Prudential

ProdMod: Prudential Announces Retirement of Term Elite

FROM PRUDENTIAL…

Term Elite Is Retiring Effective November 22, 2021

In order to focus on the strength of our core term solutions, the Term Elite product will be discontinued as of November 22, 2021. Please note important dates to consider in relation to the retirement of Term Elite:

  • Monday, November 22, 2021
    • Retirement Date
    • Last day application can be signed and accepted
  • Sunday, November 28, 2021
    • Retirement Grace Period End Date
    • Date when paper app can be received in the Home Office (app must be signed by retirement date)
  • Friday, January 21, 2022
    • Placement End Date Policy placed

Find out more about these changes from Prudential…

ProdMod: Prudential’s SVUL Protector Reprice Approved in CA

FROM PRUDENTIAL…

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.

Transition Rules

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.

Key Dates

  • 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…

ProdMod: Update on Prudential’s SVUL Protector in New York

FROM PRUDENTIAL…

In NY: Changes Have Been Applied to SVUL Protector

As of today, October 25, the pricing and No-Lapse Guarantee have been adjusted on SVUL Protector® in New York. This product continues to offer great protection, cash value accumulation potential, meaningful no-lapse guarantees, and diverse underlying investment options.

Transition Rules

  • October 17, 2021 (Last Day for Old Rates): Last day that an application can be signed and dated1 with Old Rates.
  • October 22, 2021 (Home Office Receipt Date): Last day that an application can be received in the Home Office with Old Rates.
  • October 25, 2021 (Ready to Sell Date – NY SVUL Protector Issue Basis 305)
  • January 14, 2022 (Placement Date): Last day that a pending case can be placed with Old Rates. All delivery requirements must be received in good order by end of business day (4 PM EST).
  • January 14, 2022 (1035 Exchanges): Cases involving 1035 exchange must be initiated/started by January 14, 2022 to retain Old Rates. If the 1035 initiation/start deadline is met, the policy will not be subject to an additional placement deadline.

Find out more about these changes from Prudential…

ProdMod: Update on Prudential’s SVUL Protector in New York

FROM PRUDENTIAL…

The launch of SVUL Protector in New York has been temporarily delayed and applications will not be accepted. Any application received will not be accepted. We expect this delay to be short. However, in the interim, sales of SVUL Protector should not be solicited, including the distribution of illustration materials or prospectuses, which also should not occur. We expect to communicate more news later this week.

Transition Rules

  • October 17, 2021 (Last Day for Old Rates): Last day that an application can be signed and dated1 with Old Rates.
  • October 18, 2021 (Ready to Sell Date – NY SVUL Protector Issue Basis 305): Please note the Ready to Sell Date for NY SVUL Protector will be delayed. We anticipate New Rates will be available shortly. NY SVUL Protector will not be available during this delay. Transition rules and key dates for the Old Rates remain unchanged.
  • October 22, 2021 (Home Office Receipt Date): Last day that an application can be received in the Home Office with Old Rates.
  • January 14, 2022 (Placement Date): Last day that a pending case can be placed with Old Rates. All delivery requirements must be received in good order by end of business day (4 PM EST).
  • January 14, 2022 (1035 Exchanges): Cases involving 1035 exchange must be initiated/started by January 14, 2022 to retain Old Rates. If the 1035 initiation/start deadline is met, the policy will not be subject to an additional placement deadline.

Find out more about these changes from Prudential…

ProdMod: Changes in Store for Prudential’s NY VUL & VUL Protector

FROM PRUDENTIAL…

In NY: Changes Are Coming to VUL Protector & SVUL Protector

On October 18, the pricing and No-Lapse Guarantee will be adjusted on both VUL Protector® and SVUL Protector® in New York. Both products continue to offer great protection, cash value accumulation potential, meaningful no-lapse guarantees, and diverse underlying investment options.

To continue to offer you and clients in NY effective solutions, we are making these changes:

VUL Protector:

  • Premiums will increase by 10% for no-lapse guarantee solves.
  • No-Lapse Guarantee will be limited in NY through age 90.
  • Premium limit will be raised to $2 million.

SVUL Protector:

  • Premiums will increase by 5% for no-lapse guarantee solves.
  • No-Lapse Guarantee will be limited in NY through age 90.
  • Premium limit will be raised to $2 million.

Transition Rules

  • October 17, 2021 (Last Day for Old Rates): Last day that an application can be signed and dated1 with New Rates.
  • October 18, 2021 (Ready to Sell Date – NY VUL Protector Issue Basis 306; NY SVUL Protector Issue Basis 305): First day that an application can be signed and dated1 with New Rates.
  • October 22, 2021 (Home Office Receipt Date): Last day that an application can be received in the Home Office with Old Rates.
  • January 14, 2022 (Placement Date): Last day that a pending case can be placed with Old Rates. All delivery requirements must be received in good order by end of business day (4 PM EST).
  • January 14, 2022 (1035 Exchanges): Cases involving 1035 exchange must be initiated/started by January 14, 2022 to retain Old Rates. If the 1035 initiation/start deadline is met, the policy will not be subject to an additional placement deadline.

Find out more about these changes from Prudential…

ProdMod: Prudential’s New VUL Protector Pricing Coming to California

FROM PRUDENTIAL…

On Monday October 1, 2021, the revised PruLife VUL Protector will be introduced in California. The following rules apply to any request for New Business, Term Conversion, or OPAI (Option To Purchase Additional Insurance) Conversion.

Transition Rules

  • September 30, 2021 (Last Day for Old Rates – Issue Basis 304 or older): Last day that an application can be signed and dated1 with Old Rates.
  • October 1, 2021 (Ready to Sell Date – Issue Basis 305): First day that an application can be signed and dated1 with New Rates.
  • October 8, 2021 (4pm EST – Home Office Receipt Date): Last day/time that an application can be received in the Home Office with Old Rates.
  • November 12, 2021 (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.
  • December 10, 2021 (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 4 PM EST.

Find out more about these changes from Prudential…

ProdMod: Prudential’s Founders Plus Updated in Multiple States

FROM PRUDENTIAL…

On Monday August 30, 2021, the revised PruLife Founders Plus will be introduced in California, Wyoming, Oregon, and Virginia.

Transition Rules

The following rules apply to any request for New Business, Term Conversion, or OPAI (Option To Purchase Additional Insurance) Conversion.

  • August 30, 2021 (Ready to Sell Date): First day that an application can be signed and dated with New Rates.
  • September 10, 2021 (Last Day for Old Rates): Last day that an application can be signed and dated1 with Old Rates.
  • November 12, 2021 (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.
  • November 12, 2021 (Placement Date): Last day that a pending case can be placed with Old Rates. All delivery requirements must be received in good order by end of business day (4 PM EST)

Goldman Sachs Voyager Indexed Account exclusive to Prudential, is now available through PruLife Founders Plus UL.

This exclusive-to-Prudential account option aims to:

  • Offer the opportunity for more diversification
  • Maintain a 0% floor, 100% participation rate (not guaranteed), and no cap
  • Pivot in response to market conditions to help capture upside opportunities
  • Stay on course with a stable level of risk overtime, to help mitigate volatility

The total amount invested in this option will receive the index interest at the end of the segment and fixed interest that accrues daily, called the “Daily Interest Advantage.”

Tools and Resources

Check out our new and updated materials for more information on Founders Plus UL® and the Goldman Sachs Voyager Index.

Find out more about these changes from Prudential…

Prudential Reprices their SVUL Protector

FROM PRUDENTIAL…

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 August 16, 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.

Transition Rules

On Monday August 16, 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.

KEY DATES:

  • August 15, 2021 (Last Day for Old Rates – Issue Basis 304 or older): Last day that an application can be signed and dated1 with Old Rates.
  • August 16, 2021 (First Day for New Rates – Issue Basis 305): First day that an application can be signed and dated with New Rates.
  • August 20, 2021 (4pm EST – Home Office Receipt Date): Last day/time that an application can be received in the Home Office with Old Rates.
  • October 15, 2021 (1035 Exchange Date): Last day cases involving a 1035 exchange must havethe 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.
  • October 15, 2021 (4pm EST – Placement Date): Last day/time that a pending case can be placedwith 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. States that approve the revised product after August 16, 2021 will have their “Ready to Sell Date” and “Home Office Receipt Date” adjusted. “1035 Exchange Date” and “Placement Date” may be adjusted as well.

New Premium Limit

In addition, effective August 16, premium limits for the new version of SVUL Protector will be increased to $2M. For more information please contact your wholesaler. SVUL provides:

  • An efficient way to transfer wealth to future generations
  • Cost-effective death benefit protection, as compared with two individual policies
  • A conditional no-lapse guarantee
  • The potential to build cash value through 50 underlying investment options, while offering the ability to access it if their needs change (typically not available with guaranteed survivorship life)
  • An optional Survivorship BenefitAccess Rider, for an additional fee, that gives the ability to accelerate the death benefit if the surviving insured is (or both insureds are at the same time) certified as chronically or terminally ill and meet the terms of the rider

Find out more about these changes from Prudential…

Do You have a Marketing Content Problem?

FROM PRUDENTIAL…

July’s Trimester focus is on Executive Bonus Arrangements. Attracting and retaining quality employees is a critical part of a client’s business. We’ve provided executive bonus strategies that can help accomplish this goal.

Check out what’s new!

Playbook Pointers

Our Playbook pointers are a go-to approach for getting things done. The categories are organized to follow the end-to-end sales process. See the Prudential Advantage for additional details. This month’s materials describe the types of Executive Bonus Arrangements that exist and the role life insurance plays.

  • Education: Small Business eBook – a comprehensive guide for supporting business owners in all stages of their business, including succession planning.
  • Client Identification: Executive Bonus Producer Presentation – this presentation lays out why the concept can help, how it works, and how it can be customized for a businesses’ need.
  • Point of Sale: Executive Bonus Arrangements Consumer Flyer – this consumer approved flyer explains how an Executive Bonus Arrangement works.
  • Completing the Sale: Get on Board with PruFast Track – learn more about our accelerated underwriting process.
  • Post-Sale Support: Life Insight Guide – this guide provides an overview of LifeInsight, our patented, interactive policy management tool.

Webinars

NEW! Watch Past Webinars On Demand: If you can’t attend our monthly Trimester webinars, no problem, you can now watch them On Demand at your convenience. Current and past webinars are located on the home page of the Trimester Marketing Resource Site on the upper right.

Find out more about these resources from Prudential…

ProdMod: Pru Announces Narrower Indexed Accounts Spreads

FROM PRUDENTIAL…                                   

At Prudential, we are committed to maintaining financial discipline and continue to review impacts to the index accounts, and the upside they can offer. There will be changes to some of the capped and uncapped indexed accounts.

The changes for impacted index accounts will be effective for index segments starting July 15, 2021.

A letter will be sent to policy owners when there are changes to index accounts, informing them of the new cap or spread and that the future segments will be impacted. The letter also indicates that these changes may result in different values than were shown in their most recent illustration and how they can request a current illustration.

Key Indexed Account Changes

  • IAUL (August 2020), S&P 500 Uncapped Index Account; Spread:
    • Old: 8.50%
    • New: 7.75%
  • IAUL (February 2018), S&P 500 Uncapped Index Account; Spread:
    • Old: 7.50%
    • New: 6.75%
  • IAUL (August/December 2016), S&P 500 Uncapped Index Account; Spread:
    • Old: 7.50%
    • New: 6.75%
  • SIUL (January 2019), S&P 500 Uncapped Index Account; Spread:
    • Old: 7.50%
    • New: 6.75%
Also important: In force Founders Plus contracts will see an increased Cap. Please see the formal announcement from Prudential for additional details.

Find out more about these changes from Prudential…