Effective July 1, 2024, the following changes to the occupation class schedule will be implemented.
Revised income tiers for the following occupations:
- Real estate agent/broker/developer Commercial real estate:
- Minimum five years in business, earning at least $150,000/year for the prior two years = 4A occupation class
- Full-time, active in the business for four years minimum, earning at least $100,000/year for the prior two years = 3A occupation class
- Sales manager
- Earning at least $150,000/year for the prior two years = 5A occupation class
- Earning at least $100,000/year for the prior two years = 4A occupation class
- Raised the minimum income to $100,000 for the Executive/Professional/etc. 6A occupation class for Principal® Income Protector (no change to HH750 series).
- Discontinued the Select Occupation discount for Executive/Office Manager/Professional earning $60,000-74,999 for the prior two years. This change applies to Disability Income (HH750 series), Disability Buy-Out, Overhead Expense, and Key Person Replacement products.
To allow you time to complete business you’re currently working on, we’ll accept quotes reflecting the prior guidelines through August 30, 2024
