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AML

Effective May 2, 2006, the US Treasury Department implemented a rule requiring life insurance carriers to implement a training program for all producers who sell their products that accumulate cash value or have an investment component, with the intention of arming producers to better understand and know how to detect any money laundering activities. While transactions involving Term, Long Term Care and Disability products are exempt from the Act, some carriers have decided that the rule will apply to sales of all their insurance products. As a result of this, each carrier has developed a program and they are imposing deadlines for you to comply with if you wish to transact business with them. Failure to meet their requirements will potentially result in application processing delays or worse, termination of your existing or future carrier appointment(s).

Anti-Money Laundering Carrier Bulletins

63% of today's retirees are counting on pension plan payments to cover their living expenses, but only 21% of today's workers are covered by a traditional pension plan, and the percentage is dropping every year. At the same time Social Security is under financial pressure. Many of today's workers will need to save more and plan for potentially decades in retirement without the security of knowing their pension plan will provide enough income as it did for past generations.

Annuities can be a vital part of this planning process with the evolution of product options and insurance companies recognizing this need. Guaranteed lifetime income riders have become a key component in planning for retirement and are available with many of our products. We look forward to assisting you in determining if an annuity option and which option might work best for you and your client.

Carrier Product Specific Training Requirements (PST)

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