MyIAD Statutory Disclosures
Legal disclosures, statutory frameworks, and consumer protection guidelines governing products, simulations, and advisory consultations on myiad.com.
Consumer Statutory Advisory:
Indexed Universal Life (IUL), fixed indexed annuities, and final expense policies are not bank deposits, are not FDIC insured, and are not obligations of or guaranteed by any governmental entity. All contract guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurer.
1. FINRA Rule 2330: Deferred Variable Annuity Suitability
Pursuant to FINRA Rule 2330 and National Association of Insurance Commissioners (NAIC) model regulations, all recommendations concerning the purchase, exchange, or replacement of deferred variable annuities are subject to rigorous suitability standards and supervisory review:
- Comprehensive Customer Profile Assessment: The practitioner must evaluate client age, investment time horizon, liquid net worth, existing liquidity requirements, tax status, and lifetime guaranteed income objectives.
- Section 1035 Exchange & Surrender Evaluation: Any proposed exchange of an existing annuity is scrutinized for surrender charges, loss of accrued benefits, and newly imposed surrender periods to ensure the transaction provides substantial net benefit to the client.
2. Internal Revenue Code §7702 & Modified Endowment Contract (MEC) Rules
Indexed Universal Life (IUL) illustrations modeling cash value accumulation and tax-free retirement distributions are structured under Internal Revenue Code Section 7702:
- Tax-Advantaged Distributions: Distributions are structured as basis withdrawals up to cumulative premiums, followed by non-taxable policy loans against cash surrender value. The policy must remain in force until death to avoid adverse tax consequences.
- TAMRA 7-Pay Test & MEC Limits: If cumulative premiums paid exceed statutory guideline limits during the first 7 years, the contract becomes classified as a Modified Endowment Contract (MEC), causing loans and withdrawals to be taxed on a LIFO (gain first) basis and potentially incurring a 10% IRS penalty if under age 59½.
3. Contractual 0% Floor Mechanics & Policy Deductions
Under an Indexed Universal Life (IUL) policy, cash values allocated to indexed strategies are protected against negative index performance by a contractual annual floor of 0%:
Principal Protection vs. Recurring Monthly Charges: The contractual 0% floor guarantees that the index credited interest rate will never be negative during market downturns. However, the policy continues to deduct monthly Cost of Insurance (COI), administrative fees, and optional rider costs. In a year where the index credits 0%, the cash value may decrease due to these legitimate recurring deductions.
Index Caps, Participation Rates & Spreads: Growth caps and participation rates are reset periodically by the carrier in response to option market pricing and fixed-income portfolio yields, and are subject to change subject to contractual minimum guarantees.
4. Living Benefits (Accelerated Death Benefit Riders)
Accelerated Death Benefit Riders for Terminal, Chronic, or Critical Illness permit policyholders to accelerate a portion of the policy death benefit while living:
- Reduction of Death Benefit: Accelerating death benefits under living benefit provisions will directly reduce the ultimate death benefit payable to beneficiaries as well as the accumulated cash surrender value.
- Medical Certification Required: Benefit eligibility requires written certification from a licensed healthcare physician demonstrating that the insured satisfies qualifying diagnostic criteria defined in the policy.
5. Everest Funeral Concierge Advisory Services
Everest Funeral Package, LLC is an independent funeral planning and consumer advocacy concierge provider that partners with select life insurance underwriters:
Independent Operational Entity: Everest Funeral Package, LLC is not an insurance company, funeral home, or cemetery. Pre-planning advisory and funeral pricing advocacy are provided as specialized third-party services bundled with eligible underwritten policies.
6. Non-Governmental Affiliation Notice (Military & Veterans)
MyIAD National Insurance Solutions and AB Global Consulting are privately owned advisory entities:
We are not affiliated with, endorsed by, sponsored by, or connected to the U.S. Department of Veterans Affairs (VA), the U.S. Department of Defense (DoD), or any branch of the United States Armed Forces. Educational materials analyzing Servicemembers' Group Life Insurance (SGLI) or Veterans' Group Life Insurance (VGLI) transitions represent independent private financial consulting.
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Access Toll-Free /opt-in Compliance CenterProfessional Licensing & Agency Supervision
Angel Burgos
Florida 0215 Life, Health & Variable Annuity License: #G328926
WFG Agent Code: F6D9U
Authorized resident/non-resident states: Florida, Puerto Rico, and designated reciprocal jurisdictions.