New Suitability Form Updates
In December, we shared a new version of the Suitability Acknowledgement form (for all states except for Florida) that helps gather important customer profile information.
Based on your feedback, we have made a few changes to the form in order to make it easier to complete, while still gathering important and relevant information.
For example, the interest rates/guarantees section has been updated to be more user friendly. If the selection of strategies/caps/participation rates are a reason for purchase, please indicate in Section 6 of the form. Please ensure you are discussing any differences in strategies with your customer.
Also, we would like to clarify a few of the form questions asked in order to reduce any back and forth with you that slows the process:
Question 2.3: Regarding Non-guaranteed elements
If the application is for a fixed annuity or single premium immediate annuity, this question is not applicable and you can answer “No” or leave this question blank.
If the application is for an indexed annuity, please assure the customer is aware of non-guaranteed elements.
Question 7.3: Regarding Other Insurance Needs
This question asks the customer to answer whether or not other insurance needs, such as life insurance or medical insurance, and related expenses for those were considered (not necessarily purchased) as a part of decision to purchase this annuity.
This question helps document that the customer has thought through possible future expenses and the liquidity they have prior to purchasing this annuity.
Please review the new form versions. We will continue to accept prior versions of the form until April 15, 2021.
- Arizona and Iowa Sales Suitability form
- California Sales Suitability form
- Florida Sales Suitability form
- All Other State Sales Suitability form
Refer to the Completing the Suitability Acknowledgement Form Instructions for further assistance.
Thank you for your business and support of American Equity.