September 2010
Rates May Change but Some Things Remain the Same
In the past couple of years we have seen dramatic changes in the financial services industry. Since 2008 interest rates have been on a rollercoaster. Right now we all know rates are reaching an all-time low. What hasn’t changed is The Standard’s commitment to sound, conservative investments, a focus on the fundamentals of our daily business practices and a commitment to our distributors to always do the right thing. In this edition of Annuity News we are republishing an article authored by Alex Vorro of Insurance Networking News that names the 50 top-performing Life/Health carriers, including The Standard.
Have a great September!
Rich Lane
Director, Sales & Marketing
50 Top-Performing Life/Health Carriers Named by Ward Group
By Alex Vorro
Published by permission from Insurance Networking News (July 13, 2010)
...And the results are in. Ward Group today announced the results of its 20th annual analysis of the top financial performance among nearly 800 U.S.-based life and health carriers. The 2010 Ward’s 50 life/health group of insurance companies produced a 16.1% return on average equity from 2005 to 2009 compared to 3.7% for the life-health industry overall.
A Request For Prompt Death Notification To Facilitate Claims
The customer service team at The Standard has received many notifications of death when a beneficiary is coming in to sign the paperwork within minutes of the call. This is an inefficient method of notification. Requests for death claim paperwork are best handled when they are called in to our office, at 1.800.247.6888, as soon as you learn of a client's passing. Death claim specialists will review the case and provide customized forms outlining the choices available to the beneficiary (ies) based on the product purchased and the beneficiary relationship. Beneficiary information can be e-mailed, faxed or sent regular mail to either your office or directly to the beneficiary.
Notifying The Standard about a death as soon as you learn of it will result in a quicker and more efficient resolution to the claim. Be sure to have the date and proof of death (such as a death certificate or physician's statement) at hand. The date of death drives many important factors in the claim process. The Annuities Administration Team is ready to answer any questions you have regarding this subject.
News From The New Business Front
Our dear friend and coworker Maggie Lee has decided to retire. Her last day with us will be October 1, 2010. Maggie's career at The Standard spans 33 years, all dedicated to individual annuities! Many of you have had the opportunity to work with Maggie over the years, and we're sure you echo our sentiments at the home office. We will miss not only Maggie's expertise, but also our daily interactions with her. We are all very happy to know Maggie can now spend more time with her family, especially her husband and father. If you would like to connect with Maggie in the coming weeks she can be reached at 971-321-8969 or mlee2@standard.com.
How To Help Annuity Customers Understand The Basics
By Emma Isakson, Legal Intern
What should every annuity client know about their annuity? This may seem like a simple question, but as you know, annuities are unique and complex products. It can be difficult to determine what is truly important for a consumer to know. Here’s our list:
Substantially Equal Periodic Payments (SEPP)
By James Smith, Tax and Operations Specialist
Annuities are considered long-term retirement vehicles; therefore, to discourage withdrawals prior to attaining the age of 59 ½, a federal 10 percent additional tax is imposed on premature distributions. The Internal Revenue Code provides for a few exceptions to the additional tax on premature distributions; one exception is by taking substantially equal periodic payments.
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