We are making an update to our beloved whole life plan, Value Assured. Starting August 1st, 2021; the new 2021 version of the product will be live on all Illustration Systems.
There will be two versions of the product listed in the product dropdown.
The one listed Value Assured is the revised 2021 version, and the other one listed Value Assured (2018) is the previous version. All states--with the exception of California--will use the 2021 version of the Value Assured. Until the new 2021 version is approved in California, applications with California as the issue state will use the 2018 version.
There are no major differences between the old 2018 and new 2021 version. The plan works the same way as before, level premium payment until age 100 with insurance lasting until age 120. There are still the three surrender options of Cash Value, Paid-up Insurance, and Extended Term Insurance. But, the rates used in calculating all of the values for the product have been updated.
One new addition you may notice is the option to add the PWP (Purchaser Waiver of Premium) rider on the new version of the Value Assured within the Illustration System on iKCLife.com. This rider has always been available on the Value Assured, but with the new 2021 version coming out, it will be the first time it is illustratable.
This rider works similarly to the WP (Waiver of Premium), but only applicable in cases where there is a separate purchaser (premium payor) other than the primary insured. Premium payments will be waived during a period of total disability of the purchaser or at the death of the purchaser.
For the time being, the PWP rider will only show for the Illustration System on iKCLife. All other versions of our quoting software (Legacy Illustration System and Desktop Illustration System) will not be able to quote the PWP on the Value Assured.