August 1, 2018
New Premium Class Changes for IUL and UL Products
Under the new Premium Class Change Rules, premium class changes are allowed in the following situations:
- to move from a preferred or standard smoker to a standard nonsmoker, or
- if the move allows a drop in an inherent substandard rating, for example: a move from Express Smoker/Nonsmoker to Standard Smoker/Nonsmoker.
In addition, changes from Nonsmoker to Preferred Nonsmoker or Select Nonsmoker to Preferred Nonsmoker will be allowed.
New Premium Class Changes for IUL and UL Products
Rate Class At Issue
After Issue Rate Class Improvement
Select Nonsmoker
Preferred Nonsmoker
Nonsmoker
Preferred Nonsmoker
Preferred Smoker
Nonsmoker
Smoker
Nonsmoker*
Express Standard Nonsmoker 1
Nonsmoker
Express Standard Nonsmoker 2
Nonsmoker
Express Smoker
Smoker^
*Potential to improve to preferred Nonsmoker with a second rate class improvement at the two month anniversary.
^Potential to improve to Nonsmoker with a second rate class improvement at the two month anniversary.
Depending on your clients’ situation, re-writes and internal exchanges may also be options.
How to apply for a premium class change
If you have a client who wishes to apply for a premium class change, please contact Contractchange@nationallife.com.
