New updates to AG49A regarding the maximum illustrated rate for fixed bonus allocations go into effect industry-wide on May 1, 2023.
As a result of these updates, the maximum illustrated rate for our Classic Bonus using the Bloomberg US Dynamic Balance II ER Index and PIMCO Tactical Balanced ER Index will drop from 7.08% to 5.74%, effective May 1, 2023.
Nothing has changed with our product. We still have the same powerful product and features offered with Allianz Life Pro+ Advantage℠ Fixed Index Universal Life Insurance Policy.
The following rules apply to the impacted indexes using the Classic Bonus:
· Paper applications received on or before Friday, April 28 by 2:59 p.m. Central Time can use the current (pre-AG 49A updates) maximum illustrated rate of 7.08%.
· Electronic applications submitted on or before Sunday, April 30 by 11:59 p.m. Central Time can use the current (pre-AG 49A updates) maximum illustrated rate of 7.08%.
· Any applications received on or after May 1, 2023 will follow the new AG 49A updates and can use the maximum illustrated rate of 5.74%.
Note: All other allocation options are unaffected by AG 49A updates.
- April 4, 2023
- Benkis Barrueta
- Carrier News, Long Term Care, Rate Change, Rates
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