PruLife® SVUL Protector (SVUL) is a survivorship VUL product that provides cost-effective death benefit protection on two lives, with the benefit payable after both insureds have died.
SVUL can also address the growing needs of clients to tax-efficiently* transfer wealth while being able to grow and access cash value with a wide variety of underlying investment options. SVUL allows clients to manage the length of the guarantee, the underlying investment options, and premiums to meet their needs.
Effective November 1, 2021, SVUL Protector premiums will increase (on average):
- Single Pay: 14%
- Ten Pay: 6%
- Level Pay: 2%
The increases listed above are for lifetime no-lapse guarantee solves for a $1,000,000 face amount, ages 45-75. They are an average for each pay period and may vary, based on issue age, gender, underwriting class, and face amount. Both current and guaranteed charges are part of this revision.
On Monday November 1, 2021, the revised PruLife SVUL 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.
- October 31, 2021 (Last Day for Old Rates – Issue Basis 304 or older): Last day that an application can be signed and dated1 with Old Rates.
- November 1, 2021 (First Day for New Rates – Issue Basis 305): First day that an application can be signed and dated with New Rates.
- November 5, 2021 (4pm EST – Home Office Receipt Date): Last day/time that an application can be received in the Home Office with Old Rates.
- January 14, 2022 (1035 Exchange Date): Last day cases involving a 1035 exchange must have the 1035 initiated/started2 by to retain Old Rates. If the 1035 Exchange date is met, the policy will not be subject to an additional placement deadline.
- January 14, 2022 (4pm EST – Placement Date): Last day/time that a pending case can be placed with Old Rates. All delivery requirements must be received in good order by 4pm EST.
All dates are considered end of day in your applicable time zone unless otherwise stated.
New Premium Limit
In addition, effective November 1, premium limits for the new version of SVUL Protector will be increased to $2M.
Find out more about these changes from Prudential…