Solving for the Premium to Reach a Specific Year/Age for Inforce Policies

One of the most common types of inforce illustration requests we receive on a day-to-day basis is the request to solve for a premium that will carry an inforce policy to a specific year/age.  This is a very simple request that can actually be completed with the click of a single button, so we wanted to take a moment to show you where you can go to find this premium.

First, click on the Inforce Illustration button within your desktop software, or you can navigate to www.ikclife.com.  Both options will take you to a login screen.

PLEASE NOTE: If you do not have a username and password, click on "Create User" and you will be able to set one up. 

Once you have logged in, click on "Run Inforce Illustrations."

Make note of the parameters for looking up inforce policies:

Type in the policy number and click "Ok."

Next, the Policy Summary will be displayed.  To run an illustration click "View Illustration."

To solve for the premium to reach a specific year/age, click on the PTY (Premium-to-Year) button. 

When the Premium Calculation window comes up, type in the Pay Through Year, Target Cash Value, and Achieved at End of Year figures you want to see, and select either current or guaranteed mortality from the dropdown.  Once the information has been entered/selected, click on "Calc" so that the modal premium can be calculated.

For example, let's assume I have a policy that was issued for a 30 year old and I want to solve for the premium to reach age 90 based on current assumptions.  I would input a Pay Through Year of 60, since 60 years from the client's issue age they will be 90.  I would input a Target Cash Value of $1,000.00, and I would want this to be Achieved at End of Year 60 as well since I only want the policy to run to age 90.  Since I want this policy to run to age 90 based on current assumptions, I would then select Current Mortality from the dropdown. 

If a premium can be calculated based on your inputs, the premium will then be displayed based on the billing mode that is selected similarly to the example below:

If a premium cannot be calculated based on your inputs, the following message will be displayed:

Once you are satisfied with the premium, click the magnifying glass to run the illustration.

As always, if you have any questions or would like help working on an inforce policy, please feel free to give us a call, we are here to help!

Illustration Development Team

1-800-572-2467 x8162

illustrationhelp@kclife.com

Life Expectancy Calculator

Did you know that a Life Expectancy Calculator is included in the Illustration Software?

To utilize this tool, click on Wizards and select Life Expectancy.

Fill out the necessary information and click Click for Output.

This will generate a one-page summary detailing the Life Expectancy that can be printed and shown to the client.

As always, please feel free to contact us with any questions you may have.

Jill Parsons
Illustration Development Team
illustrationhelp@kclife.com

No Connection Could Be Established?!?!

One of the common types of calls we receive from Agents in the field are questions related to Illustration Software updates.  The Illustration Software can be updated at any point by clicking on "Tools" at the top and selecting "Check for Updates."  You will be prompted to update your software the first time it is opened in a new month.

If updates are available, you will receive a message stating so and the updates will be downloaded and your Illustration Software will be updated, but what if you receive a message that says "No Connection Could Be Established?"  This means that a connection the server could not be made to obtain updates.  Listed below are some trouble-shooting tips on how this issue may be resolved:

1.  Please ensure that you are connected to the internet.

2. This error message may be the result of Windows Firewall settings.  You can contact your IT professionals to check and/or change your Windows Firewall settings.

3. If you have AVG Anti-Virus, then you will need to disable it prior to checking for updates.

4. Other anti-virus programs may conflict with downloading illustration updates.  Try disabling your anti-virus prior to checking for updates.

5. Try checking for updates a few times in a row to try to get a connection.  Sometimes intermittant connections may cause you to receive this error the first time, but will connect right away when you attempt to check for updates a second time.

6. A weak internet connection could cause this error. 

7.  If the problem persists, please contact your IT professionals, or go to the following link to set up an account for our Online Illustration System:
http://www.kclillustration.com/agentDiscovery.aspx

Jill Parsons
Illustration Development Team
illustrationhelp@kclife.com