Yes, this article is a rerun. But we want you to have the best year-end experience possible!
We have four ways to help you get those initial premiums submitted faster. Utilize this special service for initial premium payments for quarterly, semi-annual and annual premium modes on newly issued cases.
1. CALL IN INITIAL PAYMENT (LIFE AND ANNUITY)
For newly issued cases, utilize this service for initial premium payments.
- Applies to newly issued policies.
- Only available for initial premiums for quarterly, semi-annual and annual premium modes.
- Available for Electronic Funds Transfer (EFT) if client did not elect to draft the initial premium.
- Applies to individual policy owners and individual depositor.
- Calls will only be accepted until 4:45 pm ET and are recorded. Payments received after 4:00 pm ET will be posted the following business day.
- This service does not allow for the establishment of an EFT account.
Policy owner and depositor (if different) must be on the call together to authorize the premium draft.
Call the Contact Center at 1-800-732-8939
Provide Required Information:
Initial Premium amount
Bank routing number
Checking or savings account number
2. WIRE INSTRUCTIONS (LIFE AND ANNUITY)
- JPMorgan Chase
- ABA No: 021000021
- Acct. Name should read: NL EFT Premium Account
- Acct. Nos. Life Business use Acct. No. 323115888, Annuity Business use Acct. No. 08805011770
- Reference policy number and/or proposed insured’s name
3. SUBMIT A COMPLETED COPY OF A CHECK FOR THE INITIAL PREMIUM (LIFE ONLY)
- Send a copy of a check via e-mail to the PremAccounting&GroupBill@NationalLife.com mailbox with a request to process the payment via the copy of the check.
- Banking information from the copy of the check will be utilized to draft the initial premium due from the checking account; the account will be debited within 48 hours.
- We do not want the live check submitted; this will result in double payment.
- An email will be sent to the agent advising that the payment was received and processed.
– Money Orders
– Cashier’s Checks
– Amounts exceeding $999,999 (please send ACH or Wire)
– Subsequent premium payments
4. SUBMIT AN INITIAL PREMIUM VIA LOCK BOX (ANNUITY ONLY)
For all business except California group business, please submit the initial premium check along with the premium notice to:
PO Box 121109, Dept 1109
Dallas, TX 75312-1109
For California group business, please submit the initial premium check along with the premium notice to:
Dept LA 21527
Pasadena, CA 91185
We want to ensure your National Life Group Life and Annuity new business is processed as quickly as possible, allowing you to meet your production goals.
Listed below are some tips from our New Business & Underwriting teams.
- Utilize e-App & web based illustrations – this ensures all of the proper paperwork is completed. With recent enhancements this year for our life and annuity eApp, this process has become even easier!
- Draft the initial premium – If the client wants to utilize our monthly EFT process for payments, authorizing us to draft the initial premium on the application will ensure that the case is bound immediately upon policy issuance.
- Complete transfer paperwork fully – all forms are signed by the policy owner; the Insured’s signature is not required on any current versions of NLG replacement/1035 forms. It is very helpful to receive the 9685 Exchange form at submission of the application.
- Expedite transfers – providing federal express account information so we can forward with the transfer will speed up the 1035 $ coming to us. Conservation letters that indicates the client wishes to waive all conservation attempts and move forward with the 1035 exchange. Not all carriers will honor this request but it can help to expedite processing time.
- Provide proper owner and beneficiary information – especially if the case is business owned or a trust is involved. This ensures we are able to keep our promises!
- Complete all aspects of the application – if submitting paper. The more information you provide, the less we have to go back and ask for clarification on which can delay the process.
Prepare your client for the underwriting process:
- Use our Field Underwriting Guide – to ensure you know how best to prepare your client.
- Provide good field underwriting – knowing what medical histories will require a full blood & urine/exam (diabetes/morbid obesity) will help to expedite the process.
- Schedule exam/labs as early as possible – remember once scheduled, exams can take approximately 11 days to complete and labs 24 hours (unless reflexive tests are required).
- Third party financials and financial questionnaires are required for cases $5 million and above. Other amounts are at the Underwriter’s discretion.
- Remember the 4 W’s when a question is answered “yes”:
- What, When, Where & Why – the more details an underwriter has about situations the sooner they can turn the case around for you.
- Use underwriting questionnaires.
- Use cover letters – they are extremely powerful when needing to provide additional insight about your client or the concept used for the sale.
If you have a case where you are uncertain how to price the client, use our Quick Quote process (responses will be provided within 24 hours) – UnderwritingQuotes@NationalLife.com
Submitting an application ‘in good order’ can help to cut cycle times (the time from application submission through policy mailing) in half.
Use e-App so this is done for you!
Remember, if you have any questions around this process, we are here for you and want to ensure your experience with the National Life Group is the best possible.
Here are some quick tips and important dates to know – including commission cut-off, life app, RMD requests and more.
Process business faster & get paid!
Missing Suitability information. Section I, Question 1 – Liquid Net Worth – provide a total and its corresponding breakdown among the various products listed. If liquid assets are in other products not listed, list that information under #17.
Section IV, Questions 18a & 18b – Ensure to check all the sources and lines of business the money is coming from.
Please ensure these fields are fully completed as they are often incomplete. It will help with getting the case through suitability in a timely fashion.
Lead time. Submit your cases with enough lead time to allow for completion by year-end, please see below for specific cut off dates. To reduce not-in-good-order (NIGO) submissions, please use eApp. To help prevent delays in processing your replacement or transfer business, be sure to submit the SIGNED transfer paperwork to National Life Group when using eApp. Most carriers do not accept an electronic signature for transfers.
Wires received after 4:00 p.m. will be processed the next business day, to help track wires sent if you can obtain the federal reference number and time the wire was sent this would be very helpful.
Commission Cut-Off Dates
LSW Life & Annuity, NL Life & Variable & Annuity
- * Update * Thanksgiving week – November 21 NL & LSW commission run
- The last commission cut off for the year is Friday 12/22 (NL) & Thursday 12/28 (LSW)
- Note: Please submit final case requirements three days prior to the commission run date in order to guarantee your cases are paid for the commission runs.
On December 21st, we will begin issuing traditional insurance in pension/profit sharing plans that should have an issue date of 12/31/17 These policies will not be mailed until the first week in January.
NL life, annuity & variable business processed on 12/21 or thereafter commissions will be paid in 2017.
Life Application Deadlines
Informal Applications – 12/8/17 Informal Application must be received in the home office for year end consideration.
Pension /Profit Sharing Plans – 12/15/17 Requirements must be received in good order to be processed for year end.
Term Conversions that require No Underwriting – 12/27/17 Term conversion paperwork must be received in good order to be processed for year end.
Rewrite Requests – 12/15/17 Rewrite requests must be received in good order to be processed for year end.
Year –End December 29 – 12/15/17 is the deadline that your final case requirements should be received by the home office for business that must be processed by December 29.
In order to get your paid business handled for the year-end commission cut-off, formal applications will be prioritized over trial/inquiry business. Please note our turnaround time is 10 days.
As a company we will be closed November 23, 24 and December 25.
Required Minimum Distribution (RMD) Requests
All 2017 RMD requests must be received by Friday, December 15 in order to guarantee that they will be processed by year-end.
- RMDs from tax-qualified retirement accounts are required by April 1 of the year after the policy owner turns 70 ½. If the RMD is delayed until April 1, then two distributions will be required in that calendar year
- NOTE: 403(b) RMDs may be delayed until April 1 of the calendar year following the calendar year in which the employee retires or age 75
- Subsequent RMDs are required by December 31 of each year
In any year an RMD is not taken, the policy owner may be subject to IRS penalties, up to 50% of the RMD amount.
To assist agents and policy owners, we offer an automatic program that will calculate and send the required distribution each year. This program allows policy owners to select the start date, change the dollar amount, or stop the distribution at any time. Please use Form 20179 (Cat. No. 101913) Automated Withdrawal Programs to set up or change RMD requests.
We look forward to working with you through the end of 2017 and into 2018.
If you have questions please contact our Life and Annuity Service Center at 800-906-3310.
Thank you for your business and continued support!