Interest Rate Changes
In response to the current interest rate environment, new business interest rates for Annuity Care®, Annuity Care II/III and Indexed Annuity Care will be decreasing effective Friday, July 15, 2016.
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The new rates will be as follows:
Annuity Care: LTC fund: 1.40% Cash fund: 1.05% Annuity Care II/III: LTC accumulated value: 1.15% Accumulated value: 1.05% Important: These new rates will be reflected on software version 6.31 (7-15-16), which can be downloaded beginning July 15 from OSO. Current new business rates may be preserved based on the method of funding: - Cash Transactions: We must receive a completed application with full premium in the Home Office by the end of business on Friday, July 15, to preserve current interest rates.
- Transfer/1035 Transactions: We must receive a completed application with completed transfer or 1035 paperwork no later than Friday, July 15. All pending transfers to 1035s must be fully funded by Wednesday, September 14, to preserve current interest rates.
Monthly average Cap: 2.25% Most Beneficial Rate: Indexed Annuity Care offers your clients the opportunity to receive the best declared interest (or cap, or par) rate available between the date their application is received in the Home Office, and the effective date of the contract, if fully funded within 60 days of application. This feature is intended as an easy-to-do-business provision to provide you and your clients the peace of mind to know that they can receive the best declared rates during the application process. Annuity Care also offers this feature for 1035/transfer monies only. Note: All products may not be available in all states or may vary by state. Policies are issued by The State Life Insurance Company®, Indianapolis, Indiana. |
