Protective Life Insurance Company wants to make sure that you stay informed and compliant regarding rules and regulations within our industry. Please review the following information and guidance to ensure your customers receive the correct illustration forms and to help your business be processed in an efficient and timely manner.
To avoid delays, choose the correct illustration option (basic or revised) for your specific case before it is submitted.
Life insurance applications submitted on illustrated products and sold in NAIC states must be accompanied by either a signed basic illustration or a signed U-588 (no illustration form).
If a U-588 is used and the policy is approved as applied for, an unsigned basic illustration is required for issue.
If the policy is approved other than applied for, an unsigned revised illustration is required for issue, and signatures can be obtained on delivery.
When a basic illustration is used to sell a life insurance policy, the signed completed basic illustration is required to be submitted with the application. Basic illustrations used in the sale of a life insurance policy shall be clearly labeled “Basic Illustration” and contain the following information: name of the proposed insured as listed within the application, age, gender of proposed insured, plan name, initial premium, initial death benefit, riders, name and business address of producer, underwriting or rating classification, run date on all pages must match, and dividend option election or application of non-guaranteed elements, if applicable. Illustrations for future policy changes should not be submitted.
If the policy is issued other than as applied for, a revised basic illustration conforming to the policy as issued is required to be submitted with the policy. The revised illustration is to be labeled “Revised Illustration” and must be signed and dated by the applicant or policy owner and producer no later than the time the policy is delivered. A copy of the revised illustration must be provided to Protective Life Insurance Company and the policy owner.
No Illustration Form (U-588)
The U-588 form must be submitted if a basic illustration is not used to sell a life insurance policy. All questions on this form must be answered. When the U-588 is submitted with the application, the NAIC requirement is completed until the case is approved.
For NY, NC and PA, the basic illustration or U-588 form must be signed on or before the application date; otherwise, we cannot accept the application. Also for NC, the premium amount on the application must match the illustrated premium.
Conversions and Exchanges Requirements
A signed basic illustration or signed U-588 form is required to be submitted with the application. If a signed U-588 form is submitted, an unsigned basic illustration reflecting how the policy should be issued must accompany the U-588 form, and the signed basic illustration will be requested upon delivery.
Alabama, Alaska, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin
Arizona, Arkansas, District of Columbia, Florida, Georgia, Idaho, Tennessee, Virginia, Wyoming, Puerto Rico
For questions about illustrations, please contact your Protective Life representative.
Let’s deliver on our promises. Together.
Protective Life refers to Protective Life Insurance Company (PLICO) and its affiliates, including Protective Life & Annuity Insurance Company. Securities offered by investment Distributors, Inc. (IDI). IDI is the principal underwriter for registered products issued by PLICO and PLAICO, its affiliates. All three companies located in Birmingham, AL. Product availability and features may vary by state. Each company is solely responsible for the financial obligations accruing under the products it issues. Product guarantees are backed by the financial strength and claims-paying ability of the issuing company.