Business Market Administration
You and your clients don't have to take care of the ongoing management of their business programs all by yourselves. Business Market Administration (BMA) is here to provide dedicated administrative support for all life insurance policies maintained under employer-sponsored plans. And we'll be here for you and your clients not just today, but throughout the lives of these plans.
BMA services are provided at no charge. View our BMA Services Flyer (PDF) (BB9441) for a summary of the services descibed below.
We regard our business insurance solutions as complete plans – not just individual policies. And the services you and your clients receive reflect this approach. A knowledgeable, dedicated BMA administrator will be assigned to provide personalized service and support.
Support every step of the way:
- Determining the right solution
- Plan implementation/new enrollments
- BMA can assist with assembling appropriate submission forms based on the selected plan design.
- Client welcome letters for policyowners, and Case Census Reports (DOC) for employer-sponsors.
- Online access
- Employer-sponsors may view the following online:
- Insured-participants may view their respective policy information online when policies are personally-owned. And with variable life insurance, they may also request policy changes online, such as division transfers, allocation percentage changes, etc.
With employer-owned variable life insurance, the employer may also request policy changes online, such as division transfers, allocation percentage changes for future premiums, etc.
- List billing – Principal sends consolidated premium statements (PDF) covering all policies under the plan. This enables the employer-sponsor to pay policy premiums via a single check. Annual, semi-annual, quarterly, and monthly payment modes available.
- Ongoing policy administration and service – The BMA administrator is able to assist with any policy adjustment questions, service requests, illustration needs, etc.
- Annual plan-level reporting – Summary Annual Reports (PDF) are mailed directly to employer-sponsors.
- Plan status and strategy review – Upon request, the BMA administrator can assist the producer with reviewing policy status relative to the client’s goals.
Our BMA department is staffed with experienced administrators for the specific purpose of supporting business market solutions. This value-added service is unique in the industry. With over 16,000 plans in force and supported through BMA, you can trust us with all your business case opportunities.
Our simple service forms make it easy for you to request service changes to your clients’ programs.
|Form Name||Program Type||Form Number||Purpose|
|Assignment of Life Insurance Policy as Collateral (non split dollar)||Various||DD168||Used to assign a life insurance policy as collateral|
|Split Dollar Restrictive Assignment of Life Insurance Policy as Collateral||Private Split Dollar, Non-Equity Split Dollar||DD9215||For use with split dollar plans where policy is owned by a third party, such as an irrevocable life insurance trust, to establish either (a) the insured as assignee under a private split dollar plan, or (b) a business as assignee under a non-equity split dollar plan where insured is controlling owner of the business. (This form conveys only limited rights to Assignee - not to be confused with Assignment form DD168.)|
|Change of Ownership||All||DD425||Used to change ownership of a policy|
|Change of Beneficiary||All||DD638||Used to change the policy beneficiary|
|Customer Service Request (CSR)||All||DD292||Used to make contractual changes such as policy loans, dividend surrenders, billing, etc.|
|Endorsement Split Dollar Benefit Instructions||Endorsement Split Dollar||DD914E||Specifies how the policy death benefit is to be split between the sponsoring employer/policy owner and the insured's named
|Release of Assignment||Various||DD75||Used by assignee to release their collateral assignment of life insurance policy when the policy owner's obligation to the assignee has been satisfied|
|Request & Agreement to Restrict Owner's Rights||Principal Executive Bonus Plus or Executive Bonus||BB6217||Restricts the policy owner's rights regarding financial transactions.|
|Termination of Request and Agreement to Restrict Owner's Rights||Principal Executive Bonus Plus or Executive Bonus||DD1930||Used to release the restrictions on policy owner's rights regarding financial transactions.|
If you have questions about which form you need, contact your BMA administrator.
We support more than 30 plan types to meet various client needs.
- Key person protection
- Buy-sell agreements
- Key employee retention & retirement
- Legacy & estate planning
Ready to submit new applications for a new or existing case? Follow these submission guidelines to help facilitate the process.