Inforce Search: Term Policies

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 :)

Say Goodbye Quick Quoter and Hello Illustration System

Watch out! As many of you may have noticed, the Quick Quoter has been removed from iKCLife, but do not fear, the Illustration System is here. Over the past few months, we have been working tirelessly to get out a new and improved quoting system for our agents. While the actual functionality did not change much from the Quick Quoter, the Illustration System has a lot of improvements to help make the software as user-friendly as possible. 

One of the first things that should be noted is the homepage has been updated to the link 'Illustration System with Electronic Application'. 

If you prefer to use the Illustrate drop down in the blue header bar, the Quick Quoter has been changed to just be Illustration System.

Now, let's actually get into the updates on the system itself. The first big one is the new sidebar/menu. There are three different variations of how to open the menu depending on your screen size. At the larger sizes, the menu will show all the time and is not collapsable. Once you move down a size, you will see the menu gets collapsed to the left side of the screen. This can be opened up by pressing the little gray box with the double arrow in it.

For the next screen size down, these arrows will disappear and only the word 'Menu' shows up. Similarly, you just need to click the word and the menu will open.

Next, we moved a few buttons that were previously spread out around the page into the menu, most notably the E-Application button. You will also notice we moved away from our tab system. While the pages still work just like the tabs did, they are all now located within the menu. We also put the save, copy, new, and view past cases buttons that were previously much more hidden into this menu.

When pulling up an inforce policy, you will get taken to the Inforce Summary screen. We have moved the buttons to reach the Illustration System. There are two options: 'Inforce' will take you to our Inforce Illustration System, and 'New Business' will take you to our regular Illustration System with all of the client's information transferred over into a new case. 

As for the Illustration System itself, you will notice the entire system has been redone to be more responsive based on your screen size. It ranges from a full sized computer monitor down to a little phone, making it much easier for agents to quote while on the go. The last thing we are going to cover are the updates made to the rider section. In order to get the rider description to show now, click on the rider's name while it is unchecked. 

To actually add the rider and edit the inputs, you will want to check the desired rider's box. This will cause the gray description box to disappear, the rider name will get highlighted, and the input boxes will appear for riders who need them. This can be collapsed by clicking the rider name (not the check box) to avoid having too cluttered of a page.

Riders that do not need additional inputs, such as the CCB, will not open any sort of input dropdown but the description will still disappear when the rider box is checked.

We hope you enjoy the new and improved Illustration System. If you run into any issues or have any enhancement recommendations, feel free to contact us at the number or email below!!

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

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