We've made a small step towards a big enhancement with our Inforce Search on iKCLife. In the past only select ULs could be pulled up in our Inforce System, but now we are adding the ability to pull up certain term policies.
As you can see in our list of available products on the Inforce Search page, the 2005 Level 20 is the only term product that can be pulled up thus far. However, more term products are on their way to be added, so keep your eye out for new additions!
Unlike our ULs that we have in the Inforce System, you will be unable to run inforce illustrations of term polices at this time. Even though you cannot get an inforce illustration, there is still a swath of features you can use within the Inforce Search for these policies.
Once you've pulled up the inforce term you are wanting to look at, you will notice two new lines in the Policy Status section: Level Period End Date and Final Conversion Date.
If you cannot tell by the name, Final Conversion Date is the last day that the term policy can be converted to a permanent plan. Now, you can easily find when the final conversion date will be without having to find the original policy packet or calling the home office.
Level Period End Date will tell you when the policy's level period ends and when it will be entering into yearly renewable premiums. Always take both dates into consideration! Let's use the above policy as an example. Even though it has plenty of years until the final conversion date, the insured will probably want to convert their coverage to a permanent plan before the premiums hike up after the level period ends.
If you are looking to convert the term plan to one of our permanent products, conversion has never been easier with the new conversion button we've added. As you can see from the picture above, you can find it within our side menu underneath Quote.
When pressed, all of the client's personal information and policy information is transferred to a new case within the Illustration System. As an added bonus, we also prefill a bulk of the E-App for you. Never has it been so easy to just select a product and start a Conversion E-App!
If you happen to pull up a term policy and find that it is passed the conversion date, or if the client wants to simply apply for a new term plan; then selecting New Business is the way to go.
Similar to Conversion, all of the client's personal information is transferred to the Illustration System and E-App, but we don't transfer any of the policy information. We leave that up to you and the client to decide on :)
If you have any feedback or suggestions about the Inforce Search on iKCLife, feel free to contact us by phone or email. Thanks for reading!
Illustration Development Team
1-800-572-2467 x8162
illustrationhelp@kclife.com
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