Changes to Early Values Agreement on Select Products
Effective November 1, 2023 we are making a positive change that will impact some policyholders with products that have the Early Values Agreement (EVA). The EVA charge will be waived starting 11 years after the later of the policy issue date, or the most recent face increase for the following products:
- Eclipse Indexed Universal Life (IUL)
- Eclipse IUL (NY)
- Eclipse Survivor IUL
- Eclipse Survivor IUL (NY)
- Omega Builder IUL
- Balanced Growth Advantage IUL
- Balanced Growth Accumulator IUL
- Orion IUL
This change will not affect any other currently sold products as most use a different version of the EVA that only charges during the surrender charge period.
Illustration and system updates will go live November 1, 2023. While the impact of this change varies depending on the age of the policy and when distributions are taken, the impact will always be positive.
In general, the older the policy and the farther out distributions are illustrated, the more impactful the removal of the EVA charge will be on illustrated distributions.