Here’s what’s new this week – Prudential

Underwriting & Service

PruFast Track Program: New Requirement Effective July 19, 2021
To get more clients on their way to a faster, more convenient buying experience, beginning July 19, 2021, all PruFast Track eligible business MUST be submitted via Prudential Xpress QuickForm worksheet or Drop Ticket.
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Product Announcements

Reminder – Important VUL Protector Deadlines
In effect with the May 2021 VUL Protector reprice, there is an upcoming 1035 Exchange initiation deadline that will take place on June 18 (June 25 for NJ) and placement deadline of July 23 for all non 1035s to retain prior rates. For more information on these important dates, please view the VUL Protector Transition Rules.
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Revised PruLife Founders Plus Supplement (PA) – Effective 06/28/2021
Effective Monday, June 28, 2021, the PruLife Founders Plus Supplement (ORD 96200-2020 PFP PA) will be introduced for use in Pennsylvania. The form will include the new Goldman Sachs Voyager Indexed Account. A new PruLife Founders Plus Disclosure (ORD 115809-2020 PFP) will be introduced for use with the revised product. This revision was first implemented in other states in April 2021.
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Sixty-three percent of North American life insurers offer life insurance using automated underwriting, streamlining the process to an average of 9 days to get a final decision, down from an average of 27 days for traditional underwriting.

Automated Underwriting 2019, LIMRA.