'We wanted to highlight some changes in the industry that will affect Life Insurance product pricing or product offerings.You will see changes in company product portfolios and some of these changes may be sudden.

By 1/1/2020, the insurance companies have to change their products to be compliant with 2 reserving rules that will change product:

1. The 2017 Commissioners Standard Ordinary (CSO) Table – a new mortality table used in product pricing
2. Principle-Based Reserving (PBR) – a new way of calculating reserves to pay future claims

While some products have already been repriced, some of the products have not. Given the nature of these new reserving rules, we are anticipating pricing changes in many of the products or complete elimination of others. The Principal article below does a nice job of summarizing the changes.
 
Thank you for your continued business and support of our collaborative mission of “Protecting spouses, children, and individuals from the financial effects of life’s tragedies”℠.'

"Effective October 1st, 2019, PruLife Return of Premium Term (ROP Term) will no
longer be available for purchase.

PBR/2017 CSO Compliance
Across the industry, insurers have been updating products to be compliant with
principle-based reserving and 2017 Commissions Standard Ordinary Mortality Table.
After careful consideration, ROP Term will not be updated at this time. Any
applications submitted through September 30, 2019, will be processed through the
end of 2019. All policies must be placed by December 31, 2019. No exceptions will be
granted."
 

"Protective Life is dedicated to providing quality service, building trust and simplifying everything for you and your clients. As part of that effort, we want to ensure that you stay informed and compliant about regulatory updates within our industry.

Effective January 1, 2020, all life insurance products in the industry must utilize the 2017 CSO mortality table and can no longer utilize the 2001 CSO mortality table as the non-forfeiture and guaranteed mortality table.

As a result, several of Protective's products will be closed to new sales as of December 31, 2019. While there is ample time before the end of the year, now is the time to begin thinking about any clients who might fit into these products and get business in before year-end.

Please see product names, dates and transition rules below:

• Affected Products
  • Protective Investors ChoiceSM VUL
  • Protective PreserverSM II Single Premium Variable Life 
  • Protective® Premiere III Variable Universal Life Special Buyer's Version
  • Protective SurvivorshipSM Term
  • Protective ProClassicSM with the Enhanced Cash Surrender Value Rider
  • Protective One-Year Term
  • Protective SurvivorSM Universal Life
  Transition Rules
  • Clients can receive the products listed above through December 31, 2019 if they: 
    1. Submit a signed application (including completing the TeleLife® interview or signing a paper application) and illustration (if necessary),
    2. pay an initial premium,
    3. and have a policy effective date in 2019.
    • If all three items above are not completed in 2019, the client will need to apply for and purchase another product.
  • Beginning December 2, the products above will no longer be available for new illustrations. Any illustrations for these products that are run after December 2 must be marked as a revised illustration.

"Be aware of key transition dates to ensure your cases are placed in time. 

See What Products Launch This Fall & Get Details >>

PBR (principal based reserving)/2017 CSO Client Disclosure form now requires a signature.

Key Transition Dates:

September 27, 2019:

November 27, 2019: Pending cases must be paid and issued 

The following Brighthouse Financial products will continue to be available:¹