Pricing Change for New Business Effective May 11, 2020
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 pricing change to our Nationwide CareMatters® II product for new business.
Effective May 11, 2020, Nationwide is repricing the current Nationwide CareMatters II product for all new business.
Important Dates
| Application Signed Date Sunday, May 10, 2020 | “In Good Order” applications must be signed by May 10, 2020 to receive the old pricing (pre-May 11, 2020 pricing). Applications signed after this date will receive the new pricing. A Policy Date of May 10, 2020 or prior will be applied to the policy once issued if the additional criteria below are met. These same rules apply to pending cases as well. |
| Application Received Date Friday, May 22, 2020 | Applications signed by May 10, 2020 must be received at Nationwide no later than May 22, 2020 in order to receive the old pricing. |
| Funding Deadline Friday, July 24, 2020 | Applications signed by May 10, 2020 and received by May 22, 2020 must be in force and funded by July 24, 2020. • Exceptions may be requested in legitimate instances where the funding cannot be freed up for the policy by the July 24, 2020 funding deadline (in a trust, asset liquidity, etc.). The Nationwide underwriter, case manager and management staff will review these on a case-by-case basis for any extensions to the July 24, 2020 funding deadline. |
Backdating
Reminder – backdating prior to the application signed date is not permitted on the Nationwide CareMatters II product for any reason.
Underwriting Deadline
| Sunday, May 10, 2020 | – Last day to reopen a current Nationwide CareMatters II application that was closed due to outstanding underwriting requirements or was considered “Not Taken.” – If not reopened by this date, it will be considered an applicationfor the newly priced Nationwide CareMatters II product, regardless of the original application date. |