March 28, 2020
The Premium Increase Program is Enhanced to Help You TODAY
The easiest way to grow business, virtually!
We introduced Premium Increase Program (PIP) to reward you for helping customers reach their retirement goals through increasing ongoing contributions to their annuity. In this challenging time, increases are the easiest way to continue and grow business.
PIP Changes Effective March 30, 2020:
- Every annualized increase of $300 + over the High-Water Mark (HMW) in policy years 1 to 15 will receive PIP benefits
- High Water Mark fresh start: All policies without an active PIP will have HWM set to actual premium received in last 12 months
- No minimum time required between increases
- New online submission screen on the agent portal for speedy PIP recognition
- Two consecutive identical increases recognized if online tool is not used
- Full PIP recognition on increases that last less than a year
Ideal prospects are customers whose employers use the online salary reduction process.
This entire process can be completed remotely in two easy steps:
- Call your customers to discuss the increase
- Instruct them to log into their plan portal and request the increase online
With these expanded and streamlined guidelines, PIP increases receive:
Bonus commission
Incentive credits
Advance of both renewal commission and of PIP bonus commission*
And, PIP commissions* will be paid faster!
We are pleased to continue to offer the PIP program to you. However, the record low interest rates have forced NLG to make some unexpected changes to the program. Effective March 30, 2020, National Life will pay a zero percent PIP bonus commission on all FIAs with a 3% guaranteed minimum cap, fixed annuities with a 3% guaranteed minimum and all issues of SecurePlus Paramount 5.
All other PIP benefits, such as incentive credits and advancing of commissions (for agents on advance), will still occur on increases associated on these policies. We will continue to monitor the rate environment and make changes to PIP bonus commission accordingly.
To learn more about these enhancements click here.
For full PIP Rules click here.
Premium Increase Program (PIP) Selling eKit
Register here for a webinar on PIP enhancements.
*PIP bonus commission can vary between products; see commission grid, agents must be on advance to receive advanced commissions.
