Our underwriting programs make it easy to help clients achieve the best ratings possible while saving you time and headaches. And now we’re pleased to announce an extension, and some slight changes, to the single-pay (formerly limited-pay) underwriting program to help your clients achieve even better ratings.
Program eligibility
- Single-pay sales of the following products between Jan. 1 and June 30, 2020:
- Principal Universal Life Protector VSM (UL Protector V)
- Principal Survivorship Universal Life Protector IIISM (SULProtector III)
- Principal Indexed Universal Life Flex IISM (IUL Flex II)
- Insureds must be ages 18-75. Backdating to save age to 75 is not allowed.
- UL Protector V: A signed quotation with guaranteed coverage to at least attained age 90 must be submitted with the application.
- SUL Protector III: A signed quotation with guaranteed coverage to at least attained age 90 of the youngest insured must be submitted with the application.
- IUL Flex II: A signed illustration with coverage to at least attained age 90 on a current basis must be submitted with the application.
- All cases submitted, underwritten, and paid within the effective dates qualify.
- Cases underwritten and issued prior to Jan. 1, 2020 are not eligible.
- External 1035 Exchanges are allowed.
- Internal term conversions are allowed.
- Internal policy replacements/exchanges are not allowed.
- Foreign national cases are eligible.
- Principal reserves the right to cancel the program at any time.
Any business submitted after cancellation will not qualify.
Things you need to know
- All usual underwriting requirements must be received.
- Once underwriting is complete, including applying Healthy Lifestyle Credits, eligible cases will receive a one-rate class improvement unless already at that product’s best class.
- If the case is rated, only table ratings apply to the program.
- Both lives are eligible on SUL Protector III (does not apply to uninsurable classes).
- Program cannot be combined with the Automatic Standard Approval program (table shave program).