The Ultimate Agent Checklist for Annuity Sales

Annuities might sound complicated, but once you really get into it, you realize that they’re much simpler than you might have previously thought!

One question I often get asked by agents is this: how do I make sure I don’t forget anything?

In many cases, you’re handling a client’s life savings, which can be very intimidating. To help with that, I put together a little checklist you can use to make sure you didn’t forget any part of the annuity sales process.

If you’re new to annuities, this checklist will also give you an idea of what is involved when filling out the paperwork.

You can print this out and use it for future reference if you need to, but after a few sales, you’ll likely have the hang of it.

All of the forms you need are available on the agent portal.

Also, please rely on our office staff for support! Whether you’re just starting out and need guidance or you’re an established agent that needs a suggestion, please ask us for help. That’s what we’re here for.

New to annuity sales?

Annuity sales are a huge opportunity for independent agents in the senior market. If you want to learn how to sell annuities to seniors, you've come to the right place!

Check out our complete guide here: The Ultimate Guide to Selling Annuities In the Senior Market

When you’ve “made the sale” to the client, here’s the checklist you want to go through to make sure you’re not forgetting anything.

Must-Have Forms for All Annuities

• Fill out the Annuity Application. Complete all applicable sections and sign where indicated.
• Complete the Annuity Suitability Questionnaire. This form is required with all applications. It must be completed by the agent and signed by the agent and owner(s). Return this form to the Home Office with the application. Note: Always complete the information for the owner, and joint owner if applicable. All pages of this Suitability Questionnaire need to be signed or initialed by the owner(s).
• Fill out the Annuity Disclosure Statement. The information in the Disclosure statement must be covered with the owner(s) by the agent and a copy must be left with the owner(s).
• Complete the Policy Owner Identification Verification. This form is required with all applications and must be completed and signed by the agent. Return this form to the Home Office with the application.

Additional Forms You Might Need

Most of the time, you won’t use any of these forms, so don’t look at this list and feel overwhelmed. In general, these forms are only used in rare scenarios, and keep in mind that our office staff will let you know if you need any of these. When you work with us, you’ll never have to worry that you’ve missed anything. We’ve got your back.

• If needed, complete the 1035 Exchange Request Form/Direct Custodial Transfer Request. Complete the applicable section of this form if the annuity will be funded with a transfer or 1035 Exchange. The 1035 Exchange section is used for non-qualified funds that are currently in an annuity or life insurance policy. The Direct Custodial Transfer side is used for all other transfers including all qualified transfers and non-qualified funds coming from a policy that is not an annuity or life insurance. This form must be signed by the owner(s) and returned to the Home Office with the application.
• If needed, complete the Replacement of Life Insurance or Annuities Form. If there is a replacement involved with the application, both copies of the Replacement Notice must be signed by the owner(s) and agent. One copy should be left with the applicant and the other returned to the Home Office with the application.
• If needed, fill out the IRA 70 1/2 Required Minimum Distribution Election. This form is required in order to begin Required Minimum Distribution (RMD) payments with the Required Minimum Distribution Rider or the Preferred 10% Free Withdrawal Rider. RMD payments may begin in year one with the Required Minimum Distribution Rider and year two with the 10% Free Withdrawal Rider. This form must be completed and signed by owner. Return this form to the Home Office.
• If needed, complete the Client Suitability Letter. This form is required only if the owner(s) check “I REFUSE to provide this information at this time” or “I have chosen to provide LIMITED information at this time” on the Annuity Suitability Questionnaire and has an issue age of 80 or older.  This form must be completed and signed by the owner(s). Return this form to the Home Office with the application.
• If needed, fill out the Required Minimum Distribution Disclosure. This form is required only if the owner(s) will reach age 70 ½ during the guarantee period and has not elected to add the Required Minimum Distribution Rider.  It must be signed by the owner(s) and returned to the Home Office with the application.
• If needed, complete the IRA Rollover Certification Form. Complete this form if the annuity will be rolled over from another tax qualified retirement plan.  This form must be signed by the owner and returned to the Home Office with the application.
• If needed, complete the Non-Resident Verification Form. This form is required only if the application is signed in a state other than the owner(s) Resident State. This form must be completed by the owner(s) and signed by the owner(s) and agent. Return this form to the Home Office with the application.
• If needed, fill out the Trustee Certification of Trust. This form is required only if the contract owner will be a trust. This form must be completed and signed by all trustees and returned to the Home Office with the application.
• If needed, fill out the Trust and Other Non-Natural Owner 72(u) Tax Deferred Treatment Certification Form. This form is required only if the owner(s) is a non-natural owner and entitled to the tax-deferral exception, as defined on the form. It must be signed by the trustee(s) or corporate officer(s), whichever is applicable, and returned to the Home Office with the application in order to qualify for tax deferred status.
• If needed, fill out the Applicants Statement Qualified Retirement Plans. This form is required if the annuity contract will be issued in connection with a retirement plan.  It must be signed by the trustee(s) and agent and returned to the Home Office.
• If you elect to add this rider, fill out the Accumulated Interest Withdrawal Form. This form is required in order to begin Accumulated Interest Withdrawal distributions with the Accumulated Interest Withdrawal Rider. This form must be completed and signed by the owner. Return this form to the Home Office.

If you’re feeling overwhelmed at all, don’t be! Most of this is already included in your application packet. Also, companies will often have an agent checklist at the beginning of the application packet to make sure you don’t miss anything.

For example, here’s one from KSKJ:

In addition, you can always run everything by Kirk Sarff in our office. He will make sure you’re not missing anything, and if you are, he will catch it before it gets submitted to the insurance company.

Good selling!