L95: One-time Premium Payment

One call we receive frequently is in regards to setting up a one-time premium payment for the L95.  This is actually a very simple illustration to set up! 

Simply log into http://www.ikclife.com/.

Once you have logged in, click on 'Illustration System'.  Proceed to enter in the information for the illustration. 

In the 'Prepaid Premiums' box you will enter the number of premiums you want to prepay.

 

 For the L95, the insured pays premiums until the age of 95.  The calculation to determine how many premiums the insured would need to prepay if they want to only make one premium payment would be: 94 - the insured's age. 

For example, if you have a 35 year old you would enter 59 (94-35).  This will give you the one-time premium the insured would need to pay.

When you illustrate it, you will see that in year 1 the contract premium is the one-time premium amount and after that, it is showing $0.00 for the premium amount.

 

It's as simple as that!  If you have any questions or need help setting up an illustration with a one-time premium, don't hesitate to call!

The Illustration Development Team

1-800-572-2467 x8162

Removing a Rider on an Inforce Illustration

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

Illustrationhelp@kclife.com

iKCLife Login Help

We've added a link out on iKCLife to help make retrieving a forgotten username or password a little easier.  We've also added a link that will allow you to set up a new account online.  These links can be found next to the login information on the homepage at www.ikclife.com:

To retrieve a username or password, click on "Retrieve Password" and type in the necessary information.  Your username or password will then be emailed to you.

To set up a new account, simply click on "Create User."  Once you have supplied your agent ID and last name, you will then be able to set up an account.

Please feel free to contact us with any questions you may have.


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

Version 4.38 and the Choice Term 20

The Illustration System can now be updated to version 4.38.  With this update, you will see the addition of our new product; the ChoiceTerm 20 (subject to state approval).

To Update, simply open your Illustration System, click on "Tools" at the top and click on "Check for Updates."  This will pull in the latest updates, which will include everything you need to quote using the ChoiceTerm 20.

The ChoiceTerm 20 is a 20-year term product that has a minimum specified amount of $1,000,000.  The ChoiceTerm 20 also has the ability to quote using a Standard Select Non-Tobacco Risk Class, which is a new addition with this product.   

If you have any questions about the ChoiceTerm 20, or if you would like help setting up an illustration, please feel free to contact us.  We would be happy to assist you.

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

State Approvals

iKCLife gives you the ability to see which products and riders are approved in all of the states.

Simply log in to www.ikclife.com.

Note: if you don't have a login, you can get one set up by navigating to www.ikclife.com and clicking on the icon highlighted below:

Once you have logged in, click on "Company Information" and then "State Approvals".

All you have to do now is select the state that you want to see.

For example, if you select Missouri the following would show up:

This shows every product that is approved in Missouri and for each product which riders are approved.

Illustration Development Team

illustrationhelp@kclife.com 

Return of Premium (Cashback) Product

You have a client and want to run them an illustration for our Return of Premium (Cashback) Product.  You'll notice that you have four different options: Cashback Life 20 - (SE), Cashback Life 20 - Age 95, Cashback Life 30 - (SE), and Cashback Life 30 - Age 95. 

Which one do you chose?  The Age 95 version and SE (state exception) version have a few differences.  They are:

• Rate differences 
• The SE version will only provide coverage for the term period (20 or 30 years). The Age 95 version is renewable annually after the initial level period at rates based on the attained age of the insured at each renewal 
• The SE version has been approved in OH, PA, UT, and WA

So if the insured lives in Ohio, Pennsylvania, Utah, or Washington you will select the Cashback Life 20 or 30 - (SE).  If they live in any other state you will select the Cashback Life 20 or 30 - Age 95.

If you have any questions or would like help setting up a Cashback Life illustration, just give us a call!

Illustration Development Team
illustrationhelp@kclife.com

It's as Easy as Click, Click, Click

While taking calls, we have found that a lot of Agents don't know that many of the inforce requests we do can actually be done by you through our website, www.ikclife.com!  Our hope is to show you how you can access your inforce policies so that you can make hypothetical changes to them on-the-fly so you can get right back to your clients, rather than waiting on us to run the requests and email them out to you.

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 below, 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.

PLEASE NOTE: If you do not have a username and password, click on the portion highlighted in red on the website and you will be able to set one up. 

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.  Here, you can make hypothetical changes to the policy by clicking on the change buttons.  Once changes have been made, click on the magnifying glass to run the illustration.  If you would just like a current illustration, just click on the magnifying glass to run it and you will be presented with a current policy illustration.

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.  I'd be happy to spend some one-on-one time helping you walk through any inforce requests you receive.

Jill Parsons
Illustration Development Team
illustrationhelp@kclife.com