Survivorship Plus Select Universal Life (SPSIUL) Transition Rules
- New/Updated Product/Version: Survivorship Plus Select IUL – August 2018 Version (SPSIUL-18)
- Product Launch Date: August 1, 2018
- States Impacted: All states except New York. (This product is not offered in New York).
- Survivorship Plus Indexed Universal Life (SPIUL) – California Only
- Survivorship Plus Select Indexed Universal Life (SPSIUL-17) – All Other States
Key Transition Dates
The following are the transition details and deadline related to the availability of the retiring products.
- Applications, Underwriting, Policy Issue and Payment:
|Applications||Paper application signed and submitted to the Field Office||07/26/18|
|Applications||Application/SNAP entry complete and sent via Paperclip to the Home Office in Good Order, including indication of any anticipated trust||07/31/18|
|Underwriting & Policy Issue||Final underwriting requirements received by the Home Office in Good Order||09/14/18|
|Underwriting & Policy Issue||Issue instructions received by the Home Office in Good Order||09/26/18|
|Underwriting & Policy Issue||Policy issued or 1035 exchange initiated if applicable||09/28/18|
|Policy Payment||Policy paid (excludes 1035 exchanges)||10/03/18|
Re-illustration only, is available for the retiring products until 10/31/2018.
Product Change Requests Received August 1, 2018 or Later
Requests to switch from the retiring products or another product to SPSIUL-18 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
Application Change for California Only
- A new application, PM1143CA REV 08/18, will be rolled out for the state of California only.
- The previous application (PM143CA REV 05/18) will no longer be accepted after September 30, 2018.