Increasing or Changing Coverage
The following coverage changes require a new application:
•increasing the base policy monthly benefit,
•increasing the SDIR monthly benefit,
•increasing the benefit period,
•decreasing the elimination period, or
•upgrading occupation class.
There are two methods for increasing the monthly benefit for an in-force disability income policy:
1. Complete an application for the amount of the increase in monthly benefits desired, and make arrangements for any necessary medical requirements. When the application is approved, the new policy will be issued for the amount of increase approved. The insured will then have two disability income policies in force with Assurity.
OR
2. Complete an application for the total amount of monthly benefit desired, including the increase. Indicate on the application that the new policy will replace an in-force policy. Return the in-force policy to Assurity with the application, and make arrangements for any necessary medical requirements.
When the application is approved, the new policy will be issued for the total amount of monthly benefit approved as of the current date. The in-force policy will be terminated. The incontestable period for the new policy will be two years from this issue date. Commissions will be adjusted according to our normal replacement rules.
NOTE: Replacement forms are required in some states. (See General Underwriting Guidelines section of the Underwriting Guide.)
Decreasing Coverage
The following coverage changes are allowed by contacting Assurity:
•decreasing the base policy monthly benefit,
•decreasing the SDIR monthly benefit,
•decreasing the benefit period, or
•increasing the elimination period.
These changes require either a written request to Assurity or completion of page 1 of the Application for Changes to Health Policy form, available on AssureLINK as detailed in the Forms section. The written request must be signed, dated, and indicate the change desired. When the request is approved, an endorsement detailing the changes will be sent to the policyowner to be filed with the policy.
Change of Beneficiary
The beneficiary of an in-force policy may be changed while the insured is alive by completing and returning a Change of Beneficiary Designation form. This form is available on AssureLINK or by contacting Customer Connections, as detailed in the About Assurity section. Return of the policy is not required.
Assignments
The policyowner may transfer, or assign, some or all of the policy rights to another person or organization by completing and returning a Collateral Assignment of Disability Income Policy form. This form is available on AssureLINK or by contacting Customer Connections, as detailed in the About Assurity section. The form is returned to the assignee and a copy retained by Assurity.