This guide will support you with presenting an existing term insurance plan in an LDA presentation. Use this guide as a reference anytime you're working on a term conversion! Please note this also works for term exchange presentations.
Before You Get Started
Term conversion cases follow the same outline/steps as most cases you create in LDA with new plans. The only difference is the step of adding to the existing policy. Once that's completed, you're following the same path as any other case you're creating in LDA.
Adding Existing Policies
When working with existing policyholders, we have two ways to add in the data, depending on whether your client and policy data is in LDA. To learn more about policy management, click here!
For clients already in LDA, you'll notice an option called "Inforce Policy" on the design case page. When selected, it will show all the policy numbers in the client's profile.
Once you select a policy number, LDA will ask you to confirm the length of the policy, to properly format the data in the presentation.
Once confirmed, click the save option. In a few seconds, you'll see the design case page has reloaded with the plan you selected. A key indicator to tell if a plan is already inforce is by the issue date, stated to the right of the policy name.
Since carriers cannot send the guaranteed renewal schedule, these need to be added to the plan data to present the future cost. To add this in, click the edit plan icon, located to the right of the plan's name.
TIP: Edit plan can be used to change the name and add a description for any plans you've added to the presentation. We highly recommend doing this for each plan.
Edit Plan will load up a pop-up window where you'll find the renewal premium text bars. Enter either the annual or monthly premium, depending on what the client is currently paying.
Click the save option once completed.
Adding Policies not in LDA
You can leverage the manual option on the design case page to bring in the policy data. When you select the manual icon, a dropdown menu will appear. Choose the policy type you wish to add.
When selected, a pop-up window will appear for you to enter the information. The key criteria include;
- Policy Name and Description
- Initial and Renewal Premium
- Payment Schedule (Annual/Monthly)
- Renewable to Age
- Issue Date
- Policy Number
- Insurance Benefit
Click save once completed.
Now that the existing policy is in case, the next step is to add any new plan to the case to compare with their existing policy. To add in new plans, please follow the steps in this guide.
Customization
Once all the plans are loaded, we recommend using the report concepts feature in the case controls section of the design case page to automatically select the recommended page options for a term conversion.
In the drop-down menu of report concepts, choose either the "Term Conversion (Term vs Term)" or "Term Conversion (Term vs Permanent)."
Now, the best page options for either conversion case will be pre-selected for you!
Support
If you have any questions, use the chat bubble option to speak with our customer success team! If you prefer a virtual meeting, please use the link below to schedule a one-on-one call.
LDA Customer Success Team Link