Inforce Certification - Module 19: Annuity Withdrawals

The Inforce Certification provides a comprehensive understanding of the key aspects of life insurance policies once they are in force. This certification covers a range of topics related to policy services, technology, billing, changes, loans, and more. Participants will gain knowledge of how to manage policies post-issue, including understanding policy updates, billing processes, and critical policy changes. The course also includes guidance on the use of technology, such as online portals and software products, and addresses specific policy-related actions like reinstatements, conversions, and surrenders. It will also explore the financial implications of policy loans, collateral assignments, and premium financing. This certification is essential for those involved in life insurance policy administration and advisory services.

Module Overview:

Module 19: Annuity Withdrawals 

This module outlines the complexities of annuity withdrawals, including fees, tax implications, and contract rules. It’ll discuss surrender charges, penalties, market value adjustments, early withdrawal tax penalties, and withholding options. It also explains the rules for accessing funds based on annuity type and withdrawal provisions or waivers.

Learning Objectives

• Understand the various considerations involved in annuity withdrawals.

• Explain surrender charges, penalties, and market value adjustments that may apply during withdrawals.

• Understand the tax implications of annuity withdrawals, including penalties for early withdrawals.

• Describe the different rules and limitations for accessing funds from various types of annuities.

• Recognize situations where withdrawal charges may be waived.

COURSE CONTRIBUTORS