Model Replacement Form Required August 1 in Select States
Effective August 1, 2017, NGL will be complying with the state-mandated Model Replacement rule in the required states.
Certain states require a Model Replacement form to be submitted with paperwork whenever the proposed insured answers yes to the Applicant Replacement question, even if they don’t plan on replacing that coverage.
- Between now and August 1, 2017 – policy issuance will not be delayed during this implementation period.
- Effective August 1, 2017 – policy issuance will be delayed if the form is not included with submitted paperwork.
As of 6/22, the following states are requiring Individual Life and Annuities agents to submit the form: AL, AK, AZ, AR, CO, CT, HI, IA, KY, LA, ME, MD, MO, MS, MT, NE, NH, NJ, NM, NC, OH, OR, RI, SC, SD, TX, UT, VT, VA, WV, and WI.
The required Model Replacement form is:
- Currently included in your electronic application kits (These are new! Check out the “Electronic Application Kits” Link on your MyNGLIC.com homepage);
- Included in paper application kits; and
- Available from your Supplies link on MyNGLIC.com.
Please contact NGL’s dedicated Life Product Support team at 800-762-9883 or email@example.com with questions.