Principal will be making the following product changes this month:
- Principal Universal Life Provider Edge II (UL Provider Edge II) will be introduced on Jan. 19, 2021.
- Principal Universal Life Protector V (UL Protector V) and Principal Survivorship Universal Life Protector III (SUL Protector III) will be discontinued, effective Jan. 15, 2021
- Principal Universal Life Flex III (UL Flex III) will be repriced, effective Jan. 19, 2021.
UL Provider Edge II
This new current assumption universal life product will feature the following:
- Affordable premiums with optional, extended no-lapse guarantees to age 100
- An accelerated death benefit option for chronic illness
- An innovative, optional rider that provides death benefit increases to keep pace with the increasing value of a business
- Cash value accumulation
These features make it an attractive alternative to guaranteed universal life insurance for cases where lower-cost protection is the priority—or for funding business solutions. Additional details will follow soon.
UL Protector V and SUL Protector II
With the prolonged low interest rate environment, Principal made the difficult but prudent decision to discontinue these products. Important dates for getting these products while still available are:
- New applications must be received in the home office by Jan. 15, 2021. That date will also be the last day you’ll be able to quote the products.
- All requirements, including premium, must be received in the home office by Feb. 15, 2021.
- Get all the details in the UL Protector V/SUL Protector III transition guidelines linked below.
