Tips for Submitting Conversion Applications

Use the following tips to ensure your conversion applications are received in good order and new policies are issued as quickly as possible.

• Meet term conversion application deadlines. Term conversion applications must be received in our Home Office by the final conversion date. Applications received after that date will not be accepted.
• Submit all necessary forms for partial conversions and Guarantee Purchase Option conversions. From the Create an App feature on the financial professional website, select the “Adjustment – Non-Underwritten or Term Conversion to Existing Policy coverage” type to obtain the correct forms. Both the Adjustment and Term Conversion applications are required to complete the adjustment along with the conversion policy.
• Follow backdating rules. The policy contract does not allow for backdating of term conversions.
• Confirm new approval rating. If the clients’ existing policy has a rating of “A”, “B”, or “C”, call the National Sales Desk at 800-654-4278 to confirm the new rating that would apply.
• Select whether to include the Chronic Illness Death Benefit Advance Rider. If the rider is not desired on the new policy, run the illustration as “Term Conversion.”
• Meet all premium requirements. Premiums for the existing term coverage must be paid current at the time of conversion, and initial modal premium must be received for the new policy prior to policy issue.