You asked we listened. On May 1, 2019, we’re dropping the price on Guaranteed Protection Universal Life (GPUL) for all new business to help you boost your UL sales.
- Premiums are decreasing up to 10%
- Moving into a top 3 competitive ranking, on average
GPUL is Penn Mutual’s competitively priced lifetime no-lapse guarantee UL product—offering your client’s unique advantages, such as a chronic illness rider automatically included at no cost at issue, with no added underwriting.
Key Transition Dates
The following are the transition details and deadlines related to the availability of the retiring product version (GPUL 18).
- Applications, Underwriting, Policy Issue and Payment:
|Item / Action||Deadline|
|Paper Applications||Paper application signed and submitted to the Field Office||04/26/2019|
|Application/SNAP entry complete and sent via Paperclip to the Home Office in Good Order, including an indication of any anticipated trust||04/30/2019|
|ACE E-Applications||E-App for Accelerated Client Experience Portal (ACE) signed and submitted
for formal review
|Underwriting & Policy Issue||Final underwriting requirements received by the Home Office in Good Order||06/14/2019|
|Issue instructions received by the Home Office in Good Order||06/26/2019|
|Policy issued or 1035 exchange initiated if applicable||06/28/2019|
|Policy Payment||Policy paid (excludes 1035 exchanges)||07/31/2019|
Revised proposals for the retiring product version will be available in the Life Solutions Illustrator until 07/31/2019.
Product Change Requests Received May 1, 2019, or Later
- Requests to switch from GPUL 18 or another product to GPUL 19 will be honored only during the free look period and will require that the field office provide:
- The delivery receipt marked “not taken”
- A new, signed illustration
- Reissue instructions detailing the product change.