Protective Life

ProdMod: Protective Drops Classic Term Prices. Again!

FROM PROTECTIVE LIFE…

Protective® Classic Choice term repriced, again!

We repriced again to make Protective® Classic Choice term more competitive than ever. Our lower prices now put us in the top 3 94% of the time and in the top 5 97% of the time for monthly pay scenarios.

We’re committed to maintaining a competitive term solution by offering lower prices, longer term options, more flexibility and faster technology — so you can give your clients the coverage they need at the price they want.

Transition Rules

  • For paper business; applications must be signed and received on or before October 18, 2021.
  • For ticket business and direct writer; applications must be signed and received on or before November 1, 2021.
  • Any application in Underwriting on October 4, 2021 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.
  • NY 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 Life…

ProdMod: Protective Updates Multiple Products for Section 7702

FROM PROTECTIVE LIFE…

We’re dedicated to simplifying everything, building trust and providing quality service to you and your clients. Part of that dedication is ensuring you are informed and remain compliant with the regulatory updates within our industry.

Like many carriers, we will be updating our product portfolio in 2021 for the 7702 and 7702A (Tax Law) changes that were included in the Consolidated Appropriations Act, 2021 (CAA 2021). As one of our valuable partners, you are receiving this information now to help you plan for a smooth transition for you and your clients.

Portfolio Changes:

We will be introducing a variety of changes, driven by the 7702/7702A changes on September 8, 2021. This primarily impacts cash value accumulation test (CVAT) death benefit factors, guideline premiums and Modified Endowment Contract (MEC) (7 Pay) premiums.

Advantage Choice Changes and Transition Rules

Effective September 8, 2021, Protective Advantage Choice UL will be repriced with a slight price increase. Clients will receive current (prior to September 8, 2021) product versions, if they:

  1. Submit a signed application and illustrations if necessary
  2. Ensure the policy has an effective date of September 7, 2021 or earlier.

Any policy issued with an Effective Date of September 8 or later will receive the new product version.

Strategic Objectives II VUL Changes and Transition Rules

Effective September 8, 2021, the Defined Objectives program for Protective Strategic Objectives II VUL will no longer be available for new policies. Any current customers utilizing the Defined Objectives program will be supported going forward. Clients will receive current (prior to September 8, 2021) product versions, if they:

  1. Submit a signed application (includes completing the TeleLife® interview or signing a paper application) and illustration, if necessary.
  2. Ensure the policy has an effective date of September 7, 2021, or earlier.

Any policy issued with an Effective Date of September 8 or later will receive the new product version.

Find out more about these changes from Protective Life…

AdminUpdate: Protective has Released Updated COVID Underwriting Guidelines

FROM PROTECTIVE…

Effective immediately, Protective Life has revised our temporary life insurance underwriting guidelines due to the COVID-19 pandemic with the modifications below. Note that these updates apply to:

• Fully underwritten applications (does not apply to applicants who are approved for instant issue of simplified issue live insurance, including single payment whole life or Executive Benefit life products approved on a guaranteed issue basis).
• All new or pending cases with no final underwriting offer or outstanding underwriting requirements.

Age and rating limitations:

  • We have reverted to pre-COVID-19 underwriting guidelines (no restrictions) for individuals who are 0 – 60 years of age.
  • Ages 61 – 79: We will postpone coverage if individuals are rated higher than Table 4. However, we can consider coverage with:
    • Evidence of completed COVID-19 vaccination (copy of vaccination card with name, vaccine batch number and date(s) administered).
    • At least two weeks since the final injection.
    • No history of immunodeficiency, impairments requiring IVIG treatment or prednisone dependency.
  • We will continue to postpone coverage on individuals who are age 80 and above.

Travel

We have reverted to pre-COVID-19 travel guidelines based on country and case-by-case consideration.

Statement of Health

We will continue to require a Statement of Health be signed on delivery for all fully underwritten coverage on any applicant, regardless of age or face amount. Note that this does not apply to applicants who are approved for instant issue of simplified issue life insurance, including single payment whole life or Executive Benefit life products approved on a guaranteed issue basis.

Cash with application

Normal pre-COVID-19 cash with application guidelines now apply.

Reconsiderations

Any formal application previously postponed due to COVID-19 restrictions can be reconsidered upon request with a new application, updated medical records and current underwriting requirements.

Note that any case previously postponed due to our temporary COVID-19 limitations may have also been postponed due to other reasons. Upon review, your underwriter will communicate whether we can accept the applicant for coverage and if additional evidence is required.

Find out more about these changes from Protective…

ProdMod: Lower Indexed Choice and Extend Care Premiums from Protective

FROM PROTECTIVE LIFE…

We have some important information regarding our Protective Indexed Choice UL product and our ExtendCare Rider. Effective July 12, 2021, we are repricing the products to include lower premiums in key areas. In addition, we will be:

  • Lowering the maximum secondary guarantee from 121 to age 90 to make our guarantees even more competitive. For clients seeking guarantees to age 121, our market-leading Protective Lifetime Assurance UL and Protective Advantage ChoiceSM UL guaranteed universal life options are still available.
  • Adding an Option B Increasing Death Benefit Option
  • Extending surrender charges from 14 to 19 years
  • Providing access to the Guideline Premium Test at issue

These changes enable us to continue offering the same well-designed indexed universal life solution that you know and trust, with improved pricing and new features that help us deliver on our promises — together.

Transition Rules

  • For ticket business and direct writers: applications must be signed and received on or before Monday, August 30 to receive current rates.
  • For paper business: applications must be signed and received on or before Monday, August 16 to receive current rates.
  • Any application in underwriting on Monday, July 12 may choose between the old and new version of the product, but will retain the rates initially quoted unless otherwise requested up until the case has been approved.

Find out more about these changes from Protective Life…

ProdMod: Protective Enhances Competitive Positioning of Classic Choice Term

FROM PROTECTIVE LIFE…

We’ve repriced Protective® Classic Choice Term to have new lower rates in multiple cells, putting it in the top three or better 95% of the time in monthly pay scenarios and in the top three 89% of the time in annual pay scenarios. These rates are more competitive than ever, and they go into effect starting today.

In addition to our reprice, here are two other reasons to make Protective Classic Choice Term your go-to solution:

  • Offer coverage longer with 35- and 40-year term periods: Protective Classic Choice Term includes guaranteed level term options at 35 and 40 years. Protective is now one of only three national carriers to offer more than 30 years of level term coverage.
  • Accelerate your business with Protective Velocity: By using Protective Velocity — our portfolio of digital solutions — you could go from application submission to sales commission nearly 40 days faster all while streamlining your business.

Transition Rules

  • For ticket business and direct writers: applications must be signed and received on or before Monday, July 5 to receive current rates.
  • For paper business: applications must be signed and received on or before Monday, June 21 to receive current rates.
  • Any application in underwriting on Monday, June 7 may choose between the old and new version of the product but will retain the rates initially quoted unless otherwise requested up until the case has been approved.

Find out more about these changes from Protective Life…

AdminUpdate: Protective Life Introduces Enhancements to PLUS Accelerated Underwriting Platform

FROM PROTECTIVE LIFE…

New this month, a key enhancement has been introduced to our underwriting process. A new APS-Only underwriting path will remove the need for an insurance examination and labs for select cases.

Many clients who may have otherwise qualified for PLUS accelerated underwriting, except for a condition that is not evaluated or monitored through physical measurements or lab testing, have been bumped out of the process for full underwriting (to include an exam, labs and APS).

For many individuals with common conditions that previously made them ineligible for PLUS accelerated underwriting, we can now underwrite with an APS only. That means no exam or labs for more clients!

We will continue to develop and evolve our ability to underwrite certain impairments within the PLUS process using this new APS-only path.

Example Cases

Scenario 1 – Female age 35 for $1 million with a history of asthma. All other factors would have put the case on the path for PLUS approval but the history of asthma alone kicks the case out of the PLUS path. Instead of full underwriting, which would have included scheduling a paramed exam with blood/urine and ordering an APS, we will only order an APS and assess the risk using just the medical records.

Scenario 2 – Male age 42 for $1 million with a history of sleep apnea. All other factors would have put the case on the path for PLUS approval but the admitted history of sleep apnea alone kicks the case out of the PLUS path. Instead of full underwriting, which would have included scheduling a paramed exam with blood/urine and ordering an APS, we will only order an APS and assess the risk using just the medical records.

Scenario 3 – Male age 50 for $500,000 with a history of diabetes. All other factors would have put the case on the path for PLUS approval but the history of diabetes kicks the case out of the PLUS path. Diabetes is evaluated and monitored through lab testing to determine severity and level of control, along with associated impairments and mortality factors. As a result, this case will continue to require full underwriting to include an exam, labs and an APS.

Curious about the impairments that may be eligible for acceleration under the new protocol? Check out the formal announcement from Protective for additional details.

Find out more about these changes from Protective Life…

ProdMod: New, Lower Classic Choice Term Rates from Protective

FROM PROTECTIVE LIFE…

Protective Classic Choice term has even lower rates and higher maximum issue ages

Starting January 11, 2021, Protective Classic Choice term will have even lower rates, putting it in the Top 3 or better 95% of the time in monthly pay scenarios and in the Top 3 or better 92% of the time in annual pay scenarios. We have also made several other changes, including raising the maximum issue ages in our 10 – 30 year term periods, to help you offer this market- leading term product to even more clients.

Details about enhancements to the product:

  • Extending maturity age: To help you serve more clients, we are increasing the maturity age from 90 to 95.
  • Increasing maximum issue ages: We also increased maximum issue ages across several term periods to help you cover even more clients.
  • Increasing the policy fee: Our policy fee will be increasing from $55.00 to $65.00, but will remain fully commissionable!

Transition Rules:

  • For ticket business and direct writers: applications must be signed and received by the Home Office on or before Monday, February 8 to receive current rates.
  • For paper business: applications must be signed and received on or before Monday, January 25 to receive current rates.
  • Any application in underwriting on Monday, January 11 may choose between the old and new version of the product but will retain the rates initially quoted, unless otherwise requested up until the case has been approved.

Find out more about these changes from Protective Life…

Updated: Year-End Processing Deadlines for All Core Carriers Now Available

With just over three weeks left before 2021 is upon us, we now have the final year-end deadlines for 2020 business from all the AIN Core Carriers. Please review the list below for additional details for each insurance company,

Important: These deadlines may or may not reflect the transition rules regarding AG 49A. Please see AIN’s AG 49A Resource for those rules and deadlines.

The pertinent 2020 year-end cutoff dates for the AIN Core Carriers can be found via the links below.

ProdMod: Protective Life Announces Rate Change on Indexed Choice UL

FROM PROTECTIVE LIFE…

At Protective Life, delivering what’s promised is a decision — one we make every day — and doing the right thing is the foundation of everything we do.

That’s why we’ve decided to adjust our loan charge rate, cap rate, fixed rate and illustrated rate on Protective Indexed Choice UL to keep up with the continued low interest rate environment and volatility in the market. These product revisions will enable us to continue offering this solid, well-designed life insurance solution that meets your clients’ expectations and helps us deliver on our promises — together.

The following rate changes will be available with Protective Indexed Choice UL illustrations beginning October 19, 2020. See below for effective dates.

  • The loan charge rate will change from 4.41% to 4.64% and is effective October 19, 2020.
  • The indexed cap rate will change from 8.50% to 8.00%.
  • The new cap rate will go into effect on January 15, 2021 as indexed segments are created on the 15th of each month.
  • For new and existing indexed segments that began in 2020, this new cap rate will go into effect once the segment has its annual reset (after its 12-month term).
  • The fixed account crediting rate will change from 3.50% to 3.25% and is effective January 1, 2021.
  • The maximum illustrated rate will change from 5.41% to 5.14% and is effective October 19, 2020.

If you have any questions, please contact the Protective Life Sales Desk at 877-778-3500, option 1.

Find out more about these changes from Protective…