New Communications Format

By now you’ve noticed a new look in EquiTrust emails.

• NEWSWIRE: important, single-topic news items

• SALES WEEK: this week’s webinars plus a sales idea

• MONTHLY OVERVIEW: variety of news topics plus News Briefs from various EquiTrust departments

Our goal is to keep you well informed! 

SECURE Act Impacts RMD Ages and Inherited IRAs

The SECURE Act, which went into effect 1/1/20, revises Inherited IRA requirements if the beneficiary is not an "eligible designated beneficiary." EquiTrust has temporarily suspended Inherited IRA sales for deaths that occur 1/1/20 or later. A key provision which may impact your clients is a change in the age at which required minimum distributions (RMDs) must begin from IRAs and qualified plans – now age 72. The bill also eliminates the maximum age for traditional IRA contributions, which was previously capped at age 70½.

New Business

Tips to Ensure Good-Order Applications

• When making corrections, white out cannot be used. All corrections, including requested completions, must be initialed and

dated by the client. 

• When making a correction, any incorrect information or selection must be clearly crossed out.

• Product Disclosure must be dated by the client.

• If the form is altered (example: date was changed), the client must initial and date.

• Corrections to E-Apps cannot be submitted through Firelight. E-App corrections must be faxed or emailed to EquiTrust. (Attempting to correct on E-App creates a new file and contract number.)

• For faxed applications, a clear copy of the client's driver license is required.

Agency Administration

Commissions Paid by EFT

If you are set up for daily electronic funds transfer (EFT), commissions are paid the next business day after issue. If weekly EFT, commissions for business issued Monday through Friday are paid the following Monday or the first business day of the week. Commission statements are available on the Agent Website, where you can confirm agent information, product type, policy number, premium amount, commission rate, and any recent chargebacks. Confidence Income single premium immediate annuity contracts require returned delivery receipts in order for commissions to be paid.

Annuity Product and NAIC Training Requirements

All agents in all states must complete EquiTrust Annuity Product Training before becoming active and soliciting EquiTrust annuity business. In addition, most states require General NAIC Continuing Education Training – applicable to the state where the sale takes place – and completed with a state-approved vendor. Applications received without completion of required training will not be accepted. For more information about both forms of training, click here.

Operations

Contract Values and Client Letters Available Online

Written correspondence from EquiTrust to your clients and client statements/values are available on the Agent Website at the Agent Center link. Login is required. Your clients also have access to contract/policy values on EquiTrust.com at the My EquiTrust link; for more information, click here. For assistance contact EquiTrust Customer Service, email: [email protected], or by phone: 866-598-3692.