Protective Life remains committed to being your carrier of choice to address the core protection product needs of your agents and the clients which they serve. Based on this commitment, we are launching an enhanced version of the Protective Advantage Choice UL which will improve competitive positioning in the most frequently sold ages, risk classes and funding patterns. In an effort to further simplify our universal life product suite, the Lifetime option provided by the Protective Custom Choice UL product will be discontinued and the enhanced Protective Advantage Choice UL will become our flagship guaranteed universal life product for lifetime core protection. Both the enhanced Protective Advantage Choice UL and the elimination of the Protective Custom Choice UL Lifetime option will occur on February 15, 2016. Please keep in mind this change has no impact on the current Protective Custom Choice UL 10 – 30 year options.
The new Protective Advantage Choice UL will feature significant improvements in the following key sales scenarios:
- Standard non-tobacco risk classes from ages 55 – 75 • Single pay scenarios • 1035 exchanges with ongoing premiums
Below is a sample of the improvement in competitive position in a frequently sold product cell. $1 Million Face Amount, Male, Age 55, Standard Non-Tobacco, Guaranteed to Age 105
| Level-Pay | Rank | Single-Pay | Rank | Level-Pay w/1035 of $50K | Rank | |
| Previous ACUL | $15,092 | 6 | $332,543 | 9 | $12,489 | 6 |
| New ACUL | $13,899 | 3 | $287,204 | 3 | $10,832 | 2 |
Data for competitive comparison is current as of January, 2016, and is subject to change.
This change enables Protective to further simplify its product portfolio, while enhancing competitive positioning in the sales scenarios most frequently sold. We look forward to continuing to work with you to help you and your agents grow your business.
To help you prepare for these changes, below are the transition dates for our product updates:
Protective Advantage Choice UL
Paper Applications, TeleLife Applications and Direct Writers • The current version of the product (Protective Advantage Choice UL 6/2013) will be replaced with Protective Advantage Choice UL 2/2016 • The new 2/2016 rates will be available on February 15, 2016 for quoting and electronic application submission in all states where Protective Advantage Choice UL is currently approved • We can begin processing applications and issuing policies with new rates on February 15, 2016 • Applications received on or before March 16, 2016 will be processed according to the accompanying illustration. Applications received after March 16, 2016 will be processed with the new 2/2016 rates
Protective Custom Choice UL (CCUL-Lifetime)
Paper Applications • We will accept applications for the CCUL-Lifetime option signed and received on or before February 12, 2016 • For any CCUL-Lifetime applications received after February 12, 2016, we will require the applicant to apply for a different product. An illustration may be required depending on the product selected • All CCUL-Lifetime policies must be placed and in force by March 31, 2016
Applications submitted via TeleLife and Direct Writers • Any CCUL-Lifetime cases must be sold and/or ticket dropped on or before February 12, 2016 • Related applications must be signed and received by March 11, 2016 • For any CCUL-Lifetime applications received after March 11, 2016, we will require the applicant to apply for a different product. An illustration may be required depending on the product selected • All CCUL-Lifetime policies must be placed and in force by April 15, 2016