LifeAnswers Launches a Simple Solution to the DOL Fiduciary Rule

LifeAnswers CEO Harry N. Stout stated, “Either way, insurance agents can rest assured that LifeAnswers Financial Group will continue to monitor the implementation of the Rule and will provide appropriate solutions to its independent agent base.”

LifeAnswers Financial Group has launched what it believes is the simplest solution for insurance agents to comply with Department of Labor (DOL) Fiduciary Rule during the Rule’s transition period that runs from June 9 through December 31, 2017.

The LifeAnswers DOL Platform provides for an insurance agent to comply with the DOL Fiduciary Rule at no additional cost to the agent, requires no new licenses and no technology fees.

Elements of the LifeAnswers DOL Platform include:

-A select platform of top rated carriers

-Full product training support

-Referrals to industry sources for fiduciary and Rule training

-Suggested DOL disclosure format based on platform insurance carrier suggested formats

-Available group Errors and Omissions (E&O) coverage including Fiduciary Rule coverage

-An annuity product selector tool

-Full optional e-application support for all platform insurance carriers beginning in July of this year.

LifeAnswers has made the decision that insurance agents working with the company will use a form supporting the Prohibited Transaction Exemptions (PTE) 84-24 exception during client meetings during the transition period.

LifeAnswers Financial Group estimates between 55 and 65 percent of all annuity sales will be impacted by the Rule.

“There are still some major unknowns for insurance agents to be aware of as the Rule may go into full implementation on January 1, 2018 or it may be modified,” stated LifeAnswers CEO Harry N. Stout. Mr. Stout continued by stating,…

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