What is a Reissue?
Once a life insurance policy is issued, a client may want to change something about the policy. Some examples include face amount increase or decrease, product change, adding or removing riders. The request to make a change within 90 days from issue is called a reissue.
How to Process a Reissue in Coverpath
- To request a reissue, please reach out to our Support team referencing the policy number and the change.
- Email: email@example.com
- Phone: 1-866-957-5347
- Live Chat: Click the Chat icon
- The advisor will be provided with a quote from the Support team of the new premium based on the request made.
- The support team will send a reissue form via email with the advisor BCC'd to be signed by the owner and submitted securely.
- Once the form is received in good order, and processed, the advisor and owner will be sent a confirmation letter via email. The change will be retro-active to policy inception, which means that the client may owe or be refunded premium depending on the change.
Important to Note
- Certain changes may require further underwriting
- Reissues do not impact persistency
- A reissue will not create a new policy
- The advisor will need to click into the policy packet to see the new reflected face amount (it is not reflected in your case center)
- As long as the compensation basis is the same, the compensation structure stays the same, but it will charge back on reissue and pay forward based on the new premium.