Starting Feb. 1, Assurity will be making some changes to the product and process for the Ascential® Single Premium Immediate Annuity (SPIA) and Supplemental Contract.

·         Due to the current interest rate environment, fixed period settlement options from five through nine years for SPIAs and Supplemental Contracts (other than as proceeds from a death payout or maturity) will be temporarily unavailable; notification will be sent when these options are once again available. 

·         The SPIA and Supplemental Contract products will be revised due to changes in mortality assumptions. Applications will also be revised. Both product and application changes will be in effect as approved in each state. As of Jan. 27, the revised products are approved in all states except California, Connecticut, Delaware, Montana and North Dakota. Please monitor product approval on AssureLINK (https://assurelink.assurity.com) in these states. For approval status and the revised product effective date, please check the product page on AssureLINK for “State Product Approvals” and “Applications Update.” New applications can be accessed on AssureLINK’s Forms/Supplies tab. 

·         Once the revised SPIA and Supplemental Contract products are made available as of the date indicated on the “State Product Approvals” list, Assurity will accept applications for the old SPIA and Supplemental Contract products only if the application is signed prior to the revised product effective date and the application and money is received within 10 days of the revised product effective date. For example, for those states with revised products effective on Feb. 1, Assurity will only accept applications for the old products if signed prior to Feb. 1 and if the application and money is received prior to Feb. 11. If funds are being delayed as part of a 1035 exchange, only the application and supporting documentation needs to be received at Assurity by the deadline stated.

·         SPIA and Supplemental Contracts will not be available on the Life Portraits illustration system for the month of February. We apologize for the inconvenience. During this time, illustrations will be provided by our new business contact center at (800) 276-7619, Ext. 4264.