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Agent Help (Under Construction) BE SURE TO INCLUDE YOUR AGENCY NUMBER ON ALL APPLICATIONS AND CORRESPONDENCE SENT TO WCU. ANNUITY CERTIFICATE - forms needed
********************************************* 1. DOES WCU ISSUE CASES WITH JOINT ANNUITANTS? Western Catholic Union does NOT issue a joint-annuitant annuity. We do allow joint owners on a certificate. Question 17 of the application is to be used for Joint Annuitant payout option only on Single Premium Immediate Annuities. 2. I HAVE A CASE THAT I WOULD LIKE TO TRANSFER THAT HAS JOINT ANNUITANTS AND JOINT OWNERS, HOW DO I COMPLETE THE PAPERWORK? If you have a transfer case where the original contract was issued with co-annuitants by another company, the best way to handle it is to make the second annuitant the owner and beneficiary. However, in completing the paperwork, please be sure to have it completed and signed by both annuitants and attach a note to it calling it to our attention. This is not an issue problem but it does create a major problem when processing the transfer paperwork. 3. IF FUNDS ARE BEING TRANSFERRED FROM ANOTHER COMPANY AND THE FUNDS ARE TO BE SPLIT BETWEEN TWO ANNUITIES, IS THERE ANYTHING ADDITIONAL THAT IS NEEDED TO COMPLETE THE TRANSFER OTHER THAN THE NORMAL PAPERWORK? If you are having money transferred to our society from another company and the funds are to be placed into two separate contracts, please send a cover letter explaining how the funds are to be split. This letter MUST be signed and dated by the client. This letter is for your protection as well as ours. 4. HOW IS THE TRANSFER PAPERWORK HANDLED BY WCU? Please attach the completed paperwork to the annuity application and we will handle the request and follow-up for you. Lori is presently handling all of the annuity cases. If you have a case that you would like to send the paperwork directly from your office or the client wants to handle this themselves, it is not a problem, but we would like to suggest that you attach a copy of the forms to the application. Most of the transferring companies require a letter of acceptance from our company before they will make the transfer and the copy will assist us in typing this letter. Also if it is a qualified plan, we would like to have a copy of it in our files in case the IRS questions how it was handled. 5. TRANSFER PAPERWORK PROCESSING TIME FROM OTHER COMPANIES? In talking with other companies, the normal processing time is from 30 to 45 business days to complete the transfer. We begin calling on the 14th working day for follow-up purposes and continue periodically until we receive the money. 6. WHERE OR HOW DO I INDICATE THE NUMBER OF YEARS FOR THE LENGTH OF THE ANNUITY? Please be sure to indicate the number of years that you would like the annuity certificate issued in question 13 of the application or in the area immediately above question 13 of the application. 7. WHAT TO INCLUDE IF A TRUST IS NAMED AS THE BENEFICIARY OR OWNER ON THE APPLICATION. Please be sure to include a photocopy of the page that shows the trust title and the trustees under the trust as well as the last page that shows date and signatures. We must have one on file. We need this even if you think we may have one already on file as it could have been changed since we obtained the first one. 8. TAXES – IMPORTANT A W-4P form must be completed and signed by the owner/annuitant of any annuity certificate that the client is or may decide in the future to start receiving payments. If they request federal taxes to be withheld from their payments, they must enter a percentage or dollar amount to be withheld at the end of Line 3. If they do not want taxes withheld, they should mark the box at the end of Line 1. A payment will not be made to any client unless we have this form in our file. It is also very important on cases where the RMD must be paid out. 9. CAN WCU SEND AN ACH PAYMENT OF AN ANNUITY TO CLIENTS BANK ACCOUNT? At this time, we cannot direct deposit directly to an insured’s bank account. We can send the check direct to the client’s bank with their account number listed on our check but the bank has to deposit it. Please have the client complete an “automatic annuity withdrawal” form and attach a voided check or deposit ticket. 10. RMD ARRANGEMENTS If you are transferring a case that is already on RMD, please ask whether or not the current year’s withdrawal has taken place. If it has, please complete the appropriate section of the transfer form so indicating. If we are to set up the RMD we must have the balance in the account as of Dec. 31st of the prior year, or a copy of their year end statement. 11. WHERE DO I FIND INFORMATION ABOUT THE FRATERNAL BENEFITS ATTACHED TO THE 5, 8 AND 10 YEAR ANNUITIES? Information about how to claim and how you become eligible to withdraw money from the 5, 8 and 10 year annuities for nursing home, catastrophic illness and medical bills is located on the last page of the company rate book. LIFE APPLICATION - forms needed
1. Use the juvenile life application when a child is age 14 or younger 2. Send the medical authorization release form with every Juvenile and Adult life application 3. Send ALL pages of the illustration with each application signed by the agent AND the applicant. This will assist the underwriter in making sure everything you quoted the client is being issued. If there are changes after application is approved, the new updated illustration will be sent with the certificate for signature. 4. Send the completed and signed application supplement form to add the spouse rider, or the child rider, or the grandchild rider. We need the names and birthdates, etc. for everyone to be insured. 5. Put the full name and address and phone number of the doctor who has current medical records of the applicant. List medications and reason on application or use another sheet of paper attached to application 6. Check-o-matic bank draft required on ALL monthly premium mode on all life plans. We need the bank information and complete ADDRESS of the bank. Fully complete the bottom portion of the life application, or use the form that has been developed for this use. All the information needs to be entered and not just the insured’s signature. We don’t have bank addresses available to us. 7. We need two (2) months of premium at the time of application when monthly mode. If only one month is paid, and when application is approved, there might not be enough time to set up with the bank before the next month is due. We do not change the application date, and we use this date to issue the effective date of the certificate. We make very few exceptions. 8. We need your name (printed also) on the application and also your agent number. 9. Look over the application to see if you have the height & weight, birth date, address and zip code, state or country place of birth, etc. 10. Be sure that the signature of the insured/owner, and information entered in question 1 of either of the applications agree. 11. Spell out the name of the plan of insurance. Do not use numbers. Remember to put par or non-par when applicable. The insured will understand what you are referring to rather than a form type. 12. On all cases, please be sure to put the relationship of named beneficiaries. If a trust is named as the beneficiary, be sure to include a copy of the page that shows the trust title and the trustees of the trust as well as the last page that shows dates and signatures. We must have one on file. We need this even if you think we may have one already on file as it could have been changed since we obtained the first one. 13. Please watch your penmanship so that all information from the application is entered into the computer correctly. Sometime this information is really hard to decipher. Remember, this is a legal document. Any corrections made on the application MUST BE INITIALED AND DATED by the applicant or owner. Please do not use white-out or correction tape on the application. If you cannot cross through and make the corrections, please re-write the application. If the application is not, it will be returned to you. 14. COD cases are fine as long as no receipt is given which would imply coverage from application date. It should be noted that a COD case has no insurance coverage until money is received. 15. When you attach a letter of instruction telling us how to apply money or make changes to the forms or application that affect the certificate, or what manner in which the certificate is issued, etc., this note or letter must have the signature of the insured/applicant/owner and the date. 16. Delivery Receipts: The insured’s signature is his/her acknowledgement of receipt and complete understanding and acceptance of the certificate. We cannot consider our file complete without the delivery receipt. The new certificate should be delivered to the client as quickly as possible, but no later than 30 days from the date of issue. If there is a delay in delivering the certificate, please let the Home Office know. As you know, WCU is licensed in the states of Illinois, Missouri, Iowa, Wisconsin, Texas, Colorado, Pennsylvania, Maryland, and West Virginia. The delivery of the certificate must be completed in one of these states and the delivery receipt must show the state of delivery. 17. When underwriting requirements are needed, please let the underwriting dept. know if you, the agent, already contacted the portamedic in your area. This is usually taken care of in the home office, however, some agents would like to do this at the time of sale. Just be sure to use the Underwriting Guidelines before contacting the portamedic office. The agent should inform the applicant that it should be of utmost importance that when the portamedic contacts them, the appointment should be set within a few days. The portamedic will also set the appointment anywhere the applicant desires. At the time of application, it would help the portamedic if the best time to call, the place of employment and phone number would be on the application. 18 Completing the Medical Authorization form: Put information of applicant of who we are requesting the medical records Put information of doctor or clinic, be sure to include address and phone number Periods of health care: Underwriting Dept will complete Information to be released: Please mark ALL SPACES/BOTH SECTIONS Need signature of applicant Relationship: on a juvenile application – put father/mother/etc. Agent signs as witness and date the form 19. Every week the agent will receive a status sheet of all pending applications, updated as to why application is still pending, and the last date contacted. When we are waiting on the agent to assist in any way, please respond as quickly as possible in order to get the certificate issued. 20. If or when an application is cancelled or declined, the refund letter will be sent to the agent to deliver to the applicant. This is the only way the applicant will know what happened to their application. Underwriting cannot inform the agent as to why the application was declined due to the privacy act. 21. Applications on new clients can only be accepted if they are dated and signed in a state where WCU is licensed: namely: Illinois, Missouri, Iowa, Wisconsin, Texas, Colorado (life only), Pennsylvania, Maryland and West Virginia. 22. Great-grandchildren are included in the grandparent rider. Please be sure to get all names and dates of birth at the time of the application. If you have any questions before or after submitting your life applications, please do not hesitate to contact the underwriting dept. at any time. COMMISSIONS. 1. WHEN WILL COMMISSION PAYMENTS BE MADE FOR CASES WHERE ALL OF THE FUNDS ARE NOT RECEIVED AT ONE TIME? Commissions will be paid to you on Friday of the week that the initial payment is received.. As additional monies are received, commissions on those amounts will be paid to you at the end of the month of receipt. 2. CAN MY COMMISSION PAYMENTS BE SENT DIRECT TO MY CHECKING ACCOUNT? Commission payments can be sent direct to your checking account. If you would like to do this and have not yet set this up with our office, please call us so that we can send the required paperwork to you for completion. Please return it with a copy of a voided check. A paper statement will be sent to you each week so that you can determine the cases you were paid on. MISCELLANEOUS INFORMATION FOR BOTH LIFE AND ANNUITIES 1. BENEFICIARY DESIGNATIONS On all cases, please be sure to enter the relationship of named beneficiaries. Keep in mind that in order to name an individual as a beneficiary that person must have an insurable interest. If the applicant does not have a family member that they would like to name as the insured, have a short statement signed by the applicant advising us of this. If they own property or share expenses together, that is an insurable interest and should be noted in the note. 2. . DOES QUESTION 12 OF THE ANNUITY APPLICATION AND THE QUESTION ON THE LIFE APPLICATION “ARE YOU A PRACTICING ROMAN CATHOLIC” HAVE TO BE ANSWERED OR DOES IT HAVE ANY SIGNIFICANCE ON THE APPLICANT? These questions need to be answered yes or no but they have no bearing on whether or not the certificate will be issued. We need the information for our records only for survey purposes. 3. MISCELLANEOUS LETTERS OF INSTRUCTIONS In the future, any letter of instructions telling us how to apply monies or make changes to the forms or application that affect the certificate, the manner in which it is issued, or how monies are applied must bear the signature of the insured/owner and the date. 4. CORRECTIONS ON AN APPLICATION. Remember this is a legal document. Any corrections made on the application MUST BE INITIALED AND DATED by the applicant or owner. Please do not use white out or correction tape on the application, they will not be accepted. If you cannot cross through and make the corrections, please rewrite the app. If they are not, they will be returned to you. This also applies to the checks submitted as well. The bank needs to know that the corrections are approved by the depositor. 5. DELIVERY RECEIPTS AND CERTIFICATE OF RECEIPT We must have all delivery receipts and certificate of receipts for the certificate delivery completed and returned to our office immediately upon delivery of the certificate. Postage paid envelopes are sent with the certificate for your convenience. If they are not returned, we have no choice but to withdraw commissions. Please keep in mind that WCU is only licensed in the following states: Illinois, Missouri, Iowa, Wisconsin, Texas, Pennsylvania, Maryland, Colorado and West Virginia. Policies should be delivered and signed for in these states only.
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