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.
When does the process stay the same? The process does not change for 1035 cases that are:
- Exception requests cannot be honored.
Click here for more detailed guidelines. Please contact Ira Jones at (205)268-5630 if you have any questions.
- Non-Prepaid with a face amount below $1 million.