Additional Regulatory Changes

Changes Due to the COVID-19 Pandemic

Direct Payments to Individuals

 

Many Americans will receive $1,200 ($2,400 for married couples) and parents will receive an additional $500 for each child under age 17.

 

However, the payments will be decreased for individuals with adjusted gross incomes of $75,000-$99,000 (these thresholds are doubled for couples).

 

Federal Income Tax, IRA, and HSA Extensions

 

Federal income tax return filing deadlines have been postponed to July 15, 2020. In addition, the deadline for making 2019 contributions to Traditional and Roth IRAs and Health Savings Accounts (HSAs) has also been extended to July 15, 2020.

 

Student Loan Relief

 

Additionally, many of your clients may receive some student loan relief. The U.S. Department of Education implemented two changes to rules regarding student loans:

 

Interest Waiver – All borrowers with eligible federal student loans will automatically have their interest rates set to 0% for a period of at least 60 days* beginning March 13, 2020.

 

Suspension Period – Borrowers will also have the option to temporarily suspend their student loan payments. This administrative forbearance period will last for at least 60 days* from March 13, 2020.

 

Security Benefit remains committed to you during these challenging times. For more information, contact your financial professional or Security Benefit at 800.888.2461.

 

*The U.S. Department of Education may extend this period, depending on the status of the COVID-19 national emergency at the end of the 60-day period.

 


Security Benefit does not provide accounting, legal, or tax advice and nothing contained herein should be construed as such advice. Please consult your own accounting, legal, or tax advisor.

Security Benefit Life Insurance Company is not a fiduciary and the information provided is not intended to be investment advice. This information is general in nature and intended for use with the general public. For additional information, including any specific advice or recommendations, please visit with your financial professional.

The Responders First® program is provided through the Security Benefit Foundations Annuity, form 5800 (11-10) and ICC10 5800 (11-10), a flexible Purchase Payment deferred fixed index annuity issued by Security Benefit Life Insurance Company (Security Benefit). Product features, limitations, and availability may vary by state.

Product is not available in Idaho or New York.

“S&P 500® Low Volatility Daily Risk Control 5% Index,” and the “S&P 500® Factor Rotator Daily RC2 7% Index” are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (SPDJI) and Standard & Poor’s Financial Services LLC, and have been licensed for use by Security Benefit Life Insurance Company (SBL). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (S&P); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); third party licensor trademarks are trademarks of Standard & Poor’s Financial Services LLC and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by SBL. SBL’s Foundations Annuity is not sponsored, endorsed, sold, or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or Standard & Poor’s Financial Services LLC, and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index, S&P 500® Low Volatility Daily Risk Control 5% Index, or the S&P 500® Factor Rotator Daily RC2 7% Index.

Guarantees provided by annuities are subject to the financial strength of the issuing insurance company. Annuities are not FDIC or NCUA/NCUSIF insured; are not obligations or deposits of and are not guaranteed or underwritten by any bank, savings and loan, or credit union or its affiliates; and are unrelated to and not a condition of the provision or term of any banking service or activity.

Fixed index annuities are not stock market investments and do not directly participate in any equity, bond, other security, or commodities investments. Indices do not include dividends paid on the underlying stocks and therefore do not reflect the total return of the underlying stocks. Neither an index nor any fixed index annuity is comparable to a direct investment in the equity, bond, other security, or commodities markets.