Protective Life is launching an enhanced version of the Protective Advantage Choice UL which will improve competitive positioning in the most frequently sold ages, risk classes and funding patterns. In an effort to further simplify the universal life product suite, the Lifetime option provided by the Protective Custom Choice UL product will be discontinued and the enhanced Protective Advantage Choice UL will become the flagship guaranteed universal life product for lifetime core protection. Both the enhanced Protective Advantage Choice UL and the elimination of the Protective Custom Choice UL Lifetime option will occur on February 15, 2016. Please keep in mind this change has no impact on the current Protective Custom Choice UL 10 – 30 year options.
The new Protective Advantage Choice UL will feature significant improvements in the following key sales scenarios:
- Standard non-tobacco risk classes from ages 55 – 75
- Single pay scenarios
- 1035 exchanges with ongoing premiums