WCL Term Conversion Gets GUL…sort of

PROTECTIVE LIFE – Conversion choices   <—click here for flyer

With this announcement, Protective allows conversions of WCL term plans to a guaranteed no-lapse universal life contract.  Previously, we only had one choice and that was a fairly high-priced current-assumptions UL.(“ProClassic”).   That’s still available and the guaranteed period has increased from 10 years to 15 years. 

 The problem is that only WCL term policies issued in 2008 and forward can get the GUL.  That means 10-year terms won’t be eligible for the GUL for five more years.  All other WCL term policies will be limited to the mediocre Pro-Classic.  At least, that’s how I read it.

But, there are other convertibility options that were not available at all in the past and may have value for our producer’s clients.  Check out the link above to see the flyer.