True External Term Exchange Program Program Information Guide

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1 True External Term Exchange Program Program Information Guide For Producer And Internal Use Only - Not For The General Public. INDIVIDUAL PRODUCTS DISTRIBUTION MARKETING PROGRAM DEVELOPMENT & ANALYTICS

2 The True External Term Exchange program offers individuals the ability to exchange their existing term policies from an approved carrier to a Guardian Whole Life policy without the requirements of time consuming doctor visits or lab tests. Be sure to read the following pages for more information about the program and how it works. Sincerely, Dan Ellen The Guardian Life Insurance Company of America

3 The True External Term Exchange Program The Program This program offers individuals the ability to exchange existing term policies from an approved carrier to a Guardian Whole Life policy without the requirements of time consuming doctor visits or lab tests. What are the Program Eligibility Requirements? Policy must be from an approved carrier (see approved carrier list on the next page) Attained Age (current) Policy must have been fully underwritten within the last 5 years Policy must have a minimum face value of $100,000 Policy Face amount cannot exceed a face value of $2,500,000 Policy must be in force and premium paying Policy must be in convertible period No partial conversions (face to face) Exclusions and Limitations New York contracts cannot be issued under the True External Term Exchange Program. Term policies on disability waiver with current waiver of premiums are excluded. Term Conversion Credits are not available. Collaterally assigned external term policies are excluded. Aviation coverage may be excluded. Is the issue of the new policy guaranteed? Although the application procedure is simplified, issue of the new policy is not guaranteed. Benefits to eligible clients Clients have the opportunity to convert or exchange their term coverage to whole life without the medical exams typically required. This removes a barrier to entry and makes it easier for them to receive the benefits of whole life insurance. Eligible Products for Purchase Single Life Premium Whole Life Policies EXCLUDING ESWL Can Riders be Added? NOT PERMITTED: Term riders from an existing carrier s policy. Option Q (Term Riders), Option R, ADB, LTC rider, RTR-10, SIO, GIO, EGIO, Duoguard, exchange of insured, select security, terminal illness & LPB. PERMITTED WITH EVIDENCE OF INSURABILITY: PUA, IPF, Waiver of Premium and EABR Riders Important Information There is a possibility that a client will not qualify for this Program if a submitted application shows: Adverse health changes or other adverse changes, such as driving history, avocation, aviation. In such a case, additional medical testing and/or an Attending Physician s Statement may be requested or standard underwriting procedures (with any medical requirements) will be employed. Client was declined or rated for life or disability income coverage, or offered coverage at a reduced benefit or coverage amount, even though the policy was previously underwritten. As this is a solicitation program, all aspects of sale must take place within the United States. Underwriting reserves the right to request additional information to prove insurability. This is a pilot program to run from June 2016 to June 2017 For Producer and Internal use only. Not for use with the general public. 1

4 Approved Carrier List Last updated June 2016 Acacia Mutual Life Insurance Company Accordia Life and Annuity Company AIG Allianz Allmerica Allstate American Express/ IDS American Family American General American International Life Assurance Company of NY American Mayflower American National Insurance Co. Ameriprise Ameritas Life Insurance Corporation Amerus Life Insurance Company Amica Life AUL/American United Life Aviva Axa/Equitable Baltimore Life Bankers Life Banner Life Canada Life Chubb Cincinnati Life Clarica Life CNA Columbus Life Erie Insurance Farm Bureau Life Insurance Company Farmers & Traders Life Farmers Insurance Group Federated Fidelity & Guaranty Life Insurance Co First Colony First Investors First Penn Pacific Life Franklin Life GE Capital General American Genworth Financial Great Western Insurance Company Great West Life Hartford Indianapolis Life ING Jackson National Jefferson Pilot John Hancock Knights of Columbus Lafayette Life Liberty Mutual Life Insurance Company of the Southwest Lincoln Benefit Life Lincoln Life Lincoln National Lutheran Brotherhood ManuLife Mass Mutual Met Life Midland National Minnesota Life Modern Woodmen of America MONY Mutual of Omaha National Life of Vermont Nationwide New England New York Life North American Life & Health Northwestern Mutual Ohio National Life Old Line Life One America Pacific Life Penn Mutual Phoenix Primerica Principal Protective Life Insurance Company Provident Mutual Prudential Reliastar RiverSource Safeco Savings Bank Life Security Mutual Southland Life State Farm Sun Life Symetra Thrivent Financial for Lutherans TIAA-CREF Transamerica Life Insurance Company Transamerica Occidental Travelers Union Central United of Omaha United States Life (US Life) USAA Valley Forge Life West Coast Life Western Reserve Western - Southern Life Insurance Company William Penn Zurich (Kemper) Life * This list is subject to deletions or additions when appropriate. 2 For Producer And Internal Use Only - Not For The General Public

5 Applications and Forms Please see below for the application and forms that will be needed. List of general application documents: For all True External Term exchanges, use The Life Insurance Change Request Form (state variations apply) L-AP-CHG Specifically the following sections must be completed: 1 To be completed in its entirety 3A To be completed in its entirety 3B Must include carrier, product, policy date and the face page as a supplement (can use section 2 and it will be accepted but 3B is preferred 5 New policy information 7 Evidence, if applying for PUA, Waiver of Premium or EABR 8 Replacement - always yes 11 Illustrations - if applicable 12 Remarks - Policy Owner s current address and social security number MUST be provided 14 Signature - Attach copy of existing term policy and evidence it was underwritten within 5 years, is in force and premiums paid (for Underwriting confirmation) Absolute Assignment Form Term Cancellation Form New business illustration forms Application supplements Disclosure forms Agent s certificate HIPPA form/c-auth State replacement forms Other new business disclosure forms, as applicable. Locating documents on IPipeline: 1. Log on to Guardian Online 2. Under Products, select IPipeline, a new window will pop up 3. In the new window, find the tab Search by Form 4. In the box Form Number, enter L-AP-CHG Click Lookup 6. On the next page, select state appropriate form 7. Print the form and fill it out, obtaining the appropriate signatures Submitting the application: Submit the application through your local Guardian agency. For questions about paperwork, contact Individual Life, New Business at IL_NB_Term_Conversion@glic.com or call with questions. Other Important Information Turnaround time of this program is similar to 1035 exchanges, which is approximately days. There will be a 2 year contestability period for the new Guardian policy. Guardian will cancel the assigned external term policy upon issue of the new whole life Guardian policy. If the client returns the Guardian policy during the free look period, he/she may not be able to reinstate the prior term coverage. Reinstatement would be a decision of the company that issued the external term policy. This caveat should be disclosed to the client. The new policy will be issued at the Guardian rating class which most closely corresponds to the class at which the insured was underwritten with the other carrier. On cases requiring evidence, the rating class for the new policy will be determined based on the information submitted. For questions regarding rating class, please contact underwriting prior to submission. The state version of the change form to be used should follow contract situs rules which typically corresponds with the owner s current residence address state. Agent is required to deliver policy with payment within 30 days of issuance of policy. For Producer And Internal Use Only - Not For The General Public 3

6 Contacts For underwriting or general application form questions, contact the True External Term Exchange Unit in Bethlehem Phone: For more information about this program, visit Guardian Online, and under the Marketing tab, select Cross-Sell programs. Individual Products Distribution Marketing Program Development & Analytics The Guardian Life Insurance Company of America, Inc. 7 Hanover Square 23rd Floor New York, NY Pub 7598 (05/16) (Exp. 04/18) 01-R2, 01-R111, 01-R70

Updated January The Guardian Life Insurance Company of America, New York, NY FOR INTERNAL USE ONLY NOT FOR DISTRIBUTION TO THE PUBLIC

Updated January The Guardian Life Insurance Company of America, New York, NY FOR INTERNAL USE ONLY NOT FOR DISTRIBUTION TO THE PUBLIC Updated January 2009 The Guardian Life Insurance Company of America, New York, NY Program Overview Maria Umbach Maria Umbach Vice President The Guardian Life Insurance Company of America TA-1 Program Details