Take Advantage with Rapid App Program Program Information Guide

Transcription

1 Take Advantage with Rapid App Program Program Information Guide INDIVIDUAL PRODUCTS DISTRIBUTION MARKETING CUSTOMER KNOWLEDGE & DEVELOPMENT For Internal Use Only Not for Distribution to the Public.

2 Guardian s Take Advantage with Rapid App program offers you year-long opportunities to increase life sales within your client base as well as with your prospects. The program gives qualified clients the added convenience of purchasing a life insurance policy with no medical exam, and can help you in your cross-selling efforts to your disability income insurance policyholders, your acquisition efforts for prospects, and up-sell efforts with existing policyholders. Typically, clients with two or more policies have much higher persistency rates, and your most satisfied clients are the ones who will refer their friends and families to you. Program details including eligibility requirements, product exclusions, approved carrier list, and more are contained on the following pages. Sincerely, Dan Ellen The Guardian Life Insurance Company of America

3 The Take Advantage with Rapid App Program The Program This program enables certain Disability Income Insurance clients and Life clients the ability to purchase new or supplemental permanent life insurance with a simplified process that requires no medical exam. It is important to note that this is not a replacement program. The Opportunity Helps to increase persistency/retention Offers excellent up-sell opportunity for your life policyholders Offers an appealing cross-sell opportunity for your Guardian disability income insurance policyholders Provides competitive advantage to open doors to clients with life insurance coverage from other companies Program Benefits Clients save time and avoid the inconvenience of purchasing new/additional life insurance by leveraging the underwriting process they went through to buy their Disability Income Insurance or Life Insurance policy. Potential to receive permanent/ additional coverage with no additional medical testing. Program qualifications Qualified clients are existing policyholders who fit the following criteria: Have Guardian Life and Disability Income Insurance policies (1) that were fully underwritten within the last four years. Individuals with Life policies from a Guardian-approved carrier (see Approved carrier list on the following page) Policy must not have been issued as a result of reinsurance. Risk class must be Standard or better with no flat extras. Insureds must be between the ages of 20 and 60. Policies must be placed and in force. Eligible Policy Types for Participation Guardian and Approved Carrier policy types: All term life products; no exclusions All whole life products except: EstateGuard SelectGuard Guaranteed Issue Whole Life Supplemental Whole Life Executive Strategies Whole Life All variable products (2) except: Park Avenue Survivorship Variable Universal Life Clients, who currently own a Flexible Solutions Variable Universal Life policy and wish to have additional variable universal life coverage issued under this program, can either obtain a new policy or increase the face amount of their current policy. All Guardian disability products (1) except: Business Reducing Term PayGuard Disability Buyout Business Overhead Expense Professional Overhead Expense Policies issued through the Quick Issue Underwriting program BOLI (Bank-Owned Life Insurance) COLI (Company-Owned Life Insurance) Eligible and Non-Eligible Products for Purchase Eligible Most single life level premium permanent life policies (plus ULtraLife Gold), including single pay and Ten-pay whole life Current Assumption UL and CAUL with Secondary Guarantee Non-Eligible LifeSpan Gold YRT Guardian Level Term GIAC UL Protector Gold Guardian ULtraMax Gold Survivorship Coverage (Estate Guard, Estate Guard SUL, and Survivorship UL with Secondary Guarantee) Executive Strategies Whole Life Duo Guard Rider BOLI UL COLI VUL Universal Life and Universal Life with Secondary Guarantee (Guardian UltraLife, UltraMax, GIAC UL Protector and GIAC UL-SG) GIO & SIO Riders are not offered through the Take Advantage Program 1

4 Approved Carrier List Last updated January 2013 Acacia Mutual Life Insurance Company AIG Allianz Allmerica Allstate American Express/ IDS American Family American General American International Life Assurance Company of NY American Mayflower American National Insurance Co. Ameriprise Ameritas Life Insurance Corporation Amerus Life Insurance Company Amica Life AUL/American United Life Aviva Axa/Equitable Baltimore Life Bankers Life Banner Life Berkshire Life Canada Life Chubb Cincinnati Life Clarica Life CNA Columbus Life Erie Insurance Farm Bureau Life Insurance Company Farmers & Traders Life Farmers Insurance Group Federated Fidelity & Guaranty Life Insurance Co First Colony First Investors First Penn Pacific Life Franklin Life GE Capital General American Genworth Financial Great Western Insurance Company Great West Life Guardian Hartford Indianapolis Life ING Jackson National Jefferson Pilot John Hancock Knights of Columbus Lafayette Life Liberty Mutual Life Insurance Company of the Southwest Lincoln Benefit Life Lincoln Life Lincoln National Lutheran Brotherhood ManuLife Mass Mutual Met Life Midland National Minnesota Life Modern Woodmen of America MONY National Life of Vermont Nationwide New England New York Life North American Life & Health Northwestern Mutual Ohio National Life Old Line Life Pacific Life Penn Mutual Phoenix Primerica Principal Protective Life Insurance Company Provident Mutual Prudential Reliastar Safeco Savings Bank Life Security Mutual Southland Life State Farm Sun Life Symetra Thrivent Financial for Lutherans TIAA-CREF Transamerica Life Insurance Company Transamerica Occidental Travelers Union Central United States Life (US Life) USAA Valley Forge Life West Coast Life Western Reserve William Penn Zurich (Kemper) Life * This list is subject to deletions or additions when appropriate. 2

5 The Process There are two options that can help you maximize your Take Advantage with Rapid App opportunities with clients. With the first option, the Marketing cross-sell team targets your eligible high potential clients (which may not include all of your clients) in the spring and fall. The second option, a self-directed option, allows you to conduct your own direct mail campaign to eligible clients that were not included in the spring and fall direct mail campaigns. These options are detailed below. Spring and fall direct mail campaigns On your behalf, the Marketing cross-sell team conducts annual campaign mailings to your eligible clients in the spring and fall. At the start of the spring/fall, agents receive a list of eligible clients and are asked to notify the Marketing cross-sell team if they want to opt-out certain clients from the mailing Mail lists are confirmed and eligible clients receive: A personalized letter A business reply card and postage-paid envelope Once the mail is sent, agents receive a list of clients included in the mailing The Marketing cross-sell team notifies agents as business reply cards are received and/or clients contact their agents directly Agents follow through on submitting the application and necessary forms (see the Applications and Forms section) POLICY # [XXXX] Yes, I would like to learn more about how I can increase my coverage by purchasing Guardian Whole Life Insurance without the eligibility requirements of medical exams or tests. Please have my Guardian Financial Representative contact me. NAME ADDRESS CITY STATE ZIP PHONE BEST TIME TO CONTACT YOU AM/PM The Guardian Life Insurance Company of America 7 Hanover Square, 23H, New York, NY Sample A. Sample - P.O. Box Any Street Any City, USA GUARDIAN WHOLE LIFE INSURANCE OFFERS YOU: Protection for your family for your entire lifetime and beyond Opportunity to build cash value for future needs Potential for income growth with tax deferral Potential for future dividend payments that may reduce your total costs Policy No. [NUMBER] The Guardian Life Insurance Company of America 7 Hanover Square, 23H, New York, NY Dear Valued Client: Thank you for choosing Guardian to help secure your financial future. Now more than ever, you can be assured that Guardian is well positioned to provide our policyholders with sustained value over the long term. In fact, Standard & Poor s (S&P) recently affirmed Guardian s AA+ (Very Strong) credit rating with a Stable Outlook. 1 Because you are a valued client, I am pleased to extend a special offer to you to further enhance your financial growth and protection. As one in a specially qualified group of policyholders, you are invited to take advantage of the opportunity to purchase additional Guardian Whole Life Insurance without proving your good health through medical tests or exams. Depending on your current coverage, you may be able to purchase up to an additional $. Current economic conditions have everyone seeking financial shelter, and whole life insurance as an asset provides calmer waters. There is virtually no other financial asset like whole life insurance that can provide the guarantees of a tax-advantaged death benefit and tax-deferred cash values. Whole life insurance also provides additional growth opportunities through dividends, 2 as well as access to loans and withdrawals, 3 and flexibility through riders and other enhancements to change with your lifestyle and goals over decades. is the deadline to take advantage of this special offer.* This offer can provide the financial strategies you and so many others are seeking at this time. I urge you to respond today to find out how easy it can be to provide yourself and your loved ones with these important benefits. Contact your Guardian representative, John Agent, today at Or simply complete and return the RSVP card enclosed. Sincerely, Offer is made to selected owners of Guardian Life Insurance and Disability Variable life and their underlying variable investment options are sold by Income Insurance, subject to parameters including satisfactory completion, prospectus only. Prospectuses contain important information, including review, and approval of a short medical history questionnaire. You may also fees and expenses, and should be read carefully before investing or sending money. You should consider the investment company s and the insur- be eligible for more favorable rates which may require additional medical Steven S. Holstein testing. This offer may be reduced or void if simplified underwriting has ance policy s investment objectives, risks, fees, and charges carefully before Chief Marketing Officer recently been leveraged. investing or sending money. You can find this information and additional information in the prospectus. You may obtain a prospectus by The Guardian Life Insurance Company of America No extension of this expiration date will be permitted. contacting your Park Avenue Securities registered representative or by calling P.S. Call your Guardian Financial Representative LifeSpan at , Gold, YRT, Guardian Level or Term, complete GIAC UL Protector and return Gold, the Guardian ULtraMax Gold, Survivorship Coverage (Estate Guard, Estate GIS is a member of FINRA, SIPC. RSVP card enclosed, to find out how to leverage your assets, and without further medical testing. Guard SUL, Survivorship UL with Secondary Guarantee and Survivorship Your offer expires. VUL), Executive Strategies Whole Life, Pension Trust Policies, Duo Guard Variable life insurance products involve risk, including loss of the principal Rider, BOLI UL, COLI VUL and Universal Life with Secondary Guarantee amount invested. * Please see reverse for important information. are not included in this offer. 1 Guardian s ratings were raised by Standard & Poor s in July 2008 to AA+ (Very Strong) and by A.M. Best in November 2008 to A++ (Superior). Coverage will commence upon approval of a complete life insurance 2 Dividends are not guaranteed. They may be declared annually by Guardian s Whole Board life, of term Directors. and universal life insurance products are offered by application, appropriate forms, and payment of the first premium. If you have 3 The Guardian Life Insurance Company of America, New York, NY, and its had an adverse change in health, or have subsequently been declined or Policy benefits are reduced by withdrawals and by any outstanding loans or loan interest. In any given year, annual dividends, if any, are affected by policy loans. wholly owned subsidiary The Guardian Insurance and Annuity Company, Inc. rated for insurance coverage, you may not be eligible for additional coverage (GIAC), Wilmington, DE. Products not available in all states. Product under this program. Aviation coverage may be excluded. provisions may vary by state and issuing company. The Guardian Life Insurance Company of America The Guardian 7 Hanover Insurance Square, and Annuity 23H, New Company, York, Inc. NY (GIAC), a Delaware corporation that is a wholly-owned subsidiary of The Guardian Pub3867 Life (8/10) Insurance Company of America, issues variable life insurance policies. Variable life insurance products are offered through the distributor Guardian Investor Services LLC (GIS). GIAC and GIS are located at 7 Hanover Square, New York, NY ( ). xxxxxx Creative examples The Guardian Life Insurance Company of America 7 Hanover Square, 23H, New York, NY NOTE: This is not solely a direct mail campaign. Financial Representatives who have a client/prospect with a policy fully underwritten by an approved carrier in the last four years can provide the offer on a walk-in basis. 3

6 Self-directed MarketEDGE Opportunities for Take Advantage Year-round, you can use MarketEDGE to create a list of your eligible Take Advantage clients and also set up a direct mail campaign using a GEAR-approved Take Advantage letter. To obtain a list of your eligible clients: Cost: FREE (minimum order quantity of 5 records) 1. Log on to Guardian Online 2. Click on the MarketEDGE icon and a new window will open to the homepage of MarketEDGE 3. In the set of blue boxes, select the box List Builder 4. Then select the blue box Your policies 5. Then select Life Policyholders, and a new screen will show up and this is where you can select your policies by geography and then by other options (e.g., Take Advantage eligible policies, Net cash values, Type of Life Insurance, etc.) 7. Select the Take Advantage letter and follow steps to personalize your letter and then select Next 8. In Step 3: Apply Selection, under Other select the Take Advantage eligibility filter and then select Next 9. In Step 4: Review and Select Clients; add your clients to the basket 10. Follow the remaining steps to submit your payment information and order, in Step 5: Order Details the mail date will be specified Creative example 6. Once you have made your selections, select the Next button and follow the remaining steps. 7. Download your list by selecting My Lists from the upper right hand corner of your MarketEDGE screen 8. Find your recently created list, select the Download button and follow prompts to saving your list to your desktop To create your own Take Advantage mailing: Cost:.82 per letter (minimum order quantity of 5) 1. Log on to Guardian Online 2. Click on the MarketEDGE icon and a new window will open to the homepage of MarketEDGE 3. In the set of blue boxes, select the box Direct Mail 4. Select the blue box Your policies 5. Select Life Policies 4

7 Offer Amounts Life insurance policy considerations: If the client owns only one eligible life policy that was underwritten in the last four years, that is the policy that is taken into consideration. The newly-issued TA policy can be issued up to two times the original policy s face amount, up to $3,000,000, for qualifying policies. Smaller qualifying amounts increase proportionately. For example, if the client owns a single eligible life policy with a face amount of $500,000, the client may qualify for up to $1,000,000 in supplemental life insurance through the program. For owners of multiple eligible Guardian policies, the face amount of each eligible policy is added to determine the final offer amount. In addition to the face amount of fully underwritten policies issued in the last four years, the offer amount is adjusted as below: In case of dividend Option Q or R: basic face amount + target additional benefit (i.e., target amount) If dividend option is other than Q or R: basic face amount + EPUA balance Riders can be included in the new policy. However, the total first-year coverage (face amount plus riders) cannot exceed the offer amount. The new policy must be at least 10% Permanent insurance (i.e., it may have up to a 1:9 Whole Life/ Option Q blend). For clients with policies from approved carriers, only the most recent policy is taken into consideration (i.e., you cannot combine offer amounts on multiple outside carriers and/or policies). Disability insurance policy considerations: For owners of Guardian Disability Income Insurance (1), the life insurance offer amount is based upon their monthly disability benefits as indicated on the top right. Estimated Life Insurance Offer Amount Monthly Disability Income Benefits Less than $1,000 Take Advantage with Rapid App Life Insurance Offer Amount Not eligible $1,000 - $1,499 $150,000 $1,500 - $2,499 $250,000 $2,500 - $2,999 $500,000 $3,000 - $4,499 $1,000,000 $4,500 - $4,999 $1,500,000 $5,000+ $2,000,000 The life offer amount will be based on the monthly disability benefit plus 50% of the applied for Future Increase Option when applicable. The Provider Plus monthly disability benefit (excluding Social Insurance Substitute) will be used to calculate the life offer amount (see above table). For owners of multiple Disability Income Insurance policies, the offer amount is based on the total monthly benefit available under these policies. Example 1 Policyowner with multiple eligible disability insurance policies: $1,000 Monthly disability benefit on Policy 1 + $2,000 Monthly disability benefit on Policy 2 $3,000 Total monthly disability benefit = $1,000,000 Total offer amount Combined life insurance and disability income insurance considerations: If the policyowner owns both an eligible disability insurance policy and an eligible life insurance policy, the offer amount will be based on the higher offer amount. Example 2 Policyowner with an eligible life and eligible disability insurance policy: $250,000 Life insurance offer amount $500,000 Disability income insurance $500,000 Total offer amount 5

8 Applications and Forms After your client has expressed interest, either by contacting you directly or sending in their business reply card, follow these steps to access the necessary forms to submit your application. List of general application documents: Rapid Application L-AP-SIGI-2008 Under the Remarks section, write Take Advantage with Rapid App Copy of Non-Medical, Paramed or MD Exam from existing policy Proof of Preferred / Standard Underwriting Copy of policy face page with issue date and underwriting classification from existing policy from a Guardian-approved carrier. Other carriers have more than one Preferred classification. As long as the existing policy was issued with one of the preferred classifications, it should qualify for Guardian Preferred/Standard(3) New business illustration forms Application supplements Disclosure forms Suitability requirements Agent s certificate HIPAA form First modal premium payment for the new policy General Premium Receipt: You may accept a premium deposit with the Take Advantage with Rapid App applications for whole life in any state except Kansas Conditional Receipt Form L-AP-CR-2011 Complete this form if you accept money with an application For Pension Trust Whole Life Applications Use Pension Application Form PT-AP-2011 from ipipeline (use the appropriate state specific version) Write Take Advantage with Rapid App in the Remarks section of the application as well as on the Agent s Certification Form Locating documents on IPipeline: 1. Log on to Guardian Online 2. Under Products, select IPipeline, a new window will pop up 3. In the new window, find the tab Basic Search, enter the following information: Service Type: New Business or Inforce Changes State: [select applicable state] Case Type: Regular Life Case (New Business) Product Type: Take Advantage 4. Click Lookup 5. On the next page, you will see all the applicable forms for the Take Advantage application 6. Print the form and fill out necessary forms Submitting the application: Applications must be taken in person Applications for Take Advantage with Rapid App may be submitted through the agency Applications must be accompanied by a completed Life Application Transmittal Form and must be submitted using Straight Through Processing (STP) Variable life insurance policies must be reviewed by the Guardian Agency New Business Desk. Coverage will commence upon review and approval of the completed life insurance application, appropriate forms, and payment of the first premium. Upon review, if your client does not qualify for the program, additional requirements may be necessary. For Park Avenue variable product applications: Licensing: Authority to offer variable products exists only after all licensing procedures are completed and the Licensing Department has notified the agent in writing. In addition, UCLA must reflect the appropriate variable licensing status. Applications for variable life products can only be solicited in states where a V follows the twoletter state abbreviation. 6

9 Completing the application All sales procedures required for the regular sale of a variable product policy must be followed. Agents should also consult the Write Business link under Frequently Used Links on the Guardian Online homepage to determine the appropriate form version for the jurisdiction, as well as any additional forms that are required. Exclusions and limitations The Take Advantage with Rapid App offer can be made for up to $3,000,000 There is a lifetime maximum of $3,000,000 available under this program One offer will be made to any Guardian client for each identified insured, regardless of the number of eligible policies on that insured All eligible Guardian Life and Disability Income Insurance policies (1) will be reviewed The sum total of life insurance across all policies the individual has with Guardian cannot exceed Guardian s existing maximum retention limit An offer will not be made if the total face amount across all policies underwritten within the last four years is less than $50,000 or within $50,000 of Guardian s existing maximum retention limit of $8,000,000 Paid Up Additions may be added to the new policy, but may not exceed the first year s premium. Be sure to note in the Remarks section of application and run on the illustration Take Advantage with Rapid App is not intended as a replacement program Contact Us For underwriting and issue questions Call the Individual Markets Customer Call Center at , and choose option 3 for underwriting issues and 3 again for general underwriting questions Take_Advantage_Underwriting@glic.com For Life product questions Call the Individual Markets Product Services at , option 2, choice #1 For questions regarding any marketing elements of Take Advantage with Rapid App Call The Marketing Cross-Sell Team at Take_Advantage@glic.com NOTE: Any policy issued as a result of a conversion, Future Increase Option, Future Purchase Option, Guaranteed or Simplified Issue Option or program, or Group Disability Replacement Rider is not eligible for Take Advantage with Rapid App. 7

10 FAQs Q: Can policy owners apply for coverage that exceeds the offer amount? A: Yes. If your clients want to exceed the offer amount, they can do so. However, the case would not qualify for simplified underwriting under Take Advantage with Rapid App but would be subject to standard full underwriting requirements for the full amount. Q: Is the issue of the new policy guaranteed? A: Although the application procedure is simplified, issue of the new policy is not guaranteed. If a submitted application shows an adverse change in health, or other adverse changes including but not limited to changes in driving history, avocation, aviation, etc., there is a possibility that the client will not qualify under this program. In such a case, additional medical tests and/ or an Attending Physician s Statement may be requested or standard underwriting procedures will be employed, including any medical requirements. In addition, if your client was declined or rated for life or disability income coverage, or offered coverage at a reduced benefit or coverage amount limit in the last four years, it is possible your client will not be eligible for additional insurance under this program, despite being previously underwritten. Aviation coverage may be excluded. (1) Disability income insurance products are underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America, New York, NY, or The Guardian Life Insurance Company of America, New York, NY. Products not available in all states or circumstances. Product provisions and features vary from state to state. (2) Securities products and services are offered through Park Avenue Securities LLC (PAS). Flexible Solutions Variable Universal Life is issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation, and distributed by Guardian Investor Services LLC (GIS). PAS, GIS and GIAC are located at 7 Hanover Square, New York, NY 10004, , extension GIS and GIAC are wholly owned subsidiaries of The Guardian Life Insurance Company of America, New York, NY. (3) If your client was subsequently declined or rated for insurance coverage, it is possible your client will not be eligible for additional insurance coverage. Q: Where can I get a full list of my eligible clients? A: You can generate a list of eligible clients through MarketEDGE. See The Process section and look for Selfdirected MarketEDGE Opportunities for Take Advantage. 8

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12 Variable life and their underlying variable investment options are sold by prospectus only. Prospectuses contain important information, including fees and expenses, and should be read carefully before investing or sending money. You should consider the investment company s and the insurance policy s investment objectives, risks, fees, and charges carefully before investing or sending money. You can find this information and additional information in the prospectus. You may obtain a prospectus by contacting your Park Avenue Securities registered representative or by calling GIS is a member of FINRA, SIPC. Updated: January 2013 Individual Products Distribution Marketing Customer Knowledge & Development The Guardian Life Insurance Company of America, Inc. 7 Hanover Square 23rd Floor New York, NY Pub 5912 (01/13)