Massachusetts requires that all policies filed and approved with the state provide gender-neutral rates, starting Jan. 1, 2020. To comply with this new regulation, we’ll no longer offer, issue or deliver Business Equity Protector in Massachusetts, starting Jan. 1, 2020.
We’ll continue to process increases according to the policy terms for Massachusetts Business Equity Protector policies with the Future Buy-Out Expense Option Rider.
Platinum Advantage will still be available because Massachusetts law allows the Interstate Compact to govern products filed and approved by the compact. That means we can continue to sell Platinum Advantage with no changes.
Business Equity Protector applications must be signed by Nov. 1, 2019 and received in the home office by Nov. 15, 2019.
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