product will be discontinued.
  • Application packets received in the Home Office September 30, 2023, through October 29, 2023, will automatically be given the new Value+ Protector III product unless the old Value+ Protector III product is specifically requested
  • Applications received in the Home Office October 30, 2023, and later will automatically receive the new Value+ Protector III product and the old Value+ Protector III product will no longer be available
  • Inforce reissue requests to the new product will NOT be honored
  • New applications submitted to replace existing inforce coverage with the new product will not be honored within 90 days of the existing coverage going inforce


New IUL Supplemental Applications

  • New supplemental applications are required for Value+ Protector III new sales
    • ICC19-108093 Rev0923
    • AGLC108093 Rev0923
    • AGLC108093-FL-2019 Rev0923
  • Value+ Protector III and Max Accumulator+ III share the same supplemental applications
    • Because there is no fund change for Max Accumulator+ III, both old and new IUL supplemental applications will be accepted up through October 29, 2023.
    • Starting October 30, 2023, Max Accumulator+ III will require the new IUL supplemental applications

 

Please give us a call at 800.792.6795 if you have any questions.

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