Life e-App Help Page

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====== Completing the PAC Form ======


Please note only monthly mode premiums are eligible for premium draft.

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. 

  * 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 are brief descriptions and examples to assist you with deciding which is the best option for you.


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=====Initial Premium Option 1=====
Draft on approval (most popular option):

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.

==== When the Draft Will Occur ====
After Underwriting approves the application, F&G will issue the policy and automatically draft the initial premium.

==== Example ====
Application approved: 1/5
Policy issued: 1/7 Policy effective date: 1/5 Initial premium drafted: 1/7 (at issue) Reoccurring premium payments will be drafted on the 5th of every month.

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=====Initial Premium Option 2=====
Draft on approval with specified draft day:

Upon F&G’s approval of my policy, the initial premium will be drafted on the next occurrence of the date specified. My coverage will not be active until the specified date, and this is the day I will be drafted each month subsequently.

==== When the Draft Will Occur ====
After Underwriting approves the application, F&G will issue the policy and automatically draft the initial premium on the next occurrence of the draft day selected.

==== Example ====
Application approved: 1/10
Policy issued: 1/13 Draft day selected: 20th Policy effective date: 1/20 Initial premium draft: 1/20 (on requested draft day)

Reoccurring premium payments will be drafted on the 20th of every month.

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=====Initial Premium Option 3=====
Draft upon my request, after issue

I will contact F&G, either verbally or in writing, to provide authorization to draft the initial premium after I have reviewed the policy with my agent. At that time, a specific draft date can be selected and will be drafted on that same day each month subsequently. Please note: insurance coverage will not begin until authorization has been provided by either the Policy Owner or Agent.

==== When the Draft Will Occur ====
F&G will draft the initial premium after you or your agent contacts F&G and provides authorization.
  * Contact F&G Customer Service at 888-513-8797 to provide verbal authorization to draft the initial premium payment.
  * Sign and date the “Delivery Requirements” document included with your policy or submit a signed/dated letter of instruction and email the document to: [[mailto:deliveryrequirements@fglife.com|deliveryrequirements@fglife.com.]]

==== Example ====
Application approved: 1/13
Policy issued: 1/15
Policy effective/draft date: 1/13
Initial premium authorized and drafted: 1/28*
Reoccurring premium payments will be drafted on the 13th of every month.

//*You or your agent may request your policy be current dated when you provide the authorization to draft. For the above example, the policy effective date would be updated upon request to 1/28 and reoccurring payments will be drafted on the 28h of every month. This may impact issue age if the requested date crosses over your birthday.//

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=====Initial Premium Option 4=====
Draft future premiums only

I wish to pay the initial premium via personal check, wire transfer, or 1035 exchange proceeds. Premium drafting should be set up to begin the next month and in subsequent months thereafter.
==== When the Draft Will Occur ====
The personal check, wire or 1035 funds are applied to the policy as the initial premium payment. Monthly drafting begins the next month.

==== Example ====
Application approved: 1/18
Policy issued: 1/21 Policy effective date: 1/18
Personal check received and applied: 2/1
Drafting begins: 2/18

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=====Initial Premium Option 5=====
Monthly draft plus additional funds:

I wish to pay the initial premium via personal check, wire transfer, or 1035 exchange proceeds in addition to a monthly initial premium draft. I will be drafted for my first month’s premium, which will be combined with the other funds for my initial premium and regular monthly premiums will be drafted each subsequent month.
==== When the Draft Will Occur ====
The monthly initial premium is drafted and applied with the personal check, wire or 1035 funds as the initial premium payment as long as the funds are received prior to issue.

==== Example ====
Application approved: 1/25
Policy issued: 1/27 Policy effective date: 1/25
Personal check: $1,000.00 received 1/20
Initial premium draft: 1/27 $100 planned premium Initial premium applied: $1,100.00
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