Annuity Buzz

Due to the SECURE Act, we previously suspended sales of inherited IRAs. We are happy to announce as of Sept. 1, 2020, we will start accepting inherited IRAs for spouses only. At this time we are not accepting non-spousal inherited IRAs but will review this decision in the future.

Effective immediately, producers in Pennsylvania must be licensed and appointed with The Standard before signing an application with us. We can’t process applications in the state if you aren’t appointed with us.

Who doesn’t want a faster, easier way to receive new annuity contracts? Later this year, our clients and producers will be able to review, sign, save, and print contracts through DocuSign. Delivering contract forms online will help you and your clients save time — and get contract requirements completed quickly.

You can help avoid application delays by taking your product training before you work with your client to complete their paperwork. Take a few minutes now to complete The Standard’s product training, so you’re always ready to sell in states that require company-specific training.

New Jersey, Minnesota and Oklahoma join Washington for a 10-day free-look period available on restricted SPIAs intended for Medicaid purposes. The shorter 10-day period may help expediate the Medicaid approval process — benefiting you and your client.

When you’re helping a client apply for an IRA, understanding the difference between a rollover and a transfer is important. Checking the wrong box about the source of the funds can result in a letter from the IRS. Let’s look at how to help clients avoid IRS questions about income reporting.

The deadline to file Form 5498 has been delayed by the CARES Act. We plan to send the form to policyowners in August.

We recently sent out letters about the CARES Act legislative changes affecting Required Minimum Distributions to clients that are RMD eligible. They were customized for each clients’ situation, describing the distribution options that are now available.

We’re implementing some changes to our processes to make it easier for you to do business with us through the challenges of COVID-19 social distancing. Starting now through June 1, 2020, we are implementing numerous business accommodations.

We’ve updated our suitability form with a question that asks why a client wants to exchange or replace an annuity.