USAble Introduces New Group Contracts for Increased Flexibility and Market Competitiveness
To increase flexibility and market competitiveness, USAble Life has changed Group Term Life, Short Term Disability and Long Term Disability contracts. These changes were brought about for both the employer paid contracts and employee paid contracts.What are some of the benefits of these enhanced contracts?
- Standardized contract language for all products allowing for improved flexibility in responding to individual client requirements.
- Less time required for contract modification
- Reduced contract complexity resulting in fewer manual process and reduced processing delays
- Faster response times to customer service and claims requests
- Increased customer satisfaction – enhanced web functionality and improved billing format
Migration of existing groups to the new contract began with July 1, 2010, renewals. Groups will move to the replacement policy on their normal renewal month and will receive:
- Renewal letter
- Group Replacement Policy and Certificate
- Policy Comparison – Provides a comparison of their current and replacement policies
- USAble Life Financial Strength Brochure
All contract enhancements will be implemented and no new master application will be required. The group’s payment of their renewal date premium will be considered acceptance of the replacement policy.
Important notice for brokers regarding the migration of groups to the new contract
Until a broker’s entire block of business (not including worksite products) has transitioned to the new contract, two monthly commission statements will be issued. During the transition, brokers will have two agent numbers. The new commission statement will outline their new agent number.
The following links will provide you with a sample group renewal letter, sample policy comparison, frequently asked questions and new contract highlights.
For more information regarding USAble’s enhanced group contract, the migration process or broker commission statements, please contact your Specialty Sales Consultant.
