PruFast Track Underwriting Launching on August 20, 2018
Prudential is excited to launch the PruFast Track on August 20th. PruFast Track was developed to simplify the underwriting process by leveraging Predictive Modeling and is available for most single life products at ages 18 – 60 and face amounts between $100,000 and $1,000,000. Clients who qualify for the top three underwriting classes are generally eligible for an accelerated underwriting decision (no exam and/or lab test) within days for some of the healthiest clients, although in some cases, an APS may be required in place of an exam or lab.
Beginning August 20th, any eligible application that is submitted through the Xpress Quick Form or Drop Ticket will automatically be on the PruFast Track underwriting path. When using the Xpress Quick Form or Drop ticket a tele-interview specialist will collect the required medical and risk information from the client. Exam or lab requirements should not be ordered with the application; doing so will automatically remove the application from PruFast Track and put it into the traditional underwriting path.
Ages 18 to 60
Face Amount $100,000 to $1,000,000
Electronic submission with tele-interview
All products except PruTerm One, PruLife UL Plus, and Survivorship products
No insurance exam ordered or completed in conjunction with the application
Single application submission (no additional applications)
No long form applications
Cases quoted Smoker, Preferred Smoker, or Substandard are not eligible
Prudential’s Chief Market Strategist Quincy Krosby’s Quarterly Commentary: “Road to Normal”
Dr. Krosby’s Q3 2018 Commentary highlights central banks proceeding with caution on policy changes, the world watching and waiting amid trade tariff threats, and the Fed determined to normalize interest rates.
SBLI Rate Reduction: Great New Rates Arrive on July 23!
SBLI is pleased to announce new term rates for all non-nicotine classes, effective Monday, July 23, 2018. The rates supporting our unique all risk classes, no medical exam accelerated underwriting process, will be much more competitive. Also, rates for our traditionally underwritten business will be particularly strong. Transition rules can be found here.
Say Hello to Summer and Hot New Rates
Legal & General America has competitive new term rates and great pricing for both annual and monthly premium payments. More information available here.
Improved Pricing on Prudential’s UL Protector as of June 11, 2018
At Prudential, we strive to provide clients with a relevant suite of product solutions to help them meet their financial goals. That’s why we’re excited to announce reduced rates on UL Protector, which underscores our commitment to the GUL marketplace and provides your clients with the same great death benefit option at a lower cost.
- Rate reduction of approximately 3% across all level pay premiums.
- Short pay scenarios will see moderate decreases.
- Rate reduction of approximately 3% on BenefitAccess Rider (level pay premiums only).
- No rate increases, no change to single pay scenarios.
- Increased Competitiveness
We’ve improved our competitive positioning across the board as a result of UL Protector’s price decrease. In fact, the reprice positions us as the industry’s top leader in key cells for clients aged 65 and over.
Same Great Features
- Flexible Lifetime Guaranteed Protection: UL Protector is a permanent life insurance policy with guaranteed lifetime protection.
- BenefitAccess Rider (BAR): By adding BAR, clients can accelerate their death benefit should they become chronically or terminally ill, even if expected to recover. No receipts required. BAR costs are also decreased by about 3%.
- Age Last Birthday Advantage: While most carriers use “age at nearest birthday” to determine clients’ age, we use age at last birthday, which means potentially lower premiums for clients.
- A lower-priced UL Protector underscores our commitment to the no-lapse guarantee marketplace, and our promise to offer clients high-quality, cost-effective products at every stage of life.
New From AIG: Non-medical Underwriting on IUL and VUL
FASTER COVERAGE ON IUL & VUL POLICIES? OH YEAH!
A purchase process that is simpler for your client, faster for us to support, and easier on you to complete.
• No labs, APS’s, Para-meds, or physical exams.
• Easy processing with fewer requirements to gather.
• Same competitive products – no changes to compensation, product, or expense.¹
• AG Quick Ticket available today for IUL: online processing – faster submission – faster commission.
Beginning April 16, 2018, Max Accumulator+ and AG Platinum Choice VUL 2 can be processed with non-medical underwriting.
Satisfy your need for speed and accelerate your business. Learn more » Prerecorded training webcast also available
Introducing Reprice on PL Promise Term Life Insurance
As of April 16, 2018, PL Promise Term life insurance just got more competitive. Check out our new premiums, plus other great news. You can rely on Pacific Life to deliver consistent, competitive pricing and automated, simple solutions.
• Premium decreases focused on achieving top 3 premium ranking in the following areas:
– 25-year term duration
– Select risk class
– Applicants age 50-69, any risk class, leveraging our new PL Smooth Sailing fluidless underwriting program
• Continued competitive strengths in the following areas:
– Competitive Substandard pricing (+20% per table vs. the traditional +25%)
– Competitive Monthly Premium mode (monthly premiums)
The new PL Promise Term rates go into effect beginning April 16, 2018. A 60-day transition period from April 16, 2018 through June 14, 2018 is provided. A request to use the lower rates is not required and any premium received with an application using the higher rate will automatically be refunded.
Ohio National is Raising IUL Cap Rates
Protective Conversion Rules and ProClassic Legacy Launch
Please read this important bulletin from Protective regarding the launch of the new ProClassic Legacy as well as some updates to their conversion rules.
Introducing PL Smooth Sailing Underwriting
New from Pacific Life — Smooth Sailing Underwriting
- Up to $500,000 Life Insurance Death Benefit* With No Medical Exams
- No Needles – No Blood Work – No Bodily Fluids – No EKGs – No Treadmills
- Ages 50–69, Any Risk Class Including Substandard
- Client Experience: Phone Interview and Application with Comprehensive Physical and Blood Work available from Primary Physician within last 18 months
- Additional Requirements: We will order the typical prescription report, medical information bureau, and motor vehicle reports