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Field Bulletin
As many of you are aware, Prosperity has remained consistent with premium rates since 2017 while other carriers have increased their rates because of COVID-19 and inflation. Our goal is to continue to keep rates steady and to provide the best experience for you and your customer. With that in mind, we are announcing a few changes effective July 1st, 2023.
Final Expense Face Amounts
The minimum face amount on all final expense plans will raise to $5,000. The average cost of a funeral in the US is now over $11,000. Some states have already implemented this minimum face amount requirement, and this keeps it consistent across all available states.
Final Expense Minimum Issue Age
Given lapse experience for ages 50-54, we are raising the minimum issue age on New Vista and Vista Premier to 55.
State Availability
State specific requirements in Maine, New York and South Carolina create unique financial and risk management considerations. Instead of raising rates to address these issues, we have made the difficult decision to stop selling new life insurance policies in those states. We appreciate all the business over the years and look forward to serving you in the remaining 40+ states.
As many of you are aware, Prosperity has remained consistent with premium rates since 2017 while other carriers have increased their rates because of COVID-19 and inflation. Our goal is to continue to keep rates steady and to provide the best experience for you and your customer. With that in mind, we are announcing a few changes effective July 1st, 2023.
Final Expense Face Amounts
The minimum face amount on all final expense plans will raise to $5,000. The average cost of a funeral in the US is now over $11,000. Some states have already implemented this minimum face amount requirement, and this keeps it consistent across all available states.
Final Expense Minimum Issue Age
Given lapse experience for ages 50-54, we are raising the minimum issue age on New Vista and Vista Premier to 55.
State Availability
State specific requirements in Maine, New York and South Carolina create unique financial and risk management considerations. Instead of raising rates to address these issues, we have made the difficult decision to stop selling new life insurance policies in those states. We appreciate all the business over the years and look forward to serving you in the remaining 40+ states.