Annuities Applications

[jeepsrme2013]

I am new to the field of insurance. I started working for a company as an administrative assistant and took the life exam and now am licensed.

My question, I think, is a simple one. Shouldn't annuity applications be completed by or at least with the client present? The office in which I am working now has them sign the signature pages and the agent checks a few of the boxes on the application but the rest of the questions are left blank and another girl in our office fills out the rest of the application. I may be overthinking it, but I would prefer to have the person sitting with me while this is done. I do see the point it saves the person time and not having to sit while basic information is filled in but if they sign it and we fill it out after, they don't really know how we answered the questions.

I am not saying we are not answering them properly, I feel we are, I just don't think this is a good practice. Any input or advice would be great, even though I am not going to focus on annuities. I am now studing for my P & C test.

Many thanks in advance!

 

[Norwayguy]

I have many times gone to an appointment with an existing client with almost the entire application precompleted before ever discussing my recommendation with the client. Obviously with my approach the client is signing the completed application.

As a consumer I would hesitate a little to sign a blank application. Now where you say some info has been filled in are we talking about the suitability info and then you are just filling in the clients basic info later? I have done that before when the annuity application and paperwork have the same info required over and over I fill out the app in full and when we get to a transfer form just put down the company name and have the customer sign telling them I will complete it based on the copy of the statement.

 

[scagnt83]

I agree with Peter, it depends on what exactly they are filling in after the fact.

Is it basic info such as name and address?
If so that is no big deal assuming it is all on file.

If it suitability info such as assets and investor profile... then that would be a problem.


I have done annuity apps over the phone and just mailed the app for signatures. But I always go over the app on the phone first and have the client actually answer the questions needed. I would never ever just send a mostly blank app! And I would never recommend that a client sign an app if it is mostly blank.

 

[jeepsrme2013]

I have many times gone to an appointment with an existing client with almost the entire application precompleted before ever discussing my recommendation with the client. Obviously with my approach the client is signing the completed application.

As a consumer I would hesitate a little to sign a blank application. Now where you say some info has been filled in are we talking about the suitability info and then you are just filling in the clients basic info later? I have done that before when the annuity application and paperwork have the same info required over and over I fill out the app in full and when we get to a transfer form just put down the company name and have the customer sign telling them I will complete it based on the copy of the statement.

Well we have a form that the agent uses to get the suitability numbers. The numbers are not on the app when the prospect signs them. They are filled in after the person has left the office. I guess I can see the questions like are they still working, mentally incapacitated and such as not being an issue just me, looking from a customer standpoint would want to know how each question was answered.

When I hear the word client, I think of someone whom you have an ongoing relationship with, not necessarily someone who we are meeting for the first time. That could be the problem haha

This is all new to me and I want to be the best agent I can be and give the best service but don't want to over think things either. I am sure there is a fine balance.

Thank you!

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I agree with Peter, it depends on what exactly they are filling in after the fact.

Is it basic info such as name and address?
If so that is no big deal assuming it is all on file.

If it suitability info such as assets and investor profile... then that would be a problem.

I have done annuity apps over the phone and just mailed the app for signatures. But I always go over the app on the phone first and have the client actually answer the questions needed. I would never ever just send a mostly blank app! And I would never recommend that a client sign an app if it is mostly blank.

The information is the name, address, DOB, DL number. I know the application has yes and no answers mostly so I was just wondering if you haven't had a relationship with the person before should the app be filled out completely before having them sign it?

 

[Norwayguy]

Well we have a form that the agent uses to get the suitability numbers. The numbers are not on the app when the prospect signs them. They are filled in after the person has left the office. I guess I can see the questions like are they still working, mentally incapacitated and such as not being an issue just me, looking from a customer standpoint would want to know how each question was answered.

When I hear the word client, I think of someone whom you have an ongoing relationship with, not necessarily someone who we are meeting for the first time. That could be the problem haha

This is all new to me and I want to be the best agent I can be and give the best service but don't want to over think things either. I am sure there is a fine balance.

Thank you!

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The information is the name, address, DOB, DL number. I know the application has yes and no answers mostly so I was just wondering if you haven't had a relationship with the person before should the app be filled out completely before having them sign it?

If I don't have an existing relationship how could I prefill the app I would have no way of knowing what to put down even then I have blank copies of forms in case things change and I leave certain fields blank so I can fill in with updated info.

 

[scagnt83]

Well we have a form that the agent uses to get the suitability numbers. The numbers are not on the app when the prospect signs them. They are filled in after the person has left the office.

Suitability answers should come directly from the client, and should be present on the app when the client signs it. I will let you read in-between the lines here....

 

[jeepsrme2013]

Suitability answers should come directly from the client, and should be present on the app when the client signs it. I will let you read in-between the lines here....

Thank you. I agree. I know IF I ever get a client for an annuity I will do everything with them!

 

[goillini52]

Thank you. I agree. I know IF I ever get a client for an annuity I will do everything with them!

Everything????????

 

[jeepsrme2013]

Everything????????

Meaning fans wearing questions on the app, leaving nothing blank