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  • The No-Lapse Guarantee Agreement is not approved for sale in NY.

No-Lapse Guarantee Agreement (variable)

The No-Lapse Guarantee Agreement (NLGA) can bring your clients a lifetime of guaranteed coverage at an affordable price.

Benefits

  • The length of the guarantee can be any duration, up to age 120 — the higher the premium, the longer the death benefit guarantee.
  • Adding the No-Lapse Guarantee Agreement can give your client a sense of security that no matter how their policy performs, their contract will not lapse as long as they pay their premiums.

Details

  • Must be added at policy issue
  • Ability to dial guaranteed duration to age 120
  • Automatic rebalancing is required when this agreement is added. 
    • Frequency of the rebalancing must be at least quarterly
    • The percentage allocated to any variable subaccount will be limited to a maximum of 20% when rebalancing
    • Automatic rebalancing will be done only within the variable subaccounts and Guaranteed Interest Account and will not include fixed indexed accounts.
    • Premium determines level of guarantee
  • Allocation restrictions apply for premium allocations, transfers and loan repayments.

Products

Products with the No-Lapse Guarantee Agreement:

Next steps

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The No Lapse Guarantee Agreement (NLGA) value has no impact on your policy's cash value and cannot be surrendered or loaned against. If there is no accumulation value and the NLGA value, less the sum of any policy loans and any unpaid policy loan interest, is insufficient to cover the charges against the NLGA value, a 61-day grace period begins. If the required amount to keep the product in force is not paid by the end of the grace period, this agreement and the policy will terminate.

Additional agreements may be available. Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states or may exist under a different name in various states and may not be available in combination with other agreements.

Guarantees are based on the claims-paying ability of the issuing insurance company.

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.

Variable life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods. There may also be underlying fund charges and expenses, and additional charges for riders that customize a policy to fit individual needs. Charges and expenses may increase over time. The variable investment options are subject to market risk, including loss of principal.

Insurance products issued by Minnesota Life Insurance Company

Policy form numbers: ICC18-20151, 18-20151 and any state variations; ICC18-20149, 18-20149 and any state variations

The information presented above is solely intended for use by financial professionals. Such information is not intended for public consumption or dissemination.

For financial professional use only. Not for use with the public. This material may not be reproduced in any way where it would be accessible to the general public.

DOFU 8-2022

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