Renewal Option
Included with Liberty Bankers Life and Capitol Life, Bankers Elite (discontinued) and Heritage Series Annuities- Allows Owner / Annuitant to renew their existing contract for a new term, same policy / policy number rather than exchanging it for a new contract. Automatic renewals are not available. There are no windows on any products.
- Agent / Client will be required to submit a renewal form instead of a full application kit. Typically two pages.
- Client will receive the “New Money” rate for the documented term.
- Agent will receive a full commission.
- Agent can still submit a full application for an internal exchange if the client request a different series product and receive a full commission.
- Bankers Elite (discontinued for new sales) contracts that are still in force may be renewed for an identical term. For example, a Bankers Elite 3 can be renewed for an additional 3 years, or a Bankers Elite 5 may be renewed for an additional 5 years etc.
- Heritage Series Contracts may be renewed for any available term, for the same product, at the current new money rate for that term. For example;
- A Heritage Elite may only be renewed as a Heritage Elite, a Heritage Premier may only be renewed as a Heritage Premier, etc.
- Any term of a Heritage Series contract can be renewed for another 3-, 5-, 7- or 9-year term. For example, a Heritage Premier Plus 5 may be renewed for an additional 3-, 5-, 7- or 9-year , etc.
- A 1-year renewal option is also available for all Heritage Series products at a published 1 year rate.
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