Options, Options
This option promises payments for a certain number of years and then stops
What is term certain?
Annuitization fully meets this IRS requirement for a qualified contract
What is the required minimum distribution?
This is where to find the link to the deferred annuitization quoting tool
What is the financial professional website?
This type of annuity has fully taxable withdrawals
What are qualified annuities?
This is the number of trades per year a client can make on an annuitized deferred contract with a variable payout
What is one?
This option allows for the annuity payment to increase or decrease based on the performance of the member's chosen subaccounts
What is variable payment?
Guaranteeing an annuitization quote generally locks in the rate for this period of time
What is seven days?
To cause a payout to be fixed only, this must be filled in to the quoting tool
What is a "0" in the variable purchase payment?
This annuitization option for a sole annuitant has no death benefit
What is Single Life?
This type of rider on some variable deferred annuities is an alternative to annuitization
What is a lifetime income rider?
Along with annuitization, these are two additional options for taking payments from a deferred annuity
What are starting systematic withdrawals and a lifetime income rider?
This is the resource to check for how long the member must be in a deferred annuity before they can annuitize
What is the product grid?
This rate, set to 3.5%, is to determine if variable payments will increase, decrease, or remain the same after the first payment
What is AIR (assumed investment return)?
This is the non-taxable amount (or cost basis) spread among all the expected payments on a non-qualified annuity
What is the exclusion ratio/amount?
This rider, found on some deferred contracts, allows the contract owner to use a guaranteed annuitization value instead of the contract value
What is GMIB (Guaranteed Minimum Income Benefit)?
This variation on Single Life or Joint and Last Survivor gives the member a guarantee that we will continue to pay them or their beneficiary until the purchase payment has been fully paid out
What is Installment/Cash Refund?
This documentation is required from the member when they elect a life payout option
What is proof of age?
This resource should be used if the product being annuitized is not listed in the deferred annuitization quoting tool
What is the Web Quoting Tool Product Substitutes?
In certain states, this reduces the amount of the client's contract value that is applied to annuitization
What is premium tax?
In this sunny state, certain fixed indexed products can be annuitized before age 100
What is Florida?
This payment option reduces the payment to 50% of the original if the primary annuitant dies, but does not reduce the payment if the co-annuitant dies
What is Joint and 50% Survivor?
This form is required in order to cause a deferred contract to be annuitized
What is the Deferred Annuity Payout Election Form?
Based on the way payments are calculated, this payment frequency will result in the greatest amount of money to the client
What is monthly?
A member taking payments before age 59 1/2 can see if they received an exception to the early distribution penalty by looking at this box on form 1099-R
What is box 7?
A case must be sent to this team in order to run GMIB annuitization quotes
What is Income Products ART?