Due to low market penetration, the extended low interest rate environment and the dynamic competitive landscape, we are discontinuing sales of our Variable Universal Life Insurance product -Platinum Choice VUL 2 effective March 19, 2021. Please see below for important dates and transition rules.
Platinum Choice VUL 2 Transition Rules
- Effective March 19, 2021, the Platinum Choice VUL 2 product will be discontinued.
- New applications must be received in the home office by March 19, 2021.
- Applications received on or prior to March 19, 2021, must be fully completed, signed, and dated or they will be rejected at submission.
- After March 19, 2021, new applications will no longer be accepted for this product.
- Applications received in good order on or prior to March 19, 2021, must be paid and inforce by May 14, 2021.
- Currently, pending applications must also be paid and inforce no later than May 14, 2021.
- Applications not paid and inforce by May 14, 2021, will be closed out as incomplete with no coverage provided.
- Reissue requests will not be honored.
1035 Exchanges
- For applications that will be funded by 1035 exchange, applications must be received in the home office by March 19, 2021, and all required paperwork must be in good order by May 14, 2021, so that funds may be requested from the other carrier no later than this date.
- If paperwork is not in good order by May 14, 2021, the policy can either be issued without the 1035 exchange funds or closed out as incomplete with no coverage provided.