YES, there is. Listed below are the Illinois requirements: An insurance producer who engages in the sale of annuity products shall complete a one-time four- hour credit training course approved by the Department and provided by a Department-approved education provider. 2) Insurance producers who hold a life insurance line of authority after July 31, 2023 […]
Yes, you will have to complete a 1-hour webinar course to updated you on the changes under new regulation or 2. complete a new 4-hour course covering the new disclosure requirements. We have both on our website.
I completed the Annuity Suitability in 2015, do I need to do the new training? Read More »
. An insurance producer who completed an annuity training course approved by the Department before August 1, 2023 shall, by February 1, 2024, complete either: A) A new four-credit training course approved by the Department that covers the required topics of subsection (b)(4); or B) An additional one-time one-credit training course approved by the Department
Annuity Suitability & Best Interest Training in Illinois Read More »
Beginning February 16, 2021, the provisions of the DOL’s new Fiduciary Rule became effective, including the expanded definition of fiduciary and Impartial Conduct Standards under new and amended prohibited transaction exemptions. The DOL provided a non-enforcement grace period that will expire on February 1, 2022. This Rule represents the most significant change to retirement investment
Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards (PTE84-24) Read More »
Primary: The individual named in the policy to receive death benefits if living. The primary beneficiary’s right at the time of the insured’s death and owner’s rights end. Policy owner has the right to change beneficiaries at anytime as long as the beneficiary is not irrevocable. Irrevocable beneficiaries must agree to change. If the irrevocable
Beneficiary Designations Read More »
LIMITS 2022 Individual Retirement Accounts (IRA) Traditional or Roth $ 6,000.00 Catch up for IRA $ 1,000.00 Maximum elective deferral contributions (401K, 403B,457) $ 20,500.00 Maximum annual additions under a defined contribution plan ( includes SEP) $ 61,000.00 Maximum catch up contributions (401k. 403b, 457) $ 6,500.00 Maximum salary reduction contribution for a SIMPLE plan
2022 Pension Contributions Read More »
When an insurer delays payment on a life or annuity contract, they have deprived the insured or beneficiaries of the use of the money. To stop unnecessary delays in payment of proceeds, states have enacted laws requiring the payment of interest to those effected by the delays. Below is the Illinois Law: 215 ILCS 5/224
Payment of Interest on a Life Insurance policy Read More »
The SECURE Act 2.0 was part of the Deficit Reduction Act signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73 in 2023, can delay their first RMD until next April 1 of the year
Changes in Required Minimum Distributions to Age 73 Read More »
