Policy Change application Form 45.98 is to be used when evidence of insurability is not required.One of the following Applications is needed for every transaction described.
Policy Change application Form 45.98 is to be used when evidence of insurability is not required.
Policy Change application Form 45.99 is to be used when evidence of insurability is required.
1. Do not return original policies.
2. Policy Changes CANNOT be processed on a C.O.D. basis.
3. A TimeSaver should accompany each request if explanation is needed.
4. Please do not highlight the application.
5. Do not use the Policy Change applications to change Ownership and/or Beneficiary designations on inforce contracts. Use Policyowner's Service Form 70.57 and Beneficiary Form 70.84.
6. Call the Home Office on any problem or complicated cases before submitting the request.
7. The Temporary Insurance Agreement (TIA) should be completed any time additional coverage is requested and money is being remitted. A copy is to be given to applicant.
Although most sections of each application are self explanatory, the sections below should be completed as follows.
All persons proposed for coverage must be stated. This includes: Social Security number, relationship, date of birth, age, sex, marital status, height, and weight. All boxes must be completed where applicable.
State any additional instructions that may clarify request.
1. Complete City and State where application signed. Include date application is signed.
2. All proposed insureds must sign application (excluding children).
3. Signature of Policyowner (if other than insured) is required.
4. If contract owned by a Corporation, two Officers' signatures (including titles) are required. One signature may be the Insured providing the title is included.
5. If contract is assigned, the assignee's signature is required to process a Policy Change. If a Term Conversion is requested, the release of assignment MUST accompany the application prior to issuance of the new policy.
6. Agent must sign application.
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Type of Change |
Forms Required |
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Duplicate Policy |
Client Services Form 70.57 |
|
Reduction in Face Amount |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Reduction of any Benefit or Rider |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Deletion of any Benefit or Rider |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Change of Plan, higher premium |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Change of Plan, lower premium |
Policy Change Application requiring evidence of insurability 45.99 |
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Increase in Face Amount |
Policy Change Application requiring evidence of insurability 45.99 |
|
Addition of any Benefits or Riders |
Policy Change Application requiring evidence of insurability 45.99 |
|
Term conversions from Traditional, no increase in coverage |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Term conversions from Traditional, increase in coverage |
Policy Change Application requiring evidence of insurability 45.99 |
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Exercising Insured Insurability Option |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Reinstatements |
Reinstatement App 45.300 (state specific) |
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Addition of Nonsmokers Discount |
Policy Change Application requiring evidence of insurability 45.99 |
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Attainment of Age 20 |
Tobacco Use Declaration 30.2 |
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Reduction or Deletion of Substandard Rating |
Policy Change Application requiring evidence of insurability 45.99 |
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States below require a special Policy Change App Requiring Evidence |
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New Jersey |
CL45.122 |
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North Carolina |
CL45.125 |
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Ohio |
CL45.166 [Note: Ohio Fraud form 45.150A (Ohio) needed if reinstatement app signed in Ohio] |
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Oregon |
CL45.96 |
|
Wisconsin |
CL45.34 WI |
1. Client Services Form 70.57.
Please complete:
Policy number.
Insured's name.
Date of request.
Owner's address.
Return all items to.
Requires Policyowner's signature.
Section 3
2. $25.00 fee if actual Duplicate Policy is requested.
1. Certificate of Insurance for Lost Policy.
2. Actual Duplicate Policy if requested.
3. Acknowledgment Letter.
1. If an actual Duplicate Policy is needed this must be requested.
2. If $25.00 fee does not accompany the actual Duplicate Policy request a Certificate of Lost Policy will be issued.
1. Policy Change App 45.98
Please complete:
PAGE 1
Section 1—fully complete.
Section 5—change "face amount to."
PAGE 2
Signatures—refer to signature information in Policy Changes Introduction.
2. Payment of any premiums due.
a. Withdrawal Form 70.144 is required if using values from other policies.
b. May be added to existing Pre-Authorized Transfer plan. A new Pre-Authorized Transfer form is required to be completed and signed.
1. Amended Data Page.
2. Acknowledgment letter.
3. Email Notification with message: REINSTATEMENT/ POLCHG.
4. Commission reversal on next statement if first year case.
1. Current premiums due must accompany request.
2. In order to avoid any possibility of confusion, a cover letter outlining request should be attached with the Policy Change Application.
3. Include any other changes to be made on case with request.
4. Send all required items together to the Home Office.
1. Policy Change App 45.98.
Please complete:
PAGE 1
Section 1—fully complete.
Section 8
PAGE 2
Signatures—refer to signature information in Policy Changes Introduction.
2. Payment of any premiums due.
a. Withdrawal Form 70.144 is required if using values from other policies.
b. May be added to existing Pre-Authorized Transfer plan. A new Pre-Authorized Transfer form is required to be completed and signed.
1. Amended Data Page.
2. Acknowledgment letter.
3. Email Notification with message: REINSTATEMENT/ POLCHG.
4. Commission reversal on next statement if case in first year.
1. Current premiums due must accompany request.
2. In order to avoid any possibility of confusion, a cover letter outlining the request should be attached with the Policy Change Application.
3. Include any other changes to be made on case, with request.
4. Send all required items together to the Home Office.
1. Policy Change App 45.98
Please complete:
PAGE 1
Section 1—fully complete.
Section 8
PAGE 2
Signatures—refer to signature information in Policy Changes Introduction
2. Payment of any premiums due.
a. Withdrawal Form 70.144 is required if using values from other policies.
b. May be added to existing Pre-Authorized Transfer plan. A new Pre-Authorized Transfer form is required to be completed and signed.
1. Amended Data Page.
2. Acknowledgment letter.
3. Email Notification with message: REINSTATEMENT/POLCHG.
4. Commission reversal on next statement if case in first year.
1. Current premiums due must accompany request.
2. In order to avoid any possibility of confusion, a cover letter outlining request should be attached with the Policy Change Application.
3. Include any other changes to be made on case with request.
4. Send all required items together to the Home Office.
1. Policy Change App 45.98 if changing to higher premium plan.
Please complete:
PAGE 1
Section 1—fully complete.
Section 2—new Plan and Amount.
Section 8—include any benefits you wish to retain. (May not be used to add new benefits).
PAGE 2
Signatures—refer to signature information in Policy Changes Introduction.
Policy Change App 45.99 if changing to lower premium plan (excluding term insurance).
Please complete:
PAGE 1
Section 1—fully complete.
Section 2—new Plan and Amount.
Section 6—include any benefits to be added in new policy.
PAGE 2
Section 11
Section 12
PAGE 3
Entire page, sections 16 thru 27 on all persons proposed for coverage.
PAGE 4
Signatures—refer to signature information in Policy Changes Introduction.
PAGE 5
Entire page, sections 28 thru 34.
TIA—Complete if requesting additional coverage and money accompanies application.
2. Cost
a. Higher premium plan cost is usually difference between premiums plus interest. (Cost figures may be obtained from the Home Office.)
b. Lower premium plan cost, if any, currently due.
3. Withdrawal Form 70.144 if loans or dividends are to be used to pay for cost of change.
1. Amended Data Page.
2. Acknowledgment letter.
3. Email Notification with message: REINSTATEMENT POL/CHG.
4. Refund check to policyowner if applicable.
5. Commission adjustment on next statement if applicable.
1. Will allow during the 60 day delivery period.
2. Changes to lower premium plans require current underwriting.
3. Send all required items together to the Home Office.
4. Include any other changes to be made on case with request.
5. A cover letter should be enclosed explaining change requested.
1. Policy Change App 45.99
Please Complete:
PAGE 1
Section 1—fully complete.
Section 4—change "face amount to."
Section 6—only if increasing additional benefits.
PAGE 2
Section 10—fully complete.
Section 11—fully complete.
Section 12—fully complete.
PAGE 3
Entire page, Sections 16 thru 27 on all persons proposed for coverage.
PAGE 4
Signatures—refer to signature information in Policy Changes Introduction.
PAGE 5
Entire page, Sections 28 thru 34.
2. TIA must be fully completed if payment is remitted with application. Appropriate signatures are necessary.
3. A check for premium difference and any currently due premiums.
a. Withdrawal Form 70.144 is required if using values from other policies.
b. May be added to Pre-Authorized Transfer Plan. A new Pre-Authorized Transfer form is required to be completed and signed.
1. New policy.
2. Acknowledgment letter.
3. Email Notification with message: REINSTATEMENT/POLCHG.
4. Commission on next statement.
1. IMPORTANT: The face amount may only be increased within six months of original issue date (only three months in Ohio).
2. Premium difference for increased policy amount must be paid back to the original policy date for all premiums paid.
3. Additional production credit and first year commissions will be given.
4. Send all required items together to the Home Office.
5. Include any other changes to be made on case with request.
Annual Renewable Term Rider
Other Insured Annual Renewable Term Rider (OIART)
10 Year Term Rider
Other Insured Ten Year Term Rider
Paid-Up Life Rider (PULR)
Single Premium Life Rider (SPLR)
Waiver of Premium
Accidental Death
Accidental Death and Specific Loss #2
Children's Term Rider (CTR)
Insured Insurability Rider
Payor Waiver Death & Disability (PWD & D)
1. Policy Change App 45.99
Please complete:
PAGE 1
Section 1—fully complete.
Section 6—fully complete.
PAGE 2
Section 7—only if Paid Up Life Rider or Single Premium Life Rider is being requested.
Section 10—include name of proposed insured.
Section 11—fully complete.
Section 12—fully complete.
PAGE 3
Entire page, sections 16 thru 27, on all persons proposed for coverage.
PAGE 4
Signatures—refer to signature information in Policy Changes Introduction.
PAGE 5
Entire page, sections 28 thru 34.
TIA—include names of all persons (between age of 15 days and 70 yrs.) applying for coverage. Not needed if you are applying for WP, II, PWD & D.
2. Payment of premium currently due.
a. Withdrawal Form 70.144 if using values from other policies.
b. A special withdrawal will be made if payment for pro-rata due is not included with the application.
3. Rider fee of $20.00 required for Group "A" riders. (This fee may be charged to agent's account.)
1. Amended Data Page.
2. Acknowledgment letter.
3. Email Notification with message: REINSTATEMENT/POLCHG.
4. Commission on next statement if applicable.
1. All health questions must be answered.
2. Money requirements must be met.
3. The new benefit or rider amount must be within limits.
4. Send all required items together to the Home Office.
5. Include any other changes to be made on case with the request.
6. Only one renewable term rider per policy is allowed.
7. Paid Up Life Rider and Single Premium Life Rider can only be added on the anniversary of the policy.
1. Policy Change App 45.98. If additional benefits or increased amounts are requested, Form 45.99 must be used.
Please complete:
PAGE 1
Section 2—include death benefit option.
Section 3—amount of term insurance to be converted. Mark appropriate box stating continuation or cancellation of remaining term insurance.
Section 5—change "Specified Amount to" if converting term to increase existing Universal Life policy.
Section 6—if applying for Life 95.
Section 7—if applying for Life 95.
Section 8—mark only those benefits included in original policy or rider.
Section 9—if special dating is required.
PAGE 2
Section 11—MUST be completed if issued as a smoker/tobacco user.
Section 12—MUST be completed.
Section 13—MUST be completed.
Section 14—MUST be completed.
Section 15—MUST be completed.
Section 16—MUST be completed.
Signatures—refer to signature information in Policy Changes introduction.
2. Payment of first premium.
a. Withdrawal Form 70.144 required if using values from other policies.
b. May be added to the Pre-Authorized Transfer Plan. A new Pre-Authorized Transfer form is required to be completed and signed.
c. Term conversions are not done on a C.O.D. basis.
3. Replacement forms if other policies are being replaced.
4. Statement of Intent form, if 1035 Exchange is intended.
1. If conversion to Traditional...
a. New policy.
b. Amended Data Page if part of original policy is being continued.
c. Email Notification with message: REINSTATEMENT POL/CHG (on original policy).
d. Email Notification with message: POLICY ISSUE/FIRST PREMIUM PAID (on new policy).
2. If conversion to new Universal Life...
a. New policy.
b. Amended Data Page if part of original policy is being continued.
c. Email Notification with message: REINSTATEMENT POL/CHG (on original policy).
d. Email Notification with message: FIRST PREMIUM PAID (on new Universal Life policy).
3. If conversion to increase existing Universal Life...
a. Amended Policy Schedule on Universal Life.
b. Amended Data Page or Policy Schedule if part of original policy is being continued. Email Notification with message: INCR SPEC AMT BY CONV (on Universal Life being increased).
d. Email Notification with message: REINSTATEMENT POL/CHG (on original term policy).
4. Acknowledgment letter.
5. Commission on next statement.
6. Commission adjustment on converted policy if first year.
1. There is no grace period on term expiration.
2. For all Term policies or riders except for ART, ART100 and YRT100 and our current Term series, conversions may be made at any time prior to age 60 or the end of the term period, whichever is sooner. ART, ART100, YRT, and the current term policies and riders provide for conversion at any time prior to age 70 (depending on the term product conversion privileges).
3. Term insurance on children under Family Plan Policies and Riders, Children's Family Plan and Children's Term Riders may be converted without evidence between the ages of 18 and 23: 1, 2, or 3 units, up to $15,000; 4 units, up to $20,000; and 5 units, up to $25,000.
4. If the policy was issued as a smoker, the new policy will be issued as a smoker if section 11 on the application not requiring evidence or section 10 on the application requiring evidence is not completed. (Always complete section 10 or 11 when converting a child age 20 or over.)
5. If the old policy has waiver of premium, the new policy will be issued with waiver of premium, if not indicated on application, amendment will be required. If waiver of premium is not desired, complete section 9 of the policy change application not requiring evidence of insurability or section 6 of the policy change application requiring evidence of insurability.
6. Send all required items together to the Home Office.
7. Include any other changes to be made on case with the request.
1. Policy Change App 45.98
Please complete:
PAGE 1
Section 1—fully complete.
Section 2—include death benefit option for Universal Life policy.
Section 4—mark appropriate option and effective date. Indicate how II Allowance should be handled.
Section 5—change "Specified Amount to" if option being used to increase an existing Universal Life policy.
Section 6—if applying for Life 95.
Section 7—if applying for Life 95.
Section 8—may only include Waiver of Premium and Accidental Death if on original contract.
PAGE 2
Entire page, sections 11 thru 16.
Signatures—refer to signature information in Policy Changes introduction.
2. Payment of first premium.
a. Withdrawal Form 70.144 required if using values from other policies.
b. May be added to existing Pre-Authorized Transfer plan. A new Pre-Authorized Transfer form is required to be completed and signed.
1. New policy—Traditional.
2. Amended Policy Schedule or new policy—Universal Life.
3. Acknowledgment letter.
4. Refund check for I.I. allowance, if not applied as payment on new policy.
5. Email Notification with message: REINSTATEMENT POL/CHG.—Traditional.
6. Email Notification with message: FIRST PREMIUM PAID—new Universal Life.
7. Email Notification with message: INCR SPEC AMT—if increasing existing Universal Life.
8. Commission on next statement.
1. Policy will be dated on option date unless otherwise indicated. (Can date 90 days prior to option, but cannot date after the 90 day period.)
2. No grace period is allowed on option dates.
3. Indicate if special option is being exercised for marriage, or birth or adoption of a child.
4. Policyowner and beneficiary MUST be completed.
5. If amount or benefits applied for are greater than option amount, Policy Change App 45.99 must be used.
6. If the old policy has waiver of premium, the new policy will be issued with waiver of premium, if not indicated on application, amendment will be required. If waiver of premium is not desired, complete section 9 on the Change Application 45.98 or section 6 on the Change Application 45.99.
1. Application for Life Insurance CL 45.300 (state specific) Complete entire portion of form.
2. All premiums (plus interest at rate not to exceed 6% per year) to pay to current date.
3. Currently due premiums.
4. Withdrawal Form 70.144 if using values from other policies.
1. Acknowledgment letter with copy of Reinstatement Application to policyowner.
2. Copy of acknowledgment letter to agent.
3. Email Notification with message: REINSTATEMENT/POL CHG.
1. IMPORTANT: Evidence of insurability will not be required under the following circumstances:
a. Within 90 days of grace period's expiration, if loan value of policy equals or exceeds the sum of:
Quarterly premium including all benefits.
Outstanding loan.
Loan interest to the next premium due date.
b. If the policy has continued as Extended Term Insurance and the remaining coverage is in force for at least five years. (Only the basic benefit continued as Extended Insurance may be reinstated without evidence of insurability or as stated in the contract.)
2. Evidence of Insurability must be provided for all lives covered by policy.
3. Any outstanding loan must be repaid or reinstated as indebtedness.
4. A policy may be reinstated by using its loan value. Contact the Home Office for minimum deposit quotes.
5. Ohio Fraud Form CL 45.150 is signed in Ohio.
1. Policy Change App 45.99
Please complete:
PAGE 1
Section 1—fully complete.
PAGE 2
Section 10—include applicant's name.
Section 11—fully complete.
Section 12—fully complete.
PAGE 3
Entire page, sections 16 thru 27.
PAGE 4
Signatures—refer to signature information in Policy Changes introduction.
PAGE 5
Entire page, sections 28 thru 34.
2. Any currently due premium.
1. Amended Data Page.
2. Acknowledgment letter.
3. Email Notification with message: REINSTATEMENT/ POL CHG.
1. Available on policy series 1,100,000 and above (not available on policies issued prior to 08/01/1980).
2. On all traditional policies except Life95, the face amount must be $15,000 or more for nonsmokers to be added.($10,000 minimum on Life95.)
3. Insured must have not smoked for at least one year.
1. Tobacco Use Declaration Form 30.2 is the only form needed, if changing to nonsmoker classification after attainment of age 20 on policies originally issued below age 20.
2. Use age 20 discount, regardless of insured's age at the time the discount is added.
3. Will be effective the anniversary following the 20th birthday.
4. If issued after 1/1/89, Tobacco Use Declaration form 30.2 is the only form needed once smoke-free for one year.
1. Policy Change App 45.99
Please complete:
PAGE 1
Section 1—fully complete.
PAGE 2
Section 9—Mark "other," write remove or reduce rating.
Section 11—fully complete.
Section 12—fully complete.
PAGE 3
Entire page, sections 16 thru 27.
PAGE 4
Signatures—refer to signature information in Policy Changes introduction.
PAGE 5
Entire page, sections 28 thru 34.
2. Any currently due premium.
1. Amended Data Page.
2. Acknowledgment letter.
3. Email Notification with message: REINSTATEMENT/POL CHG.
1. It is company practice not to reconsider a rating on a policy until the policy has been in force for a period of at least two policy years.