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How Our Free Look Period Works

Occasionally, a client receives a new annuity contract from The Standard and decides not to keep it. That’s when a free look period can matter. Our 30-day free look period on most annuities allow clients to end the contract and have all funds returned without a penalty. Clients can have the funds sent directly to themselves, to the originating transfer company or to an established U.S. financial institution.

To take advantage of the free look, here’s what a client must provide:

  • A signed letter of instruction stating that the policyowner doesn’t want to keep the policy. The letter should indicate where to send the money.
  • Disbursement Form 5031, also known as a substitute IRS Form W-4P and W-9, signed by the client. The form must include the policyowner’s Social Security number or taxpayer identification number.
  • A signed letter of acceptance from the original transfer company or U.S. financial institution, if applicable.

Have Questions?

We offer a 30-day free look period on most contacts, but check your individual state requirements. If you have any questions, contact our service specialists at 800.247.6888 or send us a message.

 

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More About Producer Advisories

We’re always looking to improve the customer experience. Thanks to your feedback, we’re rolling out new options for annual interest payments. See how these new features work.
We mailed IRS Form 1099-R in February to clients who took a distribution last year. You can view and download 2023 and prior year tax forms on the Annuity Portal.
Required Minimum Distribution notifications were mailed out at the end of January. Here’s the rundown on who we sent them to and what to expect.
We’re sending out IRS Form 1099-R in January. We’ll also post them on the Annuity Portal at that time. Take a second to mark your calendars and remind your clients.
Please review this recent compliance alert: Florida House Bill 1185, Suitability of Individual Annuity Sales Recommendations.
Please review this recent compliance alert: Kansas K.A.R. 40-1-53, Suitability of Individual Annuity Sales Recommendations.
Please review this recent compliance alert: Oregon Senate Bill 536, Suitability of Individual Annuity Sales Recommendations.
Please review this recent compliance alert: Tennessee Rule 0780-01-86, Suitability of Individual Annuity Sales Recommendations.
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