Transfer of the GBG
Pre-Approved Portfolio To VUMI^®

Main Steps

1. Analysis and pre-approval of the GBG Portfolio

2. Sign the Producer Agreement with VUMI^® to Transfer policies

3. Define the Policy Transfer Process from two available options for eligible policies

4. Check the GBG/VUMI^® Transfer Product Grid

5. Check the Plan Overview and the corresponding rates

6. Complete the Transfer Application and collect the documents of the previous insurance required for the transfer

In our best effort to streamline the Automatic Portfolio Transfer process, we have updated our transfer criteria, and we are pleased to announce that VUMI^® will be offering two transfer options to eligible policies:

1. Transferring the policy with a simplified application including a medical statement, to transfer with the premiums tables of the Process 1 and a 10% discount.

2. Transferring the policy with an automatic transfer application without a medical evaluation and no medical statement, to transfer with the premium tables of the Process 2 and without a discount.

The eligibility of the process will be determined by whether the client and the dependents can declare that have never suffered from a catastrophic illness*, have any surgeries planned, or have presented
claims above US$10,000 in the last 12 months.

Policy Transfer Process

Have any of the applicants ever suffered from a catastrophic illness*, have any surgeries planned, or presented claims above US$10,000 in the last 12 months?

No

Yes

Eligible for Process 1:
Simplified Transfer with discount

Eligible for Process 2:
Automatic Transfer without discount

Use the Simplified Transfer Application with the medical statement declaration.

Use the Automatic Transfer Application with no medical statement questions or declaration.

To obtain a 10% VUMI^® discount, the policy must be transferred within the following transfer windows:

- - GBG policies from January 1 to March 15, 2024
  - GBG policies with Best Doctors co-insurance from January 1 to April 15, 2024.

Use the Process 1 rates

The policy must be transferred during the following transfer windows:

- - GBG policies from January 1 up to March 15, 2024
  - GBG policies with Best Doctors co-insurance from March 1 to April 15, 2024.
  - Policies that are not transferred during the above window will go through medical underwriting.

Modal fee applies, except for Brazil

Not eligible for VUMI^® discount

GBG policies can be transferred under this process to VUMI^® without the discount until August 15, 2024.

Use the Process 2 rates

GBG policies with Best Doctors co-insurance can be transferred under this process to VUMI^® without the discount until December 15, 2024

Modal fee applies to all regions

GBG policies that are within the 60-day grace period can be transferred to VUMI^® with an effective date of January 1, 2024.

Continuation of coverage applies.

*Cancer (except basal cell carcinoma), multiple sclerosis, lupus, rheumatoid arthritis, Crohn’s disease, ulcerative colitis, chronic hepatitis (B and C), diabetes, vascular surgery (heart/aortic/brain), stroke, cerebral palsy, muscular dystrophy, Parkinson’s disease, spine/hip surgery, chronic kidney failure, have been a recipient or candidate for an organ transplant

For both Processes, the following conditions apply:

The transfer policies will not be considered for convention qualification.
Commissions for GBG transfers will be the agent renewal commissions.

Click on the following links to download important
documents related to these processes.

Frequently Asked Questions

1. Can I submit any business for transfer?

No, to take advantage of the transfer process and the continuity of coverage from GBG to VUMI^®, the agent must first submit their portfolio for approval. Only pre-approved portfolios are eligible for transfer. New business must go through the regular underwriting process.

2. If I already have a contract with VUMI^®, do I have to sign a new contract to transfer my portfolio from GBG to VUMI^®?

Yes, you must sign an addendum to your contract. Additionally, if you have insureds temporarily living outside their country of residence, you must also sign the T&C VUMI^® contract. Your VUMII^® agent code will remain the same.

3. What is the hierarchy to be used in the transfer process?

We will use the current hierarchy registered at VUMI^® at the time of the transfer.

4. Can I use the three-question automatic transfer application for pre-approved portfolios from other companies for the GBG transfers?

No, GBG portfolios pre-approved by VUMI^® must use the application corresponding to the eligible process. For more details, see the transfer guide.

5. What happens to the covered deductible?

Since it is a new policy with a new effective date, the accumulators, including the deductible, will start at zero.

6. Is the Travel VIP Light rider included in the simplified or automatic transfer processes?

No, those who wish to purchase this rider may be able to do so once the policy has been issued by VUMI^® or upon renewal.

7. If the policyholder’s dependent son/daughter is temporarily outside the country of residence, what application should they fill out and what rate applies to them?

To simplify the transfer process, they may be included in the same application of the policyholder and use the same rate table as the policyholder. At the time of the policy renewal, if the dependent continues to live outside their country of residence, the policyholder must notify the company and pay the corresponding rate of the region where the dependent is temporarily living.

8. If an insured has a medical event after the effective date of their policy with VUMI^®, will it be covered?

Yes, everything that happens after the effective date of the new policy will be covered.

9. What happens with the waiting periods?

If the waiting periods had already been met at GBG, they will be transferred to VUMI^®. If the insured had not fully completed the waiting periods, these would reset and start again at the beginning for the VUMI^® policy.

10. What plan should the insured choose at the time of the transfer?

The equivalent plan according to the current equivalence table approved by VUMI^®. Choosing a plan with lower benefits is not permitted. Any plan improvements are subject to the regular underwriting process with a new business application.

11. Can the insured choose a higher deductible?

Yes, the deductible can be higher by one level only. Any deductible improvements (lower deductibles) are subject to the regular underwriting process with a new business application.

12. Do transferred policies from GBG to VUMI^® count towards the 2025 VUMI^® Convention qualification?

No, GBG portfolio transfer policies will not count towards convention qualification.

13. Are transferred policies from GBG to VUMI^® eligible for the agent personal policy discount incentive?

Yes, VUMI^® will honor the same discount to an equivalent policy, as long as the transfer agreement is complied within the stipulated time and with the goal established for new business in 2024. If the agent does not comply with the established goals, both for transfers and new business, VUMI^® will reserve the right to charge the premium corresponding to the policy.

14. How much commission will I receive for the transfer of these policies?

The same renewal percentage stipulated in the agent contract. For more details, please contact your Account Manager.

15. Is the 10% discount included in all renewals?

No, the discount is only for the first year with VUMI^®.

16.Can the insured change his/her deductible at the time of the transfer?

Yes, the insured can increase his/her deductible. To decrease the deductible amount, the insured must go through an underwriting evaluation.

For more information, please contact your
Account Manager or Sales Director

Transfer of the GBG Pre-Approved Portfolio To VUMI®