Target market

Nationwide YourLife No-Lapse Guarantee SUL II is generally a good fit for couples age 45 to 75 with a high or ultra-high net worth looking for estate planning solutions, or owners of a family business needing funding for business transition. In addition, SUL II offers a long-term care rider, making this a good solution for couples or an adult child insured with a parent who could benefit from LTC planning in a cost-effective manner.

Product details

• Minimum specified amount: $250,000
• Surrender charge period: 19 years
• Surrender charges: Maximum surrender charge will vary by issue age, sex and risk classification of the insureds. There is an 18-year declining surrender charge schedule.
• Fees:
  • Premium charge currently 30% and 60% guaranteed
  • Administrative charge is a per-thousand of specified amount charge that varies by the younger issue age and band
  • Monthly cost of insurance (COI) is based on the insureds' individual characteristics

    Band 1: N/A

    Band 2: $250,000 - $499,999

    Band 3: $500,000 - $999,999

    Band 4: $1,000,000 - $4,999,999

    Band 5: $5,000,000+

• Underwriting classes and ages:

  Nontobacco Preferred Plus	35-80
  Nontobacco Preferred	35-80
  Nontobacco Standard	35-85
  Tobacco Preferred	35-80
  Tobacco Standard	35-85

• Death benefit guarantees:
  • The death benefit guarantee duration can be selected up to age 120 of the younger insured person.
  • The death benefit will be guaranteed for the selected duration as long as the death benefit guarantee value, less any outstanding loans or surrenders, is greater than $0.
  • An illustration can show the premium required based on the clients' specific goals.
  • After age 120 of the younger insured person, the monthly deductions are zero.
  • No premium is required after that time, but loan repayments are accepted.
• Maturity:
  • Younger insured person's attained age 120
  • Maturity Date Extension provision beyond age 120 to the death of the second insured person
• Premiums:
  • Payable up to younger insured person's attained age 120
• Loans:
  • Available after the first policy year; maximum loan amount is cash surrender value, less the amount equal to three months' worth of deductions:
    • Interest charged: 5.0% all years
    • Interest credited: 3.0% all years (current and guaranteed)
    • Unpaid loans will reduce the cash value and any death benefit payable, and if the policy lapses with a loan outstanding, it will be treated as a distribution and may be subject to income tax².