Momentum IUL Approved in CA as PruLife Index Advantage UL Is Retired

From Prudential:

Effective November 25, Momentum IUL will be available for sale in California. Index Advantage UL will no longer be available for sale in California after Nov. 24.

IMPORTANT DATES for product retirement of PruLife Index Advantage UL®  in California:

• November 25, 2024 (IAUL Retirement Date): Index Advantage UL will be retired.  All Index Advantage UL applications must be signed and dated before November 25, 2024.

• December 2, 2024 (Home Office Receipt Date): Last day that an Index Advantage UL application can be received in the Home Office.

• January 31, 2025 (Placement Date): Last day that a pending Index Advantage UL case can be placed. All delivery requirements must be received in good order by end of business day (4 PM EST).

• January 31, 2025 (1035 Exchange Date): Index Advantage UL cases involving 1035 exchange must be initiated and started by this date. If the 1035 initiation deadline is met, the policy will not be subject to an additional placement deadline.

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 

• Informal/Inquiry applications will not be eligible for Index Advantage UL unless replaced by a live application signed before November 25, 2024, and received in the Home Office by December 2, 2024.

TERM CONVERSIONS 

• Term Conversions are subject to the same dates in the Important Dates section above. They must also be conversion eligible at the time of application.