Asset Care Apps During Transition Period

For application submitted for “old” Asset Care who would like to change to the “new” Asset Care, here are the guidelines.

If an application is pending but not approved by underwriting … 

  • If an interview is ordered and/or scheduled for the “old” product, then
    • A new Application Part 1 is required, and
    • you need to contact your case manager (Ben Schwipps) to change interview to the “new” product.
  • If an interview is completed for the “old” product, then
    • New Application Parts 1 & 2 are required, and
    • you need to contact your case manager (Ben Schwipps) to alert him to the change.

If an application is pending and is approved by underwriting …

  • New Application Parts 1 & 2 are required,
  • you need to contact your case manager (Ben Schwipps) to alert him to the change.

If a policy is recently issued …

  • and within the free-look period, then
    • New Business will process as “not taken”, and
    • New Application Parts 1 & 2 are required, and
    • you need to contact your case manager (Ben Schwipps) to alert him to the change.

This is not an option when the “old” product was an Asset-Care II policy due to the 1035 exchange involved.

  • and not within the free look period
    • would be subject to current return of premium and surrender change guidelines, and
    • New Application Parts 1 & 2 are required, and
    • you need to contact your case manager (Ben Schwipps) to alert him to the change.