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I'm looking at some Life Insurance Illustration (mirror) for the Long-term care (LTC) insurance plan "Nationwide Indexed UL Protector II 2020" managed by the Nationwide Life and Annuity Insurance Company. It contains a table of their Index Interest Strategies:

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What's the Index Interest Strategy Charge Rate? Does an Index Interest Strategy Charge Rate of 1% mean that each year, 1% of the Accumulated Value will be taken away?

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  • Those terms should be defined in the PDF you linked to
    – 0xFEE1DEAD
    Feb 21, 2023 at 1:55
  • I’m voting to close this question because the right answer is to ask the company how they define this term.
    – keshlam
    Feb 24, 2023 at 14:38
  • @keshlam that doesn't preclude from making the information publicly available. Feb 24, 2023 at 23:36
  • I haven't seen any claim that the company dies not make that information available. But as far as I know, it is not an industry-standardizwd term.
    – keshlam
    Feb 25, 2023 at 1:31
  • @keshlam "it is not an industry-standardized term." that doesn't make it off-topic. Some questions here are specific to a company and the OP didn't know it is not an industry-standardized term. Feb 25, 2023 at 1:52

1 Answer 1

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The answer is similar to that I gave here.

Insurance terms are defined per policy, and per insurance company. You should address this question to your insurance agent and to the specific insurance company. It may be so that the same term is defined slightly different between different insurance policies of the same insurer (either due to passage of time and slight changes of the product, or because some legalese change, or just because they can), so you may end up learning something here that may not be correct for you even if it was correct for the person writing it.

Insurance products in general, and LTC and Whole Life in particular are quite complex and with a lot of variance between different products and different insurers. I'd suggest not to follow the DIY path trying to understand them, but rather work with an insurance agent you trust.

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