Transition Rules
Clients can receive current product versions
through December 31, 2019, if they:
- Submit a signed application (includes completing the TeleLife® interview or signing a paper application) and illustration (if necessary).
- Pay an initial premium.
- Have a policy effective date in 2019.
For products being updated: If all three items above are not completed in 2019, the client will automatically transition into the replacement product version noted in the table.
For products being removed: If all three items above are not completed in 2019, the client will need to apply for and purchase another product.
Illustrations:
| Current Product |
New (basic) illustrations end: |
| Protective® Strategic Objectives VUL |
November 17, 2019 |
| All other products |
December 1, 2019 |
Any illustrations for current products that are run after the dates above must be marked as a revised illustration. After December 20, 2019, illustrations will only be available through the Protective Life Sales Desk.
Ticket business: All application tickets for must be submitted on or before November 17, 2019 for Protective Strategic Objectives VUL and on or before December 13, 2019 for all other products.
Special Considerations
- Underwriting for these products may continue into 2020, if:
- - The policy is issued with a policy effective date in 2019.
- - A signed application/illustration and initial premium payment are received in 2019.
- - All policies must be placed by February 1, 2020.
- For cases above the TIA/Conditional Receipt limit (cases with a death benefit larger than $1 million), please note that the full premium should be submitted. However, per the Conditional Receipt agreement, Protective will not be liable for total coverage above $1 million.
- “Initial premium” means the minimum monthly required premium, which will cover at least one month of monthly deductions. No exceptions to the cash requirement can be made.
- For 1035 conversions – “initial premium” must come in in 2019; remaining 1035 funds can come in later. However, if 1035 money is being used for initial policy funding, it must be in-house by December 31, 2019, no exceptions.
- Informal applications that remain pending after December 31, 2019 will not receive current product versions.
Stay tuned for future communications about our replacement products as we approach each of the launch dates listed in this communication. We’ll also send additional reminders throughout 2019 about our requirements for getting policies issued by year-end.