National Life is committed to helping you do business and staying informed during these uncertain times. We are closely monitoring the situation around COVID-19, and how it impacts both you and your customers. As the situation continues to evolve, we’ve made some enhancements and have adapted our processes to better support doing business remotely. We’ve created this reference guide for the key information you need to know when selling life insurance and annuities. As this may change often, we encourage you to bookmark this page for reference to ensure that you’re continually up to date with all our available tools and information.
EZ Underwriting Limits have been temporalily raised to $3 million for all permanent life insurance products (all IUL and Whole Life products) and $2 million for term series products.
Applicant age and product guidelines:
|Applicant Age||Face Amounts Up to and Including|
|18–50||$3,000,000 (all IUL and Whole Life products)
$2,000,000 (Term Series)
Now – more than ever – is the time to use the iGO eApp submission from the Illustration system to eApp; however in the instances you cannot, we are now proud to offer a standalone Illustration eSignature solution via DocuSign.
Here’s what you need to know about the standalone Illustration eSignature solution:
To access the above materials, you will be prompted to log in to the Agent Portal. Once logged in, navigate to the appropriate tab.
Life insurance and annuity applications may be taken in-person, following an in-person meeting, or via video conference. Photo verification is not required for annuity applications or life applications under $3 million when conducted over video, excluding juvenile policies.
The following remote life insurance applications require photo verification:
National Life takes extreme care with personal information and data, and proactively takes measures to prevent fraudulent behavior. The company has implemented an ID Verification process for both life and annuity applications to ensure accurate policyholder information in the application process.
Many times, discrepancies on paper applications arise through simple human error such as inverted numbers, nicknames, a recent change of residence. The following pieces of client identification information are checked against 3rd party validator:
At the time of application, have your clients provide any of the following forms of identification to ensure the accuracy of their information in all four categories. Keep photos/photocopies of their documentation on file should you need to go back for reference (the inverted number!) or provide this documentation to us.
In some instances, particularly where there is more than one discrepancy and the DOB is in question, you may be asked to provide this documentation to us. However, we make every effort to clarify via email or phone.
Only one form of identification is required for each category. Some forms of identification, such as a current Driver’s License, cover more than one category.
|First, Middle, Last *LEGAL* Name||Date of Birth||Social Security Number||Address of Record|
|Driver's License||Driver's License||Driver's License|
|Government Issued ID||Government Issued ID||Government Issued ID|
|Social Security Card/Tax ID||Social Security Card/Tax ID||Social Security Card/Tax ID|
|Birth Certificate||Birth Certificate|
|Other legal document displaying complete information||Other legal document displaying complete information||Other legal document displaying complete information||Other legal document displaying complete information|
Photo Verification: Take a picture of your client holding their photo ID during video chat or have your client send you a selfie of them holding their photo ID. View an example here.
Now available for eSignature when applicable to both life and annuity eApps. Please note: Not all carriers are accepting eSignature so there may still be a need for an ink signature. Please click here for current listing of carriers accepting eSignature.
Remote Application Guide
Be sure and check the New Business section of the agent portal or mobile app where you can view all outstanding requirements and the status of your cases.
We are also offering DocuSign as a method for returning forms on both Life and Annuity cases. If this is needed, please request it from your case manager.
Important: We understand that in the current environment, there may be delays in obtaining outstanding requirements from your client. In these cases, your underwriter will work with you directly in determining next steps required to move the application through the underwriting process.
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Customers who did not choose ‘initial premium draft’ as the payment option for their policy, can now make their first payment through the Customer Portal or National Life Group Clients mobile app. After registering, they can navigate to the payment section.
National Life Group has checked in with our TPA’s and they have confirmed they are still working business as usual and sending remittance to NLG with no delays.
As your business partner, National Life has made several enhancements to our processes so that we can support you doing business from wherever you like. That’s why we now offer the ability to process new business electronically from virtual customer application through policy eDelivery – so you and your agency may continue to conduct business in a socially distant environment.
eDelivery will be available in all cases where a valid email address, date of birth, and SSN or ITIN is on file for all required signers. Cases such as trusts, juvenile or pension policies, which may not have all required information available, will be excluded from eDelivery.
Introducing the Policy Promise!
It’s more than just a document – it’s an opportunity to add something tangible to your process, giving you a reason to reach out to your Client and ask for referrals.
Find it on the Agent Portal eDelivery Dashboard:
eDelivery Training Video
eDelivery FAQ Flyer
How To: Client Policy Look Up
eDelivery Enhancements Cheat Sheet
How to Sign Your Policy
Client Instructions Flyer
Due to the unprecedented nature of the Coronavirus (COVID-19) Pandemic, States are implementing emergency bulletins that provide specific guidance to insurance companies in assisting their customers – this includes payment grace periods, policy lapse periods and inforce guidance. This information is being updated regularly, as States continue to publish bulletins. Additionally, we anticipate guidance from the Internal Revenue Service (IRS) regarding relief for qualified retirement plans, including IRAs, 403(b), 457(b) plans and their Roth versions.
Our fixed and fixed indexed life and annuity products provide guarantees* against losses due to market volatility and declines. But that's what your clients should expect from a company whose mission is to provide peace of mind to everyone we touch. Please be assured that as this rapidly evolving health crisis changes, National Life is responding. And you can be certain that we are here to keep our promises, just as we have been doing since 1848.
*Guarantees are dependent on the claims paying ability of the issuing company.
Encourage them to download the app today. Not only is it an excuse for you to reach out, but it will save you time in the long run. Features include:
And for those of your clients who may not be smartphone users, they can still perform many of these tasks on the Customer Portal. Just point them to nationallife.com/register to create their online account.Learn More: Customer Portal and Customer Mobile App
We’ve created this COVID-19 Client Engagement eKit to help you navigate your customers’ needs.
This eKit includes:
Looking for a reason to reach out to your clients during these uncertain times? Now, more than ever, it’s critical to stay engaged with clients – with our brand-new Client Intelligence tool, you’ll be able to uncover new and relevant reasons to reach out, in nearly real-time.
Client Intelligence is a dashboard on the Agent Portal that provides transparency into your clients’ interactions with National Life Group, helping you provide even more responsive service opportunities and uncover new sales opportunities with existing clients. The tool shows actions taken and/or requested by your clients via our mobile app, customer portal and our Customer Contact Center, such as updated payment information, as well as insights based on what we know about the policy and client, like policy anniversaries and birthdays.
Watch this video to learn more.
To Access Client Intelligence:
Your clients’ coverage is more important now than ever and we are committed to keeping it from lapsing. We have updated our grace periods in all states to 90 days to ensure our customers have the time they need to fund their policies.
UNDERSTANDING THE GRACE PERIOD AND STRATEGIES TO HELP COVER PREMIUMS
You can help make sure your customers' coverage stays in force by reviewing their policy benefits with them. Depending on their policy they may have alternative options to covering premium payments, such as using loans or accumulated cash value.
Other Ways to Cover Premium Payments:
For Policyholders who have overfunded their premiums or have accumulated cash value this is a great time to reach out to your customer and educate them about policies with flexible premium options. You or your client may call Customer Relations at 1-800-732-8939 for additional support.
If your client is unable to make their premium payment, they will be entered into the 90-day grace period, during which their policy will not lapse or be cancelled, nor will it be charged any late fees and missed payments will not be reported to a credit reporting agency. If the policyholder misses a premium payment, they will automatically be entered into the grace period. There is no need to elect to enter the grace period.
In addition to the 90-day grace period for missed premium payments, the District of Columbia, New Jersey, and New York require we provide specific provisions to their residents including a 12-month payment plan for policyholders able to demonstrate they are experiencing financial hardship as a result of COVID-19. Residents of NY must be able to attest that they are experiencing financial hardship as a result of COVID-19 in order to sign up for the payment plan.
As part of the District of Columbia, New Jersey, and New York’s regulations, National Life Group is required to notify policyholders of these relief provisions. Furthermore, agents doing business in New York are also required to notify their clients of the relief provisions.
What happens at the end of the 90-day grace period?
To catch up on unpaid premium payments that were due during the 90-day grace period, your customers may be eligible for a 12-month payment plan. In order to request the payment plan, policyholders may complete the Payment Plan Intake Form via the link below. New York residents MUST be prepared to attest to financial hardship as a result of the COVID-19 pandemic.
Talk to your clients to help them determine whether the payment plan is right for them. If your client is experiencing any one of the following as a result of the COVID-19 pandemic, they meet eligibility requirements:
For your customer to qualify for the payment plan, policyholders must:
Additional consideration: Only one payment plan, per policy, is allowed at a time and there is no grace period allowed for payment plan payments.
In accordance with state regulations, National Life Group will be notifying District of Columbia, New Jersey, and New York policyholders of the grace period and payment plan relief provisions. Below are sample postcards that will be mailed by National Life Group to all policyholders residing in the District of Columbia, New Jersey, and New York.
District of Columbia Postcard
New Jersey Postcard
New York Postcard
The policyholder relief provisions may also be found here.
|IMPORTANT- ACTION REQUIRED: ADDITONAL NOTIFICATION REQUIREMENTS FOR NEW YORK POLICYHOLDERS
Agents with New York clients are also required by state regulations to provide notice of the policyholder relief provisions. If you have a website, you must also share details of the provisions there.