Income Benefit Rider Changes – Effective 4/1/21

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Income Benefit Rider Changes

Effective 4/1/21

Changes are being made to the income benefit riders (IBR) available with EquiTrust Index Annuities. Depending on the product, either the Roll-Up Rate or Income Withdrawal Percentages will change, or both. These changes apply only if the IBR is added. 

Revised Forms

Disclosure Statements for all index annuities, and Disclosure & Comparison of Products forms for MarketValue Index and MarketTen Bonus Index only, are revised. The revision date is 04-21. The revised forms are now on AppBuilder and E-App.

Transition Rules for IBR Changes

• Applications received before 4/1/21 will be issued with the previous, higher Rollup Rates and Income Withdrawal Percentages.
• Revised Rollup Rates and Income Withdrawal Percentages shown above will apply to applications received on or after 4/1/21.
• Beginning 4/1/21, revised Disclosure Statements (all index annuities) dated 04-21* are required if the IBR is added. For sales involving replacements, revised Disclosure & Comparison of Products forms dated 04-21 for MarketValue Index and MarketTen Bonus Index are required; Disclosure & Comparison of Products forms for MarketPower Bonus Index and Market Seven Index are dated 11-20.
• If the IBR is not added, the new 04-21 Disclosure Statements will be required starting 5/1/21. 

*New Jersey Disclosure Statements are unchanged and dated 04-20.

Revised Sales Materials – Order Supplies Now

The new Rollup Rates and Income Withdrawal Percentages are reflected in client brochures and agent guides with a “4-21” revision date next to the form number. Order supplies at Agents.EquiTrust.com, Forms & Supplies tab – click here; login is required.  

Illustrations

Online illustrations created between 3/15/21 and 4/1/21 allow you to choose either the new or former Rollup Rates and Income Withdrawal Percentages; beginning 4/1/21 the new rates/percentages will be illustrated.

Learn More About the Competitive Income Benefit Riders

Download overview flyer ET-IBRALL, click here.

Products underwritten and issued by EquiTrust Life Insurance Company, West Des Moines, Iowa. Products distributed by EquiTrust Insurance Marketing Services; in California doing business as EQT Insurance Marketing Services.