Effective Friday March 13, 2020, American General Life Insurance Company (AGL) will be implementing premium cap changes on specific universal life products.
AGL is dedicated to providing guaranteed life insurance options and is committed to providing competitive products that are sustainable, but recent equity and bond markets have seen significant movements. The U.S. 10 Year Treasury rate was 1.92% at the end of 2019 and has since fallen close to 1.00% as of March 3rd, 2020. As a result of dramatic interest rate change and increased market volatility, AGL will be implementing premium cap changes on the following products:
QoL Guarantee Plus GUL II: $500,000 premium cap
This new premium cap applies to premiums in any policy year, which also include any lump sums or 1035 exchange amounts.
Winflex Web Illustration systems will be updated with new premium limit on April 3, 2020.
Any case submitted on or after the effective date (03/15/2020) with premium greater than or equal to the amount listed above will not be considered. We will notify you of any changes when economic conditions improve.
With NFG Brokerage, you no longer need to depend on a one size fits all approach. We work hard for you to create customized insurance strategies to help you deliver the most affective solutions to your clients. Your success is our success...don't delay!
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.