An indexed universal life policy credits interest based on the movement of an external index, subject to a cap, a participation rate and a floor. It was almost certainly sold to you with an illustration showing a smooth line of assumed crediting running out to age one hundred. The illustration was a projection under stated assumptions. It was never a promise, and the gap between what was illustrated and what has actually been credited is the reason many indexed universal life owners are reading a page like this one.
If you own an Ameritas indexed universal life policy, the useful exercise is comparing the original illustration against the annual statements that followed. This page is education only and explains how to do that and what the result means.
In This Article
- Illustrated Rates Are Not Credited Rates
- Caps and Participation Rates Are Not Locked
- Reading the Annual Statement Against the Original Illustration
- Ameritas Indexed Products and Whether the Company Is in Runoff
- Who Holds the Policy After Two Decades of Mergers
- The Ownership Change Mechanics
- Free, No-Obligation Policy Review
- Frequently Asked Questions
Illustrated Rates Are Not Credited Rates
An indexed universal life illustration shows a hypothetical crediting rate applied year after year without variation. Actual crediting is measured segment by segment against index movement, then run through the cap, the participation rate and the floor. Even where the average index return over a decade matches the illustrated assumption, the credited result can land well below it, because caps truncate the strong years while floors only protect against negative years rather than restoring lost growth.
The shortfall does not stay contained. Interest credited below assumption leaves a smaller account value, and the monthly cost of insurance charge is levied on the net amount at risk, which is roughly the death benefit minus the account value. A smaller account value means a larger net amount at risk and a larger deduction, which shrinks the account value further. A policy that was illustrated to carry itself can end up requiring premiums the owner never planned for.
Caps and Participation Rates Are Not Locked
The crediting parameters that determine your results are generally declared by the insurer and can change on renewal, subject to contractual guaranteed minimums. That is the term most owners did not absorb at the point of sale.
- Cap rate. The maximum credited for a segment. A cap lowered from twelve percent to nine percent reduces every strong year going forward.
- Participation rate. The percentage of index movement used in the calculation before the cap is applied.
- Floor. The minimum credited, commonly zero percent. A zero floor prevents index losses but does not prevent policy charges from consuming account value.
- Guaranteed minimums. The contract states the lowest cap and participation rate the insurer may declare. Ask what those guaranteed minimums are, because they define the true worst case.
A zero-percent year is not a neutral year. Charges are still deducted, so the account value falls even though nothing was lost in the index.
Reading the Annual Statement Against the Original Illustration
Put the original sales illustration and the most recent annual statement next to each other and compare the same policy year. The illustration’s projected account value for that year against the statement’s actual account value is the entire story in one line. If the actual figure trails the projection by a wide margin, the policy is on a different trajectory than the one it was sold on, and the only way to know where that trajectory ends is a current in-force illustration. The comparison table below is a workable format.
| Compare | Original illustration | Current statement |
|---|---|---|
| Account value at this policy year | Projected figure | Actual figure |
| Credited rate for the year | Assumed rate used throughout | Rate actually credited per segment |
| Cap rate | Cap in effect at issue | Cap currently declared |
| Participation rate | Rate assumed at issue | Rate currently declared |
| Annual policy charges | Illustrated deductions | Deductions actually taken |
Ameritas Indexed Products and Whether the Company Is in Runoff
Ameritas is not in runoff. As of 2026 it continues to write new individual life insurance and markets indexed universal life products, including its FLX Living Benefits indexed universal life series issued by Ameritas Life Insurance Corp. An actively selling carrier generally means current service forms and staffed policyholder support, which matters when you need documentation quickly.
On financial strength, Ameritas lists an A.M. Best rating of A (Excellent) dated June 25, 2026, described as the third highest of A.M. Best’s thirteen ratings and held for fifty years, and a Standard & Poor’s rating of A+ (Strong) dated April 8, 2026. A.M. Best affirmed the A (Excellent) Financial Strength Rating and a+ Long-Term Issuer Credit Rating for Ameritas Life Insurance Corp. of Lincoln, Nebraska and Ameritas Life Insurance Corp. of New York on June 4, 2026, with stable outlooks. The company reported $32.4 billion in assets, $2.2 billion in capital and surplus and $5.3 billion in revenues as of December 31, 2025. Ratings change; confirm the current figures with the carrier.
Who Holds the Policy After Two Decades of Mergers
Ameritas converted from a mutual insurer to a mutual insurance holding company structure effective January 1, 1998 under the Nebraska Mutual Insurance Holding Company Act, after approval by the state’s Director of Insurance in October 1997 and by policyholders in December 1997. It merged with Acacia Mutual Holding Corporation in 1999, merged with Union Central Mutual Holding Company effective January 1, 2006 to form UNIFI Mutual Holding Company, and renamed UNIFI to Ameritas Mutual Holding Company effective May 2, 2012. Effective July 1, 2014, Acacia Life Insurance Company and The Union Central Life Insurance Company were merged into Ameritas Life Insurance Corp., which survived and assumed all their outstanding liabilities as approved by Nebraska.
Indexed universal life is a newer product category, so most indexed contracts were issued on Ameritas paper directly. If yours names a predecessor company, the obligation still runs to Ameritas Life Insurance Corp.
The Ownership Change Mechanics
Ameritas states that a form is required to complete an ownership change and identifies it as the Policyowner’s Change and Service Request form, obtained through Ameritas Accounts by selecting View Account and then the Forms tab, then signed and uploaded for processing. Address and contact changes can be made online; an ownership change cannot. Nothing is effective until the carrier records it and confirms in writing. Ameritas lists 800-745-1112 for owners outside New York and 877-280-6110 for New York, Monday through Friday, 7 a.m. to 5 p.m. Central; verify the number on the carrier’s own contact page.
Free, No-Obligation Policy Review
Pine Lake Life Solutions provides education and a free, no-obligation policy review at (305) 209-7183. The review compares your original illustration against current statements and explains what the crediting history has done to the policy’s trajectory. Pine Lake does not purchase policies, does not guarantee eligibility or value, and does not give legal, tax or investment advice.
Pine Lake Life Solutions is an independent education and referral resource. Pine Lake is not affiliated with, endorsed by, appointed by or connected to Ameritas Life Insurance Corp. or any Ameritas company, and Pine Lake does not purchase policies. Nothing here is legal, tax or investment advice, and no eligibility or dollar value is promised. The only thing offered is a free, no-obligation policy review at (305) 209-7183.
Frequently Asked Questions
Why is my indexed universal life account value below the original illustration?
Illustrated crediting is a level assumption; actual crediting is calculated segment by segment through a cap, a participation rate and a floor. Caps truncate strong index years while floors only prevent negative crediting, so realized results commonly trail the illustrated line, and lower account values then attract higher cost of insurance charges.
Can Ameritas lower the cap on my policy?
Crediting parameters such as cap and participation rates are generally declared by the insurer and may change on renewal, subject to the guaranteed minimums stated in the contract. Ask the carrier what your contract’s guaranteed minimum cap and participation rate are, since those define the worst case.
Does a zero percent crediting year mean I lost nothing?
No. A zero floor prevents index losses from being credited, but policy charges including cost of insurance are still deducted from the account value during that year. The account value falls even though the index credit was not negative.
Is Ameritas still selling indexed universal life in 2026?
Yes. Ameritas continues to write new individual life insurance including indexed universal life, such as its FLX Living Benefits indexed universal life series issued by Ameritas Life Insurance Corp. It is not a runoff carrier.
Does a policy review cost anything?
No. Pine Lake offers a free, no-obligation policy review at (305) 209-7183. Pine Lake does not purchase policies, is not affiliated with Ameritas, and provides education rather than legal, tax or investment advice.
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Pine Lake Life Solutions does not purchase life insurance policies and does not provide legal, tax, or investment advice. Information provided is for educational purposes only. Eligibility for any option, including life settlements, is not guaranteed and depends on individual circumstances, policy terms, underwriting, and market conditions. Consult independent legal, tax, or financial professionals before making decisions regarding a life insurance policy.