Table Shave Programs
Table Shave Program
Note: Changes as of May 1, 2006
- 3 Tables to Standard - Tables A thru C
- Permanent Flat Extras - $5.00 per thousand to Standard
- Temporary Flat Extras - average rating over 5 years up to $5.00 per thousand to Standard
- Certain combinations of Flat Extras and Table Ratings
- Does not apply to term insurance
INDIVIDUAL COVERAGE
- Maximum age - 70
- Maximum Face Amount - $5,000,000
SURVIVORSHIP COVERAGE
- Both lives may be shaved provided neither life is Uninsurable and they are within the age parameters below.
- Maximum age - 70
- Maximum Face Amount - $5,000,000
- All individual permanent plans and all survivorship life plans are eligible
- Only one life may be table shaved on a survivorship plan
- Minimum face amount - $100,000
- Maximum age - 70
- Maximum face amount - $10,000,000 (survivorship - $20,000,000)
- There is no shaving to Preferred or Preferred Plus classes
- Term plans are not eligible
- Cases rated for drug or alcohol abuse, or driving criticisms are not eligible
As of March 1, 2006, a select group of insureds with excess mortality within AXA Equitable Table C will be eligible for Table Shaving. All newly submitted applications that fit all eligibility guidelines and are evaluated at an Industry Table 2/Table B will be shaved to standard.
Table 3 to Standard Program
- Ages up to 70. Maximum face amount $10,000,000
- Permanent products only are eligible for this program (excluding the MoneyGuard Series and Lincoln GTO/STO/Pro Term Series)
- Medical Impairments of Table Rating C or less will be reduced to standard on individual products. Both lives on survivorship products can be reduced to standard provided both are Table C or less, up to maximum age 70
- Table 3 to Standard Program includes medical flat extra Ratings of $5.00 per thousand or less that will be reduced to standard except when combined with a table rating
- Non-medical flat extra ratings for aviation, avocation, motor vehicle and foreign residence or travel are not eligible for the program
- The underwriter or medical director may exclude a case from the program at their discretion
YOU MUST CALL FOR MORE SPECIFIC INFORMATION ON EACH
PROGRAM AND DETAILS. COLORADO BROKERAGE GROUP IS NOT
RESPONSIBLE FOR ERRORS OR CHANGES TO PROGRAMS
Placement Improvement Program (PIP)
With this plan, clients who would be rated a Table C or better, using traditional company underwriting procedures, would receive a standard rating using Nationwide Financial's Placement Improvement Program (PIP).
PROGRAM ELIGIBILITY
PIP is available on select permanent products. 1 This program is available to your clients in the following scenarios:
- Clients ages 15 to 70
- Policies with face amounts totaling between $100,000 and $10,000,000
- Policy increases where the original policy was issued at a Table C or better
EXCEPTIONS TO THE PROGRAM
PIP will not be available in the following situations:
- Any offer obtained from reinsurance
- Any case where the client already has in-force coverage with Nationwide ®
that was obtained through facultative reinsurance
- Any risk rated with a flat extra (flat extras cannot be converted to table ratings to qualify)
- Risks involving ratable avocations and aviation
- Foreign risks that are ratable
- Reissued cases, conversions, internal exchanges, or any situations in which full underwriting is not required
- Re-evaluation for rating reductions
- Any cases utilizing the PIP will not be eligible for preferred underwriting
Additionally, citizens of other countries residing in the United States and U.S. citizens who travel to foreign countries will be considered individually on a case-by-case basis.
1This program is not available for The Best of America Next Generation® Survivorship Life, The Best of America ® Choice Life℠ Survivorship II policy, Nationwide Guaranteed Level Term℠ , UL Protector or Whole Life.