Private Placement Life Insurance & Variable Annuities Forum
|
|
- Chrystal Cooper
- 5 years ago
- Views:
Transcription
1 Private Placement Life Insurance & Variable Annuities Forum Hyatt Centric Magnificent Mile Chicago, Illinois June 13, 2018 This is for educational purposes only and not a solicitation. Not for the general public.
2 Carrier Selection: Domicile, Structure, & Rating Panelists: Ken Masters
3 Carrier Considerations Investment Offerings/Flexibility Capacity & Underwriting Policy Expenses & Fees Commitment to PPVUL/PPVA Ratings/Carrier Financials 3
4 It s All About the Investment Before discussing carrier selection, domicile, and design, client or advisor must decide on desired investment(s) Carrier selection and product design will follow based on identified investment strategies Potential decision tree may alter based on availability of desired investments or strategy Our starting assumption is that the considered investment is tax inefficient so a private placement vehicle makes economic sense 4
5 Key Investment Decision Gates Separately Managed Account ( SMA ) or Insurance Dedicated Fund ( IDF ) Illiquid Investment Capability SMA/IDF Approval Process 5
6 PPVUL or PPVA Considerations What is the End Goal? Planning Integration Capacity Who s Perspective Tax Deferral or Elimination Ownership Implications Estate/Charitable Planning Desired Investment Underwriting Constraints 6
7 PPVUL Economics Pre-Tax Acct. Value Death Benefit Year 10 $35,308,187 $43,075,988 Year 20 $72,594,340 $77,675,944 Year 30 $149,204,477 $156,664,701 For a taxable beneficiary, PPVUL provides tax-free death benefit. Key Assumptions: 1. Annual premium of $5M payable for 4 years, i.e. $20M cumulative. 2. Annual assumed 8.00% net return and assumes current non-guaranteed charges. 3. Investor is assumed to be a 55-year-old preferred non-smoker male. 4. PPLI policy uses the Alaska state premium tax, single carrier proxy, and standard Pinnacle pricing. 5. Please refer to carrier illustrations for additional disclosures. Illustrations provided upon request. 7
8 PPVA Economics Pre-Tax Acct. Value Death Benefit Year 10 $37,332,490 $27,955,613 Year 20 $78,183,098 $46,706,042 Year 30 $163,894,800 $86,047,713 For a taxable beneficiary, PPVA death benefit proceeds are subject to ordinary income tax. Key Assumptions: 1. Annual premium of $5M payable for 4 years, i.e. $20M cumulative. 2. Annual assumed 8.00% net return and assumes current non-guaranteed charges. 3. Investor is assumed to be a 55-year-old preferred non-smoker male. 4. Annuity death benefit proceeds assumes California state income tax rate. 8
9 Domestic vs. Offshore Considerations U.S. When considering using PPVUL, a U.S. citizen and resident would most likely use a U.S. domestic policy or dual-compliant policy In the past, U.S. persons had been recommended using offshore policies for the following reasons which no longer apply: Asset protection planning purposes Favorable economics Lack of clarity regarding domestic policy compliance Exception would be for payments in-kind maybe 9
10 Domestic vs. Offshore Considerations - NRA When considering using PPVUL, a non-u.s. non-resident alien ( NRA ) has three primary options: U.S. domestic policy assuming sufficient U.S. nexus to qualify for coverage Non-U.S. policy issued by a carrier making a 953(d) election and policy complies with U.S. tax law Non-U.S. policy issued by a carrier not making a 953(d) election, i.e. offshore policy Policy may be structured to comply with U.S. insurance tax law or not In general, a non-u.s. insured would use a domestic policy if there was a U.S. beneficiary, sufficient U.S. nexus, and intention to make U.S. investments 10
11 Domestic vs. 953(d) vs. International PPVUL Taxation U.S. Investments U.S. Taxes on Foreign Policy Owners U.S. Tax Treatment Death Benefit to U.S. Beneficiary Investor Control Doctrine UNI/DNI Implication s for U.S. Beneficiary U.S. Domestic Policy 953(d) Carrier Generally Exempt Generally Exempt 30% W/H on MEC Distributions or Policy Surrenders Income & Capital Gains Tax-Free Yes Yes No No Offshore Policy Generally Exempt; 30% FIRPTA W/H No U.S. W/H Tax on Distributions Not Taxable if Deemed Insurance in Issuing Jurisdiction No Yes Foreign Non-Grantor Trust 11
12 Underwriting Considerations Internal Retention Writing carrier retains risk Carrier has full discretion Autobind Writing carrier can bind reinsurer Must conform to reinsurance treaty Facultative Reinsurer must pre-approve Writing carrier has no discretion 12
13 Policy Fees & Expenses Fee Recipient Paid With Amount Premium Tax Insurance Company Assessments Against Each Premium 2.00% of Premium on Average by State with Delaware, Alaska, and South Dakota being below 10 bps Deferred Acquisition Cost (DAC) Tax Insurance Company Assessments Against Each Premium Usually 1.00% of Premium Mortality & Expense (M&E) Charge Insurance Company & Insurance Advisor Monthly Assessments Against Cash Value Typically Scaled by Asset Size and Duration (i.e., 0.25% of cash value per year for first 10 years; 0.20% for second 10 years; 0.15% thereafter) Cost of Insurance (COI) Charge Insurance Company Monthly Assessments Against Cash Value Variable Depending on Net Amount at Risk, Age, Sex, and Healthiness of Insured Compensation Insurance Advisor Initial Premium and/or Cash Value (Part of M&E) Front End 0.50% to 3.00% depending on broker Trail Compensation 0.10% to 0.50% of cash value per annum 13
14 Commitment to PPLI/PPVA Market Example of carriers that have exited the market American General Hartford Mass Mutual New York Life Sun Life What we have observed with clients who have legacy policies with inactive carriers: Increased policy expenses (American General) Limited IDF options & unwillingness to add new funds No infrastructure investment by carrier 14
15 Commitment to PPLI/PPVA Market (cont d.) Key questions to ask Is this the carrier s only line of business Amount of premium (relative importance) What is the carrier s ownership structure Current breadth of IDF offerings and approval process Ability to accommodate SMAs and potential future consideration Any recent infrastructure investments/upgrades Potential impact of ownership structure Stock vs. Mutual insurance company Private equity backing U.S. subsidiary of foreign holding company 15
16 Carrier Ratings (sample) Crown Lombard Prudential Zurich A.M. Best B++ (5) A- (4) A+ (2) A+ (2) S & P Not Rated Not Rated AA- (4) A (6) Moody s Not Rated Not Rated A1 (5) A3 (7) Fitch Not Rated Not Rated AA- (4) Not Rated 1. Ratings information from Vital Signs as of May 1,
17 A.M. Best Ratings Rating Best s Credit Rating (BCR) Best s Issuer Credit Rating (ICR) Definition A forward-looking, independent, and objective opinion regarding an insurer's, issuer's, or financial obligation's relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, and business profile or, where appropriate, the specific nature and details of a security. Independent opinion of an entity s ability to meet its ongoing financial obligations and can be issued on either a long- or short-term basis. An ICR is an opinion regarding the relative future credit risk of an entity. Credit risk is the risk that an entity may not meet its contractual financial obligations as they come due. An ICR does not address any other risk. An ICR is not a recommendation to buy, sell, or hold any securities, contracts or other financial obligations, nor does it address the suitability of any particular financial obligation for specific purpose or purchaser. 17
18 Carrier Considerations Investment Offerings/Flexibility Capacity & Underwriting Policy Expenses & Fees Commitment to PPVUL/PPVA Ratings/Carrier Financials 18
19 Carrier Considerations Investment Offerings/Flexibility Capacity & Underwriting Policy Expenses & Fees Commitment to PPVUL/PPVA Ratings/Carrier Financials 19
20 What Do Ratings Mean Insurance carrier ratings are generally used by purchasers of insurance carrier debt to determine creditworthiness of debt issues Ratings and ratings reports also used as a proxy for carrier s claims paying ability to policyholders Can also look to stock reports of publicly traded insurance company s as an additional gauge to financial strength Statutory vs. GAAP vs. IFRS accounting standards 20
21 Separate Account Protection PPLI/PPVA account assets are generally held in SMAs, IDFs, or available registered funds on the carrier s platform These investments are collectively deemed separate accounts and are not commingled in the insurance carrier s general account Not subject to the claims of the insurance carrier s general creditors Mutes concern of financial carrier insolvency but does not fully eliminate it 21
22 Separate Account Protection (cont d.) Net premium payments held in a separate account established by the carrier pursuant to state insurance statute The income, gains and losses, realized or unrealized, from assets allocated to a separate account are credited to or charged against such account, without regard to other income, gains or losses of the carrier The portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account are not chargeable with liabilities arising out of any other business the carrier may conduct 22
23 Relevance to PPLI/PPVA Purchaser Eye of the beholder question Optics for client and advisor All else being equal, preference for higher rated, larger carrier 23
24 PPLI Investment Accredited Investors An accredited investor is defined in Rule 501 of the Securities Act of 1933 ( Act ) as follows: Accredited investor shall mean any person who falls within any of the following categories, or who the issuer reasonably believes falls within any of the following categories, at the time of the sale of the securities to that person: Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section 3(a) (5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any insurance company as defined in section 2(a)(13) of the Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors; Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940; Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business, trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000 Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer; Any natural person whose individual net worth, or joint net worth with that person's spouse, at the time of his purchase exceeds $1,000,000, excluding the value of the individual's primary residence; Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule
25 PPLI Investment Qualified Purchasers A qualified purchaser, which is one who requires a higher suitability standard than that of accredited investor, is defined in Section 2(a)(51) of the Investment Company Act of 1940 as: Any natural person (including any person who holds a joint, community property, or other similar shared ownership interest in an issuer that is excepted under section 3(c)(7) [15 USCS 80a-3(c)(7)] with that person's qualified purchaser spouse) who owns no less than $5,000,000 in investments, as defined by the SEC; Any company that owns no less than $5,000,000 in investments and that is owned directly or indirectly by or for two (2) or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, the spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons; Any trust that is not covered by the preceding clause and that was not formed for the specific purpose of acquiring the securities offered, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (1), (2), or (4); or Any person, acting for his or her own account or the accounts of other qualified purchasers, who in the aggregate owns and invests no less than $25,000,000 in investments on a discretionary basis. 25
26 Disclosures Private Placement Life Insurance is an unregistered securities product and is not subject to the same regulatory requirements as registered variable products. As such, Private Placement Life Insurance should only be presented to accredited investors or qualified purchasers as described by the Securities Act of Any offer of sale must be proceeded or accompanied by the current offering memorandums for the separate account and completion of the investor qualification questionnaire. The policy values reflected herein assume current policy charges, current cost of insurance rates, current mortality and expense risk charges, average fund expenses (unless noted otherwise) and the stated hypothetical gross (net) rate of return. The policy values are hypothetical for illustration purposes only and may not be used to project or predict investment results. Policy values will vary based on the actual performance of the sub-account investments selected, actual insurance charges over the life of th plan and the timing of the premium payments. Loans and partial withdrawals (if applicable) will decrease the death benefit and cash value and may be subject to policy limitations and income tax. Product guarantees, including the death benefit, are subject to the claims-paying ability of the issuing insurance company. Private Placement Variable life insurance products are long-term investments and may not be suitable for all qualified investors. An investment in variable life insurance is subject to fluctuating values of the underlying underlying investment options and it entails risk, including the possible loss of principal. Investors should consider the investment objectives, risks, charges and expenses of any Private Placement Variable life insurance policy carefully before investing. This and other important information about the policy is contained in the offering memorandums, which will be provided by Pinnacle Financial Group or upon request. 26
27 Disclosures Note that the hypothetical illustrations contained herein are for informational purposes only to show how the performance of th underlying investment accounts could affect the policy cash value and death benefit. These illustrations are hypothetical and ma not be used to project or predict investment results. The internal rate of return on the death benefit is equivalent to an interest rate (after taxes) at which an amount equal to the illu premiums could have been invested outside of the policy to arrive at the death benefit of the policy. The internal rate of return o surrender value is equivalent to an interest rate (after taxes) at which an amount equal to the illustrated premiums could have b invested outside the policy to arrive at the surrender value of the policy. Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC. Investment Advisory Services offered through Pinnacle Pension Consultants, LLC. Pinnacle Financial Group is independently owned and operated. This material is intended for informational purposes only and should not be construed as legal or tax advice and is not intended t replace the advice of a qualified attorney, tax advisor or plan provider. Pursuant to IRS Circular 230, please be advised that the in contained in this document is not intended to and cannot be used by anyone to avoid IRS penalties. File #
FOR INFORMATION PURPOSES ONLY
FOR INFORMATION PURPOSES ONLY What is a Private Placement Variable Annuity (PPVA) Private Placement Variable Annuities are: 1. Bankruptcy-remote, versatile financial instruments combining alternative investments
More informationUnderstanding Private Placement Life Insurance
Understanding Private Placement Life Insurance A policy with an investment component that addresses both income and estate tax goals b y susan s. f is h e r, CPA, AEP Vice President Wilmington Trust Company
More informationAmerican International Group, Inc.
Financial Supplement Revised Historical AIG Life and Retirement Segment Results 1Q 2011 4Q 2012 This report should be read in conjunction with AIG s Annual Report on Form 10-K for the year ended December
More informationOffshore Planning for High Net Worth Mexican Residents. Presented by Gordon Anderson December 1, 2011
Offshore Planning for High Net Worth Mexican Residents Presented by Gordon Anderson December 1, 2011 Agenda Introduction to PPLI PPLI Strategies for the Mexican Market Unit Trusts Canadian Structures For
More informationABOUT PPVUL AND EVERGREEN LIFE
ABOUT PPVUL AND EVERGREEN LIFE 1. WHAT IS PRIVATE PLACEMENT VARIABLE UNIVERSAL LIFE INSURANCE? PPVUL is a specialized type of variable universal life insurance designed to maximize the cash value (investment
More informationSUPPLEMENT TO APPLICATION FORM - TO BE COMPLETED BY U.S. PERSONS ONLY ATTACHMENT A ACCREDITED INVESTOR STATUS
SUPPLEMENT TO APPLICATION FORM - TO BE COMPLETED BY U.S. PERSONS ONLY ATTACHMENT A ACCREDITED INVESTOR STATUS The Applicant represents and warrants that he, she or it is an accredited investor (an Accredited
More informationLincoln knows accumulation Client profiles for wealth accumulation planning with Lincoln life insurance
Lincoln knows accumulation Client profiles for wealth accumulation planning with Lincoln life insurance Lincoln s diverse portfolio has solutions that provide: Market-driven growth opportunities Upside
More informationA P r i m e r o n C o r p o r at e - O w n e d
A P r i m e r o n C o r p o r at e - O w n e d Life Insurance (COLI) The single source for your total executive benefit needs Table of Contents Overview...1 Benefit Funding...1 Why Do Companies Informally
More informationVARIABLE ANNUITY AND FIXED INDEXED ANNUITY DISCLOSURE FOR PURCHASES AND EXCHANGES IN A NON-RETIREMENT ACCOUNT
VARIABLE ANNUITY AND FIXED INDEXED ANNUITY DISCLOSURE FOR PURCHASES AND EXCHANGES IN A NON-RETIREMENT ACCOUNT Client Information Client name: Social security #: Representative name/rep code: Name of carrier:
More informationGuide to buying an offshore investment contract
Guide to buying an offshore investment contract What you should know before you buy Offshore investment contracts are only available for sale to nonresident aliens of the United States and are not subject
More informationSUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY Of DLP LENDING FUND, LLC
SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY Of DLP LENDING FUND, LLC THE LIMITED LIABILITY COMPANY MEMBERSHIP INTERESTS SUBJECT TO THIS SUBSCRIPTION AGREEMENT ARE SECURITIES WHICH HAVE NOT BEEN REGISTERED
More informationLife Insurance Analysis
Life Insurance Analysis Prepared For: Sample Client JANUARY 3, 2017 2 Overview Introduction 03 HEIRMARK ADVANTAGE 04 POLICY AUDIT REVIEWS 05 UNDERWRITING OFFERS 08 OVERVIEW & OBSERVATIONS 09 TYPES OF LIFE
More informationAdvanced Markets The Cross Endorsement Buy-Sell Arrangement
The Cross Endorsement Buy-Sell Arrangement Many closely held businesses do not make formal plans to transition the business in the event of the premature death of a business owner, the lifetime transfer
More informationIUL. Freedom Global IUL II SM. Product Guide. Offered by Transamerica Life Insurance Company
Freedom Global IUL II SM IUL Freedom Index Universal Life II SM Offered by Transamerica Life Insurance Company Product Guide For producer use only. Not for distribution to the public. Product Guide Thank
More informationHartford Founders Plus UL
HARTFORD LIFE AD AUITY ISURACE COMPAY Hartford, Connecticut 614-2999 Prepared by: First Heartland 1839 Lake St. Louis Blvd Lake St. Louis, MO 63367 (636)625-9 Illustrated Policy Date: 1/23/212 Date Prepared:
More informationSTONEFIELD INVESTMENT ADVISORY, INC. Form ADV: Part 2
Form ADV Part 2 Brochure Updated JANUARY 2017 ITEM 1 COVER PAGE Stonefield Investment Advisory, Inc. 425 Second Street SE, Suite 1200 Cedar Rapids, Iowa 52401-1818 319-377-7811 www.stonefieldinvestments.com
More informationAdvanced Markets Success Strategy The Cross Endorsement Buy-Sell Arrangement
Success Strategy The Cross Endorsement Buy-Sell Arrangement Many closely held businesses do not make formal plans to transition the business in the event of the premature death or disability of a business
More informationMaking Informed Rollover Decisions
Making Informed Rollover Decisions WHAT TO DO WITH YOUR EMPLOYER-SPONSORED RETIREMENT PLAN ASSETS DEFINED CONTRIBUTION PLANS: A defined contribution plan does not promise a specific amount of benefits
More informationUnion Bank Inherited Individual Retirement Custodial Account Agreement
EFFECTIVE JANUARY 1, 2018 Union Bank Inherited Individual Retirement Custodial Account Agreement ALSO KNOWN AS ALL ABOUT UNION BANK INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT TABLE OF
More informationGREAT-WEST SMART TRACK ADVISOR
Great-West Secure Income Series of Living Benefits GREAT-WEST SMART TRACK ADVISOR Variable Annuity More income Lower cost Better protection More income, lower costs, better protection The Great-West Smart
More informationWhat Matters to You Matters to Us
EARNING YOUR TRUST. WORKING TOWARDS YOUR SUCCESS. SHARING YOUR VISION. What Matters to You Matters to Us Relationships are an integral part of the social and business fabrics that form our lives. The depth
More informationCottonwood Multifamily Opportunity Fund, Inc. SUBSCRIPTION AGREEMENT & INVESTOR INSTRUCTIONS
EXHIBIT 4.1 FORM OF SUBSCRIPTION AGREEMENT Cottonwood Multifamily Opportunity Fund, Inc. SUBSCRIPTION AGREEMENT & INVESTOR INSTRUCTIONS If you need assistance in completing this Subscription Agreement
More informationWith the adoption of the
With the adoption of the Uniform Prudent Investor Act (UPIA), promulgated by the National Conference of Commissioners on Uniform State Laws in 1994, a broadened and diversified world of investing was opened
More informationFanny Karaman Rusudan Shervashidze
S e p t e m b e r 2 0 1 7 Fanny Karaman karaman@ruchelaw.com Rusudan Shervashidze shervashidze@ruchelaw.com Ruchelman P.L.L.C. 150 East 58 th St. Floor 22 New York, NY 10155 212.755.3333-1 - S e p t e
More informationSubject to Completion Preliminary Terms Supplement dated April 9, Terms Supplement dated, 2015 to Disclosure Statement dated January 1, 2015
Callable Step-Up Certificates of Deposit Wells Fargo Bank, N.A. Subject to Completion Preliminary Terms Supplement dated April 9, 2015 Terms Supplement dated, 2015 to Disclosure Statement dated January
More informationFORM ADV PART 2A BROCHURE
Registered Investment Adviser 650 Washington Road, Suite 1000 Pittsburgh, PA 15228 (412) 343-8700 www.mfa-wealth.com March 27, 2018 This brochure provides information about the qualifications and business
More informationMcMahon Financial Advisors Wrap Fee Program
McMahon Financial Advisors Wrap Fee Program Sponsored By 650 Washington Road, Suite 1000 Pittsburgh, PA 15228 (412) 343-8700 www.mfa-wealth.com March 27, 2018 This brochure provides information about the
More informationA Retirement Income Strategy: A Split Annuity Review
A Retirement Income Strategy: A Split Annuity Review The biggest financial risk that anyone faces during retirement is the risk that savings will be depleted... the risk that income will be outlived! Table
More informationInvesting in Annuities, Life Insurance, Mutual Funds, and Unit Investment Trusts
Investing in Annuities, Life Insurance, Mutual Funds, and Unit Investment Trusts A Guide from SunTrust Investment Services, Inc. Investing in Annuities This brief guide is designed to help you make informed
More informationENHANCED LIFETIME INCOME BENEFIT 2
ENHANCED LIFETIME INCOME BENEFIT 2 Guaranteed Lifetime Withdrawals, Regardless of Market Performance FAC0107-0517 Optional Benefit Available with Pacific Index Advisory SM Fixed Indexed Annuity ENHANCED
More informationWoodbury Financial Services, Inc. Guide to Investing
Woodbury Financial Services, Inc. Guide to Investing Woodbury Financial Services, Inc., Guide to Investing Table of Contents I. Who We Are... 2 II. Our Commitment... 2 III. Types of Relationships with
More informationInnovative, flexible, low-cost retirement solution
TIAA-CREF Life Insurance Company Innovative, flexible, low-cost retirement solution The Intelligent Variable Annuity What s inside 1 Innovating to better meet your retirement needs 2 The reality of retirement
More informationFreedom Global IUL II
Freedom Global IUL II Freedom Index Universal LIUL ife II SM SM Offered by Transamerica Life Insurance Company Product Guide For producer use only. Not for distribution to the public. Product Guide Thank
More informationThis supplement revises the prospectuses to reflect the following change effective December 4, 2017:
This supplement revises the prospectuses to reflect the following change effective December 4, 2017: page 1 of 1 Variable Life Plus (VLP), a Flexible Premium Variable Whole Life Insurance Policy* Issued
More informationTABLE OF CONTENTS PAGE GENERAL INFORMATION B-3 CERTAIN FEDERAL INCOME TAX CONSEQUENCES B-3 PUBLISHED RATINGS B-8 ADMINISTRATION B-8
STATEMENT OF ADDITIONAL INFORMATION INDIVIDUAL VARIABLE ANNUITY ISSUED BY JEFFERSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK AND JEFFERSON NATIONAL LIFE OF NEW YORK ANNUITY ACCOUNT 1 ADMINISTRATIVE
More information$2,000,000, Year Fixed Rate Notes, Due 2021
EXECUTION VERSION $2,000,000,000 10-Year Fixed Rate Notes, Due 2021 Terms used in this Pricing Supplement are described or defined in the attached Product Supplement. The Notes will have terms described
More informationNWL Product Name NWL Withdrawal Charge Period NWL Premium Amount
ANNUITY SUITABILITY QUESTIONNAIRE FOR ALL APPLICANTS (Please attach additional sheets as necessary) This questionnaire is designed to elicit information about your financial needs and investment objectives
More informationDelaware Life Assured Income 7 SM Fixed Index Annuity
Delaware Life Assured Income 7 SM Fixed Index Annuity Personalized Hypothetical Annuity Illustration Prepared For Valued Client Prepared On January 20, 2018 Prepared By Valued Producer Producer Firm 1601
More informationNonqualified deferred compensation plans
Fixed index universal life insurance (R-2/207) Allianz Life Insurance Company of North America Nonqualified deferred compensation plans A cost-effective way to reward and retain employees Fixed index universal
More informationWelcomes You to A Special Presentation 2018 MCSB Retirement Seminar
Welcomes You to A Special Presentation 2018 MCSB Retirement Seminar Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered
More informationPrivate Placement Life Insurance Planning
Private Placement Life Insurance Planning Leslie C. Giordani Amy P. Jetel Michael H. Ripp, Jr. Giordani Swanger Ripp & Phillips, LLP 100 Congress Avenue Suite 1440 Austin, Texas 78701 Beckett Tackett &
More informationThe Variable Annuity Life Insurance Company Audited GAAP Financial Statements At December 31, 2016 and 2015 and for each of the three years ended
The Variable Annuity Life Insurance Company Audited GAAP Financial Statements At December 31, 2016 and 2015 and for each of the three years ended December 31, 2016 TABLE OF CONTENTS Page CONSOLIDATED FINANCIAL
More informationEffective January 1, All About Union Bank Inherited Individual Retirement Custodial Account Agreement
Effective January 1, 2016 All About Union Bank Inherited Individual Retirement Custodial Account Agreement Table of ContentS Form 5305-A under section 408(a) of the Internal Revenue Code. Table of ContentS
More informationRetirement Planning Utilizing Your Practice
Retirement Planning Utilizing Your Practice Connie Dello Buono CA Life Lic 0G60621 4088541883 Wealth Strategists, helping you with retirement plans: taxfree, risk fre, health benefits, 8-13% return, index
More informationAn Introduction to Indexed Annuities
An Introduction to Indexed Annuities Grow and Protect Your Assets Indexed annuities are a special type of fixed annuity that offers market-linked growth with little to no downside risk. While they typically
More informationPinnacle MYGA SM. A Multi-Year Guaranteed Annuity
Pinnacle MYGA SM A Multi-Year Guaranteed Annuity Delaware Life SM A Leading Provider of Annuities and Life Insurance At Delaware Life Ș M we are committed to providing compelling products paired with exceptional
More informationGuide to buying annuities
Guide to buying annuities Summary of the key points contained in this disclosure document Before you purchase your annuity contract, make sure that you read and understand this guide. While reading this
More informationFinancial Planning Services
UBS Financial Services Inc. SEC File Number 801-7163 1000 Harbor Boulevard October 19, 2016 Weehawken, NJ 07086 (201)352-3000 http://financialservicesinc.ubs.com Financial Planning Services This brochure
More informationPHL Variable Insurance Company PO Box 8027, Boston, MA
PHL Variable Insurance Company PO Box 8027, Boston, MA 02266-8027 Phoenix Personal Income Annuity & Phoenix Personal Protection Choice Indexed Annuity Disclosure Document A Modified Single Premium Deferred
More informationDisclosure statement for Certificates of Deposit held at UBS
Disclosure statement for Certificates of Deposit held at UBS UBS Financial Services Inc. UBS and your Financial Advisor appreciate the opportunity to service your wealth management needs. As part of this
More informationThe Universal Planning Tool
Trusts: The Universal Planning Tool Presented by Carla Wigen, Sr. Regional Fiduciary Manager Karen Josephson, Sr. Wealth Planner Wells Fargo Private Bank provides financial services and products through
More informationExecutive Bonus Plans and Restricted Endorsement Bonus Arrangements
Executive Bonus Plans and Restricted Endorsement Bonus Arrangements ADVISOR COMPANION BUSINESS PLANNING A simple and flexible plan to motivate and reward key employees It can be very challenging for business
More informationPreparing for Rising Medical Costs in Retirement
Preparing for Rising Medical Costs in Retirement - 2016 April 8, 2016 by Andrew Friedman, Jeff Bush of Eaton Vance SUMMARY The Affordable Care Act (commonly known as the ACA or Obamacare ) has had a significant
More informationTAX CONSEQUENCES FOR U.S. CITIZENS AND OTHER U.S. PERSONS LIVING IN CANADA
TAX CONSEQUENCES FOR U.S. CITIZENS AND OTHER U.S. PERSONS LIVING IN CANADA Over the past few years, there has been increased media attention in Canada with respect to the U.S. income tax filing requirements
More informationLaunching a Hedge Fund: An Overview
Launching a Hedge Fund: An Overview After years of hard work, you finally have the strategy, experience and resources to establish and manage a hedge fund. Now it s time to evaluate the options available
More informationMAXIMUM COMMISSIONS AND EXPENSES (2) PRICE TO PUBLIC (1)
$2,000,000,000 Maximum Offering $2,000,000 Minimum Offering $2,000 Minimum Purchase Industrial Property Trust Inc. was formed in 2012 to make investments in income producing real estate assets consisting
More informationEarning Your Trust. Sharing Your Vision. What Matters to You Matters to Us
Earning Your Trust. Working Towards Your Success. Sharing Your Vision. What Matters to You Matters to Us Relationships are an integral part of the social and business fabrics that form our lives. The depth
More informationSAMPLE. PHL Variable Insurance Company Annuity Operations Division PO Box 8027 Boston, MA Telephone (800)
This contract is provided for information purposes only. Contract terms and values may vary significantly from this specimen copy based on the state where the contract is issued. This contract may not
More informationTransNavigator INDEX UNIVERSAL LIFE INSURANCE PRODUCT GUIDE. Updated October For producer use only. Not for distribution to the public.
TransNavigator INDEX UNIVERSAL LIFE INSURANCE PRODUCT GUIDE Updated October 2015 For producer use only. Not for distribution to the public. INDEX UNIVERSAL LIFE INSURANCE IS NOT A SECURITY and index universal
More informationSUPPLEMENT DATED MARCH 14, 2018 FIRST INVESTORS INCOME AND EQUITY FUNDS PROSPECTUS DATED JANUARY 31, 2018
SUPPLEMENT DATED MARCH 14, 2018 FIRST INVESTORS INCOME AND EQUITY FUNDS PROSPECTUS DATED JANUARY 31, 2018 FIRST INVESTORS LIFE SERIES FUNDS PROSPECTUS DATED MAY 1, 2017, AS SUPPLEMENTED 1. All references
More informationWealth Transfer Planning Through the Use of Section 6166 Election and Life Insurance
Wealth Transfer Planning Through the Use of Section 6166 Election and Life The Advantages of Owning Life Place Image Here Prepared For: Valued Client & Mrs. Valued Client Presented By: Sample Agent John
More informationPROPOSED INSURED PRESENTED BY
ILLUSTRATION PRESENTED TO d Client PROPOSED INSURED d Client PRESENTED BY Financial Professional -- --, MN 55441 PruLife Universal Plus is issued by Pruco Life Insurance Company located at 213 Washington
More informationCOUNT ON. INCOME YOU CAN. Prudential DEFINED INCOME VARIABLE ANNUITY
Prudential DEFINED INCOME VARIABLE ANNUITY INCOME YOU CAN COUNT ON. All references to guarantees, including optional benefits, are backed by the claims-paying ability of the issuing company and do not
More informationTax strategies for higher-income taxpayers
Tax strategies for higher-income taxpayers This overview summarizes some of the key areas that you and your tax advisor should assess. Your Financial Advisor can assist in evaluating investment decisions
More informationNon-Citizen Spouse. Estate Planning Using Qualified Domestic Trusts (QDOTs) and Irrevocable Life Insurance Trusts (ILITs)
Guiding you through life. SALES STRATEGY NEEDS ANALYSIS Non-Citizen Spouse Estate Planning Using Qualified Domestic Trusts (QDOTs) and Irrevocable Life Insurance Trusts (ILITs) As large numbers of people
More informationFirm Name: Primary Contact:
PARTICIPANT APPLICATION AND DESIGNATION OF BENEFICIARY Account # Advisor Code Case # INVESTMENT ADVISOR: TO BE COMPLETED BY ADVISOR Investment Advisor Firm (Agent) and Primary Contact Firm Name: 1 Primary
More informationThe Dynasty Annuity Multi-Generational Tax Deferral for High-Net-Worth Families
Reproduced with permission from Tax Management Estates, Gifts, and Trusts Journal, x, 11/08/2012. Copyright 2012 by The Bureau of National Affairs, Inc. (800-372- 1033) http://www.bna.com The Dynasty Annuity
More informationDemystifying Annuities
Demystifying Annuities Agenda Lessons from Mt. Everest Retirement Planning Considerations How do you know what s right for you All About Annuities Tools and Resources Questions The Perils of Descent What
More informationRetirement Chapters 10 Fixed Index Annuity
Retirement Chapters 10 Fixed Index Annuity Personalized Hypothetical Annuity Illustration Prepared For Valued Client Prepared On February 6, 2017 Prepared By Valued Producer Producer Firm 1601 Trapelo
More informationVariable Annuities. A tax-advantaged way to save for retirement
Variable Annuities A tax-advantaged way to save for retirement Variable annuities What you should know Variable annuities have become a part of the retirement and investment plans of many Americans. Before
More informationBUILDING WEALTH AND ADDING STABILITY WITH A VARIABLE ANNUITY. What is a variable annuity and when is it a good fit for a client s portfolio?
BUILDING WEALTH AND ADDING STABILITY WITH A VARIABLE ANNUITY What is a variable annuity and when is it a good fit for a client s portfolio? VARIABLE ANNUITY ADVISOR BROCHURE WHAT IS A VARIABLE ANNUITY?
More informationPRODUCTS AND SERVICES
PRODUCTS AND SERVICES Cost and Guide As a member of Thrivent Financial, we want you to have the information you need about the products and services you re paying for. This guide describes the costs associated
More informationPart 2A Appendix 1 of Form ADV: Wrap Fee Program Brochure. 400 Park Avenue, 10 th Floor New York, NY January 9, 2017
Part 2A Appendix 1 of Form ADV: Wrap Fee Program Brochure Item 1 Cover Page 400 Park Avenue, 10 th Floor New York, NY 10022 Telephone: 212-702-3500 Facsimile: 212-702-3535 Internet: www.cnr.com January
More informationFor producer use only. Not for distribution to the public. OLA 1854 T Growing Your Business by Serving the High Net Worth Market
For producer use only. Not for distribution to the public. OLA 1854 T 1008 Growing Your Business by Serving the High Net Worth Market This material was not intended or written to be used, and cannot be
More informationInvestment Advisor Firm (Agent) and Primary Contact: Firm Name: Primary Contact: Title of Trust:* Effective Date of Trust: Trust Tax ID Number:
INVESTMENT ADVISOR INFORMATION PERSONAL TRUST ACCOUNT APPLICATION Account # Advisor # Case # Investment Advisor Firm (Agent) and Primary Contact: Firm Name: Primary Contact: 1 COMPLETE ALL INFORMATION
More informationSUPPLEMENT DATED NOVEMBER 16, 2018
SUPPLEMENT DATED NOVEMBER 16, 2018 TO THE PROSPECTUSES DATED MAY 1, 2018 FOR INSURED SERIES POLICY ISP CHOICE (With Four Premium Payment Period Options) ISP CHOICE (With Two Premium Payment Period Options)
More informationAccumulation VUL. Prospectus April 30, Variable Life Insurance. Issuer: John Hancock Life Insurance Company of New York
Accumulation VUL Variable Life Insurance Prospectus April 30, 2014 Issuer: John Hancock Life Insurance Company of New York INSURANCE PRODUCTS: are not a deposit or other obligation of, or guaranteed by,
More informationRequest for Proposal Defined Contribution Consultant 2017
Request for Proposal Defined Contribution Consultant 2017 TABLE OF CONTENTS SECTION I: 3 General Information Introduction Background SECTION II:... 4 Request for Proposal Objective Purpose of Request for
More informationEXECUTIVE BONUS PLAN KEEP THE PEOPLE WHO MATTER MOST Schafer Street, Suite E Bismarck, ND Phone:
EXECUTIVE BONUS PLAN KEEP THE PEOPLE WHO MATTER MOST 2000 Schafer Street, Suite E Bismarck, ND 58501 Phone: 701-751-3917 WHAT IS AN EXECUTIVE BONUS PLAN? An Executive Bonus Arrangement, under Internal
More informationThe Reverse Bond. A Credit Enhancement Instrument. An Investment opportunity offered by: Momentum Financial Group LLC Atlanta, GA
The Reverse Bond A Credit Enhancement Instrument An Investment opportunity offered by: Momentum Financial Group LLC Atlanta, GA What are Reverse Bonds? A Reverse Bond is a credit enhancement instrument
More informationWELLS FARGO BANK, N.A. FIXED RATE AND FLOATING RATE CERTIFICATES OF DEPOSIT
DISCLOSURE STATEMENT WELLS FARGO BANK, N.A. FIXED RATE AND FLOATING RATE CERTIFICATES OF DEPOSIT The certificates of deposit of Wells Fargo Bank, N.A. (the Bank ) described below ( CDs ) are made available
More informationUnderstanding TRUSTS. A Summary of Trusts for Estate Planning VLC
Understanding TRUSTS A Summary of Trusts for Estate Planning VLC0009-0417 TABLE OF CONTENTS What Is a Trust.... 1 Who s Who in a Trust.... 2 Types of Trusts... 3 Taxation.... 4 Frequently Asked Questions....
More informationA guide to investing in hedge funds
A guide to investing in hedge funds What you should know before you invest Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance,
More informationHelp Preserve Wealth for Your Beneficiaries
Help Preserve Wealth for Your Beneficiaries Using a Stretch Variable Annuity Strategy 6/15 23187-15B Consider a Pacific Life Variable Annuity A variable annuity is a long-term contract between you and
More informationContinuing Education for CPAs
Nonqualified Deferred Compensation Continuing Education for CPAs Planning for Key Employees Presented by: [Name] [Company approved title] of MetLife L1212294285[exp1213][all states][dc] Metropolitan Life
More informationNo bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency
Understanding annuities An Overview for Your Retirement No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not insured by any federal government agency 2/15 13096-15A Contents Get Ready
More informationPrinted in U.S.A The Hartford, Hartford, CT 06115
PROSPECTUS MAY 1, 2008 CRC C O M P O U N D R AT E C O N T R A C T A TA X - D E F E R R E D M O D I F I E D G UA R A N T E E D A N N U I T Y I S S U E D B Y: H A RT F O R D L I F E I N S U R A N C E C O
More informationSUBJECT TO COMPLETION PRELIMINARY PROSPECTUS DATED APRIL 27, 2015
ˆ200GVdJVHz#5ecxc/Š 200GVdJVHz#5ecxc/ RRWIN-XENP144 11.5.22 MARrobej0dc 22-Jan-2015 16:54 EST 807224 COV 1 11* The information in this Prospectus is not complete and may be changed. We may not sell these
More informationThis supplement revises the prospectuses to reflect the following change effective December 4, 2017:
This supplement revises the prospectuses to reflect the following change effective December 4, 2017: page 1 of 1 Strategic Group Variable Universal Life Issued by Massachusetts Mutual Life Insurance Company
More informationAMERICA FIRST INVESTMENT ADVISORS, L.L.C. (AFIA)
AMERICA FIRST INVESTMENT ADVISORS, L.L.C. (AFIA) August 31, 2017 10050 Regency Circle, Suite 515 Omaha, NE 68114-3721 United States Principal Office Telephone Number 402-991-3388 Principal Office Facsimile
More informationLittle Falls Center II 2751 Centerville Road, Suite 109 Wilmington, DE
Disclosure Brochure MARCH 31, 2015 Little Falls Center II 2751 Centerville Road, Suite 109 Wilmington, DE 19808 302-409-3500 www.pillarwealthadvisors.com This brochure provides information about the qualifications
More informationSubscription Agreement CLASS T SHARES, CLASS W SHARES AND CLASS I SHARES
1. Investment See payment instructions on next page. Please check the appropriate box: o Initial Investment This is my initial investment: $2,000 minimum for Class T shares and Class W shares; $1,000,000
More informationBenbid.com Inc. Private Placement Subscription Agreement A
THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE AGREEMENT ) RELATES TO AN OFFERING OF COMMON STOCK RELYING UPON ONE OR MORE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE FEDERAL SECURITIES LAWS
More informationForm ADV Part 2A. Nuveen Asset Management, LLC. 333 West Wacker Drive Chicago, IL (312)
Form ADV Part 2A Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 (312) 917-7700 www.nuveen.com March 21, 2018 This Brochure provides information about the qualifications and business
More informationAurigen Reinsurance Limited
Consolidated Financial Statements of Year ended December 31, 2017 Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM 08, Bermuda P.O. Box HM 463 Hamilton HM BX, Bermuda Tel: +1 441 295 7000 Fax: +1 441 295
More informationPHL VARIABLE INSURANCE COMPANY (Exact name of registrant as specified in its charter)
(Mark one) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q T QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY
More informationCertificates of Deposit Linked to the S&P 500 Index.
Certificates of Deposit Linked to the S&P 500 Index Wells Fargo Bank, N.A. Terms Supplement dated September 20, 2013 to Disclosure Statement dated July 1, 2013 The certificates of deposit of Wells Fargo
More informationBASIC RETIREMENT PROGRAM
BASIC RETIREMENT PROGRAM BASIC (Keogh) Plan Account Custodial Agreement Retirement Asset Savings Program (RASP) Fact Sheet Merrill Lynch Statement Link Service Merrill Lynch is the marketing name for Merrill
More informationSTRATEGIC PARTNERS HORIZON ANNUITY PROSPECTUS: April 30, 2018
STRATEGIC PARTNERS HORIZON ANNUITY PROSPECTUS: April 30, 2018 This prospectus describes a market value adjusted individual annuity contract offered by Pruco Life Insurance Company ( Pruco Life, we, our,
More informationINVESTOR FINANCIAL SUPPLEMENT SEPTEMBER 30, 2006
INVESTOR FINANCIAL SUPPLEMENT SEPTEMBER 30, 2006 As of October 24, 2006 Address: A.M. Best Fitch Standard & Poor s Moody s 690 Asylum Avenue Insurance Financial Strength Ratings: Hartford, CT 06105 Hartford
More information