Need an Immediate Income Annuity for Eighty-seven Year-old

SIXintheCity · 09-12-2009, 12:41 PM

Client has $100K he wants for an immediate annuity to provide an income. 87 year old. Referral, and have not delved into greater detail with him as I wanted to see if ANYONE knows a quality carrier who can help with his needs.

Oldest age I have seen is 85, but I'd love to be wrong about that.

Thank you in advance for your help!

arnguy · 09-12-2009, 02:00 PM

There are quite a few. Just "google" immediate annuities and you will find plenty of information including a calculator that will indicate the amount of return that can be expected. They do go past 85 with some carriers, and it also depends on your state, which I don't think is Alabama despite the state flag on your post.

insuranceexec · 09-12-2009, 02:17 PM

As Arnguy has pointed out; there are several that will go to age 90, and even higher.

It depends on your state, and the term period that your client is wanting. I hope this helps.

annuityseller · 09-13-2009, 06:26 PM

At that age wouldn't a split annuity work better??

SIXintheCity · 09-14-2009, 12:15 AM

Curious, how would a split annuity solve the problem? I am all ears.

I am actually in Pennsylvania, as is the client. Yes, thank you all for your help!

annuityseller · 09-16-2009, 09:46 AM

Well It's just my thought why loss control of the money ?? find out what the income need is then position the 2 buckets to provide the money and return of premium or close to?? Also you'd have 2 sells that pay alot better and is better for the client ,Also what about an fia with an income rider ??might be to old but just a thought??

jmhopkins40 · 09-18-2009, 09:02 AM

Originally Posted by SIXintheCity

Client has $100K he wants for an immediate annuity to provide an income. 87 year old. Referral, and have not delved into greater detail with him as I wanted to see if ANYONE knows a quality carrier who can help with his needs.

Oldest age I have seen is 85, but I'd love to be wrong about that.

Thank you in advance for your help!

Yes, there are several.. Your next step is to locate a LARGE broker than can provide more companys and products to cover this and other out of the way examples...

InsureGuy5 · 09-18-2009, 11:27 PM

I would at least put a period certain on the annuity at that age, but yes there are carries who will write it.

malpe001 · 09-24-2009, 03:30 AM

I am with Bankers life and casualty co. and we service up to 90 years of age. We have agents in your area call for info.
Eric Malpezzi
818-823-5794

insuranceexec · 09-24-2009, 08:07 AM

Originally Posted by malpe001

I am with Bankers life and casualty co. and we service up to 90 years of age. We have agents in your area call for info.
Eric Malpezzi
818-823-5794

Read the rules before you post..................

Oh wait! You are an "employee" of Bankers "death" and Casualty.........I understand............LOL

padthaiforlunch · 09-24-2009, 02:31 PM

Originally Posted by malpe001

I am with Bankers life and casualty co. and we service up to 90 years of age. We have agents in your area call for info.
Eric Malpezzi
818-823-5794

LOL. Because your company has such good rates.... yeah.

malpe001 · 09-27-2009, 06:20 PM

Three months in the industry easy guys. I did not read the rules yet for this forum but I thought it was for informational purposes only. And Bankers may not have the best rates but from my limited understanding is they are great for liquidity and have very low early withdrawl penalties which might be a good thing for an 87 year old male. And by the way what is so bad about Bankers? I am always looking for a better way of doing things. Please enlighten me.