Annuity Applications

[LostDollar]

Today, not uncommon to see some apps get to be 10-15 pages.

Caveat, not an agent.

That's just the illustration. Try 60pp for the app.

 

[Gulliver]

It is sad that he has to ask so much about their assets when the annuity isn't even a pimple on their $#@#. I understand if it is a major buy, but less than 1/10 of 1% of assets and already an existing customer on a separate annuity. Not worth the concerns. Thanks again for all the feedback. This was good information. I shared the input with my family member. I told him to register for the forum.

 

[scagnt83]

Also way too much info shared amongst the people touching the apps.

I find this an odd statement. Especially if its an e-app, which most are.

(maybe 4 people total see whats on the e-app, agent/client being 2 of them)

It sounds like this relative does not trust the agent/relative with their personal financial info.

If that is the case. They should not have agreed to do a serious financial transaction with this agent/relative.

If they went to the bank and the financial advisor at the bank asked for this info, would they hesitate to provide it?

With that little trust, the agent would be a fool to move forward with this relative. ESPECIALLY being a relative.

 

[scagnt83]

It is sad that he has to ask so much about their assets when the annuity isn't even a pimple on their $#@#. I understand if it is a major buy, but less than 1/10 of 1% of assets and already an existing customer on a separate annuity. Not worth the concerns.

How does the carrier know that if the client does not disclose it?

Carrier does not know if its 90% or 1% of their assets.

That is exactly why those questions exist.

They are legally liable if they sell an annuity that is unsuitable for someone's financial situation. And they cant know without asking.

 

[Allen Trent]

It is sad that he has to ask so much about their assets when the annuity isn't even a pimple on their $#@#. I understand if it is a major buy, but less than 1/10 of 1% of assets and already an existing customer on a separate annuity. Not worth the concerns. Thanks again for all the feedback. This was good information. I shared the input with my family member. I told him to register for the forum.

in carrier defense, without pictures submitted, they have no idea how big the consumers ass is nor how many pimples they already have..............................thus the regulators requiring them to collect it. I hope you realize the carriers dont really care, they just have to follow the regulations. the carriers would rather sell contracts rather than reject willing buyers with big or small asses

 

[Lloyds of Lubbock]

Why not split the case with another agent and let him ( or her or a-z) ask the questions while filling out the app.
No reason to walk away from a commission

 

[Gulliver]

Deal was done. First few questions answered and most of the other questions disappeared. This was the first app this agent had done with F and G so he learned a little bit with it. The questions are overkill, but that is just my opinion. I didn't see them, but I was given some examples at that time.

 

[walthamny]

You may be able to get away with finance questions if you were putting into an annuity for lets say 10k for final expense purposes and list only income. May be there is an annuity carrier with a Comdex in single digits that does not ask suitability questions. Some ask better suitability questions than others.