Course Outline
Common Policy Features
Before we review Assurity’s specific annuity products, let’s look at some of the policy features common to all Assurity annuities.
All Assurity annuities have a free-look period of 30 days from receipt, during which the policy may be returned. When the policy is returned to Assurity within the free-look period, it’s treated as if it were never issued and premiums are refunded.
When it comes to ownership of an annuity, a non-qualified policy owner may transfer ownership. For a qualified annuity, the owner must be the annuitant.
Policy assignments are treated in a similar way; a non-qualified annuity policyowner can assign any benefits available under this policy. For a qualified annuity, neither the policy nor the benefits are assignable.
Free-Look Period
- Plus One, Encore, SecurePath and SPIA – 30 days
Ownership
- Non-qualified – policyowner may transfer ownership
- Qualified – policyowner must be the annuitant
Assignment
- Non-qualified – policyowner may assign any benefits
- Qualified – neither policy nor benefits are assignable
