BIG UL and Lifefirst Software Illustration User Guide

Transcription

1 BIG UL and Lifefirst Software Illustration User Guide Page 1 of 19

2 Contents Getting Started... 3 Web version...3 Desktop Version...3 Minimum Download Requirements...3 Arrows...4 Tabs...4 Setting your System Preferences...4 Client File Management... 5 Client Files...5 Searching for Clients...5 Creating an Illustration... 6 BIG UL Illustrations... 6 Creating an Illustration...6 Client Tab...7 Client Information...7 Risk Information...7 Click on the arrow to move to the next screen....7 Product Tab...8 Death Benefit Information...8 Face Amount...8 Premium Information...9 Withdrawals and Loans Information...10 Solve Information...11 Rate Information...11 Rider Tab...12 At a Glance Tab...13 Reports Tab...14 Lifefirst Illustrations Creating an Illustration...15 Client Tab...15 Client Information...15 Risk Information...15 Product Tab...16 Product Information...16 Recalculate...16 Rider Tab...17 At a Glance Tab...18 Reports Tab...19 Page 2 of 19

3 Getting Started Web version The Web version enables you to run upto-date illustrations while connected to the Internet. Logon to ezbiz and click on Web Application under Illustration Software on the left-hand side panel of your ezbiz homepage or go to the Illustration Software section Under Tools & Resources. Desktop Version The desktop version enables you to run illustrations while disconnected from the Internet. Logon to ezbiz, click on Desktop downloads under Illustration Software on the left-hand side panel of your ezbiz homepage Click on Desktop (console) Download Kindly follow steps shown on the right on how to download. This link is for first time installations ONLY. If you have already installed the desktop download, DO NOT RE-INSTALL IT. Your existing software will automatically update itself (with an active internet connection) once you have it installed and have it opened for use. Click on Save and then Run the software files Click on "Install", then when the "Foresight Console Install Prerequisites windows pops-up hit "Next" a few times Hit "Finish" when last install window pop-up directs you to do so. The "Foresters Foresight Console" now resides on your desktop. Look for the following icon: Authorization code is (see side ad of Illustration software page) Minimum Download Requirements Please note that everyone's computer is unique and internet connections vary. The first time you download the desktop version of the software, download time may range from 10 minutes to 30 minutes. We suggest you use a quiet period during your day to install this application. The following are the minimum requirements to run the Foresters illustration software: Windows XP Home Edition, SP 2 Windows XP Professional Edition, SP 2 Internet Explorer 6.0 SP1 or higher 384MB RAM Pentium 4 800Mhz or an equivalent AMD processor 350 MB hard disk space 800 x 600 or higher-resolution display with 256 colors Adobe Reader Microsoft mouse or compatible pointing device Internet capability Page 3 of 19

4 Arrows At the bottom of each screen in the Illustrations section is a set of arrows. Use these arrows to navigate to the next screen or back to the previous screen. Tabs Alternatively, the other method of navigating the screens in the Illustration Section is to use the Tabs (also known as Subway stops) that are located at the top of each page. General, allows you to enter the Client File Name, Product, change the State, etc. Client, allows you to enter information about your client such as Birth Date, their Sex and Risk Information. Product allows you to enter information regarding the base insurance plan, including the term, face amount and/or premium. Rider allows you to enter the riders and face amounts you want to illustrate. At A Glance provides you with a quick information and illustration snapshot of input you have entered. Reports allows you to select what you want to print. As well, the underwriting requirements specific to your client and insurance amount can be printed. Reports can be saved to your computer, ed or printed. Tip: The input page that you are presently on is the highlighted tab. Setting your System Preferences Foresters Illustration system is defaulted to certain settings. To change your settings, click on User Preferences then on System Preferences. To change your default state, use the drop down arrow to select the state where you conduct most of your business. If you primarily sell Universal Life insurance, you may want to change the Default Product Type to, Universal Life. Once you have set your system preferences, simply click on the Save button at the bottom of the screen. Page 4 of 19

5 Client File Management Client Files Client File Management provides you with a system of storing client information and/or illustration/quotes. You can sort your clients by folders and you can also share your files with a colleague. Searching for Clients Formatting client files is important when searching for clients. For example, let s say you have a client named John Brown. You may have several files for him. You may even have more than one client named John Brown. If you search for John, you want to be able to identify the correct file. In this example, we have saved clients by Name, Street and product. You may find a more efficient method of saving client files. Use the method that works best for you. Page 5 of 19

6 Creating an Illustration To begin an illustration, click on the Illustrations link on the left hand side of the screen. Choose the Product Type you would like to illustrate, Term or Universal Life. BIG UL Illustrations Creating an Illustration Click on BIG UL under the Product Name. BIG UL product information can be found by clicking on the information link. Page 6 of 19

7 BIG UL Illustrations continued Client Tab Client Information The Client Tab (Subway Stop) is highlighted. Enter your client s first and last name, their sex, and choose between entering their age or their birthday. Reminder: BIG is issued on an age lnearest birthday basis. Risk Information Choose the Insurance Class and any known rating information. Click on the arrow to move to the next screen. Page 7 of 19

8 BIG UL Illustrations continued Product Tab The Product Tab (Subway Stop) is highlighted. This is the main page for your product inputs Death Benefit Information Tax Compliance BIG UL s Tax Compliance is the Guideline Premium Test. Select a Face Amount Option Specify Amount - Select this option to enter a dollar amount. Specify Schedule - Select this option to create a Face Amount Schedule on a year-by-year basis. A Specify Face Amount schedule window will open. NLG Face Solve - Select this option to illustrate a level face amount for which the requested NLG premium (now entered as Specify Amount) is payable to maturity. Death Benefit Information - Specify Face Amount Schedule Face Amount Enter the face amount of insurance here. Death Benefit Option The death benefit option available on BIG is Level. Duration Type: Age - Select this option to create a schedule based on the Insured's age. Certificate Year - Select this option to create a schedule based on the certificate year. Periodic Adjustment: None - Select this option when no adjustments are to be included in the schedule. Specify Amount - Select this option to build a schedule of increases based on a dollar amount. Amount: Enter the dollar amount for the death benefit through the duration of each row. Adjustment: If Periodic Adjustment is set to, Specify Amount - Enter the dollar amount for the increase for that specific duration (row). From and Through: For each row, enter the year or age when the duration begins and runs through Delete: Click this button to remove a row. Buttons Add: Click this button to add a row Reset: Click this button to clear all entries and reset to default Cancel: Click this button to close the schedule without saving, returns to previous page OK: Click this button to save all entries, returns to previous page Page 8 of 19

9 BIG UL Illustrations continued Product Tab cont d Premium Information Premium Mode Select a premium mode Premium Select one of: NLG Premium - Select this option to pay the Lifetime NLG premium. Minimum Premium - Select this option to pay the minimum premium. Specify Amount - Select this option to enter a single dollar amount for premium. You must make an entry in Years to Pay. Specify Schedule - Select this option to create a Premium Schedule on a yearby-year basis. A Specify Premium Schedule window will open. Seven Pay Premium - Select this option to pay the amount equal to the Seven Pay Premium. Guideline Level Premium - Select this option to pay the Guideline Level Premium, as determined each year. Guideline Single Premium - Select this option to pay the Guidelines Single Premium, as determined in the first year. Specify Premium Schedule: Duration Type: Age - Select this option to create a schedule based on the Insured's age. Certificate Year - Select this option to create a schedule based on the certificate year. Modal Period: Select one of: Annual, Semi-Annual, Quarterly, or Monthly Periodic Adjustment: None - Select this option when no adjustments are to be included in the schedule. Specify Amount - Select this option to build a schedule of increases or decreases based on a dollar amount. Specify Percent - Select this option to build a schedule of increases or decreases based on a percentage of the calculated amount. Type: Specify Amount - Select this option to enter a single dollar amount for premium. NLG Premium - Select this option to pay the Lifetime NLG premium. Minimum Premium - Select this option to pay the minimum premium. Quick-Pay Premium - Select this option to pay the present value of the NLG premium for a specified duration or age. Seven Pay Premium - Select this option to pay the amount equal to the Seven Pay premium. Guideline Level Premium - Select this option to pay the Guideline Level Premium, as determined each year. Amount: Enter the amount (subject to minimum rules) Adjustment: If Periodic Adjustment is set to Specify Amount - Enter the dollar amount for the increase or decrease for that specific duration (row). If Periodic Adjustment is set to Specify Percent - Enter the percentage amount for the increase or decrease for that specific duration (row). From and Through: For each row, enter the year or age when the duration begins and runs through Delete: Click this button to remove a row. Buttons Add: Click this button to add a row Reset: Click this button to clear all entries and reset to default Cancel: Click this button to close the schedule without saving, returns to previous page OK: Click this button to save all entries, returns to previous page Page 9 of 19

10 BIG UL Illustrations continued Premium Information Amount Enter the premium amount to illustrate. The minimum amounts are: $25 monthly $75 quarterly $150 semi-annual $300 annually Years to Pay Select the Years to Pay the premium in the drop-down list. Specify # of Years - Select this option to enter the number of years the Premium is to be paid. Specify Through Age - Select this option to enter the age through which the Premium is to cover. To Maturity - Select this option and the system will automatically apply the Premium to the Maturity Age of the certificate. First Year Lump Sum None - Select this option to indicate no additional first year lump sum amount is to be included with this illustration. Specify Amount - Select this option to enter a single dollar amount to be included as the additional first year lump sum Exchange Included Yes or No If Yes, is selected the 1035 Exchange Information section becomes activated and is required to be completed. Withdrawals and Loans Information MEC Avoidance Select one of: None - Select this option to have the system continue calculations without regard to possible MEC status. Yes, Adjust Premium - Select this option to have the system adjust the premium in order to avoid MEC status. Yes, Adjust Face - Select this option to have the system adjust the death benefit in order to avoid MEC status. Page 10 of 19

11 BIG UL Illustrations continued Product Tab cont d Solve Information Not available Rate Information Assumed Rate Specified Rate - Select this option to enter a specified rate to be illustrated. Rate - Enter the specified rate. Minimum rate is the guaranteed minimum of 3%. The maximum is the current interest rate. Specify Schedule - Select this option to create an interest rate schedule. An interest rate schedule window will open. Interest Rate Schedule Click on the arrow to move to the next screen Duration Type: Age - Select this option to create a schedule based on the Insured's age. Certificate Year - Select this option to create a schedule based on the certificate year. Rate: Enter the interest rate to be used during this duration. From and Through: For each row, enter the year when the duration begins and runs through. Delete: Click this button to remove a row. Buttons Add: Click this button to add a row Reset: Click this button to clear all entries and reset to default Cancel: Click this button to close the schedule without saving, returns to previous page OK: Click this button to save all entries, returns to previous page Page 11 of 19

12 BIG UL Illustrations continued Rider Tab The Rider Tab (Subway Stop) is highlighted. Select the Rider(s): Death Benefit Enhancement Selected automatically, at no extra cost. Provides an additional death benefit amount of up to the face amount (up to $1M) Family Health Benefit Selected automatically, at no extra cost. Provides a benefit for qualified health situations due to certain types of natural disasters resulting in the insured or the insured s immediate family being in a U.S. hospital. Common Carrier Accidental Death Selected automatically, at no extra cost. Provides a death benefit of up to two times the face amount (up to $300K), if the insured dies within 90 days of an accidental bodily injury that occurred on a common carrier as a fare-paying passenger. Disability Income Minimum Amount: $300 per month Maximum Amount is: Fully Underwritten - the lesser of $3,000 or 1.5% of the base face amount or 60% of earned income Simplified Issue - the lesser of $2,000 or 1.5% of the base face amount or 60% of earned income Waiver of Specified Premium Select the waiver by checking the box Enter the rating if applicable. Children s Term In units of $1,000, select the number of units to illustrate. Minimum is 10 and the maximum is 25. Accidental Death Select the percentage of the face amount to illustrate (25%, 50%, 75% or 100%) Click on the arrow to move to the next screen. Page 12 of 19

13 BIG UL Illustrations continued At a Glance Tab The At a Glance Tab (Subway Stop) is highlighted. Assumed Rate Displays the assumed interest rate used to create the projected future values for this illustration. Face Amount Displays the amount that was entered on the Product Page. You can enter a new or different dollar amount as required and click recalculate. Note: Only available when Face Amount on the Product Page is set to Specify Amount. Premium Amount Displays the amount that was entered on the Product Page. You can enter a new or different dollar amount as required and click recalculate. Note: Only available when Premium on the Product Page is set to Specify Amount. Years to Pay Only appears if Specify Amount or QuickPay Premium was selected on the Product Page Display View Select the assumptions to be illustrated: Current, Mid-point or Guaranteed. Years to Illustrate Select the number of years to illustrate option in the drop-down list. 10 Years - Select this option to display results year-by-year for 10-years then at 5- year intervals. 20 Years - Select this option to display results year-by-year for 20-years then at 5- year intervals. 30 Years - Select this option to display results year-by-year for 30-years then at 5- year intervals. To Maturity - Select this option to display results year-by-year to maturity. Recalculate Click this button to recalculate illustration results after making changes to any of the preceding inputs. Click on the arrow to move to the next screen Page 13 of 19

14 BIG UL Illustrations continued Reports Tab The Reports Tab (Subway Stop) is highlighted. Report Options Years to Illustrate Select the number of years to illustrate option in the drop-down list. To Maturity - Select this option to print reports year-by-year to maturity. 20 Years - Select this option to print reports year-by-year for 20-years then at every 5-year intervals till Maturity Producer Name Displays the active producer for the client file. Click the Modify Producer link to create a different producer for the client file. Reports Display Revised Illustration If selected "Revised Illustration" will be printed on all illustration pages. Note: If Base plan or riders are rated, this will be automatically activated Universal Life Reports Standard Illustration - Selecting this will print a standard illustration for the product selected. Supplemental Reports Agent Information Report - Selecting this will print: Underwriting Requirements and Commission Information. This page is not to be left with your client. Tabular Details Only - Selecting this will print the tabular details (ledger pages) only for the product selected. Note: Tabular Details report is watermarked with Producer Use Only from bottom left to top right corners Standard Illustration Tabular Details REGULATORY REQUIREMENT! All Universal Life sale submissions must include a complete illustration signed by the applicant on page 8. Don t delay your business submit a signed illustration with the application forms. Agent Information: Page 14 of 19

15 Lifefirst Illustrations Creating an Illustration Click on Lifefirst Medical or Lifefirst Non- Medical under the Product Name. Lifefirst product information can be found by clicking on the information link, found under More Information. Click on the arrow to move to the next screen. Client Tab The Client Tab (Subway Stop) is highlighted. Client Information Enter your client s first and last name, their sex, and choose between entering their age or their birthday. Reminder: Lifefirst is issued on an age nearest birthday basis. Risk Information Choose the Insurance Class and any known rating information. Non-Medical: Ratings are not allowed with Non- Medical. Insurance classes are: - Non-Tobacco - Tobacco. Medical: Ratings are allowed. Insurance classes are: - Non-Tobacco: Preferred Plus Preferred Standard Plus Standard - Tobacco: Standard Plus Standard Click on the arrow to move to the next screen. Page 15 of 19

16 Lifefirst Illustrations continued Product Tab The Product Tab (Subway Stop) is highlighted. This is the main page for your product inputs Product Information Select Term Choose a term option. For Non-Medical: 20- or 30-year term options available. For Medical: 10-, 20- or 30-year term options available. Select Solve Choose Solve for Premium or Solve for Face Amount. Solve for Premium if select this option, an amount is required in the Face Amount field. Solve for Face Amount if select this option, an amount is required in the Total Modal Premium Amount field. Face Amount If Solve for Premium is selected, enter the face amount of insurance here. Total Modal Premium Amount If Solve for Face Amount is selected, enter the desired premium amount here. Premium Mode Select one of: Monthly, Quarterly, Semiannual or Annual. Recalculate Click this button to recalculate the modal premium or face amount after making changes to any of the preceding inputs. Click on the arrow to move to the next screen. Page 16 of 19

17 Lifefirst Illustrations continued Rider Tab The Rider Tab (Subway Stop) is highlighted. Select the Rider(s) to illustrate for your client. Family Health Benefit Selected automatically, at no extra cost. Provides a benefit for qualified health situations due to certain types of natural disasters resulting in the insured or the insured s immediate family being in a U.S. hospital. Common Carrier Accidental Death Selected automatically, at no extra cost. Provides a death benefit of up to two times the Face Amount (up to $300K), if the insured dies within 90 days of an accidental bodily injury that occurred on a common carrier as a fare-paying passenger. Critical Illness Select from $5,000 to 75% of the Face amount or $250,000, whichever is lower. Disability Income Select to a maximum of $3,000 (or $2,000 for non-medical), 1.5% of face amount, or 60% of client s monthly pay at the time of application, whichever is the lowest. First Rewards Select the rider by checking the box. Waiver of Premium Select the rider by checking the box, and input rating if applicable. Children s Term Select the rider by checking the box. Enter desired coverage amount from $10,000 to maximum of $25,000 (in units of $1,000) Accidental Death Select up to 100% of the face amount (maximum $300,000) to illustrate and input rating if applicable. Click on the arrow to move to the next screen. Page 17 of 19

18 Lifefirst Illustrations continued At a Glance Tab The At a Glance Tab (Subway Stop) is highlighted. This tab displays the premium breakdowns based on the product feature options entered in the previous tabs. Click the Comparison Quote button to display the premium breakdowns for various term periods. Click on the arrow to move to the next screen Page 18 of 19

19 Lifefirst Illustrations continued Reports Tab The Reports Tab (Subway Stop) is highlighted. Report Options Select Term The term period selected in the Product tab will appear here as a default. If you would like to illustrate another term period in the report, simply select from the drop-down list. Producer Name Displays the active producer for the client file. Click the Modify Producer link to create a different producer for the client file. Select Reports Select Standard Illustration for a detailed report and/or Quick quote for term selected for a one-page benefit and premium summary. Supplemental Reports Select the Underwriting Requirements button to include the requirements in the report. If the First Rewards Rider is selected, you can choose to illustrate: First Rewards Rider Information Loan Information Comparison of First Rewards Rider to an Investment by entering the preferred Investment Type, Expected Yield and Tax Rate. Reports Display Click on the arrow to display reports. Standard Illustration Quick Quote Page 19 of 19