Prudential - PruLife® Founders Plus Discontinued in New York - Effective 1/31/2022
NEW YORK ONLY: Due to regulatory requirements, PruLife® Founders Plus UL will be discontinued in New York. Please note this only impacts New York and Founders Plus will continue to be offered in other states.
The following rules apply to any request for New Business, Term Conversion, or OPAI (Option to Purchase Additional Insurance) Conversion.
- January 30, 2022 (Last Day for Founders Plus in NY): Last day that an application can be signed and dated1 for Founders Plus in NY.
- February 4, 2022 (Home Office Receipt Date): Last day that an application can be received in the Home Office for Founders Plus in NY.
- April 1, 2022 (Placement Date): Last day that a pending case can be placed for Founders Plus in NY All delivery requirements must be received in good order by end of business day (4 PM EST).
- April 1, 2022 (1035 Exchanges): Cases involving 1035 exchange must be initiated/started by April 1, 2022 to be eligible for Founders Plus in NY. If the 1035 initiation/start deadline is met, the policy will not be subject to an additional placement deadline.
1Definition of "application date" :
Pru Advisors Prepaid eLife - Date on the form of payment and the Authorization, Acknowledgement and Limited Insurance Agreement form
Pru Advisors COD eLife - Date the Authorization, Acknowledgement, and Limited Insurance Agreement form and Variable Contract Acknowledgement form (if applicable) were signed by the client
Pru Advisors or Third Party Full Application case - Date the Part 1 of application (ORD 96200) was signed
Third Party Prepaid Xpress QuickForm case - Date on the form of payment, the Authorization to Release Information form, and the Limited Insurance Agreement form
Third Party COD Xpress QuickForm case - Date the Authorization to Release Information form and Variable Contract Acknowledgement form (if applicable) were signed by the client *All dates are considered end of day Eastern Standard Time
APPLICATIONS WITH PENDING OWNERSHIP ARRANGEMENTS
Updates to applications as part of establishing a trust or finalizing the ownership arrangement can be made after the application deadlines outlined in the transition rules. However, these cases must still meet the application deadlines for the original application, and comply with all other deadlines outlined in the transition rules.
Informal/Inquiry applications will not be eligible for Founders Plus in NY unless replaced by a live application by January 30, 2022.
Commitment to the Marketplace
While Prudential is discontinuing sales of Founders Plus in New York, they continue to offer a competitive suite of life insurance products in the NY Market:
• Term Essential
• PruTerm® One
• PruLife® Essential UL
• VUL Protector
• PruLife® Custom Premier II
• PruLife® SVUL Protector
• PruLife® SUL Protector