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As Prudential announced last month, they are repricing their UL Protector product. Many factors went into this decision, including the continued low interest rate environment that continues to impact secondary guarantee products-products like UL Protector-for both Prudential and other companies.
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Beginning February 25, 2013 (in approved states), the following changes will take effect:
UL Protector:
What Isn't Changing:
- Prudential's commitment to the no-lapse guarantee marketplace. They remain committed to helping you and your clients address their protection needs.
- No change to compensation.
- No limit on the amount they will accept for single pay scenarios.
- They will continue to have a 28 day transition period following the introduction date within each state.
Note that with this repricing their competitive positioning continues to remain strong:
- UL Protector is top-quartile in many key cells on a Full-Pay Lifetime No Lapse Guarantee basis with their Age Last Birthday Advantage (ALB)!
- UL Protector is top-quartile in many key cells on a Level-Pay basis where the death benefit is guaranteed to age 100 with their ALB.
- UL Protector is top-quartile in many key cells on a Single-Pay Lifetime No Lapse Guarantee basis for both Same Age and ALB.
Click here for the Repricing Rules and State Approvals.
March 24, 2013 (Transition Period End Date):
All application signed and dated on or before March 24, 2013 and received at Prudential in good order will receive new rates. If old rates are desired, a written request, along with the appropriate illustration version, should be submitted on or after the state introduction date.
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