How to Make Changes to Your Clients’ Annuity Contracts After They Issue

Reading Time: 2 minutes

Whether your clients need to change their address or make a withdrawal, changes to contracts after they’ve been issued can be a headache. But they certainly don’t have to be. When you know what to expect, you can be prepared and organized so you can meet your client’s needs while saving valuable time.

Changes to Contracts After Issue
If the client would like to make a change to the contract, such as changing the beneficiaries on the contract, their address of record, or their name, or adding a joint owner, they would utilize a Non-Financial Change form or Ownership Change request form.

Changes of this manner typically take 7–10 business days to be processed and are made effective with the carrier. For most of the carriers we work with, the changes listed must be made in writing and cannot be made over the phone.

Clients are eager to satisfy their RMD requirements at the end of the year, making for a busy January and February. Don’t get caught off guard when it happens! Be prepared.

RMD paperwork can be found on our carrier’s websites. Once we receive the RMD paperwork from the agent, we scrub the forms, then send them to the carrier. These forms on average take 5–7 days to be processed.

The client has the option to receive funds in the form of a paper check or funds can be direct-deposited into the bank account. Checks are mailed via regular mail and take 5–7 days to be delivered, whereas direct deposit takes 2–3 business days to be deposited into the client’s bank account.

Withdrawals (Other than RMDS)
If the client would like to make a withdrawal on their contract other than their RMD, they would simply fill out a withdrawal request form for the appropriate carrier.

Withdrawal paperwork is processed in a similar manner as RMD paperwork. One of the main differences with these forms is the client has the option on the withdrawal form to specify how much they want to withdrawal from their policy. Withdrawal requests can typically be made by the client over the phone depending upon the carrier. This is the quickest way for a withdrawal request to be processed, as these requests are honored within 24–48 hours.

Reallocation Requests
Reallocation requests are sent directly to the client from the carrier 30 days before their contract anniversary date. The forms must be sent to the carrier before their anniversary date to be processed and before an allocation change can be made. Once a change has been made to the client’s allocations, the carrier will send a confirmation letter to the client via regular mail.

If you ever have a question regarding your client’s contract, please feel free to give me a shout or shoot me an email to

Share on Facebook
Share on Twitter
Share on LinkedIn


Stay on top of industry trends and discover marketing insight and sales tips to help you grow your practice.

This field is for validation purposes and should be left unchanged.

2024 Tax & Benefit Guide

Fill out the form below to get your free guide

Stephen Odom, CEO of The Impact Partnership


Chief Executive Officer

Stephen started in the insurance marketing business in 2001 as a new business consultant. In 2002 he was promoted to Director of Sales and built a 200 million book of business from scratch. By 2005, he was one of the top wholesalers in the country, working with some of the top financial advisors and insurance agents across the USA. In 2008, Stephen was promoted to Co-President of one of the largest IMOs in the country.

In 2011, Stephen continued his entrepreneurship path and co-founded The Impact Partnership, an INC 5000 company. Stephen is responsible for the strategic vision of Impact and is laser-focused on creating a culture of growth for both internal teammates and our amazing customers.

Stephen lives in Kennesaw, GA, with his wife of more than 20 years, Kendra. They are blessed with three beautiful children Katie, Tyler, Anna Brooke, and Laya, their German Shepherd and Luna, their BernieDoodle.