Hang Seng Index is Retiring from National Life's Interest Crediting Strategies on May 1, 2021
Under current U.S. sanctions on Hong Kong and Chinese investments, National Life is restricted from buying certain international financial instruments. Thus, it is no longer feasible for National Life to offer the Hang Seng Index as an interest crediting strategy on new policies.
On May 1, 2021, National Life will retire the Hang Seng index crediting strategy option from their IUL products. For the time being, all inforce policies that currently use Hang Seng will remain in place, and National Life will support its crediting. While one index crediting strategy is being retired, National Life’s IULs continue to offer a competitive value proposition with its robust living benefits and five popular interest crediting strategies:
- 3 index crediting strategies that follow the S&P500 Index
- 1 index crediting strategy that follows the Credit Suisse Balanced Trend Index
- 1 fixed interest crediting strategy
For clients seeking a strategy with international exposure, National Life offers the Credit Suisse Balanced Trend as a global multi-asset strategy index*
Important Dates to Know
- Saturday, April 24 - Hang Seng Index is no longer available on eApp and the illustration system. Changes are reflected on the Interest Crediting Strategy form and updated in application kits in Merrill.
- Saturday, May 1 – Hang Seng Index will no longer be available on all new IUL policy applications.
For pending applications that have been through the final locking ceremony, if Hang Seng was selected, the strategy will not be removed from the application even after the 4/24 deadline. For pending applications that have not been locked, if Hang Seng was selected, a new Interest Crediting Strategy form will be required starting 4/24. eApp will prompt you to submit the new form when required.
Have questions? Call us today at 866-568-9649!