Prudential Introduces Term Max Select
From Prudential:
Prudential is introducing Term Max Select, a service designed to automatically offer clients an opportunity to increase face amounts and/or level Term duration of their coverage. The service will be available to all AIN offices beginning May 1st, with an opt out deadline of April 26th for any agencies that would prefer not to participate. Read on for the details!
In addition to its recently announced new improved rates, Prudential is launching its Term Max Select service in all AIN offices on May 1st, 2023.
The Term Max Select service is designed to automatically offer customers the opportunity to increase their face amount and/or level Term duration of their coverage. The offer is made after underwriting and prior to issuing the policy.
We believe this service provides a welcomed opportunity to reconfirm the amount of coverage the client needs in a way that does not impede the overall flow of placing term policies. It provides producers/customers with the opportunity to reconfirm their needs, especially if their underwriting class results were better than expected.
How Does it Work?
The service automatically generates a notice that the client is eligible for an increase up to a specified amount and/or term duration with no additional requirements.
The producer then reconfirms the desired amount and duration of coverage prior to the policy being issued.
All communication is between the producer and the client, with the producer confirming the amount and duration of coverage to issue with Prudential.
Prudential withholds issuing the policy for four business days in order to provide us sufficient time to discuss the opportunity with the producer and client and make the appropriate decision.
If there are no changes to the original face amount and duration, the producer simply needs to inform Prudential to issue as applied for.
Absent any communication from the producer, Prudential will automatically issue the original face/duration at the end of the 4-day window