A New EIA with 30% Bouns with a 8% Rollup?

[Freddie]

Phoenix Wealth Management: Home

I think you may be right. They always seemed to be in the variable business. I do not recall FMOs selling Fixed/EIA stuff from them. $14.6 billion in assets, $14 billion liabilities and net surplus of $661 million.

Phoenix Wealth Management: Financial Overview

How can you do a 30% bonus? 30 year surrender period?

 

[moonlightandmargaritas]

Phoenix Life is the answer.

They're also B+ rated...pass.

I do not recall FMOs selling Fixed/EIA stuff from them. $14.6 billion in assets, $14 billion liabilities and net surplus of $661 million.

Phoenix Wealth (?) Management has been dying a slow death over the last few years. Anyone that gets involved with them certainly does at their own peril...

 

[Freddie]

Phoenix Wealth (?) Management has been dying a slow death over the last few years. Anyone that gets involved with them certainly does at their own peril...

You are probably correct and I know a little history. I think they have noticed funds flowing into Indexed Annuities and have decided to enter that channel. I am not sure how they can promise stuff like that. It may be desperation that B-rated companies engage in. Their financials look better than some of the others.

I got another in my email that I posted here that sounds even better. 10% income?! Maybe Forethought.

 

[0b1kanobee]

Phoenix Wealth (?) Management has been dying a slow death over the last few years. Anyone that gets involved with them certainly does at their own peril...

I agree even though I don't know much about the company. Look, there are some companies out there touting these big bonuses, caps and fixed rates, we could go on and on but if they are that desperate you have to ask the question, why?

Like MM says, you do business with some of these companies you get involved at your own peril.

 

[HarryRenard]

This is not a 30% bonus or a 30% premium bonus it is a 25% INCOMe bonus and i dont think its that crazy. They arent the only ones that offer that Forethought does too and they are an A- rated company.
Even LSW was recently downgraded are they starting a slow death.

It sounds great a 25% bonus but if you have really crunched the numbers the payouts aren't really superior to other options available.

Ive said it before but these income bonus's and high income accounts are only around because these companies cant pay the rates they were 6-7 years ago, so they have to offer something that seems attractive to bring business in.

If you think these income bonus's are going to put a strain on any company I think your crazy.

 

[budfox7]

I got a robo call from some FMO about a new EIA approved in my state with a 30% bonus (!) and a 8% roll up? Anyone know what this is? I assume it is something to run away from but I am still curious.

Yea its called Madoff Investments and Insurance

 

[jshb61]

You should be careful to read all the print. If they choose this 30%, then it is only in the payout account. What if the client gets in a pinch and needs the money and has to remove it....NO BONUS then. I know it sounds good, but I need to know about that "what if" too. I always heard, if it sounds to go to be true....it probably isn't so.

 

[ScottLFB]

Actually, After Phoenix split with State Life because of their B++ rating they restructured their whole distribution channel. Now they have 2 Index Annuities that are almost identical except their popular one has a 5% premium Bonus.

This is the product you guys are talking about.. Phoenix Life 10yr Indexed Annuity with 5% premium bonus and 3 income riders to choose from.. 1 is a 25% IAV bonus, 2 is an 8% IAV rollup, and the 3rd has higher income factors to be more attractive a certain ages. All riders can be actived immediately instead of waiting 1yr. So the most popular selling point is that the client can take the big rider and the 5% premium bonus and activate their income stream day 1 on 131.25% of their investment

They also have the only FIRST to Die joint UL policy on the Fixed market. Also popular because it's cheaper because you're insuring two lives with one policy and it pays out on the first to die.

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To answer that question JshB.. 10% withdrawals annually penalty free and a surrender schedule like every other Fixed Index Annuity that offers a bonus. And the surrender schedule isn't bad, it starts at 10% in year 1, while I know of some of the most popular annuities out there starting with a 15-18% surrender schedule.

 

[justing]

The first to die UL would be great, except no one wants to give me a contract with them. That policy is the only reason I want them. I have lost 2 sales over the last 3 months because I did not have a product like this.

 

[padthaiforlunch]

Yeah, where can I get a contract with them?