SelecTrack Annuities in the Quick Quoter

Earlier this month we released the last of our annuities into the Quick Quoter, the SelecTracks! There are three different versions of the product: the SelecTrack 5, 7, and 10. Follow along as we highlight some of the key features of this product.

To get started, we will cover a few basic descriptions of the product. The SelecTracks are redeterminable guaranteed interest rate annuities. What that means is the initial guaranteed interest rate is set at issue for each policy and applies until the end of the surrender charge period. This period is equal to the number after the SelecTrack. For example, the SelecTrack 5 has a surrender charge period of 5 years.

Once the policy has gotten past the surrender charge period, there are a few options that the client could take: 

1. withdraw the accumulated value of the policy as a lump sum; 
2. select one of the available payout options; 
3. leave the value of the annuity policy on deposit at an interest rate determined annually; or 
4. apply for a new SelecTrack policy with a new interest rate guarantee period and new surrender charges

Now, there has been a bunch of talk about surrender charges, but we haven't actually gone over what exactly the charge amount is, or when it even applies. For the SelecTracks, an insured may withdrawal up to 10% of the contract value without a surrender charge. One partial surrender is available each contract year without a surrender charge or market value adjustment, beginning in year one. The other option is you may elect to receive automated interest payments or systematic withdrawals. Once these withdrawals exceed 10% of the beginning-of-contract-year value, surrender charges will be assessed. Below is a chart showing the surrender charge percentages based on the product and year.

This chart also reinforces the length of the surrender charge. As mentioned before, you can see the SelecTrack 5 only has charges through year 5, the 7 has charges through year 7, and the 10 has charges through year 10, based on when the percentages zero out in the chart.

Now, head on over to the Quick Quoter and check out our newest addition, the SelecTrack Annuities!

Please don't hesitate to contact us if you have any questions or need help with any step of quoting our annuity products!

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

Inforce: Transfer to New Business

Have you ever had to replace or add new coverage for a client and been stuck entering most or all of the same information from an old policy again? Or been entering similar information for a family member of an existing insured? Our new "Run New Business Illustration" button on inforce cases can help cut out some of the application hassle. 

Once the button is clicked, you will be redirected to our Quick Quoter input screen where a new case setup can be entered with the existing information from the inforce policy already filled in. Once the case is customized to your client's liking, try out our E-Application to tap into the full potential of our new feature.

You will see we have loaded all client information we have on file and filled it in automatically. In addition, we have filled in the existing policy's PAC Number and transferred any Beneficiary and Owner information. By default, we don't set the transferred Beneficiary and Owner types. If you have this information, select the correct type. However, if you are not sure of the correct type and select an incorrect type, you may change the type back to "Select Type" and choose the correct type.

We hope this feature produces a smoother process for creating new cases on existing clients and would love to hear your feedback!

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

Electronic Conversion Application

As many of you continue filling out applications, you might notice there is a new 'Conversion' button on the E-App and are wondering, "What is that?" Well, that is our newest feature: the Conversion E-Application!! Just as the name would suggest, this is the electronic version of the application used to convert non-permanent plans to permanent products.

First, to have access to the Conversion E-App, you will want to make sure that you have a permanent product selected. These products are the Premier Protection UL, Compass Elite IUL, EquiFlex IUL, Value Assured WL and Value Certain 20 WL. Then, once you've filled out the rest of the Quick Quoter with the conversion information, you will make your way into the E-Application. At the top, you will see options for Tele-App, Full App. In addition to those, you should see the Conversion button next to those two, as long as the case setup does not need to go through underwriting again. This could happen by the adding certain riders, such as the Enhanced Living Benefits (ELB).

The first thing you should notice is that the top section on the application has switched from the Primary Insured Information section to the Existing Plan Information Section. 

This is unique to the Conversion application, and it actually has a few features to assist with partial conversions. The current policy's face amount that is entered in this section will get compared to the benefit amount entered on the Quick Quoter. If the two amounts are the same, nothing will happen and you can just continue on through the application. If the new conversion benefit amount is less than the face amount then your screen will adjust as seen below:

This feature helps speed up the application process because it lets our New Business department know this is a partial conversion, and what is done with the rest of the original policy. After that you will continue to fill out the application.

Please don't hesitate to contact us if you have any questions or need help with completing any part of the Conversion E-App!

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

PAC Form Enhancements

Recently, the PAC Form e-signature process was enhanced! Once you have submitted an e-application and completed signing, you'll notice a new look on the Applications Dashboard for this case. 

On the Dashboard you can see a summary of the case up until this point as well as any premium payors from the original case. Once you have received approval from New Business/Underwriting, you may start the PAC Form submission by clicking the E-Signature button.

All information entered in the original case will be transferred to PAC Form submission screen. If "Provide Info Later" is selected on the original case, all information will need to be entered. Once the case has been signed by all premium payors, a summary of the case will show.

Please don't hesitate to contact us if you have any questions or need help with any step of the PAC Form submission process!

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