URGENT: Principal Discontinues Sales of GUL Products
Published on
January 11, 2021
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Principal Discontinues Sales of Guaranteed Universal Life Products
Due to the continued low interest rate environment, Principal Financial is withdrawing their two guaranteed UL products: Universal Life Protector V and the Survivorship Universal Protector III, effective immediately.
Applications
Applications for new coverage or conversions must be in the home office no later than Friday, January 15, 2021 and should be received in our GBS office Wednesday, January 13, 2021. Please contact us immediately if you have new cases or cases in progress that use these products.
Inforce Principal Term Clients
There are conversion opportunities including partial conversions that clients may want to take advantage of before the Universal Life Protector V becomes unavailable. Your brokerage manager can give you more details including a list of your inforce Principal term business.
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We thank you again for your business. For more information or insurance quote requests, please contact your brokerage manager or give us a call at (800) 473-5966.
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GBS Insurance and Financial Services, Inc. do not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
© 2021 Arthur J. Gallagher & Co.
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