Get More with Prudential's Term Max Select Program
09-11-2023
Prudential is pleased to introduce Term Max Select, an Underwriting and New Business program that automates your option to reevaluate the amount of death benefit and/or the duration of the level premium period after underwriting is completed and before the policy is issued. The program notifies the BGA that the client is eligible for an increase up to a specified amount and/or term duration with no additional underwriting.
Eligible Cases
- Term Essential
- All Duration
- $300,000 – $2,000,000
- Face•Ages 18 – 70
- Approved as Applied for or Better
- Standard or Better Offers
- PruFast track non-Jet InstantApproval cases
- Must qualify financially for the TermMax amount
Cases Not Eligible
- PruFast track Jet Instant Approval cases
- Special Class Rating, Aviation Extra Rating, Occupation Rating, Temporary Extra Rating
- NY Applications
- Primary Purpose of Insurance is Charitable Giving, Business, or Executive Benefits
- Trust Owned
Do I need to opt in?
No, just submit all business normally, and most eligible Term Essential cases will automatically receive an offer, if they qualify, based on underwriter discretion. Note that all Term Essential cases must qualify financially for the Term Max amount to receive
this offer.
What makes this Program unique from the normal course of business?
This program automates the opportunity the client has to increase their policy amount and/or duration without additional underwriting requirements.
How will we be notified of offers?
When you receive our normal underwriting rating offer, the email will include an offer for the higher amount or duration, or both, if your policy is eligible.
How much time do we have to discuss the offer with the client?
The policy issuance will be placed on hold for four business days to allow time to have a conversation with the client.
Can we have more time if needed?
Yes, please call or email your New Business Case Management team, and they can extend the hold on the policy for up to 10 additional days.
What do we need to do to take advantage of an offer?
Run a quote for your client to review with them the new amount/duration available and new premium amount. Then, call or email your New Business Case Management team to advise of the clients’ new desired amount or duration.
What if we simply want the policy issued as applied for, do we need to wait for you to issue?
You may call or email your New Business Case Management team to advise to release the hold on the policy right away. Otherwise, it will automatically issue at the current amount/duration after four business days if we don’t hear from you.
Can we ask that you review any case for more coverage after underwriting is completed?
Yes, an increase in coverage can be requested at any time but would be subject to Underwriting review. This Term Max Select process eliminates the need for Underwriting review, as long as the amount desired is within the Term Max Select offer.
And as another benefit, Prudential's Term Essential product is available on the Vive platform so you can quickly and easily start the application process! Please give us a call at 800.792.6795 if you have any questions.