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

A Couple Quick Quoter Tips

The Quick Quoter is a great way to consider different coverage options for clients. It is more streamlined than the new business illustration system and creates more condensed illustrations that are easier to take in. These advantages can be furthered by the following tips which should greatly enhance your experience.

Entering Detailed Client Information

Personal information of the client only needs to be entered once so it is kept out of the way the majority of the time. To enter or edit more detailed client info, simply click the icon next to the word 'Client' in the header of that section.  

The 'Client' section will expand to include the necessary fields to input. To hide it again, re-click the icon.

Live Validation

After entering a value into an input field the value is automatically validated.  If there is an invalid value or combination of values a detailed error message will be display at the top in red.  In a similar fashion if a value is ever updated due to a change made elsewhere on the screen a warning message will be displayed at the top in blue.  The image below shows a warning message about the age being automatically calculated  based on the entered date of birth and an error message stating that the entered specified amount is invalid.  Also note that the field corresponding to the message is also highlighted red and blue.

Accessing Previous Illustrations

Another advantage of the Quick Quoter is that the inputs for your illustrations are automatically saved.  Click 'View Past Quick Quoter PDFs' to access your saved cases.

Note that the “Save Output As” field which normally sets the title for the .pdf file also serves as the record for your previous illustrations.
  

Finally, to load all of the settings that were used to create the previous quote simply click the icon in the “View Wizard” column. The quote is ready to reprint or modify as needed!

If you have any questions about how the Quick Quoter works please do not hesitate to contact us.

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

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

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