Frequently Asked Questions

  1. A: At the Forms tab is the printable Beneficiary Designation Form. The owner may complete this form and submit it to EquiTrust. Include the name, percentage, primary or contingent, relationship, social security number/TIN, date of birth and address for each beneficiary. The owner may also name any beneficiary to be an Irrevocable Beneficiary (which, once established, cannot be changed without the beneficiary’s consent.) Unless stated otherwise, all rights of any beneficiary, including an irrevocable beneficiary, will end if the beneficiary dies before the owner. If any beneficiary dies before the owner, that beneficiary's interest will pass to any other beneficiaries according to their respective interests. If all beneficiaries die before the owner, upon the owner’s death we will pay the proceeds to the owner’s estate or legal successors.

  2. A: To designate specific payout instructions, the owner must complete and submit the Beneficiary Designation with Restricted Payout Form - Non-Qualified (ET-2533NQ) or the Beneficiary Designation with Restricted Payout Form - Qualified (ET-2533Q). Both forms may be printed at the Forms tab.

  3. A: Yes, if the spouse is listed as the sole primary beneficiary, they may choose to continue the policy upon the death of the contract’s first owner.

  4. A: You may request a partial withdrawal at any time prior to the Income Date by completing the Annuity Partial Withdrawal Form, found at the Forms tab.

  5. A: You may request a systematic withdrawal by completing the Systematic Withdrawal Form, found at the Forms tab. Distributions can be received monthly, quarterly, semi-annually or annually.

  6. A: Free-withdrawal provisions vary by contract. Please refer to your contract Policy Data Page, or contact our Customer Service Department at 888-400-5759 for the penalty-free amount available.

  7. A: The MVA is a calculation applied to certain withdrawals to account for market conditions that exist at the time of the withdrawal. The Market Value Adjustment applies only to withdrawals which exceed the free-withdrawal provision or if the contract is surrendered during the surrender-charge period. The MVA does NOT apply upon death, to most settlement options, to free partial withdrawals or after the surrender-charge period is no longer in effect.

  8. A: You may provide new or update your bank-account information by completing the Automatic Deposit Authorization Agreement form, printable at the Forms tab. Amounts greater than $50,000 must be distributed by check.

  9. A: Yes, letters are mailed 45 days prior to the end of the guarantee period to remind you that you have a 30-day window to decide what to do with the Accumulation Value of your contract. The window begins 30 days PRIOR to your contract anniversary date.

  10. A: You may change the owner at any time during the annuitant’s lifetime. Any change in ownership must be completed on the Service Request Form, available for print at the Forms tab. A completed IRS W-9 form is required as well. A change in owner may result in a taxable event. Please consult your tax advisor for advice.

  11. A: Yes, if the owners are spouses, they may be joint owners. You may wish to designate the beneficiary on a jointly owned contract as “surviving spouse.” The distribution rules are applied upon the death of the first owner. Therefore, the entire interest in the contract would be distributed to the primary beneficiary(s) of the contract rather than the joint owner.

  12. A: No

  13. A: An annuitant change is not allowed unless the annuitant dies – in which case a new annuitant must be designated. If the owner of the contract is not a person, please contact our Customer Service Department at 888-400-5759 to review the process and assistance with the appropriate paperwork necessary.

  14. A: AK, AZ, CA, ID, LA, NV, NM, TX, WA, WI

  15. A: If your annuity contract has been lost or destroyed, you may request a duplicate contract to be sent to your address of record. To request, please complete the Service Request Form, available for print at the Forms tab.

  16. A: To request a change to any of the above, please complete the Address Change section of the Service Request Form, available for print at the Forms tab.

  17. A: To change your name due to a legal change, complete the Name Change section of the Service Request Form, available for print at the Forms tab. Also include any legal document granting that change.

  18. A: Please contact our Customer Service Department at 888-400-5759 to review the necessary paperwork for any such request.

  19. A: No. A notary public must never change, correct, or amend a notarial certificate at a later date. Such alterations can only be made at the time of the execution of the notarization when the principal signer is present. If a notarial certificate requires corrections, a new document with a new notarial certificate will be required for the performance of another notarial act so that the certificate can reflect the correct facts of the notarization. Please consult with an attorney for legal advice.

  20. A: On each contract anniversary, you have the ability to transfer money among the various accounts offered in your contract. Transfers out of the 2-Year Average Cap Account are allowed at the end of each two-year period only. You will be mailed, or can request, the Account Transfer form.

  21. A: Please contact our Customer Service Department at 888-400-5759 to review that process and for assistance in completing the necessary paperwork.

  22. A: You can expect any request received by EquiTrust to be reviewed within 5 to 7 business days.

  23. A: An RMD is an amount of money that the Internal Revenue Service (IRS) requires a contract owner to withdraw from a qualified account no later than April 1 following the year in which the contract owner reaches a specified age. Individuals who reach age 70½ prior to 12/31/2019, would need to continue to take RMDs in 2020. Beginning 01/01/2020, the beginning RMD age is shifted to age 72 for individuals who reach the age of 70½ in year 2020 or beyond. Once begun, The contract owner must continue to take out the calculated RMD amount by December 31st of each year thereafter.

  1. A: To request a change to any of the above, please complete the Address Change section of the Service Request Form, available for print at the Forms.

  2. A: To change your name due to a legal change, complete the Name Change section of the Service Request Form, available for print at the Forms tab. Also include any legal document granting that change.

  3. A: As long as an insurable interest exists, you may change the owner at any time during the insured’s lifetime. Any change in ownership must be completed on the Life Policy Service Request Form, available for print at the Forms tab.

  4. A: As long as an insurable interest exists, you may change the owner to a trust at any time during the insured’s lifetime. Any change in ownership must be completed on the Life Policy Service Request Form, available for print at the Forms tab.

  5. A: Joint ownership is only allowed as part of the application process. A joint owner cannot be added to an active life policy.

  6. A: At the Forms tab is the printable Beneficiary Designation Form. The owner may complete this form and submit it to EquiTrust. Include the name, percentage, primary or contingent, relationship, social security number/TIN, date of birth and address for each beneficiary. The owner may also name any beneficiary as an Irrevocable Beneficiary (which, once established, cannot be changed without the beneficiary’s consent.) Unless stated otherwise, all rights of any beneficiary, including an irrevocable beneficiary, will end if the beneficiary dies before the owner. If any beneficiary dies before the insured, that beneficiary's interest will pass to any other beneficiaries according to their respective interests. If all beneficiaries die before the insured, upon the insured’s death we will pay the proceeds to the insured’s estate or legal successors.

  7. A: To designate specific payout instructions, the owner must complete and submit the Beneficiary Designation with Restricted Payout Form—Non-Qualified (ET-2533NQ) or the Beneficiary Designation with Restricted Payout Form—Qualified (ET-2533Q). Both forms may be printed at the Forms tab.

  8. A: Please contact our Customer Service Department at 888-400-5759 to review that process and for assistance in completing the necessary paperwork.

  9. A: If no Contingent Owner has been named, the estate of the owner will name a new owner of the policy.

  10. A: The Death Benefit would only decrease below the Face Amount if, at the time of the insured’s death, there have been any withdrawals, outstanding loan balance, or payment of any Accelerated Death Benefits. The Death Benefit may grow depending on the performance of your EquiTrust policy. See your policy for details or contact our Customer Service Department at 888-400-5759 for more assistance.

  11. A: Please contact our Customer Service Department at 888-400-5759 to review the necessary paperwork for any such request.

  12. A: If your life insurance policy has been lost or destroyed, you may request a duplicate contract to be sent to your address of record. To request a duplicate, complete the Service Request Form, available for print at the Forms tab.

  13. A: No. A notary public must never change, correct, or amend a notarial certificate at a later date. Such alterations can only be made at the time of the execution of the notarization when the principal signer is present. If a notarial certificate requires corrections, a new document with a new notarial certificate will be required for the performance of another notarial act so that the certificate can reflect the correct facts of the notarization. Please consult with an attorney for legal advice.

  14. A: EquiTrust policy statements are generated and mailed annually on your policy anniversary date.

  15. A: On each policy anniversary, you have the ability to transfer money among the various accounts offered in your policy. Transfers out of a two-year account are allowed at the end of each two-year period only. You will be mailed, or can request, the Account Transfer form.

  16. A: A “Modified Endowment Contract” (MEC) as defined by IRS section 7702A. Loans, withdrawals, and full policy surrenders from a MEC are distributed and taxed as income first, and may be subject to an additional 10% federal tax penalty if made prior to age 59½. You should consult a qualified tax professional regarding the tax consequences of receiving distributions from your policy.

  17. A: A non-MEC policy, unlike a MEC policy, uses a “first-in-first-out” (FIFO) accounting method. Withdrawals are tax free up to the Cost Basis of your policy. Policy loans are distributed on a tax-free basis.

  18. A: Policy fees and expense charges vary by policy. Refer to your policy for specifics, or contact our Customer Service Department at 888-400-5759 for the amount available.

  19. A: Cost of Insurance varies by policy. Refer to your policy for specifics, or contact our Customer Service Department at 888-400-5759 for additional information.

  20. A: A policy may become over-loaned and lapse if the loan is not repaid and the outstanding loan balance exhausts the policy’s cash surrender value.

  21. A: Loan provisions vary by policy. Refer to your policy for specifics, or contact our Customer Service Department at 888-400-5759 for the amount available.

  22. A: Loan provisions vary by policy. Refer to your policy for specifics, or contact our Customer Service Department at 888-400-5759 for additional information.

  23. A: Loan provisions vary by policy in the first year of the policy. Refer to your policy for specifics, or contact our Customer Service Department at 888-400-5759 for availability. If eligible, you may request a loan request by completing the Life Policy Loan Request Form, found at the Forms tab.

  24. A: Yes. All or part of the loan and accrued interest may be repaid at any time while the insured is living and while the policy is in force. You may submit repayment to EquiTrust by including a check with your payment slip or by mailing to EquiTrust and referencing your policy number on your repayment.

  25. A: You may provide new or updated bank-account information by completing the Automatic Deposit Authorization Agreement form, printable at the Forms tab. Amounts greater than $50,000 must be distributed by check.

  26. A: Free-withdrawal provisions vary by policy. Refer to your Policy Data Page, or contact our Customer Service Department at 888-400-5759 for the penalty-free amount available.

  27. A: If your policy is a “Modified Endowment Contract” (MEC) as defined by IRS section 7702A, loans, withdrawals, and full policy surrenders are distributed and taxed as income first, and may be subject to an additional 10% federal tax penalty if made prior to age 59½. You should consult a qualified tax professional regarding the tax consequences of receiving distributions from your policy. A non-MEC policy, unlike a MEC policy, uses a “first-in-first-out” (FIFO) accounting method. Withdrawals are tax free up to the Cost Basis of your policy. Policy loans are distributed on a tax-free basis.

  28. A: You may request a withdrawal by completing the Life Policy Partial Withdrawal Form, found at the Forms tab.

  29. A: AK, AZ, CA, ID, LA, NV, NM, TX, WA, WI

  30. A: You can expect any request received by EquiTrust to be reviewed within 5 to 7 business days.

  31. A: No. There is no RMD requirement on a life insurance policy.

  1. A: To change your password, log into your account and access your Account Profile by using the drop down showing your display name in the upper right corner of the page. Once there, scroll down to the Change Password section. Currently there is no option to change your username.

  2. A: Each statement/form/document is a link. Clicking the desired statement/form/document name will open the file associated with it. To access these links, log into your account and open the appropriate contract/policy. Each of your contracts/policies will have its own list of statements/forms/documents. The Statements & Letters tab will hold statements and documents while the Forms tab will contain common forms associated with your contract/policy.

  3. A: Currently you cannot change your delivery preferences to elect paperless delivery.

  4. A: To change your Display Name, log into your account and access your Account Profile by using the drop down showing your Display Name in the upper right corner of the page. Once there, you can update your Display Name field and “Update Display Name” button to update it.

  5. A: Log into your account and access your Account Profile by using the drop down showing your Display Name in the upper right corner of the page. Once there, scroll down to the Two Factor Registration Process section. To enable either option, choose the appropriate button, Text Message Access or Authenticator Application Access, and follow the directions provided. To disable either option, choose the appropriate “Disable” button corresponding to the method you want to disable. To change either option, follow the steps to first disable that option and then the steps to enable it using the updated information or authenticator app.

  6. A: To view your account’s online profile history, log into your account and access your Account Profile by using the drop down showing your Display Name in the upper right corner of the page. Once there, scroll down to the Profile History at the bottom of the page.

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