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Legal & General America
AGENCY COMMUNICATION
July 31, 2013

DATE CHANGE REQUEST ON DELIVERY RECEIPT? NO LONGER A REASON TO SEND BROKERS BACK TO CUSTOMERS. 

Beginning tomorrow August 1, 2013 , when Legal & General America receives a reissue request solely to move back the issue date of a policy, we will send the customer a letter explaining that such a request is not in his or her best interest. The policy date will not be changed. This procedural change applies to policies issued by both Banner and William Penn. See the letter message below.

This is good news: Like many companies, we date our policies 21 days forward from the day they're issued. This insures that, if the broker delivers the policy and collects delivery requirements within three weeks, the client is not paying for coverage that was not in force (which would be the case if we dated the policy the same date as the issue date). Many clients fear that coverage will not be in effect until the three week forward date, and request a date consistent with the delivery date. In fact, coverage is in-force as soon as the policy is delivered and requirements have been met (e.g., the initial premium collected by the broker).

The new procedure prevents the broker from having to re-deliver a reissued policy, saving time and expense for the broker, your agency, our shared customer and us.
Here's what our letter will say in response to the backdate request:
Congratulations again on your decision to purchase life insurance from [Banner Life Insurance Company or William Penn Life Insurance Company of New York]. 

You indicated on the policy delivery receipt included with your policy that you are requesting a policy date earlier than the policy date originally provided. However, this request does not provide additional coverage to you and would appear to be contrary to your best interests, as it would actually cause the next premium payable to be due earlier than is required. As stated in the signed delivery receipt, coverage began on the date the delivery receipt was signed and given to a company representative along with the initial premium payment.  Thus, [Banner or William Penn] has retained the original policy date. Please keep the original policy that has already been provided to you.

If you still require the policy date requested on the policy delivery receipt please let your agent know and we will gladly make the change and reissue a new policy for you.
Have a question?
Please contact your marketing coordinator at 800.638.8428, press 1 followed by 3 then 1. Don't know your marketing coordinator? Click here to find out on our regional map.
About Legal & General America, Banner and William Penn

Legal & General America is a subsidiary of Legal & General Group Plc, the tenth largest insurance company in the world based upon admitted assets.  Legal & General America ranked fourth in the US based on new coverage issued in 2012. Its protection-based life insurance products are distributed solely through independent brokerage agencies.  With impeccable financial strength ratings of A+ from AM Best, AA- from Standard and Poor's and a Comdex score of 96, LGA's term life insurance rates are consistently among the lowest in the industry.   
Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Garden City, NY.  Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner does not solicit business there.
13-029 LGA
www.LGAmerica.com
800.638.8428
marketing@LGAmerica.com
 
Don't forget about our 2013 Sales Campaign!  Shaw American will be traveling to The Royal Cancun in February 2014 and we want you to join us!  To qualify write a total of $75,000 Combined Target Premium during 2013.  Give us a call today at (800) 626-5888 for all details.  We can also take a look at your past business and see if there are any cases that we can improve underwriting on.  Your client will love saving money!