After-Issue Policy Changes

Life changes, and so the needs of your clients evolve, too. That means it can be a good idea to stay in regular contact so you can help clients adjust their policies at the right time.

Examples of after-issue policy changes include:

• Increasing/decreasing the face amount
• Adding or removing riders
• Changing the underwriting rate class
• Reinstating coverage that has lapsed

Within 120 days from application signature date, a policy can be rewritten. Changes made after 120 days are called a contract change.

Using eApp to make a contract changes

The preferred method for submitting contract changes is using eApp. Agents using eApp reduces the number of applications that are not in good order (NIGO). An eApp submission is also faster to process.

What contract changes can I submit via eApp?

With eApp, you can:

• Increase or decrease the face amount
• Do a term conversion
• Add or cancel benefits or riders
• Change death benefit options (e.g., switch from level to increasing)
• Reinstate a policy
• Remove or reduce a substandard rating
• Change smoker/tobacco status

Why should I use eApp? I love paper forms!

You may find paper forms easy to use, but eApp helps you submit an application in good order:

• eApp will always have the most up-to-date forms and state-specific requirements.
• eApp won’t let you submit until all fields are completed.

Using paper applications to make contract changes

There are a few times when you do need to submit a paper application:

• The policy has an irrevocable beneficiary
• The policy is collaterally assigned
• The policy is owned by a business or trust
• There are two or more other insureds
• The client wants to add a child using the Other Insured Rider
• The Children’s Term Rider is covering 11 or more children
• There are eight or more agents on the account

What forms are needed?

When you submit a paper application, make sure to include these forms:

• Form 1441: For all changes except term conversion
• Form 20007: For term conversion
• Form 20114: For additional underwriting. (e.g., adding a rider, rate class change, face amount increase)
• Form 45208: Cover sheet for all applications and term conversions

Consult the After-Issue Contract Change Quick Reference Guide for more information on what forms to include

How do I submit a paper application with contract changes?

Email the paper application and required forms to ContractChange@nationallife.com.