LifePlan review: Introducing our all new annual statement for LifePlan.
We’re making it easier for you to keep on top of your client’s LifePlan policy with the launch of our all-new Annual Benefits Statement that will launch on 1 September 2017.
The new statement will help you and your client assess how well the policy is performing and whether it is on track to meet your client’s needs.
Both you and your client will receive your first new-look annual benefits statements 6 weeks before the policy’s 3rd anniversary, or 6 weeks before its next anniversary if it has already passed the 3 year mark.
Key information
The annual statement will be packed full of key information to allow you to review and analyse the policy’s performance, including:
- Policy relationships
- Whole of life policy benefits
- Time limited policy benefits
- Optional policy benefits
- Named beneficiaries
- Policy value and current holdings
- Premiums and withdrawals
- Maintenance fee
Benefit sustainability
Further analysis will be added to statements issued from the policy’s 5th anniversary onwards, when a Benefit Sustainability section will be added.
This is important as it will allow you to check the policy is performing well enough to cover the costs of the benefits your client has chosen. You or your client will also have the option to ask for a full sustainability review. This review will be free and can be requested by contacting our Customer Service Centre at csc@rl360.com
The sustainability review will provide the information you need to discuss with your client if they should consider taking any corrective action (for example changing funds, premium amounts, benefit levels or the length of the policy’s term).
More information about LifePlan is available here.