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MONTHLY OVERVIEW: January Updates, Recaps and Department News

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Modernize and Simplify Your Business

 

EquiTrust Technology Platform

In the new remote-sales environment, technology is more important than ever. We strive to give you the technology to operate easily, efficiently and prudently.

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Online Illustrations

Customized illustrations are simple to produce, and help you sell with confidence. 

• Compare life products with side-by-side comparisons

• Income Rider illustrations allow you to specify income amount and solve for premium amount

• Effective life-illustration supplements: Power of Guarantees and Life-Expectancy Snapshot 

To build an illustration, click here. Login is required. For more information, go to FAQs on the Quick Links menu.

 

E-App

The process is simple – complete and submit applications while meeting remotely with
your clients. 

• Simplify and speed-up the application process

• Avoid copying redundant information form after form

• Minimize errors and not-in-good-order apps

Watch 3-minute E-App video, click here

Printable E-App flyer, click here

 

Agent Gateway Website

Your source for all things EquiTrust!

• Clear, functional home page provides streamlined access to the information you need

• Broad access to client values and beneficiary information

• Education page for online training, education, webinars and recordings

• Security – multi-factor authentication to protect your clients’ personal data

 

Agent Mobile App

Install the Agent App on your mobile device to access new and active-business details, including notifications when notable changes occur.

• Receive new-business alerts and product updates

• See real-time commission-payment information

• Access EquiTrust product and company information

Agent-App printable flyer, click here

Quick-Start Guide, click here

FAQ, click here

 

Revised NAIC Model Regulation Adopted in Six States Training Required

 

The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February 2020. The revision is being reviewed by various state insurance departments; we will continue to notify you as states adopt the revised regulation.

 

Currently, six states have adopted the Regulation:

• Arizona

• Arkansas

• Iowa

• Michigan

• North Dakota

• Rhode Island 

 

The revisions require completion of EITHER a 1-hour General Annuity Training CE course available to producers who have taken the previous NAIC Annuity Suitability training, OR a new 4-hour General Annuity Training CE for those who have not taken it previously. General Annuity Training CE must be completed with a training vendor approved by the state in which they are selling. 

 

Before doing business in these states, agents must fulfill the General Annuity Training requirement and provide a certificate of completion to EquiTrust prior to soliciting or selling. Send by FAX to 515-226-5102, or email: [email protected]. For information about General Annuity Training vendors, visit Agents.EquiTrust.com. In the upper right corner, click Agent Training. Or, click here.

 

Carrier Product Training – No additional or new requirement 

EquiTrust agents must also complete EquiTrust annuity product training. The product training requirement is not impacted by the revised Model Regulation. To complete EquiTrust Annuity Product Training visit Agents.EquiTrust.com, then click Agent Training in the upper right hand corner. Or, click here. You may view your personal training history upon login to the Agent Gateway website. 

 

DO YOU KNOW...

 

You can create customized, personal Commission reports by date range and line of business? On Agent Gateway Website, after Login, click Agent Administration, Commissions, then scroll down to Custom Report.

 

News Briefs

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Administration

Tax Reporting Update

RMDs are required for 2021. The CARES Act provision that
  allowed 2020 RMDs to be waived has expired.   

• Agent 1099NECs have been mailed.

• Client 1099R forms to be mailed by January 31, 2021.

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Agency

Updated Agent Contracting Forms

Please use the recently updated contracting forms on the Agent Gateway Website; click here.

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Compliance

Annual Requirement to Review Business Guidelines

Each year, contracted EquiTrust agents are required to review the Business Guidelines document – as stated in the Agent Contract. Agents are not required to certify completion of the requirement to EquiTrust.

 

The 2021 version of the Business Guidelines document is available on the Agent Gateway Website at the Compliance and Suitability tab. Or, click here. The Business Guidelines contain company policies, procedures, advertising requirements, and ethics commitments.

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New Business

Reminder

Corrections to documents after submission require the client’s dated initials (except for Section J – Agent Certification).

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New Business

Avoid delays with New Business Agent Checklist. Here are some common issues that result in New Business NIGOs:

 

Application

• Agent needs to sign and date the form (Section J, page 3)

• If application is faxed, clear copy of clients state-issued photo ID
  must be provided

Disclosure & Comparison Form

• Surrender charge amount needs to match the surrender charge
  schedule without MVA

Financial Needs Analysis Form

• Question 8 – Source of Funds must be reflected in Question 7 –
  Type of current assets

• Page 3, Section 1 – All of the following must be completed:

     • Business Mailing Address

     • Email address

     • Producer Number (NPN) and State

     • Business Telephone Number

Transfer/1035 Exchange Form

     • Physical address for the replacement company is required

 
866.598.3694

Agents.EquiTrust.com

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.

IC21-ECN-1012

FOR PRODUCER USE ONLY

EquiTrust

7100 Westown Pkwy Suite 200
West Des Moines, IA 50266

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