1/30/2012

News from MetLife: Premium Caps on GAUL and LASUL Policies

Effective March 30, 2012, MetLife will update its issue limit rules to implement premium caps on Guarantee Advantage UL® and Legacy Advantage SULSM policies, applied for both with or without a coverage continuation rider. These new issue rules will limit premiums to eight times the target premium. In anticipation of this change, on February 24, 2012, the illustration system will be restricted and will no longer illustrate premiums in excess of eight times target. 

Any policies with premiums in excess of eight times target must be illustrated prior to February 24, 2012 and applications on these policies must be submitted to the home office in good order by March 30, 2012. Policies illustrated with premiums in excess of eight times target after February 24, 2012 or received after March 30, 2012, will be rejected. Click here for Announcement and FAQ sheet.

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