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Do you have a client that is a perfect fit for a product on the 1980 CSO mortality tables?
How can you be sure you get the paperwork completed in time to get the product issued?
How do I submit new 1980 CSO business before the end of the year?
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A signed application must be dated on or before Wednesday, December 31, 2008.
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A signed application must be received in the home office on or before December 31, 2008; fax and e-mail are acceptable in addition to regular postal mail.
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Premium does not need to be received in home office on or before December 31, 2008. Underwriting and premium receipt can occur in 2009. Once premium is received and underwriting is complete, you and your client have two options:
Backdate the policy to December 31, 2008 or earlier (subject to state backdating rules); this will result in a 1980 CSO policy with an effective date of December 31, 2008 or earlier
Issue the policy with a 2009 date; however the policy issued must now use a 2001 CSO-compliant product since it has a policy effective date of January 1, 2009 or later
- Talk to your underwriter to make sure your paperwork is in good order
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You must have a signed application dated on or before December 31, 2008. Applications must be received by
December 31, 2008
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Call Madison Brokerage today to discuss a specific case or find out more information about our end-of-year business submission rules.
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Madison Brokerage Corp.
1-888-539-3232
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With Nationwide, it's simple:
- Any application dated January 1, 2009, or later will be issued on a 2001 CSO contract
- Any policy effective date of January 1, 2009, or later will be issued on a 2001 CSO contract
Is the 1980 CSO product always a better value to my client?
Each product in the new Nationwide YourLifeSM product lineup was completely redesigned - we did not simply fit in the mortality tables. This means that a 2001 CSO product may be a better value to your client. We recommend running illustrations for 1980 CSO products and the 2001 CSO products to see which may be the better fit for your client.
Nationwide's 2001 CSO product lineup
Nationwide YourLifeSM Term
Nationwide YourLifeSM WL
Nationwide YourLifeSM SUL
Nationwide YourLifeSM ULtimate (formerly Nationwide ULtimate Universal Life)
Nationwide YourLifeSM Protection VUL
Nationwide YourLifeSM Accumulation VUL
Nationwide YourLifeSM Accumulation UL (launches October 2008)
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For insurance professional use only - not for distribution with the public
Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio, subsidiaries of Nationwide Financial . Nationwide, the Nationwide framemark, Nationwide Financial, Nationwide Financial Network and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company. Nationwide YourLife is a service mark of Nationwide Mutual Insurance Company.
LAM-0974AO (10/08)
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© Copyright 2008 by Madison Brokerage Corp.
All Rights Reserved.
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