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
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