Protective Executive UL
Protective Executive 10-Year Term

Protective Executive UL (EUL)

Protective Executive 10-Year Term (E10)

LIFE INSURANCE FOR HIGHLY COMPENSATED individuals

EUL and E10 are each an institutional purchase (employer paid) life insurance program on the lives of a distinct group of highly compensated employees without exception, delivered by the issuance of individual insurance policies, underwritten on a guarantee issue type basis.

[ key facts ]

Insurer

Opportunities

EUL and E10

Opportunities for the Client Employer (And the Advisor)

Carve-out of Group Term
Additional Insurance
Replace other carve-out plans
Corporate Situations (Buy-Out or Key Man)

Replace Other Plans: Why?

ExtendCare (EUL, only): No other carve-out plan has this type benefit.
EUL Pricing: Depending upon demographics, generally 18% – 25% lower.
E10 Pricing: Depending upon demographics, generally 10% – 20% lower than other 10-Year Level Carve-out competitors.
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 (EUL and E10)

→ Corporate Paid Program (not voluntary)

→ Guarantee Issue Type Program: Individual Policies

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

EUL policies: Minimum Increasing Premium (COIs only). Minimum Premium Rate Schedule Guaranteed for 5 years from each policy issue date. E10 Policies: Term Policies with premiums guaranteed level for 10 years. Conversion and Re-entry available.
Maximum Death Benefit: $5,000,000 (Minimum $100,000)
Two eligibility questions, Ages 18-70; Ages 71-80 (EUL, only) 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

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

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

$1,000,000

Age	40	50	60
Male	$641	$1,277	$3,257
Female	$605	$1,145	$2,849

E10: Annual Premiums: Year 1-10; Gender distinct; unismoke; nearest age

$1,000,000

Age	40	50	60
Male	$1,093	$2,144	$5,173
Female	$878	$1,646	$3,520

ExtendCare^TM rider (EUL, only)

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 EUL 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 EUL or E10, 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 (EUL, only)

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 EUL or E10.

[ Sales Opportunities ]

Executive UL Cases

Opportunity:
Carve Out

A better model of coverage for employees

Industry:
Accounting Firm

Employer had group term life for all employees. Carved out employees earning $100,000 or more (52). Benefit design: two (2) times salary to $1,000,000.

Portable without changes. No reductions at 65, 70, or 75. Group insurance rate reduced.