To comply with regulatory requirements in NY, effective February 14, 2022, the Indexed Account Rider will no longer be available on new sales of PruLife® Custom Premier II (CPII) in New York.
Clients with existing in force CPII policies with the rider attached will continue to have access to the rider. All other states will remain unaffected by this update.
STRONG PRODUCT FEATURES REMAIN
Regardless of this regulatory change, CPII continues to provide death benefit protection and the potential for cash value accumulation with a diverse set of underlying investment options. Clients can also enjoy these features of CPII:
Premium Flexibility: Clients choose how much and how often premium payments are made.
Choice of Death Benefit: Clients choose a level, variable, or return of premium death benefit option.
Cash Value Accumulation: Clients have the potential to grow cash value and access their cash in a tax-advantaged way.
Over 50 Underlying Investment Options: These investment options are designed to meet clients’ risk tolerances and help them achieve their cash value accumulation goals
WORK WITH AN INDUSTRY LEADER
Plus, you and clients get these benefits when working with Prudential:
- Age last birthday pricing, often meaning better rates.
- Consistent and strong underwriting.
- The choice of two optional riders focused on benefits for times of chronic or terminal illness.
- A full range of eCapabilities delivering speed and convenience.
- The LifeInsight digital tool, which allows you to track policy performance in real time.
- The history and reliability of an established brand.
- February 13, 2022 (Last Day for Indexed Account Rider – Issue Basis 301 or older): Last day that an application can be signed and dated1 with Issue Basis 301 or older.
- February 14, 2022 (First Day without Indexed Account Rider – Issue Basis 302): First day that an application can be signed and dated1 with Issue Basis 302.
- February 18, 2022 (4pm EST – Home Office Receipt Date): Last day/time that an application can be received in the Home Office with Issue Basis 301 or older.
- April 22, 2022 (1035 Exchanges): Cases involving 1035 exchange must be initiated/started by April 22, 2022 for Issue Basis 301 or older. If the 1035 initiation/start deadline is met, the policy will not be
subject to an additional placement deadline.
- April 22, 2022 (Placement Date): Last day that a pending case can be placed with Issue Basis 301 or older. All delivery requirements must be received in good order by end of business day (4pm EST).
Note: All dates are considered end of day Eastern Standard Time