Life Protector & Value Assured Crossover Point Wizard

The Life Protector & Valued Assured Crossover Point Wizard is now available on iKCLife!  

To use the new wizard sign in to iKCLife.  Once signed in click on the Wizards tab and then the Life Protector & Value Assured Crossover Point link.

The first step for the wizard is to fill out the client information, specified amount, and billing options sections.

After these sections are completed there are some optional things that can be added.  To include the Living Benefits Rider or generate the full crossover point PDF check the applicable box.  Like all of the wizards on iKCLife every case is automatically saved so a descriptive name can be entered in the Save As? box to easily find previous cases.  Clicking the Run Wizard button will produce the results.

Below is a sample set of results.  This section includes the annual amount for the Life Protector Target and LPR Premium and the Value Assured Premium.  The PDF generated always uses the LPR premium so each case will run to age 120.  The target premium was included to easily see what the commission would be on the case.  In this particular case the target and LPR premium are the same but a difference in these premiums will happen in certain cases.  The Year of Crossover is the point at which the client will have paid less for Value Assured coverage then for Life Protector coverage.  The Monthly Difference shows the monthly difference in premium between the Value Assured and Life Protector.

If the Show PDF? box was checked an illustration like below will be generated.    

Two columns that don't show up on a base illustration are Total Net Cost and IRR.  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.

Please contact us if you have any questions on the Life Protector & Value Assured Crossover Point Wizard or if you would like to walk through running one together.

Have a Great Day,

Illustration Development Team

1-800-572-2467 x8162

illustrationhelp@kclife.com

Quick Quoter Feedback

When the Illustration Development Team released the Quick Quoter on iKCLife we had a few goals in mind.  We wanted to give you the ability to quickly run quotes and only generate full illustrations when you needed them.  We also wanted the interface to have a fresh look and be interactive so you could easily tell if an input was not valid or had been updated.  As we add more products and functionality to the Quick Quoter we want your feedback so we can make sure we're developing the best tool for you to obtain quotes and illustrations!  

To make it easier to give us feedback and ask questions we've added a 'Send Feedback' link at the top of the Quick Quoter screen.

Clicking the 'Send Feedback' link will open up the Feedback box.  The name, address, and phone number fields will be prepopulated if your personal information is already entered on iKCLife.  These fields can still be edited, if needed.  After typing in your question or feedback and clicking on the 'Send Email' button a confirmation message will be shown to let you know that we have received your comments.  To go back to the Quick Quoter screen simply click on the 'Close' button.

All of these comments are emailed directly to our development team so we can quickly respond to any questions and discuss all feedback that is sent to us.

Have a Great Day,

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

Maximum ELB Benefit Box

The Enhanced Living Benefits (ELB) rider is a popular way to enhance the benefits of a life insurance policy.  To make illustrating this rider even easier we have added a max ELB benefit box that will calculate the maximum benefit amount for you!

The ELB rider provides a prepayment of the death benefit under either, or both, of two triggers:

1.  Confinement trigger* which requires the insured to be confined to and receiving care in an eligible nursing home, or

2.  Chronic condition trigger* which typically requires the insured to have a condition resulting in being permanently unable to perform, without substantial assistance from another individual, at least two of six activities of daily living (ADLs).

*Benefit triggers, elimination period and concurrent benefit payments may vary by state.

The total benefit provided by this rider cannot exceed $500,000* or 90% of the base policy's Specified Amount.  

*This is subject to state availability.  The maximum in some states is $350,000.

For more information about the ELB rider please consult the Product Portfolio found on iKCLife. 

To take advantage of this rider simply check the box next to ELB in the Riders section.

In the Rider Information section, checking the 'Max ELB Benefit' box will calculate the max ELB amount based on your case setup.  The amount calculated will be shown in the 'ELB Amount' box.  After checking the max ELB benefit box any changes you make to your case that would effect the ELB amount, like specified amount, will automatically be taken into account and will increase/decrease the ELB amount.

Let us know if you have any questions on the Enhanced Living Benefits rider or how to add it to your illustration.

Have a Great Day,

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

Changing the Illustrated Interest Rate

Did you know you can change the illustrated interest you use on your illustrations?  For example, say you want to take a look at illustrations using the new maximum illustrated rates for the EquiFlex Indexed Universal Life.  Effective September 1, 2015, the maximum illustrated rate for the EquiFlex will be 6.88% and for the EquiFlex (IN, PA) it will be 6.32%.  Keep reading to learn how to make this change on both the online illustration system and the desktop system. 

If you are using the online illustration system

1.  Select the wrench icon at the top of the input screen.

2.  Select the name of the product whose interest rate you would like to change.

 3. You can now edit the interest rate below the list.  Once you have changed the interest rate to what you want to illustrate at, click 'OK'.

4. You will see a confirmation message that lets you know the rates were successfully updated.  Clicking on the 'Illustration System' icon in the upper left corner will then return you to the input screen.

If you are using the desktop system

1.  First, select the wrench icon at the top of your window.

 2.  In the options window that opens on your screen, select the 'Individual Life' tab.

3. Next, select the 'Interest Rates' tab.

 4.  Double click the 'Current' rate you are wanting to update.  After you input the rate you want to use, click the 'OK' button to accept the changes.

Have a Great Day,

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

EquiFlex IUL Training Videos

The EquiFlex Indexed Universal Life (IUL) can be a complex product.  To better understand how the product works, new training modules are now available on the illustration website.

To watch these modules, log on to iKCLife.  Don't forget you can now sign in with your KCLIC credentials as well!  Once logged in, click on Training and then Videos.

Next, click on the EquiFlex IUL Training topic in the left hand box.

The modules related to this topic will then be shown in the right hand box.  Clicking on a video within this box will load the video into the player.  Each module is five to twelve minutes long and cover the following topics:

• Four Key Attributes of the EquiFlex Indexed Universal Life (IUL)
• How the EquiFlex Indexed Universal Life Works
• Illustrating the EquiFlex IUL
• Illustrating Income with the EquiFlex IUL

Have a Great Day,

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

Product Updates!

Kansas City Life introduced several product updates on 8/1/2015.  Read below to learn about them!

EquiFlex IUL in Indiana and Pennsylvania is here!

The EquiFlex - IUL (IN, PA) product highlights are:

• A minimum issue limit of $50,000 for Issue Ages 50+ and $100,000 for Issue Ages 20-49
• A guaranteed payment period of 20 years for Issue Ages 20-55, to age 75 for Issue Ages 56-65 and 10 Years for Issue Ages 66-80
• A 10-year surrender charge period
• Two Indexed Accounts available (using the S&P 500 Index)
• Annual point-to-point with 10.00% cap
• Annual point-to-point with 60.00% participation rate
• A guaranteed growth floor of 1.00% for the Indexed Account and an Indexed Account guaranteed interest rate of 1.00%
• Guaranteed interest rate on the Fixed Account of 2.00%
• Both Fixed Account and Indexed Account loan provisions (including a preferred Fixed Account loan provision beginning in year 11)
• Dollar cost averaging into the Indexed Account available
• Coverage options A, B and C
• A wide range of riders to customize your client's coverage (including the Additional Term Coverage, Enhanced Living Benefits, Income Assured Option and the Overloan Protection Rider)

Life Protector Revisions

Beginning August 1, 2015, the revised Life Protector will be issued in approved states.  The Life Protector product changes include:

• The addition of the Standard Select Nontobacco risk class
• Modified policy changes and bonus
• A lower guaranteed interest rate of 2.00%
• Premium changes

On the illustration system you will now see two Life Protectors in the product drop down list.  Life Protector is the revised version and Life Protector OLD is the previous version.  To see if your state is using the revised or previous version of the Life Protector check the State Approvals map.  State Compliance Updates will be sent as the revised Life Protector is approved in the remaining states.

Enhanced Living Benefits (ELB) Rider

The Enhanced Living Benefits (ELB) rider is now available on the revised Life Protector Universal Life product.  Also, the issue age range for the ELB is expanding.  The max issue age will now be 80 rather than 70.

The ELB can help provide protection from unexpected long-term care expenses caused by illness or injury by prepaying a portion of the death benefit when a qualifying condition triggers benefit payments.  The new business products available for the ELB are:

• EquiFlex IUL
• FlexWealth Advantage UL
• SuperNOVA UL
• Life Protector UL (revised version)
• Accumulator VUL

If you are using the desktop system be sure to check for updates to get Version 4.6 so that you get all of the 8/1 product updates!

Please let us know if you have any questions concerning any of the updates for the EquiFlex - IUL (IN, PA), Life Protector or ELB.

Have a Great Day,

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

Cashback Plus Life Protector

Do you know any clients that need more insurance now than they do in the future?  If so, the Cashback Plus Life Protector wizard is for you!

The Cashback Plus Life Protector wizard provides a vehicle to illustrate the common occurrence of having higher current insurance needs but lower future insurance needs.  By purchasing both a Cashback Life and Life Protector, the client is able to take advantage of the unique features of both products: the return of premium feature of the Cashback Life and the guaranteed longevity of the Life Protector.

To take of advantage of this wizard log in to www.iKCLife.com.  Don't forget you can now sign in using your kclic credentials! 

Once logged in, click on 'Cashback + Life Protector' on the Wizards tab.

Next, enter all of the inputs on the Cashback Plus Life Protector wizard interface.

After clicking 'Run Wizard' an illustration will be generated.  The output includes a full Cashback Life and Life Protector illustration along with the Cashback Plus Life Protector sales concept pages.  Below is a sample of one of the output pages based on the above inputs.

In this example, the cash value after 20 years for the Cashback Life 20 is $14,150.00.  By investing $7,781.00 from the Cashback Life 20 into the Life Protector at the end of the 20 year period, the client is able to cease premium payments into the Life Protector and continue to have guaranteed coverage through age 120.  The client's take-home amount at the end of the 20 year period would be $6,369.00.  The client's current coverage need of $350,000 will be met using the combination of the two products and the future coverage need of $100,000 will be met using the Life Protector.       

If you have any questions about the Cashback Plus Life Protector concept or need any help setting up the wizard don't hesitate to contact us!

Have a Great Day,

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

EquiFlex IUL in Massachusetts

The EquiFlex Indexed Universal Life and the Additional Term Coverage Rider (ATC) are now available for sale in Massachusetts.  You can obtain a quote for the EquiFlex in MA using the Income Search wizard, online illustration system, or desktop system.  Please let us know if you need any help setting up an EquiFlex illustration!    

To see the latest list of state approvals, click on the following link: State Approvals.

Have a Great Day,

Illustration Development Team

1-800-572-2467 x8162

illustrationhelp@kclife.com

Information of Interest

The KCL Deferred Annuity new money product crediting rates have been updated to the following:

• GrowthTrack: 1.75%
• SecurityTrack: 1.25%
• SelecTrack 5: 1.25%
• SelecTrack 7: 1.50%
• SelecTrack 10: 1.75%
• Century II VA Fixed: 1.50%
• Affinity VA - Fixed: 1.50%
• Freedom VA - Fixed: 1.50%

To get the latest interest rates make sure your illustration system is updated to version 4.53f.  Please let us know if you have any trouble getting your illustration system updated or have any questions regarding the updates.

Have a Great Day, 

Illustration Development Team

illustrationhelp@kclife.com

1-800-572-2467 x8162

Illustrated Rates Supplemental

Have you ever wondered what illustrated rate you should use on your EquiFlex Indexed Universal Life (IUL) proposal?  If so, the Illustrated Interest Rate Consumer Sheet (form 11711) is a great supplemental you can read to learn about the historical probability of the Standard & Poor's 500 (S&P 500) Index.  This supplemental is also an excellent tool to show to clients to give them an acceptable level of confidence that the illustrated assumptions will be met.

To add the Illustrated Interest Rate Consumer Sheet to your EquiFlex illustration check the 'Illustrated Rates' box in the 'Supplementals' section.  This supplemental is available to be added to your illustration using the desktop system, online new business system, and the Income Search wizard on iKCLife.

If you're wanting a stand alone copy of the form you can find one in the Product Portfolio and Online Sales Materials Catalog sections on iKCLife.

Please contact us if you have any questions!

Have a Great Day,

Illustration Development Team

1-800-572-2467 x8162

illustrationhelp@kclife.com

Variable Annuities in Forms and Applications Wizard

Did you know Kansas City Life's Variable Annuities have been added to the Forms and Applications Wizard?  The wizard is now a one stop shop for all of your application needs!

To use the Forms and Applications Wizard, log in to the online illustration system at www.ikclife.com. 

Once logged in, click on the Forms and Applications Wizard link on the New Business Illustrations tab.

This will take you to the Forms and Applications Wizard where you can find all of the forms and applications for a case.

Illustration Development Team

1-800-572-2467 x8162

illustrationhelp@kclife.com

Learn how to personalize your illustrations!

A great way to personalize your illustrations is by adding your agent and agency information and setting up defaults on your iKCLife profile.  To begin, log in to www.ikclife.com.  Don't forget you can now log in using your kclic credentials!

To add your agent and agency information to your iKCLife profile simply click on 'Personal Information'.

To add, remove, or edit any of the information listed click on 'Edit' in the upper right hand corner.

Once all of your information is entered click 'Update' in the lower left hand corner to save it.

The next time you run an illustration you'll see that the information you entered is automatically added to the illustration in the agent section.

You can also set up defaults for all of your illustrations by clicking on 'Preferences'.

Changing the defaults to fit how you sell is another great way to personalize your iKCLife profile.  For instance setting the state to the state you sell the most in can make it easy for you to set up illustrations for all your future cases.

Have a Great Day,

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

Term Quote Sheet Enhancements!

Check out the recent enhancements to the Term Quote Sheet wizard!  The Term Quote Sheet is a great tool for price comparison on all of Kansas City Life's term products.  The new additions are table rating and flat extra fields, validation based on a new state drop down, and the ability to search by premium.

To take advantage of the updates log in to the online illustration website, www.ikclife.com.  Once logged in, click on the Wizards tab and select Term Quote Sheet.

Next, enter in the client data.  The new fields in this section are table rating, flat extra, flat extra years, and issue state.

After the client data is entered you'll have the option to search by specified amount or premium.

When searching by specified amount you can pick up to six products to compare.  A specified amount range can also be set to get a better idea of premium amounts.

Once the Run Wizard button is selected output like below will be populated.  This grid shows the calculated premium based on the inputs. 

A new tool to the term quote sheet is the ability to search by premium.  Simpy enter the premium you want to use and after clicking run wizard the death benefit that can be purchased for each product will be calculated.  If you don't want to see all product types you can check the boxes next to the types you want displayed.  For example, if you only want to see the Level Term and Cashback Life products in the output check the Level Term and Cashback Life boxes while leaving the other boxes unchecked.

  

Below is an example of the output when search by premium is used.  You'll notice that if the entered premium isn't enough to purchase coverage for a specific product a message will be shown in the grid.

We hope you find these enhancements beneficial.  Please don't hesitate to contact us if you have any questions or would like to walk through setting up a case on the Term Quote Sheet wizard!

Illustration Development Team

1-800-572-2467 x8162

illustrationhelp@kclife.com

Quick View

Did you know you can quickly see the numbers for your new business case without running the full illustration?  To do so simply click the Quick View (binoculars) icon in the tool bar.  Currently the Quick View option is available on the new business online illustration system and desktop system for all Universal Life plans.

After clicking on the Quick View icon there is a drop down menu where you can choose what interest rate the numbers shown are based on.

By looking at the Quick View you can see how long the illustrations runs, the annualized premium each year as well as the cumulative premium,  income and total income amounts if a loan or withdrawal is on the policy, what the surrender value and accumulated value are, and the specified amount and death benefit.

Have a Great Day,

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

Multiple Owners Application Supplement

As of February 1, 2015, Kansas City Life Insurance Company only accepts applications that include all owners' signatures.  To ensure that all needed forms are generated a question about multiple owners has been added to the Forms and Applications wizard. 

If you have a case that has multiple owners check the box for the 'Are there multiple owners on the policy?' question.  Checking this box will add the correct multiple owners application supplement based on state and product after clicking 'Run Wizard'.

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

IRR Supplemental Enabled for Life Protector

The Internal Rate of Return (IRR) supplemental is now available to be added to Life Protector illustrations! 

The IRR is a method used to determine the return on premiums paid into a life insurance policy.  It is the calculation of the interest rate required for the cumulative premiums paid accumulated with interest to equal the death benefit or surrender value of the policy in a given year.  Each year's IRR calculation assumes the policy is still inforce and the insured died or surrendered at the end of that year.

To add the IRR to the Life Protector on the desktop system simply check the 'Internal Rate of Return' box in the Supplementals box.

If you're using the online new business illustration system click on 'Tools' (the wrench icon), 'Print Defaults', and then check the 'Internal Rate of Return' box that is listed in the Supplemental section.

If you have any questions on the Internal Rate of Return supplemental or how to add it to your Life Protector illustration give us a call!

 Have a Great Day,

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