December 9, 2020
Don’t Miss These Year-End Tips and Tricks for Smoother Processing
Here's how you can make certain your business is processed in time.
As the fourth quarter of 2020 is underway, National Life Group wants to enable agents to be well equipped and have the best year-end experience as possible. Watch the video and check out the resources below for everything you need to know to finish the year strong!
To view helpful tips, please view the quick reference guides we have developed for your convenience:- Year End Quick Reference Guide: This guide is your one-stop shop for information and tips related to New Business and Underwriting, as well as useful contact information.
- Tips and Reminders from the Payment Center: Use this guide for information regarding premium payments and disbursement requests.
- Best Practices to Increase Auto Decisions: By following these suggestions, cases are likely to stay within the underwriting engine for Straight Through Processing (instant approval). Otherwise, when referred to an Underwriter, the case can be delayed, potentially taking up to an additional 5 – 7 days to be reviewed by an Underwriter for a decision.
Holiday Week Commission Run Dates:
Life and Annuity
- Tuesday, November 24 – commission run
- Wednesday, December 23 - commission run
- Wednesday, December 30 - last commission run
Submission Deadlines:
Friday, December 11
- Final requirements on new business applications must be received and in good order to be finalized for year-end
- Final underwriting requirements must be submitted to be issued for year-end
- Rewrite requests must be received and in good order to be finalized for year-end
- IU Lapplications with old illustrations must be signed on or before 12/11 to receive old product/old illustration regulation.
IUL Product Updates in eApp & Illustration:
Saturday, December 12
- Revised product will be available on eApp. Old products will no longer be available.
- New, revised illustrations will be available.
Term Conversions:
The Contract Change Team is ready to receive your end of year Term Conversion requests received within the following guidelines.
- To ensure we have time to process term conversions prior to the end of 2020 we will need the paperwork by noon on December 28. If the conversion includes additional coverage that requires underwriting all requirements must be received by December 11.
- The Term Conversion Application is available in e-app for conversion to IUL and UL products. The paper application must be used for conversions to Total Secure.
- Please be sure to include an illustration with all Term Conversions so that can ensure the new policy is issued correctly.
Reminders:
Friday, November 27
- Submit all 1035 replacement requirements to allow time for processing before year-end. Keep in mind that, due to the nature of these requests, we cannot guarantee the remittance of funds before year-end
- Premium Finance applications should be approved and in good order by 11/27 to allow adequate time for funding
Friday, December 11
- Pension/Profit Sharing Plan applications must be received in good order to be finalized for year-end
- We will do our best to prioritize all requirements received 12/11, though we cannot guarantee issue before year-end
- Any Life or Annuity policy disbursement request (including required minimum distributions) received by the Home Office after Friday, December 11 may not be processed prior to year-end. In order to ensure processing within the 2020 tax year, please submit disbursement requests in advance of this date.
NLG OFFICE CLOSURES
- Thursday, November 26 and Friday, November 27 – In observance of Thanksgiving
- Thursday, December 24 – Office closes at noon
- Friday, December 25 – In observance of Christmas
- Friday, January 1 – In observance of New Year’s Day
View important IUL product updates and year-end dates here.
We want to help you end the year strong and ensure your experience with National Life Group is the best possible. Thank you for your business and continued support!
