Other Insured Adjustable Term Rider (OIR)|
Type of Change |
Forms Required |
|
Duplicate Policy |
Client Services Form 70.57 |
|
Reduction in Specified 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. |
|
Increase in Specified 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 Universal Life, no increase in coverage |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Term conversions from Universal Life, increase in coverage |
Policy Change Application requiring evidence of insurability 45.99 |
|
Change Death Benefit Option |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Exercising Insured Insurability Option |
Policy Change Application not requiring evidence of insurability 45.98. |
|
Reinstatements |
Application for Life Insurance 45.300 (state specific) |
|
Addition of Nonsmokers Discount |
Policy Change Application requiring evidence of insurability 45.99 |
|
Attainment of Age 20 |
Tobacco Use Declaration 30.2 |
|
Reduction or Deletion of Substandard Rating |
Policy Change Application requiring evidence of insurability 45.99 |
1. Client Service 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.
3. If Duplicate Health Policy is requested, the actual policy will be issued without a $25.00 fee.
1. Policy Change App 45.98
Please complete:
PAGE 1
Section 1—fully complete.
Section 5—change "specified 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 policy schedule.
2. Acknowledgment letter.
3. Email Notification with message: REDUCE SPEC AMT.
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.
1. Amended policy schedule.
2. Acknowledgment letter.
3. Email Notification with message: REDUCE BENEFIT.
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 policy schedule.
2. Acknowledgment letter.
3. Email Notification with message: CANCEL BENEFIT.
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 45.99
Please complete:
PAGE 1
Section 1—fully complete.
Section 4—change "specified amount to" only.
Section 6—only if increasing or adding 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.
TIA must be fully completed if payment is remitted with application. Appropriate signatures are necessary.
2. Appropriate monies to meet increase in MFYAP.
a. Withdrawal Form 70.144 is required if using values from other policies.
b. May be added to the Pre-Authorized Transfer Plan.
3. Replacement forms if other policies are being replaced.
1. Amended policy schedule.
2. Acknowledgment letter.
3. Email Notification with message: INCR SPEC AMT.
4. Commission for increase in MFYAP on next statement.
1. IMPORTANT: The specified amount may not be increased within the first policy year.
2. Premium and fund balance must be sufficient to pay insurance cost.
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.
6. Changes in premium amount must be noted on form.
7. 1035 exchanges are not allowed on increases in specified amount.
8. A minimum increase of $10,000 is required on Back-End Load policies.
9. If a policyowner's risk classification has changed since original issue, a separate policy will be issued. The amount of the increase will be subject to higher mortality charges. The mortality charges on the new contract will be for the policyowner's current classification as a risk. In all such cases, under option 1, the field underwriter should advise the client to place as much of his or her total premium as possible in the rated contract. The effect will be to maximize the cash value of the contracts.
Group "A"
Other Insured Adjustable Term Rider (OIR)
Group "B"
Waiver of Monthly Deductions
Accidental Death #1
Accidental Death and Specific Loss #2
Children's Term Rider (CTR)
Automatic Increase Rider
Insured Insurability Rider
1. Policy Change App 45.99
PAGE 1
Section 1—fully complete.
Section 6—fully complete.
PAGE 2
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 the ages of 15 days and 70 years) applying for coverage. Not needed if you are only applying for Waiver of Monthly Cost, Insured Insurability or Automatic Increase Provision.
2. Payment of premium currently due.
a. Withdrawal Form 70.144 if using values from other policies.
b. Appropriate monies to meet increase in MFYAP.
1. Amended policy schedule.
2. Acknowledgment letter.
3. Email Notification with message: ADD BENEFIT.
4. Commission on next statement if applicable.
1. All health questions must be answered.
2. Money requirements must be met.
3. Changes in premium amount must be noted on form.
4. The new benefit or rider amount must be within limits.
5. Send all required items together to the Home Office.
6. Include any other changes to be made on case with request.
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 1—fully complete.
Section 2—include death benefit option if applying for Universal Life.
Section 3—amount of term insurance and rider being converted. Complete "on the life of" with name of insured being converted.
Section 6—Converting term policies under $25K and older than L95 was discontinued Dec 31st 2007.
Section 7—Converting term policies under $25K and older than L95 was discontinued Dec 31st 2007.
Section 9—if special dating is required.
PAGE 2
Section 11—MUST be completed if issued as 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.
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 Policy Schedule reflecting changes for original policy.
c. Email Notification with message: CONVERT OIR or CHILD (on original policy).
d. Email Notification with message: POLICY ISSUE/FIRST PREMIUM PAID (on new policy).
2. If conversion to Universal Life...
a. New policy.
b. Amended Policy Schedule reflecting changes for original policy.
c. Email Notification with message: CONVERT OIR or CHILD (on original policy).
d. Email Notification with message: FIRST PREMIUM PAID (on new policy).
3. Acknowledgment letter.
4. Commission on next statement for new policy.
5. Commission adjustment on original policy if first year case.
1. Send all required items together to the Home Office.
2. Include any other changes to be made on case with the request.
3. Term insurance on children under 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. Death Benefit Option and Planned Premium are required when converting to a new Universal Life policy.
5. If the Other Insured Rider 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.)
1. Policy Change App 45.98, if changing from Option 1 to Option 2 or from Option 2 to Option 1.
Please complete:
PAGE 1
Section 1—fully complete.
Section 5—change "Death benefit option to."
PAGE 2
Section 15
Section 16
Signatures—refer to signature information in Policy Changes introduction.
2. If changing from Option 1 to Option 2 and retaining the specified amount, Policy Change App 45.99 is required. Must state "retain Specified Amount" if this change is desired.
1. Amended Policy Schedule.
2. Acknowledgment letter.
3. Email Notification with message: CHG DB OPTION.
1. May not be changed in first policy year.
2. Home office will notify you if additional medical information is needed, after the non-med form has been reviewed.
3. Option 2 is not available on UL200 and UL203, nor UL300 and UL301.
4. If specified amount is to remain the same, you must state "retain" in section 9 of Policy Change App 45.99 and evidence of insurability is required.
1. Policy Change App 45.98
Please complete:
PAGE 1
Section 1—fully complete.
Section 4—mark appropriate option and effective date. Indicate how II Allowance should be handled.
Section 5—change "specified amount to" only.
Section 8—may only include Waiver of Cost of Insurance and Accidental Death if on original contract.
PAGE 2
Section 11—fully complete.
Section 15—fully complete.
Section 16—fully complete.
Signatures—refer to signature information in Policy Changes introduction.
2. Appropriate monies to meet increase in MFYAP.
a. Withdrawal Form 70.144 is required if using values from other policies.
b. May be added to the Pre-Authorized Transfer plan.
1. Amended Policy Schedule.
2. Email Notification with message: INCR SPEC AMT BY I.I.
3. Refund check for I.I. allowance, if not applied to policy.
4. Acknowledgment letter.
5. Commission for increase in MFYAP on next statement.
1. Increase will be effective on the option date unless otherwise indicated.
2. Indicate if special option is being exercised for marriage, birth or adoption of a child.
3. If amount applied for is greater than option amount, Policy Change App 45.99 must be used.
1. Application for Life Insurance CL 45.300 (state specific). Complete entire form with signatures. (Ohio: Need Ohio Fraud Form.)
2. Payment of minimum premium sufficient to keep policy in effect for two months from effective date of reinstatement.
3. Withdrawal Form 70.144 if using values from other policies.
1. Acknowledgment letter and copy of Reinstatement Application to policyowner.
2. Copy of acknowledgment letter to Agent.
3. Email Notification with message: REINSTATEMENT.
1. A grace period of 61 days is allowed for the payment of a premium sufficient to cover the monthly deduction.
2. Evidence of Insurability must be provided for all lives covered by the policy.
3. Any outstanding loan must be repaid or reinstated as indebtedness.
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.
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.
1. Amended Policy Schedule.
2. Acknowledgment letter.
3. Email Notification with message: ADDED NSD.
1. Available on all Universal Life policies.
2. Face amount must be $15,000 or more, for nonsmokers to be added to an Other Insured Rider.
3. Insured must have not smoked for at least 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 Policy Schedule.
2. Acknowledgment letter.
3. Email Notification with message: REDUCTION or DELETION OF RATING.
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.