 Prudential is focused on helping customers with their life insurance needs in this challenging time. We are actively managing our product strategy and portfolio to address impacts of the sustained low interest rate environment and ongoing market volatility.
New Premium Limit
After careful consideration, Prudential has made the decision to place a premium limit on all Life Insurance products except Private Placement VUL products. The premium limit is $500k per insured and applies in all years. Therefore, planned premiums cannot be greater than $500k for single life policies and greater than $1M for survivorship policies in any year. There is no impact to inforce policies. Important deadlines:
- November 16, 2020 – Prudential’s illustration system will no longer provide quotes with premiums above the limit in any year.
- November 30, 2020 – After this date, Prudential will no longer accept new applications for Life Insurance products with premium amounts above the limit.
- Cases in excess of the limits above that are applied for prior to this date need to be placed by December 28, 2020.
Offering a broad, diversified suite of life insurance solutions is a priority at Prudential, as we continue to work with our financial professionals and customers in helping them plan and achieve financial wellness. Please reference our Q&A for additional details.
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