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.