3 Very Important Product Updates

Guaranteed Issue Whole Life (GIWL) Reprice

Due to regulator required calculation method changes for policies dealing with nonforfeiture and cash values, Sons of Norway is instituting new prices for all our insurance policies that include “cash value”. Our Guaranteed Issue Whole Life (GIWL) product is first on the docket. NEW GIWL pricing* will go into effect on December 8, 2021. See the chart below for more clarification on what you need to do to ensure your policy is enacted under the pricing you discussed with your client:

What Does This Mean?

As of December 8, 2021, Sons of Norway’s GIWL product will have new pricing*.
If an application was received prior to 12/8/21 and is scheduled to issue between 12/8 & 12/31, that certificate will receive the old pricing as stated to the client. No action is needed.
Due to the required effective date of the rule changes, the old pricing is not available after 12/31/21. If an application is received prior to 12/8 but is not scheduled to issue until after 12/31, a new application is required that outlines the new pricing (you can request an amended issue date prior to 1/1).
Our Quoting and E-application system, LifeBase, will be updated and utilize the new pricing on 12/8/21, so no “old pricing” applications should be submitted after 12/8.
A reminder communication with the updated rates will be sent in December, prior to 12/8.
For Montana Only - All applications will be under the old unisex rates through 12/31/21, beginning 1/1/22 all applications will no longer be unisex and the "new rates" will apply. Lifebase will be updated accordingly.
*For California, Florida, & South Dakota - All applications will be under the old pricing/application through 12/31/21 awaiting approval in those jurisdictions. Separate communication(s) will be shared on the status for these locations with further instructions if necessary.

Sunsetting UL & SPWL

To ensure our shelf space has room for products that are meaningful for you and your clients, Sons of Norway will be sunsetting our Universal Life and Fully Underwritten Single Premium Whole Life as of December 31, 2021. To ensure there is enough time for execution, applications for these two products need to be received, in good order, by December 15, 2021, so they have the best chance to be issued before December 31, 2021.

Heads Up On Other Product Changes

As we mentioned, the regulatory required calculation changes affect all certificates (policies) with cash value. Be on the lookout for an outline of the changes to our Simplified Issue suite, and fully underwritten whole life products that will take effect January 1, 2022.

As always, we appreciate your continued partnership and trust in Sons of Norway. Should you have any questions please call Sons of Norway Sales at 833-707-0012 opt. 2.

We welcome your feedback as to how we can help you achieve your goals. Contact us today with your comments and ideas: sonsofnorwaysales@sofn.com.

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