The Prudential process for certain 1035 exchanges has changed.
What is affected? The new process is limited to Non-Prepaid 1035 cases with a face amount of $1 million or above.
When it is effective? The new process begins August 6, 2012
What is different? A signed and dated Good Health Statement is required on Non-Prepaid 1035 cases with face amounts of $1 million and above before the Home Office will reach out for 1035 funds from the replaced company.
- The Good Health Statement must be signed by the Proposed Insured.
- A Good Health Statement form will be sent to the BGA and/or producer after the Underwriting decision is ready.
- A task will be generated to the Producer to ask if the customer would like to proceed with the 1035.
- Once the signed Good Health Statement and affirmation to proceed are received, the funds will be requested from the replaced company.
- The signed Good Health Statement will be inserted into the policy when it produces.
- Exception requests cannot be honored.
When does the process stay the same? The process does not change for 1035 cases that are:
- Prepaid.
- Non-Prepaid with a face amount below $1 million.
Click here for more detailed guidelines. Please contact Ira Jones at (205)268-5630 if you have any questions.
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