Annuities: Get Started
This information will arm you with the tools and information available to help you submit annuity business with us.
- A significant majority of states require NAIC model regulation annuity suitability training. You must complete any general annuity and product (carrier-specific) training prior to the sale. Review the instructions below for accessing the training and learn if your state is impacted:
- Principal Advisor Network and Principal Securities, Inc. Registered Representatives: Review the annuity state training guide (PDF) for a list of impacted states. Your training must be completed through Virtual University. Training instructions (PDF) are available.
- Independent bank and BGA partners: Review the annuity state training guide (PDF) for a list of impacted states. Training instructions (PDF) are available.
- Run a client illustration (login required). If you can’t access the illustration system, contact the Principal Annuities and Income Solutions sales team at 866.309.1623.
- Create an application using the online application packet tool, Create an App, which ensures you have all the necessary and state-appropriate paperwork. A contract number must be assigned.
- If the case is a replacement of life insurance or an annuity, make sure you are in compliance with replacement guidelines (login required).
- Submit the initial application and other required forms to annuity new business for processing.
- Review policy and delivery receipts.
Some states require insurance companies to collect a delivery receipt. This gives clients the opportunity to reject a contract during their “free look” period and receive a refund (amount varies by product) on the contract. (The “free look” period typically starts when the delivery receipt is signed.)
If you’re responsible for delivering the contract to the client, you must:
- Explain the “free look” period outlined in the contract
- Review the contract and answer any questions
- Have the contract owner sign the delivery receipt