American Equity – Product Adjustments and Fiduciary Rule Reminder

Product Adjustments

American Equity has issued the following announcements:

General announcement to the field: Click Here

Connecticut specific announcement: Click HereCalifornia specific announcement: Click Here

Fiduciary Rule Reminder

The Department of Labor Fiduciary Rule is now in effect and we want to take this opportunity to remind you of the Rule’s requirements.

Under the Rule, agents are a fiduciary when they sell a fixed or fixed index annuity to a consumer using ERISA retirement plan or IRA funds. Agents need to comply with Prohibited Transaction Exemption 84-24 (PTE 84-24) or the Best Interest Contract Exemption (BICE) in order to receive compensation.

Agents utilizing PTE 84-24 need to comply with the Impartial Conduct Standards and the PTE 84-24 disclosure requirements. Click here for a sample disclosure and for additional information about PTE 84-24. This disclosure does not need to be submitted to us but should be retained in the agent file. PTE 84-24 can be used for fixed index annuities until January 1, 2018. BICE will apply to sales of fixed index annuities on January 1, 2018, unless the Rule is revised.

Agents utilizing BICE need to comply with the Impartial Conduct Standards and submit business through a properly appointed Financial Institution. Additional BICE requirements will be effective January 1, 2018. Click here for information about BICE.

Due to these requirements, we have made changes to our business process. Entities acting as a Financial Institution will need to execute a Selling Agreement with American Equity. A signed Producer Attestation (Form 4510) must be included with all qualified PTE 84-24 business submitted to us from now until the end of the year, including new sales and additional premium submitted by an agent.

We highly recommend you take the LIMRA Fiduciary Rule training that we are providing to agents at no cost. Click here for additional information about the training.

Voya – Life Rate Update

Life Insurance Rate Changes

Effective July 1, 2017, Voya Financial will be implementing changes to certain universal life products’ interest rates.
Despite these changes, we continue to offer a comprehensive indexed universal life product portfolio, featuring our top selling Voya IUL-Global Choice product.  The 2-year and 5-year Global Indexed Strategies feature unchanged participation rates of 65% and 90% respectively – with no index cap.  Plus, our patented hindsight methodology applies interest credits based on the best 2 out of 3 performing indices!

To view the rate announcement, click here.

National Western – The Score Newsletter

NWL Income Protector –  New States Added! 
We are excited to announce that the NWL Income Protector is now available in even more states!

For this latest group of states, you’ll find that the approved product offers most of the same great features that everyone is raving about with only a few minor differences.

Visit MyNWL to view the updated marketing materials for the state variations. Click here to view the newly approved states.

For an at-a-glance look at the state variations, you can reference the highlight sheet by clicking here.

NWL DOL Fiduciary Standard Strategy
As of June 9, 2017, the Department of Labor Fiduciary Rule is officially in effect. We have hosted several webinars to provide a detailed overview on our DOL strategy. Be sure to stay tuned for more informative webinars to come! Click here to read the entire Agency Bulletin regarding NWL’s strategy.

E & O Now Required
As of 4/1/17, NWL now requires E & O from all newly contracted agents who solicit our products. Effective immediately, all agents are required to maintain E & O coverage.

Please be sure that your E & O requirement is satisfied prior to submitting any business or it may affect the turnaround time of the application process.

National Western – New State Approvals for Income Protector

NWL Income Protector New States Added!

We are excited to announce that the NWL Income Protector is now available in more states.

Our newest superhero of annuities features most of the same great benefits of our initial offering, with some minor differences for the following states:

Alaska

Indiana

Massachusetts

Minnesota

Nevada

New Jersey

Ohio

Oklahoma

Oregon

Pennsylvania

South Carolina

Texas

Utah

Washington

 

NWL Income Protector At-A-Glance:

  • Optional Income Rider, currently offered with No Charge!*
  •  RMD-Friendly Annuity and Income Rider
  • Flexible Premium Deferred Annuity
  • Full Account Value Death Benefit Before Annuity Date
  • Issue Ages 0-90 NQ/Q
  • Medical Stay Waiver and Terminal Illness Benefit or Injury

NWL Income Protector state variation marketing materials are now available on MyNWL. See Annuity State Approval Chart for list of approved states. Product Specific Training is required so please visit MyNWL to update your certification.