KSKJ Life Important Updates

| Posted by | Categories: Annuities, Industry News, Life Insurance
 

  Agent Insider Weekly News and Updates December 30, 2020       **Important Updates Effective January 1, 2021**   As the year draws to a close, we’d like to alert you to some important updates that will be effective January 1, 2021. They include the following:   New Annuity Suitability FormsSocial Security Date Draft Option Final Expense Application Update     Please read below for details on each of the above.  
New Annuity Suitability Forms  

Attention Annuity Producers:   KSKJ Life has developed a new Annuity Suitability form which is to be used for all annuity applications written in 2021. This new form contains only minor changes from the previous version, but does help us meet the new annuity “Best Interest” standards from the NAIC. To date, only Arizona and Iowa have adopted these standards, but we expect several more states to follow suit in 2021.  

What is the “Best Interest” standard of conduct, and how do producers satisfy it?  

To meet this requirement, a producer must satisfy the four obligations: 1) CARE, 2) DISCLOSURE, 3) CONFLICT OF INTEREST, and 4) DOCUMENTATION   To satisfy these obligations, a producer must do the following when making a recommendation:   Know the customer’s financial situation, insurance needs and financial objectivesUnderstand the available recommendation optionsHave a reasonable basis to believe the recommended option effectively addresses the consumer’s financial situation, insurance needs and financial objectives Communicate the basis of the recommendation to the consumerDisclose their role in the transaction, their compensation, and any material conflicts of interestDocument, in writing, any recommendation and the justification for such a recommendation   There is an abundance of information available on Regulation 275 from the NAIC and we strongly recommend you review that material. Please visit their web-site at NAIC.org or download the “Suitability in Annuity Transactions Model Regulation” by clicking HERE.   Please check with the state(s) you are licensed in, but additional training will most likely be required.   *All annuity application packets will be updated with the new Suitability form and available for download on the agent portal beginning January 1st. Click HERE to see a copy of this new form.*    

FOR ARIZONA AND IOWA AGENTS ONLY:   Additional disclosures will be required on annuity applications written in 2021 and include the following:   Insurance Agent Disclosure for Annuities (form IAD 01.2021): This form must be submitted for all cases written in 2021. Appendix I (to Insurance Agent Disclosure) (form Ad Disc App I 01.2021): This form must be submitted if box #1 or #2 is checked on the “Owner Acknowledgement Section” on the bottom of page 2 of the Suitability form. Appendix II (to Insurance Agent Disclosure) (form Ad Disc App II): This form must be submitted if box #3 is checked on the “Owner Acknowledgement Section” on the bottom of page 2 of the Suitability form.   *The Annuity Application packets for Arizona and Iowa will be updated with the above forms (including the new Suitability form) and available on the agent portal beginning January 1st. *  

Social Security Draft Date Option  

A new drafting option that benefits both you and your clients!   KSKJ Life is pleased to announce a new option for your client’s premium drafting. We are now able to align payment dates for Social Security recipients to draft on the same day that your client receives his or her deposit (either the 2nd, 3rd or 4th Wednesday of the month).   Timing a client’s policy premium draft date with the date of their Social Security benefit deposit can help those relying on Social Security to cover the cost of their premium to avoid unintentional lapses.   AND, by offering your clients this premium draft option, you can increase your persistency rate!  
Please note: This option is for new policies only.   *We have added this new option to the “Pre-Authorized Bank Draft Withdrawal Form” which is included in all of our application packets. These updated application packets will be available to download on the agent portal beginning January 1st. You can view of copy of the updated form by clicking HERE.  

Final Expense Application Update     A minor update has been made to the Final Expense Application.   The “Agent Certification” section has been removed from page 6 and moved to it’s own separate page (now page 7). Because the Agent Certification is not part of the complete contract when delivered to the client, having this section on its own page will allow for easy removal from the printed copy for the final policy.
Loading…

I have worked with Doug for several years now. Better Staff. better commission. Great up-line to plug into if you are an insurance agent. Give them a call!

Steven Fuller, IA

Wincorp is the most important reason that I am still succeeding after 38 years in this business. If you have your contracts scattered across the country with various FMOs, I would urge you to consider allowing Wincorp to handle all your contracts for you, just like me.

Randall Eaton Lee's Summit, MO

The reason I decided a few years ago to start working with WinCorp Marketing is because the owner, Doug West, and his team are far and away superior to any other FMO with whom I have done business.

Randall Eaton Lee's Summit, MO

“The Team over at WinCorp has helped me take my business to the next level. Their dedicated Marketing Staff and Back Office support have provided me with unparalleled service over the years, helping me get my business placed and issued quickly.”

Matthew, Insurance Advisor IL

Not only will you always get a friendly, caring person to work with you, but you will get fair contracts and will be treated as if you are the only broker in their organization. Doug and his team have been working with agents like us for over 20 years.

Randall Eaton Lee's Summit, MO

In my 35 years in the Insurance business, I have never dealt with a Marketing Organization like Wincorp! I not only get top service, but they make me feel like I am a valued member of the family. I can count on getting honest answers, and that is rare. Doug, Russ and Jean are the best I have ever dealt with.

Steven R. Thomas, MO

Hat’s off to Doug and the team at Wincorp Mkt. The most important thing to me is communication. I’ve been in this business a lot of years, and everybody is always talking product. The thing that Doug and Russ do is to get it from product to marketing. What needs are we trying to solve for our clients and how can we best do that?

Dennis, Central IA

I can call Wincorp at anytime with a marketing question, with a “what do you think” question, and they’ve got the experience and know how to help solve my clients’ needs. You’d think that would be a given with any broker…not so… believe me, I’ve about seen them all in 30 years.. you get hooked up with a group like Doug, Russ and Jean and it makes your business day a whole lot easier.

Dennis, Central IA

In addition to being extremely knowledgeable, he has what I consider to be very high ethics. I often run sales ideas by him for his feedback, knowing he will always recommend what he believes to be the best product, even though occasionally that product is one that I carry through a different marketer. Those ethics, over the years, has caused me to have as much, or more, trust in him as anyone I currently do business with today. I strongly recommend him to anyone considering doing business with him.

Don Crouch, LUTCF, CSA, MART

I have been doing business with Doug West for over seven years. During that time I have come to believe that he is one of the best, most reliable, and genuine marketers that I have done business with in the thirty seven years I have sold insurance.

Don Crouch, LUTCF, CSA, MART