In-force business
Please note the following deadlines to ensure requests are processed and recorded for the 2020 tax year:
- Premium payments must be received in good order by Thursday, December 31, 2020, at 3:00 p.m. Central time.
- Policy financial transactions for fixed annuity and life business, e.g., surrenders, must be received in good order by Friday, December 18, 2020, at 3:00 p.m. Central time.
- Roth conversions for fixed annuity business must be received in good order by Friday, December 18, 2020, at 3:00 p.m. Central time.
- Policy administration, e.g., ownership, beneficiary, allocation changes, illustrations, must be received in good order by Monday, December 21, 2020, at 3:00 p.m. Central time.
- All Claims transactions (including requests to pay RMDs on a pending claim) must be received in good order by Friday, December 11, 2020, at 3:00 p.m. Central time.
- Any payment processed in 2020, even if not physically received in 2020, will be taxed for 2020. This includes disbursements processed on Thursday, December 31, 2020, that will not be sent until Monday, January 4, 2021, due to the New Year’s holiday.
- Do not submit 2021 transactions in 2020, hold until 2021.
New business
To ensure the contract is issued by close of business for 2020:
- Life insurance new business final delivery requirements must be received in good order before Monday, December 28, 2020, at 3:00 p.m. Central time.
- Fixed index annuity new business applications and final requirements must be received in good order before Monday, December 28, 2020, at 3:00 p.m. Central time.
To get help with new illustrations or for more information, call 800-568-2626 or email us at [email protected]
- November 18, 2020
- Brad Neves
- Annuity, Carrier News
NFG Brokerage
We are a National Brokerage General Agency helping our Distribution Partners achieve great results.
Request a free quote
Our Team is ready to help. Click the button below and be sure to include the details of your quote...we will be back with you As Soon As Possible.
Subscribe to our newsletter!
There is no form with title: "SEOWP: MailChimp Subscribe Form – Vertical". Select a new form title if you rename it.
More from our blog
See all posts
Effective January 15, 2022 Nationwide is committed to carefully managing their…
From John Hancock Focusing on LTC Planning While November holds a…
Introducing Smart Builder IUL 2 North American is pleased to announce…
Effective today, November 17, 2021. Securian is resuming sales of SecureCare…
The SECURE Act of 2020 and the RMD Puzzle Many clients don’t…
As we approach the end of the year, please keep in…
From SBLI COVID-19 UPDATES Effective immediately, SBLI has revised its temporary…
Rates are increasing for the products below effective November 7, 2021! Purchase payments received on…
No Comments
Recent Posts
- Nationwide – Indexed Universal Life and Variable Universal Life Cap Rate Changes December 2, 2021
- John Hancock – LTC Planning November 22, 2021
- North American – Smart Builder IUL 2; 7702 Policy Impacts November 18, 2021
All Website Tags
AIG
Allianz
American General
American National
ANICO
Annuity
Annuity Rates
Athene
Best Interest Standard
bonus
Columbus Life
COVID-19
Equitable
FIA
Fixed-Indexed Annuity
Global Atlantic
Great American
John Hancock
Lincoln
Multi-Year Guaranteed Annuity
Mutual of Omaha
MYGA
NAIC
Nationwide
New York Life
NFG Brokerage
North American
Oceanview
OneAmerica
Oxford
Pacific Life
PacLife
Principal
Product Announcement
Protective
Prudential
Rate Decrease
Rate Increase
Rate Update
Sagicor
SBLI
Securian
Suitability
Symetra
Year-End Deadlines