Effective August 29, 2022, we have several big upgrades to Select-a-Term:
- Higher Commission-5% More For You! – We have increased the street level commission on all 18 durations of Select-a-Term!
Commissionable writing agents who submit Select-a-Term applications signed August 29, 2022, or after will receive an additional 5% commission in all states except for New York where commissions
will remain the same. To confirm your commission schedule, log into Connext and find your schedule under Contracting & Commission, and Agent Lookup - Better Term Rates – Effective August 29, 2022, Select-a-Term is getting repriced in all states except New York where rates will remain the same. There are many great adjustments increasing our position in the top 3 across all terms. Over 96% of cells have lower monthly premiums. Be sure to check out the new 10- 15 year rates!
- Lower Monthly Modal Factor – We have also lowered the monthly modal factor which puts Select-a-Term among the top term products in the market today.
Current Monthly Modal Factor: 0.0850 – New Monthly Modal Factor: 0.0845
Improved Underwriting
- Fast: Underwriting queues coming back into standards
- Easy: Increased Term fluidless decisions
- Simple: Agent completed Part B for iGO full eApp
- Clear: Better communication on offers in Connext and Pending Feeds
- Reliable Increased completion of cases as applied for
Transition Rules
Paper Applications & AG Quick Ticket
- New product rates will be available effective August 29, 2022.
- Applications received in the Home Office prior to September 26, 2022, will manually be given the product with the lowest rates prior to policy issue.
- This does NOT apply to previously issued or conditionally issued policies.
- Applications received in the Home Office September 26, 2022, and later will automatically be given the new product rates.
- Reissue requests to new plan will NOT be honored.
- New applications submitted to replace existing inforce coverage with the new rates will not be honored within 90 days of the existing coverage going inforce.
iGo Full e-Application
- New product rates will be available effective August 27, 2022.
- Applications received in the Home Office prior to September 26, 2022, will manually be given the product with the lowest rates prior to policy issue.
- This does NOT apply to previously issued or conditionally issued policies.
- Applications received in the Home Office September 26, 2022, and later will automatically be given the new product rates.
- Reissue requests to new plan will NOT be honored.
- New applications submitted to replace existing inforce coverage with the new rates will not be honored within 90 days of the existing coverage going inforce