Insurance: Year-end deadlines for your business
It’s time to mark your calendar with those important year-end deadlines for your individual insurance life and living benefits business. New Business | Deadline to submit | New application with all UW requirements or final requirement | November 30 | Last settling requirement for issued cases pending settlement | December 14 | Year-end sales credit deadline | December 31 |
Inforce Policies “In good order” policy changes or final UW requirement | Deadline to submit | Complex policy changes | November 26 | Cases requiring underwriting | November 26 | Conversions | November 30 | Commissionable cases not requiring underwriting | December 10 |
What we’re doing to help - We will follow up with physicians about Attending Physician’s Statements (APS) in mid-November to try to have everything we need by November 30.
- We’re targeting life applications with face amounts of $1 million and up and $25,000 in premium; and critical illness applications of $250,000 and up and $10,000 in premium.
- We will offer physicians an incentive for expediting new or outstanding APS orders.
- New Business and Underwriting staff in all locations will do an overtime blitz in mid-November and mid-December to finalize as much business as possible.
- After the deadlines, we’ll continue to do our best to process your business to qualify for 2013.
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