Industry’s first indexed whole life product debuts today from Ohio National

[Tahoe Ray]

I'm sure it's a software programming issue for the title of that column. All someone needs to do is let the sales desk know and they can get it updated. It's a new product so I'm sure they're working through some issues. (Not that I'm representing or defending them - just the reality. I've had other illustration issues from other companies on occasion.)

Welcome back!

 

[DHK]

Thanks. I have been spying on the forum on occasion, but I felt I had to chime in on that one.

 

[Lloyds of Lubbock]

Yes it is a software issue.
You would think with the fanfare they are trying to create, they would have done a better job
in proofing their illustration software.

 

[scagnt83]

Yes it is a software issue.
You would think with the fanfare they are trying to create, they would have done a better job
in proofing their illustration software.

Almost like nobody bothered reading it at all

 

[Allen Trent]

Almost like nobody bothered reading it at all

Likely fell victim to labor shortage, so many new hires at carrier & so many new hires at software vendor like ipipeline.....along with almost all involved working from home

 

[Lloyds of Lubbock]

Allen,
You are too kind.
That kind of mistake is sloppy and inexcusable.
There is so much testing that goes on, somebody should have caught it.

 

[Lloyds of Lubbock]

NY Life with new products

Secure Wealth Plus

• 10 Pay (only) Whole Life Product on a 2% guarantee pricing chassis
• Approximately 50% cash surrender value in year 1
• Premium Deposit Account (PDA) is available with this product (currently 4.75%)
• Product is not yet available for premium financed cases
• Product has a different compensation structure than Custom Whole Life
• Not yet available in New York

Market Wealth Plus

• Flexible premium variable life product
• Optimal premium paying period is between 7-10 years
• First year cash value approximately 97%
• Not yet available in New York or California

 

[DHK]

When the more valuable people are leaving that company... it's no surprise that errors like this are missed.

 

[scagnt83]

I think this is more like the old Adjustable Rate WL that existed at one point. Which is essentially a UL that receives Dividends. Except in this case you can choose between Dividends or Indexed Accounts.

Increasing COI

"Surrender Value" instead of just "Cash Value"

The existence of an expense report

I think this is on a UL chassis.

 

[ejbarraza]

They offer a 5.5% fixed interest rate on the Single Premium account on 1035 exchanges and 4% on the dollar cost averaging account. Also, an uncapped S&P index option with a current spread of 9%. On the illustration the guaranteed 0% returns show that at age 70 the account value hits $0 and the cash surrender value is over $140k. Does that mean that you can borrow the cash value even though none of it is indexed? Or is the account value the amount you can borrow (i.e. $0)?