Product, New Business, and Underwriting News – Life Insurance
Coming soon: Updated employer-owned GI Term onboarding process
We recently introduced improvements to the onboarding process for employee-owned Guaranteed Issue (GI) Term plans, such as electronic applications and new employer onboarding paperwork. Soon, we’ll be introducing enhancements to the employer-owned process.
Some benefits will include:
- Fewer forms and less follow-up – Principal® will collect information from enrollees to complete the Consent for Employer to Purchase Life Insurance forms. All the employer will need to provide are the email addresses and cell phone numbers of participants.
- Easy experience for participants – Each participant will receive an email with a link directing them to a digital application where they can provide the necessary information for the consent form. Then, they’ll conveniently e-sign within the same experience.
- Followup and statusing – To ensure all participants complete and sign their consent form, Principal will send reminder emails to them daily, until complete. Additionally, we can provide status updates for all plan participants to keep you informed.
More details to be shared soon.
Updates to the Online App process for replacement in IN and WA
Additional information is required from financial professionals when there’s a replacement involved in an application for life insurance in Indiana and Washington. In these situations, we’ll send the financial professional an email after the insured has submitted their online application. The email will contain a link that will allow them to answer questions regarding the replacement involved in the application.
Updated Absolute Assignment Form
Form DD747-15, Absolute Assignment to Effect a Section 1035(a) Exchange, is being updated to DD747-16, effective Feb. 19, 2024. The updated form will be available on Create-An-App beginning Feb.19 and will be available from iPipeline’s iGo at a later date.
Expanded communications for new business plan customers
Starting this month, new customers with life insurance-funded business plans serviced by our Business Market Administration (BMA) team will receive an expanded series of welcome emails. The emails are designed to make customers feel valued, introduce plan sponsors to their dedicated BMA administrator, encourage them to create log-in credentials, and provide education on plan features and benefits.
Reminder: Backdating Term Conversions
As of Jan. 4, backdating to save age is allowed for Term conversions.
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- The Backdating Request form (DD1621-9) is required prior to policy issue.
- Any unused premium from the term policy will be applied to the new policy.
- For partial conversions, the most recent monthiversary will be required. For example, if a request to backdate to Dec. 6 was made and the monthiversary of the term policy was the 4th, the new policy would need to be backdated to Nov. 5 to save age.
- Backdating is not allowed when a term policy is beyond its final conversion date or the policy has lapsed.