Inheritance Life Plus

Transcription

1 APPLICATION PROCESS Guide Inheritance Life Plus Fixed, single-premium universal life insurance Increase the inheritance your clients leave their loved ones Policies issued by: American General Life Insurance Company (AGL) The United States Life Insurance Company in the City of New York (US Life) FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION

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3 Inheritance Life Plus is a fixed single-premium universal life insurance policy designed specifically as a wealth transfer vehicle. It is a solution for clients who have assets that they will not use during their lifetimes it is a solution that increases the inheritance your clients can leave their loved ones. Contents Application process... 2 Guide to econnections online application process... 4 Approval process...12 Application submittals... Back Cover The right choice for the right client Inheritance Life Plus could be the right solution for clients who: Are 40 to 85 years old Want to transfer wealth to heirs or a favorite charity Have assets beyond estimated future needs, typically $10,000 and above Want growth potential with relatively low risk Want a tax-advantaged death benefit without the delay of probate 1 Want access to their money should they need it Prefer simple underwriting that doesn t involve lengthy medical tests Key benefits of Inheritance Life Plus Tax-advantaged way to transferring wealth Guaranteed death benefit 2 Opportunity to leverage assets Liquidity Guaranteed Return of Premium 3,4 Simplified application and issue process (with no medical exam) Instant increase in estate value that is income-tax free * * Based on current federal income tax laws. Not A Deposit Not Insured By Any Federal Government Agency May Lose Value No Bank or Credit Union Guarantee Not FDIC/NCUA/NCUSIF Insured 1

4 Application process On-Line Process Available anytime of day via econnections Tele-App Process Before you call Call , Option 3 or Fax to am to 5 pm Central Time Monday Friday When you are approved to sell Inheritance Life Plus, you will receive logins for (our web-based Application Software) Submit via Fax to (wet signature method), or Submit applications via esignature (if it is available to you) (our producer website) to check your production or download forms. We encourage you to use econnections to complete the forms and alleviate errors from hard-to-read handwriting. To initiate an Inheritance Life Plus application by phone Ensure that your client has read and signed HIPAA form Application for life insurance You should complete New Business Coversheet Call or Fax the New Business Team Call , option 1 We ll lead you through the application process; we ll input the data into econnections, or Fax to the three n forms listed above. We ll call you at the number you list on the New Business Coversheet and begin inputting the client s data into econnections. Our staff will: ask you to verify that HIPAA form is completed and signed ask you to verify that life insurance application is completed and signed ask several key questions that identify your client ask for your client s answers to the 5 medical underwriting questions submit your client s application for simplified underwriting tell you if your client is Approved as Preferred or Standard and provide their policy number requires additional underwriting is declined You ll receive an stating the data on the application is Consistent with the Rx and MIB databases Inconsistent with the Rx and MIB databases If you have not already done so, fax the three n forms to by the end of business day in which you call for on-phone underwriting. 2

5 Once your client is approved If client data is inconsistent Inconsistent data means that one or more of the client s answers are not consistent with the data in the Rx and/or MIB databases. Required Forms You ll receive an that contains: Any outstanding forms that the client must sign Instructions for submitting the premium and any outstanding forms/pending requirements Fax to or to siul@aglife.com (subject line: Client s Last Name, Policy Number) Any outstanding forms that the client had to sign Submit the premium Once forms and premiums are received in good order: Your client s policy will be issued within 24 hours We will mail the contract within 48 hours from issue, using the mailing instructions we have on file for your upline. An inconsistent case cannot progress to underwriting for review until we have received the signed HIPAA form and Application for Life Insurance. In order to avoid delays, please fax or these signed forms once you receive the stating the data on the application is inconsistent Our staff will contact you within 24 hours to Notify you of Approval (Preferred or Standard) or Decline Ask for more information or clarification, if necessary In a very rare instance, an Attending Physician s Statement (APS) might be needed which would extend the underwriting time beyond 24 hours. If your client decides not to proceed, you still MUST fax the three n forms to If your client asks why, please let them know that HIPAA laws were created to protect people. To show compliance with HIPAA laws, you must fax these three n forms to the insurance company by the end of the business day. Where do you get the required forms? econnections web-based software, the do it yourself means of completing the entire Inheritance Life Plus underwriting process, will automatically generate the forms, including all of the data you entered about your client. If you don t have internet access when you meet with your client, you can print the forms ahead of time from [Forms Tab] [Get Materials button] Note: when you are approved to sell Inheritance Life Plus, you will receive logins for both of these websites Call or regarding Marketing Support: , option 3 or inheritance.life@aglife.com Applications & New Business: , option 1 or siul@aglife.com 3

6 Guide to econnections online application process 1. Logon: Once the econnections web address is typed into the address field of the web browser, the logon screen appears. Type the user name into the User Name field. Type the password into the Password field. Press the <Enter> key or click Log In. econnections Log In User Name: ( address) Password: Note: If you have forgotten your password, click on the Forgot Your Password? link. A temporary password is then ed to you. You will be asked to set a new password after you gain access to econnections using the temporary password. 2. The main page appears. Click Start Illustrating. 3. Proposed Insured Information. Forgot your Password? Haven't registered? Log In Choose the application state from the state drop down menu in the upper left-hand corner of the screen. Then click Apply. Note: After clicking Apply, the Issue State changes in the center portion of the screen. Complete the following basic information: First Name Last Name Date of Birth Amount of Premium being submitted with the application Click Start Application Process. Note: The premium must be within simplified issue guidelines (which vary based on the proposed insured s age). If the amount is above the simplified issue guidelines an error message displays (Entered premium is greater than the maximum premium). Click on the Inheritance Life Plus tab to enter a lower premium. 4

7 4. Complete the three questions on this screen. When all questions are complete, click Next. Note: All questions default to No upon launching this screen. If your client does not qualify for an Inheritance Life Plus policy, you may want to discuss an annuity or another life insurance product. If any of the questions are answered Yes, the message Thank you for your interest in Inheritance Life Plus. Unfortunately, you do not qualify for this product displays on the econnections software. 5. Complete the two questions on this screen. When all questions are complete, click Next. Note: All questions default to No upon launching this screen. If your client does not qualify for an Inheritance Life Plus policy, you may want to discuss an annuity or another life insurance product. If both questions are answered Yes, the message Thank you for your interest in Inheritance Life Plus. Unfortunately, you do not qualify for this product displays on the econnections software. 5

8 Guide to econnections online application process (continued) 6. Complete the proposed insured s personal information on this screen: Note: If owner is different than proposed insured then complete the required fields. If the owner is a trust complete the required fields. When all personal information has been entered, click Next. 6

9 7. Beneficiary Information. Enter all beneficiary information. Note: The beneficiary split for primary and contingent should equal 100 percent. If the beneficiary is a trust complete the required fields. When all Beneficiary information has been entered, click Next. 7

10 Guide to econnections online application process (continued) 8. Existing Coverage. Depending on the state of issue, you may see an Existing Coverage screen similar to the one shown below. Answer Yes or No to the Existing Coverage question. If Yes is selected, fields requiring additional data regarding the existing coverage become enabled on the screen. Information required includes: Name of the Insurance Company that issued the old policy Policy Number of the existing policy (if not known, please type unknown) Indicate whether or not the proposed insured is replacing the existing/pending policy(ies). If the policy is not being replaced, then no further information is required on this screen. If a policy is a replacement, check whether the replacement is internal or external and indicate if the case will involve a 1035 exchange. Note: The 1035 exchange field may be left blank if there is no 1035 exchange involved. When all information has been completed on this screen, click Next. 8

11 9. Enter Agency/Bank and Agent/Banker Information. User preference profile automatically populates with the agent information. When all information is complete, click Next. 10. Premium Screen. It is possible to manipulate the premium to illustrate different Death Benefit, Accumulation Value and Cash Value amounts. Enter a new premium amount into the Premium field at the bottom left of the screen if you wish to change the premium. Click Calculate. 9

12 Guide to econnections online application process (continued) 11. Before continuing, the following message displays: By clicking the next button, you will assign a policy number to this application and you WILL NOT be able to edit the Proposed Insured s application information. Before proceeding, please make sure all information is correct. If there are corrections, click Prev to go back a page. If all the information is complete and correct, click Next. 12. This screen displays all the completed forms. Note: A warning pop-up box appears on the screen with the message After printing, you must click on the NEXT button below in order to continue and complete the submission process. Click OK to close the prompt. The illustration can be saved or printed using Adobe Reader functionality. Print all the documents, before you click on Next. IMPORTANT You must click the Next button in order to submit this application for additional processing. Failure to do so will slow down the application process. 10

13 13. Summary and Finalization Screen The Yes radio button must be selected indicating the proposed insured has signed the application. The Yes radio button indicates the proposed insured has signed the HIPAA Authorization form. If the No radio button is selected for either question, the information is not sent to American General. Click Finish to finalize the econnections portion of the application process. 14. A message appears indicating that the submission process is not yet complete, and describes the next steps. 11

14 Approval Process Below are excerpts from respective AGL and US Life agent and applicant letters. In the interest of space, we are only providing the body text without logos, salutations, or specific company names. Sample letter layout Letter copy area Client Approval If the client is eligible and all paperwork has been completed, the agent will receive the following letter via in addition to a personal phone call. Letter copy: Congratulations. We have approved your application for Life Insurance based on the answers you provided on your application. POLICY DELIVERY REQUIREMENTS Please be advised that policy issue is contingent upon validation of agent licensing and appointment information being in good order. Prior to your policy being issued the following must be received: Premium in the amount of $ [Freeform text] ABOVE ITEMS MUST BE RECEIVED 30 DAYS FROM THE DATE OF THIS LETTER. Your policy will become effective once we receive the full premium due and any other delivery requirements listed above. This offer is valid for 30 days from the date of this letter. Thank you for this opportunity to be of service to you. Congratulations. We have approved your application for Life Insurance based on the answers you provided on your application. POLICY DELIVERY REQUIREMENTS Please be advised that policy issue is contingent upon validation of agent licensing and appointment information being in good order. Prior to your policy being issued the following must be received: Premium in the amount of $ [Freeform text] ABOVE ITEMS MUST BE RECEIVED 30 DAYS FROM THE DATE OF THIS LETTER. Your policy will become effective once we receive the full premium due and any other delivery requirements listed above. This offer is valid for 30 days from the date of this letter. Thank you for this opportunity to be of service to you. American General Life Insurance Company The United States Life Insurance Company in the City of New York Policy Delivery Within 36 hours, the policy is generated and mailed to the agent/client with the following cover letter. Letter copy: We are pleased to enclose your new insurance policy issued by [respective] Life Insurance Company. We appreciate the confidence you have placed in us and our licensed agent. Please take a moment to complete and return the following policy issue requirements: ABOVE ITEMS MUST BE RECEIVED 30 DAYS FROM THE DATE OF THIS LETTER FOR YOUR COVERAGE TO BE PUT IN FORCE. If additional premium is required, please make a check payable to [respective] Life Insurance Company for the amount indicated above. Your policy will become effective once we receive full premium due and any other policy issue requirements indicated above. This offer is valid for 30 days. Thank you for this opportunity to be of service to you. Cases Needing Review If the case needs to be reviewed by an underwriter before a decision is made, the agent receives the following letter via fax. Letter copy: We have received your application for coverage at [respective] Life Insurance Company. After extensive review of your application we have found that additional underwriting is required at this time. Please be advised that we will be in contact regarding any additional information that may be needed. If you have any questions, please do not hesitate to contact your representative. Thank you for considering [respective] Life Insurance Company for your insurance needs. 12

15 Cases Needing Clarification If New Business or the underwriter requires more information before a decision can be made, the agent receives the following letter via fax. Letter copy: Thank you for submitting an insurance application to [respective] Life Insurance Company. In order to properly evaluate your application, the following items are needed: The above requirements must be received within 30 days. Please note that no coverage is in effect at this time. If you have any questions, please do not hesitate to contact your representative. Thank you for considering [respective] Life Insurance Company for your insurance needs. Incomplete Cases If the requested information is not received in 30 days, the case will be closed and the agent receives the following letter via fax. Letter copy: This letter is to inform you that your recent application for insurance submitted to [respective] Life Insurance Company must be canceled as we have not received all of the requested information necessary to evaluate and/or extend an offer of insurance. Please note that no coverage is in effect at this time. Should you desire the specific items that support the reasons listed above, please submit a written request within ninety (90) business days from the date of mailing this letter to the address shown below. We will respond within twenty-one (21) business days of the receipt of the written request. You can also request corrections, amendments or deletions to information discussed above. If your requested corrections, amendments or deletions are not made, you will be notified and told of the reason(s) for the refusal. In that event, you may file a statement setting forth what you think is correct, relevant or fair information and why you disagree with our refusal to correct, amend or delete information. Should you be able to furnish the information at a later date, the case may be reopened and prompt consideration given. Your sales representative will be able to advise you regarding the specific items that are outstanding. If you have any questions regarding this matter, please contact your Representative. Client Cancellations Should you or the client inform American General that the client is not interested in coverage, this letter is mailed to the client. Letter copy: We appreciate the confidence you have shown in [respective] Life Insurance Company by submitting an application for insurance. It has come to our attention that you no longer wish to pursue insurance coverage with our company. Although we would like to continue underwriting for you, we are now closing our file as requested. If you have any questions regarding this matter, please contact your Representative. Disapproved Cases If either New Business or the underwriter rejects the case, the agent is notified of the disqualifying factors via the following letter. Letter copy: Thank you for submitting an insurance application to [respective] Life Insurance Company. We are unable to approve the policy due to. Should you desire the specific items that support the reasons listed above, please submit a written request within ninety (90) business days from the date of mailing this letter to the address shown below. We will respond within twenty-one (21) business days of the receipt of the written request. You can also request corrections, amendments or deletions to information discussed above. If your requested corrections, amendments or deletions are not made, you will be notified and told of the reason(s) for the refusal. In that event, you may file a statement setting forth what you think is correct, relevant or fair information and why you disagree with our refusal to correct, amend or delete information. Once again, thank you for considering [respective] Life Insurance Company for your insurance needs. If you have any questions regarding this matter, please contact your Representative. Technical Issues If there are technology issues with our vendors and we are unable to obtain the information needed to make a final decision, the agent receives the following letter via fax. Letter copy: We have received the application noted above for the Inheritance Life Plus insurance policy. Due to a technology issue with our vendors, we are unable to obtain the information needed to make a final decision. Please be advised that this is a temporary delay and we will alert you once the issues have been resolved. We apologize for any inconvenience this may have caused you. Thank you for considering [respective] Life Insurance Company for your insurance needs. 13

16 Application submittals Fax numbers For all initial application paperwork, fax to For all other requirements after submission of new business applications, fax to Mailing Addresses AGL New Business Paperwork Overnight Mail American General Life Insurance Company Inheritance Life NB 1050 North Western Street Amarillo, TX Regular Mail American General Life Insurance Company New Business P.O. Box Amarillo, TX Initial Premium and Source of Funds Form Original 1035 Paperwork should be sent to the above address with the added line of: Attn: 1035 Exchange Processing Initial Premium and Source of Funds Form Original 1035 Paperwork should be sent to the above address with the added line of: Attn: 1035 Exchange Processing US Life New Business Paperwork Applications/documents with premium payment The United States Life Insurance Company in the City of New York P. O. Box Dallas, TX Applications/documents without premium payment The United States Life Insurance Company in the City of New York P.O. Box Amarillo, TX Overnight Mail with premium payment The United States Life Insurance Company in the City of New York Attn: Lockbox # TX Frye Rd Fort Worth, TX Overnight Mail without premium payment American General Life New Business Inheritance Life 1050 North Western Street Amarillo, TX Initial Premium and Source of Funds Form Original 1035 Paperwork should be sent to the above address with the added line of: Attn: 1035 Exchange Processing Source of Funds Form Original 1035 Paperwork should be sent to the above address with the added line of: Attn: 1035 Exchange Processing Policy Owner Service Forms for Inforce Policies (Place Policy Numbers on all forms) Note: On all in force policies < 90 days old, please contact us before mailing any documentation. Overnight Mail Change of Ownership Requests Beneficiary Changes Withdrawal Requests Loan Requests American General Life Customer Service 1050 North Western Street Amarillo, TX Regular Mail Change of Ownership Requests Beneficiary Changes Withdrawal Requests Loan Requests Attn: POS Dept. P.O. Box 9000 Amarillo, TX Subject to state probate laws. 2 Guarantees are subject to the claims-paying ability of the issuing insurance company. 3 Partial withdrawals and policy loans reduce the death benefit amount. 4 The premium returned does not take into account any time value of money. Policies issued by: American General Life Insurance Company (AGL), Policy Form Numbers 11440, ICC , except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life), Policy Form Numbers 11440N, 11440NU. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). Policies and riders not available in all states. These product specifications are not intended to be all-inclusive of product information. State variations may apply. Please refer to the insurance policy for complete details. Important: Prior to soliciting business, be certain that you are appropriately licensed and appointed with the insurer and that the product has been approved for sale by the insurer in that state. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION AGLC AGL REV AIG. All rights reserved.