How Our Free Look Period Works

March 31, 2021

Occasionally, a client receives a new annuity contract from The Standard and decides not to keep it. That’s when a free look period can matter. Our 30-day free look period on most annuities allow clients to end the contract and have all funds returned without a penalty. Clients can have the funds sent directly to themselves, to the originating transfer company or to an established U.S. financial institution.

To take advantage of the free look, here’s what a client must provide:

  • A signed letter of instruction stating that the policyowner doesn’t want to keep the policy. The letter should indicate where to send the money.
  • Disbursement Form 5031, also known as a substitute IRS Form W-4P and W-9, signed by the client. The form must include the policyowner’s Social Security number or taxpayer identification number.
  • A signed letter of acceptance from the original transfer company or U.S. financial institution, if applicable.

Have Questions?

We offer a 30-day free look period on most contacts, but check your individual state requirements. If you have any questions, contact our service specialists at 800.247.6888 or send us a message.

 

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