Q&A – Apps Submitted Before June 28

Question:  I submitted an Asset Care application before the deadline, what are my options now that I can see premiums for the “new” Asset Care?

Answer:   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.