Life Insurance Frequently Asked Questions
How do I change the mailing address on my policy?
Complete the Change of Address section of a Policy Change Request Form and mail the completed and signed form to us at the address at:
200 Day Hill Road
Windsor, CT 06095
Email our Customer Service Center. The email address is email@example.com. We will send a confirmation of the address change to both your old and new addresses.
Call our Customer Service Center at 1-866-826-8471. Your address change will be accepted after you answer a few questions proving your identity as policy owner. We will send a confirmation of the address change to both your old and new addresses.
We will send confirmation of the address change to you at your new address.
The beneficiary is the party that receives the proceeds from the policy upon the death of the insured. Therefore, the insured can never be the beneficiary.
You may call our Customer Service Center to confirm the names of your beneficiary(ies). If immediately available, the information will be provided to you after you answer a few questions proving your identity as the policy owner.
In some cases, we may be required to return your call with the information after our records have been reviewed.
The beneficiary class allows the owner to assign an order to who will receive the life insurance proceeds upon the death of the insured.
- Primary Beneficiary – If living at the time of the insured’s death, the first person(s) to receive claim proceeds.
- Secondary Beneficiary - If all Primary beneficiaries are deceased at the time of the insured’s death, then the secondary beneficiaries will receive the claim proceeds.
- Tertiary Beneficiary - If all Primary and Secondary beneficiaries are deceased at the time of the insured’s death, then the Tertiary beneficiaries will receive the claim proceeds.
If all designated beneficiaries are deceased at time of the insured’s death, then the claim proceeds will be paid to the Estate of the insured.
Complete the Change of Beneficiary section of a Policy Change Request Form. Assign the beneficiary class and split percentage. All policies must have a Primary beneficiary class listed before a Secondary, and subsequently, a Tertiary class can be added. The total split percentage for each class must equal 100%.
Mail the completed and signed form to our Customer Service Center. Changes are effective on the date of receipt at our home office.
We will send confirmation of your beneficiary change to you at your address of record.
Yes, but you must submit a complete listing of your beneficiaries that you want to receive the claim proceeds, not just the additions or deletions.
Each change of beneficiary received replaces any previous designations that were made.
Billing & Payments
Premium notices are generated 25 days prior to the policy due date and mailed to the payor of the policy. The payor and policy owner are the same unless otherwise instructed. If the policy is past due a notice is not generated for the next billing cycle until the current billing cycle is paid. In addition, please verify with the Company that the payors mailing address is correct.
Reminder notices are generated 14 days after the policy due date if a premium has not been applied. If the payor mailed a payment more than 5 business days prior to receiving a reminder notice, please contact the Company to verify payment was received.
Termination notices are generated 40 days after the policy due date if a premium has not been applied within the 31 day grace period. If the payor mailed a payment more than 5 business days prior to receiving a termination notice, please contact the Company to verify payment was received.
If the payor plans on making a payment within 10 business days of receiving a termination notice, the policy can automatically be reinstated by sending in the past due premiums as billed. If the payor is unable to make the payment within the 10 business days, the insured must complete the Reinstatement Request Form on the back of the termination notice along with submitting all past due premium. The reinstatement application must also be signed by the owner if the insured and owner are different. The reinstatement application will be reviewed by our Underwriting Department. If approved, the coverage will be reinstated if all back premiums have been paid. If declined, the owner will be notified by the Underwriting Department and the coverage will remain terminated.
Payments can be made on a monthly, quarterly, semi-annual, or annual frequency. The owner can change the payment frequency by completing the Mode Change section of the Policy Change Request Form. Payments by check can be mailed to our home office at 200 Day Hill Road, Windsor, CT 06095. Payments can be automatically withdrawn from a checking account or applied to a credit card by completing the Premium Payment Authorization Form.
Please contact our home office at 1-866-826-8471 and listen to the prompt for the Claims Department. The appropriate paperwork will be mailed to the person eligible to receive the claim proceeds in accordance with the current policy records.
If your policy is currently earning dividends, the owner may receive dividends in one of the following options:
- Receive a check
- Apply the dividend towards the premium
- Purchase paid-up additional insurance
- Have dividend accumulate with interest
- Purchase one year term insurance or
- Apply the dividend towards the loan balance
The dividend option can be changed, by the owner, any time 30 days prior to the policy anniversary and will be effective as of the next policy anniversary. The owner can change the dividend option by completing the Change of Dividend section of the Policy Change Request From.
Dividends are applied on the policy anniversary. If the dividend option is to receive a check, the owner should receive the check within 5 to 7 business days from the policy anniversary date.
If the policy has accumulated dividends or dividends are being used to purchase additional insurance, the owner can withdraw the dividends at any time by completing the Surrender of Dividends section of the Policy Change Request Form. The surrendered dividends can be: sent to the owner by check; used to pay a premium; or used to reduce the loan balance. Please note, if the policy has a current loan balance that is close to the cash value balance, all of the dividends are not available for surrender as it may cause termination of the policy due to negative value.
This option is available if the policy has accumulated dividends or paid up additional insurance. It authorizes the Company to automatically withdraw and pay the annual premium from the accumulated dividends or cash value of the paid up additional insurance.
A duplicate policy may be requested by the owner by completing the Request for Certificate of Insurance/Duplicate Policy Form. This form must be notarized.
A loan on your life insurance policy is taken by borrowing against the cash value of the policy. Loans do not need to be repaid but the loan balance will be deducted from the face amount of the policy upon the death of the insured. Loans do accrue interest daily, at an annual interest rate, as stated in the policy. The owner will be billed for the interest due, approximately 30 days prior to the policy anniversary. If interest is not paid by the policy anniversary, the interest will be added to the loan balance.
The owner of the policy may request a loan by completing the Policy Loan section of the Policy Change Request Form. In order to take the maximum loan available the policy must be paid to the current year's policy anniversary. If the policy is not paid to the anniversary a loan amount lower than the maximum may be taken. The owner may contact our Customer Service Centerto get further information on the maximum loan amount available.
An Automatic Premium Loan is a non-forfeiture option that is elected at the time of application. It is an option that allows the policy to stay in force if the premium is not paid and the policy has cash value. If a premium has not been paid within 60 days from the due date, we will automatically take a loan, in the amount of the premium, against the cash value and apply it to the premium due. Whenever, an Automatic Premium Loan occurs the owner will receive a notice informing them of the transaction.
If the owner has received the Dividend/Interest Statement, they can pay off the loan balance and interest as shown on the statement. If paid by the policy anniversary, there will be no further interest charged. If the owner has not received the Dividend/Interest Statement, as it is not 30 days prior to the policy anniversary, please contact our Customer Service Center for the loan payoff amount. Please be sure to specify when you will pay the loan as interest accrues daily.
Complete the Change of Name section of a Policy Change Request Form and mail the completed and signed form to our Customer Service Center.
You must include proper documentation for all name changes other than by marriage or divorce. The change cannot be processed without such proof.
We will send confirmation of the name change to you at your address of record.
The policy owner is the person that has all the contractual rights to the policy. They authorize any changes to the policy and receive values associated with the policy, such as dividends.
Complete the Transfer of Ownership section of a Policy Change Request Form and mail the completed and signed form to us at the address at the top of the form. The new owner is also required to sign the form.
If the current owner is deceased, a copy of the death certificate must accompany the request form.
If the insured is over the age of 15 and is not going to be the new owner, they are required to authorize the change. The new owner must have an insurable interest in the life of the insured.
We will send confirmation of the ownership change to both the old and new owner at their address of record.
The owner must complete the Surrender section of the Policy Change Request Form and return the policy to our Customer Service Center. If the owner no longer has the policy they must complete the Request for Certificate of Insurance/Duplicate Policy Form which must be notarized. The termination date of the policy will be as of the date the Company received all required documents. If you have a term insurance policy with no dividend value, your policy will automatically terminate 60 days from the paid to date.
Once the insured has quit smoking for 12 months or longer, they may apply for non-smoker rates by completing the Request for Rate Reduction Form. The form will be reviewed by the Underwriting Department. If approved, Customer Service will notify the owner, in writing, of the new premium rate. If declined, the owner will be notified, in writing, by the Underwriting Department.
You may qualify for a rate reduction if the policy is an eligible level term policy and you did not receive the premium class quoted due to a specific condition. If the condition has improved consistently for 12 months or longer, the insured may apply for a better rate by completing the Request for Rate Reduction Form. If approved, Customer Service will notify the owner, in writing, of the new premium rate. If declined, the owner will be notified, in writing, by the Underwriting Department.
The only taxable portion of dividends is the interest earned if the dividend option is to accumulate with interest. 1099-INT forms are mailed on or before January 31st.