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ProdMod: Protective Announces New, Lower Classic Choice Term Rates

FROM PROTECTIVE…

We’re excited to announce we’ve lowered our Protective Classic Choice term prices once again. And with longer term periods, more flexibility and faster technology, we’re also making short-term business easier and more innovative.

Our lower prices put us in the #1 spot 54%1 of the time for monthly scenarios and 48% for annual premium scenarios. (Please note, iGo defaults to annual premium quotes. Be sure to change to monthly premium quotes to see Classic Choice term’s most competitive rates.) 35- and 40-year term periods make us one of only three carriers in the market to have level term coverage for up to 40 years.

Transition Rules

  • For paper business: applications must be signed and received on or before January 31, 2023.
  • For electronic ticket business and direct writers: applications must be signed and received on or before February 14, 2023.
  • Any application in Underwriting on January 17, 2023, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
  • This reprice includes Protective Classic Choice term products sold in New York.

 

In addition to these updates, we also want to announce our policy fee for Protective Classic Choice term and Protective Classic Choice term in New York is no longer commissionable, effective January 17, 2023.

We are also pleased to announce that the Waiver of Premium rider and Accidental Death Benefit rider are now available with Protective Classic Choice term in New York.

1Standings current as of January 17, 2023.

Find out more about these changes from Protective…

ProdMod: Protective Announces New, Lower Classic Choice Term Rates

FROM PROTECTIVE…

We’re excited to announce we’ve lowered our Protective Classic Choice term prices once again. And with longer term periods, more flexibility and faster technology, we’re also making short-term business easier and more innovative.

We believe products should be easy to understand and easier to recommend. That’s why we continue to improve our term product to maximize its value for clients everywhere:

  • Our lower prices put us in the #1 spot 55% of the time for monthly and annual premium scenarios. (Please note, iGo defaults to annual premium quotes. Be sure to change to monthly premium quotes to see Classic Choice term’s most competitive rates.)
  • 35- and 40-year term periods make us one of only three carriers in the market to have level term coverage for up to 40 years.
  • Protective Velocity, our suite of digital solutions, makes submission to commission even faster and easier.

Transition Rules

  • For paper business: applications must be signed and received on or before November 28, 2022.
  • For electronic ticket business and direct writers: applications must be signed and received on or before December 12, 2022.
  • Any application in Underwriting on November 14, 2022, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
  • New York does not have a rate change, but the plan codes are changing so they will follow the above rules.

Find out more about these changes from Protective…

AdminUpdate: Protective Announces Higher Premium Limits for Five UL Products

FROM PROTECTIVE…

Since 2020, life insurers across the industry have had to make choices regarding products, premium limits and rates that impacted customers. Given the current interest rate environment, we’re excited to announce that we have implemented higher premium limits for certain products in all states, including New York.

New Annual Premium Limits

  • Protective Advantage Choice UL = $1,000,000
  • Protective Lifetime Assurance UL = $1,000,000
  • Protective Custom Choice UL = $1,000,000
  • Protective Indexed Choice UL = $3,000,000
  • ProClassic II UL = $3,000,000

For Protective Strategic Objectives II VUL, the annual premium limit will remain at $5,000,000.

Find out more about these changes from Protective…

AdminUpdate: Protective Launches Digital Part II October 6th

FROM PROTECTIVE…

Doing business with Protective just got easier — effective October 6th, you can opt your clients in to answer Part II medical-related questions online.¹ Those who may have felt uncomfortable or rushed when answering personal medical questions via phone interview, now have the option to enter their information digitally, on their time.

Don’t miss your chance to sit in on a live training ahead of the launch. Register using one of the links below:

¹via EZ-App or Protective-approved drop-ticket platform

Find out more about these changes from Protective…

ProdMod: ExtendCare Rider Now Available on Protective Executive UL

FROM PROTECTIVE…

Our ExtendCare rider is now available on Protective Executive UL — providing key chronic illness coverage for employers and their leadership talent.

ExtendCare advances the policy’s death benefit to manage the costs of:

  • Home health care
  • Professional nursing care
  • Transportation
  • Nursing home and assisted living costs
  • Hospice care,
  • and more

Click to learn more about Protective’s Executive UL solution.

Find out more about these changes from Protective…

Important Compensation System Update from Principal

The team at Principal is preparing to launch a major upgrade to the web-based resources agencies use to access compensation related information. This new system is due to go live on September 16, 2022, and includes the following changes and enhancements:

  • Creating flexibility for agencies to define different rates for Principal National Life and Principal Life Insurance Company, and different rates for each Term Life product.
  • Moving to a Total Gross Payout (TGP) calculation model.
    • TGP is calculated as a % of premium.
    • We’ve converted your current rates to TGP rates – previously referred to as BEA.
  • Utilizing a powerful self-serve tool which offers you 3 options to view and download your compensation data:
    • Interactive web application (Compensation Hub)
    • CSV file
    • PDF file
  • Enhancing compensation reporting at a policy level, which again will help reconcile payments.

To help with this rollout, Principal will need a couple of things from you:

In order to facilitate this rollout, they’ve added some new roles associated with viewing compensation reporting:

  • Office Main Commission Contact: This individual serves as a security administrator and determines which individuals are permitted to see sales compensation data.
  • Office Delegate: Individuals who are authorized to view sales compensation data.

For each AIN Member, we need to know who will serve in each of these roles and their contact information as follows: Note – there can be multiple individuals for each role.

  • Office Main Commission Contact(s):
    • First & Last Name(s):
    • Phone Number(s):
    • Email:
    • Mailing Address:
    • Principal Office # for which the Firm Contact will oversee:
  • Office Delegate(s):
    • First & Last Name(s):
    • Phone Number(s):
    • Email:
    • Mailing Address:
    • Principal Office # and/or Unit(s) delegate is permitted to view.

Important!

Please send the Main Commission Contact and Delegates for your Firm to Principal @ commissions.indiv@principal.com

If this information is not been sent to Principal, you will be unable to access the new system!

The financial professionals who sell through your agency will also use the Compensation Hub to view their data. If a financial professional has delegated access to a personal assistant or private staff who works for them, the financial professional will need to contact commissions.indiv@principal.com to grant access.

Find out more about these changes from Principal…

ProdMod: Protective Announces New, Lower Indexed Choice UL Pricing

FROM PROTECTIVE…

We’re committed to helping you maximize value by connecting as many people as possible to the protection they deserve. We’re excited to announce we’ve improved Protective Indexed Choice UL’s performance for guaranteed death benefit to age 90, adding more competitive premiums for clients’ protection needs.

We’ve also added a $500,000 face amount band, enhancing the product even more. With these changes, effective August 15, you’ll be able to help even more people protect their goals — with strong guarantees and opportunities for cash value growth that’s linked to market performance.

Transition Rules

  • For paper business: Applications must be signed and received on or before August 29, 2022.
  • For electronic ticket business and direct writers: Applications must be signed and received on or before September 12, 2022.
  • Any application in Underwriting on August 15, 2022, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.

Find out more about these changes from Protective…

ProdMod: Protective Lowers Classic Choice Term Prices Once Again

FROM PROTECTIVE…

We’re excited to announce we’ve lowered our Protective Classic Choice term prices once again. And with longer term periods, more flexibility and faster technology, we’re also making short-term business easier and more innovative.

We believe products should be easy to understand and easier to recommend. That’s why we continue to improve our term product to maximize its value for customers everywhere:

  • Our lower prices put us in the Top 3 90% of the time, and thanks to our most recent reprice, we secured the #1 spot 73% of the time for monthly pay scenarios!* (Please note, iGo defaults to annual premium quotes. Be sure to change to monthly premium quotes to see Classic Choice term’s most competitive rates.)
  • 35- and 40-year term periods make us one of only three carriers in the market to have level term coverage for up to 40 years.
  • Protective Velocity, our suite of digital solutions, makes submission to commission even faster and easier.

Transition Rules

  • For paper business: applications must be signed and received on or before August 29, 2022.
  • For electronic ticket business and direct writers: applications must be signed and received on or before September 12, 2022.
  • Any application in Underwriting on August 15, 2022, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
  • New York does not have a rate change, but the plan codes are changing so they will follow the above rules.

*Standings current as of August 8, 2022.

Find out more about these changes from Protective…

ProdMod: Protective Lowers Classic Choice Term Prices Once Again

FROM PROTECTIVE…

We’re excited to announce we’ve lowered our Protective Classic Choice term prices once again. And with longer term periods, more flexibility and faster technology, we’re also making short-term business easier and more innovative.

We believe products should be easy to understand and easier to recommend. That’s why we remove unnecessary features and steps to maximize value for you and your clients.

Here’s why you should be excited about this:

  • Our lower prices put us in the Top 3 85% of the time, and thanks to our most recent reprice, we secured the #1 spot 63% of the time for monthly pay scenarios!
  • 35- and 40-year term periods make us one of only three carriers in the market to have level term coverage for up to 40 years.
  • Plus, create more ideal client experiences with Protective Velocity – our suite of digital solutions that makes submitting business fast and hassle free.

Transition Rules

  • For paper business: applications must be signed and received on or before July 25, 2022.
  • For ticket business and direct writer: applications must be signed and received on or before August 8, 2022.
  • Any application in Underwriting on July 11, 2022, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
  • New York does not have a rate change; however, the plan codes are changing so they will follow the above rules.

Find out more about these changes from Protective…

ProdMod: Protective Lowers Classic Choice Term Prices

FROM PROTECTIVE…

Well, we did it again. We’re excited to announce we’ve lowered our Protective Classic Choice term prices once again. And with longer term periods, more flexibility and faster technology, we’re also making short-term business easier and more innovative.

Here’s why you should be excited about this:

  • Our lower prices put us in the Top 3 86% of the time in monthly pay scenarios! (standings current as of June 6, 2022)
  • 35- and 40-year term periods make us one of only three carriers in the market to have level term coverage for up to 40 years.

Transition Rules

  • For paper business: applications must be signed and received on or before June 20, 2022.
  • For ticket business and direct writer: applications must be signed and received on or before July 4, 2022.
  • Any application in Underwriting on June 6, 2022, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
  • New York does not have a rate change; however, the plan codes are changing so they will follow the above rules.

Find out more about these changes from Protective…

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