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completing_the_pac_form
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completing_the_pac_form [2019/12/16 12:52] bturner |
completing_the_pac_form [2022/08/22 08:12] bturner |
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| ===== Completing the PAC Form ===== | ===== Completing the PAC Form ===== | ||
| - | Setting your clients up on a monthly draft for their life insurance premiums is an easy and efficient way to ensure their monthly payments are made timely and consistently. Please utilize this guide to make sure you correctly complete the PAC Authorization Form with your clients. | + | Please note only monthly mode premiums are eligible for premium draft. |
| - | **__STEP 1__**: | + | Setting your clients up on a monthly draft for their life insurance premiums is an easy and efficient way to ensure their monthly payments are made timely and consistently. Please utilize this guide to make sure you correctly complete the PAC Authorization Form with your clients. You are not required to complete the PAC form with the a-App but we strongly recommend it and there are multiple options to allow the client full control over when they are drafted. If you complete the form, you must select one option and include all banking and account information. |
| - | Check off the first box indicating that the form is being submitted with a new application (versus making a change to an InForce policy). | + | * The amount drafted from your account is the monthly Planned Premium amount listed on the application. |
| + | * If the application is approved “other than applied for” and the amount required is more than what you have listed on the application, we will not automatically draft the initial premium. | ||
| + | * The effective date of your policy and monthly draft date will match. | ||
| + | * Below is a grid with brief descriptions and examples to assist you with deciding which is the best option for you. | ||
| - | [{{:step-1.jpg|}}] | ||
| - | **__STEP 2__**: | + | **__====Initial Premium Option 1====__** |
| + | Draft on approval (most popular option): | ||
| - | Determine if the client wants to have the initial premium drafted. | + | The initial premium payment will be drafted upon F&G’s approval of my application. My coverage will be placed into effect at that time and I will be drafted on that same day each month subsequently. I understand I may not be notified after underwriting approval and prior to the initial premium draft. Please note: the effective date of the policy will be the underwriting approval date; however, some exceptions may apply. |
| - | [{{:step-2.jpg|}}] | ||
| - | If this second box is checked, the first premium will be drafted from the client’s account upon underwriter approval for cases that are “approved as applied for.” The effective date will also be set up on this same day that the first premium is drafted. | + | **__Option 1__**: |
| - | If this second box is not checked, F&G will not be authorized to draft the initial premium and the company will be expecting a paper check, 1035 transfer or revised PAC form in order to pay the first premium. | + | Do not check either box if the client would like the draft to occur at issue |
| - | **__STEP 3__**: | + | [{{:2021-picture22.png|}}] |
| - | If your client wants to have the initial premium drafted but prefers to determine his/her specific draft date, this must be indicated by checking the appropriate box. | + | **__Option 2__**: |
| - | [{{:step-3.jpg|}}] | + | Check box to select a specific draft date. Please note we do not back draft. If the date chosen has past we will wait until the following month to draft the premium. |
| - | If all three boxes are checked, and the date is indicated, the first premium will be drafted from the client’s account on or around the date specified. This will also be the effective date. The policy will not be made active and moved to an “issue paid” status until this date. This could mean a delay in issuing the business after approval as we will be waiting for the date indicated. | + | [{{:2021-picture23.png|}}] |
| + | |||
| + | **__Option 3__**: | ||
| + | |||
| + | [{{:2021-picture24.png|}}] | ||
| - | **Please Note:** | ||
| - | * The effective date of the policy must match the draft date. | ||
| - | * Valid draft dates are the 1st through the 13th and the 16th through the 28th only. | ||
| - | * After issue, the draft date of the policy cannot be changed to a date later in the month. For instance, if the client selects an effective date of the 10th, the draft date cannot be changed to the 20th at any time in the future. The client would have to choose a new date from the 1st through the 9th as their draft date. | ||
completing_the_pac_form.txt · Last modified: 2022/08/22 08:25 by bturner
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