New Capability: Create Increase Illustrations for Your Clients
Historically, The Standard’s home office has created illustrations for policy increases. Many of our distribution partners have asked for the capability to run increase quotes themselves. We heard you and prioritized this request.
Now agencies can run Platinum Advantage increase quotes in The Standard’s Illustration Software! Your team can now create increase illustrations for many fully underwritten policyowners with upcoming increase option dates, as long as they are eligible for a Platinum Advantage increase. You’ll see the new “Illustrate Increase” option in the drop-down menu on the Start Illustration tab of the Illustration Software.
Which Illustrations Can I Run?
You can create Platinum Advantage increase illustrations for base policies that were issued in a state where Platinum Advantage is approved and on one of the following products: Protector PlatinumSM, Protector EssentialSM, Protector+SM or Platinum Advantage. If a policyowner currently resides in a state that has approved Platinum Advantage, but the base policy was issued in a state where Platinum Advantage is not available, the Platinum Advantage increase may be exercised in the new state of residence.
The Standard’s home office will provide an increase illustration for all other scenarios, including GME policies. We’ll add GME increase quote capabilities to the Illustration Software in 2018.
We’ve also updated the monthly FPO report to help you quickly see which policies are eligible for a Platinum Advantage increase. In your December FPO report, you’ll be able to identify in a glance which FPOs you can create a quote for because we’ve added the base product. The report will also indicate if the policy is on premium waiver.
Get Started
To help you get started, we’ve created the Increase Illustrations User Guide. We’re here to help you learn the system and to answer any questions you may have. Your in-force case manager will reach out to you to schedule time for a one-on-one training session. If you haven’t heard from us yet, please feel free to contact your in-force case manager at any time with questions.
For Producers Only