Extended SBLI Term Upsell Opportunity plus an Operational Update

11-24-2020

Extended Upsell Program Opportunity
SBLI is extending the time for agents to increase their clients’ SBLI Term insurance coverage. Eligible clients, who have purchased a $500,000 SBLI Term policy since July 1, 2020, can qualify for reissue, if they meet the financial underwriting requirements and provide a no change in health statement.

Availability: The Program is available immediately and requests will be accepted until Monday, December 21, 2020.

Qualification: Any client who qualified for their Accelerated Underwriting process and has purchased a standard risk class or better $500,000 SBLI Term policy since July 1, 2020, and who wishes to increase their coverage by up to an additional $250,000 (maximum total coverage is $750,000) will be eligible.

For a request to be accepted, there must be no change in health since the original policy approval or any subsequent medical appointments that would result in any additional underwriting, and the client must qualify for the new amount of total coverage. If any additional underwriting is required, no increase will be allowed. 

The Process: Agents will need to contact eligible clients, agree on the desired increase in coverage, provide a quote, and collect an updated Good Health Statement and payment details. An email to records@sbli.com detailing the client’s policy number and new face amount, together with the signed health statement and payment form is required to be received by SBLI’s Home Office by December 21, 2020, and issued and paid by December 31, 2020. These forms are available at www.SBLIAgent.com or BUA can supply them to you. 

The Updated Policy: The policy with the revised face amount and premium will be reissued with a current issue date. If your agency is using SBLI's e-policy delivery system, the new policy will be automatically sent via an e-mail directly to the client notifying them that their policy is available on the client portal www.MySBLI.com.

Operational Update 
Policy Issued Without Initial Premium: Please note, all policies that are approved and issued without the initial premium available at time of issue (payment is considered Cash, EFT and/or Credit Card) will be future dated with an Issue Effective Date, 10 calendar days from the date the Issue is processed.

 

Please give us a call at 1-800-792-6795 with any questions.