Global Atlantic Updates Cap and Illustrated Rates

From Global Atlantic:

Global Atlantic continuously reviews caps and crediting rates to appropriately manage the business, ensuring our continued financial strength that you and your clients have come to know and rely upon.

In light of the low interest rate environment and rising hedging costs, we will be adjusting cap rates on IUL products. Please take a moment to review the transition rules below.

Transition Rules

Legacy products - not currently sold
Cap rates on in-force IUL products will be adjusted on March 15, 2022.

For premiums paid on or BEFORE March 9, 2022, current rates will apply. Premiums received AFTER March 9, 2022, will be subject to new rates that will take effect March 15, 2022. Note: Illustration system was updated on February 1st with new rates.

Lifetime Foundation ELITE, Lifetime Builder ELITE 2020, and Global Accumulator IUL
Credited and cap rates on currently available IUL products will be adjusted on March 26th, 2022.

In-force (currently sold products):

Premiums on in-force policies paid on or BEFORE March 24, 2022, current rates will apply. Premiums on in-force policies paid AFTER March 24, 2022, will be subject to new rates that will take effect on March 26th, 2022.

New Applications:

For business that is issued and paid on or BEFORE March 24, 2022, current rates will apply. Applications received AFTER March 24, 2022, will be subject to new cap rates. For business issued on or BEFORE March 24, 2022, with prior cap rates reflected on the illustration included with the policy for delivery but paid AFTER March 24, 2022. Notice /disclosure will be sent to the Financial Professionals informing them that new rates were applied to the premium/policy.