100,000 Annuity Case, Need Help!

[brwirt]

I have a 66 yo female and 64 yo male looking for an immediate income with a fixed indexed annuity. Any recommendations? I have illustrations from Lincoln, Great American and ING. This is my first fixed indexed annuity case and I can't tell which would be best. Any help would be appreciated.

Thank you,

BR Wirt

 

[Josh Landis]

I have a 66 yo female and 64 yo male looking for an immediate income with a fixed indexed annuity. Any recommendations? I have illustrations from Lincoln, Great American and ING. This is my first fixed indexed annuity case and I can't tell which would be best. Any help would be appreciated.

Thank you,

BR Wirt

BR Wirt,
What state are your clients in?

 

[brwirt]

The clients live in Virginia

 

[Josh Landis]

American National has a product with an immediate payout that provides $5,000/year with joint payout. A rated carrier, 7 year product.

 

[cloisbarton]

I have a 66 yo female and 64 yo male looking for an immediate income with a fixed indexed annuity. Any recommendations? I have illustrations from Lincoln, Great American and ING. This is my first fixed indexed annuity case and I can't tell which would be best. Any help would be appreciated.

Thank you,

BR Wirt

If you are looking for Immediate Income then you are going to want a SPIA, American General had good spia rates last week...

I can get a quote on those in morning to compare to others that you have already. I will check a few others as well.

On the fixed indexed annuity side you will have to grab one that has an income rider that allows activation in first year.

Allianz, Forethought, or Aviva do right off the top of my head but SPIA will give more income. So, SPIA would be better option for an immediate income play.

 

[scagnt83]

This is my first fixed indexed annuity case and I can't tell which would be best. Any help would be appreciated.

Thank you,

BR Wirt

The best advice I can provide is to bring in an experienced agent who has done this before.

You are working with a persons life savings... one little screw up on your part can be a big screw up to the clients financial future.


You say that they want income immediately, but you say you want an Indexed Annuity.
You dont even realize that you dont even know what you need for the client.

Most indexed annuities are Deferred Annuities. They defer savings to take income at a later time.

If they want income now an Immediate Annuity is what they need. (spia- single premium immediate annuity)
There are one or two indexed spias (or there used to be). But they dont have the payouts that fixed spias have.

You need an experienced agent to help you. And not just some random IMO. (for what its worth anico does have the highest spia payouts last I checked)

 

[Josh Landis]

The clients live in Virginia

BR, a SPIA will provide a little higher payout, however, it sounds like the client is looking for a fixed-indexed annuity. There are a few carriers - American National (anico) being one that have an indexed product with income available immediately. Using an indexed annuity and turning income on immediately gives the client more control over the money as opposed to a SPIA.

If you decide to go with the SPIA, Equitrust has a product that will provide $6,120/year.

 

[Indy007]

Look at the MD 5 Plus with Allianz. A SPIA will pay out more initially, but if they have longevity on their side, the MD 5 Plus should work out well especially with the increasing payout.

Are they healthy? I know it's not medically underwritten, but do you think they'll live long lives? If not, write the SPIA. Either way, ask someone more experienced to split the case and help set it up right.

 

[brwirt]

Great feedback guys, I cant thank you all enough.

 

[cloisbarton]

For an Indexed annuity you could also look at Forethought 125+
is another indexed annuity that allows activation in first year...