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.