Protective – Classic Choice Term Lower Rates And Additional Features

March 10, 2021
Carrier News, Life Insurance, Protective, Rate Change

Starting March 1, 2021, Protective Classic Choice term will have even lower rates, putting it in the Top 3 their better 80% of the time in monthly pay scenarios and in the Top 5 or better 84% of the time in annual pay scenarios.

Protective has also made several other changes to help you offer this market-leading term product to even more clients.

Details about enhancements to the product:

• Increasing the policy fee
Protective policy fee will be increasing from $55.00 to $65.00, but will remain fully commissionable.

• Lowering the minimum face amount requirement
They’re lowering the minimum face amount requirement from $1 million to $250,001 to help you meet a broader spectrum of client needs.

• Offering coverage longer with 25-, 35- and 40-Year term periods
Protective have also added guaranteed, level-term options at 25, 35 and 40 years to our existing 10-, 15-,
20- and 30-year term periods. Protective is now one of only three national carriers to offer more
than 30 years of level term coverage. Plus, their maximum issue ages for their 35- and 40-year
term periods are in line with (or better than) other top carriers.

25-Year 35-Year 40-Year
Select Preferred 18 – 57 18 – 50 18 – 45
Preferred Non-Tobacco 18 – 57 18 – 50 18 – 45
Non-Tobacco 18 – 57 18 – 50 18 – 45
Tobacco 18 – 52 18 – 40 18 – 40

Transition rules:

• For ticket business and direct writers: applications must be signed and received on or before
Monday, March 29 to receive current rates.

• For paper business: applications must be signed and received on or before Monday, March 15
to receive current rates.

• Any application in underwriting on Monday, March 15 may choose between the old and new version of the product but will retain the rates initially quoted, unless otherwise requested up until the case has been approved.