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Annuity Best Interest and Suitability (ID)

4 credits

Course #: 6000205495

Annuity Fundamentals

What is an Annuity?
Annuity Parties
Periods of an Annuity
Similar to Life Insurance
Different Than Life Insurance

Classifications of Annuities

Categories
Immediate vs. Deferred
Number of Annuitants
Premium Payments
Payout Options
Accumulation Method

Accumulation Period

Definition
Pay-In Options
Deferred Annuities
Accumulation Method

Deferred Annuities

Deferred Annuities Overview
What is Deferred?
Accumulation Period
Annuity Parties
Owner-Driven vs. Annuitant-Driven
Consequences
Beneficiary
Annuitization
Liquidation Period
Advantages
Disadvantages

Traditional Fixed

Deferred Annuities
What is a “Fixed” Annuity?
Interest Rates
Setting the Interest Rate
Current Rate and Minimum Rate
Bailout Provision
Market Value Adjustment (MVA)
Traditional Fixed – Example 1
Traditional Fixed – Example 2
Traditional Fixed – Example 3

Deferred Annuities
What is a “Fixed” Annuity?
Traditional vs. Equity-Indexed
Guaranteed Interest Rate
MGSV
Stock Market Index
S&P 500 Index
Crediting Formula

Equity-Indexed: Indexing Method

Index Term
Indexing Methods
Annual Reset (Ratchet)
High-Water Mark
Point-to-Point

Equity-Indexed: Adjustments

Participation Rate
Cap
Spread
Averaging
Floor
Compounding Interest
EIA – Example 1
EIA – Example 2
EIA – Example 3

Withdrawals, Surrenders, and Charges

Withdrawals & Surrenders
Withdrawal & Surrender Charges
Purpose of Charges
Limited Free Withdrawal
Vesting
Other Charges

Annuitize or Not?

Deferred Annuities Overview
Accumulation Period
Annuitization
Liquidation Period
Advantages of Annuitization
Disadvantages of Annuitization

Liquidation Period

Definition
Reasons For Not Annuitizing
Deferred Annuities
Immediate Annuities
Payout Frequency Options
Payout Options

Liquidation Payout Options

Payout Options
Pure Life
Life With Period Certain
Life With Installment Refund
Life With Cash Refund
Fixed Period Certain
Fixed Amount Certain
Joint and Survivor
Most Money Paid Out
Changing the Payout Option

Federal Income Taxes

Non-Qualified vs. Qualified
IRAs
IRAs: Traditional vs. Roth
IRA Contributions
IRA Contributions (continued)
Accumulation Period Premium Payments
Accumulation Period Growth
Accumulation Period Amounts Received
Liquidation Period Amounts Received
The Annuity Advantage
Deferred Annuity Tax Disadvantages

Primary Uses of Annuities

Uses of Immediate Annuities
Uses of Deferred Annuities
Individual Retirement Annuities

Suitability Duties

Purpose of Laws Regarding Suitability Duties
Best Interest Obligations
Care Obligations
Requirements Under Care Obligations
Consumer Profile Information
Replacement Defined
Replacement Considerations
Disclosure Obligations
Conflict of Interest Obligations
Documentation Obligations
Recordkeeping
Bulletin 21-05 – Guidance and Forms

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