The suitability process

Suitability starts with you. The process begins when you meet with a customer. Although customers will turn to you for solutions, they may not accurately communicate their needs or concerns. As a licensed representative, it is your obligation to gather critical information to:

Help identify and address your customer's needs.
Ensure you understand their individual circumstances before considering an annuity product.
Appropriately present a suitable recommendation.
Ensure the product benefits match their needs before the contract is signed.

The goal is a fixed annuity product that is appropriately paired to the customer's situation.

Determining suitability

A thorough understanding of your customer's overall situation can help you assess relevant needs, respond to questions and correct misconceptions. Probing questions can reveal a realistic picture of your customer's financial situation. Consider these points when determining if a Western National product is suitable:

What are your customer's financial objectives and time horizon?
What is your customer's risk tolerance?
What is your customer's tax situation?
Does your customer have other investment or insurance products?
Will a Western National annuity meet your customer's needs?
How long is the annuity's withdrawal period?
Is your customer likely to need access to the principal during the early withdrawal period?
Does your customer fall within the appropriate issue age guidelines established for the product you wish to recommend?
Does the recommendation involve the replacement of another annuity contract or life insurance policy?
If so, would charges apply?
Is there a waiver of charge period penalties if liquidity occurs?
Did you compare the features, benefits and costs of the existing product to the new product you wish to recommend?

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