Term Conversion Tips

All conversion requests should be sent to ContractChange@nationallife.com or via fax to 802-229-3131

Note: In good order paperwork for term conversions that do not require underwriting must be received in Home Office by 3:00 pm EST December 28 in order to be processed and credited for 2016.

In good order paperwork for term conversions that do require underwriting (additional coverage) , paperwork must in Home Office by 3:00 pm EST on December 16.

  • The Term Conversion Kit (20007 Kit) on the website contains all the forms that may be needed for a term conversion. To apply for a term conversion the following requirements are needed:
  • If the term policy is less than two years old ALL outstanding delivery requirements for the term must be signed and returned to HO with the conversion paperwork
  • If ABR riders are not on the term policy but client wants ABR on the new policy collect the following
    • ABR Disclosure Statements (in CA any state specific forms for ABR)
    • Policy Change/Term Conversion Supplement to the Application form 20114
    • HIPPA 8164
  • Term Conversion Application form 20007
    • Complete Part A – for partial conversions be sure to complete Part A #6 with instructions on what to do with the remainder of the term policy/rider
    • Part B: Note if riders are being requested that are not on the term policy you will need to complete the Policy Change/Term Conversion Supplement to the Application form 20114 and HIPAA form 8164
    • Part C: If Owner is Insured leave blank; otherwise check present arrangement reaffirmed or include form 1492 for new owner
    • Part D, F , I & K must be completed
    • Part E only if applicable
    • Part G: #1 & #2 must be completed
      • If the initial premium is to be drafted immediately upon issue of the policy be sure to leave blank the draft date selected blank on #2 and include banking information and signature of depositor.
      • If the client wishes to have a different draft day for the recurring draft, please mention this in the Remarks section of the application.
    • Interest Crediting Strategies Form (if new policy is IUL)
    • Illustration (signed if applicable)
    • Agent Report form 1441G please include any specific suffix information or splits between agents or agencies
  • Include a check for the initial premium unless you indicate in Part G that initial premium is to be drafted immediately upon issue of the new policy. Please note** If the issue date for the new policy is being backdated for any reason, the initial premium is recommended to be in the form of a check with the application.  Please make sure to provide a copy of the check upon submitting of the term conversion request.
  • If underwriting is required, the following additional paperwork is needed depending on the change being considered:
    • Class Change, Rating Removal/Reduction, Increase: Policy Change/Term Conversion Supplement to the Application Form 20114, HIPAA Compliant Authorization Form 8164 & HIV Consent Form 1443.  Please contact the Home Office for Medical Requirements if applicable
    • Additional ABRs: Policy Change/Term Conversion Supplement to the Application Form 20114, HIPAA Compliant Authorization Form 8164 & Applicable ABR Disclosure Forms
    • Other Insured Rider or Term Rider (applicable for whole life policies): Policy Change/Term Conversion Supplement to the Application Form 20114, HIPAA Compliant Authorization Form 8164 & HIV Consent Form 1443.  Please contact the Home Office for Medical Requirements if applicable.
    • All Other Additional Riders: Policy Change/Term Conversion Supplement to the Application Form 20114 & HIPAA Compliant Authorization Form 8164

 

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