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MONTHLY OVERVIEW: March Updates, Recaps and Department News

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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. 

MarketPower Bonus Index

Rollup Rate:
No Change

Income Withdrawal Percentages:
Reduced by 65 basis points.

MarketTen Bonus Index

Rollup Rate:
Reduced to 5.00%, from 6.50%

Income Withdrawal Percentages:
Reduced by 75 basis points.

MarketValue Index

Rollup Rate:
Reduced to 3.00% plus credits, from 4.00% plus credits

Income Withdrawal Percentages:
No change

MarketSeven Index

Rollup Rate:
No change

Income Withdrawal Percentages:
Reduced by 25 basis points.

For more information, including transition rules and revised forms, click here

 

Fresh, New Webinars to
Enhance Your Sales!

 

EquiTrust is pleased to announce an expanded lineup of webinar offerings which focus on sales concepts. They’re shorter too – most take about 15 minutes.   

 

Two Webinars Per Week – Topics Include:

  • Sales Idea or Concept – Inspiration and insights designed to help you sell
  • EquiTrust University – Overview of products and online resources
  • Featured Product – A deeper dive into features and benefits of a specific product

Webinar Lineup Announced Weekly

Watch for the SALES WEEK emails – sent to you each Monday – for the current week’s webinar schedule.  Register to reserve your spot and add to your calendar by clicking Register Now.

 

Participate Live – Or View a Recording

If a live webinar doesn’t fit your schedule, the recorded version will. Recorded webinars are available at Agents.EquiTrust.com at the Education tab. Webinar tabs are organized by Annuity Replays, Life Replays, General Education Replays, and Upcoming Webinars. 

 

Revised NAIC Model Regulation Adopted in Nine 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, nine states have adopted the Regulation:

  • Arizona
  • Arkansas
  • Delaware
  • Idaho
  • Iowa
  • Michigan
  • North Dakota
  • Ohio
  • 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. 

 

Sales-Idea Recap

 

Sales Ideas! Sent to You in February Issues of
SALES WEEK:

 

The Importance of Index Strategy Diversification

 

Modernize Your Business in 4 Steps

 

Client-Use SPL Case Studies

 

Raw vs. Credited Index Returns

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News Briefs

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Administration

Form Revision – Financial Needs Analysis - Required 4/1/21 

 

The Financial Needs Analysis (FNA) form ET-2506(02-21) has been revised. Several fields have been eliminated to help reduce errors and corrections.  The revised FNA is available now on AppBuilder and E-App.  The 02-21 version is required for applications received on or after 4/1/21.  For more information and transition rules, click here

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Administration

Federal Tax Filing and IRA Contributions Deadline Extended
to May 17; 5498 Forms Extended to June 30

 

The Treasury Department and Internal Revenue Service announced on 3/17/21 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. EquiTrust mailing of required IRS 5498 Forms will take place by June 30th instead of the normal date of May 31st. 

 

For more information on the IRS website, click here.

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Sales

Agent Mobile App Provides Status Notifications on Your Business

 

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; and access EquiTrust product and company information.

 

Mobile App Resources: Agent-App printable flyer, click here; Quick-Start Guide, click here; FAQ, click here

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Sales

Ready to Create Your Agent Gateway Website Account?

 

Secured access to the Agent Gateway Website provides valuable information about your business and commissions, as well as access to selling resources. If you do not have an account – or did but lost access due to inactivity – you may register your account easily.  All you need are your Agent Number, Social Security Number, zip code and email address currently on file with EquiTrust. Go to Agents.EquiTrust.com and click Login, then Register. 

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New Business

Avoid delays with New Business Agent Checklist.

Application

  • Agent needs to sign and date the form (Section J, page 3)
 
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-1031

FOR PRODUCER USE ONLY

EquiTrust

7100 Westown Pkwy Suite 200
West Des Moines, IA 50266

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