Single Premium Life Product Sales
New applications for life business must be
received by 9/30/21 and issued by 12/31/21
New applications for single premium life products (WealthMax Bonus Life and WealthHorizon Life) must be submitted and telephone interviews completed by 9/30/21; policies must be issued by 12/31/21.
The temporary suspension of these products is due primarily to IRC section 7702 and the 1/1/22 implementation of the Consolidated Appropriations Act of 2021 where minimum interest rates associated with the Minimum Guaranteed Cash Values, Cash Value Accumulation Test (CVAT) and the Guideline Premium Test (GPT) will be lowered. The legislation will have no impact on inforce policies.
Applications received on or before this date will be processed, and must be issued by 12/31/21. All inforce single-premium life policies will continue to be serviced by EquiTrust; the legislation will have no impact on inforce policies.
If you have a Life Insurance Agent Contract with EquiTrust, your contract will remain active. Website access to in-force life business will continue with your current login credentials as long as your contract is active.