AIB Enhancement for Platinum Advantage Policyowners

Effective immediately, Platinum Advantage Automatic Increase Benefit will calculate on the full base benefit amount, not only on the original base benefit amount. Prior to this change, AIB was calculated on the original base benefit amount of eligible Platinum Advantage policies.

Because AIB was calculated on the original base benefit, increases issued as a new policy on Platinum Advantage did not include AIB. With this enhancement, we will add the AIB rider to eligible Platinum Advantage policies that were issued as an Increase Option exercise on a Protector Platinum or Platinum Advantage base policy if AIB is still active on the base policy.

Starting Nov. 1, we will add the AIB rider to new Advantage policies issued as an Increase Option Exercise on an eligible base policy with active AIB coverage.

This is a win for clients. Now, additional coverage gained with AIB allows your client’s basic monthly benefit to keep pace with their changes in income.

Who This Affects

  • Policyowners who have Platinum Advantage policies with an active AIB rider with increases layered on the original base policy

  • Eligible policyowners with a second policy issued as a result of an increase option with active AIB coverage on Protector Platinum or Platinum Advantage base policies

What You Can Expect

  • Higher AIB amounts on Platinum Advantage policies that have exercised an increase option

  • Effective as of the 2022 policy anniversary date, we will add the AIB rider to eligible Increase Option Exercise policies issued as Platinum Advantage.

  • We will send notifications to eligible policyowners, who will have the AIB rider added to their informing them the benefit has been added, prior to their 2023 anniversary dates.

  • The first AIB increases impacting these policies will take place as of the policy’s 2023 policy anniversary date.

What’s Next

Policyowners affected by this change will receive notification letters, an endorsement confirming addition of the rider to their Increase Option Policy and the AIB contract pages to add to their policy documents.

We will also send copies of the client notification letters to the producer.

If you have questions, please contact your Regional Director or Regional Manager.

For Producers Only

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