On Tuesday, January 2, 2018, the repriced Term Essential will be introduced, subject to state approvals.
- January 2, 2018 (Ready to Sell Date): New Rates for the repriced product are in effect. All applications signed and dated on or after January 2, 2018 will receive new rates.
- A transition period for requesting Old Rates is not applicable, as there are no rate increases.
- States that approve the New Rates after January 2, 2018 will have their “Ready to Sell Date” adjusted.
Definition of “application date”:
- Pru Advisors Prepaid eLife – Date on the form of payment and the Authorization, Acknowledgement and Limited Insurance Agreement form
- Pru Advisors COD eLife – Date the Authorization, Acknowledgement, and Limited Insurance Agreement form and Variable Contract Acknowledgement form (if applicable) were signed by the client
- Pru Advisors or Third Party Full Application case – Date the Part 1 of application (ORD 96200) was signed
- Third Party COD Xpress QuickForm case – Date the Authorization to Release Information form and Variable Contract Acknowledgement form (if applicable) were signed by the client
Requests for New Rates
Requests for changes to the New Rates will be permitted 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 the New Rates, as long as the request for change is made on or after the state introduction rate
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 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 the request for New Rates.