To simplify your experience, we have developed guidelines around the acceptable forms of money during the New Business process. We accept premium with the application up to a face amount of $1,000,000, in force and applied for, to include the Company and its affiliates.
Under the Conditional Life Receipt, premium should not be accepted if the client:
- Is under 15 days of age or over age 80
- Has been admitted to a hospital or other medical facility, been advised to be admitted, or had surgery performed or recommended within the past 90 days
- Has had treatment recommended or has been treated within the past two years for heart trouble, stroke or cancer
- Has been rated or declined for insurance within the past five years
- Intends to leave the United States within the next 60 days
Important Conditional Life Receipt notes:
- Explain to your client that the Conditional Life Receipt provides limited coverage under specific conditions.
- Ensure the Conditional Life Receipt is fully completed and the applicant’s copy is left with the applicant when money is collected.
- If premium is received with the application and the applicant’s copy of the Conditional Life Receipt is attached, a letter from Protective’s Home Office will be sent to the applicant with their copy enclosed.
- Postdated checks will not be accepted.
Additional information
If premium is received with the application and is outside the above-listed guidelines, or the Conditional Life Receipt is not fully completed:
- We will communicate before the premium is returned, allowing you the opportunity to contact your client.
- We will return the premium to the premium payer.
Please refer to the Acceptable Forms of Money grid for Check Acceptance GuidelinesOpens in a new tab.
If you have any questions, please contact your Protective Life representative.