Supplemental contracts occur when an annuity or endowment policy matures, a current annuitant wants to begin receiving a periodic income or a current policyholder wants to surrender their life policy and convert the surrender value into an income. Note: Minimum amount to provide an income is $2,000.
SPIA (Single Premium Immediate Annuity) – an annuity under which income payments begin one period after the annuity is issued. You will need to run income quotes on the Illustration System at www.iKCLife.com. Note: A completed fixed annuity application and additional forms are required, many of which are state specific.
Complete Form 277 (instructions by page shown below) and submit with new or outside money (if applicable) to the attention of Customer Services Support Department. Click here for details on how to direct the form to the Home Office.
Questions? Call 800-572-2467, ext. 8050 or ext. 8060.
Page 1. Select the income option or an interest option on Page 1 of Form 277. Note: Interest-only option is available for matured endowment contracts or death claims only. Complete the Federal Withholding election on every 277 form submitted. Ensure the policyowner signature and date are on the bottom of the form.
Page 2. Complete the beneficiary designation election. Select Option 1 or Option 2. If a policyowner differs from annuitant, complete each section for death of Annuitant and death of Owner. Provide the full beneficiary name(s), relationship, address and Social Security number.
Page 3. Read the Common Disaster clause and indicate common disaster days here. Obtain signature AND date from the Policyowner and the Agent.
Page 4. Periodic payments can be automatically sent to the Owner’s financial institution (bank or credit union), as opposed to sending out a physical check. This is the fastest and safest way to ensure deposit of the proceeds. Complete the Election for direct deposit on this page. BE SURE TO ATTACH A COPY OF A VOIDED CHECK or bank verification form (no deposit slips).