September 22, 2021
FIT SPDA Statements and Rate Booster
Your customers have questions. You have answers!
A year ago we launched our new FIT series of single premium annuities and, here at the anniversary, we cannot be more pleased with the results.
As statements arrive in customers’ mailboxes, you may be asked questions about the fees associated with Rate Booster crediting strategies.
Here’s the answer!
The Rate Booster fee is assed at the beginning of each policy year as it is used to enhance the option budget providing the potential for higher rates. The fee shown on a policy’s first year statement is the combination of:
1% Rate Booster fee withdrawn at policy issue, plus
1% Rate Booster fee for the upcoming second policy year
For a total of 2%
This occurrence is exclusive to customers’ first statement. All future statements will reflect only the 1% fee for the upcoming year.
Use this as a conversation starter!
This is the first time your customers are receiving these statements. Use this opportunity to reach out to them, talk them through their statements, show them the power of Rate Booster – and ask how they are doing.
Has their life/financial situation changed?
Would they like to review their retirement plan and make adjustments?
