Protective Life is dedicated to providing quality service, building trust and simplifying everything for you and our mutual customers. As part of that effort, we want to ensure that you stay informed about important changes that impact the processing of your business. Please review the following information regarding enhancements to Protective Life’s Annuity Suitability Program.
New Customer Outreach Program for Fixed Indexed Annuities Will Launch in 2020
Protective Life will be implementing a survey for a select number of customers who purchase Protective’s Fixed Indexed Annuities. The customer survey will be conducted by LIMRA CAPS and is designed to gain information and insight into customers’ buying decisions, as well as the customers’ knowledge of the product and understanding of any riders, benefits or other included features. The results of the survey will allow Protective Life to benchmark against the industry averages and identify and address concerns and opportunities to improve.
Agent Application Packet
Protective Life updated the agent application packet on September 24, 2019 and it is available to newly contracting agents. The agent application packet has additional information for agents about Protective’s suitability program and the agent’s suitability obligations. The application packet will include an updated Authorization and Certification of Statements document where agents will certify that they will follow Protective’s Ethical Market Conduct Guidelines and attest they have reviewed Protective’s Annuity Suitability Producer Guide. The agent application packet can be found under the contracting forms section of MyProtective. Any agent applications signed on or after January 2, 2020 must include the updated Authorization and Certification of Statements document. Any applications received without this requirement will be placed on hold until it is received.
New Annuity Suitability Producer Guide
Protective Life has created a new Producer Guide. The Protective Life Producer Guide was published September 30, 2019 and is designed as a training manual that will complement and expound on Protective’s Suitability Guidelines. This guide is a training manual that covers, in greater detail, suitability topics, company suitability rules and requirements, producer training requirements, a description of our suitability review process and contact information for additional questions about suitability issues. Both the producer guide and the annuity suitability guidelines can be found on MyProtective under the Working With Protective tab and choosing the Annuity Suitability Information Section.
Annuity Suitability Information Tab on MyProtective
Protective Life has made a number of enhancements to the Annuity Suitability Program in 2019. These enhancements include revised Annuity Suitability Guidelines, an Annuity Suitability Refresher Course, Producer Training, Annuity Suitability Frequently Asked Questions and NY Reg 187 Guidelines on Annuity Suitability and Best Interest Standard. Protective Life has compiled all of this information on the Annuity Suitability Information page on MyProtective. Please be sure to use this page as a resource when you have suitability questions or concerns and check back periodically for the most up-to-date information regarding Protective’s Suitability Program.
Annuity Suitability Review Desk
Protective Life has formed a new Annuity Suitability Review Desk to augment reviews of annuity sales and replacements. The Annuity Suitability Review Desk is available to answer general questions concerning annuity suitability or the Annuity Suitability Questionnaire, and can be reached at AnnuitySuitabilityReview@Protective.com.
Please contact us at 800.628.6390 for additional support.
We look forward to helping you meet the protection needs of our mutual customers – Today, Tomorrow, Together.TM