2017 1106 - LIBGWG - Life Insurance Buyer's Guide Working Group - (A) - NAIC
- We believe consumers would benefit from the inclusion of a discussion of NGEs in the buyer’s guide, and think the following points would be helpful:
- Products with NGEs have the risk that costs could increase or benefits could decrease, subject to guaranteed limits stated in the policy.
- Illustrations, if available during the purchasing process, can be useful tools to help consumers understand a range of possible product performance outcomes.
- [Bonk: NGEs - Non-Guaranteed Elements - Performance / Benefits - Universal Life = Coverage Period, Protection Period, Duration, Term of Years in Force - Variable Life = Death Benefit Amount]
2017 1019 - Letter - AAA to NAIC (LIBGWG-Life Insurance Buyer's Guide Working Group) - Non-Guaranteed Elements Work Group of the American Academy of Actuaries - 2p
- American Academy of Actuaries - "Because NGEs are likely to change, the ongoing performance of products with NGEs should be reviewed periodically after purchase to assess the impact of any NGE changes and consider actions that policyholders may wish to take (e.g., adjust premium payments or death benefits)."
- Brenda Cude (Consumer Representative / University of Georgia) said the issue of NGEs is interesting, but not something the average consumer would understand.
- She did not think it was information that was appropriate for a short guide for first-time purchasers.
- Mary Mealer (Missouri Insurance Department) - ...also agreed that this was an important topic probably best addressed in the online tool.
- [Bonk: NGEs = Non-Guaranteed Elements
2017 1106 - LIBGWG - Life Insurance Buyer's Guide Working Group - NAIC Conference Call - Proceedings
- Further, ACLI would also like to object to the recommendations set forth by the American Academy of Actuaries letter, dated October 19th, in which the Academy recommends discussion of non-guaranteed elements (NGEs) to be included in the Buyer’s Guide,
2017 1115 - Letter - ACLI to NAIC (LIBGWG-Life Insurance Buyer's Guide), Redlined Draft - 12p