Reprice Alert: Protective Advantage Choice℠ UL, Lifetime Assurance UL and Classic Choice Term Effective 03/13/23

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Now offering permanent coverage for less 

We’ve just lowered our prices on Protective Advantage Choice℠ UL and Protective® Lifetime Assurance UL to make permanent coverage even more cost-effective.  

The rate decreases help us accommodate the current interest rate environment while continuing to offer this competitive solution. While prices are changing, our commitment to the guaranteed universal life market and meeting clients’ needs remains the same. 

Transition rules

Clients will receive current (prior to March 13, 2023) product versions, if they:

  1. Submit a signed application (includes completing the TeleLife® interview) and illustration, if necessary.
  2. Ensure the policy has an effective date of March 12, 2023, or earlier. 

Now offering affordable, short‑term coverage for less 

We’ve lowered our Protective® Classic Choice term prices once again.  We’ve maximized the value that a term solution can offer clients to help them secure what matters most.  And with longer term periods, more flexibility and faster technology, we’re also making short-term business easier and more innovative. 

We believe products should be easy to understand and easier to recommend. That’s why we continue to improve our term product to maximize its value for clients everywhere: 

  • Our lower prices put us in the top 3 75%1 of the time in monthly premium scenarios and 74% of the time in annual premium scenarios. (Please note, iGo defaults to annual premium quotes. Be sure to change to monthly premium quotes to see Classic Choice term’s most competitive rates.)
  • 35- and 40-year term periods make us one of only three carriers in the market to have level term coverage for up to 40 years.
  • Protective Velocity, our suite of digital solutions, makes submission to commission even faster and easier.

Transition Rules:

  • For paper business: applications must be signed and received on or before March 27, 2023.
  • For electronic ticket business and direct writers: applications must be signed and received on or before April 10, 2023.
  • Any application in Underwriting on March 13, 2023, may choose the version of the product (old or new) but will retain the rates they are initially quoted unless otherwise requested up until the case has been approved.
  • New York does not have a rate change, but the plan codes are changing so they will follow the above rules.

For more information about Protective products please contact your Internal Wholesaler at Financial Markets Inc. 

 

1Standings current as of March 13, 2023.