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Important California/Annuity Changes, Effective January 1

California Changes Effective January 1, 2017
• Revised Financial Needs Analysis Form
• Three Index Annuities Withdrawn



Revised Financial Needs Analysis Form
California SB 924 requires California agents to obtain information regarding the applicants' intentions to apply for means-tested government benefits. These benefits may include but are not limited to Medi-Cal, or veterans aid and attendance benefits.

As a result, the Financial Needs Analysis form has been revised with the addition of Question 12 in order to comply with this requirement. The revised California-specific Financial Needs Analysis – ET-2506CA(10-16) is now on Agents.EquiTrust.com, and is included in AppBuilder for California application packets. To view or download,
click here. On January 1, 2017 the new ET-2506CA(10-16) Financial Needs Analysis form will be required in California. 

Three Index Annuities Withdrawn
California passed a legislative bill (Assembly Bill 2884) that places certain restrictions on fixed annuity surrender charges – resulting in some products being withdrawn from sale in California, and others offered with lower surrender charges.

Products Withdrawn in California effective 1/1/17:
• MarketPower Bonus Index – Withdrawn
• MarketTwelve Bonus Index – Withdrawn
• MarketBooster Index – Withdrawn

Only cash-with-applications accepted through Friday 12/30/16. 1035 Exchange or Transfer Applications are no longer accepted. See
Transition Rules for further details.


Good News! Despite the new restriction, several products will be available beginning 1/1/17 with reduced surrender charges! Plus, commissions are unchanged for products offered after 1/1/17!

Products Available For Sale in California Beginning 1/1/17

DynaMARC Index® Annuity
• Lower surrender charges (variation):
  (10-Years) 9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5, 0.5%

MarketTen Bonus Index® Annuity
• Lower surrender charges (variation):
  (10-Years) 9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5, 0.5%

MarketValue Index® Annuity
• Lower surrender charges (variation):
  (10-Years) 9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5, 0.5%

Certainty Select® Annuity (MYGA)
• Lower surrender charges (variation) – the surrender charge period
  matches the guarantee period:
  9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5, 0.5%

ChoiceFour® Annuity (Traditional Fixed)
• Lower surrender charges (variation):
  (6-Years) 9, 8, 7, 6.5, 5.5, 4.5%
  (9-Years) 9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5%

Confidence Income Annuity
® (SPIA) is unchanged and will continue to be available for sale in California.

Revised Disclosure Statements

New California-specific disclosures (dated 1-17) will be required beginning 1/1/17, and available on AppBuilder in late December, prior to the January 1 requirement. More information will be provided prior to the January 1 effective date.

Transition Rules: Click Here

EquiTrust does not offer investment advice to any individual or agent and this material should not be construed as investment advice.
FOR AGENT USE ONLY. NOT FOR USE WITH THE PUBLIC.
 
 

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