Transition Guidelines
Nationwide YourLife CareMatters
Change for New Business Effective April 10, 2017
Nationwide is committed to carefully managing our life product portfolio in order to remain a strong, stable carrier you can rely on. Given this commitment – and the historically low interest rate environment – we are making a change to Sales Proposals on our Nationwide YourLife CareMatters product for new business as follows:
- Maximum issue age for single-pays is being reduced to 69 (the maximum issue age for single pays is currently 70; maximum issue age for multi-pays remains at 75)
This change is effective for any policy with a Policy Date on or after April 10, 2017.
Important Dates
In order to receive a single-pay policy at age 70, all of the deadlines below must be met.
| Application Signed DateSunday, April 9, 2017 | “In Good Order” applications must be signed by this date. Applications signed after this date will not be considered for a single pay policy at age 70. |
| Application Received DateFriday, April 21, 2017 | Applications at age 70 on a single-pay must also be received at Nationwide no later than April 21, 2017 in order to be issued. |
| Funding DeadlineFriday, June 9, 2017 | Assuming the above deadlines are met, the policy must be in force and funded by June 9, 2017. A Policy Date of April 9, 2017 or prior will be applied to the issued policy. |
Funding Exceptions
- Policies funded by 1035 money in any state. For these cases, the In-Good-Order (IGO) 1035 paperwork must come with the application with same-date restrictions above. The 1035 requests then will be sent to the relinquishing carrier by Nationwide and tracked following standard procedures. These cases will have an extended funding deadline of August 4, 2017. Exceptions must be requested for any cases expecting funding later than this date.
- Other legitimate instances where the funding cannot be freed up for the policy by the funding deadline (in trust, asset liquidity, etc.). Requests will be reviewed on a case-by-case basis for any extension to the funding deadline
Backdating
Reminder – backdating prior to the application signed date is not permitted on the CareMatters product.
Underwriting Deadline
| Sunday April 9, 2017 |
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