One call we receive frequently is in regards to setting up a one-time premium payment for the L95. This is actually a very simple illustration to set up!
Simply log into http://www.ikclife.com/.
Once you have logged in, click on 'Illustration System'. Proceed to enter in the information for the illustration.
Once you have logged in, click on 'Illustration System'. Proceed to enter in the information for the illustration.
In the 'Prepaid Premiums' box you will enter the number of premiums you want to prepay.
For the L95, the insured pays premiums until the age of 95. The calculation to determine how many premiums the insured would need to prepay if they want to only make one premium payment would be: 94 - the insured's age.
For example, if you have a 35 year old you would enter 59 (94-35). This will give you the one-time premium the insured would need to pay.
When you illustrate it, you will see that in year 1 the contract premium is the one-time premium amount and after that, it is showing $0.00 for the premium amount.
It's as simple as that! If you have any questions or need help setting up an illustration with a one-time premium, don't hesitate to call!
The Illustration Development Team
1-800-572-2467 x8162
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