Survivorship Plus Select Universal Life (SPSIUL) Transition Rules

 

General Information

  • 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).

 

Retiring Products

  • 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:
Item Action Deadline
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

 

  • Illustrations:

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.
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