Annuity 4 hour CE Course. We will start in a few minutes. State and Federal Regulations, Requirements and Producer Training Requirements

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Annuity 4 hour CE Course. We will start in a few minutes. State and Federal Regulations, Requirements and Producer Training Requirements"

Transcription

1 Annuity 4 hour CE Course Presented by Richard A. Mangiameli, LUTCF, FSS Director of Annuities Division McGill, Rediger & Simmons LLC. Thank you for your time Give me a call with any questions or Extension #218 We will start in a few minutes COURSE OUTLINE 1. State and Federal Regulations and Requirements 2. Types of Annuities and Classifications 3. Identification of the Parties to an Annuity 4. How fixed, indexed and variable annuities affect consumers 5. Income Taxation on annuities (Qualified & Non-Qualified) 6. Primary Uses of Annuities 7. Sales Practices 8. Suitability Standards & Checklist 9. Replacement & disclosure requirements 10. Glenn Neasham CA. Case Study 1 2 Why are we here today? NAIC 2010 Model Regulation: Suitability in Annuity Transactions Reciprocity w/other States Certain carriers REQUIRE CE Certification Annuity Suitability Training (4 hr CE) No product specific sales or marketing information FINRA authority with Broker-dealers NE Legislative Bill 887 signed by Governor April 11, Section 28 (2) (a) (ii) Why are we here today? American seniors, with over $15 trillion, are targets for abusive practices Indexed Annuities / Variable Annuities Too Complex Agent Trust Me advantage over seniors Hitting their fear, anger or greed buttons Big commissions Dishonest, deceive, coerce, frighten the elderly walk into home and rip them off Questionable Practices vs. Best Practices Poor Agent Supervision Better Knowledge, Better Business, Better Future 3 4 STATE REGULATIONS State and Federal Regulations, Requirements and Producer Training Requirements Standards for Sales of Annuities 1. LB887 Section 28 (2) (a) (ii) ( Producer Training!) 2. Duties of Insurers and Producers! 3. Suitability Information (includes 14 points) 4. NAIC Sec 6H safe harbor 5. Know the product; know your client 5 6

2 Who s Who in Annuities? NAIC IRS FINRA OIC Elder law Elder care Insurers PRODUCER Elder Abuse Units Brokerdealers ERISA Parties to Contract Annuities Why Buy? Demographics Longevity Volatility Pensions Guarantees Guaranteed Income for Life Reduce Social Security Taxes 7 8 Why All This Interest? 80% of Americans: Not Prepared for Retirement Need for stable, long term income Paltry CD rates (taxable) vs. Inflation Seeking higher returns with safe investment haven Supplemental income Long term care planning Income to surviving spouse PLANNING What Matters to Consider? Risk Tolerance Emergency reserve College Planning Loss of Income Wealth increase Retirement Planning Loss of Life Health Care & LTCi Taxes Income for Life Wealth Transfer & Distribution 9 10 PLANNING Risk: How much is enough? Three-Legged Planning Stool: Increasing Savings/Assets Adjusting Risk Levels Resetting Goals Objectives: Accumulate Assets Guard Family Security Guaranteed money is available for retirement Guaranteed Income for Life Wealth Distribution PLANNING Traditional nature of retirement under attack: Retirees more closely connected to society Personal savings playing a greater role New set of web-based competitors questioning your value Important that you the RR or Agent Invest in Self Designations: CLU; CFP; ChFC; LUTCF: FSS 11 12

3 PLANNING Client Considerations: Behavioral Change Psychological Change Life Change Job Change Lost of Assets Responding to the highest challenge we face! Planning T.E.A.M. it is important to work with other professionals during planning Financial Planner/Register Representative Insurance Agent Employee Benefits Company P&C Agent Brokerage Firms CPA Attorney for Wills & Trusts Elder Care Expert Types of Annuities Variable Fixed Single Premium Immediate Annuity SPIA Objective of Annuities Objective 1. Tax Deferral 2. Income Stream that cannot be outlived 3. Guaranteed Growth (fixed or variable) Classification 1. Non-Qualified 2. Qualified 3. Roth Classification of Annuities By maturity date / Surrender Periods By how premiums are invested / VA or Fixed By how product is funded / DCA; Rollover; 1035 Transfer; By federal tax classification / Qualified or Non-Qualified 17 18

4 Identification of parties Annuitant Owner Individual or Trust Beneficiary Names Date of Birth Social Security Relationship Insured Company rating How Fixed, Variable and Indexed Contract Provisions Affect Consumers Types of Annuitization / Life; Jt. Life; Period Certain; Installment; Cash Refund Basic Product Features Provisions Common to All Annuities Contract Provisions Important to Consumers Basic Product Features Annuitization Fixed Variable Variable using mutual funds - tied to the market. Fees & Admin Charges Riders Volatility Fixed interest rates locked in and guaranteed tied to the long term treasury Riders No Fees Indexed interest rates are CAPPED.. Insured buys options Indexes such as: S&P 500, NASDAQ, Russell 2000, 10yr Treasury, S&P 400, Euro Stoxx 50, Hang Sang, & Gold Riders No Losses & locks in any gains fixed guaranteed. No Fees Provisions Common to Annuities Titled Premiums Single or Flexible Surrender Periods Guarantees Annuitization methods and options Death Benefits Liquidity Contract Provisions Important to Consumers Guarantees Holding Periods Surrender charge periods Free withdrawal allowance Crisis waivers Contract Fees and Expenses Rules for Early Withdrawal Tax Free Transfers & 1035 s Death during surrender period 23 24

5 BREAK McGill, Rediger & Simmons LLC for all your insurance needs. Annuity Suitability Case Study Agent Glenn Neasham Case Study 1. Producer has over 23 year s industry experience with substantial client base. 2. Existing Client, with over 10 year s experience, owns this annuity himself and makes referral. 3. Previous year, Client s annuity earned 10%. 4. Referral is female, 83, good health her partner is Producer s existing client. 5. Gathered financial information (home is free and clear). 6. Discussed tax deferral, guarantees, returns, risk tolerance and financial goals. 7. Referral s goal to eliminate taxation of Social Security income. 8. Discussed most popular, number-one selling annuity in U.S. 9. Annuity has best crediting strategy compared to over 350 other fixed annuities. 10. Allows participation in stock market gains with no downside risk Case Study 11. Has fixed account earns 3-3.5%. 12. Over last 3 years average returns were 8%. 13. Other clients who have this annuity all satisfied. 14. Referral has $239,000 CD maturing at local bank. 15. Placed $175,000 in annuity; over $100,000 left in CD s and cash. 16. Referral did not make son the beneficiary hates him.. estrange from Child 17. Made the partner the beneficiary (the agent s original client who made the referral). Annuity Taxation of Qualified and Non-qualified Premiums Surrenders and Withdrawals Income Taxation Annuitization (exclusion ratio) Estate Taxation 18. Producer contacted son about this; he said; she s free to do whatever she wanted 19. Insurer rated A+ by AM Best. 20. Insurer processed the application and issued the contract Annuity Taxation Annuities are especially attractive to retirees.but many retirees will die before tapping their deferred annuity. What are the tax consequences to the annuity beneficiary and should other options be arranged? A Deferred Annuity offers a distinct tax-benefit. Earning grow tax-deferred Tax-deferred earnings will eventually be taxed upon withdrawal Contributions to the annuity will not be taxed upon withdrawal Non-qualified annuities which are funded with after tax contributions. Annuitant s taxation Partial withdrawal is made, the IRS presumes that earnings come out first Under regular monthly payments a portion of each payment is not taxed Treated as a return of your nontaxable contributions. Exclusion ratio calculated by the insurance company designates that untaxed portion. Taxation after death of annuitant Beneficiary taxation After tax contributions made by the deceased remain untaxed when received by the beneficiary. tax-deferred earnings within the annuity will be taxed as ordinary income to the beneficiary. Begun receiving lifetime payments, no benefits would be left for the annuity beneficiary. contract called for a fixed term guaranteed payments, the beneficiary would received those remaining payments taxed at the deceased s exclusion ratio. Owner died before beginning annuitization, provision may be made for either a lump sum distribution or a series of payments. Series of guaranteed payments, Would not be required to pay taxes on any of the payments until the deceased owner s contribution were fully received. Any payments beyond that would be fully taxed as ordinary income. An annuity beneficiary, can lose a lot of that taxable portion of the annuity. A annuity owner decides not to annuitize, he may use his annuity s value to switch to another option better suited to his beneficiary

6 Income Taxation 1035 / Direct Transfer Exchanges exchange your old annuity or life insurance policy for a new one for any number of reasons. Section 1035 of the I.R.S tax code allows you to do so without incurring any taxable gains. The gains from your old policy can be transferred to a new insurance policy on a tax free basis. You can continue to defer taxes in your new policy for a desired number of years or for your lifetime What is a 1035 Exchange? I.R.S. tax code that allows for the transfer of a non-qualified annuity or life insurance policy to a new policy of equal or greater value. Capital gains and/or income taxes resulting from the growth of the old policy will be avoided and deferred when the transfer is completed properly. Examples of a 1035 exchange: Life Insurance to Life Insurance * Life Insurance Cash Value to an Annuity Tax Deferred Annuity to Annuity Transfer One annuity value to another is the most common example of a Transfer. Old Fixed annuity is yielding below average interest Aggressive and unpredictable variable annuity Transfer qualifies if you are transferring from a non-qualified annuity Non-qualified accounts are simply those you have already paid taxes on the invested principal, but not the gains. A Transfer / Rollover of qualified funds like an IRA, 401k, 403b, TSA, Roth IRA, and any Pension plans. Avoid income taxes on the accumulated gains Transfer your old annuity for a new one. Protocols to this procedure that must be met in order to avoid a taxable event. Both of the insurance companies involved will have paperwork that must be filled out correctly. Cash Value Life Insurance 1035 Exchange 1035 Exchange of the accumulated cash value in your old life insurance You are allowed to withdrawal all (or some of) the cash value in your variable, universal or whole Life Insurance policy and deposit the funds on a tax free basis into a new life insurance policy. Term life insurance is not one of them. Term life insurance has no cash value for the insured. Additionally Cannot avoid income taxes by purchasing a term policy using the cash value from an existing whole, variable, universal, or indexed life contract. Consider this exchange; if you wanted to establish a new single premium paid up life insurance policy. Life insurance needs have changed and you no longer wish to pay ongoing premiums. In other cases, you might simply want to establish a new policy that is more in line with your present needs and continue to pay premiums into the new account Life Insurance to Annuity 1035 Transfer A 1035 cash value from your life policy and transfer it tax free to an annuity This is the least common of the three allowable strategies. Conversely, you may not transfer any gains from an annuity account to a life insurance policy without creating a taxable event. Keep in minds any gains in that annuity will have a taxable event. Life insurance policies offer several tax advantage over annuities. At passing, all proceeds from a life policy can be withdrawn tax free by your beneficiaries including the gains. And life insurance can also avoid federal estate taxes and state inheritance taxes when setup properly. Transfer the accumulated cash value to a single premium paid up policy rather than into an annuity account. If you desire safety and predictability, a single premium whole or indexed life insurance contract can be a good alternative. Both indexed and whole life will earn fixed interest and increase in value year over year based on the declared rate. Estate Taxation The full value of your traditional and Roth IRAs and annuities as of the date of your death will be included in your federal estate tax base. Tax Guides will show you the federal estate tax exposure and the changes in place for 2009, 2010, and The combined estate tax and income taxes on your IRAs and annuities can go as high as 80 percent of the value of your IRA. Federal estate tax rate is 45 percent, and the income tax rate your beneficiaries pay is 35 percent, then 80 percent of the value of your IRA will be paid in taxes. IRAs and annuities avoid probate - are payable directly to a named beneficiary, they are not subject to federal estate taxes. Unfortunately, this isn't true. They will be included in your taxable estate Over the exemption amount for that year, will be taxable

7 Taxes: Facing the Facts 1. U.S. GOV Spending Massively Expanded 2. More and More Paying No Income Tax At All 3. Heavy Tax & Regulatory Burdens on Business 4. U.S. National Debt Growing Steadily Since Economic Growth in Decline for 50 Years Primary Uses of Annuities What are they?? Primary Uses of Annuities Provide a permanent income Tax-deferred wealth accumulation Safe investment haven Primary Uses of Annuities Market-based investment returns With principal guarantee Without principal guarantee Supplemental income Long-term care & Life Insurance funding Income to surviving spouse Appropriate Sales Practices, Replacement and Disclosure Requirements Insurer Suitability Requirements Insurer Responsibilities in the Event of a Suitability Violation Producer Suitability Requirements Suitability Requirements Ensure issuance only when transaction is suitable Establish supervision system Establish standards for validating producer training 41 42

8 Suitability Requirements Establish procedures to deter transactions that are not suitable Provide product specific training Reporting Monitor FINRA information Compliance mitigation Responsibilities of Insurer in the Event of a Suitability Violation Take reasonably corrective action for any consumer harmed by the violation Ensure producer and general or independent agency takes corrective action Penalties may be modified or waived if corrective action is taken promptly after discovery of violation Producer 14 Suitability Requirements: Obtain Required Suitability Information 1. Name 2. Age / Date of Birth 3. Annual / Monthly Income 4. Annual / Monthly Expenses 5. Financial Experience 6. Financial objectives Producer 14 Suitability Requirements: Obtain Required Suitability Information 7. Financial Time Horizon 9. Financial situation and needs: a. Resources used for funding of this annuity. 10. Liquidity needs 11. Liquid Assets / Non liquid assets 12.Liquid net worth not including home 13.Risk tolerance 14.Tax Status 7. Intended use of annuity Producer Suitability Requirements: Obtain Additional Suitability Information Must have reasonable grounds to believe: a. Consumer has been reasonably informed b. Consumer would benefit c. Annuity is suitable for consumer suitability d. Exchange is suitable Producer Suitability Requirements: Obtain Additional Suitability Information Must obtain consumer s suitability information Issue only suitable annuities Issuance must be reasonable (per Sec 2 above) Must record certain consumer action Additional procedures and standards Insurer responsible for supervision/compliance Producer shall not dissuade consumer 47 48

9 Summary Apply the Suitability Checklist Who s Who in Annuities? Know your clients real need Keep it Simple Broader, Comprehensive Planning T.E.A.M. be connected Get the family involved with decision Connections That Count Build Trust and Credibility Was the Transaction Suitable Protect & Grow Your Business NAIC IRS FINRA OIC Elder law Eldercare Insurers PRODUCER Elder Abuse Units Brokerdealers ERISA Parties to Contract Annuity 4 hour CE Course Presented by Richard A. Mangiameli, LUTCF, FSS Director of Annuities Division McGill, Rediger & Simmons LLC. Thank you for your time Give me a call with any questions or Extension #218 51

Chapter 14. Agenda. Individual Annuities. Annuities and Individual Retirement Accounts

Chapter 14. Agenda. Individual Annuities. Annuities and Individual Retirement Accounts Chapter 14 Annuities and Individual Retirement Accounts Agenda 2 Individual Annuities Types of Annuities Taxation of Individual Annuities Individual Retirement Accounts Individual Annuities 3 An annuity

More information

Understanding Annuities: A Lesson in Variable Annuities

Understanding Annuities: A Lesson in Variable Annuities Understanding Annuities: A Lesson in Variable Annuities Did you know that an annuity can be used to systematically accumulate money for retirement purposes, as well as to guarantee a retirement income

More information

THE CINCINNATI LIFE INSURANCE COMPANY. Annuity Product Training

THE CINCINNATI LIFE INSURANCE COMPANY. Annuity Product Training THE CINCINNATI LIFE INSURANCE COMPANY Annuity Product Training I) Definitions a. Single Premium Deferred Annuity (SPDA) an annuity contract purchased with a single premium payment, periodic income payments

More information

Understanding Annuities: A Lesson in Annuities

Understanding Annuities: A Lesson in Annuities Understanding Annuities: A Lesson in Annuities Did you know that an annuity can be used to systematically accumulate money for retirement purposes, as well as to guarantee a retirement income that you

More information

Index Growth Annuity 5 And 7

Index Growth Annuity 5 And 7 Index Growth Annuity 5 And 7 The Broker s Sales Guide To An Individual Fixed Annuity From The Standard With an Index Growth Annuity you ll find a rewarding combination of safety, tax deferral and choice.

More information

No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency

No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency Understanding annuities An Overview for Your Retirement No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency 2/15 13096-15A Contents Get Ready

More information

Pacific. rontiers II. A Single-Premium, Deferred Fixed Annuity for an Active Retirement. Client Guide 9/ A

Pacific. rontiers II. A Single-Premium, Deferred Fixed Annuity for an Active Retirement. Client Guide 9/ A Pacific rontiers II A Single-Premium, Deferred Fixed Annuity for an Active Retirement 9/13 Client Guide 71003-13A The Power to Help You Succeed Pacific Life has more than 140 years of experience, and we

More information

Understanding Annuities: A Lesson in Indexed Annuities

Understanding Annuities: A Lesson in Indexed Annuities Understanding Annuities: A Lesson in Indexed Annuities Did you know that an annuity can be used to systematically accumulate money for retirement purposes, as well as to guarantee a retirement income that

More information

No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency

No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency Understanding fixed annuities An Overview for Your Retirement No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency 3/15 23264-15A Contents Get

More information

Equity indexed annuities usually offer minimum interest rate guarantee

Equity indexed annuities usually offer minimum interest rate guarantee Equity Indexed Annuity What is an equity indexed annuity? When should you buy an equity indexed annuity? What are the strengths of equity indexed annuities? What are the tradeoffs to equity indexed annuities?

More information

Understanding Annuities: A Lesson in Fixed Interest and Indexed Annuities Prepared for: Your Clients

Understanding Annuities: A Lesson in Fixed Interest and Indexed Annuities Prepared for: Your Clients Understanding Annuities: A Lesson in Fixed Interest and Indexed Annuities Prepared for: Your Clients Presented by: Arvin D. Pfefer Arvin D. Pfefer & Associates 7301 Mission Road, Suite 241 Prairie Village,

More information

Annuity Suitability Guide

Annuity Suitability Guide Annuity Suitability Guide Factors to consider when selling an annuity VARIABLE ANNUITIES: ARE NOT A DEPOSIT OF ANY BANK OR BANK AFFILIATE ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT

More information

Important Information about your Annuity

Important Information about your Annuity Robert W. Baird & Co. Incorporated Important Information about your Annuity Annuities are long-term investments that may help you meet or supplement your retirement and other long-term goals. Annuities

More information

NAIC Buyer s Guide for Deferred Annuities

NAIC Buyer s Guide for Deferred Annuities NAIC Buyer s Guide for Deferred Annuities Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory

More information

Understanding Annuities

Understanding Annuities Annuities, 06 5/4/05 12:43 PM Page 1 Important Information about Variable Annuities Variable annuities are offered by prospectus, which you can obtain from your financial professional or the insurance

More information

Nonqualified annuities can be classified in a number of ways:

Nonqualified annuities can be classified in a number of ways: The term annuity refers to any situation where principal and interest are paid out in a series of regular payments. A nonqualified annuity, generally, is an annuity purchased by an individual from a life

More information

Payouts. Protection. In One Place.

Payouts. Protection. In One Place. Payouts. Protection. In One Place. ING Single Premium Immediate Annuity issued by ING USA Annuity and Life Insurance Company Your future. Made easier. Payouts. Protection. In today s financial world, some

More information

Is Your Financial Portfolio an Unfinished Work? Color It with a Life Insurance Retirement Plan Protection Now, Income Later

Is Your Financial Portfolio an Unfinished Work? Color It with a Life Insurance Retirement Plan Protection Now, Income Later Life Insurance Client Guide The Art of Retirement Is Your Financial Portfolio an Unfinished Work? Color It with a Life Insurance Retirement Plan Protection Now, Income Later AD-OC-770D 1 Picture Your Future

More information

Buyer s Guide for Deferred Annuities Fixed. Table of Contents

Buyer s Guide for Deferred Annuities Fixed. Table of Contents Buyer s Guide for Deferred Annuities Fixed Table of Contents What Is an Annuity?...2 When Annuities Start to Make Income Payments... 2 How Deferred Annuities Are Alike... 2 How Deferred Annuities Are Different...

More information

ANNUITY PRODUCTS TRAINING COURSE

ANNUITY PRODUCTS TRAINING COURSE ANNUITY PRODUCTS TRAINING COURSE Single Premium Immediate Annuity The Sagicor Gold Series Single Premium Immediate Annuity (SPIA) turns a single lump-sum deposit into a reliable and consistent income stream.

More information

Voya Single Premium Immediate Annuity

Voya Single Premium Immediate Annuity Voya Single Premium Immediate Annuity issued by Voya Insurance and Annuity Company Payouts. Protection. In One Place. Payouts. Protection. In One Place. In today s financial world, some products provide

More information

Your Guide to Fixed Annuities

Your Guide to Fixed Annuities Your Guide to Fixed Annuities A Smart Choice for Safety Conscious Individuals Seeking Financial Security Protect Your Future Whether you re preparing for retirement or already enjoying retirement, a fixed

More information

Annuities. Introduction 2. What is an Annuity?... 2. How do they work?... 3. Types of Annuities... 4. Fixed vs. Variable annuities...

Annuities. Introduction 2. What is an Annuity?... 2. How do they work?... 3. Types of Annuities... 4. Fixed vs. Variable annuities... An Insider s Guide to Annuities Whatever your picture of retirement, the best way to get there and enjoy it once you ve arrived is with a focused, thoughtful plan. Introduction 2 What is an Annuity?...

More information

Buyer s Guide for Deferred Annuities Variable

Buyer s Guide for Deferred Annuities Variable Buyer s Guide for Deferred Annuities Variable Prepared by the NAIC National Association of Insurance Commissioners This guide does not endorse any company or policy Reprinted by John Hancock Life Insurance

More information

Managing Your Beneficiaries Inheritances

Managing Your Beneficiaries Inheritances Managing Your Beneficiaries Inheritances A Predetermined Beneficiary Payout Option 8/13 23220-13A You re in Control With the Predetermined Beneficiary Payout Option, you have the flexibility to choose

More information

Income Plus Variable Annuity

Income Plus Variable Annuity Just the facts about New York Life... Income Plus Variable Annuity What is the New York Life Income Plus Variable Annuity? 1 Why should I consider Income Plus with the Guaranteed Future Income Benefit

More information

Handling the Complexities of Planning With Annuities

Handling the Complexities of Planning With Annuities Handling the Complexities of Planning With Annuities Although commercial annuities are popular investments for seniors, these assets can be complex and are often misunderstood. This article explores planning

More information

Important Information about your Annuity Investment

Important Information about your Annuity Investment Robert W. Baird & Co. Incorporated Important Information about your Annuity Investment What is an Annuity Contract? An annuity is a contract between you and an insurance company, under which you make a

More information

SOLID DISCOVER THE POSSIBILITIES. Retirement Plan Rollover Guide HELPS YOU

SOLID DISCOVER THE POSSIBILITIES. Retirement Plan Rollover Guide HELPS YOU SOLID HELPS YOU DISCOVER THE POSSIBILITIES Retirement Plan Rollover Guide Rollover Guide Table of Contents Retirement Planning Checklist.... 1 Comparing Your Options.... 2 Distribution Details....3 5 Rollover

More information

Buyer s Guide for Deferred Annuities. Table of Contents

Buyer s Guide for Deferred Annuities. Table of Contents Buyer s Guide for Deferred Annuities Table of Contents What Is an Annuity?... 1 When Annuities Start to Make Income Payments... 1 How Deferred Annuities Are Alike... 1 How Deferred Annuities Are Different...

More information

Voya Single Premium Immediate Annuity

Voya Single Premium Immediate Annuity Voya Single Premium Immediate Annuity issued by Voya Insurance and Annuity Company Payouts. Protection. In One Place. Payouts. Protection. In One Place. In today s financial world, some products provide

More information

The individual. A Resource for Your Retirement

The individual. A Resource for Your Retirement Retirement today requires more planning than for previous generations. Americans are living longer many will live 20 to 30 years or more in retirement. Finding a way to make savings last over such a long

More information

Procedure Update Suitability of Annuity Transactions (NE L.B. 887)

Procedure Update Suitability of Annuity Transactions (NE L.B. 887) Procedure Update Suitability of Annuity Transactions (NE L.B. 887) Effective Date: The rules stated in this Update apply to solicitations occurring on and after January 1, 2013. The company must establish

More information

Minimum Premium: Qualified [$5,000] Non-Qualified [$10,000] Maximum Premium: [$250,000]

Minimum Premium: Qualified [$5,000] Non-Qualified [$10,000] Maximum Premium: [$250,000] 2721 North Central Avenue, Phoenix, Arizona 85004-1172 (866) 641-9999 Oxford Life Insurance Company Single Premium Multi-Year Guarantee Annuity With Market Value Adjustment Feature Benefit Summary and

More information

UNDERSTANDING FIXED INDEXED ANNUITIES

UNDERSTANDING FIXED INDEXED ANNUITIES UNDERSTANDING FIXED INDEXED ANNUITIES INTRODUCING FIXED INDEXED ANNUITIES Fixed Indexed Annuities combine the features of Fixed Annuities including tax-deferred interest accumulation, a minimum guaranteed

More information

3/15 23203-15A. Annuity Distribution Options for Your Beneficiaries

3/15 23203-15A. Annuity Distribution Options for Your Beneficiaries 3/15 23203-15A Annuity Distribution Options for Your Beneficiaries Getting Started Beneficiary distribution options tied to annuity assets may differ depending on the types of retirement assets as well

More information

Payouts. Protection. In One Place.

Payouts. Protection. In One Place. Payouts. Protection. In One Place. ING Single Premium Immediate Annuity ANNUITIES Your future. Made easier. Payouts. Protection. In today s financial world, some products provide payout options. Others

More information

Buyer s Guide for. Deferred Annuities

Buyer s Guide for. Deferred Annuities Buyer s Guide for Deferred Annuities Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory

More information

Annuity Principles and Concepts Session Five Lesson Two. Annuity (Benefit) Payment Options

Annuity Principles and Concepts Session Five Lesson Two. Annuity (Benefit) Payment Options Annuity Principles and Concepts Session Five Lesson Two Annuity (Benefit) Payment Options Life Contingency Options - How Income Payments Can Be Made To The Annuitant. Pure Life versus Life with Guaranteed

More information

Variable Annuities. Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com

Variable Annuities. Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com Variable Annuities Page 1 of 8, see disclaimer on final page Variable Annuities What is a variable annuity? Investor

More information

What is an annuity? The basics Part 1 of 8

What is an annuity? The basics Part 1 of 8 What is an annuity? The basics Part 1 of 8 You may be considering an annuity, and, if that s the case, it is important that know what an annuity is and isn t. Basically, an annuity is a contract with an

More information

Choosing tax-efficient investments

Choosing tax-efficient investments Choosing tax-efficient investments Managing your portfolio to help control your tax bill Investors need to consider many factors in the process of choosing investments. One at the top of many investors

More information

NAIC Buyer s Guide for Fixed Deferred Annuities

NAIC Buyer s Guide for Fixed Deferred Annuities NAIC Buyer s Guide for Fixed Deferred Annuities It s important that you understand how annuities can be different from each other so you can choose the type of annuity that s best for you. The purpose

More information

CONSUMER S GUIDE TO. Annuities. Be secure and confident in the decisions you make

CONSUMER S GUIDE TO. Annuities. Be secure and confident in the decisions you make A CONSUMER S GUIDE TO Annuities Be secure and confident in the decisions you make Americans are living longer than ever before. How will they fund these extra years? There are many different approaches.

More information

A variable annuity is a type of annuity in which the contract owner directs the overall investment strategy for the funds placed in the contract.

A variable annuity is a type of annuity in which the contract owner directs the overall investment strategy for the funds placed in the contract. The term annuity derives from a Latin term meaning annual and generally refers to any circumstance where principal and interest are liquidated through a series of regular payments made over a period of

More information

A variable annuity is a type of annuity in which the contract owner directs the overall investment strategy for the funds placed in the contract.

A variable annuity is a type of annuity in which the contract owner directs the overall investment strategy for the funds placed in the contract. The term annuity derives from a Latin term meaning annual and generally refers to any circumstance where principal and interest are liquidated through a series of regular payments made over a period of

More information

Royal Select PRODUCT GUIDE. fixed indexed annuity. The SOLUTION Before life presents the problem. RS383C

Royal Select PRODUCT GUIDE. fixed indexed annuity. The SOLUTION Before life presents the problem. RS383C PRODUCT GUIDE Royal Select fixed indexed annuity The SOLUTION Before life presents the problem. Financial Strength Rating A M BEST A- Excellent RS383C1 69462058 *Effective as of 5-7-2014. For the latest

More information

A GUIDE TO INVESTING IN ANNUITIES

A GUIDE TO INVESTING IN ANNUITIES A GUIDE TO INVESTING IN ANNUITIES What Benefits Do Annuities Offer in Planning for Retirement? Oppenheimer Life Agency, Ltd. Oppenheimer Life Agency, Ltd., a wholly owned subsidiary of Oppenheimer & Co.

More information

Annuities. and. Elders

Annuities. and. Elders Annuities and Elders Opportunity for Tax-Deferred Growth No Further Investment Decision-Making Necessary Guaranteed Return Eligibility for Medi-Cal for an Elder Defers Income in Anticipation of a Lower

More information

Flexible Premium Deferred Annuity Handbook. Concepts and Definitions

Flexible Premium Deferred Annuity Handbook. Concepts and Definitions Flexible Premium Deferred Annuity Handbook Contents Overview of Annuities 3 Definition of Flexible Premium Deferred Annuity (FPDA) 4 What is the Difference Between a Qualified and Nonqualified Annuity?

More information

Protection Now. Income Later.

Protection Now. Income Later. Protection Now. Income Later. Life Insurance Retirement Plan for Women AD-OC-749C What are two problems facing today s woman? 1 2 The Family s Financial Vulnerability. Whether you are part of a two-income

More information

The Individual Annuity

The Individual Annuity The Individual Annuity a re s o u rc e i n yo u r r e t i r e m e n t an age of Decision Retirement today requires more planning than for previous generations. Americans are living longer many will live

More information

I AM STABILITY. You Can Create Income That Never Runs Out. By Adding Annuities to Your Retirement Strategy

I AM STABILITY. You Can Create Income That Never Runs Out. By Adding Annuities to Your Retirement Strategy You Can Create Income That Never Runs Out By Adding Annuities to Your Retirement Strategy I AM STABILITY A Case Study Using Fixed Annuities and Mutual Funds 9/15 23239-15B Products that Create Cash Flow

More information

Buyer s Guide for. Deferred Annuities. Fixed

Buyer s Guide for. Deferred Annuities. Fixed Buyer s Guide for Deferred Annuities Fixed Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance

More information

Great American Life. American Valor II. Platinum Series Flexible Fixed-Indexed Annuity B1067408NW

Great American Life. American Valor II. Platinum Series Flexible Fixed-Indexed Annuity B1067408NW Great American Life American Valor II Platinum Series Flexible Fixed- Annuity B1067408NW Building Lifestyle Security You ve worked hard for what you have. Wouldn t you like the freedom to enjoy your retirement

More information

PHL Variable Insurance Company PO Box 8027, Boston, MA 02266-8027

PHL Variable Insurance Company PO Box 8027, Boston, MA 02266-8027 PHL Variable Insurance Company PO Box 8027, Boston, MA 02266-8027 Phoenix Personal Income Annuity and Phoenix Personal Protection Choice Indexed Annuity Disclosure Document A Single Premium Deferred Modified

More information

The Lafayette Life Insurance Company Agents Products Quiz The Marquis Series of Products and Other Annuities

The Lafayette Life Insurance Company Agents Products Quiz The Marquis Series of Products and Other Annuities There are different types of annuity products that can serve different needs. Even within a particular type of annuity product category, for example a fixed indexed annuity, the benefits and features can

More information

Understanding Annuities

Understanding Annuities Understanding Annuities Annuities ARE NOT INSURED BY FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE IFS-A092313 Ed. 01/2005 Letter

More information

Variable Annuities Because Retirement Requires a New Way of Thinking

Variable Annuities Because Retirement Requires a New Way of Thinking Pacific Life Variable Annuities Because Retirement Requires a New Way of Thinking 13141-12A 5/12 5/15 13141-15A As You Plan for Retirement, Think Differently Whether you re approaching retirement or already

More information

Be prepared for whatever comes your way.

Be prepared for whatever comes your way. Fixed Annuities Your 5-minute Guide Be prepared for whatever comes your way. Prepare for the unexpected When it comes to the retirement you ve worked so hard for, you might not be willing to accept the

More information

Income Plus Variable Annuity

Income Plus Variable Annuity Just the facts about New York Life... Income Plus Variable Annuity What is the New York Life Income Plus Variable Annuity? 1 Why should I consider Income Plus with the Guaranteed Future Income Benefit

More information

ATHENE Enhanced Choice 8 Fixed Index Annuity. Annuities issued by Athene Annuity & Life Assurance Company, Wilmington, DE S7215 (R5-15) IL-LA

ATHENE Enhanced Choice 8 Fixed Index Annuity. Annuities issued by Athene Annuity & Life Assurance Company, Wilmington, DE S7215 (R5-15) IL-LA ATHENE Enhanced Choice 8 Fixed Index Annuity Annuities issued by Athene Annuity & Life Assurance Company, Wilmington, DE S7215 (R5-15) IL-LA An annuity with built-in flexibility for your changing needs

More information

Six Best and Worst IRA Rollover Decisions

Six Best and Worst IRA Rollover Decisions Six Best and Worst IRA Rollover Decisions Provided to you by: William E. Watson III, RFC Registered Financial Consultant Six Best and Worst IRA Rollover Decisions Written by Javelin Marketing, Inc. Presented

More information

Thanks for being here. We want to give you some things to consider while you re saving for retirement and a brief overview of the different types of

Thanks for being here. We want to give you some things to consider while you re saving for retirement and a brief overview of the different types of 1 Thanks for being here. We want to give you some things to consider while you re saving for retirement and a brief overview of the different types of annuities available and their features that may benefit

More information

CONFIDENCE FLEX 85. Confidence is Liquidity Liquidity is Confidence

CONFIDENCE FLEX 85. Confidence is Liquidity Liquidity is Confidence CONFIDENCE FLEX 85 Confidence is Liquidity Liquidity is Confidence THE CONFIDENCE SERIES A GROUP FLEXIBLE PREMIUM DEFERRED ANNUITY WITH PREMIUM BONUS GROUP POLICY FORM 01-1114-98 CERTIFICATE FORM 01-1114CA-98

More information

Fixed Annuity. SecureFore 5. Client Guide. Annuities issued by Forethought Life Insurance Company

Fixed Annuity. SecureFore 5. Client Guide. Annuities issued by Forethought Life Insurance Company SM SecureFore 5 Fixed Annuity Annuities issued by Forethought Life Insurance Company Client Guide Not a bank deposit Not FDIC/NCUA insured Not insured by any federal government agency No bank guarantee

More information

Index Growth Annuity The Broker s Sales Guide to an Individual Fixed Annuity from Standard Insurance Company

Index Growth Annuity The Broker s Sales Guide to an Individual Fixed Annuity from Standard Insurance Company Index Growth Annuity The Broker s Sales Guide to an Individual Fixed Annuity from Standard Insurance Company s t a n d a r d i n s u r a n c e c o m p a n y Table of Contents Introduction An Index Annuity.............................

More information

Variable annuities. A tax-advantaged way to save for retirement

Variable annuities. A tax-advantaged way to save for retirement Variable annuities A tax-advantaged way to save for retirement Common terms Annuitant The person (may be the same as the contract owner) whose life expectancy is used to calculate the income payment amount

More information

Understanding annuities

Understanding annuities Wealth Management Americas Understanding annuities Rethinking the role they play in retirement income planning Helping to protect your retirement income security from life s uncertainties. The retirement

More information

Guide to buying annuities

Guide to buying annuities Guide to buying annuities Summary of the key points contained in this disclosure document Before you purchase your annuity contract, make sure that you read and understand this guide. While reading this

More information

Variable Annuities 101

Variable Annuities 101 WealthMark Advisory Services Philip Scholler President/CEO 5001 Horizons Drive Suite 201 Columbus, OH 43220 614-824-4352 phil@wealthmarkas.com www.wealthmarkas.com Inside Workbook: What Is a Variable Annuity?

More information

The Basics of Annuities: Planning for Income Needs

The Basics of Annuities: Planning for Income Needs March 2013 The Basics of Annuities: Planning for Income Needs summary the facts of retirement Earning income once your paychecks stop that is, after your retirement requires preparing for what s to come

More information

Basic Annuity Basics

Basic Annuity Basics Basic Annuity Basics For broker use only; Securities and Investment Advisory Services offered through Woodbury Financial Services, Inc. Member FINRA, SIPC and Registered Investment Adviser. P O Box 64284

More information

ANNUITIES: WHAT ARE THEY AND HOW ARE THEY USED

ANNUITIES: WHAT ARE THEY AND HOW ARE THEY USED ANNUITIES: WHAT ARE THEY AND HOW ARE THEY USED (FORC Journal: Vol. 18 Edition 1 - Spring 2007) 1 An annuity is a contract under which the owner of the contract pays money or transfers assets to the obligor

More information

Although variable annuities are typically invested in mutual funds, variable annuities differ from mutual funds in several important ways:

Although variable annuities are typically invested in mutual funds, variable annuities differ from mutual funds in several important ways: Variable Annuities And What You Should Know About Them Variable annuities have become a part of the retirement and investment plans of many Americans. Before you buy a variable annuity, you should know

More information

Annuities 101. What is an annuity. Type of Annuities. How to get started

Annuities 101. What is an annuity. Type of Annuities. How to get started Annuities 101 What is an annuity Type of Annuities How to get started What is an Annuity? An annuity is a long-term (often 5 years or more), interest-paying contract offered through an insurance company.

More information

Understanding Annuities: The Basics

Understanding Annuities: The Basics Private Wealth Management Products & Services Understanding Annuities: The Basics Will your savings last a lifetime? Many preretirees and retirees are uncertain whether the nest egg they have built will

More information

Annuities a source of guaranteed income, for life.

Annuities a source of guaranteed income, for life. Annuities a source of guaranteed income, for life. Experience the security and stability an annuity can provide for your long-term income needs, plus discover benefits that can help you pursue your financial

More information

Understanding annuities

Understanding annuities ab Wealth Management Americas Understanding annuities Rethinking the role they play in retirement income planning Protecting your retirement income security from life s uncertainties. The retirement landscape

More information

CHOICE Variable Annuity Fact Sheet

CHOICE Variable Annuity Fact Sheet PACIFIC CHOICE Variable Annuity Fact Sheet Why a Variable Annuity A variable annuity, like Pacific Choice, is a long-term contract between you and an insurance company that helps you grow, protect, and

More information

Immediate Annuities. Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com

Immediate Annuities. Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com Immediate Annuities Page 1 of 7, see disclaimer on final page Immediate Annuities What is an immediate annuity?

More information

The Individual Annuity

The Individual Annuity The Individual Annuity a resource in your retirement an age of Decision Retirement today requires more planning than for previous generations. Americans are living longer many will live 20 to 30 years

More information

Understanding Annuities

Understanding Annuities Understanding Annuities Annuities issued by Pruco Life Insurance Company (in New York, issued by Pruco Life Insurance Company of New Jersey) and The Prudential Insurance Company of America. 0160994-00006-00

More information

Secure Income Annuity. Base Product. live CONFIDENTLY

Secure Income Annuity. Base Product. live CONFIDENTLY Secure Income Annuity Base Product live CONFIDENTLY Welcome! Security Benefit Secure Income Annuity Most of us look forward to retirement. We want to know that when we retire, especially in the volatile

More information

Understanding Annuities

Understanding Annuities Retirement Planning Understanding Annuities Learn how these versatile investments can be part of your strategy for retirement savings and income. understanding annuities Annuities can help provide the

More information

Chapter 19 Retirement Products: Annuities and Individual Retirement Accounts

Chapter 19 Retirement Products: Annuities and Individual Retirement Accounts Chapter 19 Retirement Products: Annuities and Individual Retirement Accounts Overview Thus far we have examined life insurance in great detail. Life insurance companies also market a product that addresses

More information

Annuities The Key to a

Annuities The Key to a Annuities The Key to a Secure Retirement 1 Saving for retirement is crucial, and making sure those resources last throughout your lifetime is just as important. Annuities do both helping you save, then

More information

Strategies for Turning Retirement Savings Into Retirement Income

Strategies for Turning Retirement Savings Into Retirement Income Private Wealth Management Products & Services Strategies for Turning Retirement Savings Into Retirement Income How to move from accumulating assets to utilizing them Retirement Income Planning is more

More information

Guide to buying annuities

Guide to buying annuities Guide to buying annuities Summary of the key points contained in this disclosure document Before you purchase your annuity contract, make sure that you read and understand this guide. While reading this

More information

WHAT YOU DON'T KNOW ABOUT ANNUITIES CAN HURT YOU FINANCIALLY

WHAT YOU DON'T KNOW ABOUT ANNUITIES CAN HURT YOU FINANCIALLY WHAT YOU DON'T KNOW ABOUT ANNUITIES CAN HURT YOU FINANCIALLY Presented by: James J. Holtzman, CFP, CPA Personal Chief Financial Officer and Shareholder Legend Financial Advisors, Inc. And EmergingWealth

More information

Voya GoldenSelect Guarantee Annuity

Voya GoldenSelect Guarantee Annuity Voya Insurance and Annuity Company Deferred Modified Guaranteed Annuity Prospectus Voya GoldenSelect Guarantee Annuity May 1, 2015 This prospectus describes Voya GoldenSelect Guarantee Annuity, a group

More information

FG Guarantee-Platinum. A Single Premium, Fixed Deferred Annuity with tax-deferred earnings featuring a choice of a 3, 5 or 7-year rate guarantee

FG Guarantee-Platinum. A Single Premium, Fixed Deferred Annuity with tax-deferred earnings featuring a choice of a 3, 5 or 7-year rate guarantee A Single Premium, Fixed Deferred Annuity with tax-deferred earnings featuring a choice of a 3, 5 or 7-year rate guarantee ADV 1010 (01-2011) Fidelity & Guaranty Life Insurance Company Rev. 07-2014 12-716

More information

Six Best and Worst IRA Rollover Decisions

Six Best and Worst IRA Rollover Decisions Six Best and Worst IRA Rollover Decisions Provided to you by: Bob Planner CPA Six Best and Worst IRA Rollover Decisions Written by Financial Educators Provided to you by Bob Planner CPA DE 068708 ABC Securities

More information

Variable Annuity Suitability Form

Variable Annuity Suitability Form Variable Annuity Suitability Form P.O. Box 64284, St. Paul, MN 55164 (800) 800-2638 woodburyfinancial.com This submission must contain the items listed below. If any of the following items in this submission

More information

Buyer s Guide for. Deferred Annuities. For personal, non-commercial use only.

Buyer s Guide for. Deferred Annuities. For personal, non-commercial use only. Buyer s Guide for Deferred Annuities Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory

More information

Annuities. Products. Safe Money. that Stimulate Financial Growth & Preserve Wealth. Safe Money is for money you cannot afford to lose.

Annuities. Products. Safe Money. that Stimulate Financial Growth & Preserve Wealth. Safe Money is for money you cannot afford to lose. Annuities Safe Money Products that Stimulate Financial Growth & Preserve Wealth Safe Money is for money you cannot afford to lose. Learn why Annuities are considered to be a Safe Money Place and how these

More information

Explorer. Client Guide. A Deferred Fixed Annuity for a Confident Retirement 60002-11A 9/11

Explorer. Client Guide. A Deferred Fixed Annuity for a Confident Retirement 60002-11A 9/11 Explorer A Deferred Fixed Annuity for a Confident Retirement 60002-11A 9/11 Client Guide The Power to Help You Succeed Pacific Life has more than 140 years of experience, and we remain committed to providing

More information

Annuities. Fixed Annuity: An annuity which the amount paid out is fixed sum and is usually guaranteed.

Annuities. Fixed Annuity: An annuity which the amount paid out is fixed sum and is usually guaranteed. Annuities Fixed Annuity: An annuity which the amount paid out is fixed sum and is usually guaranteed. Loads: The fees or charges paid when you purchase an annuity. Includes sales commissions. Author: Douglas

More information

Leaving your employer? Options for your retirement plan

Leaving your employer? Options for your retirement plan Leaving your employer? Options for your retirement plan Contents Evaluating your options 1 The benefits of tax-deferred investing 4 Flexibility offered by an IRA rollover 6 How to get started 9 Evaluating

More information

WISCONSIN ANNUITY TRAINING COURSE. Mandatory Topic List

WISCONSIN ANNUITY TRAINING COURSE. Mandatory Topic List WISCONSIN ANNUITY TRAINING COURSE Mandatory Topic List Minimum length of training shall be sufficient to qualify for at least 4 continuing education credits, but may be longer. Instructors should design

More information