Two New Term Products Powered by ACE

Effective April 1, 2019 in approved states, Penn Mutual is introducing two new competitive term products to its life product portfolio, including:

  • Protection Non-Convertible Term
  • Guaranteed Convertible Term

Both products will offer 10, 15, 20 and 30 year terms and Guaranteed Convertible Term will offer some of the strongest conversion guarantees in the industry.

Key Dates and Deadlines for Term Applications

Please note the following cutoff dates for the sale of Guaranteed Term 10-15-20:

  • Paper applications for Guaranteed Term 10-15-20 must be submitted to the field office in good order by March 27, 2019
  • E-applications through ACE must be submitted to the home office by March 29, 2019.

General Information

  • New Products:
    • Guaranteed Convertible Term
    • Protection Non-Convertible Term
  •  Effective Date: April 1, 2019
  • Retiring Product: Guaranteed Term 10-15-20
  • States Impacted: The new products will replace the retiring product in all states except California and New York.

Key Transition Dates

The following are the transition details and deadlines for the retiring product, Guaranteed Term 10-15-20.

  • Applications, Underwriting, Policy Issue and Payment:
Item / Action Deadline
Paper Applications Paper application signed and submitted to the field office in Good order, including indication of any anticipated trust 03/27/2019
ACE E-Applications E-App for Accelerated Client Experience Portal (ACE) signed by client and adviser and submitted to the Home Office for formal review 03/29/2019
Underwriting & Policy Issue Final underwriting requirements received by the Home Office in Good Order 05/17/2019
Issue instructions received by the Home Office in Good Order 05/28/2019
Policy issued 05/31/2019
Policy Payment Policy paid 06/28/2019
  • Proposals:
    • Revised proposals for the retiring product will be available from the Life Solutions Illustrator until 06/28/2019.
  • Life Application Change and Transition Information
    • A new life application will be available 04/01/2019 in all states where the new product is approved.
    • The previous application will no longer be accepted in approved states after 06/01/2019.
      Please Note: Effective 04/01/2019 all term cases with face amounts up to $2.5 million should use the e-application submission through ACE (except in NY).
  • Product Change Requests Received April 1, 2019 or Later
    Requests to change from the retiring product or another product to Guaranteed Convertible Term or Protection Non-Convertible Term will be honored only during the free look period and will require that the field office provide:

    • The delivery receipt marked “not taken”
    • Reissue instructions detailing the product change.
      Please Note: Changing products may result in a different non-tobacco rate class label.
    • Please refer to the non-tobacco rate class label mapping chart on page two for the correct rate class label for the new products.
    • A new proposal based on the accurate product rate class label is strongly recommended.
  • Non-Tobacco Rate Class Label Changes
    The table below reflects the corresponding rate class labels for the retiring term product, the new term products and Penn Mutual’s permanent products.
    Please Note: The differences in rate class labels do not impact underwriting criteria and requirements, which remain the same.

Non-Tobacco Rate Class Label Mapping

Retiring Term Product New Term Products* Penn Mutual Permanent Products
(No Change)
Preferred Best      = Preferred Plus      = Preferred Plus
Preferred Plus      = Preferred      = Preferred Plus
Preferred      = Select      = Preferred
Standard      = Standard      = Standard

* Rate class labels for the new products are consistent with the term insurance industry

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

GBS Insurance and Financial Services, Inc. is not affiliated with The Leaders Group, Inc. You may check the background of investment professionals on FINRA Broker Check

Copyright @2024 Premier Brokerage Services