The Life of an Annuity Application


As a case manager, I regularly receive calls from agents asking me how to fill out an application. Each carrier’s application is different and requirements vary by state. Adding to the confusion, some carriers happen to be more strict than others with their requirements. Some focus more on suitability, so an error on the application can set the process back a week. Others merely require initials on all changes or updates to an application, and still others are flexible and will accept changes and updates over the phone.    

I receive an application after our IGO (In Good Order) team has entered it into our computer system. I start by reviewing the application to determine what, if any, changes need to be made, while our contracting team reviews licensing requirements and ensures there will be no contracting hold-ups when the application arrives at the carrier.  

We go over your application with a fine-tooth comb, and some carriers even trigger a second review on all applications. We make sure the most current forms were used, and we look for blanks that should have been filled in or information that is unnecessary or not specific to the state in which the business was written. We check calculations on suitability to make sure the math is right, and we search for corrections that were made but not initialed. We also compare questions on the application to make sure questions are answered the same way that each time. We then call or email you, the agent, to get the necessary corrections made. 

The point of this process is to prevent the need for the client to re-sign or initial the application. Not only is it unprofessional to call the client and ask them to re-sign an application due to an overlooked error, it also holds up issue by days or sometimes weeks.  

The Bottom Line: Our goal is to help you deliver top-of-the line service to your customers. As a team, we can work together to submit clean applications and get policies issued in a timely manner.

For financial professional use only; not for use with the general public. #E1503-589 Rev. 3/15

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