Internal Exchange FAQ
American National’s Annuity Internal Exchange Program offers reduced commission for retention of certain contracts. This program is open to all agents.
Will the agent receive commission on the new contract?
The agent writing the new contract will receive 50% of the standard commission on the account value transferred to the new contract. The Annuity Internal Exchange form must be attached to the application package in order for this special conservation commission to be paid.
Products eligible for exchange:
- Fixed or indexed deferred annuities at the end of their surrender charge period.
- Palladium MYG contracts in the 30-day window.
What products can the existing contracts be rewritten to?
- All annuities currently offered by American National excluding WealthQuest 7) Please check the individual products’ State Approval lists.
What forms does an agent need for the Annuity Internal Exchange Program?
- All forms applicable for a new application
- Internal Replacement forms
- American National’s Annuity Internal Exchange Form (4329)
What are the special conditions for the rewritten contracts?
- We will transfer only the account value of the existing contract to the new contract.
- No new money will be accepted for the new contract.
- Any withdrawals scheduled under the existing contract will cease with the reissue of the new contract.
- Future withdrawals will be under the terms of the new contract.
- The new contract will have a new surrender charge period.