Beginning February 23, compensation will be paid at the time the first premium payment is received, all Post Issue Requirements (PIRs) are complete and the case is considered placed.
Applications signed on or after this date will be effective on the date the policy is issued. Date of application will no longer be a coverage effective date option.
As we implement these changes, there are important dates and details to remember:
February 23, 2020
- Policies issued will be effective on the date of issue.
- Replacement cases will still have the option to elect a date after policy issue.
- Initial premium (cash with application) will no longer be accepted with application.
- Temporary insurance agreements and conditional receipts will no longer be available .
- If Electronic Fund Transfer (EFT) is selected, after the policy is issued, the first EFT premium payment will occur on the date the customer indicates on the application. If a date is not selected on the application, the first EFT premium payment will occur on the 1st of the month.
February 29, 2020
- Paper Applications
- New versions of the paper application will be available to order on 2/19/2020. The version being replaced must be signed and received in the home office no later than 2/29/2020. If received in the Home Office after 2/29/2020, the application will not be accepted.
- E-Applications
- If you have a pending e-application that was started prior to 2/23/2020, you can access your pending app, complete and submit like normal. The pending e-Application must be signed and received in the Home Office no later than 2/29/2020 or it will not be accepted.
We will continue to share important information, including when the new paper applications will be available, in the coming weeks.
LTC Commission Timing and No Cash with Application Update
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