Provada Blog
 

State Life Annuity Care Interest Rate Decrease - You Must Act now!

 

Posted by Nickelle Leist on Tue, Sep 7, 2010 @ 10:47 AM

Interest Rate Notice: Asset Care & Annuity Care

The recent decline in interest rates has caused the following Asset-Care® and Annuity Care® changes, which will be effective Friday, October 1, 2010.

Annuity Care:   
Annuity Care and Annuity Care II will be decreasing their minimum guaranteed interest rate (except in the states listed below) to 1.5% effective October 1st.
  • States where original Annuity Care MGIR remains at 3% -- Oregon, Pennsylvania, and Washington
  • States where Annuity Care II MGIR remains at 3% -- Nevada, Oregon and Washington
This means a policy must have an effective date of September 30 or earlier to retain the old current interest (or guaranteed interest) rate.

Asset Care II and III: 
The interest rate change in Asset Care II and III will only effects the annuity portion of the product.  The life policy on Asset Care II and III, will remain at the 4% guaranteed interest rate.

Asset-Care II and III will be decreasing the current interest rate for the annuity portion to 3% effective October 1st.   Note: Asset-Care II and III are constructed to fund the 20-pay life policy fully at a 3% annuity interest rate.

Next Steps: We will help you drive sales Before September 30th!
Provada will be contacting First Bank in the next few days to set up client seminars, which will all take place before the September 30th deadline.
For immediate assistance please call 415.369.9990,  for Nickelle Leist call 415.369.9990 ext. 115
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