Availability and Submission Requirements for Payroll Deduction and List Bill cases with Protective Life
First Protective has recently received clarification from Protective Life on Payroll Deduction and List Bill sales. In general, Protective Life is not accepting any new Payroll Deduction or List Bill cases going forward.
Overall Availability a
- New cases are available by exception only.
- In general, no products will be available for new Payroll Deduction or List Bill cases.
- If there is a large sale that you get involved in, Protective may consider making an exception based on profitability vs. administration effort, but at this time, they are not going to be a carrier in these types of cases.
- For Protective home office employees, payroll deduction is available; however, products are restricted to three policies:
- PCCT (Protective Classic Choice Term)
- CCUL (Custom Choice UL)
- ProClassic II
- Additions to existing List Bill cases will be allowed but will only have the ProClassic II available.
Please Note: The ProClassic II policy has new minimum face amounts: $100k under age 50 and $50k for over age 50.
- Paper applications must be submitted to First Protective. Drop ticket or online application submissions are not acceptable for Payroll Deduction or List Bill cases.
- First Protective will then submit these cases to LAD Revisions at Protective. They cannot be submitted through Protective’s normal New Business process.
- Going forward, medical requirements on all Protective employee applications will be per Protective’s age and death benefit amount requirements.
- If the nonmedical is the actual requirement, a full paramed exam will NOT be accepted.
- The nonmedical is completed by the producer as part of the paper application, and the full paramed exam is completed by a paramedical examiner.