What Is a Certified Annuity Specialist (CAS)?

A certified annuity specialist (CAS) is a professional who holds a certification indicating expertise in fixed-rate and 澳洲幸运5开奖号码历史查询:variable annuities. Individuals with the CAS designation can offer clients expert advice in regard to investment opportunities in 澳洲幸运5开奖号码历史查询:annuities that provide a stream of income to those who are nearing or in retirement. The cost of the CAS is $1,365, which includes registration, textbooks, and exams.

Understanding Certified Annuity🐼 Specialist (CAS)

The CAS designation is issued by the Institute of Business & Finance (IBF) through a six-module self-study program and requires 30 hours of continuing education every two years. The course includes three exams and a case study administered by the 澳洲ඣ幸运5开奖号码历史查询:Financial Industry Regulatory Authority (F🔥INRA). According to FINRA, a candidate must complete the following requirements to obtain t✅he CAS designation:

• Prerequisite—a bachelor's degree or 2,000 hours of financial services work experience
• Complete a self-study program of six modules
• Pass three exams and a case study
• Complete continuing education requirements of 30 hours every two years

The IBF created the designation in 2006 to focus on buildi⛎ng financial advisors’ knowledge of annuities. The certification boosts an individual’s knowledge of fixed and variable annuities, as well as annuity contracts, titling options, living benefits, and litigation issues. 

The IBF calls the course intermediate-to-advanced and can be beneficial for financial advisors, as well as financial planners, bankers, brokers, accountan𝔉ts, or money managers. The course also focuses on portfolio theory, which can be useful for analyzing annuity products. 

Requirements for Selling Annuities

While the CAS certificate represents a high level of expertise, it is not a requirement for the sale of annuities. Only licensed insurance brokers may sell fixed-rate annuities. Each state has different regulations for fixed-rate annuities, and these rules are often based on the recommendations of the 澳洲幸运5开奖号码历史查询:National Associa🥂tion of🌠 Insurance Commissioners.

Variable-rate annuities are further regulated by the SEC and FINRA, and brokers are required to have both the 澳洲幸运5开奖号码历史查询:Series 6 and Series 63 secu🏅rities licenses in addition to state life insura𝔍nce requirements.

Special Considerations 

An annuity contract is a written agreement between an insurance company and a customer outlining each party's obligations in an annuity agreement. Such a document will include the specific details of the contract, such as the structure of the annuity (variable or fixed), any penalties for early withdrawal, spousal and beneficiary provisions—such as a survivor clause and rate of spousal coverage, and more. More broadly, an annuity contract may si♈mply refer to any annuity.

An annuity contract is beneficial to the individual investor in the sense that it legally binds the insurance company to provide a guaranteed periodic payment to the 澳洲幸运5开奖号码历史查询:annuitant once the annuitant reaches 澳洲幸运5开奖号码历史查询:retirement and requests comme꧟ncement of payments. Essentially, it guarantees risk-free retirement income.

Annuities can be particularly difficult for consumers to understand. They're not insured by the government and instead backed by the insurance companies who sell them. This means your stream of income is only as good as the company that issues the annuity. Several independent companies, such as 澳洲幸运5开奖号码历史查询:A.M. Best and Moody's, provide 澳洲幸运5开奖号码历史查询:insurer financial stability ratings a❀💖nd give the public free access to this information.