Updated premium rates for TERMSelect Standalone insurance products

Effective on November 6th, premium rates for TERMSelect T10 and T20 standalone insurance products will decrease. The new rates will be implemented in ivari 360 and LifeView and are also available to view in the TERMSelect Rate Guide.

Transition Rules for TERMSelect T10 & T20 Standalone initial rates

All applications received on or after the effective date of November 6, 2023, will receive the new rates.
Pending applications to follow transition rules below.

Application Stage	New Business
Pending underwriting	New rates will be applied. A new business illustration or client authorization is not required.
Pending delivery or request to reissue	Settled cases within the End of Delivery (EOD) period can be reissued with new rates upon written request from the advisor or customer. Cases ‘pending delivery’ can be reissued with new rates upon written request from the advisor or customer. ivari will follow standard reissue guidelines.
Not proceeded with or Not taken/Off risk cases	A new application must be submitted to receive the new rates.
Internal replacements / Term exchanges	New rates are available, and ivari will follow existing guidelines.
Backdating	New rates are available for backdating to save age requests.

Application Stage	Policy Changes
Reinstatements	Reinstatements for lapses within two years will continue to be in place. When reinstated, existing guidelines will apply (original rates to apply).
Increases/Additions	New TERMSelect plan can be added as additional coverage to term standalone policies. For increases and/or additions, new rates will apply. UL Term T10, T20 and T30 riders on universal life policies are not being repriced.
Policy splits	No change in existing processes. Policy splits are based on original coverage, and we will automatically apply the same rates as the original coverage.

For product details, please view the TERMSelect Advisor Product Guide.

Published on: November 2, 2023

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