Protective Executive UL

Executive UL (EUL)

Opportunities for the Client Employer (And the Advisor)

Replace Other Plans: Why?

• ExtendCare: No other carve-out plan has this type benefit.
• Executive UL Pricing: depending upon demographics, generally 20% – 25% lower.
• Portability: No restrictions. Partner/Employee can port policy – no change in death benefit nor premium schedule.
• Maximum Death Benefit: Up to $5,000,000 (some restrictions apply)
  . Many competitors will not go this high.

Specifications

→ Corporate Paid Program (not voluntary)

→ Guarantee Issue Type Program: Individual Policies

→ Employee Eligibility: White Collar workers earning $100,000 or more

• UL policies: Minimum Increasing Premium (COIs only)
• Minimum Premium Rate Schedule Guaranteed for 5 years from each policy issue date
• Maximum Death Benefit: $5,000,000 (Minimum $100,000)
• Two eligibility questions, Ages 18-70; Ages 71-80 additional Part 2 Non-Med Form
• Portable without change to death benefit amount nor pricing
• Required Insured Lives: 15+
• Formula to determine maximum death benefit on a case
  • Lives → 50+: 60K per life (ex: 80 lives = $4,800,000)
  • Lives → 25-49: 50K per life (ex: 40 lives = $2,000,000)*
  • Lives → 15-24: 50K per life (ex: 20 lives = $1,000,000)**

         **Prescription Pre-check required. Other Client Employer requirements.

Minimum Annual Premiums: Year 1; Gender distinct; unismoke; nearest age

ExtendCare^TM (rider)

Allows the Owner/Insured to accelerate the death benefit for the loss of two (2) Activities of Daily Living or severe cognitive impairment.

• The Client Employer makes the choice to include ExtendCare for all eligible employees.
• For Cases with 25+ Insured lives
• Eligibility: Age 18-60 (nearest age). Once included with policy, ExtendCare can be maintained until Age 121.
• Minimum Protective Executive UL Death Benefit: $200,000

Program Process

Information is provided to D&E to obtain approval on the Client Employer level: 1) Client Employer must have 50+ full time employees to be eligible for Protective Executive UL, 2) Minimum insured lives: 15, 3) Death Benefits must adhere to internal risk criteria.  Once approved by Protective, the application/enrollment process can begin.

Enrollment

Implementation Call is scheduled with Client Employer HR/Benefits, D&E, and Advisor to review Application/Enrollment process and on-going administration. Online Enrollment is facilitated exclusively via the D&E online enrollment tool, eVictoryEnroll.

Multi-Factor Authentication

Multi-Factor Authentication (MFA) is part of the D&E enrollment process that requires two distinct forms of identification to gain access into the eVictoryEnroll online enrollment tool: 1) certain personal identification information and 2) a code sent to a user’s phone. MFA will be used only when all required data, needed to perform the process, is provided to D&E.

Underwriting

Ages 18-70: Two (2) eligibility questions on Application (see below)
Ages 71-80: Additional Part 2 Non-Med Form

8a: In the past 90 days, has the Proposed Insured been actively at work on a full-time basis performing all duties of the Proposed Insured’s regular occupation at the Proposed Insured’s customary place of employment for at least 30 hours per week?

8b: In the past 90 days, has the Proposed Insured (a) been absent from work on five (5) or more days due to illness or medical treatment, or (b) been a patient in a hospital, clinic, medical facility, or any similar entity on five (5) or more days?

Note: Employees can be accepted or declined for Protective Executive UL.

The Players