With the launch of the new Asset Care, a truly new feature is being introduced – the Single Premium Drop In Rider (SPDR). This rider will be available only with the new Asset Care when funded using recurring premiums.
It will be available on July 1 when the product launches. For July 1 launch states, CLICK HERE.
Simply, the Single Premium Drop In Rider allows up to 2 additional premium drop-ins within the first 6 months of the policy being issued. This will buy up additional benefit (base plus all riders). The intent of the rider is to accommodate smaller single premiums (typically 1035 exchanges) into the policy.
At application, the intent to utilize the rider needs to be declared along with the amount that is anticipated. SPDR will accept up to $100,000. The policy will be underwritten based upon the full policy amount including the SPDR.
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