Effective May 2, 2016, Protective Life is proud to introduce positive changes to certain underwriting limits which could help you more easily place your larger cases with us. During a time in the life insurance industry when good news seems hard to find, these increases also demonstrate the stability of Protective Life as a company, as well as our deep commitment to our distribution partners and customers.
We are pleased to announce changes to the following limits:
- Retention limit increases from $2 million to $5 million for most ages and certain products (see tables below)
- The first-year premium limit increases from $1 million to $2 million for all products
- Auto bind limit increases from $40 million to $50 million for most ages and certain products; this limit may decrease for ratings
- Jumbo limit increases from $50 million to $65 million for most ages and certain products
These new limits will apply to applications signed May 2 or later. Please see the information below for details about the retention limits.
| Maximum Retention Limit – Single-Life Policies | ||||
| Issue Ages | Standard through Table 4 or $0.00-$10.00 Flat Extra | Tables 5 – 8 or $10.01-$20.00 Flat Extra | ||
| New | Previous | New | Previous | |
| 75 or less | $5M | $2M | $5M | $2M |
| 76 – 80 | $2.5M | $1M | $1M | $500K |
| 81 – 85 | $750K | $500K | $0 | $0 |
|
Maximum Retention Limit – Survivor UL Policies (all ratings) |
||
|
Issue Ages |
New |
Previous |
|
75 or less |
$5M |
$2M |
| 76 – 85 | $2.5M |
$2M |
The new maximum retention, auto bind and jumbo limit guidelines apply to the following fully underwritten products:
- Protective Custom Choice UL 10-30
- Protective Advantage Choice UL
- Protective Indexed Choice UL
- Protective Investors Choice VUL
- Protective Survivor UL
The following fully underwritten products are excluded from this maximum retention, auto bind and jumbo limit update and will continue to use the previous limits:
- Protective Non-Par Whole Life
- Protective Premiere III
- Protective Preserver II/Plus
- Protective ProClassic UL/ProClassic UL NY
- Protective Survivorship Term