Annuity Product Selection Criteria Checklist

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Here are some potential items that could be included in an annuity product selection criteria checklist:

1. Licensing and Regulatory Compliance: Is the insurance company licensed to sell annuities in our state? Are they regulated by a reputable agency?

2. Financial Strength Rating: What is the insurance company's financial strength rating (e.g., A.M. Best, Standard & Poor's)?

3. Product Type: Does the product offer fixed or variable interest rates, or a combination of both?

4. Interest Rate Minimums and Maximums: What are the minimum and maximum interest rate ranges for this product?

5. Surrender Charge Structure: How does the surrender charge work? Is it front-end loaded, back-end loaded, or level?

6. Penalty-Free Withdrawal Options: Are there any penalty-free withdrawal options available within a certain time frame (e.g., 10% penalty on first $25,000 withdrawn in first year)?

7. Tax Implications: How will tax implications affect the product? Is it subject to income taxes or capital gains taxes?

8. Guarantees and Riders: Are there any additional guarantees or riders available for this product (e.g., guaranteed minimum death benefit, long-term care rider)?

9. Crediting Method: What crediting method is used for interest accrual (e.g., simple interest, compound interest)?

10. Minimum Purchase Requirements: Are there any minimum purchase requirements to participate in the product?

11. Maximum Purchase Limits: Are there maximum limits on how much can be invested in this product?

12. Administrative Fees: What administrative fees are associated with this product (e.g., annual fee, monthly fee)?

13. Underwriting and Approval Process: How is the underwriting and approval process for annuity applications handled?

Implementing an annuity product selection criteria checklist can benefit your organization in several ways:

• Improved Decision-Making: A clear and structured approach to evaluating annuities ensures that you make informed decisions based on objective criteria.
• Enhanced Risk Management: By considering factors like investment risks, credit risk, and liquidity risk, your organization can better mitigate potential losses and protect its assets.
• Compliance and Regulatory Confidence: Having a transparent and well-documented process for selecting annuities demonstrates a commitment to compliance with relevant regulations and industry standards.
• Cost Savings: By avoiding costly errors or misjudgments, your organization can save time and resources that might have been wasted on suboptimal investment choices.
• Increased Efficiency: A standardized checklist streamlines the product selection process, making it easier to evaluate multiple options and compare features.
• Better Customer Outcomes: When you select annuities based on well-defined criteria, you can provide your customers with more informed advice and potentially improve their financial outcomes.

1. Investment Return Objective
2. Risk Tolerance
3. Time Horizon
4. Liquidity Needs
5. Inflation Expectations
6. Tax Implications
7. Death Benefit Requirement
8. Guaranteed Minimum Income (GMI) or Return of Premium (ROP)
9. Market-Linked Features (e.g., index tracking, managed funds)
10. Annuity Type (e.g., fixed, variable, indexed, hybrid)
11. Fees and Charges Structure