Frequently Asked Questions

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Western Catholic Union

877-928-1877

www.wculife.org

  FREQUENTLY ASKED QUESTIONS AND PROBLEMS  BE SURE TO INCLUDE YOUR AGENCY NUMBER ON ALL APPLICATIONS AND CORRESPONDENCE SENT TO WCU.  

 

ANNUITY CERTIFICATE -  forms needed

            APPLICATION

             ANY STATE REQUIRED REPLACEMENT FORMS

             SUITABILITY FORM, if client is age 65 or older

            TRANSFER FORMS  OR  MONEY

 

 

  ANNUITANT MUST BE AN INDIVIDUAL – NOT A TRUST     

 1.   WHERE OR HOW DO I INDICATE THE NUMBER OF YEARS FOR THE        LENGTH  OF THE ANNUITY? 

         This is the most missed question on the application.  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.

 

2.    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, non-qualified only.  Question 17 of the application is to be used

        for Joint Annuitant payout option only on Single Premium Immediate Annuities.

           

 3.    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.  Please BE SURE  to include a copy of the last

       statement.

 

 4     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.  You will also need two

         applications.

 

 5.   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.

 

 6.   CAN YOU PLACE MORE THAN ONE TRANSFER INTO ONE CERTIFICATE AND  HOW IS IT ISSUED? 

 

         Yes, you can do multiple transfers into one account.  We will put the money into the

         annuity but the certificate will not be generated until we have all of the money so that

         the face page shows the correct amount deposited.

 

 7.   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.

 8.   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.

 

 9.     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.

 

 10.   CAN WCU SEND AN ACH PAYMENT OF AN ANNUITY TO CLIENTS BANK  ACCOUNT?  

       Yes, we can direct deposit directly to an insured’s bank account.  Please have the client        complete the ACH form in your packet or it is located on our web site as well.  Please be sure to obtain a copy or voided check with this form.  If it is something that will be done  on a  regular basis, please be sure to fill out the information in the type of annuity  section or have an automatic withdrawal form signed by the annuitant/owner.annuity withdrawal”  form and attach a voided check or deposit ticket.

 11.   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. 

12.  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

           APPLICATION

             AUTHORIZATION FORM (HIPPA FORM)

             SUPPLEMENT FORM, if any spouse term or child term riders applied for

             ILLUSTRATION IN ALL CASES  - whether it is signed or not, can be signed at

              time of delivery

            TRANSFER FORMS, if needed

 

  ON LIFE APPLICATIONS, PLEASE BE SURE TO ENTER THE FULL NAME AND  ADDRESS OF THE DOCTOR OR HOSPITAL.

 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 permitted as long as there is a question concerning the medical  history that makes the applicant questionable or there is to be a transfer coming in from another company.  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     within 14 to 21 days of  your receipt 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.  If there is  some reason that the delivery can not be made within this time period, please phone the office with the details.   Exceptions can be  made.  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.