Submission of Single Pay and Multi Pay Individual Life Insurance Policies
This is a reminder that the Compact does not accept one policy form to accommodate both single pay and multi pay individual life insurance policies. There are distinct single premium Uniform Standards for each policy type. This is also addressed in Variability of Information section of multi-pay policy Uniform Standards, which reads: If the policy is for use with more than one plan, the various level premium period or term periods shall be identified as a variable item on the specifications page. Examples of acceptable plans would include various premium-paying periods, such as 20 pay or Life Paid Up at 65, but would not include a single premium plan, which contains significantly different standard provisions.
As indicated in this requirement, variability on the spec page to accommodate both multi pay and single pay plans is not permitted. Separate policy forms are required.
If you have any questions about this matter or filing with the Insurance Compact in general, please contact the Insurance Compact Office.