On March 18 we’re reducing rates of PruLife® Universal Protector by an average of 3% for most level pay premiums, which means clients can get guaranteed lifetime protection for less. This price decrease positions us among the industry’s top leaders and makes us even more competitive.
Same Great Guarantee
UL Protector is a permanent life insurance policy with guaranteed lifetime protection as long as premium requirements are met, OR required premiums are paid. Clients can sleep at night knowing their loved ones will receive a tax-advantaged death benefit when they die.
Additional Attractive Features
- Age Last Birthday Advantage: While most carriers use “age at nearest birthday” to determine clients’ age, we use age at last birthday, which means lower premiums for clients.
- PruFast Track: Our accelerated underwriting process that eliminates paperwork, skips medical exams, and creates an overall better experience for clients.
- BenefitAccess Rider (BAR): By adding BAR, clients can accelerate their death benefit should they become chronically or terminally ill, even if expected to recover.
- The Strength of Prudential: Prudential Financial has a more than a 140-year history of honoring its promises, so clients can be confident that we’ll be there when they need us.
The UL Protector repricing underscores our promise to offer clients high-quality, cost-effective guaranteed products at every stage of life. Learn more about the UL Protector guarantee.
Transition Rules
- March 18, 2019 (Ready to Sell Date): New Rates for the repriced product are in effect. All applications signed and dated1 on or after March 18, 2019 will receive New Rates (unless Old Rates are requested and permitted).
- April 14, 2019 (Transition Period End Date): Last day that an application can be signed with a request for Old Rates
- If Old Rates are desired for an application dated during the 28-day Transition Period, a written request, along with the appropriate presentation version, must be submitted on or after the state introduction date
- Applications dated April 15th and later will receive the New Rates only
- States that approve the revised product after March 18, 2019 will have their “Ready to Sell Date”, adjusted.
Requests For New Rates
- Requests for changes to the New Rates will be permitted consistent with the following current practice for these situations:
Any pending case or issued policy that is not yet delivered with an application date prior to the state introduction date can be changed to New Rates, as long as the request for change is made on or after the state introduction date. The request for New Rates, along with any other requested changes (for example an increase in face amount or addition of riders/benefits), should be submitted with a confirmation of billed premium by contacting your New Business Case Management Team - An existing policy that has been delivered and is inforce, and is still within its 90-day New Business Change Period can be changed to New Rates and keep the original policy number and policy date. Existing policies that are outside the 90-day New Business Change Period cannot be changed to the New Rates.
- The 90 day New Business Change Period is defined as the 90 day period beginning on the later of the policy date or the original issue date. For policies issued as a Term Conversion, it is defined as the 90 day period beginning on the policy date. The ability to request certain types of changes during the 90 day New Business Change Period is an administrative practice supported for permanent product policies and is not specific to this repricing. Requests can be submitted on or after the state introduction date if the policy is still within the 90 day New Business Change Period. For a request for a change to New Rates only, please submit a completed COMB 84800S form along with a signed revised Illustration and confirmation of billed premium. The signed paperwork must be received within the 90 day change period
- For a request for a change to New Rates along with a change in coverage (for example an increase in face amount or addition of riders/benefits), please contact us for assistance with the required paperwork. The signed paperwork must be received within the 90 day change period
- For PruAdvisors, contact us through the “Change Service Team” mailbox (or at Change.Service.Team@prudential.com) or 1-800-778-5611, prompt 2
For all others (Third Party), contact us at Prutermconversions@prudential.com or 1-904-313-3550
- A change to New Rates for an inforce policy that is within the 90-day New Business Change Period will trigger a recalculation of commissions. If different, the original amount will be recaptured and a new amount paid.
Backdating
Normal backdating rules apply, meaning that the new policy date can be backdated up to six months prior to the application date (three months in Ohio). A policy with New Rates can be dated prior to the state introduction date as long as the application meets the requirements in the TRANSITION RULES above.
Please note: If the date of birth is more than 6 months prior to the state introduction date, you cannot backdate the policy to save age with a request for the New product version.
Requests For Old Rates During The Transition Period:
- Applications Without Ownership Arrangements
Formal applications without ownership arrangements (Preliminary applications, trial application and where a Trust is TBD) must be replaced by a final formal application by the end of the 28 day transition period based on state approval to be eligible for the Old
Rates. - Informal/Inquiry Applications
Informal/Inquiry applications will not be eligible for Old Rates unless replaced by a live application by the end of the 28 day transition period based on state approval.