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California Product Changes, Effective 9/7/17 – Revised Forms Available Now

EquiTrust Product Changes for California, Effective Today, 9/7/17

At year-end 2016, California passed a legislative bill (Assembly Bill 2884) that places certain restrictions on fixed annuity surrender charges. Further surrender-schedule revisions than those originally announced are necessary, plus the removal of the MVA on four products.

Products with Reduced Surrender Charge (9 years: 8.3, 7.4, 6.5, 5.6, 4.7, 3.8, 2.9, 1.9, 0.9%) and No MVA for California Clients:
• MarketValue Index
• MarketTen Bonus Index
• DynaMARC Index
• Certainty Select

Products Not Impacted

• ChoiceFour – California variation announced 1/1/17 applies
• Confidence Income – No changes

Previously Issued Contracts and Surrenders

• Contracts with effective dates after 1/1/17 will be reissued with the
revised surrender schedule and MVA removal.
• Full and partial surrenders on contracts issued after 1/1/17 which
resulted in surrender charges/MVA will be adjusted.

Reissued Contracts

Reissued contracts will be mailed directly to customers, and writing agents will be notified in advance of the mailing. Additional details to follow.

Revised Forms/Materials on Website and E-Apps Now

Revised Disclosure Statements and sales materials reflecting the surrender charge and MVA changes are available now on the Agent Website and FireLight (E-Applications), and apply to new sales of MarketValue Index, MarketTen Bonus Index, DynaMARC Index, and Certainty Select.

Detailed 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.

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