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Home Posts tagged "annuity"
What is an Annuity

What is an annuity

By Ed Crowe | Annuities | 0 comment | 14 September, 2017 | 1

What is an annuity

This is a more complicated question than one might realize. So what is an annuity?  The standard definition from the dictionary is listed below but it does not really help to answer the question.

an·nu·i·ty
əˈn(y)o͞oədē/
noun
noun: annuity; plural noun: annuities
  1. a fixed sum of money paid to someone each year, typically for the rest of their life.
    “he left her an annuity of $1,000 in his will”
    • a form of insurance or investment entitling the investor to a series of annual sums.
      “an annuity plan”

Answer to “What is an annuity”.

Annuities are a type of investment account clients typically use either for retirement savings, conservative account growth or to generate regular income payments in retirement. Annuities are insurance contracts, and the issuing insurance company provides basic guarantees in the contract depending on the type of annuity.

There are many types of annuities, and the right one for each person depends on their situation and goals.

Looking for guaranteed income in retirement

Consider income annuities or annuities with guaranteed income riders: Income annuities can provide a stable and predictable source of retirement income. With these types of annuities, you surrender access to a lump sum of money in exchange for a stream of income that’s guaranteed for life. Payments from income annuities can start as early as 30 days from the day you sign the contract.  Although, the more competitive income annuities require a much longer gestation period ranging all the way up to age 85.

Fixed or Variable Annuity with guaranteed income rider: The majority of annuities on the market today offer a guaranteed income riders.  Riders will provide a set amount of income at a future date determined by the insured.  Income riders are predictable and can be illustrated to show how much guaranteed income will be paid out for life at any given start date.  Most income riders have an annual fee that is deducted from the overall account value of the annuity. Some income riders will increase the benefit base (number used to determine the income payout) on a guaranteed annual basis.  You can find past income riders with 8% to 10% compound roll ups for 20, 30 or sometimes 40 years.  The current interest rate environment has lowered the guarantees in most products income riders over the past few years.

Trying to conservatively grow your nest egg.

Consider a Variable annuity or fixed indexed annuity for safe growth.  Most growth oriented annuities will provide minimum growth guarantees and also have lock in features which set a new minimum value every year.  Some Variable annuities can go below your initial value if the market based accounts they use have negative returns.

What should I think about when looking at annuities?

Understanding the basics of an annuity is one thing.  The bigger step is knowing the details and understanding which annuity is best for your situation.

  • What the fees and charges will be. Fees and charges vary greatly from company to company and also depends on the type of annuity.
  • Who issues the annuity. Annuities are backed by the strength of the company that offers them. Take a look at the financial rating of the company you use.
  • How you want your annuity invested. You can go with a fixed annuity (called a MYGA), an indexed annuity or variable annuity.  In general the fixed annuity is a set rate but will often have a lower yield.  The fixed indexed annuity will have potential for more growth but can also do little to nothing in bad years.  A variable annuity can either grow substantially or have negative returns.  This will depend on market performance.
  • How much flexibility you need. Annuities have surrender periods.  The surrender periods range from 3 years up to 15 years.  This depends on the product as well as state.  Choose one that fits your needs.

More questions on the topic “What is an annuity”?

You can either give us a call at 203-796-5403 or send an email to [email protected] to get answers to your questions.  If you would like more information, you can visit our website croweandassociates.com

Annuity Income Rider: Payouts Can Differ

By Ed Crowe | Annuities | Comments Off on Annuity Income Rider: Payouts Can Differ | 10 March, 2015 | 0

Annuity Income Rider:  Payouts Can Differ

When purchasing an annuity with an annuity income rider, it is important to understand that payout amounts can differ based on the issuing company’s policy. Because payouts can differ between companies, it is important to choose the right company before you invest your money. Below are payout overviews from both Nationwide and Genworth so you can compare the two.  This way you can make a more informed decision. An informed consumer is a smart consumer.  We want to give you any and all the information you need to help you feel comfortable with your choices.

Nationwide’s  annuity growth is based on interest earned.  However, once income starts that income amount remains in effect for life.  Therefore, a 55 year old making a $100,000 deposit, taking income in 10 years would receive $9,905 annually.  This income would start from age 65  and continue through age 75. These payments would add up to a total payout of $108,955.

Read more

Annuity For Retirement

Annuity For Retirement

By Ed Crowe | General Articles, Latest news | 0 comment | 22 August, 2013 | 0

Annuity For Retirement

Baby Boomer as set to retire and annuity business is up to 200 billion dollars a year.  Does it make sense to buy an annuity for retirement?  Here is an introduction into annuities to give you a better understanding of how they may help you. Read more

Who Should Buy An Annuity

Who Should Buy An Annuity

By Ed Crowe | annuity, Latest news | 0 comment | 22 August, 2013 | 0

Who Should Buy An Annuity

This post will help you decide Who Should Buy An Annuity.  There are many types of annuities.  In many cases an annuity is a contract between a person and an insurance company.  Often, the person is giving the insurance company an amount of money for a guarantee of future income.   Now there are multiple types of annuities the make finding the right annuity more complex.  The Single Premium Indexed Annuity (SPIA), Fixed Indexed Annuity and Deferred Income Annuity all popular but have different uses.

Read more

Security Benefit SIA Annuity

By Ed Crowe | annuity, Latest news | 0 comment | 19 July, 2013 | 0

Security Benefit SIA Annuity

The Security Benefit SIA annuity is one the highest income paying indexed annuities available.  This product should be one of the first choices for clients that need guaranteed future income from an indexed annuity.  The account crediting methods on this product are nothing out of the ordinary but the amount of income it can produce puts it in a unique class.

Read more

Security Benefit Total Value Annuity TVBI

By Ed Crowe | annuity, Latest news | 0 comment | 19 July, 2013 | 0

The Security Benefit Total Value Annuity is a unique product in the fixed indexed annuity business.  The product uses innovative funds and offers unlimited growth potential without the risk of loss due to declining market conditions.  It is obvious to see why this annuity is taking in money at unprecedented rate.   Here, we will break down the product and provide the strengths and weakness instead of relying on hype and catch phrases.

Product Basics- The base of the annuity is the same as most other fixed indexed annuities.  They have a 10 year surrender schedule, 10% free withdrawls per year, 7% or 8% bonus depending on the state you purchase it in and the usual income and death benefit riders that everyone offers.   The base benefits are all standard for the industry but the crediting methods on the account value are what stand out for this product.

ATVI- The ATVI is one crediting method in this product which is unique.  The account uses a futures commodities index.  The idea behind the index is that the account performance is non correlated to the market.  This means the accounts performance will not follow the performance of the stock market.  A brochure of the ATVI is available in this post.  Total Value Annuity ALTVI explained 2013  The account runs on a 5 year point to point basis.  Interest is credited to the account value using a 5 year vesting period. At the end of the 5th year the money can be re allocated to different accounts if the client chooses.  It should be noted that any money put into the ATVI must stay in the account for 5 years.  It can not be reallocated prior to that.  The is not an annual reset on this strategy but the gains are uncapped on this product leaving the opportunity for substantial growth over 5 years.

TVBI- The account functions in the same manner as the ATVI.  (5 year point to point, 100% of gains, etc….)  Note: there is a .50% annual fee/spread on this option. Unlike the ATVI, this account uses the Transparent Value Large-Cap defensive index which consists of 100 stocks from the Down Jones large cap stock market index.   It blends this account with a 2 year US treasury futures index.   The gains are uncapped after the .50% annual spread which gives this account a unique prospect for growth over 5 years.  Security Benefit TVBI explained

Income Rider- The income rider on this product provides for a base 4% minimum growth on the income per year with any gains from the crediting methods stacked on top. Overall, this rider compares well with its competitors but it is unlikely to out perform the Security Benefit SIA annuity income rider. CLICK FOR INFO ON SECURITY BENEFIT SIA ANNUITY

The growth prospects on both account compare favorably against its competitors given the low annual caps in the market today.  It is possible to allocate any percentage of the annuity account value both accounts.  There are other more standard account crediting methods available as well but the caps on them are similar to those of many other annuities in the market.  The TVBI and ATVI are what make this product stand out compared to the rest.

Variable Annuity Connecticut

By Ed Crowe | annuity, Latest news | 0 comment | 18 March, 2013 | 0

A variable annuity (VA’s) is an insurance contract that relies on investment accounts (Mutual Funds) to determine performance of the money in the annuity.   Depending  on the product, there can be a number of different mutual funds within the annuity for the investor to choose from.  There are usually more than enough accounts to choose from in order to have a diversified investment allocation.  The VA’s have a number of riders that can also be added.  I have provided a quick summary on VA products and some of the riders that may be added to them. Read more

Variable Annuity Connecticut

By Ed Crowe | Annuities, Retirement Income | 0 comment | 18 March, 2013 | 0

A variable annuity (VA’s) is an insurance contract that relies on investment accounts (Mutual Funds) to determine performance of the money in the annuity. Depending on the product, there can be a number of different mutual funds within the annuity for the investor to choose from. There are usually more than enough accounts to choose from in order to have a diversified investment allocation. The VA’s have a number of riders that can also be added. I have provided a quick summary on VA products and some of the riders that may be added to them. Read more

Annuity Contracting For Brokers

By Ed Crowe | Annuities, Brokers | 0 comment | 13 March, 2013 | 0

Annuity contracting for National Western, F & G, American Equity, Equitrust and Allianz is attached.  The Allianz contracting  is for the various 360 Annuity and the 222 Annuity. These products can not be accessed with the normal Allianz contract.   Please be sure to send in your contracting with a copy of your Insurance License and E and O policy certificate.  Everything can be faxed to Crowe and Associates at 203-567-6235 or emailed to [email protected]  All pages of the contract must be submitted.

Keep the following in mind-  Each annuity company has their own certification that must be done prior to selling their products. You must complete this training prior to submitting applications.  Also, most states require  that a 4 hour state training be completed in order to sell annuities. (Only needs to be done once in your resident state)  If you want to order the “Paycheck for Life” DVD, you will need to be contracted with at least one of these companies to do so.  Click links below for contracting paperwork.   Call 203-796-5403 with any questions.

Equitrust Annuity Contract

National Western Annuity Contract

American Equity annuity contracting

Allianz Annuity Contracting

AllianzPreferred contracting

ForeThought_Contract

F&G Annuity Contracting

Medicare Sales Webinar (Selling Concept)

By Ed Crowe | Annuities, Brokers | 0 comment | 1 March, 2013 | 0

This is the recording from our Annuity Sales webinar from Friday, March 1 2013 at 11:00 am.  The focus is on selling concept and way to introduce the idea to your current clients and prospects.   Major annuity producers rarely focus on product which is one of the biggest mistakes made in the field.   We have an annuity webinar the first Friday of every month at 11:00 am Est.  The meeting is usually only about 30 – 40 minutes long.

The webinars are by invite only.  If you want to participate the next webinar   Click Here

CLICK HERE FOR THE RECORDING

Questions?  Email Ed Crowe at [email protected]

 

 

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