Transition Rules

Temporary COVID-19 Benefit Increase Rider Changes

We’ve eased BIR rules to provide more options to your clients during the COVID-19 pandemic.

New Business: 50% Offer Acceptance Requirement for BIR

For applications signed on or before May 31, 2020, eligible Platinum Advantage applicants can accept as little as 50% — a decrease from 75% — of the benefit they qualify for to get the BIR.

This change applies to:

  • Policies with a March 1, 2020, or later effective date
  • Policies issued for delivery and not yet accepted
  • Applications pending an underwriter decision
  • Applications signed on or before May 31, 2020. We must receive the application in the home office by June 30, 2020

For policies accepted with a March 1, 2020, or later effective date. You may request we add the BIR to policies that originally didn’t include it because the minimum benefit of 75% wasn’t accepted. We’ll add the BIR to the policy if at least 50% of the maximum amount qualified for was accepted, subject to underwriter approval. We must receive the request in the home office by May 31, 2020.

Policies accepted with an effective date before March 1, 2020, don’t qualify for the change.

In Force Policies: Automatic BIR Renewal

We’ll automatically renew the BIR for Platinum Advantage policies with BIR option dates between March 1 and May 31, 2020. We’ve waived the requirement that policyowners must apply for increases during the option period in order to renew the BIR for another three-year increase period.

We’ll renew the BIR even if:

  • No application or incomplete information is received
  • Less than 50% of the maximum increase amount qualified for is accepted

BIRs on qualifying policies that have already terminated will be automatically reinstated for another option period. We’ll send policyowners notice of this change via mail.

These scenarios are not affected by the temporary changes:

  • Policies with BIRs terminated due to reaching the rider expiration date
  • Policies with BIRS terminated due to a request to reduce basic monthly benefits
  • Policyowners using the Accelerated BIR Option. They must still accept at least 50% of the maximum increase amount qualified for to keep the BIR active