Effective September 15, 2023, Forethought Life Insurance Company will no longer accept the Coverage Change Form in connection with requests for additional insurance coverage on existing policies.  Policyholders seeking additional preneed insurance will instead be required to complete a new application (eApp or paper) for coverage in the amount, subject to any product or regulatory required minimum amount, needed to fund the cost of any additional prearranged funeral goods and services selected.  

Failure to submit a new application with such requests for additional coverage will be pended, and a request for a new application will be sent back to the preneed agent for completion and re-submission.  This change is driven by our recent product updates and the corresponding desire to bring added consistency to the upgrade process across all geographies and product lines.  

A tax identification number, social security number (“SSN”) for natural persons or tax identification number (“TIN”) for trusts or other non-natural persons, is required for the insured and, if different, the owner on all life insurance or annuity applications.

If an application is received without a tax identification number, we will place the case in pending and contact you to provide the missing requirement. If the owner and/or insured does not have a valid SSN/TIN, we cannot process the application. We will return the application and any premium submitted to you.

October 25, 2021

Important update

Texas law stipulates that when a person provides written directions for the disposition of remains, those directions may not be modified or revoked except through a subsequent written acknowledgment by that person. The same law also provides that any other persons controlling the disposition of a decedent’s remains, shall faithfully carry out the decedent’s directions. Further information on this subject is also provided in Texas Attorney General’s Opinion #JC-0279, which can be found by entering the opinion number in the search window at the state’s website: https://www.texasattorneygeneral.gov/opinions.

Any changes to an insured’s disposition should be made in writing and submitted to Global Atlantic immediately. While Texas law generally prohibits changes in disposition after the death of the insured, there may be limited hardship exceptions to the rule.

All disposition changes made after an insured’s death are recorded and compiled and may be provided for periodic review to the Texas Department of Banking. Any documentation may help with inquiries made by the state. Documents can be sent via fax to (888) 425-2463 or emailed to insuranceClaims@gafg.com.

July 1, 2020

COMPLIANCE NOTICE: eSignature Amendment

Effective immediately, any agency or producer that would like to or continue to utilize e-signature to execute documents for submission to Forethought Life Insurance Company is required to complete and return the e-Signature Amendment to Insurance Selling Agreement, which confirms compliance with applicable federal and state guidelines regarding such electronic transactions. Please click here to access the form, and then print, sign and return it before July 17 to Preneedsales.support@gafg.com or fax to: 800-320-3291. New business will be pended if eSignature Amendment is not received July 17, 2020.

If you have any questions, please contact your eSales Consultant at 866-499-3722

New: 12/4/19
Preneed funeral contract disclosure form

ONLY applicable for Alabama, Illinois, Kansas, Kentucky, Massachusetts, Nebraska, New Mexico, North Carolina, South Carolina and Utah

In the states listed above, the Preneed Funeral Contract Disclosure Form (Form A9567) must be given to policyholders upon purchase of a preneed policy. The disclosure provides important information to policyholders about how the preneed contract and insurance policy work together to define and fund their funeral arrangements. It also explains the relationship between the parties involved – the funeral home, agent, and Forethought Life Insurance Company.

Preneed Funeral Contract Disclosure Forms:

• A9567-01(A) 08-19 Preneed Disclosure, Guaranteed and PEO Only
• A9567-01(B) 08-19 Preneed Disclosure, Guaranteed Only

For your convenience, our New Business Options Form (3-in-1 Form) has been updated to include a statement for the policyholder to acknowledge receipt of the Preneed Funeral Contract Disclosure form. By signing the New Business Options Form, the policy holder is now also acknowledging receipt of the Preneed Funeral Contract Disclosure Form.

To ensure conformation to these regulations, you must begin using the updated New Business Options Form (Form A9562) with the acknowledgement as of January 2, 2020. New business submitted using the old form after January 31, 2020 will be returned to the agent.

New Business Options forms:

• Alabama, Illinois, Kansas, Kentucky, Massachusetts, Nebraska, New Mexico, North Carolina, South Carolina and Utah: Use Form A9562-01(A) (02-18)
• Arkansas, Mississippi, Oregon and Washington: Use Form A9562-02 (08-19)

All forms can be accessed here.
 

All states: Advertising review
All advertisements that reference either the Forethought Life Insurance Company or a Forethought life insurance product to the advertising review team for approval prior to use. Failure to comply with state laws concerning the advertising of life insurance and annuities can result in fines, penalties and other regulatory sanctions. Fines can reach $1,000 or more per violation. They may be assessed against the agent, the Company or both. In addition, an agent’s insurance license may be subject to restriction or suspension for violation of state advertising regulations. In severe cases, particularly those involving misleading advertisements, regulators can revoke agent and Company licenses to do business in their states.

In addition, when regulators are concerned about the content or dissemination of an advertisement, they may perform on-site examinations. The Company must pay the expense of such examination. Regulators can require that Forethought file all future advertising for prior approval, which can result in a disruptive and time consuming complication for future marketing efforts by you and the Company.

If you fail to submit advertising material for approval prior to use, or use unapproved advertising, it may result in disciplinary action by the Company up to, and including, termination of your selling agreement and appointment. This includes the use of advertising that we have disapproved, or that we instructed you to revise before use, but no revision was made.

Please Note: Advertisement is defined broadly by the states. Please consult the Global Atlantic Advertising Guidelines at https://www.globalatlantic.com/preneed/legal-and-compliance#acc-0 for more information. You should keep copies of all materials that support the statements used in the advertisements you create along with a final sample of your advertisement.

Advertising Materials related to Preneed life insurance products issued by Forethought Life Insurance Company may be submitted to:

Advertising Review 

One Forethought Center

Batesville, IN 47006

Email: preneedsales.support@gafg.com

Approval of any advertising is generally valid for a period of twelve months. At the end of the twelve month period you must resubmit the material for new review and approval unless the approval was otherwise extended by Global Atlantic.

Several states: Life insurance replacement requirements
We realize that replacing an existing insurance policy or annuity contract to fund a prearrangement is a small and infrequent part of your preneed sales, but it is important to your business and your customers to understand the requirements and handle them correctly when they do occur.

A number of states have adopted a replacement regulation based on the NAIC's Life Insurance and Annuities Replacement Model Regulation. We want to remind you of the general requirements and provide you with guidance on when those requirements may apply to a case you are writing. Please read for more information and to find the entire list of states affected.

Michigan: Adjusted maximum assignment amounts
Our office has confirmed the adjusted maximum assignment amount of a Forethought life insurance policy/certificate at issue is $11.020, effective, June 1, 2019 through May 31, 2020.

You are required to complete Global Atlantic’s Anti-Money Laundering Fraud Training every 2 years. Your AML certification expires 2 years after your contract date or if you have been contracted for longer than 2 years, your certification expires 2 years from your last AML certification. We cannot process applications from agents whose AML certification has expired. You will be notified 60 and 30 days prior to your certification expiration.

If you aren’t sure when your certification will be due, contact PreneedLicensing@gafg.com or call (800) 331-8853, select option 5 and then option 1. Or, you may go ahead and review the AML training here and submit your certification to PreneedLicensing@gafg.com to ensure you’re in compliance.

Global Atlantic will no longer offer coverage for people under 50 years of age unless it is part of a guaranteed or price estimate-only Funeral Planning Agreement; therefore, Global Atlantic will require a Goods and Services Form to be submitted with every application in which the proposed insured is under the age of 50.

To view the applicable Goods and Services Form, log in to your agent account here.

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.

Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.

Stay up to date with industry regulations with the National Association of Insurance Commissioners.