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FREQUENTLY ASKED QUESTIONS
What is an Annuity?
An Annuity is a contract sold by an insurance company to provide long-term savings and/or payments to the holder at specified intervals, usually after retirement. Annuities have two phases: the Accumulation Phase and the Payout Phase.
What is Tax-deferral?
The ability to delay paying Income Tax on earnings until those funds are withdrawn from the Annuity.
What is a Beneficiary?
The Beneficiary is named by the Contract Owner and is the recipient of an Annuity's death benefit upon on the death of the Annuitant.
Is an Annuity insured the way a bank account is?
No. A bank account is insured wholly or partially by the FDIC depending on the account balance. An annuity is guaranteed by the insurance company issuing the contract. Check with your state insurance department about any state guarantees that may apply.
What is your company’s financial rating?
A.M. Best has downgraded the financial strength rating to E (Under Regulatory Supervision) from B (Fair) and issuer credit rating to "rs" from "bb."
I'm the Beneficiary of an annuity, and the owner of the Annuity has just died. How do I file a claim?
Contact Customer Service at (800) 222-3216, and we'll get you the forms you need and answer any questions you may have.
My agent is no longer in the business. Who can I call for assistance?
You are welcome to work directly with the Customer Service Representatives here at Standard Life of Indiana, (800) 222-3216, or if you wish, we can refer you to a local agent.
What are your customer service hours?
Business hours are Monday through Friday from 8am to 5pm Eastern time.
You may contact a Customer Service Representative at (800) 222-3216.
When will I get a statement for my contract?
We will mail you an annual statement on each anniversary of your contract date.
When are IRS Form 1099s mailed?
1099s are mailed before January 31 each year. You will receive a 1099 if you had any distribution from your contract during the year.
Can I get my account balance over the Internet?
Account balances are not currently available on the Internet. You are welcome to call and we'll provide your value either over the telephone or, if you prefer, in writing.
Can I decide how the Annuity will pay out after my death? Can I make it so that no one can change it?
Yes. Please contact the Customer Service department for a Restricted Beneficiary form.
Can I password protect my account?
Yes. Please give us a call, and we will be happy to accommodate this request.
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