Advisors Blog

GBS News: Is GUL Going Away? | Nationwide LTC Price Increase | Tax Guide | and more

Published on January 13, 2021


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Is GUL Going Away?

Due to the continued low interest rate environment and stricter reserve requirements for the insurance industry, Guaranteed Universal Life (GUL) products are becoming more difficult for carriers to offer. Prices continue to go up and many carriers are simply suspending sales of their GUL products entirely - we expect more to do so in the next few months. 

We encourage advisors to look to the new generation of IUL products (“GIULs”) that include secondary guarantees to ages 90 or 100+ for similar long term guaranteed death benefit, plus some non-guaranteed cash value that may help carry the death benefit to maturity (attached is an example from AIG). Whereas the guaranteed to age 100 premium is $8,782 (Male 45 PNS - $1,000,000 using the Secure Lifetime GUL 3 ) with cash value projected never exceeding $158,000, that same premium into their Value+ Protector II provides a true guarantee age 96, but a projected cash value of over $1,786,000 at age 100, based on the current average interest rate of 5.01% and projected death benefit continuing to rise beyond age 100. For more details, please click below to see the attached illustration.


Nationwide LTC CareMatters II Price Increase

Effective January 11, 2021, Nationwide is repricing the Nationwide CareMatters II product for all new business. There are no changes to the product structure, contract language, forms, or types of benefits provided. There is no change to in-force policies because of this update. Please click below for more details and transition guidelines.


2020 Tax Reference Guide

Here’s a handy chart that shows all the key IRS numbers you are likely to need for tax and planning work – marginal tax rates, credits, deductions, contribution limits, estate taxes and more.


Annuity Carrier Applications Updated for 2021

Many carriers have made changes and updates to their annuity paperwork for 2021. Please make sure you are using the most current version when submitting new business. If you need additional information, or need help requesting a specific updated application, please don't hesitate to reach out to us for assistance.


When was the last time you did a policy review with your clients? Download this kit to get started.

Life insurance, like any financial asset, should be reviewed on a regular basis to make sure it is still meeting clients’ objectives. One of the most important functions we can perform is to monitor if clients’ life insurance policies are still applicable given their current financial and future goals.

Personally Owned Life Insurance

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Phone: (800) 473-5966

GBS Insurance and Financial Services, Inc. do not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

© 2021 Arthur J. Gallagher & Co. 




GBS News: PacLife New Rates | Estate Planning | 2021 Tax Guide | and more

Effective March 29th, Pacific Life Insurance adjusted rates for their PL Promise Term product for all states except NY. Cases that are issued (for delivery) through May 28, 2021 automatically receive the better of the old and new PL Promise Term rates. No request is necessary. This date provides a 60-day transition from their new rate launch date. Cases that are issued after this date receive the new PL Promise Term rates.


Principal: Drop Ticket Required for Most Term Cases for Speedier Service

Beginning April 1, 2021, Principal’s excellent drop ticket system must be used for all Term application submissions up to the maximum applicable Accelerated Underwriting face amount ($3 million for issue ages 18-40; $2.5 million for issue ages 41 and older). Note: Paper applications will NOT be accepted where drop ticket is required.


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