New GLIR Calculator Now Available
As announced on February 12, the Guaranteed Withdrawal Percentages on LSW’s Guaranteed Lifetime Income Rider (GLIR) will be reduced by 0.50% on applications received on or after March 13, 2010. We have heard there is some confusion regarding what has changed – please be assured that the Rollup Rate on the GLIR remains the same. Only the Guaranteed Withdrawal Percentages are being reduced. The Guaranteed Withdrawal percentage is part of the calculation formula that determines the dollar amount the policy owner receives when GLIR withdrawals are taken.
Beginning today, version 3.0 of the GLIR calculator is available for download on the LSW web site, or by clicking on the button at right. Please Note: When you download the updated calculator it will replace the existing version on your computer. If you plan to submit any GLIR applications on or before March 12, be sure to run those calculations before you download version 3.0.
Updated marketing material for the GLIR is also available for order through the LSW web site.
Important Dates for GLIR Applications
February 26, 2010
Updated Calculator and Marketing Materials Now Available.
March 12
Last day for applications to be received for policies to be issued with current Guaranteed Withdrawal Percentages. Applications must be received by 3:00 p.m. CST.
March 13
Effective date of new GLIR. For applications received on or after this date policies will be issued with the new reduced Guaranteed Withdrawal Percentages.
June 11
Last day for applications received by 3:00 p.m. CST on or before March 12, 2010 to be paid and issued with the current Guaranteed Withdrawal Percentages.
Please Remember: For applications received on or before March 12, 2010, policies must be paid and issued by June 11, 2010, or a new GLIR application signed by the policy owner and agent will be required. For applications received on or after March 13, 2010, policies will be issued with the new Guaranteed Withdrawal Percentages. This change does not affect policies currently in force.
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