Frequently asked questions
Straight answers to the questions people ask us most, including the uncomfortable ones.
Are you a fiduciary?
Not in the legal sense most people mean. Some professionals who manage money for a fee have a legal fiduciary duty. Licensed insurance agents generally do not, and we are insurance agents; we are not financial advisors. When we recommend an annuity, though, we must follow state rules based on the NAIC Suitability in Annuity Transactions Model Regulation (Model 275), which most states have adopted in some form. It requires us to act in your best interest when we make a recommendation: to understand your situation first, to have a reasonable basis for what we recommend, to tell you our role and how we are paid, and not to put our own pay ahead of your interests. We go one step further and put every recommendation, and the reasons for it, in writing.
How do you get paid?
We are paid commissions by the insurance company when a policy or annuity we help you buy is issued. Commissions are built into the insurer's pricing; they are not added to your bill. The amount differs by product and insurer. Before you apply, we tell you how we're compensated for the product we recommend, and we'll give you the commission amount in writing if you ask.
Do I pay you anything?
No. Conversations, reviews and written recommendations cost you nothing. If you buy a policy or annuity, you pay the premium to the insurance company. Some contracts have their own costs, such as rider fees or surrender charges. We explain every one of those in writing before you decide.
Will you sell my information?
No. We never sell or share your information for anyone else's marketing. When you decide to apply for a policy, we share with that insurer only what the application requires. We only call or text you with your permission, and replying STOP ends texts.
Can I verify your license?
Yes, and we encourage it. Our National Producer Number (NPN) is [NPN]. You can look it up on the National Insurance Producer Registry (NIPR) at https://nipr.com/help/look-up-a-license, or with your state's department of insurance. We are licensed in: [LICENSED STATES].
Do you draft wills or trusts?
No. We are not a law firm and we do not prepare wills, trusts or any legal documents, or give legal, tax or Medicaid planning advice. We handle the insurance side: reviewing beneficiary designations and setting up life insurance to match the plan your attorney designs. We work alongside your attorney and do not pay or receive referral fees.
What happens on the first call?
It is a conversation of about 20 minutes. We ask what prompted you to reach out, listen, explain how we work and how we are paid, and answer your questions. We do not recommend a product or take an application on the first call. If it makes sense to continue, the next step is a written fact-find about your income, savings, health and goals.
What if I already have an annuity or policy?
Bring it. We can explain what you have: the surrender schedule, riders and their fees, what is guaranteed and who your beneficiaries are. Replacing an existing contract is often not in your interest, because a new one usually starts a new surrender period and you may lose features you already have. If we ever suggest a replacement, we show you the comparison in writing, as state replacement rules require. Often our advice is to keep what you have.
Which insurers do you work with?
We are an independent agency appointed with [N] insurers, which means we can compare options from more than one company. We list each insurer with its AM Best financial strength rating stated in full, its position on the rating scale and the date we checked it. Ratings measure an insurer's financial strength, not how a product will perform.
Do you offer investments or securities?
No. We do not offer investments or securities, and Apollos Planning does not offer securities or investment advice. The fixed and fixed indexed annuities and life insurance we discuss are insurance contracts, not securities. We do not sell variable annuities, which are securities. If you need help with a brokerage account or market-based accounts, we will suggest you speak with a professional licensed for that work.
Is an annuity a good idea at 60?
Age alone does not decide it. An annuity may fit if you have an income gap, money you will not need during the surrender period, and an emergency fund elsewhere. It is usually wrong if you may need the money soon, have high-interest debt, or your guaranteed income already covers your essential bills. We wrote a full page on when an annuity is not right.
Can I change my mind after I buy?
Life insurance policies and annuities have a free-look period, a set number of days after you receive the contract during which you can cancel. State law sets the length and what you get back, and it is printed on the contract. After that, cancelling an annuity or permanent policy can mean surrender charges. We point out the free-look period and the surrender schedule in writing before you sign.
Do you work in my state?
We are licensed in: [LICENSED STATES]. Products are not available in all states. If you live somewhere we are not licensed, we cannot help you buy a policy there, but we are glad to answer general questions.
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