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Life Insurance


Guarantee Insurability rider Means after the policy expires the insurance company Won’t take their life insurance away based on their health. They still have to approve as long as its the same coverages they had or less
Cost of living rider or inflation rider Adds coverage every year to keep up with the cost of living
Waiver of premium In case you get Disabled . You don’t have to pay your life insurance premiums. It waves your premiums
Group life They don’t get a policy They get a certificate
Group life that is contributory The employee has to contribute payments towards the group life insurance 75% of eligible employees
Non Contributory They don’t have to contribute. All the premiums are paid by the employer. Must pay for 100% of eligible employees
Domestic CA Licence
Foreign In another state licence
Alien Other country
Extended Term NON-Forfeiture Option Option where the client has whole life insurance and they can’t afford the payment no more They have an option to take the cash value and buy a term policy for like 10-15 years. No more monthly premiums because took cash paid in full for a term.
Reduce Paid Non Forfeiture Option If they have whole life but cant afford the payment they are going to reduce their coverage or face amount but it will also reduce their monthly payment. The key word is REDUCED
Fixed Annuity Goes into general account
Variable annuity Goes into separate account
Express warranty Is the written contract
Implied Is Verbal
What is the principal use of an annuity To provide income for retirement, Education, Accumulate cash Tax deferred and liquidate an Estate.
Suitability How well a recommended product will meet the applicants needs and resources
Agents who solicit sales to seniors age 65 and older owe them per California Insurance Code Duty of Honesty, good faith and fair dealing. Violations for this is $1,000 first violation, 5,000-50,000 for second or subsequent violations
Tax Sheltered Annuity-403(B) Under Section 501 (C)(3) Nonprofit organizations
Variable Annuities are vested in the insures SEPARATE Account-no guarantees on interest received and Must have a Securities license and be registered with FINRA to sell
Indexed (Equity indexed)annuities Fixed Annuities that invest on a relatively aggressive basis to aim for higher returns ties to S&P500 (Standard and Poor’s500) Guarantee min interest
Fixed annuity Guaranteed min rate interest credited to purchase payment, Income payments same, Guaranteed specified dollar amount for each payment
Fixed Annuities are deposited into A General account-comprised of conservative investments like bonds they are secure enough to allow Guaranteed interest rate returns
What are Annuity payment options available 1.Single (Lump sum or periodic payments installments) 2.Flexible (amount and frequency of each installment varies)
Immediate annuity Purchased with a single, lump-sum and provides income within one year from purchase and can be as early as one month from purchase date commonly known as Single premium Immediate annuity (SPIA)
Nonforfeiture A deferred annuity has a guaranteed surrender value at surrender the owner get the premium returned, pulse interest, minus surrender charge
Immediate annuitization Payment begin within 1 year
Deferred Annuitization Begins later after 1 year
Accumulation period or (Pay in Period) Annuitant makes deposit or payments on Tax deferred basis
Annuity period or (Annuitization period, Liquidation period or pay-out) The accumulation period is converted into a stream of income the annuity period may last for LIFETIME or specified period
Annuities Certain Are SHORT -TERM annuities for a certain fixed amount of time
Single Life Annuities cover One life life only
Multiple life Annuities Cover 2 or more lives
Joint life Two or more annuitants receive payments at FIRST DEATH payments STOP
Joint Survior Benefits stop when the LAST survivor Dies
Qualified Retirement plans Means they Meet IRS guidelines for favorable tax treatment
What is the principal use of an Annuity To provide income for Retirement or any accumulation of cash or to Liquidate and estate.
What are the business uses for an Annuity Investment Vehicles but are more commonly used to fund employees retirement plans
Annuities Under Pension Protection Act of 2006 are allowed to transfer an annuity to pay for LTC-Long term care needs
Hybrid annuity New term for Annuity providing income, long-term care or both and eliminates the taxes on the annuity gains.
Suitability How well a product will meet the applicants needs and resources
Types of Annuities Fixed , Variable, Indexed
Fixed Annuities type(Safe) Guaranteed, fixed payment amount (Premiums in General account)
Variable Annuities Type(high risk) Payment NOT Guaranteed (Premiums in a Separate account and invested in stock and bonds
Indexed Annuities(medium risk) Interest rate tied to an Index. Earn higher rate than fixed annuities, not as risky as variable annuities or mutual funds
Created by: Sandradiazbohr
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