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).