Get Ready for BIR: Updated Increase Option Reports

August 7, 2019

We launched Platinum Advantage in January of 2017, which means the first of the three-year Benefit Increase Rider Option Dates will be here soon. With the Benefit Increase Rider, policyowners can apply to increase coverage to align with income increases every three years — without providing medical information.

To make it easy for you to prepare for BIRs, we've updated the monthly increase report. 

Your Increase Option Report will look a little different, starting this month. It’ll list policies with BIR — in addition to FPO — Option Dates coming up in the next 120 days.

To help you prioritize, we’ll highlight the Option Date with colors to indicate time remaining. Green indicates 60-120 days until the Option Date. Yellow highlights Option Dates 30 to 59 days away, and red means there are fewer than 30 days left.

We added a new column to indicate if the policy increase option is an FPO or BIR. And the notes section will tell you if the policyowner is not eligible for an increase due to:

  • The policyowner is currently receiving IDI benefits from The Standard.
  • The policy is at the maximum issue limit (for Platinum Advantage policies only).
  • The policy is suspended due to active military service.

The report will also note if an Accelerated BIR was exercised in the previous 12 months. This would mean that the policyowner is not required to apply for an increase in order to keep the BIR on the policy.

Lastly, we simplified the email that delivers these reports and added BIR information to the Plan Code Key.

If you have any questions about the BIR administrative process, please reach out to your case manager.

 

Categories
First To Know