Effective June 11, 2018 – Improved Pricing on UL Protector
At Prudential, we strive to provide clients with a relevant suite of product solutions to help them meet their financial goals. That’s why we’re excited to announce reduced rates on UL Protector, which underscores our commitment to the GUL marketplace and provides your clients with the same great death benefit option at a lower cost.
Reprice Details
- Rate reduction of approximately 3% across all level pay premiums.
- Short pay scenarios will see moderate decreases.
- Rate reduction of approximately 3% on BenefitAccess Rider (level pay premiums only).
- No rate increases, no change to single pay scenarios.
Increased Competitiveness
We’ve improved our competitive positioning across the board as a result of UL Protector’s price decrease. In fact, the reprice positions us as the industry’s top leader in key cells for clients aged 65 and over.
Same Great Features
- Flexible Lifetime Guaranteed Protection: UL Protector is a permanent life insurance policy with guaranteed lifetime protection.
- BenefitAccess Rider (BAR): By adding BAR, clients can accelerate their death benefit should they become chronically or terminally ill, even if expected to recover. No receipts required. BAR costs are also decreased by about 3%.
- Age Last Birthday Advantage: While most carriers use “age at nearest birthday” to determine clients’ age, we use age at last birthday, which means potentially lower premiums for clients.
A lower-priced UL Protector underscores our commitment to the no-lapse guarantee marketplace, and our promise to offer clients high-quality, cost-effective products at every stage of life.
On Monday June 11, 2018, the repriced PruLife UL Protector will be introduced, subject to state approvals.
The following rules apply to any request for New Business, Term Conversion, or OPAI (Option To Purchase Additional Insurance) Conversion.
TRANSITION RULES
- June 11, 2018 (Ready to Sell Date): New Rates for the repriced product are in effect. All applications signed and dated on or after June 11, 2018 will receive New Rates (unless Old Rates are requested and permitted). For Alaska and Massachusetts, the current face amount limit of $5 million is removed for New Rates.
- July 1, 2018 (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 21-day Transition Period, a written request, along with the appropriate presentation version, must be submitted on or after the state introduction date
- The face amount limit of $5 million is still in effect for Old Rates for Alaska and Massachusetts
- Applications dated July 2nd and later will receive the New Rates only
- States that approve the revised product after June 11, 2018 will have their “Ready to Sell Date” adjusted.
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 21-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 21-day transition period based on state approval.