If you are the assigned agent, the policy has been in force for at least one year, the policy is above the minimum specified amount, and the product type is in our list of illustratable inforce products, then the ability to run an inforce illustration is at your fingertips!
To take advantage of this tool, navigate to www.ikclife.com and log in. Note: if you do not yet have a login set up, you can create one by clicking on ‘Create User.’
Once you have logged in, click on the ‘Inforce Illustrations’ tab and click on ‘Run Inforce Illustrations.’
Type in the policy number you are trying to access and click ‘OK.’
When the policy summary comes up, if you would like to make hypothetical changes and run inforce illustrations, click on ‘View Illustration’ at the bottom of the page. You will then be directed to the input screen.
For example, let’s assume we want to make the following changes to an inforce policy for ‘Bob.’ Bob has requested that we do the following:
1. Change the Specified Amount from $350,000 to $300,000
2. Remove the $10,000 OI
3. Solve for the premium to reach age 95
We can use the inforce illustration system to make these hypothetical changes to see how the policy would perform if these changes were actually made.
1. Click on the change box next to Specified Amount and type in the new amount.
2. Select the OI rider from the Active Riders dropdown. To remove the rider, checkmark the box that says ‘Cease Rider Now.’ To exit out of the Rider Information and continue making changes, click the ‘X.’
3. To solve for the premium to reach age 95 with these hypothetical changes, click on the ‘PTY’ button.
4. Type in a Pay Through Year, Target Cash Value, and Achieve at End of Year value. Choose current or guaranteed mortality. Finally, click ‘Calc.’
This will calculate the modal premium that would need to be paid in order for the policy to last until age 95.
You can then run the inforce illustration by clicking on the magnifying glass at the top of the screen to view and show the client.
We have provided you with many options when running inforce illustrations to help you meet the need of your existing clients, so please feel free to call us with your questions. We’d be happy to spend some one-on-one time helping you walk through any inforce requests you receive.
The Illustration Development Team
1-800-572-2467 x8162
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