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Tuesday, December 30, 2014

Accumulator VUL Added to the Income Search Wizard

The Accumulator VUL is now an available product on our Income Search Wizard!

To illustrate the Accumulator VUL using the Income Search Wizard simply choose the 'Accumulator VUL' from the 'Product' dropdown list.


 The inputs for the wizard are the same as if you were illustrating one of the other products with the exception of the interest rate fields.  On Accumulator VUL illustrations we show three different interest rates: guaranteed, mid, and high.  The guaranteed interest rate will be a set value but you can choose what mid and high interest rate will be shown on the illustration.  To do this type in the gross interest rate you want shown.  Please note that the entered mid interest rate must be between the guaranteed interest rate (0.00%) and the entered high interest rate.  Also, the entered high interest rate must be between the entered mid interest rate and the maximum illustrated rate (12.00%).


After you have entered all of the desired values click 'Run Wizard' to see the 'Results' section. When you are happy with the results scroll down to view the full illustration where you can save or print the illustration.

Please contact us if you have any questions or would like to walk through setting up an Accumulator VUL on the Income Search Wizard together.

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Wednesday, December 10, 2014

IUL Segment Detail Supplemental for EquiFlex

We have just released the Indexed Universal Life (IUL) Segment Detail supplemental for EquiFlex illustrations! This new option will help clients make a more informed decision between the two types of indexed accounts available.

Including this supplemental is simple. Set up the EquiFlex illustration as you normally would. After all inputs are correctly entered, put a check in the 'IUL Segment Detail' box in the Supplementals section.


When the illustration has been run, you will find the IUL Segment Detail supplement at the end of the illustration. Two tables will be included showing the performance of each option in previous segments. Segments will be shaded to allow the most recent performance to be easily found.


Indexed Account A portrays the performance of S&P 500 with cap on the growth of the Indexed Credit. Note that on segments where the '% Change in S&P 500' are greater than the growth cap, the Index Growth Rate is capped.


Indexed Account B shows the performance of S&P 500 using the participation rate of the Indexed Credit. Note that in all segments illustrated here the 'Index Growth Rate' values are the participation rate times the '% Change in S&P 500' column.

Taken together, these two charts show that Indexed Account B can earn more than Indexed Account A when the S&P 500 is performing well. When the '% change in S&P 500' is lower, however, the reverse is true.

Please feel free to contact us should you have any questions on how the IUL Segment Detail supplement works or would like help setting up an illustration to include it.

Have a Great Day,

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Tuesday, November 11, 2014

Crossover Point for Life Protector

The Crossover Point supplemental is now available on the Life Protector!  This is a great supplemental to add to your illustration if you are looking to upsell to the Value Assured - Whole Life product.

To get started, set up a Life Protector illustration like normal.  Once you have entered all of the inputs for the Life Protector, simply check the 'Crossover Point' box in the Supplementals section.


Now when you run the illustration, the Crossover Point supplemental will be added at the end of your illustration.


The "Crossover Point" is the point at which the client will have paid less for Value Assured coverage than for Life Protector coverage.  In the example above, the Crossover Point occurs in year 6.  This number will always be red and underlined so it is easy to spot!

Total Net Cost is the total net outlay should the client drop coverage at the end of the policy year.  It is the sum of the premiums paid less any cash value returned at surrender.

The IRR represents the before-tax rate of return if the difference between the Life Protector and Value Assured premiums were invested for a specified number of years and the Value Assured cash value was returned at the end of those specified years.

Don't hesitate to contact us if you have any questions on how the Crossover Point works or if you would like to walk through setting one up together.

Have a Great Day,

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Tuesday, October 21, 2014

Updated order for Training Videos

We recently updated the order of our training video lists to be more user friendly for newer agents. This is especially helpful if you want to start out with videos over some basic topics and products, and then transition to more advanced topics when it's convenient for you.

To watch the training videos, log in to www.ikclife.com.  If you don't have a log in you can create one by clicking on the 'Create User' link.

Once you have logged in, click on 'Training' and then the 'Videos' tab.

This will take you to our Training Videos page.

To begin, choose one of the topics available or search a key word or phrase.

Next, choose the training video you would like to watch.

The video will now be loaded into the player.  Click on the play button to start the video.


Make sure to click on the expand button (as shown below) within the video player so that you can watch the video using your full screen.

We hope you find all of the videos helpful!  Please feel free to contact us if you have any questions.
The Illustration Development Team
1-800-572-2467 x8162


Friday, September 26, 2014

Forms and Applications Wizard


We recently updated the Forms and Applications Wizard with a new look and easier functionality!  This wizard is a great and easy way to get all of the forms and applications for a case you're working on.  By answering a few questions, you'll get all of the forms and applications you need and they'll be state-specific, too!

In order to find the Forms and Applications Wizard, you will first need to log in to the illustration website, www.iKCLife.com.

Once logged in, hover over 'Illustrate' and click on 'Agent Home'.


Next, click on 'Forms and Applications Wizard' on the 'New Business Illustrations' tab.


This will bring up the Forms and Applications Wizard. If you want all forms and applications for a specific state, simply choose your state, leave the product set to 'None' and click on 'Run Wizard'.  This will generate one pdf named 'All Forms and Apps' with all forms and applications for all products that can be sold in that state.


If you know the specific product, select the product name from the drop-down list. Once the product has been selected, applicable questions will appear.  One of the questions you can answer here is what type of life application you want.  You can choose from Tele-App, Full Application, Change App or the Military Application.  Remember, the more questions you are able to answer, the more accurate the generated forms and applications will be. 


You'll also be asked if any riders are being added to the policy.  Check the box next to any rider that is on the policy.


Once you have answered all of the questions, click the 'Run Wizard' button.  Each form needed for the product will be listed, along with an "All Forms and Apps" option that includes all of the listed forms in one pdf.  To view a form in a new tab, click on the name of the form. Once the form opens, you can save or print it.  You can also right click on the name of the form and select 'Save link as...' to save the form to your computer.


Please don't hesitate to contact us if you have any questions.  We hope you like this updated Forms and Applications Wizard as much as we do!

Have a Great Day,

Illustration Development Team
1-800-572-2467 x8162



Monday, September 8, 2014

Version Release Page

If you've ever wondered what updates the Illustration Development Team has recently done there is an easy way to find to out!  The Version Release page will list out the most recent updates for both the online illustration system and the desktop system.
 
To find the Version Release page you must first sign into www.iKCLife.com.  Don't forget you can now sign into iKCLife using your kclic credentials!  Once signed in simply click on 'Version Release' which will pull up the latest release information for both systems.
 


 
Thank you,
 
Illustration Development Team
1-800-572-2467 x8162


Monday, August 25, 2014

Check out the new Income Search Wizard!

The Income Search Wizard is a new illustration enhancement that can be found on www.iKCLife.com!!
 
The Income Search Wizard is a quick and easy way to calculate maximum tax-free income from Kansas City Life Insurance Company's SuperNOVA Universal Life, FlexWealth Advantage Universal Life and EquiFlex Indexed Universal Life products.
 
Once you have logged into www.iKCLife.com there are two ways you can get to the Income Search Wizard.  The first way is by hovering over Illustrate and then clicking on Income Search in the drop-down list.
 

The second way to get to the Income Search Wizard is by clicking on the tab named Wizards and then selecting Income Search.


After entering the client data, simply click Run Wizard and within a few seconds you can immediately view the output summary located in the Results section of the Income Search Wizard.  The Wizard allows you to quickly modify the input parameters as many times as needed to arrive at the best policy design for your client.  Once the income search is completed and the desired results are achieved, simply print the proposal along with the appropriate sales forms.  Each Income Search Wizard case is saved automatically for future retrieval.


Please don't hesitate to contact us if you have any questions on the Income Search Wizard or would like to walk through a case together!

Have a Great Day,

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Monday, August 11, 2014

Underwriting Requirements Guide

The Underwriting Requirements Guide can now be found in the Product Portfolio section on our online illustration system. This guide will tell you about Kansas City Life Insurance Company's financial and medical underwriting guidelines.
 
To find the Underwriting Requirements Guide you must first navigate to www.ikclife.com.
 
Next, click on 'Product Portfolio'.


Now, click on 'Underwriting Requirements Guide' and then 'Information'.
 
 
You will now see the information for the Underwriting
Requirements Guide.  Click on the picture of the guide to open it in a new tab.
 
 
Have a Great Day,
 
Illustration Development Team
1-800-572-2467 x8162


Tuesday, July 15, 2014

Ask the Development Team

 
One of the training tools that can be found on iKCLife is called Ask the Development Team.  This is a quick way to send us a question that you may have.  Some examples could be if you have a question on how to use the illustration system, a product related question, or a technical issue.  Ask away!
 
To access this tool you must first sign into www.iKCLife.com.
 
 
 
After you have logged in, click on 'Training' and then 'Ask the Development Team'.
 
 
You can now fill out the below form with your name, contact information, and the question you have for the development team.  This will be emailed directly to us and we will then either email or call you with the answer to your question. 
 


Have a Great Day,

Illustration Development Team
illustrationhelp@kclife.com
1-800-572-2467 x8162

Tuesday, July 1, 2014

Guide to Commission Calculations

 
Did you know we have a Guide to Commission Calculations that can be found on iKCLife?!  This guide covers everything from general information to specific commission facts on the different types of products Kansas City Life offers.  There are definitions, examples on how your commission will be calculated in different scenarios, and much more! 
 
To begin, navigate to www.ikclife.com and log in.  Don't forget you are now able to sign into iKCLife using your kclic.net credentials!
 
Once logged in, hover over 'Illustrate' and click on 'Agent Home'.
 

Next, click on the tab named 'Tools'.  On this tab you will see the link for the Guide to Commission Calculations. 

 
The guide can also be found when you're in the Illustration System.  Simply click on the below icon and the guide will open up.

 
Please don't hesitate to contact us if you have any questions.

Have a Great Day,

Illustration Development Team
illustrationhelp@kclife.com
1-800-572-2467 x8162

Wednesday, June 11, 2014

Living Benefits Rider

The Living Benefits Rider (LBR) is now available for sale with the Cashback Life, Value Assured and Gift of Life in many states!
 
A quick way to see if the LBR is approved for a specific state and product is to look at the State Approvals Map.
 
Please do not hesitate to contact me if you have any questions.
 
Have a Great Day,

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Friday, May 30, 2014

CVAT or Guideline?

When should I use CVAT vs. Guideline?  This is a question we frequently get when helping an agent set up a new business illustration.  Below explains what CVAT and Guideline mean and some scenarios of when to use each one.
 
Cash Value Accumulation Test (CVAT) and Guideline Premium (Defra) are types of IRS/DEFRA testing that have components that must be met so a policy qualifies as life insurance under IRS section 7702.
 
CVAT
This type of testing has one component that must be met.
  1. A contract meets the cash value accumulation test of this subsection if, by the terms of the contract, the cash value of such contract may not at any time exceed the net single premium which would have to be paid at such time to fund future benefits under the contract.  If the cash value does exceed the net single premium the Illustration System will raise the death benefit to insure the life policy passes the cash value accumulation test.
Guideline
This type of testing has two components that both must be met.
  1. The sum of the total premiums paid under the life contract cannot exceed the greater of the Guideline Single Premium or the accumulated Guideline Level Premium.  Premium payments will be limited and the policy value "force outs" will be taken on the Illustration System to guarantee that this requirement is met.
  2. If the specified amount of the policy at any time is less than the applicable cash value multiplied by the corridor rate the policy will enter the "cash value corridor" and the death benefit for the period will be increased.
CVAT works better for clients:
  • Choosing a level death benefit or funding at the 7-pay limit for 7 years since there are no limits on premium payments
  • Looking to highly fund their policies (in excess of Guideline premium limits), over a short period of time
  • Requiring future reductions in their policy face amount
  • Purchasing a guaranteed life insurance product which will be funded past age 100
Guideline works better for clients:
  • Maximizing their late duration cash and death benefit while funding at the Guideline Single Premium limit, assuming the death benefit will go into the corridor in the future
  • Choosing an increasing death benefit (Option B) and wish to pay the maximum non-MEC premium for more than 7 years before switching to a level death benefit option (Option A)

Have a Great Day,

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Monday, May 12, 2014

Updating Preferences

A great time saver on setting up illustrations is to update your preferences before you start.  You are able to set up defaults for billing mode, billing type, specified amount, city, state, zip, gender and age.  For instance if you sell mostly in one state simply update the state in the preferences section.  That way you won't have to change the state for every single illustration you run!  
 
To begin, go to www.ikclife.com and log in.
 
Hover over 'Illustrate' and click on 'Agent Home'.
 
 
Next, click on 'Preferences'.
 
 
Now, you can update the preferences to your choice.  After you are done updating the preferences click on 'Update Preferences' to save them.  Updating the preferences here will update them for the online illustration system and all of the wizards. 


Please contact us if you have any questions!

Have a Great Day,

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Tuesday, April 29, 2014

Triple Option Whole Life Concept

Check out our new concept called Triple Option WL!

The Triple Option WL concept will show side by side scenarios of how a client's coverage can be met by a Term Product, Cashback Product and the Value Assured.  Some information each scenario will show are total premium, return of premium and net cost.
 
 

To find the Triple Option WL wizard go to www.ikclife.com and click on the 'Wizards' tab.
 

It can also be added as a supplemental on the online new business system or the desktop system.  Simply check the box and the concept will automatically be added to the illustration.


Have a Great Day,

Illustration Development Team
1-800-572-2467 x8162

Friday, April 11, 2014

Income Search

Today I wanted to take some time and walk through how to set up one of our more popular sales concepts, the Income Search.  The Income Search will solve for the max level income the client can take based on the inputs you select.

To begin, navigate to www.ikclife.com and login.  Don't forget you are now able to sign into the illustration system using your kclic.net credentials!

Once you have logged in, click on 'Illustration System' on the New Business Illustrations tab.  Choose the product you would like to quote and enter in the client's information.  The Income Search is available on the following products:
FlexWealth Advantage, Life Protector, SuperNOVA, EquiFlex - IUL and the Accumulator VUL.

Next choose the insured's gender, enter in the date of birth, and select the risk class you would like to quote.  Adjust the billing mode and type if needed and enter the specified amount of your choice.  Now you can either calculate the premium or set up your own premium schedule.

You are now ready to add the Income Search.  To do so, click on the clipboard to get to the available sales concepts and click on the green plus sign to add the Income Search.   



Here you can choose what type of income you would like to take and for how long.  Please note the income duration boxes use policy years and not age.


After clicking on the magnifying glass to run the illustration you will see the pages for the sales concept titled 'Loans and Withdrawals Supplemental Illustration' after the initial illustration.  One of the pages will have the cash flow summary like below.  There will also be a second illustration that takes the income into account.


If you have any questions or you would like to walk through setting up an income search on an illustration don't hesitate to contact us!

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Monday, March 31, 2014

Online Sales Materials Catalog

Did you know you can download and order sales materials directly from iKCLife?  We have many different types of sales materials available to you including Consumer Brochures, Fact Sheets, Sales Guides and much more.

To find the sales materials go to www.ikclife.com and click on 'Sales Materials'.


You will then have the option to search by category, a keyword, product type, market segment or form number.  For example, if you type in Life Protector in the keyword box and hit search, all applicable sales materials for that product will be populated.


To download a sales material to your computer click on the green arrow.  From here you can view, save or print that sales material.  Being able to download sales materials from our website is a fast and easy way to get the most up to date forms and brochures. It also comes in handy if you have a client that wants information on a certain type of insurance or product emailed to them.

  
If you would like a hard copy of one of the sales materials click on the clipboard.  This will take you to a screen where you can enter where you want the sales materials mailed to and how many copies you would like.  Our supply department will then process the request, and you will receive the requested sales materials in the mail.


Please let us know if you have any questions.

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com

Monday, February 3, 2014

Quick Quoter

You are now able to quote all of Kansas City Life's term, return of premium, and whole life products in our Quick Quoter!  The Quick Quoter allows you to quickly run quotes and only generate full illustrations when you need them.  The illustrations have also been condensed, so there are fewer pages compared to the full illustrations run on the new business illustration system.

To begin, navigate to www.ikclife.com and log in.  If you do not have a log in, you can create one by clicking on 'Create User'.


Next, click on 'Quick Quoter' on the New Business Illustrations tab.


This will take you to the Quick Quoter where you can choose which product you want to quote and also enter in all of the specifics for the client and case.


To see only the premium amounts for the case, click on 'Run Case,' which will produce output like below.


If you decide you want to see the full illustration, simply check mark the 'View Full Illustration (PDF)' box and click on 'Run Case' again.  This will create a PDF that you can then save or print.


If you have any questions on the Quick Quoter, or would like to walk through putting one together please give us a call.

Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com