Personal Choice Annuity Agent Training

Personal Choice Annuity


Agent Training


FOR PRODUCER USE ONLY

This presentation is intended for producer use only and should not be disclosed to the public.

The information contained in this presentation is general in nature and is subject to the applicable annuity and rider language.


Sentinel Security LifeFounded in 1948 and dedicated to the senior market

Expanding product portfolio that includes:• Final Expense Life Insurance• Medicare Supplement/Select• Hospital Advantage• Annuities

Competitive Commissions

Strong financial background


Basics• Single Premium Deferred Annuity• Issue Ages 0-90• Contribution Limits

– $2500 - $1,000,000– Qualified or Non Qualified

• 5, 7, or 10 year surrender periods• Optional Riders allow for flexibility in withdrawing funds• Positioned to have industry leading

crediting rates

Personal Choice Annuity Surrender Charges and

MVA• Surrender charges vary by

state. Please see state- specific Agent Quick Sheet for details.

• The MVA is specified in the contract.

• In most states the contract includes Market Value Adjustment


Ideal Candidates

• People with CD’s

• People with Cash on Hand

• People with expiring MYGA’s

• People worried about market volatility

Personal Choice Annuity Current Crediting

Rates 5 Year 7 Year 10 Year

All States except FL and MN

3.30% 3.45% 3.75%

Florida 3.20% 3.35% 3.65%

Minnesota 3.00% 3.15% 3.45%

Rates Effective May 1, 2014.


Optional Rider Rate ReductionDeath Benefit Feature 0.35%Required Minimum Distribution

0.16%

Terminal Illness Nursing Home

0.15%

Accumulated Interest Withdrawal

0.08%

Preferred 10% Free Withdrawal

0.08%

72(t) Withdrawals 0.05%

Rider Costs


Death Benefit FeatureThis rider ensures that upon the death of the annuitant, the death benefit paid will equal the total contract value

• Surrender Charges and MVA waived

• Allows for certain payout options

• Required for issue ages 86-90

• Included in all Florida contracts


Required Minimum Distribution (RMD)This rider allows the withdrawal of a Required Minimum Distribution without Surrender Charge or Market Value Adjustment applied to the amount of the distribution.

• RMD requirements for annuitants who will reach the 70 ½ year-old age threshold.

Personal Choice Annuity Terminal Illness /

Nursing Home FeatureThis rider allows access to some or all of the funds under certain conditions like the diagnosis of a terminal illness or confinement to a nursing home for more than 90 days.

• Not available in California, Florida or Pennsylvania


Accumulated Interest WithdrawalThis rider allows a withdrawal of accumulated interest without Surrender Charge or Market Value Adjustment during the Surrender Charge Period.

• Allows for monthly, quarterly, semi-annual and annual payments.

• Interest payments may be received in the first year.


Preferred 10% Free WithdrawalThis rider allows for the first withdrawal with a value of up to 10% of the contract value (on a non-cumulative basis) or the RMD.

• This does not entitle a 10% free withdrawal on full surrenders.

• This rider takes effect in year 2 of the contract.

Personal Choice Annuity 72(t) Free

Withdrawal• This rider is for contract owners younger than 59 ½ years old and allows for the withdrawal of substantially equal periodic payments under IRS Code 72(t) without surrender charge or Market Value Adjustment.

• Should not add for annuitants older than 59 ½ due to no IRS early withdrawal penalty.


Applications - Suitability

• Rider Selection – Remember RMD Rules

• No Riders added (except RMD at a new guarantee period)

• No Riders may be removed

• Suitability Forms

• 45 Day Rate Lock after Funds Transfers – Refer to Field Guide for more details

Personal Choice Annuity Personal Choice

AnnuityTM Disclosures

• Products and available riders can vary by state

• Any annuity with surrender charges may present liquidity concerns for the client.

• Review other asset sources with the client including short-term income and liquid assets for both emergencies and cash needs prior to the expiry of the surrender charge period.


Forms & Applications

Forms available to order• Agent Quick Sheet• Client Brochure• Application Packs

Online Only Forms• Rate Sheet• Agent Field Guide

All forms are available on the Producer Portal (www.sslco.com/agents)

http://www.sslco.com/agents


How to Quote•Download desktop rating software from the Producer Portal (www.sslco.com/agents)



Contracting Information

E&O required • Minimum of $1,000,000

Product Specific Training (required in NAIC Model Regulation states)

• Available on the Producer Portal (www.sslco.com/agents)


Personal Choice Annuity Contact Information

Mail: Sentinel Security LifeAttn: New BusinessP.O. Box 65478Salt Lake City, UT 84165

Express Mail: Sentinel Security Life Attn: New Business

1405 West 2200 SouthSalt Lake City, UT 8119

Fax: 877-841-8613 Phone: 800-247-1423 Email: [email protected] or [email protected]: www.sslco.com

Date post:	24-Feb-2016
Category:	Documents
Upload:	jenny
View:	35 times
Download:	0 times

Personal Choice Annuity Agent Training

Documents