IGA and FPDA Discontinued August 1

July 2, 2018

Effective August 1, 2018, The Standard will no longer offer the Index Growth Annuity series (IGA 5 and IGA 7) or the Flexible Premium Deferred Annuity.

All new IGA and FPDA business must have an effective date that is no later than July 31, 2018.

Please complete these steps by July 31, 2018:

  • Submit applications, including premiums, to The Standard. The applications must not include any additional requirements.
  • Resolve all pending requirements and ensure that we receive all transferred funds (1035 exchanges, IRA rollovers).

Active FPDA policies: Companies with pension plans that have active FPDA policies can continue to purchase FPDA policies for new plan participants. After July 31, we will not issue new FPDA policies outside of existing plans.

If you have any questions, please don’t hesitate to give us a call at 800.378.4578.

 

More About Producer Advisories
The holiday season is upon us, and to meet your clients’ expectations, mark these important dates. Ensure all distribution and new business requests are submitted by Dec. 11 to guarantee processing by year-end.
Please review this recent compliance alert: Regulation 89, Suitability of Individual Annuity Sales Recommendations.
As the year-end approaches, it’s time to review RMDs for clients aged 73 and older. Ensure they’re informed about their RMD options for 2024 and 2025, direct deposit setups and necessary documentation for any changes.
Please review this recent compliance alert: Rule 20 CSR 400-5.900, Suitability of Individual Annuity Sales Recommendations.
Starting a claims process can be difficult, especially considering the surrounding circumstances. Help your clients prepare to ensure a smooth, easy claims process.
There’s a lot of ground to cover with a new application. We created a handy New Business Checklist to help streamline the process, so you can keep things moving smoothly.