There are more people than ever looking to use a lump sum of money to create a guaranteed future income stream. Fixed Indexed annuities are usually the most predictable way to do this and they also offer the highest future guaranteed life payouts.
As a result, there are a number of companies offering these types of products and there are even more people selling them. This includes brokers, insurance agents, CPA’s and CFP’s. The fact that they put their clients in anything other than the Security Benefit Secure Income Annuity is disturbing. Why do I say that? The reason is that the Security Benefit product has the highest guaranteed payout. Simply put, they pay a higher income payment than any other company. There is not a trick to the comparison. Its very simple, if you give a company an amount of money, how much will they pay you as an income stream at a future date? Security Benefit always wins.
If a client is using a different company to create future income, they are not getting the best payout available. Most often this is because the client or the adviser they use are not familiar with Security Benefit. Other times, it relates to the fact that the adviser is not contracted to sell the product.
A Security Benefit illustration is attached. Security-Benefit-SIA-example-100K-59-yr-old This is an illustration for a 59 year old male, investing $100,000 and turning on income at age 65. The guaranteed payout is $8,914 per year for life. Challenge your broker, financial planner or insurance agent to find a higher payout. I promise you they will not fine one.
* Be aware that Security Benefit has two similarly named products. The Secure Income Annuity has the highest payout. The Total Value Annuity does not pay out as well but is very unique in its own right but for different reasons