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September 23, 2019

PRINCIPAL – CSO UPDATE OF PRODUCTS

PBR and CSO – what does it mean?

  • Principal Based Reserves are new reserving requirements that must be implemented by 1/1/20. PBR makes reserving specific to a carriers’ own mortality, lapse, and investment experience, rather than the prior approach where all carriers used the same standard formula.
  • The new CSO or life expectancy tables must also be implemented by 1/1/20. The CSO table is used for calculating a policy’s minimum cash value, statutory reserves, and minimum death benefit to premium ratio for the policy to be considered life insurance..

Pricing will change – NOW is the time to get coverage!  Lock in your clients’ insurability and rates!!  Principal’s portfolio is currently very competitively priced.  The attached reflects Principal’s plan for repricing products – some have been introduced, some will be coming later this year.

Principal makes it quick and easy to get the coverage your clients need!

  • Accelerated Underwriting – Allows your qualifying clients (18-60) to get up to $1M of coverage with any product with no labs, exams or APS!  Recently expanded to include Standard, Super Standard as well as Preferred and Super Preferred!
  • On-Line Part B – your clients will have the option to complete their Part B via a phone interview OR on-line.  This applies to all cases (AU and fully underwritten – all products).  Available for Drop Ticket starting Sept 16.
  • Tableshave – Automated  Standard Approval Program.  For permanent coverage (including up to $5M and age 70), we can shave 3 tables or $7.50 medical temp flat extra.
  • Healthy Lifestyle Credits – applies healthy credits for good results on all products, ages and face amounts.  Can improve up to two tables on rated cases and 1 class Standard or better.
  • Rate Improvement Program – for clients paying a single to five pay on UL Protector, SUL Protector and IUL Flex.  Rate class will be improved one class at issue.

DETAILS

 

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