Changes Coming to Prudential’s Term Portfolio on July 15
Regulatory requirements associated with 2017 CSO mortality tables are impacting how the life insurance industry prices protection products. This includes Prudential’s Term Essential and Term Elite. Effective July 15, 2019, both products will be repriced to reflect new mortality tables.
Term Essential and Term Elite Remain Competitive and Attractive
Some prices have increased, while others have decreased, with many scenarios unchanged. The overall average is a 1.5% increase.
Term Elite will also have the following changes:
- Disability waiver rates have been reduced by an average of 27%. Disability waiver rates have decreased for BOTH Term Essential and Term Elite.
- Minimum face amount has been increased to $1M
- Conversion period has been aligned with Term Essential
- Modal factors have also been reduced
Remember, Prudential’s Term Essential and Term Elite offer:
- Face amounts to cover the varying needs of clients
- Age last birthday pricing; this may mean lower premiums for clients
- Opportunity to convert to ANY of Prudential’s nine permanent products
- Living Needs BenefitSM
- Speed and convenience through emerging e-capabilities
More information available here.
Introducing PL PROMISE CHRONIC ILLNESS RIDER
Beginning May 13, 2019, your clients can include chronic illness rider protection with new issues of PL Promise GUL guaranteed universal life insurance policies. Quotes available on Winflex. More information available here.
Competitive New Term Rates from LGA
Effective May 13th, new rates for Banner and William Penn OPTerm 10, 15, 20, 25 and 30 include a mix of decreases and increases. No changes to their highly-competitive rates for OPTerm 35 and 40. More information available here.
Webinar Replay: Don’t Sell Your Term Business Short
Click here to watch Protective recent webinar on how rethinking your term strategy can help grow your book or business.
40 Days of 40 year Term: New Contest from LGA
Grow your sales in 2019 with Legal & General America. Agents can earn cash for each OPTerm 40 app submitted and be entered for a chance to win a bonus!
How it works
Eligible agents will receive $40 for each OPTerm 40 application submitted from April 22 through May 31, 2019.
Earn tickets for more cash
Each submitted application will earn 1 ticket to be entered into a drawing. After May 31, 2019, four participating agents will be randomly selected to win a $1,000 bonus.
The winners will also be invited to a special dinner with their General Agent, Brokerage Manager, Case Manager and Legal & General America Account Manager.
Banner business only.
Not available for William Penn business.
Products: OPTerm 40
AppAssist cases will qualify for the $40 per submitted OPTerm 40 application upon interview completion.
Call our office or visit the LGA website for more details.
Reprice on PL Promise Term Life Insurance
Beginning April 15, 2019, PL Promise Term life insurance will get more competitive. This reprice reinforces Pacific Life’s commitment to the Brokerage channel and meeting the specific needs of the broad market consumer – affordable death benefit protection solutions. You can rely on Pacific Life to remain committed to the term marketplace and ensure our product remains competitive with innovative solutions.
• We’ve targeted “sweet spot” pricing improvements in the following areas:
– All no nicotine rate classes: Preferred Best No Nicotine Use (PBNN) – Standard No
Nicotine Use (SNN)
– Older ages for 10- and 15-year term periods
– All ages for 20- and 30-year term periods
– All premium bands, particularly under $500K
• Continued competitive strengths in the following areas:
– PL Smooth Sailing fluidless underwriting program (see page 2 for details)
– Competitive Substandard pricing (+20% per table vs. the traditional +25%)
– Competitive Monthly Premium mode (monthly premiums)
More information is available here.
Update to Protective® Classic Choice Term in New York
As a reminder, Protective recently made changes to the Protective® Classic Choice Term product in New York to offer it only for cases at and above $1 million. As an additional update, Classic Choice Term cases in New York will no longer be available at the 25-year term period. More information and transition rules available here.
New! Top notch term rates from Legal and General
New Competitive OPTerm Pricing: Effective March 18, 2019
New rates for OPTerm 10, 15, 20, 25 and 30 include a mix of decreases and increases. No changes to our highly-competitive rates for OPTerm 35 and 40.
Rate decreases in more than 55% of pricing cells improved our ranking against core competitors.
More information HERE.
Introducing ULTRA-PREMIER, a new SPDA from Mutual of Omaha
The new Ultra-Premier annuity is designed to offer your customers more competitive interest rates, while providing them with a safe, secure place for their money to grow. More HERE.
Millions of RMD Opportunities
By 2035, 58.7 million retirees could be taking RMDs. You can help them with Integrity’s new RMD Opportunities value-add program:
Check out both for info, ideas, case studies and more.
Source: BNY Melon: “Baby Boomers and Required Minimum Distributions” March, 2016.